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)

277 Park Avenue

New York, NY 10172

(Address of principal executive offices) (Zip code)

Gregory S. Samuels

277 Park Avenue

New York, NY 10172

(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, 2020 through December 31, 2020

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.

a.) 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).

b.) A copy of the notice transmitted to shareholders in reliance on Rule 30e-3 under the 1940 Act that contains disclosures specified by paragraph (c)(3) of that rule is included in the Annual Report. Not Applicable. Notices do not incorporate disclosures from the shareholder reports.

Semi-Annual Report

JPMorgan Access Funds

December 31, 2020 (Unaudited)

JPMorgan Access Balanced Fund

JPMorgan Access Growth Fund

CONTENTS

Letter to Shareholders	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	46
Board Approval of Investment Advisory Agreements	47
Tax Letter	51

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.

LETTER TO SHAREHOLDERS

February 4, 2021 (Unaudited)

Dear Shareholders,

The year ahead holds the potential for a strong recovery in the global economy thanks to the massive efforts of central banks and governments and the development of multiple vaccines against Covid-19. While significant economic and health care challenges remain ahead, the uncertainty and turbulence of 2020 has abated.

  “Investors who remained fully invested over the second half of 2020, in the face of uncertainty over the pandemic, the economy and a contested U.S. presidential election, were likely rewarded for their perseverance.” — Andrea L. Lisher

The second half of 2020 was notable for an accelerating rebound in equity markets from the steep sell-off in the first quarter of the year when the pandemic was first declared by the World Health Organization. Positive news about clinical trials of new vaccines, followed by the first approvals of those vaccines in November 2020, bolstered investor expectations that the pandemic would be halted and that economic and social activity could begin to resume in the year ahead. As overall demand for equities increased in the final half of 2020, investors began to turn their focus from companies that could endure the pandemic to those that could benefit from a potential recovery in local, national and international economies. For the six months ended December 31, 2020, the S&P 500 Index generated a total return of 22.16%.

Investors who remained fully invested over the second half of 2020, in the face of uncertainty over the pandemic, the economy and a contested U.S. presidential election, were likely rewarded for their perseverance.

The implementation of mass vaccinations on the national and global scales is not without challenges and the rebuilding of economies at all levels is likely to depend on how successfully the pandemic is fought. However, the advances in the fight against Covid-19 provide policymakers and investors with the opportunity to plan for the future and meet those challenges. J.P. Morgan Asset Management has thrived amid the many challenges presented by the pandemic. Moreover, our deep experience in risk management enabled us to successfully navigate increased volatility in global financial markets. Throughout 2020, we continued to seek to operate under the same fundamental practices and principles that have driven our success for more than a century with an unwavering focus on putting our clients at the center of everything we do.

On behalf of J.P. Morgan Asset Management, thank you for entrusting us to manage your investment. 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,

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management

DECEMBER 31, 2020 JPMORGAN ACCESS FUNDS 1

JPMorgan Access Funds

MARKET OVERVIEW

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

Overall, the second half of 2020 was marked by U.S. equity market gains in the final months of the year amid the rollout of multiple vaccines against Covid-19, followed by the eventual approval of $900 billion in federal pandemic relief that was signed into law on December 27, 2020.

Globally, U.S. equity led a broad rebound in both developed markets and emerging markets equity at the start of the period. Leading U.S. equity indexes rose in July and August 2020, punctuated by five consecutive record high closings for the S&P 500 Index in late August – a stretch not seen since 2017. Notably, Apple Inc. issued a 4-for-1 stock split in August and became the first publicly listed company with a valuation surpassing $2 trillion. The U.S. Federal Reserve (the “Fed”) signaled its continued support for asset purchases and low benchmark interest rates. While the spread of Covid-19 accelerated in the U.S., multiple candidate vaccines were being developed around the world and the number of hospitalizations at the end of the summer was relatively small compared with what was to come at the end of the year.

Equity prices across the globe largely declined over September and October 2020. Re-closings across Asia and Europe in response to Covid-19 dented investor optimism. The inability of the U.S. Congress to adopt further spending for pandemic relief put acute pressure on the S&P 500 Index in the final week of October.

U.S. equity prices began to rebound in November and by mid-month the S&P 500 Index reached a closing high and crossed 3,600 points for the first time amid the U.S. Food and Drug Administration’s approval of the first Covid-19 vaccines. While the results of the U.S. presidential election were contested, President-elect Joe Biden’s early cabinet choices – including former Fed Chairwoman Janet Yellen – removed some investor uncertainty. The Fed kept interest rates and policies unchanged and Congressional negotiations over proposed relief and stimulus spending continued through the month.

Globally, equity markets maintained upward momentum through the end of December, largely driven by investor expectations that mass vaccinations and the reopening of economies would unleash pent up demand from consumers, businesses and governments. Notably, emerging markets equity outperformed developed markets equity, including U.S. equity in the second half of 2020 as China, Taiwan and South Korea appeared to have greater success in containing the pandemic.

In the U.S., growth stocks continued to outperform value stocks but the difference narrowed somewhat during the period as share price valuations rose. Additionally, shares of select companies that had seen their stock prices plummet in the first half of 2020 benefitted from increased investor appetite for bargains in the second half of the year. At year’s end, the largest 10 companies in the S&P 500 Index made up 27.4% of the index’s value, compared with 22.7% at the end of 2019 and 21.0% at the end of 2018.

2 JPMORGAN ACCESS FUNDS DECEMBER 31, 2020

JPMorgan Access Balanced Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	12.99%
Bloomberg Barclays Global Aggregate Index — Hedged USD	1.62%
MSCI World Index (net of foreign withholding taxes)	23.00%
Access Balanced Composite Benchmark	13.53%
Net Assets as of 12/31/2020	$499,231

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 outperformed the Bloomberg Barclays Global Aggregate Index — Hedged USD, its broad-based fixed income benchmark, and underperformed the MSCI World Index (net of foreign withholding taxes), its broad-based equity benchmark, for the six months ended December 31, 2020.

The Fund’s underweight allocation to core fixed income, which underperformed equity markets during the reporting period, drove its outperformance relative to the Bloomberg Barclays Global Aggregate Index — Hedged USD, an all-fixed-income index. The Fund’s underweight allocation to equity markets drove its underperformance relative to the MSCI World Index, an all-equity index.

For the reporting period, the Fund’s Class I Shares underperformed the Fund’s composite benchmark, which consists of the MSCI World Index (55%), Bloomberg Barclays Global Aggregate Index — Hedged USD (40%) and HFRX Global Hedge Fund Index (5%).

The Fund’s underweight allocation to developed markets equity and its manager selections in core fixed income and extended credit were leading detractors from performance relative to the composite benchmark. The Fund’s underweight allocation to core fixed income and its overweight allocation to emerging markets equity were leading contributors to performance relative to the composite benchmark.

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

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.

While the Fund’s portfolio managers employed an underweight position in developed markets equity over the majority of the second half of 2020, given heightened financial market uncertainty related to the pandemic, they added to its equity position amid improving economic data and development of the first vaccines against Covid-19. The Fund ended the year with a neutral position in equity relative to the composite benchmark.

The portfolio management team believes the global economy will continue to recover in 2021, but at a rate that’s slower than its recovery pace since March 2020. The team expects that it will likely take until 2022 for economic activity and absolute levels of output to reach pre-pandemic levels. The team believes that accommodative monetary and fiscal policy have helped stabilize global economies and markets, and that while near-term risks exist, we are at or near the start of a new economic cycle.

DECEMBER 31, 2020 JPMORGAN ACCESS FUNDS 3

JPMorgan Access Balanced Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

TOP TEN HOLDINGS OF THE PORTFOLIO***
	1.	iShares Core S&P 500 ETF	24.4	%
	2.	Vanguard Total International Bond ETF	15.7
	3.	SPDR S&P 500 ETF Trust	15.4
	4.	JPMorgan Core Bond Fund Class R6 Shares	5.9
	5.	JPMorgan High Yield Fund Class R6 Shares	5.8
	6.	JPMorgan BetaBuilders Europe ETF	4.4
	7.	iShares 20+ Year Treasury Bond ETF	2.9
	8.	iShares MSCI EAFE ETF	2.1
	9.	iShares Core MSCI Emerging Markets ETF	2.1
	10.	JPMorgan BetaBuilders Japan ETF	2.0

PORTFOLIO COMPOSITION BY ASSET CLASS***
U.S. Equity	40.8	%
Fixed Income	37.6
International Equity	15.9
Alternative Assets	4.0
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, 2020. The Fund’s portfolio composition is subject to change.
EAFE	Europe, Australasia and Far East
ETF	Exchange-Traded Fund

4 JPMORGAN ACCESS FUNDS DECEMBER 31, 2020

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 30, 2009
With Sales Charge**			7.77	%		5.32	%		6.78	%		4.76	%
Without Sales Charge			12.88			10.30			7.77			5.25
CLASS C SHARES	January 4, 2010
With CDSC***			11.60			8.74			7.24			4.84
Without CDSC			12.60			9.74			7.24			4.84
CLASS I SHARES	September 30, 2009		12.99			10.48			8.05			5.53

* 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 periods and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (12/31/10 TO 12/31/20)

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 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 December 31, 2010 to December 31, 2020. 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, the Access Balanced Composite Benchmark and 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 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 maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. 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 USD (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 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

DECEMBER 31, 2020 JPMORGAN ACCESS FUNDS 5

JPMorgan Access Balanced Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

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. 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 on gains resulting from redemptions of Fund shares.

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.

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, 2020

JPMorgan Access Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	17.02%
MSCI World Index (net of foreign withholding taxes)	23.00%
Bloomberg Barclays Global Aggregate Index — Hedged USD	1.62%
Access Growth Composite Benchmark	17.87%
Net Assets as of 12/31/2020	$482,160

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 underperformed the MSCI World Index (net of foreign withholding taxes), its broad-based equity benchmark, and outperformed the Bloomberg Barclays Global Aggregate Index — Hedged USD, its broad-based fixed income benchmark, for the six months ended December 31, 2020.

The Fund’s underweight allocation to equity drove its underperformance relative to the MSCI World Index, which is an all-equity index. The Fund’s underweight allocation to core fixed income and its overweight allocation to emerging markets equity drove its outperformance relative to the Bloomberg Barclays Global Aggregate Index — Hedged USD, which is an all-fixed income index.

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

The Fund’s underweight allocation to developed markets equity was the leading detractor from performance relative to the composite benchmark. The Fund’s underweight position in core fixed income and its overweight allocation to emerging markets equity were leading contributors to performance relative to the composite benchmark. The Fund’s manager selection within alternative strategies also detracted from performance relative to the composite benchmark but the impact was not significant.

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

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.

While the Fund’s portfolio managers employed an underweight position in developed markets equity over the majority of the second half of 2020, given heightened financial market uncertainty about the pandemic, they added to the Fund’s equity positions amid improving economic data and the development of the first vaccines against Covid-19. The Fund ended the year with a neutral position in equity relative to the composite benchmark.

The portfolio management team believes the global economy growth will continue to recover into 2021, but at a rate that’s slower than its recovery pace since March 2020. The team expects that it will likely take until 2022 for economic activity and absolute levels of output to reach pre-pandemic levels. The team believes that accommodative monetary and fiscal policy have helped stabilize global economies and markets and that, while near-term risks exist, we are at or near the start of a new economic cycle.

DECEMBER 31, 2020 JPMORGAN ACCESS FUNDS 7

JPMorgan Access Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

TOP TEN HOLDINGS OF THE PORTFOLIO***
	1.	iShares Core S&P 500 ETF	30.9	%
	2.	SPDR S&P 500 ETF Trust	21.9
	3.	JPMorgan BetaBuilders Europe ETF	7.1
	4.	JPMorgan High Yield Fund Class R6 Shares	5.7
	5.	iShares MSCI EAFE ETF	3.6
	6.	Vanguard Total International Bond ETF	3.4
	7.	JPMorgan Core Bond Fund Class R6 Shares	3.0
	8.	JPMorgan BetaBuilders Canada ETF	2.8
	9.	JPMorgan BetaBuilders Japan ETF	2.7
	10.	iShares Core MSCI Emerging Markets ETF	2.0

PORTFOLIO COMPOSITION BY ASSET CLASS***
U.S. Equity	53.7	%
International Equity	22.7
Fixed Income	18.0
Alternative Assets	3.9
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, 2020. The Fund’s portfolio composition is subject to change.
EAFE	Europe, Australasia and Far East
ETF	Exchange-Traded Fund

8 JPMORGAN ACCESS FUNDS DECEMBER 31, 2020

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 30, 2009
With Sales Charge**			11.57	%		6.39	%		7.97	%		5.64	%
Without Sales Charge			16.84			11.37			8.97			6.13
CLASS C SHARES	January 4, 2010
With CDSC***			15.55			9.84			8.45			5.71
Without CDSC			16.55			10.84			8.45			5.71
CLASS I SHARES	September 30, 2009		17.02			11.70			9.27			6.41

* 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 (12/31/10 TO 12/31/20)

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 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 December 31, 2010 to December 31, 2020. 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, the Access Growth Composite Benchmark and 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 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 maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. 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 USD (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 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

DECEMBER 31, 2020 JPMORGAN ACCESS FUNDS 9

JPMorgan Access Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

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. 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 on gains resulting from redemptions of Fund shares.

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.

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, 2020

JPMorgan Access Balanced Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Exchange-Traded Funds — 73.7%
Fixed Income — 20.6%
iShares 20+ Year Treasury Bond ETF		93		14,606
iShares MBS ETF		89		9,779
Vanguard Total International Bond ETF		1,339		78,384
Total Fixed Income				102,769
International Equity — 13.1%
iShares Core MSCI Emerging Markets ETF		168		10,392
iShares MSCI EAFE ETF		147		10,728
JPMorgan BetaBuilders Canada ETF (a)		376		10,077
JPMorgan BetaBuilders Developed Asia ex-Japan ETF (a)		98		2,652
JPMorgan BetaBuilders Europe ETF (a)		836		21,828
JPMorgan BetaBuilders Japan ETF (a)		361		10,103
Total International Equity				65,780
U.S. Equity — 40.0%
iShares Core S&P 500 ETF		325		122,152
SPDR S&P 500 ETF Trust		207		77,244
Total U.S. Equity				199,396
Total Exchange-traded Funds (Cost $280,847)				367,945
Investment Companies — 22.1%
Alternative Assets — 4.0%
Blackstone Alternative Multi-Strategy Fund Class Y Shares		678		6,875
Marshall Wace UCITS Fund plc Class F Shares (Ireland) * (b)		47		8,268
Neuberger Berman Long Short Fund Class Institutional Shares *		277		4,591
Total Alternative Assets				19,734
Fixed Income — 17.2%
JPMorgan Core Bond Fund Class R6 Shares (a)		2,403		29,532
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		561		4,888
JPMorgan Corporate Bond Fund Class R6 Shares (a)		917		10,013
JPMorgan High Yield Fund Class R6 Shares(a)		4,054		28,866
JPMorgan Short Duration Bond Fund Class R6 Shares (a)		226		2,527
Lord Abbett Short Duration Income Fund Class F3 Shares		2,313		9,760
Total Fixed Income				85,586
U.S. Equity — 0.9%
BlackRock Event Driven Equity Fund Class Institutional Shares *		468		4,673
Total Investment Companies (Cost $99,677)				109,993

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — 2.8%
Aerospace & Defense — 0.1%
Airbus SE (France) *		1			97
Meggitt plc (United Kingdom)		8			50
Safran SA (France) *		1			196
					343
Air Freight & Logistics — 0.0% (c)
DSV Panalpina A/S (Denmark)		—	(d)		69
Auto Components — 0.0% (c)
Autoliv, Inc., SDR (Sweden)		—	(d)		32
Denso Corp. (Japan)		1			30
Magna International, Inc. (Canada)		1			69
Stanley Electric Co. Ltd. (Japan)		1			32
Sumitomo Rubber Industries Ltd. (Japan)		1			10
					173
Automobiles — 0.0% (c)
Honda Motor Co. Ltd. (Japan)		1			17
Suzuki Motor Corp. (Japan)		1			65
Toyota Motor Corp. (Japan)		1			92
					174
Banks — 0.2%
Australia & New Zealand Banking Group Ltd. (Australia)		2			34
Banco Bilbao Vizcaya Argentaria SA (Spain)		12			61
BNP Paribas SA (France) *		1			57
Close Brothers Group plc (United Kingdom)		1			12
DBS Group Holdings Ltd. (Singapore)		5			91
DNB ASA (Norway)		7			133
Erste Group Bank AG (Austria)		1			24
HDFC Bank Ltd., ADR (India) *		1			43
ING Groep NV (Netherlands)		5			47
Intesa Sanpaolo SpA (Italy) *		10			24
Lloyds Banking Group plc (United Kingdom)		71			35
Mitsubishi UFJ Financial Group, Inc. (Japan)		6			27
National Bank of Canada (Canada)		1			57
Standard Chartered plc (United Kingdom)		2			14
Sumitomo Mitsui Trust Holdings, Inc. (Japan)		1			22
Svenska Handelsbanken AB, Class A (Sweden) *		4			41
United Overseas Bank Ltd. (Singapore)		2			38
					760
Beverages — 0.1%
Anheuser-Busch InBev SA/NV (Belgium)		1			70
Carlsberg A/S, Class B (Denmark)		1			130
Diageo plc (United Kingdom)		3			115

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN ACCESS FUNDS 11

JPMorgan Access Balanced Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Beverages — continued
Kirin Holdings Co. Ltd. (Japan)		1			26
Pernod Ricard SA (France)		—	(d)		47
					388
Biotechnology — 0.1%
Ascendis Pharma A/S, ADR (Denmark) *		—	(d)		14
BeiGene Ltd., ADR (China) *		—	(d)		68
CSL Ltd. (Australia)		—	(d)		18
Galapagos NV (Belgium) *		—	(d)		39
Genmab A/S (Denmark) *		—	(d)		117
Grifols SA (Spain)		1			28
Grifols SA (Preference), Class B (Spain)		1			28
					312
Building Products — 0.0% (c)
Assa Abloy AB, Class B (Sweden)		1			24
Daikin Industries Ltd. (Japan)		—	(d)		22
					46
Capital Markets — 0.1%
Deutsche Boerse AG (Germany)		—	(d)		33
Euronext NV (Netherlands) (e)		—	(d)		41
Hong Kong Exchanges & Clearing Ltd. (Hong Kong)		2			82
London Stock Exchange Group plc (United Kingdom)		2			190
Macquarie Group Ltd. (Australia)		—	(d)		46
Partners Group Holding AG (Switzerland)		—	(d)		24
XP, Inc., Class A (Brazil) *		—	(d)		6
					422
Chemicals — 0.1%
Air Liquide SA (France)		1			91
Asahi Kasei Corp. (Japan)		8			87
BASF SE (Germany)		1			44
Covestro AG (Germany) (e)		1			33
Givaudan SA (Registered) (Switzerland)		—	(d)		85
Johnson Matthey plc (United Kingdom)		1			41
Kansai Paint Co. Ltd. (Japan)		2			54
Shin-Etsu Chemical Co. Ltd. (Japan)		1			88
Tosoh Corp. (Japan)		—	(d)		6
Umicore SA (Belgium)		1			34
					563
Communications Equipment — 0.0% (c)
Telefonaktiebolaget LM Ericsson, Class B (Sweden)		6			68
Containers & Packaging — 0.0% (c)
Amcor plc, CHDI		2			28

INVESTMENTS	SHARES (000)			VALUE ($000)
Diversified Financial Services — 0.0% (c)
Challenger Ltd. (Australia)		3			17
Element Fleet Management Corp. (Canada)		5			49
Mitsubishi UFJ Lease & Finance Co. Ltd. (Japan)		3			16
					82
Diversified Telecommunication Services — 0.1%
China Tower Corp. Ltd., Class H (China) (e)		200			29
Koninklijke KPN NV (Netherlands)		10			30
KT Corp. (South Korea)		1			17
Nippon Telegraph & Telephone Corp. (Japan)		7			167
Telecom Italia SpA (Italy)		35			19
					262
Electric Utilities — 0.1%
Enel SpA (Italy)		16			158
Iberdrola SA (Spain)		7			101
Orsted A/S (Denmark) (e)		—	(d)		28
					287
Electrical Equipment — 0.1%
ABB Ltd. (Registered) (Switzerland)		6			179
Legrand SA (France)		—	(d)		32
Melrose Industries plc (United Kingdom) *		23			55
Mitsubishi Electric Corp. (Japan)		5			68
Nidec Corp. (Japan)		—	(d)		58
Prysmian SpA (Italy)		1			44
					436
Electronic Equipment, Instruments & Components — 0.1%
Hamamatsu Photonics KK (Japan)		3			180
Keyence Corp. (Japan)		—	(d)		277
Murata Manufacturing Co. Ltd. (Japan)		1			105
Omron Corp. (Japan)		—	(d)		27
					589
Energy Equipment & Services — 0.0% (c)
Worley Ltd. (Australia)		4			35
Equity Real Estate Investment Trusts (REITs) — 0.0% (c)
Great Portland Estates plc (United Kingdom)		3			32
Scentre Group (Australia)		11			23
					55
Food & Staples Retailing — 0.0% (c)
Seven & i Holdings Co. Ltd. (Japan)		2			53
Welcia Holdings Co. Ltd. (Japan)		1			19
					72

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

12 JPMORGAN ACCESS FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Food Products — 0.1%
Associated British Foods plc (United Kingdom) *		1			25
Barry Callebaut AG (Registered) (Switzerland)		—	(d)		33
Danone SA (France)		—	(d)		20
Nestle SA (Registered) (Switzerland)		3			356
Wilmar International Ltd. (China)		12			42
					476
Gas Utilities — 0.0% (c)
Beijing Enterprises Holdings Ltd. (China)		4			13
Health Care Equipment & Supplies — 0.1%
Alcon, Inc. (Switzerland) *		—	(d)		18
Asahi Intecc Co. Ltd. (Japan)		—	(d)		11
Elekta AB, Class B (Sweden)		3			38
Hoya Corp. (Japan)		—	(d)		58
Koninklijke Philips NV (Netherlands) *		3			172
Sartorius AG (Preference) (Germany)		—	(d)		50
Siemens Healthineers AG (Germany) (e)		1			42
Sonova Holding AG (Registered) (Switzerland) *		—	(d)		—	(d)
Straumann Holding AG (Registered) (Switzerland)		—	(d)		63
Terumo Corp. (Japan)		1			58
					510
Health Care Providers & Services — 0.0% (c)
Fresenius SE & Co. KGaA (Germany)		1			50
Hotels, Restaurants & Leisure — 0.0% (c)
Compass Group plc (United Kingdom)		2			36
Household Durables — 0.0% (c)
Panasonic Corp. (Japan)		3			35
Persimmon plc (United Kingdom)		1			36
Sony Corp. (Japan)		1			60
					131
Household Products — 0.0% (c)
Reckitt Benckiser Group plc (United Kingdom)		1			103
Unicharm Corp. (Japan)		2			96
					199
Independent Power and Renewable Electricity Producers — 0.0% (c)
Electric Power Development Co. Ltd. (Japan)		1			17
Industrial Conglomerates — 0.1%
DCC plc (United Kingdom)		—	(d)		27
Jardine Matheson Holdings Ltd. (Hong Kong)		1			39
Siemens AG (Registered) (Germany)		1			145
					211

INVESTMENTS	SHARES (000)			VALUE ($000)
Insurance — 0.2%
AIA Group Ltd. (Hong Kong)		19			230
Aon plc, Class A		—	(d)		32
Aviva plc (United Kingdom)		6			26
AXA SA (France)		4			89
Direct Line Insurance Group plc (United Kingdom)		3			14
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) (Germany)		—	(d)		97
PICC Property & Casualty Co. Ltd., Class H (China)		34			26
Ping An Insurance Group Co. of China Ltd., Class H (China)		3			30
Sampo OYJ, Class A (Finland)		1			54
Storebrand ASA (Norway) *		5			39
Sun Life Financial, Inc. (Canada)		1			60
Tokio Marine Holdings, Inc. (Japan)		1			62
Zurich Insurance Group AG (Switzerland)		—	(d)		57
					816
Interactive Media & Services — 0.1%
Adevinta ASA (France) *		3			55
NAVER Corp. (South Korea) *		—	(d)		33
Tencent Holdings Ltd. (China)		2			138
Z Holdings Corp. (Japan)		5			32
					258
Internet & Direct Marketing Retail — 0.1%
Alibaba Group Holding Ltd., ADR (China) *		—	(d)		24
ASOS plc (United Kingdom) *		1			60
MercadoLibre, Inc. (Argentina) *		—	(d)		92
Prosus NV, ADR (China)		1			14
THG Holdings plc (United Kingdom) *		1			9
Zalando SE (Germany) * (e)		1			62
					261
IT Services — 0.0% (c)
Amadeus IT Group SA (Spain)		—	(d)		32
NTT Data Corp. (Japan)		4			54
Obic Co. Ltd. (Japan)		—	(d)		60
					146
Life Sciences Tools & Services — 0.0% (c)
Evotec SE (Germany) *		1			23
Machinery — 0.1%
KION Group AG (Germany)		1			46
Knorr-Bremse AG (Germany)		—	(d)		33
SMC Corp. (Japan)		—	(d)		143
THK Co. Ltd. (Japan)		1			29
					251

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN ACCESS FUNDS 13

JPMorgan Access Balanced Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Media — 0.0% (c)
CyberAgent, Inc. (Japan)		1			48
Nordic Entertainment Group AB, Class B (Sweden)		—	(d)		24
Stroeer SE & Co. KGaA (Germany)		—	(d)		32
WPP plc (United Kingdom)		4			44
					148
Metals & Mining — 0.1%
Antofagasta plc (Chile)		3			56
BHP Group Ltd. (Australia)		1			23
BHP Group plc (Australia)		2			49
IGO Ltd. (Australia)		11			54
Rio Tinto Ltd. (Australia)		—	(d)		21
Rio Tinto plc (Australia)		—	(d)		30
South32 Ltd. (Australia)		11			21
					254
Multiline Retail — 0.0% (c)
B&M European Value Retail SA (United Kingdom)		5			38
Next plc (United Kingdom) *		—	(d)		40
					78
Multi-Utilities — 0.0% (c)
Engie SA (France) *		7			109
National Grid plc (United Kingdom)		4			45
					154
Oil, Gas & Consumable Fuels — 0.0% (c)
Equinor ASA (Norway)		3			51
Royal Dutch Shell plc, Class B, ADR (Netherlands)		1			24
Total SE (France)		2			107
					182
Paper & Forest Products — 0.0% (c)
Stora Enso OYJ, Class R (Finland)		3			54
Personal Products — 0.1%
L’Oreal SA (France)		1			196
Pola Orbis Holdings, Inc. (Japan)		—	(d)		8
Unilever plc (United Kingdom)		3			173
					377
Pharmaceuticals — 0.2%
Astellas Pharma, Inc. (Japan)		6			96
AstraZeneca plc (United Kingdom)		2			170
Bayer AG (Registered) (Germany)		1			61
Daiichi Sankyo Co. Ltd. (Japan)		1			41
GlaxoSmithKline plc, ADR (United Kingdom)		1			35
GlaxoSmithKline plc, ADR (United Kingdom)		—	(d)		12
Hutchison China MediTech Ltd., ADR (Hong Kong) *		1			42

INVESTMENTS	SHARES (000)			VALUE ($000)
Pharmaceuticals — continued
Ipsen SA (France)		—	(d)		20
Novartis AG (Registered) (Switzerland)		1			135
Novo Nordisk A/S, Class B (Denmark)		3			194
Otsuka Holdings Co. Ltd. (Japan)		1			43
Roche Holding AG (Switzerland)		—	(d)		145
Sanofi (France)		1			103
Shionogi & Co. Ltd. (Japan)		1			72
Takeda Pharmaceutical Co. Ltd., ADR (Japan)		1			18
					1,187
Professional Services — 0.1%
DKSH Holding AG (Switzerland)		1			44
Recruit Holdings Co. Ltd. (Japan)		2			71
RELX plc (United Kingdom)		3			79
TechnoPro Holdings, Inc. (Japan)		1			41
Teleperformance (France)		—	(d)		32
					267
Real Estate Management & Development — 0.0% (c)
Mitsui Fudosan Co. Ltd. (Japan)		3			52
Road & Rail — 0.0% (c)
Canadian National Railway Co. (Canada)		—	(d)		42
Canadian National Railway Co. (Canada)		—	(d)		36
Central Japan Railway Co. (Japan)		—	(d)		28
TFI International, Inc. (Canada)		1			42
					148
Semiconductors & Semiconductor Equipment — 0.2%
ASML Holding NV (Netherlands)		1			278
Broadcom, Inc.		—	(d)		66
NXP Semiconductors NV (Netherlands)		—	(d)		71
Renesas Electronics Corp. (Japan) *		2			21
STMicroelectronics NV (Switzerland)		1			40
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		2			264
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		8			151
Tokyo Electron Ltd. (Japan)		—	(d)		75
					966
Software — 0.1%
Atlassian Corp. plc, Class A *		—	(d)		30
Dye & Durham Ltd. (Canada)		1			24
SAP SE (Germany)		1			179
					233

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

14 JPMORGAN ACCESS FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Specialty Retail — 0.0% (c)
Industria de Diseno Textil SA (Spain)		2			70
Kingfisher plc (United Kingdom) *		12			45
Nitori Holdings Co. Ltd. (Japan)		—	(d)		42
					157
Technology Hardware, Storage & Peripherals — 0.0% (c)
Samsung Electronics Co. Ltd. (South Korea)		2			132
Samsung Electronics Co. Ltd., GDR (South Korea) (e)		—	(d)		13
					145
Textiles, Apparel & Luxury Goods — 0.1%
China Hongxing Sports Ltd. (China) * ‡		743			—	(d)
Cie Financiere Richemont SA (Registered) (Switzerland)		—	(d)		24
EssilorLuxottica SA (France)		1			162
Hermes International (France)		—	(d)		71
Kering SA (France)		—	(d)		183
LVMH Moet Hennessy Louis Vuitton SE (France)		—	(d)		76
Moncler SpA (Italy) *		1			48
Samsonite International SA * (e)		10			17
					581
Thrifts & Mortgage Finance — 0.0% (c)
Housing Development Finance Corp. Ltd. (India)		1			33
Tobacco — 0.0% (c)
British American Tobacco plc (United Kingdom)		3			105
Trading Companies & Distributors — 0.0% (c)
Ashtead Group plc (United Kingdom)		1			40
Bunzl plc (United Kingdom)		1			24
Mitsubishi Corp. (Japan)		1			30
Sumitomo Corp. (Japan)		3			36
					130
Wireless Telecommunication Services — 0.0% (c)
America Movil SAB de CV, Class L, ADR (Mexico)		2			25
SoftBank Group Corp. (Japan)		2			128
Vodafone Group plc, ADR (United Kingdom)		2			41
					194
Total Common Stocks (Cost $8,369)					14,007

INVESTMENTS	NO. OF WARRANTS (000)		VALUE ($000)
Warrants — 0.0% (c)
Textiles, Apparel & Luxury Goods — 0.0% (c)
Cie Financiere Richemont SA expiring 11/22/2023, price 67.00 CHF (Switzerland) * (Cost $ — )		1		—	(d)
	SHARES (000)
Short-Term Investments — 1.7%
Investment Companies — 1.7%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.09% (a) (f) (Cost $8,543)		8,539		8,544
Total Investments — 100.3% (Cost $397,436)				500,488
Liabilities in Excess of Other Assets — (0.3)% (g)				(1,257	)
NET ASSETS — 100.0%				499,231

Percentages indicated are based on net assets.

PORTFOLIO COMPOSITION BY COUNTRY**
United States	93.9	%
Ireland	1.7
Others (each less than 1.0%)	2.7
Short-Term Investments	1.7

** Percentages indicated are based on total investments as of December 31, 2020.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN ACCESS FUNDS 15

JPMorgan Access Balanced Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

Abbreviations

ADR	American Depositary Receipt
CHDI	Clearing House Electronic Subregister System (CHESS) Depository Interest
CHF	Swiss Franc
EAFE	Europe, Australasia and Far East
ETF	Exchange-Traded Fund
GDR	Global Depositary Receipt
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)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)	The fund’s investment objective is to provide absolute return and is generally subject to a two day redemption notice period.

(c)	Amount rounds to less than 0.1% of net assets.
(d)	Amount rounds to less than one thousand.
(e)	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.
(f)	The rate shown is the current yield as of December 31, 2020.
(g)	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 and ETFs can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC’s as well as the 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, 2020

JPMorgan Access Growth Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Exchange-Traded Funds — 78.2%
Fixed Income — 6.4%
iShares 20+ Year Treasury Bond ETF		60		9,511
iShares MBS ETF		43		4,692
Vanguard Total International Bond ETF		280		16,406
Total Fixed Income				30,609
International Equity — 19.0%
iShares Core MSCI Emerging Markets ETF		157		9,734
iShares MSCI EAFE ETF		241		17,565
JPMorgan BetaBuilders Canada ETF (a)		509		13,649
JPMorgan BetaBuilders Developed Asia ex-Japan ETF (a)		144		3,899
JPMorgan BetaBuilders Europe ETF (a)		1,305		34,079
JPMorgan BetaBuilders Japan ETF (a)		462		12,947
Total International Equity				91,873
U.S. Equity — 52.8%
iShares Core S&P 500 ETF		397		148,992
SPDR S&P 500 ETF Trust		283		105,808
Total U.S. Equity				254,800
Total Exchange-Traded Funds (Cost $265,940)				377,282
Investment Companies — 16.5%
Alternative Assets — 4.0%
Blackstone Alternative Multi-Strategy Fund Class Y Shares		657		6,661
Marshall Wace UCITS Fund plc Class F Shares (Ireland) * (b)		46		7,942
Neuberger Berman Long Short Fund Class Institutional Shares *		266		4,408
Total Alternative Assets				19,011
Fixed Income — 11.6%
JPMorgan Core Bond Fund Class R6 Shares (a)		1,182		14,525
JPMorgan Corporate Bond Fund Class R6 Shares (a)		435		4,746
JPMorgan High Yield Fund Class R6 Shares (a)		3,846		27,385
Lord Abbett Short Duration Income Fund Class F3 Shares		2,237		9,442
Total Fixed Income				56,098
U.S. Equity — 0.9%
BlackRock Event Driven Equity Fund Class Institutional Shares *		444		4,435
Total Investment Companies (Cost $71,959)				79,544

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — 3.7%
Aerospace & Defense — 0.1%
Airbus SE (France) *		1			122
Meggitt plc (United Kingdom)		10			65
Safran SA (France) *		2			249
					436
Air Freight & Logistics — 0.0% (c)
DSV Panalpina A/S (Denmark)		1			87
Auto Components — 0.1%
Autoliv, Inc., SDR (Sweden)		—	(d)		42
Denso Corp. (Japan)		1			36
Magna International, Inc. (Canada)		1			89
Stanley Electric Co. Ltd. (Japan)		1			39
Sumitomo Rubber Industries Ltd. (Japan)		2			14
					220
Automobiles — 0.1%
Honda Motor Co. Ltd. (Japan)		1			23
Suzuki Motor Corp. (Japan)		2			83
Toyota Motor Corp. (Japan)		2			124
					230
Banks — 0.2%
Australia & New Zealand Banking Group Ltd. (Australia)		2			44
Banco Bilbao Vizcaya Argentaria SA (Spain)		10			50
BNP Paribas SA (France) *		2			108
Close Brothers Group plc (United Kingdom)		1			19
DBS Group Holdings Ltd. (Singapore)		6			114
DNB ASA (Norway)		8			147
Erste Group Bank AG (Austria)		1			31
HDFC Bank Ltd., ADR (India) *		1			54
ING Groep NV (Netherlands)		7			60
Intesa Sanpaolo SpA (Italy) *		13			31
Lloyds Banking Group plc (United Kingdom)		91			46
Mitsubishi UFJ Financial Group, Inc. (Japan)		8			35
National Bank of Canada (Canada)		1			74
Standard Chartered plc (United Kingdom)		3			20
Sumitomo Mitsui Trust Holdings, Inc. (Japan)		1			28
Svenska Handelsbanken AB, Class A (Sweden) *		5			53
United Overseas Bank Ltd. (Singapore)		3			49
					963
Beverages — 0.1%
Anheuser-Busch InBev SA/NV (Belgium)		1			89
Carlsberg A/S, Class B (Denmark)		1			165
Diageo plc (United Kingdom)		4			147

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN ACCESS FUNDS 17

JPMorgan Access Growth Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Beverages — continued
Kirin Holdings Co. Ltd. (Japan)		1			31
Pernod Ricard SA (France)		—	(d)		59
					491
Biotechnology — 0.1%
Ascendis Pharma A/S, ADR (Denmark) *		—	(d)		18
BeiGene Ltd., ADR (China) *		—	(d)		86
CSL Ltd. (Australia)		—	(d)		24
Galapagos NV (Belgium) *		1			56
Genmab A/S (Denmark) *		—	(d)		148
Grifols SA (Spain)		1			35
Grifols SA (Preference), Class B (Spain)		2			35
					402
Building Products — 0.0% (c)
Assa Abloy AB, Class B (Sweden)		1			30
Daikin Industries Ltd. (Japan)		—	(d)		22
					52
Capital Markets — 0.1%
Deutsche Boerse AG (Germany)		—	(d)		42
Euronext NV (Netherlands) (e)		—	(d)		52
Hong Kong Exchanges & Clearing Ltd. (Hong Kong)		2			104
London Stock Exchange Group plc (United Kingdom)		2			240
Macquarie Group Ltd. (Australia)		1			59
Partners Group Holding AG (Switzerland)		—	(d)		31
XP, Inc., Class A (Brazil) *		—	(d)		9
					537
Chemicals — 0.2%
Air Liquide SA (France)		1			117
Asahi Kasei Corp. (Japan)		11			110
BASF SE (Germany)		1			56
Covestro AG (Germany) (e)		1			43
Givaudan SA (Registered) (Switzerland)		—	(d)		106
Johnson Matthey plc (United Kingdom)		2			54
Kansai Paint Co. Ltd. (Japan)		2			71
Shin-Etsu Chemical Co. Ltd. (Japan)		1			112
Tosoh Corp. (Japan)		1			9
Umicore SA (Belgium)		1			44
					722
Communications Equipment — 0.0% (c)
Telefonaktiebolaget LM Ericsson, Class B (Sweden)		7			88
Containers & Packaging — 0.0% (c)
Amcor plc, CHDI		3			36

INVESTMENTS	SHARES (000)			VALUE ($000)
Diversified Financial Services — 0.0% (c)
Challenger Ltd. (Australia)		4			22
Element Fleet Management Corp. (Canada)		6			63
Mitsubishi UFJ Lease & Finance Co. Ltd. (Japan)		5			23
					108
Diversified Telecommunication Services — 0.1%
China Tower Corp. Ltd., Class H (China) (e)		254			37
Koninklijke KPN NV (Netherlands)		12			38
KT Corp. (South Korea)		1			22
Nippon Telegraph & Telephone Corp. (Japan)		8			213
Telecom Italia SpA (Italy)		45			23
					333
Electric Utilities — 0.1%
Enel SpA (Italy)		20			199
Iberdrola SA (Spain)		9			127
Orsted A/S (Denmark) (e)		—	(d)		36
					362
Electrical Equipment — 0.1%
ABB Ltd. (Registered) (Switzerland)		8			228
Legrand SA (France)		—	(d)		41
Melrose Industries plc (United Kingdom) *		29			71
Mitsubishi Electric Corp. (Japan)		6			86
Nidec Corp. (Japan)		1			78
Prysmian SpA (Italy)		2			56
					560
Electronic Equipment, Instruments & Components — 0.1%
Hamamatsu Photonics KK (Japan)		4			230
Keyence Corp. (Japan)		1			308
Murata Manufacturing Co. Ltd. (Japan)		1			124
Omron Corp. (Japan)		—	(d)		36
					698
Energy Equipment & Services — 0.0% (c)
Worley Ltd. (Australia)		5			45
Equity Real Estate Investment Trusts (REITs) — 0.0% (c)
Great Portland Estates plc (United Kingdom)		4			41
Scentre Group (Australia)		14			30
					71
Food & Staples Retailing — 0.0% (c)
Seven & i Holdings Co. Ltd. (Japan)		2			67
Welcia Holdings Co. Ltd. (Japan)		1			23
					90

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

18 JPMORGAN ACCESS FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Food Products — 0.1%
Associated British Foods plc (United Kingdom) *		1			31
Barry Callebaut AG (Registered) (Switzerland)		—	(d)		45
Danone SA (France)		—	(d)		25
Nestle SA (Registered) (Switzerland)		4			456
Wilmar International Ltd. (China)		15			54
					611
Gas Utilities — 0.0% (c)
Beijing Enterprises Holdings Ltd. (China)		5			16
Health Care Equipment & Supplies — 0.1%
Alcon, Inc. (Switzerland) *		—	(d)		25
Asahi Intecc Co. Ltd. (Japan)		—	(d)		15
Elekta AB, Class B (Sweden)		4			48
Hoya Corp. (Japan)		—	(d)		60
Koninklijke Philips NV (Netherlands) *		4			220
Sartorius AG (Preference) (Germany)		—	(d)		63
Siemens Healthineers AG (Germany) (e)		1			55
Sonova Holding AG (Registered) (Switzerland) *		—	(d)		—	(d)
Straumann Holding AG (Registered) (Switzerland)		—	(d)		81
Terumo Corp. (Japan)		2			70
					637
Health Care Providers & Services — 0.0% (c)
Fresenius SE & Co. KGaA (Germany)		1			64
Hotels, Restaurants & Leisure — 0.0% (c)
Compass Group plc (United Kingdom)		3			47
Household Durables — 0.0% (c)
Panasonic Corp. (Japan)		4			45
Persimmon plc (United Kingdom)		1			46
Sony Corp. (Japan)		1			71
					162
Household Products — 0.1%
Reckitt Benckiser Group plc (United Kingdom)		1			130
Unicharm Corp. (Japan)		3			121
					251
Independent Power and Renewable Electricity Producers — 0.0% (c)
Electric Power Development Co. Ltd. (Japan)		2			22
Industrial Conglomerates — 0.1%
DCC plc (United Kingdom)		—	(d)		35
Jardine Matheson Holdings Ltd. (Hong Kong)		1			50
Siemens AG (Registered) (Germany)		1			187
					272

INVESTMENTS	SHARES (000)			VALUE ($000)
Insurance — 0.2%
AIA Group Ltd. (Hong Kong)		24			291
Aon plc, Class A		—	(d)		40
Aviva plc (United Kingdom)		7			33
AXA SA (France)		5			115
Direct Line Insurance Group plc (United Kingdom)		4			18
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) (Germany)		—	(d)		125
PICC Property & Casualty Co. Ltd., Class H (China)		42			32
Ping An Insurance Group Co. of China Ltd., Class H (China)		4			43
Sampo OYJ, Class A (Finland)		2			70
Storebrand ASA (Norway) *		7			50
Sun Life Financial, Inc. (Canada)		2			77
Tokio Marine Holdings, Inc. (Japan)		2			77
Zurich Insurance Group AG (Switzerland)		—	(d)		74
					1,045
Interactive Media & Services — 0.1%
Adevinta ASA (France) *		4			69
NAVER Corp. (South Korea) *		—	(d)		43
Tencent Holdings Ltd. (China)		2			176
Z Holdings Corp. (Japan)		7			40
					328
Internet & Direct Marketing Retail — 0.1%
Alibaba Group Holding Ltd., ADR (China) *		—	(d)		30
ASOS plc (United Kingdom) *		1			77
MercadoLibre, Inc. (Argentina) *		—	(d)		116
Prosus NV, ADR (China)		1			18
THG Holdings plc (United Kingdom) *		1			14
Zalando SE (Germany) * (e)		1			80
					335
IT Services — 0.0% (c)
Amadeus IT Group SA (Spain)		1			41
NTT Data Corp. (Japan)		5			69
Obic Co. Ltd. (Japan)		—	(d)		90
					200
Life Sciences Tools & Services — 0.0% (c)
Evotec SE (Germany) *		1			29
Machinery — 0.1%
KION Group AG (Germany)		1			59
Knorr-Bremse AG (Germany)		—	(d)		42
SMC Corp. (Japan)		—	(d)		175
THK Co. Ltd. (Japan)		1			39
					315

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN ACCESS FUNDS 19

JPMorgan Access Growth Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Media—0.0% (c)
CyberAgent, Inc. (Japan)		1			62
Nordic Entertainment Group AB, Class B (Sweden)		1			30
Stroeer SE & Co. KGaA (Germany)		—	(d)		41
WPP plc (United Kingdom)		5			57
					190
Metals & Mining — 0.1%
Antofagasta plc (Chile)		4			72
BHP Group Ltd. (Australia)		1			29
BHP Group plc (Australia)		2			64
IGO Ltd. (Australia)		13			65
Rio Tinto Ltd. (Australia)		—	(d)		27
Rio Tinto plc (Australia)		1			38
South32 Ltd. (Australia)		14			27
					322
Multiline Retail — 0.0% (c)
B&M European Value Retail SA (United Kingdom)		7			46
Next plc (United Kingdom) *		1			51
					97
Multi-Utilities — 0.0% (c)
Engie SA (France) *		9			139
National Grid plc (United Kingdom)		5			58
					197
Oil, Gas & Consumable Fuels — 0.1%
Equinor ASA (Norway)		4			65
Royal Dutch Shell plc, Class B, ADR (Netherlands)		1			30
Total SE (France)		3			136
					231
Paper & Forest Products — 0.0% (c)
Stora Enso OYJ, Class R (Finland)		4			70
Personal Products — 0.1%
L’Oreal SA (France)		1			250
Pola Orbis Holdings, Inc. (Japan)		1			14
Unilever plc (United Kingdom)		4			223
					487
Pharmaceuticals — 0.3%
Astellas Pharma, Inc. (Japan)		8			124
AstraZeneca plc (United Kingdom)		2			214
Bayer AG (Registered) (Germany)		1			78
Daiichi Sankyo Co. Ltd. (Japan)		2			51
GlaxoSmithKline plc, ADR (United Kingdom)		1			35
GlaxoSmithKline plc, ADR (United Kingdom)		1			25

INVESTMENTS	SHARES (000)			VALUE ($000)
Pharmaceuticals — continued
Hutchison China MediTech Ltd., ADR (Hong Kong) *		2			54
Ipsen SA (France)		—	(d)		26
Novartis AG (Registered) (Switzerland)		2			174
Novo Nordisk A/S, Class B (Denmark)		4			245
Otsuka Holdings Co. Ltd. (Japan)		1			52
Roche Holding AG (Switzerland)		1			187
Sanofi (France)		1			132
Shionogi & Co. Ltd. (Japan)		2			92
Takeda Pharmaceutical Co. Ltd., ADR (Japan)		1			23
					1,512
Professional Services — 0.1%
DKSH Holding AG (Switzerland)		1			56
Recruit Holdings Co. Ltd. (Japan)		2			84
RELX plc (United Kingdom)		4			99
TechnoPro Holdings, Inc. (Japan)		1			50
Teleperformance (France)		—	(d)		41
					330
Real Estate Management & Development — 0.0% (c)
Mitsui Fudosan Co. Ltd. (Japan)		3			67
Road & Rail — 0.0% (c)
Canadian National Railway Co. (Canada)		—	(d)		53
Canadian National Railway Co. (Canada)		—	(d)		45
Central Japan Railway Co. (Japan)		—	(d)		42
TFI International, Inc. (Canada)		1			54
					194
Semiconductors & Semiconductor Equipment — 0.3%
ASML Holding NV (Netherlands)		1			354
Broadcom, Inc.		—	(d)		85
NXP Semiconductors NV (Netherlands)		1			92
Renesas Electronics Corp. (Japan) *		3			27
STMicroelectronics NV (Switzerland)		2			68
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		3			334
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		10			189
Tokyo Electron Ltd. (Japan)		—	(d)		149
					1,298
Software—0.1%
Atlassian Corp. plc, Class A *		—	(d)		38
Dye & Durham Ltd. (Canada)		1			28
SAP SE (Germany)		2			227
					293

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

20 JPMORGAN ACCESS FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Specialty Retail—0.0% (c)
Industria de Diseno Textil SA (Spain)		3			89
Kingfisher plc (United Kingdom) *		16			58
Nitori Holdings Co. Ltd. (Japan)		—	(d)		42
					189
Technology Hardware, Storage & Peripherals — 0.0% (c)
Samsung Electronics Co. Ltd. (South Korea)		2			170
Samsung Electronics Co. Ltd., GDR (South Korea) (e)		—	(d)		15
					185
Textiles, Apparel & Luxury Goods — 0.2%
China Hongxing Sports Ltd. (China) * ‡		755			—	(d)
Cie Financiere Richemont SA (Registered) (Switzerland)		—	(d)		29
EssilorLuxottica SA (France)		1			205
Hermes International (France)		—	(d)		90
Kering SA (France)		—	(d)		233
LVMH Moet Hennessy Louis Vuitton SE (France)		—	(d)		96
Moncler SpA (Italy) *		1			62
Samsonite International SA * (e)		12			22
					737
Thrifts & Mortgage Finance — 0.0% (c)
Housing Development Finance Corp. Ltd. (India)		1			42
Tobacco — 0.0% (c)
British American Tobacco plc (United Kingdom)		4			133
Trading Companies & Distributors — 0.0% (c)
Ashtead Group plc (United Kingdom)		1			52
Bunzl plc (United Kingdom)		1			31
Mitsubishi Corp. (Japan)		1			35
Sumitomo Corp. (Japan)		4			46
					164
Wireless Telecommunication Services — 0.1%
America Movil SAB de CV, Class L, ADR (Mexico)		2			31
SoftBank Group Corp. (Japan)		2			177
Vodafone Group plc, ADR (United Kingdom)		3			52
					260
Total Common Stocks (Cost $10,742)					17,863

INVESTMENTS	NO. OF WARRANTS (000)		VALUE ($000)
Warrants — 0.0% (c)
Textiles, Apparel & Luxury Goods — 0.0% (c)
Cie Financiere Richemont SA expiring 11/22/2023, price 67.00 CHF (Switzerland) * (Cost $—)		1		—	(d)
	SHARES (000)
Short-Term Investments — 1.7%
Investment Companies — 1.7%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.09% (a) (f) (Cost $8,166)		8,164		8,168
Total Investments — 100.1% (Cost $356,807)				482,857
Liabilities in Excess of Other Assets  — (0.1)% (g)				(697	)
NET ASSETS — 100.0%				482,160

Percentages indicated are based on net assets.

PORTFOLIO COMPOSITION BY COUNTRY**
United States	93.0	%
Ireland	1.6
Others (each less than 1.0%)	3.7
Short-Term Investments	1.7

** Percentages indicated are based on total investments as of December 31, 2020.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN ACCESS FUNDS 21

JPMorgan Access Growth Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

Abbreviations

ADR	American Depositary Receipt
CHDI	Clearing House Electronic Subregister System (CHESS) Depository Interest
EAFE	Europe, Australasia and Far East
ETF	Exchange-Traded Fund
GDR	Global Depositary Receipt
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)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)	The fund’s investment objective is to provide absolute return and is generally subject to a two day redemption notice period.
(c)	Amount rounds to less than 0.1% of net assets.

(d)	Amount rounds to less than one thousand.
(e)	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.
(f)	The rate shown is the current yield as of June 30, 2020.
(g)	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 and ETFs can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC’s as well as the 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, 2020

THIS PAGE IS INTENTIONALLY LEFT BLANK

DECEMBER 31, 2020 JPMORGAN ACCESS FUNDS 23

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2020 (Unaudited)

(Amounts in thousands, except per share amounts)

	JPMorgan Access Balanced Fund			JPMorgan Access Growth Fund
ASSETS:
Investments in non-affiliates, at value	$	371,458		$	363,459
Investments in affiliates, at value		129,030			119,398
Cash		90			91
Foreign currency, at value		288			351
Receivables:
Due from custodian		—			997
Investment securities sold		—	(a)		—	(a)
Fund shares sold		119			145
Interest from affiliates		1			8
Dividends from non-affiliates		339			462
Dividends from affiliates		1			1
Tax reclaims		100			127
Total Assets		501,426			485,039
LIABILITIES:
Payables:
Distributions		2			1
Investment securities purchased		8			1,001
Fund shares redeemed		2,008			1,720
Accrued liabilities:
Investment advisory fees		44			45
Administration fees		—	(a)		—	(a)
Distribution fees		1			—	(a)
Service fees		73			61
Custodian and accounting fees		4			5
Trustees’ and Chief Compliance Officer’s fees		7			7
Deferred foreign capital gains tax		2			2
Other		46			37
Total Liabilities		2,195			2,879
Net Assets	$	499,231		$	482,160

(a) Amount rounds to less than one thousand.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

24 JPMORGAN ACCESS FUNDS DECEMBER 31, 2020

	JPMorgan Access Balanced Fund			JPMorgan Access Growth Fund
NET ASSETS:
Paid-in-Capital	$	391,694		$	349,373
Total distributable earnings (loss)		107,537			132,787
Total Net Assets	$	499,231		$	482,160
Net Assets:
Class A	$	1,513		$	1,283
Class C		944			176
Class I		496,774			480,701
Total	$	499,231		$	482,160
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		87			67
Class C		55			9
Class I		28,712			25,069
Net Asset Value (a):
Class A — Redemption price per share	$	17.28		$	19.15
Class C — Offering price per share (b)		17.20			18.84
Class I — Offering and redemption price per share		17.30			19.18
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)]	$	18.09		$	20.05
Cost of investments in non-affiliates	$	280,769		$	248,669
Cost of investments in affiliates		116,667			108,138
Cost of foreign currency		273			331

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

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

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN ACCESS FUNDS 25

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

(Amounts in thousands)

	JPMorgan Access Balanced Fund			JPMorgan Access Growth Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	2,910		$	3,075
Dividend income from affiliates		2,034			1,666
Foreign taxes withheld (net)		(9	)		(12	)
Total investment income		4,935			4,729
EXPENSES:
Investment advisory fees		734			696
Administration fees		183			174
Distribution fees:
Class A		2			1
Class C		5			1
Service fees:
Class A		2			1
Class C		2			—	(a)
Class I		608			578
Custodian and accounting fees		50			52
Interest expense to affiliates		1			1
Professional fees		62			62
Trustees’ and Chief Compliance Officer’s fees		20			20
Printing and mailing costs		3			4
Registration and filing fees		31			34
Transfer agency fees (See Note 2.F.)		2			3
Other		8			8
Total expenses		1,713			1,635
Less fees waived		(626	)		(561	)
Net expenses		1,087			1,074
Net investment income (loss)		3,848			3,655
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		14,943	(b)		17,420	(b)
Investments in affiliates		1,975			881
Foreign currency transactions		6			7
Net realized gain (loss)		16,924			18,308
Distributions of capital gains received from investment company non-affiliates		364			254
Distributions of capital gains received from investment company affiliates		711			292
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		30,539	(c)		39,297	(c)
Investments in affiliates		7,183			10,813
Foreign currency translations		16			22
Change in net unrealized appreciation/depreciation		37,738			50,132
Net realized/unrealized gains (losses)		55,737			68,986
Change in net assets resulting from operations	$	59,585		$	72,641

(a) Amount rounds to less than one thousand.

(b) Net of foreign capital gains tax of less than one thousand.

(c) Net of change in foreign capital gains tax of approximately $(2,000).

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

26 JPMORGAN ACCESS FUNDS DECEMBER 31, 2020

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Access Balanced Fund						JPMorgan Access Growth Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	3,848		$	8,919		$	3,655		$	7,491
Net realized gain (loss)		16,924			18,580			18,308			16,218
Distributions of capital gains received from investment company non-affiliates		364			315			254			296
Distributions of capital gains received from investment company affiliates		711			823			292			1,426
Change in net unrealized appreciation/depreciation		37,738			(11,408	)		50,132			(15,743	)
Change in net assets resulting from operations		59,585			17,229			72,641			9,688
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(86	)		(31	)		(72	)		(22	)
Class C		(52	)		(75	)		(10	)		(33	)
Class I		(29,302	)		(6,748	)		(27,490	)		(8,721	)
Class L (a)		—			(12,982	)		—			(13,273	)
Total distributions to shareholders		(29,440	)		(19,836	)		(27,572	)		(22,049	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(2,919	)		(57,091	)		(7,582	)		(42,492	)
NET ASSETS:
Change in net assets		27,226			(59,698	)		37,487			(54,853	)
Beginning of period		472,005			531,703			444,673			499,526
End of period	$	499,231		$	472,005		$	482,160		$	444,673

(a) On April 3, 2020, the Funds’ Class L Shares were converted into Class I Shares. Additionally, as of April 3, 2020, the Class L Shares are no longer offered.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN ACCESS FUNDS 27

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Access Balanced Fund						JPMorgan Access Growth Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	369		$	690		$	146		$	545
Distributions reinvested		86			31			72			22
Cost of shares redeemed		(45	)		(494	)		(58	)		(166	)
Change in net assets resulting from Class A capital transactions		410			227			160			401
Class C
Distributions reinvested		52			75			10			33
Cost of shares redeemed		(574	)		(1,142	)		(176	)		(554	)
Change in net assets resulting from Class C capital transactions		(522	)		(1,067	)		(166	)		(521	)
Class I
Proceeds from shares issued		18,466			19,129			21,923			22,512
Distributions reinvested		29,280			6,746			27,478			8,717
Cost of shares redeemed		(50,553	)		(47,109	)		(56,977	)		(56,899	)
Conversion from Class L Shares		—			305,706			—			253,878
Change in net assets resulting from Class I capital transactions		(2,807	)		284,472			(7,576	)		228,208
Class L (a)
Proceeds from shares issued		—			10,411			—			17,112
Distributions reinvested		—			12,962			—			13,267
Cost of shares redeemed		—			(58,390	)		—			(47,081	)
Conversion to Class I Shares		—			(305,706	)		—			(253,878	)
Change in net assets resulting from Class L capital transactions		—			(340,723	)		—			(270,580	)
Total change in net assets resulting from capital transactions	$	(2,919	)	$	(57,091	)	$	(7,582	)	$	(42,492	)
SHARE TRANSACTIONS:
Class A
Issued		21			43			7			34
Reinvested		5			2			4			1
Redeemed		(3	)		(32	)		(3	)		(9	)
Change in Class A Shares		23			13			8			26
Class C
Reinvested		3			4			1			2
Redeemed		(33	)		(73	)		(10	)		(35	)
Change in Class C Shares		(30	)		(69	)		(9	)		(33	)
Class I
Issued		1,070			1,149			1,156			1,239
Reinvested		1,700			410			1,444			486
Redeemed		(2,944	)		(2,933	)		(3,028	)		(3,301	)
Conversion from Class L Shares		—			21,230			—			17,085
Change in Class I Shares		(174	)		19,856			(428	)		15,509
Class L (a)
Issued		—			627			—			955
Reinvested		—			783			—			734
Redeemed		—			(3,543	)		—			(2,677	)
Conversion to Class I Shares		—			(21,244	)		—			(17,085	)
Change in Class L Shares		—			(23,377	)		—			(18,073	)

(a) On April 3, 2020, the Funds’ Class L Shares were converted into Class I Shares. Additionally, as of April 3, 2020, the Class L Shares are no longer offered.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

28 JPMORGAN ACCESS FUNDS DECEMBER 31, 2020

THIS PAGE IS INTENTIONALLY LEFT BLANK

DECEMBER 31, 2020 JPMORGAN ACCESS FUNDS 29

CONSOLIDATED 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, 2020 (Unaudited)	$	16.24	$	0.12	$	1.96		$	2.08		$	(0.15	)	$	(0.89	)	$	(1.04	)
Year Ended June 30, 2020		16.30		0.24		0.31			0.55			(0.27	)		(0.34	)		(0.61	)
Year Ended June 30, 2019		16.43		0.23		0.60			0.83			(0.25	)		(0.71	)		(0.96	)
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	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		16.16		0.06		1.97			2.03			(0.10	)		(0.89	)		(0.99	)
Year Ended June 30, 2020		16.20		0.15		0.32			0.47			(0.17	)		(0.34	)		(0.51	)
Year Ended June 30, 2019		16.33		0.14		0.60			0.74			(0.16	)		(0.71	)		(0.87	)
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	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		16.26		0.14		1.96			2.10			(0.17	)		(0.89	)		(1.06	)
Year Ended June 30, 2020		16.32		0.27		0.32			0.59			(0.31	)		(0.34	)		(0.65	)
Year Ended June 30, 2019		16.44		0.27		0.60			0.87			(0.28	)		(0.71	)		(0.99	)
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	)

(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) Includes subsidiary’s operating expenses which rounded to 0.01%.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

30 JPMORGAN ACCESS FUNDS DECEMBER 31, 2020

		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)
$	17.28		12.88	%	$	1,513		0.69	%(h)		1.40	%		0.95	%		12	%
	16.24		3.30			1,037		0.82			1.50			1.13			22
	16.30		5.57			827		1.03			1.43			1.41			29
	16.43		5.77			586		1.07			1.09			1.44			26
	16.52		10.37			998		1.02			1.09			1.46			33
	15.14		(2.62	)		1,978		1.02			1.22			1.50			29
	17.20		12.60			944		1.19	(h)		0.68			1.44			12
	16.16		2.81			1,370		1.35			0.93			1.66			22
	16.20		5.02			2,488		1.53			0.90			1.90			29
	16.33		5.25			3,428		1.54			0.67			1.91			26
	16.44		9.89			3,710		1.51			0.70			1.95			33
	15.07		(3.09	)		5,188		1.50			0.62			1.98			29
	17.30		12.99			496,774		0.44	(h)		1.57			0.69			12
	16.26		3.54			469,598		0.54			1.68			0.81			22
	16.32		5.87			147,357		0.78			1.71			1.15			29
	16.44		6.03			160,835		0.79			1.42			1.16			26
	16.54		10.73			175,172		0.74			1.44			1.18			33
	15.16		(2.36	)		247,657		0.72			1.40			1.20			29

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN ACCESS FUNDS 31

CONSOLIDATED 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, 2020 (Unaudited)	$	17.37	$	0.13	$	2.78		$	2.91		$	(0.16	)	$	(0.97	)	$	(1.13	)
Year Ended June 30, 2020		17.74		0.25		0.16			0.41			(0.26	)		(0.52	)		(0.78	)
Year Ended June 30, 2019		17.92		0.22		0.62			0.84			(0.23	)		(0.79	)		(1.02	)
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	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		17.10		0.06		2.76			2.82			(0.11	)		(0.97	)		(1.08	)
Year Ended June 30, 2020		17.43		0.11		0.22			0.33			(0.14	)		(0.52	)		(0.66	)
Year Ended June 30, 2019		17.65		0.14		0.59			0.73			(0.16	)		(0.79	)		(0.95	)
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	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		17.39		0.15		2.79			2.94			(0.18	)		(0.97	)		(1.15	)
Year Ended June 30, 2020		17.75		0.27		0.18			0.45			(0.29	)		(0.52	)		(0.81	)
Year Ended June 30, 2019		17.94		0.27		0.61			0.88			(0.28	)		(0.79	)		(1.07	)
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	)

(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) Includes subsidiary’s operating expenses which rounded to 0.01%.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

32 JPMORGAN ACCESS FUNDS DECEMBER 31, 2020

		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)
$	19.15		16.84	%	$	1,283		0.71	%(h)		1.37	%		0.95	%		11	%
	17.37		2.17			1,017		0.85			1.47			1.22			21
	17.74		5.30			583		1.06			1.25			1.42			24
	17.92		7.55			748		1.13			1.03			1.48			27
	17.83		13.64			630		1.08			0.58			1.49			34
	15.84		(4.07	)		3,007		1.05			0.74			1.48			30
	18.84		16.55			176		1.21	(h)		0.66			1.45			11
	17.10		1.71			312		1.39			0.61			1.68			21
	17.43		4.73			898		1.55			0.80			1.91			24
	17.65		7.09			1,044		1.57			0.41			1.92			27
	17.59		13.14			1,251		1.57			0.13			1.97			34
	15.65		(4.60	)		4,474		1.55			0.25			1.98			30
	19.18		17.02			480,701		0.46	(h)		1.57			0.70			11
	17.39		2.44			443,344		0.58			1.56			0.84			21
	17.75		5.53			177,270		0.80			1.56			1.16			24
	17.94		7.93			198,850		0.81			1.21			1.16			27
	17.84		14.01			218,861		0.79			1.13			1.20			34
	15.87		(3.90	)		313,660		0.78			1.06			1.21			30

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN ACCESS FUNDS 33

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (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	Diversification Classification
JPMorgan Access Balanced Fund	Class A, Class C and Class I(1)	Diversified
JPMorgan Access Growth Fund	Class A, Class C and Class I(1)	Diversified

⁽¹⁾  On April 3, 2020, the Funds’ Class L Shares were converted into Class I Shares. Additionally, as of April 3, 2020, the Class L Shares are no longer offered.

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

The investment objective of 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 Funds’ 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. 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. Effective October 1, 2020, Class C Shares automatically convert to Class A Shares after eight years. Prior to October 1, 2020, Class C Shares automatically converted 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 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, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) 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 (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) 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 — Investments are valued in accordance with GAAP and the Funds’ valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

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/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or

34 JPMORGAN ACCESS FUNDS DECEMBER 31, 2020

may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for 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. Certain foreign equity instruments 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”) (“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 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	$	—	$	343	$	—	$	343
Air Freight & Logistics		—		69		—		69
Auto Components		69		104		—		173
Automobiles		—		174		—		174
Banks		100		660		—		760
Beverages		—		388		—		388
Biotechnology		82		230		—		312
Building Products		—		46		—		46
Capital Markets		6		416		—		422
Chemicals		—		563		—		563
Communications Equipment		—		68		—		68
Containers & Packaging		—		28		—		28
Diversified Financial Services		49		33		—		82
Diversified Telecommunication Services		—		262		—		262
Electric Utilities		—		287		—		287
Electrical Equipment		—		436		—		436
Electronic Equipment, Instruments & Components		—		589		—		589
Energy Equipment & Services		—		35		—		35
Equity Real Estate Investment Trusts (REITs)		—		55		—		55
Food & Staples Retailing		—		72		—		72
Food Products		—		476		—		476
Gas Utilities		—		13		—		13
Health Care Equipment & Supplies		—		510		—		510
Health Care Providers & Services		—		50		—		50
Hotels, Restaurants & Leisure		—		36		—		36

DECEMBER 31, 2020 JPMORGAN ACCESS FUNDS 35

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

Access Balanced Fund (continued)
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Household Durables	$	—		$	131	$	—		$	131
Household Products		—			199		—			199
Independent Power and Renewable Electricity Producers		—			17		—			17
Industrial Conglomerates		—			211		—			211
Insurance		92			724		—			816
Interactive Media & Services		—			258		—			258
Internet & Direct Marketing Retail		139			122		—			261
IT Services		—			146		—			146
Life Sciences Tools & Services		—			23		—			23
Machinery		33			218		—			251
Media		24			124		—			148
Metals & Mining		—			254		—			254
Multiline Retail		—			78		—			78
Multi-Utilities		—			154		—			154
Oil, Gas & Consumable Fuels		24			158		—			182
Paper & Forest Products		—			54		—			54
Personal Products		—			377		—			377
Pharmaceuticals		107			1,080		—			1,187
Professional Services		—			267		—			267
Real Estate Management & Development		—			52		—			52
Road & Rail		120			28		—			148
Semiconductors & Semiconductor Equipment		401			565		—			966
Software		54			179		—			233
Specialty Retail		—			157		—			157
Technology Hardware, Storage & Peripherals		—			145		—			145
Textiles, Apparel & Luxury Goods		—			581		—	(a)		581
Thrifts & Mortgage Finance		—			33		—			33
Tobacco		—			105		—			105
Trading Companies & Distributors		—			130		—			130
Wireless Telecommunication Services		66			128		—			194
Total Common Stocks		1,366			12,641		—	(a)		14,007
Exchange-Traded Funds		367,945			—		—			367,945
Investment Companies		101,725			—		—			101,725
Warrants		—	(a)		—		—			—	(a)
Short-Term Investments
Investment Companies		8,544			—		—			8,544
Total Investments in Securities	$	479,579		$	12,641	$	—	(a)	$	492,220
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	$	—		$	436	$	—		$	436
Air Freight & Logistics		—			87		—			87
Auto Components		89			131		—			220
Automobiles		—			230		—			230
Banks		128			835		—			963
Beverages		—			491		—			491
Biotechnology		104			298		—			402
Building Products		—			52		—			52
Capital Markets		9			528		—			537
Chemicals		—			722		—			722
Communications Equipment		—			88		—			88

36 JPMORGAN ACCESS FUNDS DECEMBER 31, 2020

Access Growth Fund (continued)
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Containers & Packaging	$	—		$	36	$	—		$	36
Diversified Financial Services		63			45		—			108
Diversified Telecommunication Services		—			333		—			333
Electric Utilities		—			362		—			362
Electrical Equipment		—			560		—			560
Electronic Equipment, Instruments & Components		—			698		—			698
Energy Equipment & Services		—			45		—			45
Equity Real Estate Investment Trusts (REITs)		—			71		—			71
Food & Staples Retailing		—			90		—			90
Food Products		—			611		—			611
Gas Utilities		—			16		—			16
Health Care Equipment & Supplies		—			637		—			637
Health Care Providers & Services		—			64		—			64
Hotels, Restaurants & Leisure		—			47		—			47
Household Durables		—			162		—			162
Household Products		—			251		—			251
Independent Power and Renewable Electricity Producers		—			22		—			22
Industrial Conglomerates		—			272		—			272
Insurance		117			928		—			1,045
Interactive Media & Services		—			328		—			328
Internet & Direct Marketing Retail		178			157		—			335
IT Services		—			200		—			200
Life Sciences Tools & Services		—			29		—			29
Machinery		42			273		—			315
Media		30			160		—			190
Metals & Mining		—			322		—			322
Multiline Retail		—			97		—			97
Multi-Utilities		—			197		—			197
Oil, Gas & Consumable Fuels		30			201		—			231
Paper & Forest Products		—			70		—			70
Personal Products		—			487		—			487
Pharmaceuticals		137			1,375		—			1,512
Professional Services		—			330		—			330
Real Estate Management & Development		—			67		—			67
Road & Rail		152			42		—			194
Semiconductors & Semiconductor Equipment		511			787		—			1,298
Software		66			227		—			293
Specialty Retail		—			189		—			189
Technology Hardware, Storage & Peripherals		—			185		—			185
Textiles, Apparel & Luxury Goods		—			737		—	(a)		737
Thrifts & Mortgage Finance		—			42		—			42
Tobacco		—			133		—			133
Trading Companies & Distributors		—			164		—			164
Wireless Telecommunication Services		83			177		—			260
Total Common Stocks		1,739			16,124		—	(a)		17,863
Exchange-Traded Funds		377,282			—		—			377,282
Investment Companies		71,602			—		—			71,602
Warrants		—	(a)		—		—			—	(a)
Short-Term Investments
Investment Companies		8,168			—		—			8,168
Total Investments in Securities	$	458,791		$	16,124		—	(a)	$	474,915

(a) Amount rounds to less than one thousand.

DECEMBER 31, 2020 JPMORGAN ACCESS FUNDS 37

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

As of December 31, 2020, certain investments companies with a fair value of approximately $8,268,000 and $7,942,000 have not been categorized in the fair value hierarchy as these investment companies are measured using the NAV per share as a practical expedient for Access Balanced Fund and Access Growth Fund, respectively.

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 NAVs of the Funds.

As of December 31, 2020, 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.

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

Access Balanced Fund

For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders Canada ETF (a)	$	9,372	$	—	$	1,001	$	73		$	1,633		$	10,077		376	$	145	$	—
JPMorgan BetaBuilders Developed Asia ex-Japan ETF (a)		1,445		901		—		—			306			2,652		98		27		—
JPMorgan BetaBuilders Europe ETF (a)		21,662		2,201		5,207		(529	)		3,701			21,828		836		296		—
JPMorgan BetaBuilders Japan ETF (a)		7,613		800		—		—			1,690			10,103		361		113		—
JPMorgan Core Bond Fund Class R6 Shares (a)		61,609		3,100		35,100		2,217			(2,294	)		29,532		2,403		539		481
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		4,888		—		—		—			—			4,888		561		67		80
JPMorgan Corporate Bond Fund Class R6 Shares (a)		9,906		300		400		14			193			10,013		917		123		146
JPMorgan High Yield Fund Class R6 Shares (a)		28,030		—		1,301		110			2,027			28,866		4,054		685		—
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.09% (a) (b)		5,514		49,562		46,530		1			(3	)		8,544		8,539		5		—
JPMorgan Short Duration Bond Fund Class R6 Shares (a)		4,507		—		1,999		89			(70	)		2,527		226		34		4
Total	$	154,546	$	56,864	$	91,538	$	1,975		$	7,183		$	129,030			$	2,034	$	711

38 JPMORGAN ACCESS FUNDS DECEMBER 31, 2020

Access Growth Fund

For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders Canada ETF (a)	$	13,826	$	—	$	2,601	$	151		$	2,273		$	13,649		509	$	194	$	—
JPMorgan BetaBuilders Developed Asia ex-Japan ETF (a)		1,801		1,703		—		—			395			3,899		144		35		—
JPMorgan BetaBuilders Europe ETF (a)		29,812		2,802		3,505		(290	)		5,260			34,079		1,305		429		—
JPMorgan BetaBuilders Japan ETF (a)		8,626		2,398		—		—			1,923			12,947		462		140		—
JPMorgan Core Bond Fund Class R6 Shares (a)		22,061		1,900		9,400		837			(873	)		14,525		1,182		190		223
JPMorgan Corporate Bond Fund Class R6 Shares (a)		—		4,699		—		—			47			4,746		435		19		69
JPMorgan High Yield Fund Class R6 Shares (a)		25,423		—		—		—			1,962			27,385		3,846		631		—
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.09% (a) (b)		5,368		55,346		52,543		—	(c)		(3	)		8,168		8,164		4		—
JPMorgan Short Duration Bond Fund Class R6 Shares (a)		4,329		—		4,341		183			(171	)		—		—		24		—
Total	$	111,246	$	68,848	$	72,390	$	881		$	10,813		$	119,398			$	1,666	$	292

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

(b) The rate shown is the current yield as of December 31, 2020.

(c) Amount rounds to less than one thousand.

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 in non-affiliates on the Consolidated 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 Consolidated 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 year end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Consolidated Statements of Operations.

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. 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.

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.

DECEMBER 31, 2020 JPMORGAN ACCESS FUNDS 39

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

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 applicable funds. 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 share class of the Funds for the six months ended December 31, 2020 are as follows:

	Class A			Class C			Class I		Total
Access Balanced Fund
Transfer agency fees	$	—	(a)	$	—	(a)	$	2	$	2
Access Growth Fund
Transfer agency fees		—	(a)		—	(a)		3		3

(a) Amount rounds to less than one thousand.

The Funds invest in Underlying Funds and ETFs and, as a result, bear a portion of the expenses incurred by these Underlying Funds. These expenses are not reflected in the expenses shown on the Consolidated Statements of Operations and are not included in the ratios to average net assets shown in the Consolidated Financial Highlights. Certain expenses of affiliated Underlying Funds and ETFs 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, 2020, no liability for Federal income tax is required in the Funds’ consolidated 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 Fund’s Federal tax returns for the prior three fiscal years remain 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 gains tax is determined to apply, the Funds record 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.

J. Recent Accounting Pronouncement — In March 2020, the FASB issued Accounting Standards Update No. 2020-04 (“ASU 2020-04”), Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 became effective upon the issuance and its optional relief can be applied through December 31, 2022. Management is currently evaluating the impact, if any, to the Funds’ financial statements of applying ASU 2020-04.

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 investment advisory fee is accrued daily and paid monthly at an annual rate of 0.30% of each Fund’s average daily net assets.

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 0.30% 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 Subsidiary and may not be terminated without approval by the Funds’ Board.

40 JPMORGAN ACCESS FUNDS DECEMBER 31, 2020

JPMPI, Capital International, Inc. (formerly, Capital Guardian Trust Company) (“CII”) 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 0.25% of the portion of each Fund’s average daily net assets managed by JPMPI.

At December 31, 2020, the allocation of assets for each Fund was as follows:

	Access Balanced Fund			Access Growth Fund
JPMPI		97.1	%		96.2	%
CII		1.5			1.9
T.Rowe Price		1.4			1.9

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, 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 Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to each Fund and the Subsidiaries. In consideration of these services, 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, plus 0.050% of each Fund’s respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund’s respective average daily net assets between $20 billion and $25 billion, plus 0.01% of each Fund’s respective average daily net assets in excess of $25 billion. For the six months ended December 31, 2020, the effective annualized rate was 0.07% 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 the average daily net assets of the Subsidiaries.

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

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 each Fund’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, as applicable, pursuant to Rule 12b-1 under the 1940 Act. Class I Shares of the Funds do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay, with respect to the applicable share classes, 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. For the six months ended December 31, 2020, 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 fund shareholders. For performing these services, JPMDS receives a fee with respect to all share classes 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
Access Balanced Fund		0.25	%		0.25	%		0.25	%
Access Growth Fund		0.25			0.25			0.25

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. Pursuant to such contracts, JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.

DECEMBER 31, 2020 JPMORGAN ACCESS FUNDS 41

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

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 Consolidated Statements of Operations.

Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Consolidated Statements of Operations.

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

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 Funds, 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, expenses related to trustee elections 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(1)
Access Balanced Fund		0.68	%		1.18	%		0.43	%
Access Growth Fund		0.70			1.20			0.45

⁽¹⁾   Effective April 4, 2020, the contractual expense percentages for Class I Shares were extended and are in place until at least April 3, 2022.

Except as noted above, the expense limitation agreements were in effect for the six months ended December 31, 2020 and the contractual expense limitation percentages in the table above are in place until at least October 31, 2021.

The Underlying Funds and ETFs may impose separate investment advisory and service fees. To avoid charging an investment advisory fee and a service fee at an effective rate above 0.30% for investment advisory and 0.25% for shareholder servicing on affiliated investments for Class A, Class C and Class I 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 and affiliated service fees charged by the affiliated Underlying Funds and ETFs. These contractual waivers are in place until at least October 31, 2021. 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, 2020, 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		Administration Fees		Service Fees		Total
Access Balanced Fund	$	404	$	183	$	33	$	620
Access Growth Fund		340		174		41		555

Additionally, the Funds may invest in one or more money market funds advised by the Adviser (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. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

The amounts of these waivers resulting from investments in these money market funds for the six months ended December 31, 2020 were as follows:

Access Balanced Fund	$	6
Access Growth Fund		6

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 designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. Each Fund, along with 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 Consolidated Statements of Operations.

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.

42 JPMORGAN ACCESS FUNDS DECEMBER 31, 2020

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 SEC has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities LLC, 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, 2020, 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	$	55,834	$	87,311
Access Growth Fund		48,949		82,803

During the six months ended December 31, 2020, 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, 2020 were as follows:

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Access Balanced Fund	$	397,436	$	103,720	$	668	$	103,052
Access Growth Fund		356,807		126,773		723		126,050

As of June 30, 2020, 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 Funds had no borrowings outstanding from another fund during the six months ended December 31, 2020.

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 1, 2021.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended December 31, 2020.

The Trust, along with certain other trusts for J.P. Morgan Funds (“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%, which has increased to 1.25% pursuant to the amendment referenced below, plus the greater of the federal funds effective rate or one month LIBOR. The

DECEMBER 31, 2020 JPMORGAN ACCESS FUNDS 43

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

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 11, 2020, this agreement has been amended and restated for a term of 364 days, unless extended, and to include the change to the interest rate charged for borrowing from the Credit Facility to 1.25%, as noted above, and an upfront fee of 0.075% of the Credit Facility to be charged and paid by all participating funds of the Credit Facility.

The Funds did not utilize the Credit Facility during the six months ended December 31, 2020.

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, 2020, the following Funds had individual shareholder and/or omnibus accounts each owning more than 10% of the respective Fund’s outstanding shares as follows:

	Number of individual shareholder and/or Affiliated Omnibus Accounts		% of the Fund
Access Balanced Fund		1		98.5	%
Access Growth Fund		1		97.4

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

Each Fund invests in 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 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).

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.

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.

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.

LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. The regulatory authority that oversees financial services firms and financial markets in the U.K. has announced that, after the end of 2021, it would no longer persuade or compel contributing banks to make rate submissions for purposes of determining the LIBOR rate. As a result, it is possible that commencing in 2022, LIBOR may no longer be available or no longer deemed an appropriate reference rate upon which to determine the interest rate on or impacting certain loans, notes, derivatives and other instruments or investments comprising some or all of a Fund’s portfolio. In light of this eventuality, public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of LIBOR. There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain investments of a Fund and result in costs incurred in connection with closing out positions and entering into new trades. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., Euribor) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.

44 JPMORGAN ACCESS FUNDS DECEMBER 31, 2020

The Funds are subject to infectious disease epidemics/pandemics risk. The worldwide outbreak of COVID-19, a novel coronavirus disease, has negatively affected economies, markets and individual companies throughout the world. The effects of this COVID-19 pandemic to public health, and business and market conditions, including exchange trading suspensions and closures may continue to have a significant negative impact on the performance of a Fund’s investments, increase a Fund’s volatility, exacerbate other pre-existing political, social and economic risks to the Funds and negatively impact broad segments of businesses and populations. The Funds’ operations may be interrupted as a result, which may have a significant negative impact on investment performance. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could also have a significant negative impact on a Fund’s investment performance. The full impact of this COVID-19 pandemic, or other future epidemics/pandemics, is currently unknown.

DECEMBER 31, 2020 JPMORGAN ACCESS FUNDS 45

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, 2020 and continued to hold your shares at the end of the reporting period, December 31, 2020.

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 titled “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 and ETFs. 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, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Access Balanced Fund
Class A
Actual	$	1,000.00	$	1,128.80	$	3.76		0.70	%
Hypothetical		1,000.00		1,021.68		3.57		0.70
Class C
Actual		1,000.00		1,126.00		6.43		1.20
Hypothetical		1,000.00		1,019.16		6.11		1.20
Class I
Actual		1,000.00		1,129.90		2.36		0.44
Hypothetical		1,000.00		1,022.99		2.24		0.44
JPMorgan Access Growth Fund
Class A
Actual		1,000.00		1,168.40		3.99		0.73
Hypothetical		1,000.00		1,021.53		3.72		0.73
Class C
Actual		1,000.00		1,165.50		6.71		1.23
Hypothetical		1,000.00		1,019.00		6.26		1.23
Class I
Actual		1,000.00		1,170.20		2.52		0.46
Hypothetical		1,000.00		1,022.89		2.35		0.46

* 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).

46 JPMORGAN ACCESS FUNDS DECEMBER 31, 2020

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 June and August 2020, at which the Trustees considered the continuation of the investment advisory agreement with JPMIM and the sub-advisory agreements with JPMPI, CII and T. Rowe Price, for each Fund whose semi-annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). In accordance with SEC guidance, due to the COVID-19 pandemic, the meetings were conducted through video conference. 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 parties to an Advisory Agreement or “interested persons” (as defined in the 1940 Act) of any party to an Advisory Agreement or any of their affiliates, approved the continuation of each Advisory Agreement on August 11, 2020.

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, at each of their regular meetings throughout the year, the Trustees considered reports on the performance of certain J.P. Morgan Funds provided by an independent management consulting firm (“independent consultant”). 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. and/or Morningstar Inc., independent providers of investment company data (together, “Broadridge”). The Trustees’ independent consultant also provided additional analyses of the performance of the Funds and/or Underlying Funds, as well as a risk/return assessment

of certain 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 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, including additional reporting and information provided in connection with the market volatility caused by the COVID-19 pandemic, 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-Adviser

The Trustees received and considered information regarding the nature, extent and quality of 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, personnel changes, if any, 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, if any. In addition, the Board considered its discussions with the Adviser regarding the Adviser’s and each sub-adviser’s business continuity plan and steps the Adviser and each sub-adviser were taking to provide

DECEMBER 31, 2020 JPMORGAN ACCESS FUNDS 47

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

ongoing services to the Funds during the COVID-19 pandemic, and the Adviser’s and each sub-adviser’s success in continuing to provide services to the Funds and their shareholders throughout this period. 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 administration services provided by the Adviser in its role as administrator.

The Trustees also considered their knowledge of the nature and quality of services provided by the Adviser and its affiliates and sub-advisers 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 and sub-advisers, the commitment of the Adviser and sub-advisers to provide high quality service to the Funds and Underlying 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 and Underlying Funds. 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 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, 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, and taking into consideration the factors noted above, 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 certain sub-advisers, and the Adviser earn fees from the Funds for providing shareholder and administration 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 (although they are retained by JPMDS in certain instances). 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 Funds. The Trustees considered that the J.P. Morgan Funds’ operating accounts are held at JPMCB, which, as a result, will receive float benefits for certain J.P. Morgan Funds, as applicable. The Trustees also noted that the Adviser supports a diverse set of products and services, which benefits the Adviser by allowing it to leverage its infrastructure to serve additional clients, 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 the Funds were priced to scale and whether it would be appropriate to add advisory fee breakpoints. The Trustees noted certain Funds with contractual expense limitations and fee waivers (“Fee Caps”), which allow a Fund’s shareholders to share potential economies of scale from a Fund’s inception,

48 JPMORGAN ACCESS FUNDS DECEMBER 31, 2020

prior to reaching scale. The Trustees also noted that other Funds which had achieved scale as asset levels had increased, no longer had Fee Caps in place for some or all of their share classes, but shared economies of scale through lower average expenses. The Trustees noted that the fees remain satisfactory relative to peer funds. The Trustees considered the benefits to the Funds of the use of an affiliated distributor and custodian, including the ability to rely on existing infrastructure supporting distribution, custodial and transfer agent services and the ability to negotiate competitive fees for the Funds. The Trustees further considered the Adviser’s and JPMDS’s ongoing investments in their business in support of the Funds, including the Adviser’s and/or JPMDS’s investments in trading systems, technology (including improvements to the J.P. Morgan Funds’ website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees concluded that the current fee structure for each Fund, including any Fee Caps the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels, was reasonable. The Trustees concluded that, for Funds with expense caps in place for some or all of their share classes, the relevant Fund’s shareholders received the benefits of potential economies of scale through the Fee Caps and, for Funds that achieved scale and no longer had Fee Caps in place for some or all of their share classes, the relevant Fund’s shareholders benefited from lower average expenses resulting from increased assets. The Trustees also concluded that all Funds benefited from the Adviser’s reinvestment in its operations to serve the Funds and their shareholders. The Trustees noted that the Adviser’s reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Funds.

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. 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, collective investment trusts, ETFs 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, as applicable, 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. 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 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’s methodology for selecting mutual funds in each Fund’s Universe and Peer Group and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Broadridge 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 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 second quintile based upon the Peer Group for each of the one-, three- and five-year periods ended December 31, 2019, and in the third, third and fourth quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the first, first and second quintiles based upon the Peer Group, and in the second, second and third quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2019, 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

DECEMBER 31, 2020 JPMORGAN ACCESS FUNDS 49

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

concluded that the Fund’s performance was satisfactory under the circumstances.

The Trustees noted that the Access Growth Fund’s performance for Class A shares was in the second, second and third 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, 2019, respectively. The Trustees noted that the performance for Class I shares was in the second, second and fourth 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, 2019, 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.

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 concerning management fee rates paid by other funds in the same Broadridge category as each Fund. The Trustees recognized that Broadridge 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, and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Groups did not meet a predetermined minimum. The Trustees considered the Fee Caps currently in place for each Fund, the net advisory fee rate and net expense ratio for each share class, as applicable, 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 third 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 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 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 fees paid by the Fund to the Adviser and 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 for Class A shares was in the second and third quintiles based upon the Peer Group and Universe, respectively, and that the 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 fourth 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 fees paid by the Fund to the Adviser and by the Adviser to the sub-advisers were satisfactory in light of the services provided to the Fund.

50 JPMORGAN ACCESS FUNDS DECEMBER 31, 2020

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, 2020. 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, 2020. The information necessary to complete your income tax returns for the calendar year ending December 31, 2020 will be provided under separate cover.

Foreign Source Income and Foreign Tax Credit Pass Through

For the fiscal year ended June 30, 2020, the Funds elected to pass through to shareholders taxes paid to foreign countries.

Income and foreign tax expenses were as follows or amounts as finally determined (amounts in thousands):

	Total Foreign Source Income		Total Foreign Tax Credit
JPMorgan Access Balanced Fund	$	2,776	$	101
JPMorgan Access Growth Fund		2,295		135

DECEMBER 31, 2020 JPMORGAN ACCESS FUNDS 51

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 as an exhibit to its report on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC’s website at http://www.sec.gov. Each Fund’s quarterly holdings can be found 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 brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

^© JPMorgan Chase & Co., 2020. All rights reserved. December 2020 SAN-ACCESS-1220

Semi-Annual Report

J.P. Morgan Funds

December 31, 2020 (Unaudited)

JPMorgan Diversified Fund

CONTENTS

Letter to Shareholders	1
Fund Commentary	2
Schedule of Portfolio Investments	5
Financial Statements	46
Financial Highlights	52
Notes to Financial Statements	54
Schedule of Shareholder Expenses	69
Board Approval of Investment Advisory Agreement	70

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.

LETTER TO SHAREHOLDERS

February 4, 2021 (Unaudited)

Dear Shareholders,

The year ahead holds the potential for a strong recovery in the global economy thanks to the massive efforts of central banks and governments and the development of multiple vaccines against Covid-19. While significant economic and health care challenges remain ahead, the uncertainty and turbulence of 2020 has abated.

  “Investors who remained fully invested over the second half of 2020, in the face of uncertainty over the pandemic, the economy and a contested U.S. presidential election, were likely rewarded for their perseverance.” — Andrea L. Lisher

The second half of 2020 was notable for an accelerating rebound in equity markets from the steep sell-off in the first quarter of the year when the pandemic was first declared by the World Health Organization. Positive news about clinical trials of new vaccines, followed by the first approvals of those vaccines in November 2020, bolstered investor expectations that the pandemic would be halted and that economic and social activity could begin to resume in the year ahead. As overall demand for equities increased in the final half of 2020, investors began to turn their focus from companies that could endure the pandemic to those that could benefit from a potential recovery in local, national and international economies. For the six months ended December 31, 2020, the S&P 500 Index generated a total return of 22.16%.

Investors who remained fully invested over the second half of 2020, in the face of uncertainty over the pandemic, the economy and a contested U.S. presidential election, were likely rewarded for their perseverance.

The implementation of mass vaccinations on the national and global scales is not without challenges and the rebuilding of economies at all levels is likely to depend on how successfully the pandemic is fought. However, the advances in the fight against Covid-19 provide policymakers and investors with the opportunity to plan for the future and meet those challenges. J.P. Morgan Asset Management has thrived amid the many challenges presented by the pandemic. Moreover, our deep experience in risk management enabled us to successfully navigate increased volatility in global financial markets. Throughout 2020, we continued to seek to operate under the same fundamental practices and principles that have driven our success for more than a century with an unwavering focus on putting our clients at the center of everything we do.

On behalf of J.P. Morgan Asset Management, thank you for entrusting us to manage your investment. 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,

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management

DECEMBER 31, 2020 J.P. MORGAN FUNDS 1

JPMorgan Diversified Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class L Shares)*		20.52%
MSCI World Index (net of foreign withholding taxes)		23.00%
Diversified Composite Benchmark**		14.11%
Net Assets as of 12/31/2020 (In Thousands)	$	912,428

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?

Overall, the second half of 2020 was marked by U.S. equity market gains in the final months of the year amid the rollout of multiple vaccines against Covid-19, followed by the eventual approval of $900 billion in federal pandemic relief that was signed into law on December 27, 2020.

Globally, U.S. equity led a broad rebound in both developed markets and emerging markets equity at the start of the period. Leading U.S. equity indexes rose in July and August 2020, punctuated by five consecutive record high closings for the S&P 500 Index in late August — a stretch not seen since 2017. Notably, Apple Inc. issued a 4-for-1 stock split in August and became the first publicly listed company with a valuation surpassing $2 trillion. The U.S. Federal Reserve (the “Fed”) signaled its continued support for asset purchases and low benchmark interest rates. While the spread of Covid-19 accelerated in the U.S., multiple candidate vaccines were being developed around the world and the number of hospitalizations at the end of the summer was relatively small compared with what was to come at the end of the year.

Equity prices across the globe largely declined over September and October 2020. Re-closings across Asia and Europe in response to Covid-19 dented investor optimism. The inability of the U.S. Congress to adopt further spending for pandemic relief put acute pressure on the S&P 500 Index in the final week of October.

U.S. equity prices began to rebound in November and by mid-month the S&P 500 Index reached a closing high and crossed 3,600 points for the first time amid the U.S. Food and Drug Administration’s approval of the first Covid-19 vaccines. While the results of the U.S. presidential election were contested, President-elect Joe Biden’s early cabinet choices — including former Fed Chairwoman Janet Yellen — removed some investor uncertainty. The Fed kept interest rates and policies unchanged and Congressional negotiations over proposed relief and stimulus spending continued through the month.

Globally, equity markets maintained upward momentum through the end of December and outperformed bond markets, largely due to low yields on fixed income assets and investor expectations that mass vaccinations and the reopening of economies would unleash pent up demand from consumers, businesses and governments. Notably, emerging markets equity outperformed developed markets equity, including U.S. equity in the second half of 2020 as China, Taiwan and South Korea appeared to have greater success in containing the pandemic.

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) and the Diversified Composite Benchmark (the “Composite Benchmark”), which consists of 60% MSCI World Index and 40% Bloomberg Barclays U.S. Aggregate Index for the six months ended December 31, 2020.

Relative to the MSCI World Index, the Fund’s strategic allocation to fixed income assets, including core fixed income and high yield debt (also known as “junk bonds”) detracted from performance.

Relative to the Composite Benchmark, the Fund’s strategic asset allocation and tactical allocation decisions both contributed to performance, driven by overweight positions in equity and corporate credit. Within equity, the Fund’s allocation to emerging markets equity and U.S. small cap equity contributed to relative performance. Within fixed income, the Fund’s preference for corporate credit and high yield debt also contributed to 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.

While the Fund’s overall manager selection via separately managed accounts made a positive contribution to performance relative to the Composite Benchmark, fixed income managers detracted from relative performance, while global equity managers contributed to relative performance.

2 J.P. MORGAN FUNDS DECEMBER 31, 2020

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.

At the end of 2020, the Fund was overweight in both equity and corporate credit. The Fund’s portfolio managers added to equity and corporate credit positions at the beginning of the period. Early in the period, the Fund had overweight equity positions across all equity regions and then ended the period with overweight allocations to more cyclical assets, including U.S. small cap and emerging markets equity. The Fund ended the period with overweight positions in both corporate credit and high yield and an underweight position in core fixed income.

TOP TEN HOLDINGS OF THE PORTFOLIO****
	1.	JPMorgan Corporate Bond Fund, Class R6 Shares	13.7	%
	2.	JPMorgan Core Bond Fund, Class R6 Shares	4.2
	3.	JPMorgan Emerging Markets Debt Fund, Class R6 Shares	1.6
	4.	Microsoft Corp.	1.4
	5.	Amazon.com, Inc.	1.2
	6.	Apple, Inc.	1.1
	7.	U.S. Treasury Notes, 2.50%, 1/31/2021	1.1
	8.	Samsung Electronics Co. Ltd. (South Korea)	0.7
	9.	Mastercard, Inc., Class A	0.6
	10.	Tencent Holdings Ltd. (China)	0.6

PORTFOLIO COMPOSITION BY ASSET CLASS****
Common Stocks	55.9	%
Investment Companies	19.6
Corporate Bonds	10.5
Convertible Bonds	5.2
Collateralized Mortgage Obligations	2.5
Asset-Backed Securities	1.9
U.S. Treasury Obligations	1.1
Others (each less than 1.0%)	0.7
Short-Term Investments	2.6

     * 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 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 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, 2020. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2020 J.P. MORGAN FUNDS 3

JPMorgan Diversified Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	March 24, 2003
With Sales Charge **			14.91	%		11.43	%		8.82	%		7.87	%
Without Sales Charge			20.31			16.67			9.82			8.37
CLASS C SHARES	March 24, 2003
With CDSC ***			19.04			15.14			9.27			7.93
Without CDSC			20.04			16.14			9.27			7.93
CLASS I SHARES	September 10, 2001		20.42			16.97			10.09			8.64
CLASS L SHARES	September 10, 1993		20.52			17.09			10.27			8.86
CLASS R6 SHARES	November 1, 2017		20.56			17.17			10.32			8.89

* 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 (12/31/10 TO 12/31/20)

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 and the Diversified Composite Benchmark from December 31, 2010 to December 31, 2020. 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 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 Index (40%). The Bloomberg Barclays U.S. Aggregate 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. 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 on gains resulting from 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.

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.

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, 2020

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — 55.2%
Aerospace & Defense — 0.6%
Airbus SE (France) *		12			1,284
BAE Systems plc (United Kingdom)		14			91
Dassault Aviation SA (France) *		—	(a)		13
Elbit Systems Ltd. (Israel)		—	(a)		15
General Dynamics Corp.		4			527
MTU Aero Engines AG (Germany)		—	(a)		58
Northrop Grumman Corp.		4			1,212
Raytheon Technologies Corp.		12			829
Rolls-Royce Holdings plc (United Kingdom) *		35			54
Safran SA (France) *		10			1,351
Singapore Technologies Engineering Ltd. (Singapore)		7			19
Thales SA (France)		—	(a)		41
					5,494
Air Freight & Logistics — 0.0% (b)
Deutsche Post AG (Registered) (Germany)		4			208
DSV Panalpina A/S (Denmark)		1			147
Hyundai Glovis Co. Ltd. (South Korea) *		—	(a)		30
SG Holdings Co. Ltd. (Japan)		1			38
Yamato Holdings Co. Ltd. (Japan)		1			33
					456
Airlines — 0.1%
ANA Holdings, Inc. (Japan)		1			16
Deutsche Lufthansa AG (Registered) (Germany) *		1			17
Japan Airlines Co. Ltd. (Japan)		23			449
Qantas Airways Ltd. (Australia)		4			14
Ryanair Holdings plc, ADR (Ireland) *		5			524
Singapore Airlines Ltd. (Singapore) *		6			18
					1,038
Auto Components — 0.1%
Aisin Seiki Co. Ltd. (Japan)		1			21
Bridgestone Corp. (Japan)		2			76
Cie Generale des Etablissements Michelin SCA (France)		1			92
Continental AG (Germany)		—	(a)		69
Denso Corp. (Japan)		2			107
Faurecia SE (France) *		—	(a)		18
Hankook Tire & Technology Co. Ltd. (South Korea) *		1			44
Hanon Systems (South Korea)		2			35
Hyundai Mobis Co. Ltd. (South Korea) *		—	(a)		66
Koito Manufacturing Co. Ltd. (Japan)		—	(a)		27
Mando Corp. (South Korea) *		1			45
NGK Spark Plug Co. Ltd. (Japan)		1			10
Stanley Electric Co. Ltd. (Japan)		1			23

INVESTMENTS	SHARES (000)			VALUE ($000)
Auto Components — continued
Sumitomo Electric Industries Ltd. (Japan)		3			42
Toyoda Gosei Co. Ltd. (Japan)		—	(a)		9
Toyota Industries Corp. (Japan)		1			48
Valeo SA (France)		1			38
					770
Automobiles — 1.0%
Bayerische Motoren Werke AG (Germany)		1			127
Bayerische Motoren Werke AG (Preference) (Germany)		—	(a)		16
Daimler AG (Registered) (Germany)		4			257
Eicher Motors Ltd. (India)		1			25
Ferrari NV (Italy)		1			125
Fiat Chrysler Automobiles NV (United Kingdom) *		5			84
Honda Motor Co. Ltd. (Japan)		7			195
Hyundai Motor Co. (South Korea)		—	(a)		61
Isuzu Motors Ltd. (Japan)		2			22
Kia Motors Corp. (South Korea) *		1			42
Maruti Suzuki India Ltd. (India)		1			86
Mazda Motor Corp. (Japan)		2			16
NIO, Inc., ADR (China) *		2			95
Nissan Motor Co. Ltd. (Japan)		10			53
Peugeot SA (France) *		2			68
Porsche Automobil Holding SE (Preference) (Germany)		1			45
Renault SA (France) *		1			36
Subaru Corp. (Japan)		3			52
Suzuki Motor Corp. (Japan)		2			74
Tesla, Inc. *		7			4,746
Thor Industries, Inc.		7			649
Toyota Motor Corp. (Japan)		20			1,551
Volkswagen AG (Germany)		—	(a)		29
Volkswagen AG (Preference) (Germany)		4			696
Yamaha Motor Co. Ltd. (Japan)		1			24
					9,174
Banks — 4.2%
ABN AMRO Bank NV, CVA (Netherlands) (c)		2			18
Absa Group Ltd. (South Africa)		6			51
Al Rajhi Bank (Saudi Arabia)		6			112
Alinma Bank (Saudi Arabia) *		9			40
Australia & New Zealand Banking Group Ltd. (Australia)		12			210
Axis Bank Ltd. (India) *		12			104
Banco Bilbao Vizcaya Argentaria SA (Spain)		28			140

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN FUNDS 5

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Banks — continued
Banco Bradesco SA (Preference) (Brazil) *		6			31
Banco Santander Chile, ADR (Chile)		2			34
Banco Santander SA (Spain)		74			230
Bank Central Asia Tbk. PT (Indonesia)		556			1,340
Bank Hapoalim BM (Israel) *		5			33
Bank Leumi Le-Israel BM (Israel)		6			36
Bank of America Corp.		90			2,720
Bank of China Ltd., Class H (China)		134			45
Bank of East Asia Ltd. (The) (Hong Kong)		6			12
Bank of Kyoto Ltd. (The) (Japan)		—	(a)		16
Bank Rakyat Indonesia Persero Tbk. PT (Indonesia)		1,345			400
Banque Cantonale Vaudoise (Registered) (Switzerland)		—	(a)		14
Barclays plc (United Kingdom)		73			147
BNP Paribas SA (France) *		17			871
BOC Hong Kong Holdings Ltd. (China)		16			47
CaixaBank SA (Spain)		15			39
Capitec Bank Holdings Ltd. (South Africa) *		3			330
Chiba Bank Ltd. (The) (Japan)		2			12
China Construction Bank Corp., Class H (China)		306			231
China Merchants Bank Co. Ltd., Class H (China)		23			145
CIMB Group Holdings Bhd. (Malaysia)		22			24
Citigroup, Inc.		12			743
Citizens Financial Group, Inc.		24			852
Commerce Bancshares, Inc.		5			336
Commerzbank AG (Germany) *		4			27
Commonwealth Bank of Australia (Australia)		8			477
Concordia Financial Group Ltd. (Japan)		4			15
Credicorp Ltd. (Peru)		3			539
Credit Agricole SA (France) *		5			62
CTBC Financial Holding Co. Ltd. (Taiwan)		26			18
Cullen/Frost Bankers, Inc.		4			369
Danske Bank A/S (Denmark) *		3			48
DBS Group Holdings Ltd. (Singapore)		8			146
DNB ASA (Norway)		4			78
E.Sun Financial Holding Co. Ltd. (Taiwan)		54			49
Erste Group Bank AG (Austria)		29			892
Fifth Third Bancorp		7			181
FinecoBank Banca Fineco SpA (Italy) *		3			42
First Hawaiian, Inc.		11			251
First Horizon National Corp.		33			423
First Republic Bank		5			798
Fukuoka Financial Group, Inc. (Japan)		1			12

INVESTMENTS	SHARES (000)		VALUE ($000)
Banks — continued
Grupo Financiero Banorte SAB de CV, Class O (Mexico) *		51		281
Hana Financial Group, Inc. (South Korea)		1		43
Hang Seng Bank Ltd. (Hong Kong)		3		55
HDFC Bank Ltd., ADR (India) *		56		4,055
HSBC Holdings plc (United Kingdom)		86		446
Huntington Bancshares, Inc.		24		300
Industrial & Commercial Bank of China Ltd., Class H (China)		178		114
ING Groep NV (Netherlands)		71		656
Intesa Sanpaolo SpA (Italy) *		70		165
Israel Discount Bank Ltd., Class A (Israel)		5		19
Itau Unibanco Holding SA, ADR (Brazil)		56		344
Itausa SA (Preference) (Brazil)		17		38
Japan Post Bank Co. Ltd. (Japan)		2		14
Kasikornbank PCL (Thailand)		10		38
KBC Group NV (Belgium)		18		1,246
KeyCorp		29		479
Kotak Mahindra Bank Ltd. (India) *		20		550
Lloyds Banking Group plc (United Kingdom)		303		151
M&T Bank Corp.		7		893
Mediobanca Banca di Credito Finanziario SpA (Italy) *		3		24
Mitsubishi UFJ Financial Group, Inc. (Japan)		52		228
Mizrahi Tefahot Bank Ltd. (Israel)		1		14
Mizuho Financial Group, Inc. (Japan)		10		129
Moneta Money Bank A/S (Czech Republic) * (c)		8		25
National Australia Bank Ltd. (Australia)		14		243
National Bank of Kuwait SAKP (Kuwait)		10		29
National Commercial Bank (Saudi Arabia)		8		92
Natwest Group plc (United Kingdom)		20		47
Nordea Bank Abp (Finland)		14		112
OTP Bank Nyrt. (Hungary) *		2		69
Oversea-Chinese Banking Corp. Ltd. (Singapore)		14		107
Ping An Bank Co. Ltd., Class A (China)		21		64
PNC Financial Services Group, Inc. (The)		7		1,054
Postal Savings Bank of China Co. Ltd., Class H (China) (c)		108		61
Public Bank Bhd. (Malaysia)		12		59
Qatar National Bank QPSC (Qatar)		11		55
Raiffeisen Bank International AG (Austria) *		1		13
Regions Financial Corp.		17		280
Resona Holdings, Inc. (Japan)		9		31
Sberbank of Russia PJSC (Russia)		66		241
Sberbank of Russia PJSC, ADR (Russia)		10		147

SEE NOTES TO FINANCIAL STATEMENTS.

6 J.P. MORGAN FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Banks — continued
Sberbank of Russia PJSC, ADR (Russia)		—	(a)		4
Sberbank of Russia PJSC (Russia)		1			2
ServisFirst Bancshares, Inc.		7			290
Shinhan Financial Group Co. Ltd. (South Korea)		2			62
Shinsei Bank Ltd. (Japan)		1			9
Shizuoka Bank Ltd. (The) (Japan)		2			13
Signature Bank		3			411
Skandinaviska Enskilda Banken AB, Class A (Sweden) *		7			71
Societe Generale SA (France) *		3			71
Standard Chartered plc (United Kingdom)		11			72
Sumitomo Mitsui Financial Group, Inc. (Japan)		6			170
Sumitomo Mitsui Trust Holdings, Inc. (Japan)		1			43
SVB Financial Group *		1			446
Svenska Handelsbanken AB, Class A (Sweden) *		106			1,068
Swedbank AB, Class A (Sweden) *		4			67
Toronto-Dominion Bank (The) (Canada)		20			1,156
Truist Financial Corp.		63			3,005
UniCredit SpA (Italy) *		9			86
United Overseas Bank Ltd. (Singapore)		5			87
US Bancorp		14			661
Wells Fargo & Co.		90			2,703
Western Alliance Bancorp		6			362
Westpac Banking Corp. (Australia)		15			228
					37,888
Beverages — 1.4%
Ambev SA, ADR (Brazil) *		55			167
Anheuser-Busch InBev SA/NV (Belgium)		3			226
Asahi Group Holdings Ltd. (Japan)		2			78
Budweiser Brewing Co. APAC Ltd. (China) (c)		113			373
Carlsberg A/S, Class B (Denmark)		6			942
Cia Cervecerias Unidas SA, ADR (Chile)		1			9
Coca-Cola Amatil Ltd. (Australia)		2			21
Coca-Cola Bottlers Japan Holdings, Inc. (Japan)		1			8
Coca-Cola Co. (The)		63			3,466
Coca-Cola European Partners plc (United Kingdom)		1			43
Coca-Cola HBC AG (Switzerland)		1			27
Constellation Brands, Inc., Class A		10			2,135
Davide Campari-Milano NV (Italy)		2			28
Diageo plc (United Kingdom)		76			3,019
Fomento Economico Mexicano SAB de CV, ADR (Mexico)		3			216
Heineken Holding NV (Netherlands)		—	(a)		46
Heineken NV (Netherlands)		1			122

INVESTMENTS	SHARES (000)			VALUE ($000)
Beverages — continued
Ito En Ltd. (Japan)		—	(a)		13
Keurig Dr Pepper, Inc.		13			401
Kirin Holdings Co. Ltd. (Japan)		4			83
Kweichow Moutai Co. Ltd., Class A (China)		2			640
Pernod Ricard SA (France)		1			172
Remy Cointreau SA (France)		—	(a)		18
Suntory Beverage & Food Ltd. (Japan)		1			21
Treasury Wine Estates Ltd. (Australia)		3			22
United Spirits Ltd. (India) *		5			39
					12,335
Biotechnology — 1.1%
AbbVie, Inc.		35			3,761
Alexion Pharmaceuticals, Inc. *		5			749
Alnylam Pharmaceuticals, Inc. *		2			298
Amgen, Inc.		5			1,247
Amoy Diagnostics Co. Ltd., Class A (China)		2			18
Argenx SE (Netherlands) *		—	(a)		56
BeiGene Ltd., ADR (China) *		—	(a)		77
Biogen, Inc. *		2			388
Celltrion, Inc. (South Korea) *		—	(a)		40
Certara, Inc. *		5			180
CSL Ltd. (Australia)		2			421
Exact Sciences Corp. *		5			645
Exelixis, Inc. *		18			364
Galapagos NV (Belgium) *		—	(a)		18
Genmab A/S (Denmark) *		—	(a)		113
Grifols SA (Spain)		1			37
Innovent Biologics, Inc. (China) * (c)		10			105
PeptiDream, Inc. (Japan) *		—	(a)		20
Regeneron Pharmaceuticals, Inc. *		2			1,025
Vertex Pharmaceuticals, Inc. *		2			468
Zai Lab Ltd., ADR (China) *		1			73
					10,103
Building Products — 0.5%
AGC, Inc. (Japan)		1			28
Assa Abloy AB, Class B (Sweden)		4			105
China Lesso Group Holdings Ltd. (China)		19			30
Cie de Saint-Gobain (France)		2			100
Daikin Industries Ltd. (Japan)		1			245
Fortune Brands Home & Security, Inc.		11			942
Geberit AG (Registered) (Switzerland)		—	(a)		98
Kingspan Group plc (Ireland)		1			35
Kingspan Group plc (Ireland)		—	(a)		10

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN FUNDS 7

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Building Products — continued
Lennox International, Inc.		2			427
Lixil Corp. (Japan)		1			24
Nibe Industrier AB, Class B (Sweden)		1			43
Rockwool International A/S, Class B (Denmark)		—	(a)		13
TOTO Ltd. (Japan)		1			42
Trane Technologies plc		15			2,152
Xinyi Glass Holdings Ltd. (Hong Kong)		6			17
					4,311
Capital Markets — 1.8%
3i Group plc (United Kingdom)		4			65
Ameriprise Financial, Inc.		4			680
Amundi SA (France) * (c)		—	(a)		21
ASX Ltd. (Australia)		1			45
B3 SA — Brasil Bolsa Balcao (Brazil)		24			286
BlackRock, Inc.		1			597
Blackstone Group, Inc. (The), Class A		8			534
Charles Schwab Corp. (The)		33			1,749
Credit Suisse Group AG (Registered) (Switzerland)		10			134
Daiwa Securities Group, Inc. (Japan)		6			28
Deutsche Bank AG (Registered) (Germany) *		8			91
Deutsche Boerse AG (Germany)		1			137
EQT AB (Sweden)		1			26
FactSet Research Systems, Inc.		1			344
Focus Financial Partners, Inc., Class A *		7			298
Hargreaves Lansdown plc (United Kingdom)		1			29
Hong Kong Exchanges & Clearing Ltd. (Hong Kong)		31			1,684
Invesco Ltd.		14			247
Japan Exchange Group, Inc. (Japan)		2			56
Julius Baer Group Ltd. (Switzerland)		1			55
KIWOOM Securities Co. Ltd. (South Korea) *		—	(a)		26
Lazard Ltd., Class A		11			445
London Stock Exchange Group plc (United Kingdom)		9			1,089
LPL Financial Holdings, Inc.		4			439
Macquarie Group Ltd. (Australia)		1			155
Magellan Financial Group Ltd. (Australia)		1			22
Moelis & Co., Class A		6			285
Morgan Stanley		44			3,033
Morningstar, Inc.		2			442
Moscow Exchange MICEX-RTS PJSC (Russia)		26			56
Natixis SA (France) *		4			14
Nomura Holdings, Inc. (Japan)		13			70
Northern Trust Corp.		5			499
Partners Group Holding AG (Switzerland)		—	(a)		93

INVESTMENTS	SHARES (000)			VALUE ($000)
Capital Markets — continued
S&P Global, Inc.		1			479
SBI Holdings, Inc. (Japan)		1			26
Schroders plc (United Kingdom)		1			24
Singapore Exchange Ltd. (Singapore)		4			25
St James’s Place plc (United Kingdom)		2			35
Standard Life Aberdeen plc (United Kingdom)		10			37
State Street Corp.		9			680
StepStone Group, Inc., Class A *		6			254
T. Rowe Price Group, Inc.		3			517
UBS Group AG (Registered) (Switzerland)		15			218
					16,069
Chemicals — 1.1%
Air Liquide SA (France)		2			329
Air Water, Inc. (Japan)		1			14
Akzo Nobel NV (Netherlands)		9			1,013
Arkema SA (France)		—	(a)		33
Asahi Kasei Corp. (Japan)		5			54
Asian Paints Ltd. (India)		9			333
Axalta Coating Systems Ltd. *		10			284
BASF SE (Germany)		4			307
Chr Hansen Holding A/S (Denmark) *		—	(a)		46
Clariant AG (Registered) (Switzerland)		1			18
Covestro AG (Germany) (c)		1			48
Croda International plc (United Kingdom)		1			54
Eastman Chemical Co.		21			2,079
EMS-Chemie Holding AG (Registered) (Switzerland)		—	(a)		34
Evonik Industries AG (Germany)		1			29
Formosa Plastics Corp. (Taiwan)		14			48
FUCHS PETROLUB SE (Preference) (Germany)		—	(a)		17
Givaudan SA (Registered) (Switzerland)		—	(a)		165
ICL Group Ltd. (Israel)		3			15
Johnson Matthey plc (United Kingdom)		1			27
JSR Corp. (Japan)		1			25
Kansai Paint Co. Ltd. (Japan)		1			25
Koninklijke DSM NV (Netherlands)		1			125
Kuraray Co. Ltd. (Japan)		1			14
LANXESS AG (Germany)		—	(a)		27
LG Chem Ltd. (South Korea) *		1			1,039
Linde plc (United Kingdom)		5			1,333
Linde plc (United Kingdom)		3			827
Lotte Chemical Corp. (South Korea) *		—	(a)		24
Mitsubishi Chemical Holdings Corp. (Japan)		5			33
Mitsubishi Gas Chemical Co., Inc. (Japan)		1			16

SEE NOTES TO FINANCIAL STATEMENTS.

8 J.P. MORGAN FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Chemicals — continued
Mitsui Chemicals, Inc. (Japan)		1			24
Nippon Paint Holdings Co. Ltd. (Japan)		1			66
Nippon Sanso Holdings Corp. (Japan)		1			13
Nissan Chemical Corp. (Japan)		1			31
Nitto Denko Corp. (Japan)		1			63
Novozymes A/S, Class B (Denmark)		1			50
Orica Ltd. (Australia)		2			20
Petronas Chemicals Group Bhd. (Malaysia)		22			41
Saudi Basic Industries Corp. (Saudi Arabia)		2			61
Shin-Etsu Chemical Co. Ltd. (Japan)		2			263
Sika AG (Registered) (Switzerland)		1			163
Solvay SA (Belgium)		—	(a)		37
Sumitomo Chemical Co. Ltd. (Japan)		6			25
Symrise AG (Germany)		1			72
Teijin Ltd. (Japan)		1			15
Toray Industries, Inc. (Japan)		6			35
Tosoh Corp. (Japan)		1			17
Umicore SA (Belgium)		1			40
UPL Ltd. (India)		6			37
Wanhua Chemical Group Co. Ltd., Class A (China)		4			52
Yara International ASA (Brazil)		1			31
					9,591
Commercial Services & Supplies — 0.3%
Brambles Ltd. (Australia)		6			53
Copart, Inc. *		4			569
Country Garden Services Holdings Co. Ltd. (China)		7			47
Dai Nippon Printing Co. Ltd. (Japan)		1			18
Greentown Service Group Co. Ltd. (China) (c)		18			22
IAA, Inc. *		7			463
MSA Safety, Inc.		3			435
Rentokil Initial plc (United Kingdom)		8			55
Secom Co. Ltd. (Japan)		1			83
Securitas AB, Class B (Sweden)		1			21
Sohgo Security Services Co. Ltd. (Japan)		—	(a)		16
Stericycle, Inc. *		4			286
Toppan Printing Co. Ltd. (Japan)		1			15
Waste Connections, Inc.		6			637
					2,720
Communications Equipment — 0.2%
Accton Technology Corp. (Taiwan)		7			79
Cisco Systems, Inc.		11			503
CommScope Holding Co., Inc. *		40			535
Nokia OYJ (Finland) *		24			92

INVESTMENTS	SHARES (000)			VALUE ($000)
Communications Equipment — continued
Telefonaktiebolaget LM Ericsson, Class B (Sweden)		12			147
Zhongji Innolight Co. Ltd., Class A (China)		4			29
					1,385
Construction & Engineering — 0.3%
ACS Actividades de Construccion y Servicios SA (Spain)		1			37
Bouygues SA (France)		1			40
China Conch Venture Holdings Ltd. (China)		9			41
China State Construction Engineering Corp. Ltd., Class A (China)		45			34
China State Construction International Holdings Ltd. (China)		30			17
CIMIC Group Ltd. (Australia) *		—	(a)		8
Eiffage SA (France) *		—	(a)		35
Ferrovial SA (Spain)		2			56
HOCHTIEF AG (Germany)		—	(a)		10
Kajima Corp. (Japan)		2			27
Larsen & Toubro Ltd. (India)		3			54
Obayashi Corp. (Japan)		3			23
Shimizu Corp. (Japan)		2			17
Skanska AB, Class B (Sweden)		1			37
Taisei Corp. (Japan)		1			28
Vinci SA (France)		23			2,307
WillScot Mobile Mini Holdings Corp. *		17			386
					3,157
Construction Materials — 0.3%
CRH plc (Ireland)		3			142
HeidelbergCement AG (Germany)		1			47
James Hardie Industries plc, CHDI *		2			59
LafargeHolcim Ltd. (Registered) (Switzerland) *		24			1,342
Martin Marietta Materials, Inc.		3			895
Siam Cement PCL (The) (Registered) (Thailand)		4			52
Taiheiyo Cement Corp. (Japan)		—	(a)		10
UltraTech Cement Ltd. (India)		1			68
					2,615
Consumer Finance — 0.3%
Acom Co. Ltd. (Japan)		2			7
American Express Co.		6			667
Capital One Financial Corp.		25			2,456
Shriram Transport Finance Co. Ltd. (India)		3			50
					3,180

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN FUNDS 9

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Containers & Packaging — 0.5%
AptarGroup, Inc.		5			641
Ball Corp.		5			424
Crown Holdings, Inc. *		13			1,292
Graphic Packaging Holding Co.		33			566
Packaging Corp. of America		5			665
Pactiv Evergreen, Inc. *		7			123
Smurfit Kappa Group plc (Ireland)		1			48
WestRock Co.		12			506
Yunnan Energy New Material Co. Ltd. (China)		2			39
					4,304
Distributors — 0.1%
LKQ Corp. *		11			376
Pool Corp.		2			853
					1,229
Diversified Consumer Services — 0.1%
Bright Horizons Family Solutions, Inc. *		3			531
New Oriental Education & Technology Group, Inc., ADR (China) *		1			124
					655
Diversified Financial Services — 0.3%
AMP Ltd. (Australia)		15			17
Berkshire Hathaway, Inc., Class B *		8			1,766
Chailease Holding Co. Ltd. (Taiwan)		14			82
Eurazeo SE (France) *		—	(a)		11
EXOR NV (Netherlands)		—	(a)		37
FirstRand Ltd. (South Africa)		24			83
Groupe Bruxelles Lambert SA (Belgium)		—	(a)		48
Industrivarden AB, Class A (Sweden) *		—	(a)		15
Industrivarden AB, Class C (Sweden) *		1			22
Investor AB, Class B (Sweden)		2			140
Kinnevik AB, Class B (Sweden) *		1			51
L E Lundbergforetagen AB, Class B (Sweden) *		—	(a)		17
M&G plc (United Kingdom)		11			30
Mitsubishi UFJ Lease & Finance Co. Ltd. (Japan)		2			8
ORIX Corp. (Japan)		6			85
Sofina SA (Belgium)		—	(a)		22
Tokyo Century Corp. (Japan)		—	(a)		16
Wendel SE (France)		—	(a)		14
Yuanta Financial Holding Co. Ltd. (Taiwan)		39			29
					2,493
Diversified Telecommunication Services — 0.4%
Altice Europe NV (Netherlands) *		3			17

INVESTMENTS	SHARES (000)			VALUE ($000)
Diversified Telecommunication Services — continued
BT Group plc (United Kingdom) *		38			68
Cellnex Telecom SA (Spain) (c)		14			860
China Unicom Hong Kong Ltd. (China)		50			28
Deutsche Telekom AG (Registered) (Germany)		14			257
Elisa OYJ (Finland)		1			33
Hellenic Telecommunications Organization SA (Greece)		2			36
HKT Trust & HKT Ltd. (Hong Kong)		16			21
Iliad SA (France)		—	(a)		13
Infrastrutture Wireless Italiane SpA (Italy) (c)		1			17
Koninklijke KPN NV (Netherlands)		15			46
Nippon Telegraph & Telephone Corp. (Japan)		5			139
Orange SA (France)		8			100
PCCW Ltd. (Hong Kong)		18			11
Proximus SADP (Belgium)		1			13
Saudi Telecom Co. (Saudi Arabia)		1			37
Singapore Telecommunications Ltd. (Singapore)		35			60
Spark New Zealand Ltd. (New Zealand)		8			26
Swisscom AG (Registered) (Switzerland)		—	(a)		59
Telecom Italia SpA (Italy)		35			16
Telecom Italia SpA (Italy)		25			13
Telefonica Brasil SA (Brazil) *		2			17
Telefonica Deutschland Holding AG (Germany)		4			12
Telefonica SA (Spain)		22			86
Telenor ASA (Norway)		3			52
Telia Co. AB (Sweden)		10			43
Telkom Indonesia Persero Tbk. PT (Indonesia)		296			70
Telstra Corp. Ltd. (Australia)		18			40
TPG Telecom Ltd. (Australia) *		2			9
United Internet AG (Registered) (Germany)		—	(a)		19
Verizon Communications, Inc.		23			1,330
					3,548
Electric Utilities — 1.2%
American Electric Power Co., Inc.		10			827
AusNet Services (Australia)		8			11
Chubu Electric Power Co., Inc. (Japan)		3			33
Chugoku Electric Power Co., Inc. (The) (Japan)		1			14
CK Infrastructure Holdings Ltd. (Hong Kong)		3			16
CLP Holdings Ltd. (Hong Kong)		8			69
Edison International		6			377
EDP — Energias de Portugal SA (Portugal)		12			74
Electricite de France SA (France)		3			41
Elia Group SA/NV (Belgium)		—	(a)		15
Endesa SA (Spain)		1			37

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Electric Utilities — continued
Enel SpA (Italy)		34			351
Entergy Corp.		3			347
Fortum OYJ (Finland)		2			45
HK Electric Investments & HK Electric Investments Ltd. (Hong Kong) (c)		11			11
Iberdrola SA (Spain)		153			2,204
Kansai Electric Power Co., Inc. (The) (Japan)		3			28
Kyushu Electric Power Co., Inc. (Japan)		2			14
Mercury NZ Ltd. (New Zealand)		3			14
NextEra Energy, Inc.		50			3,894
Orsted A/S (Denmark) (c)		4			784
Portland General Electric Co.		5			214
Power Assets Holdings Ltd. (Hong Kong)		6			32
Power Grid Corp. of India Ltd. (India)		18			48
Red Electrica Corp. SA (Spain)		2			37
SSE plc (United Kingdom)		4			90
Tenaga Nasional Bhd. (Malaysia)		12			32
Terna Rete Elettrica Nazionale SpA (Italy)		6			46
Tohoku Electric Power Co., Inc. (Japan)		2			15
Tokyo Electric Power Co. Holdings, Inc. (Japan) *		6			16
Verbund AG (Austria)		—	(a)		24
Xcel Energy, Inc.		23			1,550
					11,310
Electrical Equipment — 0.8%
ABB Ltd. (Registered) (Switzerland)		8			218
AMETEK, Inc.		5			548
Contemporary Amperex Technology Co. Ltd., Class A (China)		1			38
Eaton Corp. plc		13			1,620
Fuji Electric Co. Ltd. (Japan)		1			18
Generac Holdings, Inc. *		5			1,209
Legrand SA (France)		1			101
Melrose Industries plc (United Kingdom) *		21			50
Mitsubishi Electric Corp. (Japan)		8			116
Nidec Corp. (Japan)		2			240
Prysmian SpA (Italy)		1			36
Schneider Electric SE (France)		20			2,828
Shanghai Liangxin Electrical Co. Ltd., Class A (China)		4			20
Siemens Energy AG (Germany) *		2			62
Siemens Gamesa Renewable Energy SA (Spain)		1			41
Vestas Wind Systems A/S (Denmark)		1			197
WEG SA (Brazil)		14			207

INVESTMENTS	SHARES (000)			VALUE ($000)
Electrical Equipment — continued
Zhejiang Chint Electrics Co. Ltd., Class A (China)		7			40
					7,589
Electronic Equipment, Instruments & Components — 0.7%
Amphenol Corp., Class A		3			404
Arrow Electronics, Inc. *		5			455
Azbil Corp. (Japan)		1			27
BOE Technology Group Co. Ltd., Class A (China)		38			35
Cognex Corp.		5			377
Delta Electronics, Inc. (Taiwan)		52			488
Halma plc (United Kingdom)		2			54
Hamamatsu Photonics KK (Japan)		1			40
Hexagon AB, Class B (Sweden)		1			109
Hirose Electric Co. Ltd. (Japan)		—	(a)		15
Hitachi Ltd. (Japan)		4			162
Hon Hai Precision Industry Co. Ltd. (Taiwan)		7			23
Ibiden Co. Ltd. (Japan)		—	(a)		19
Keyence Corp. (Japan)		3			1,631
Keysight Technologies, Inc. *		5			670
Kyocera Corp. (Japan)		1			86
Largan Precision Co. Ltd. (Taiwan)		2			228
Luxshare Precision Industry Co. Ltd., Class A (China)		5			47
Murata Manufacturing Co. Ltd. (Japan)		2			217
Omron Corp. (Japan)		1			71
Samsung SDI Co. Ltd. (South Korea)		—	(a)		43
Shimadzu Corp. (Japan)		1			35
Sunny Optical Technology Group Co. Ltd. (China)		5			101
TDK Corp. (Japan)		1			75
Tianma Microelectronics Co. Ltd., Class A (China)		11			26
Venture Corp. Ltd. (Singapore)		1			18
Yokogawa Electric Corp. (Japan)		1			18
Zebra Technologies Corp., Class A *		2			757
					6,231
Energy Equipment & Services — 0.0% (b)
China Oilfield Services Ltd., Class H (China)		60			51
Tenaris SA		2			16
					67
Entertainment — 0.8%
Bilibili, Inc., ADR (China) *		1			83
Bollore SA (France)		4			15
Capcom Co. Ltd. (Japan)		—	(a)		26
CD Projekt SA (Poland) *		1			49
iQIYI, Inc., ADR (China) *		1			14

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN FUNDS 11

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Entertainment — continued
Koei Tecmo Holdings Co. Ltd. (Japan)		—	(a)		12
Konami Holdings Corp. (Japan)		—	(a)		23
NCSoft Corp. (South Korea) *		—	(a)		84
NetEase, Inc. (China)		4			67
NetEase, Inc., ADR (China)		3			284
Netflix, Inc. *		5			2,853
Nexon Co. Ltd. (Japan)		2			62
Nintendo Co. Ltd. (Japan)		1			321
Sea Ltd., ADR (Taiwan) *		9			1,826
Spotify Technology SA *		2			548
Square Enix Holdings Co. Ltd. (Japan)		—	(a)		24
Take-Two Interactive Software, Inc. *		3			695
Toho Co. Ltd. (Japan)		1			25
Ubisoft Entertainment SA (France) *		—	(a)		37
Vivendi SA (France)		4			113
					7,161
Equity Real Estate Investment Trusts (REITs) — 1.1%
American Campus Communities, Inc.		6			238
American Homes 4 Rent, Class A		17			502
Ascendas (Singapore)		13			30
British Land Co. plc (The) (United Kingdom)		4			25
Brixmor Property Group, Inc.		27			453
CapitaLand Integrated Commercial Trust (Singapore)		19			31
Covivio (France)		—	(a)		20
CubeSmart		10			349
Daiwa House REIT Investment Corp. (Japan)		—	(a)		20
Dexus (Australia)		5			33
EastGroup Properties, Inc.		5			728
Federal Realty Investment Trust		4			363
Gecina SA (France)		—	(a)		30
GLP J-REIT (Japan) *		—	(a)		25
Goodman Group (Australia)		7			103
GPT Group (The) (Australia)		8			29
Japan Real Estate Investment Corp. (Japan)		—	(a)		35
Japan Retail Fund Investment Corp. (Japan)		—	(a)		20
Kimco Realty Corp.		31			468
Klepierre SA (France)		1			19
Lamar Advertising Co., Class A		1			115
Land Securities Group plc (United Kingdom)		3			27
Link (Hong Kong)		9			79
Mapletree Commercial Trust (Singapore)		9			15
Mapletree Logistics Trust (Singapore)		11			17
Mid-America Apartment Communities, Inc.		8			1,035

INVESTMENTS	SHARES (000)			VALUE ($000)
Equity Real Estate Investment Trusts (REITs) — continued
Mirvac Group (Australia)		17			34
National Retail Properties, Inc.		9			388
Nippon Building Fund, Inc. (Japan)		—	(a)		35
Nippon Prologis REIT, Inc. (Japan) *		—	(a)		28
Nomura Real Estate Master Fund, Inc. (Japan)		—	(a)		26
Orix JREIT, Inc. (Japan)		—	(a)		18
Outfront Media, Inc.		23			443
Prologis, Inc.		22			2,241
Public Storage		3			686
Rayonier, Inc.		18			528
Scentre Group (Australia)		22			47
Segro plc (United Kingdom)		5			65
Stockland (Australia)		10			33
Sun Communities, Inc.		2			380
Suntec (Singapore)		8			9
Unibail-Rodamco-Westfield (France)		1			45
United Urban Investment Corp. (Japan)		—	(a)		16
Vicinity Centres (Australia)		16			20
Weyerhaeuser Co.		13			450
					10,301
Food & Staples Retailing — 0.6%
Aeon Co. Ltd. (Japan)		3			92
Alimentation Couche-Tard, Inc., Class B (Canada)		26			900
Atacadao SA (Brazil) *		10			39
BGF retail Co. Ltd. (South Korea) *		—	(a)		14
Bid Corp. Ltd. (South Africa)		17			303
BIM Birlesik Magazalar A/S (Turkey)		5			48
BJ’s Wholesale Club Holdings, Inc. *		12			437
Carrefour SA (France)		3			45
Casey’s General Stores, Inc.		2			336
Cencosud SA (Chile)		8			14
Cia Brasileira de Distribuicao (Brazil)		2			26
Clicks Group Ltd. (South Africa)		3			48
Coles Group Ltd. (Australia)		6			79
Cosmos Pharmaceutical Corp. (Japan)		—	(a)		16
Dino Polska SA (Poland) * (c)		1			44
Etablissements Franz Colruyt NV (Belgium)		—	(a)		14
ICA Gruppen AB (Sweden)		—	(a)		21
J Sainsbury plc (United Kingdom)		7			23
Jeronimo Martins SGPS SA (Portugal)		1			18
Kesko OYJ, Class B (Finland)		1			30
Kobe Bussan Co. Ltd. (Japan)		1			18
Koninklijke Ahold Delhaize NV (Netherlands)		5			131

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Food & Staples Retailing — continued
Laobaixing Pharmacy Chain JSC, Class A (China)		1			9
Lawson, Inc. (Japan)		—	(a)		9
Moran Foods Backstop Equity * ‡		3			3
Performance Food Group Co. *		12			595
Pick n Pay Stores Ltd. (South Africa)		6			19
President Chain Store Corp. (Taiwan)		29			275
Raia Drogasil SA (Brazil)		39			191
Seven & i Holdings Co. Ltd. (Japan)		3			113
SPAR Group Ltd. (The) (South Africa)		3			44
Sundrug Co. Ltd. (Japan)		—	(a)		16
Sysco Corp.		5			392
Tesco plc (United Kingdom)		42			132
Tsuruha Holdings, Inc. (Japan)		—	(a)		14
Wal-Mart de Mexico SAB de CV (Mexico)		106			297
Welcia Holdings Co. Ltd. (Japan)		—	(a)		15
Wm Morrison Supermarkets plc (United Kingdom)		10			25
Woolworths Group Ltd. (Australia)		5			162
X5 Retail Group NV, GDR (Russia) (c)		1			48
					5,055
Food Products — 0.8%
a2 Milk Co. Ltd. (The) (New Zealand) *		3			27
Ajinomoto Co., Inc. (Japan)		2			45
Almarai Co. JSC (Saudi Arabia)		2			31
Associated British Foods plc (United Kingdom) *		2			47
Barry Callebaut AG (Registered) (Switzerland)		—	(a)		31
Britannia Industries Ltd. (India)		1			32
Calbee, Inc. (Japan)		—	(a)		12
Chacha Food Co. Ltd., Class A (China)		5			37
Chocoladefabriken Lindt & Spruengli AG (Switzerland)		—	(a)		49
Danone SA (France)		3			173
Foshan Haitian Flavouring & Food Co. Ltd., Class A (China)		8			246
Inner Mongolia Yili Industrial Group Co. Ltd., Class A (China)		8			51
JDE Peet’s NV (Netherlands) *		—	(a)		14
Kerry Group plc, Class A (Ireland)		1			75
Kerry Group plc, Class A (Ireland)		—	(a)		22
Kikkoman Corp. (Japan)		1			42
Kraft Heinz Co. (The)		11			365
Lamb Weston Holdings, Inc.		6			439
MEIJI Holdings Co. Ltd. (Japan)		—	(a)		28
Mowi ASA (Norway)		2			41
Nestle SA (Registered) (Switzerland)		35			4,083
NH Foods Ltd. (Japan)		—	(a)		13

INVESTMENTS	SHARES (000)			VALUE ($000)
Food Products — continued
Nisshin Seifun Group, Inc. (Japan)		1			13
Nissin Foods Holdings Co. Ltd. (Japan)		—	(a)		26
Orkla ASA (Norway)		3			32
Post Holdings, Inc. *		7			720
Savola Group (The) (Saudi Arabia)		2			21
Toyo Suisan Kaisha Ltd. (Japan)		—	(a)		20
Uni-President Enterprises Corp. (Taiwan)		27			65
WH Group Ltd. (Hong Kong) (c)		41			34
Wilmar International Ltd. (China)		8			29
Yakult Honsha Co. Ltd. (Japan)		1			30
Yamazaki Baking Co. Ltd. (Japan)		1			8
					6,901
Gas Utilities — 0.1%
APA Group (Australia)		5			37
Atmos Energy Corp.		4			392
China Gas Holdings Ltd. (China)		22			86
Enagas SA (Spain)		1			23
ENN Energy Holdings Ltd. (China)		4			57
Hong Kong & China Gas Co. Ltd. (Hong Kong)		45			67
Kunlun Energy Co. Ltd. (China)		38			33
Naturgy Energy Group SA (Spain)		1			29
Osaka Gas Co. Ltd. (Japan)		2			33
Snam SpA (Italy)		9			48
Toho Gas Co. Ltd. (Japan)		—	(a)		20
Tokyo Gas Co. Ltd. (Japan)		2			37
					862
Health Care Equipment & Supplies — 1.1%
Alcon, Inc. (Switzerland) *		2			138
Ambu A/S, Class B (Denmark)		1			30
Asahi Intecc Co. Ltd. (Japan)		1			29
Autobio Diagnostics Co. Ltd., Class A (China)		2			49
BioMerieux (France)		—	(a)		25
Boston Scientific Corp. *		63			2,264
Carl Zeiss Meditec AG (Germany)		—	(a)		23
Cochlear Ltd. (Australia)		—	(a)		40
Coloplast A/S, Class B (Denmark)		1			77
Demant A/S (Denmark) *		—	(a)		18
DexCom, Inc. *		2			597
DiaSorin SpA (Italy)		—	(a)		22
Fisher & Paykel Healthcare Corp. Ltd. (New Zealand)		2			58
GN Store Nord A/S (Denmark)		1			43
Hoya Corp. (Japan)		2			222
ICU Medical, Inc. *		2			334

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN FUNDS 13

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Health Care Equipment & Supplies — continued
IDEXX Laboratories, Inc. *		1			465
Insulet Corp. *		1			295
Intuitive Surgical, Inc. *		2			1,342
Koninklijke Philips NV (Netherlands) *		4			208
Medtronic plc		6			731
Olympus Corp. (Japan)		5			109
Sartorius AG (Preference) (Germany)		—	(a)		63
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (China)		1			65
Siemens Healthineers AG (Germany) (c)		1			58
Smith & Nephew plc (United Kingdom)		4			77
Sonova Holding AG (Registered) (Switzerland) *		—	(a)		60
STERIS plc		2			368
Straumann Holding AG (Registered) (Switzerland)		—	(a)		52
Sysmex Corp. (Japan)		1			84
Terumo Corp. (Japan)		3			113
Top Glove Corp. Bhd. (Malaysia)		8			12
West Pharmaceutical Services, Inc.		2			543
Zimmer Biomet Holdings, Inc.		7			1,087
					9,701
Health Care Providers & Services — 1.1%
Alfresa Holdings Corp. (Japan)		1			15
AmerisourceBergen Corp.		5			461
Amplifon SpA (Italy) *		1			22
Centene Corp. *		6			338
Chemed Corp.		1			394
Cigna Corp.		11			2,295
CVS Health Corp.		5			352
Encompass Health Corp.		6			521
Fresenius Medical Care AG & Co. KGaA (Germany)		1			75
Fresenius SE & Co. KGaA (Germany)		2			82
HCA Healthcare, Inc.		2			327
McKesson Corp.		3			471
Medipal Holdings Corp. (Japan)		1			15
Molina Healthcare, Inc. *		3			665
Mouwasat Medical Services Co. (Saudi Arabia)		1			31
NMC Health plc (United Arab Emirates) * ‡		1			—
Orpea SA (France) *		—	(a)		29
Premier, Inc., Class A		6			205
Quest Diagnostics, Inc.		2			283
Ramsay Health Care Ltd. (Australia)		1			37
Ryman Healthcare Ltd. (New Zealand)		2			18
Sonic Healthcare Ltd. (Australia)		2			47
Suzuken Co. Ltd. (Japan)		—	(a)		11

INVESTMENTS	SHARES (000)			VALUE ($000)
Health Care Providers & Services — continued
UnitedHealth Group, Inc.		10			3,646
					10,340
Health Care Technology — 0.1%
M3, Inc. (Japan)		2			179
Teladoc Health, Inc. *		2			403
					582
Hotels, Restaurants & Leisure — 0.8%
Accor SA (France) *		1			29
Airbnb, Inc., Class A *		2			294
Aristocrat Leisure Ltd. (Australia)		2			58
China CYTS Tours Holding Co. Ltd., Class A (China)		10			16
Compass Group plc (United Kingdom)		8			141
Crown Resorts Ltd. (Australia)		2			12
Entain plc (United Kingdom)		2			38
Evolution Gaming Group AB (Sweden) (c)		1			68
Flutter Entertainment plc (Ireland)		1			140
Galaxy Entertainment Group Ltd. (Macau)		9			70
Genting Singapore Ltd. (Singapore)		26			16
Huazhu Group Ltd. (China) *		1			43
Huazhu Group Ltd., ADR (China)		3			123
InterContinental Hotels Group plc (United Kingdom)		19			1,239
La Francaise des Jeux SAEM (France) (c)		—	(a)		17
Las Vegas Sands Corp.		14			844
McDonald’s Corp.		5			1,045
McDonald’s Holdings Co. Japan Ltd. (Japan)		—	(a)		19
Melco Resorts & Entertainment Ltd., ADR (Hong Kong)		1			17
Minor International PCL (Thailand) *		32			28
OPAP SA (Greece)		3			35
Oriental Land Co. Ltd. (Japan)		1			132
Planet Fitness, Inc., Class A *		3			235
Sands China Ltd. (Macau)		62			269
SJM Holdings Ltd. (Macau)		8			9
Sodexo SA (France)		—	(a)		32
Tabcorp Holdings Ltd. (Australia)		10			30
Vail Resorts, Inc.		1			335
Wendy’s Co. (The)		14			304
Whitbread plc (United Kingdom) *		1			36
Wynn Macau Ltd. (Macau) *		6			11
Yum China Holdings, Inc. (China)		6			369
Yum! Brands, Inc.		16			1,710
					7,764

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Household Durables — 0.8%
Barratt Developments plc (United Kingdom)		4			39
Berkeley Group Holdings plc (United Kingdom)		1			34
Casio Computer Co. Ltd. (Japan)		1			15
Electrolux AB, Series B (Sweden)		1			22
Garmin Ltd.		6			672
Haier Smart Home Co. Ltd., Class H (China) *		18			64
Husqvarna AB, Class B (Sweden)		2			23
Iida Group Holdings Co. Ltd. (Japan)		1			12
KB Home		5			175
Midea Group Co. Ltd., Class A (China)		24			367
Mohawk Industries, Inc. *		4			621
Newell Brands, Inc.		23			482
Nien Made Enterprise Co. Ltd. (Taiwan)		2			23
Panasonic Corp. (Japan)		9			108
Persimmon plc (United Kingdom)		30			1,123
Rinnai Corp. (Japan)		—	(a)		23
SEB SA (France)		—	(a)		17
Sekisui Chemical Co. Ltd. (Japan)		2			28
Sekisui House Ltd. (Japan)		3			53
Sharp Corp. (Japan) *		1			14
Sony Corp. (Japan)		26			2,600
Taylor Wimpey plc (United Kingdom)		320			723
Toll Brothers, Inc.		4			190
					7,428
Household Products — 0.4%
Energizer Holdings, Inc.		13			536
Essity AB, Class B (Sweden)		3			83
Henkel AG & Co. KGaA (Germany)		—	(a)		42
Henkel AG & Co. KGaA (Preference) (Germany)		1			85
Hindustan Unilever Ltd. (India)		4			118
Kimberly-Clark de Mexico SAB de CV, Class A (Mexico)		20			35
Lion Corp. (Japan)		1			22
Pigeon Corp. (Japan)		1			21
Procter & Gamble Co. (The)		7			959
Reckitt Benckiser Group plc (United Kingdom)		16			1,456
Reynolds Consumer Products, Inc.		11			335
Unicharm Corp. (Japan)		2			81
Unilever Indonesia Tbk. PT (Indonesia)		146			76
					3,849
Independent Power and Renewable Electricity Producers — 0.0% (b)
CGN Power Co. Ltd., Class H (China) (c)		123			27
China Yangtze Power Co. Ltd., Class A (China)		15			45

INVESTMENTS	SHARES (000)			VALUE ($000)
Independent Power and Renewable Electricity Producers — continued
Meridian Energy Ltd. (New Zealand)		5			29
NTPC Ltd. (India)		27			37
Uniper SE (Germany)		1			29
					167
Industrial Conglomerates — 0.3%
Ayala Corp. (Philippines)		1			24
Bidvest Group Ltd. (The) (South Africa)		12			131
Carlisle Cos., Inc.		3			471
CK Hutchison Holdings Ltd. (United Kingdom)		12			80
DCC plc (United Kingdom)		—	(a)		30
Honeywell International, Inc.		7			1,553
Investment AB Latour, Class B (Sweden)		1			15
Jardine Matheson Holdings Ltd. (Hong Kong)		4			201
Jardine Strategic Holdings Ltd. (Hong Kong)		1			22
Keihan Holdings Co. Ltd. (Japan)		—	(a)		19
Keppel Corp. Ltd. (Singapore)		6			25
Siemens AG (Registered) (Germany)		3			468
SK Holdings Co. Ltd. (South Korea)		—	(a)		29
Smiths Group plc (United Kingdom)		2			34
Toshiba Corp. (Japan)		2			45
					3,147
Insurance — 2.7%
Admiral Group plc (United Kingdom)		1			32
Aegon NV (Netherlands)		8			30
Ageas SA (Belgium)		1			39
AIA Group Ltd. (Hong Kong)		277			3,373
AIA Group Ltd. (Hong Kong)		42			513
Alleghany Corp.		1			435
Allianz SE (Registered) (Germany)		12			2,929
American International Group, Inc.		10			382
Assicurazioni Generali SpA (Italy)		5			82
Aviva plc (United Kingdom)		17			75
AXA SA (France)		8			197
Baloise Holding AG (Registered) (Switzerland)		—	(a)		35
BB Seguridade Participacoes SA (Brazil)		7			41
Bupa Arabia for Cooperative Insurance Co. (Saudi Arabia) *		1			17
China Life Insurance Co. Ltd., Class H (China)		37			81
China Pacific Insurance Group Co. Ltd., Class H (China)		23			88
Chubb Ltd.		—	(a)		17
Chubb Ltd.		11			1,709
CNA Financial Corp.		5			195

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN FUNDS 15

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Insurance — continued
CNP Assurances (France) *		1			12
Dai-ichi Life Holdings, Inc. (Japan)		5			69
Direct Line Insurance Group plc (United Kingdom)		6			25
Fairfax Financial Holdings Ltd. (Canada)		1			432
Fubon Financial Holding Co. Ltd. (Taiwan)		42			70
Gjensidige Forsikring ASA (Norway)		1			19
Hannover Rueck SE (Germany)		—	(a)		41
Hartford Financial Services Group, Inc. (The)		11			552
HDFC Life Insurance Co. Ltd. (India) * (c)		35			324
Insurance Australia Group Ltd. (Australia)		10			38
Japan Post Holdings Co. Ltd. (Japan)		7			52
Japan Post Insurance Co. Ltd. (Japan)		1			20
Kinsale Capital Group, Inc.		2			342
Legal & General Group plc (United Kingdom)		329			1,198
Loews Corp.		34			1,513
Marsh & McLennan Cos., Inc.		3			308
Medibank Pvt Ltd. (Australia)		12			27
MS&AD Insurance Group Holdings, Inc. (Japan)		2			55
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) (Germany)		1			177
NN Group NV (Netherlands)		1			53
Phoenix Group Holdings plc (United Kingdom)		2			22
PICC Property & Casualty Co. Ltd., Class H (China)		44			33
Ping An Insurance Group Co. of China Ltd., Class H (China)		280			3,401
Ping An Insurance Group Co. of China Ltd., Class H (China)		7			80
Poste Italiane SpA (Italy)(c)		2			23
Powszechny Zaklad Ubezpieczen SA (Poland) *		4			34
Progressive Corp. (The)		13			1,260
Prudential plc (United Kingdom)		11			203
QBE Insurance Group Ltd. (Australia)		6			40
RLI Corp.		5			497
RSA Insurance Group plc (United Kingdom)		4			40
Sampo OYJ, Class A (Finland)		2			85
Samsung Fire & Marine Insurance Co. Ltd. (South Korea) *		—	(a)		63
Sanlam Ltd. (South Africa)		10			40
SCOR SE (France) *		1			22
Sompo Holdings, Inc. (Japan)		1			57
Suncorp Group Ltd. (Australia)		5			40
Swiss Life Holding AG (Registered) (Switzerland) *		—	(a)		63
Swiss Re AG (Switzerland)		1			117
T&D Holdings, Inc. (Japan)		2			27
Tokio Marine Holdings, Inc. (Japan)		3			139

INVESTMENTS	SHARES (000)			VALUE ($000)
Insurance — continued
Travelers Cos., Inc. (The)		9			1,244
Tryg A/S (Denmark)		1			20
Zurich Insurance Group AG (Switzerland)		3			1,061
					24,208
Interactive Media & Services — 1.7%
Adevinta ASA (France) *		1			17
Alphabet, Inc., Class A *		2			2,685
Alphabet, Inc., Class C *		3			5,252
Auto Trader Group plc (United Kingdom) (c)		4			33
Baidu, Inc., ADR (China) *		—	(a)		42
Facebook, Inc., Class A *		5			1,266
Kakaku.com, Inc. (Japan)		1			19
NAVER Corp. (South Korea) *		2			454
REA Group Ltd. (Australia)		—	(a)		25
Scout24 AG (Germany) (c)		—	(a)		37
SEEK Ltd. (Australia)		1			31
Tencent Holdings Ltd. (China)		75			5,397
Z Holdings Corp. (Japan)		11			68
Zillow Group, Inc., Class C *		3			343
					15,669
Internet & Direct Marketing Retail — 2.5%
Alibaba Group Holding Ltd. (China) *		103			2,983
Alibaba Group Holding Ltd., ADR (China) *		6			1,282
Allegro.eu SA (Poland) * (c)		10			226
Amazon.com, Inc. *		3			10,924
Booking Holdings, Inc. *		1			2,201
Chewy, Inc., Class A *		3			313
Dada Nexus Ltd., ADR (China) *		—	(a)		10
Delivery Hero SE (Germany) * (c)		8			1,308
HelloFresh SE (Germany) *		1			49
JD.com, Inc., ADR (China) *		7			652
JD.com, Inc., Class A (China) *		3			123
Just Eat Takeaway.com NV (Germany) * (c)		1			60
Meituan Dianping, Class B (China) * (c)		11			399
MercadoLibre, Inc. (Argentina) *		1			1,189
Mercari, Inc. (Japan) *		1			22
MYT Holding Co. * ‡		37			104
Naspers Ltd., Class N (South Africa)		1			243
Ocado Group plc (United Kingdom) *		2			64
Pinduoduo, Inc., ADR (China) *		1			143
Prosus NV (China) *		2			223
Rakuten, Inc. (Japan)		4			36
Trip.com Group Ltd., ADR (China) *		1			32

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Internet & Direct Marketing Retail — continued
Zalando SE (Germany) * (c)		1			72
ZOZO, Inc. (Japan)		1			12
					22,670
IT Services — 2.2%
Adyen NV (Netherlands) * (c)		—	(a)		181
Afterpay Ltd. (Australia) *		1			82
Amadeus IT Group SA (Spain)		2			141
Atos SE (France) *		—	(a)		38
Bechtle AG (Germany)		—	(a)		25
Black Knight, Inc. *		4			327
Booz Allen Hamilton Holding Corp.		10			866
Broadridge Financial Solutions, Inc.		3			492
Capgemini SE (France)		7			1,154
Computershare Ltd. (Australia)		2			23
Edenred (France)		1			58
EPAM Systems, Inc. *		1			330
FleetCor Technologies, Inc. *		5			1,452
Fujitsu Ltd. (Japan)		1			116
GDS Holdings Ltd., ADR (China) *		—	(a)		39
Global Payments, Inc.		4			941
GMO Payment Gateway, Inc. (Japan)		—	(a)		27
Infosys Ltd., ADR (India)		12			206
Infosys Ltd. (India)		45			778
Itochu Techno-Solutions Corp. (Japan)		—	(a)		14
Leidos Holdings, Inc.		10			1,019
Mastercard, Inc., Class A		16			5,675
MongoDB, Inc. *		1			530
NEC Corp. (Japan)		1			54
Nexi SpA (Italy) * (c)		2			37
Nomura Research Institute Ltd. (Japan)		1			50
NTT Data Corp. (Japan)		3			37
Obic Co. Ltd. (Japan)		—	(a)		60
Okta, Inc. *		—	(a)		101
Otsuka Corp. (Japan)		—	(a)		21
PayPal Holdings, Inc. *		11			2,595
SCSK Corp. (Japan)		—	(a)		11
Snowflake, Inc., Class A *		1			210
Tata Consultancy Services Ltd. (India)		24			926
TIS, Inc. (Japan)		1			18
Twilio, Inc., Class A *		1			339
WEX, Inc. *		3			552
Wix.com Ltd. (Israel) *		—	(a)		58

INVESTMENTS	SHARES (000)			VALUE ($000)
IT Services — continued
Worldline SA (France) * (c)		1			99
					19,682
Leisure Products — 0.1%
Bandai Namco Holdings, Inc. (Japan)		1			78
Brunswick Corp.		7			503
Sega Sammy Holdings, Inc. (Japan)		1			11
Shimano, Inc. (Japan)		—	(a)		70
Yamaha Corp. (Japan)		1			36
					698
Life Sciences Tools & Services — 0.5%
Eurofins Scientific SE (Luxembourg) *		1			47
Hangzhou Tigermed Consulting Co. Ltd., Class H (China) * (c)		2			53
Lonza Group AG (Registered) (Switzerland)		2			1,094
Mettler-Toledo International, Inc. *		1			686
Pharmaron Beijing Co. Ltd., Class H (China) (c)		1			24
QIAGEN NV *		1			51
Sartorius Stedim Biotech (France)		—	(a)		41
Syneos Health, Inc. *		6			403
Thermo Fisher Scientific, Inc.		3			1,456
WuXi AppTec Co. Ltd., Class H (China) (c)		4			71
Wuxi Biologics Cayman, Inc. (China) * (c)		44			577
					4,503
Machinery — 1.9%
Alfa Laval AB (Sweden) *		1			37
Alstom SA (France) *		11			600
Amada Co. Ltd. (Japan)		1			15
Atlas Copco AB, Class A (Sweden)		22			1,146
Atlas Copco AB, Class B (Sweden)		2			74
CNH Industrial NV (United Kingdom) *		4			54
Daifuku Co. Ltd. (Japan)		—	(a)		49
Douglas Dynamics, Inc.		4			181
Dover Corp.		8			969
Epiroc AB, Class A (Sweden)		3			51
Epiroc AB, Class B (Sweden)		2			28
FANUC Corp. (Japan)		1			197
GEA Group AG (Germany)		1			23
Harmonic Drive Systems, Inc. (Japan)		—	(a)		9
Hino Motors Ltd. (Japan)		1			10
Hitachi Construction Machinery Co. Ltd. (Japan)		1			14
Hiwin Technologies Corp. (Taiwan)		5			74
Hoshizaki Corp. (Japan)		—	(a)		28
IDEX Corp.		2			448

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN FUNDS 17

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Machinery — continued
Illinois Tool Works, Inc.		2			324
Ingersoll Rand, Inc. *		12			562
ITT, Inc.		6			493
KION Group AG (Germany)		—	(a)		26
Knorr-Bremse AG (Germany)		—	(a)		42
Komatsu Ltd. (Japan)		4			102
Kone OYJ, Class B (Finland)		13			1,044
Kubota Corp. (Japan)		4			96
Kurita Water Industries Ltd. (Japan)		—	(a)		15
Lincoln Electric Holdings, Inc.		4			489
Makita Corp. (Japan)		1			45
Middleby Corp. (The) *		2			302
MINEBEA MITSUMI, Inc. (Japan)		2			30
MISUMI Group, Inc. (Japan)		1			43
Mitsubishi Heavy Industries Ltd. (Japan)		2			46
Miura Co. Ltd. (Japan)		—	(a)		22
Nabtesco Corp. (Japan)		1			22
NGK Insulators Ltd. (Japan)		1			17
Nordson Corp.		2			352
NSK Ltd. (Japan)		2			13
Otis Worldwide Corp.		3			188
Rational AG (Germany)		—	(a)		20
RBC Bearings, Inc. *		2			445
Sandvik AB (Sweden) *		5			118
Schindler Holding AG (Switzerland)		—	(a)		47
Schindler Holding AG (Registered) (Switzerland)		—	(a)		23
SKF AB, Class B (Sweden)		41			1,056
SMC Corp. (Japan)		2			1,038
Snap-on, Inc.		2			284
Spirax-Sarco Engineering plc (United Kingdom)		—	(a)		48
Stanley Black & Decker, Inc.		15			2,668
Techtronic Industries Co. Ltd. (Hong Kong)		35			493
THK Co. Ltd. (Japan)		1			16
Toro Co. (The)		9			840
Volvo AB, Class B (Sweden) *		43			1,008
Wartsila OYJ Abp (Finland)		2			19
Woodward, Inc.		4			437
Yaskawa Electric Corp. (Japan)		1			55
					16,895
Marine — 0.0% (b)
AP Moller — Maersk A/S, Class A (Denmark)		—	(a)		29
AP Moller — Maersk A/S, Class B (Denmark)		—	(a)		62
Kuehne + Nagel International AG (Registered) (Switzerland)		—	(a)		52

INVESTMENTS	SHARES (000)			VALUE ($000)
Marine — continued
Nippon Yusen KK (Japan)		1			14
					157
Media — 0.8%
Charter Communications, Inc., Class A *		4			2,429
Clear Channel Outdoor Holdings, Inc. *		11			18
Comcast Corp., Class A		30			1,573
CyberAgent, Inc. (Japan)		—	(a)		28
Dentsu Group, Inc. (Japan)		1			27
Discovery, Inc., Class A *		17			514
Discovery, Inc., Class C *		18			468
DISH Network Corp., Class A *		16			523
Hakuhodo DY Holdings, Inc. (Japan)		1			14
iHeartMedia, Inc., Class A *		—	(a)		5
Informa plc (United Kingdom)		6			47
Liberty Media Corp.-Liberty SiriusXM, Class C *		8			356
Nexstar Media Group, Inc., Class A		6			613
Pearson plc (United Kingdom)		3			29
Publicis Groupe SA (France)		1			46
Schibsted ASA, Class A (Norway) *		—	(a)		14
Schibsted ASA, Class B (Norway) *		—	(a)		15
SES SA, FDR (Luxembourg)		2			15
ViacomCBS, Inc.		4			148
WPP plc (United Kingdom)		5			56
					6,938
Metals & Mining — 0.7%
Alrosa PJSC (Russia)		44			59
Anglo American plc (South Africa)		32			1,045
AngloGold Ashanti Ltd., ADR (Tanzania, United Republic of)		1			31
Antofagasta plc (Chile)		2			33
ArcelorMittal SA (Luxembourg) *		3			69
Baoshan Iron & Steel Co. Ltd., Class A (China)		56			51
BHP Group Ltd. (Australia)		59			1,922
BHP Group plc (Australia)		9			236
BlueScope Steel Ltd. (Australia)		2			29
Boliden AB (Sweden)		1			41
China Molybdenum Co. Ltd., Class H (China)		69			45
Evolution Mining Ltd. (Australia)		7			26
Evraz plc (Russia)		2			14
Fortescue Metals Group Ltd. (Australia)		7			129
Freeport-McMoRan, Inc.		14			375
Fresnillo plc (Mexico)		1			12
Gerdau SA (Preference) (Brazil)		11			54

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Metals & Mining — continued
Glencore plc (Australia) *		42			134
Gold Fields Ltd., ADR (South Africa)		1			10
Grupo Mexico SAB de CV, Series B (Mexico)		16			69
Hindalco Industries Ltd. (India)		9			30
Hitachi Metals Ltd. (Japan)		1			14
Impala Platinum Holdings Ltd. (South Africa)		3			40
JFE Holdings, Inc. (Japan)		2			20
Magnitogorsk Iron & Steel Works PJSC, GDR (Russia) (c)		5			44
MMC Norilsk Nickel PJSC, ADR (Russia)		2			49
Newcrest Mining Ltd. (Australia)		3			69
Nippon Steel Corp. (Japan) *		4			45
Norsk Hydro ASA (Norway)		6			26
Northern Star Resources Ltd. (Australia)		3			31
Novolipetskiy Metallurgicheskiy Kombinat PAO (Russia)		8			23
POSCO (South Korea)		—	(a)		100
Rio Tinto Ltd. (Australia)		2			138
Rio Tinto plc (Australia)		16			1,177
Severstal PAO, GDR (Russia) (c)		3			59
South32 Ltd. (Australia)		20			39
Sumitomo Metal Mining Co. Ltd. (Japan)		1			45
Vale SA, ADR (Brazil)		12			194
voestalpine AG (Austria)		—	(a)		18
					6,545
Multiline Retail — 0.1%
Kohl’s Corp.		7			293
Lojas Renner SA (Brazil) *		29			243
Magazine Luiza SA (Brazil) *		11			51
Marui Group Co. Ltd. (Japan)		1			14
Neiman Marcus Group Restricted Equity * ‡		—	(a)		5
Next plc (United Kingdom) *		1			56
Nordstrom, Inc.		6			187
Pan Pacific International Holdings Corp. (Japan)		2			42
Ryohin Keikaku Co. Ltd. (Japan)		1			23
Wesfarmers Ltd. (Australia)		5			190
					1,104
Multi-Utilities — 0.2%
AGL Energy Ltd. (Australia)		3			25
CMS Energy Corp.		8			480
E.ON SE (Germany)		9			105
Engie SA (France) *		8			118
National Grid plc (United Kingdom)		15			176

INVESTMENTS	SHARES (000)			VALUE ($000)
Multi-Utilities — continued
NorthWestern Corp.		4			225
RWE AG (Germany)		17			706
Suez SA (France)		1			29
Veolia Environnement SA (France)		2			56
					1,920
Oil, Gas & Consumable Fuels — 1.2%
Ampol Ltd. (Australia)		1			23
Battalion Oil Corp. *		1			4
BP plc (United Kingdom)		358			1,237
Cabot Oil & Gas Corp.		14			220
California Resources Corp. *		21			492
Chevron Corp.		12			1,050
China Shenhua Energy Co. Ltd., Class H (China)		25			47
CNOOC Ltd. (China)		83			76
ConocoPhillips		21			836
Diamondback Energy, Inc.		5			230
Ecopetrol SA, ADR (Colombia)		3			34
ENEOS Holdings, Inc. (Japan)		13			47
Eni SpA (Italy)		11			112
EQT Corp.		19			238
Equinor ASA (Norway)		4			71
Equitrans Midstream Corp.		38			307
Formosa Petrochemical Corp. (Taiwan)		14			50
Galp Energia SGPS SA (Portugal)		2			22
Gazprom PJSC, ADR (Russia)		10			57
Idemitsu Kosan Co. Ltd. (Japan)		1			18
Inpex Corp. (Japan)		4			23
Kinder Morgan, Inc.		44			597
Koninklijke Vopak NV (Netherlands)		—	(a)		16
LUKOIL PJSC, ADR (Russia)		2			133
Lundin Energy AB (Sweden)		1			21
Marathon Petroleum Corp.		15			616
Neste OYJ (Finland)		2			130
Oasis Petroleum, Inc. *		5			169
Oil & Natural Gas Corp. Ltd. (India)		21			27
Oil Search Ltd. (Australia)		8			24
OMV AG (Austria)		1			25
Origin Energy Ltd. (Australia)		7			27
Petroleo Brasileiro SA (Preference) (Brazil)		22			122
Petronet LNG Ltd. (India)		13			44
Phillips 66		8			583
Pioneer Natural Resources Co.		9			1,061
PTT Exploration & Production PCL (Thailand)		13			44

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN FUNDS 19

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Oil, Gas & Consumable Fuels — continued
PTT PCL (Thailand)		31			43
Reliance Industries Ltd. (India)		9			233
Repsol SA (Spain)		6			65
Royal Dutch Shell plc, Class A (Netherlands)		17			305
Royal Dutch Shell plc, Class B (Netherlands)		16			265
Santos Ltd. (Australia)		7			36
SK Innovation Co. Ltd. (South Korea) *		—	(a)		63
S-Oil Corp. (South Korea) *		1			48
Tatneft PJSC, ADR (Russia)		1			28
Tatneft PJSC, ADR (Russia)		1			33
Thai Oil PCL (Thailand)		25			43
TOTAL SE (France)		11			461
Washington H Soul Pattinson & Co. Ltd. (Australia)		—	(a)		10
Whiting Petroleum Corp. *		4			91
Williams Cos., Inc. (The)		22			450
Woodside Petroleum Ltd. (Australia)		4			71
					11,078
Paper & Forest Products — 0.0% (b)
Mondi plc (United Kingdom)		2			48
Oji Holdings Corp. (Japan)		4			21
Stora Enso OYJ, Class R (Finland)		2			47
Suzano SA (Brazil) *		6			62
Svenska Cellulosa AB SCA, Class B (Sweden) *		3			45
UPM-Kymmene OYJ (Finland)		2			84
					307
Personal Products — 0.5%
Beiersdorf AG (Germany)		—	(a)		49
Coty, Inc., Class A		31			220
Estee Lauder Cos., Inc. (The), Class A		3			764
Kao Corp. (Japan)		2			155
Kobayashi Pharmaceutical Co. Ltd. (Japan)		—	(a)		24
Kose Corp. (Japan)		—	(a)		34
LG Household & Health Care Ltd. (South Korea) *		—	(a)		355
L’Oreal SA (France)		1			407
Pola Orbis Holdings, Inc. (Japan)		—	(a)		4
Shiseido Co. Ltd. (Japan)		2			118
Unilever plc (United Kingdom)		28			1,667
Unilever plc (United Kingdom)		11			669
					4,466
Pharmaceuticals — 2.2%
Astellas Pharma, Inc. (Japan)		8			122
AstraZeneca plc (United Kingdom)		6			555

INVESTMENTS	SHARES (000)			VALUE ($000)
Pharmaceuticals — continued
Bayer AG (Registered) (Germany)		4			245
Bristol-Myers Squibb Co.		56			3,462
Catalent, Inc. *		13			1,313
Chugai Pharmaceutical Co. Ltd. (Japan)		3			149
Daiichi Sankyo Co. Ltd. (Japan)		7			247
Eisai Co. Ltd. (Japan)		1			79
Eli Lilly and Co.		13			2,174
GlaxoSmithKline plc (United Kingdom)		21			391
H Lundbeck A/S (Denmark)		—	(a)		10
Hikma Pharmaceuticals plc (Jordan)		1			25
Hisamitsu Pharmaceutical Co., Inc. (Japan)		—	(a)		18
Horizon Therapeutics plc *		6			435
Hutchison China MediTech Ltd., ADR (Hong Kong) *		1			23
Ipsen SA (France)		—	(a)		13
Jazz Pharmaceuticals plc *		3			476
Jiangsu Hengrui Medicine Co. Ltd., Class A (China)		4			76
Johnson & Johnson		8			1,250
Kyowa Kirin Co. Ltd. (Japan)		1			33
Merck & Co., Inc.		6			473
Merck KGaA (Germany)		1			94
Nippon Shinyaku Co. Ltd. (Japan)		—	(a)		13
Novartis AG (Registered) (Switzerland)		9			887
Novo Nordisk A/S, Class B (Denmark)		36			2,518
Ono Pharmaceutical Co. Ltd. (Japan)		2			48
Orion OYJ, Class B (Finland)		—	(a)		20
Otsuka Holdings Co. Ltd. (Japan)		2			69
Pfizer, Inc.		14			506
Recordati Industria Chimica e Farmaceutica SpA (Italy)		—	(a)		25
Richter Gedeon Nyrt. (Hungary)		1			16
Roche Holding AG (Switzerland)		7			2,383
Royalty Pharma plc, Class A		11			557
Sanofi (France)		5			466
Santen Pharmaceutical Co. Ltd. (Japan)		2			24
Shionogi & Co. Ltd. (Japan)		1			60
Sumitomo Dainippon Pharma Co. Ltd. (Japan)		1			12
Taisho Pharmaceutical Holdings Co. Ltd. (Japan)		—	(a)		14
Takeda Pharmaceutical Co. Ltd. (Japan)		7			242
Teva Pharmaceutical Industries Ltd., ADR (Israel) *		5			45
UCB SA (Belgium)		1			55
Viatris, Inc. *		11			215
Vifor Pharma AG (Switzerland)		—	(a)		30
					19,868

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Professional Services — 0.5%
51job, Inc., ADR (China) *		—	(a)		30
Adecco Group AG (Registered) (Switzerland)		1			44
Bureau Veritas SA (France) *		1			33
CoreLogic, Inc.		3			203
Experian plc (United Kingdom)		4			148
FTI Consulting, Inc. *		4			429
IHS Markit Ltd.		5			474
Intertek Group plc (United Kingdom)		1			53
Nihon M&A Center, Inc. (Japan)		1			40
NMG, Inc. * ‡		—	(a)		33
Persol Holdings Co. Ltd. (Japan)		1			13
Randstad NV (Netherlands) *		1			32
Recruit Holdings Co. Ltd. (Japan)		6			248
RELX plc (United Kingdom)		42			1,036
RELX plc (United Kingdom)		8			199
SGS SA (Registered) (Switzerland)		—	(a)		1,160
Teleperformance (France)		—	(a)		82
TransUnion		4			434
Wolters Kluwer NV (Netherlands)		1			97
					4,788
Real Estate Management & Development — 0.4%
Aeon Mall Co. Ltd. (Japan)		—	(a)		7
Aroundtown SA (Germany)		4			32
Ayala Land, Inc. (Philippines)		33			28
Azrieli Group Ltd. (Israel)		—	(a)		11
CapitaLand Ltd. (Singapore)		11			27
CBRE Group, Inc., Class A *		10			657
China Overseas Land & Investment Ltd. (China)		21			45
China Resources Land Ltd. (China)		18			74
China Vanke Co. Ltd., Class H (China)		13			46
City Developments Ltd. (Singapore)		2			12
CK Asset Holdings Ltd. (Hong Kong)		11			56
Country Garden Holdings Co. Ltd. (China)		13			18
Cushman & Wakefield plc *		18			265
Daito Trust Construction Co. Ltd. (Japan)		—	(a)		28
Daiwa House Industry Co. Ltd. (Japan)		2			71
Deutsche Wohnen SE (Germany)		1			77
Emaar Properties PJSC (United Arab Emirates) *		24			24
ESR Cayman Ltd. (China) * (c)		7			25
Fastighets AB Balder, Class B (Sweden) *		—	(a)		22
Hang Lung Properties Ltd. (Hong Kong)		9			24
Henderson Land Development Co. Ltd. (Hong Kong)		7			26
Hongkong Land Holdings Ltd. (Hong Kong)		5			20

INVESTMENTS	SHARES (000)			VALUE ($000)
Real Estate Management & Development — continued
Hulic Co. Ltd. (Japan)		1			14
LEG Immobilien AG (Germany)		—	(a)		47
LendLease Corp. Ltd. (Australia)		3			30
Longfor Group Holdings Ltd. (China) (c)		13			73
Mitsubishi Estate Co. Ltd. (Japan)		5			80
Mitsui Fudosan Co. Ltd. (Japan)		21			429
New World Development Co. Ltd. (Hong Kong)		6			29
Nomura Real Estate Holdings, Inc. (Japan)		1			11
Poly Developments and Holdings Group Co. Ltd., Class A (China)		17			42
Sino Land Co. Ltd. (Hong Kong)		16			21
Sumitomo Realty & Development Co. Ltd. (Japan)		1			43
Sun Hung Kai Properties Ltd. (Hong Kong)		6			70
Swire Pacific Ltd., Class A (Hong Kong)		2			11
Swire Properties Ltd. (Hong Kong)		5			15
Swiss Prime Site AG (Registered) (Switzerland)		—	(a)		32
Tokyu Fudosan Holdings Corp. (Japan)		3			14
UOL Group Ltd. (Singapore)		2			12
Vonovia SE (Germany)		13			977
Wharf Real Estate Investment Co. Ltd. (Hong Kong)		7			36
					3,581
Road & Rail — 0.9%
Aurizon Holdings Ltd. (Australia)		8			24
Canadian National Railway Co. (Canada)		12			1,306
Central Japan Railway Co. (Japan)		1			85
East Japan Railway Co. (Japan)		1			93
Hankyu Hanshin Holdings, Inc. (Japan)		1			33
Keikyu Corp. (Japan)		1			15
Keio Corp. (Japan)		—	(a)		31
Keisei Electric Railway Co. Ltd. (Japan)		1			20
Kintetsu Group Holdings Co. Ltd. (Japan)		1			31
Knight-Swift Transportation Holdings, Inc.		8			337
Kyushu Railway Co. (Japan)		1			13
Landstar System, Inc.		2			314
Localiza Rent a Car SA (Brazil) *		4			51
Lyft, Inc., Class A *		22			1,082
MTR Corp. Ltd. (Hong Kong)		7			36
Nagoya Railroad Co. Ltd. (Japan)		1			21
Nippon Express Co. Ltd. (Japan)		—	(a)		20
Norfolk Southern Corp.		14			3,355
Odakyu Electric Railway Co. Ltd. (Japan)		1			38
Old Dominion Freight Line, Inc.		3			506
Seibu Holdings, Inc. (Japan)		1			9
Tobu Railway Co. Ltd. (Japan)		1			24

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN FUNDS 21

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

(Amounts in thousands)

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Road & Rail — continued
Tokyu Corp. (Japan)		2			26
Uber Technologies, Inc. *		19			984
West Japan Railway Co. (Japan)		1			37
					8,491
Semiconductors & Semiconductor Equipment — 3.4%
Advanced Micro Devices, Inc. *		30			2,771
Advantest Corp. (Japan)		1			67
Analog Devices, Inc.		24			3,486
Applied Materials, Inc.		11			912
ASE Technology Holding Co. Ltd. (Taiwan)		29			84
ASM Pacific Technology Ltd. (Hong Kong)		1			19
ASML Holding NV (Netherlands)		8			3,725
ASML Holding NV (Registered), NYRS (Netherlands)		1			667
CMC Materials, Inc.		3			412
Disco Corp. (Japan)		—	(a)		34
Enphase Energy, Inc. *		5			841
Entegris, Inc.		7			671
Global Unichip Corp. (Taiwan)		2			24
Globalwafers Co. Ltd. (Taiwan)		1			25
Infineon Technologies AG (Germany)		6			212
Lam Research Corp.		3			1,330
Lasertec Corp. (Japan)		—	(a)		35
MediaTek, Inc. (Taiwan)		2			53
Microchip Technology, Inc.		4			507
Monolithic Power Systems, Inc.		1			289
Nanya Technology Corp. (Taiwan)		11			34
NVIDIA Corp.		3			1,493
NXP Semiconductors NV (Netherlands)		16			2,486
QUALCOMM, Inc.		10			1,451
Realtek Semiconductor Corp. (Taiwan)		5			70
Renesas Electronics Corp. (Japan) *		3			35
Rohm Co. Ltd. (Japan)		1			48
Silergy Corp. (China)		1			86
SK Hynix, Inc. (South Korea)		2			222
SolarEdge Technologies, Inc. *		2			659
STMicroelectronics NV (Switzerland)		3			100
SUMCO Corp. (Japan)		1			26
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		158			2,989
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		22			2,384
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		12			1,264
Teradyne, Inc.		3			406

INVESTMENTS	SHARES (000)			VALUE ($000)
Semiconductors & Semiconductor Equipment — continued
Texas Instruments, Inc.		6			935
Tokyo Electron Ltd. (Japan)		1			224
Vanguard International Semiconductor Corp. (Taiwan)		8			33
					31,109
Software — 2.7%
Aspen Technology, Inc. *		3			411
AVEVA Group plc (United Kingdom)		—	(a)		21
Cadence Design Systems, Inc. *		3			473
Ceridian HCM Holding, Inc. *		5			545
Check Point Software Technologies Ltd. (Israel) *		—	(a)		64
Coupa Software, Inc. *		2			574
Crowdstrike Holdings, Inc., Class A *		3			703
CyberArk Software Ltd. *		—	(a)		26
Dassault Systemes SE (France)		1			113
Envestnet, Inc. *		3			253
Five9, Inc. *		2			335
Guidewire Software, Inc. *		3			405
HubSpot, Inc. *		1			455
Hundsun Technologies, Inc., Class A (China)		3			42
Kingdee International Software Group Co. Ltd. (China) *		19			78
Kingsoft Corp. Ltd. (China)		10			65
Microsoft Corp.		55			12,149
Nemetschek SE (Germany)		—	(a)		18
Nice Ltd. (Israel) *		—	(a)		75
Oracle Corp. (Japan)		—	(a)		26
Paylocity Holding Corp. *		1			207
PTC, Inc. *		2			279
Q2 Holdings, Inc. *		4			542
RealPage, Inc. *		4			332
Sage Group plc (The) (United Kingdom)		5			37
salesforce.com, Inc. *		6			1,258
Sangfor Technologies, Inc., Class A (China)		1			46
SAP SE (Germany)		4			574
ServiceNow, Inc. *		1			680
SS&C Technologies Holdings, Inc.		10			743
Synopsys, Inc. *		2			614
TeamViewer AG (Germany) * (c)		1			34
Temenos AG (Registered) (Switzerland)		—	(a)		39
Trade Desk, Inc. (The), Class A *		1			986
Trend Micro, Inc. (Japan)		1			29
Tyler Technologies, Inc. *		1			438
WiseTech Global Ltd. (Australia)		1			15

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Software — continued
Workday, Inc., Class A *		3			831
Xero Ltd. (New Zealand) *		1			58
Zscaler, Inc. *		2			470
					25,043
Specialty Retail — 1.2%
ABC-Mart, Inc. (Japan)		—	(a)		11
AutoZone, Inc. *		1			1,036
Best Buy Co., Inc.		6			641
CarMax, Inc. *		5			447
Fast Retailing Co. Ltd. (Japan)		—	(a)		179
Gap, Inc. (The)		3			67
Hennes & Mauritz AB, Class B (Sweden)		3			71
Hikari Tsushin, Inc. (Japan)		—	(a)		23
Home Depot, Inc. (The)		6			1,545
Industria de Diseno Textil SA (Spain)		24			769
JD Sports Fashion plc (United Kingdom) *		2			22
Kingfisher plc (United Kingdom) *		9			33
Lowe’s Cos., Inc.		6			994
Murphy USA, Inc.		3			436
National Vision Holdings, Inc. *		6			260
Nitori Holdings Co. Ltd. (Japan)		—	(a)		84
O’Reilly Automotive, Inc. *		6			2,596
Ross Stores, Inc.		4			547
Shimamura Co. Ltd. (Japan)		—	(a)		10
Tractor Supply Co.		5			743
USS Co. Ltd. (Japan)		1			20
Yamada Holdings Co. Ltd. (Japan)		3			16
					10,550
Technology Hardware, Storage & Peripherals — 1.9%
Advantech Co. Ltd. (Taiwan)		5			57
Apple, Inc.		77			10,188
Brother Industries Ltd. (Japan)		1			19
Canon, Inc. (Japan)		4			81
FUJIFILM Holdings Corp. (Japan)		2			79
Inventec Corp. (Taiwan)		19			16
Logitech International SA (Registered) (Switzerland)		1			67
Quanta Computer, Inc. (Taiwan)		15			43
Ricoh Co. Ltd. (Japan)		3			19
Samsung Electronics Co. Ltd. (South Korea)		86			6,451
Seiko Epson Corp. (Japan)		1			18
Wiwynn Corp. (Taiwan)		1			25
Xiaomi Corp., Class B (China) * (c)		39			167
					17,230

INVESTMENTS	SHARES (000)			VALUE ($000)
Textiles, Apparel & Luxury Goods — 0.9%
adidas AG (Germany) *		4			1,615
Burberry Group plc (United Kingdom) *		2			42
Carter’s, Inc.		2			219
Cie Financiere Richemont SA (Registered) (Switzerland)		2			199
Columbia Sportswear Co.		5			423
Eclat Textile Co. Ltd. (Taiwan)		3			45
EssilorLuxottica SA (France)		1			188
Feng TAY Enterprise Co. Ltd. (Taiwan)		4			27
Hermes International (France)		—	(a)		145
Kering SA (France)		—	(a)		234
LVMH Moet Hennessy Louis Vuitton SE (France)		6			3,601
Moncler SpA (Italy) *		1			50
NIKE, Inc., Class B		7			1,045
Pandora A/S (Denmark)		—	(a)		47
Puma SE (Germany) *		—	(a)		47
Ralph Lauren Corp.		6			575
Shenzhou International Group Holdings Ltd. (China)		2			43
Swatch Group AG (The) (Switzerland)		—	(a)		33
Swatch Group AG (The) (Registered) (Switzerland)		—	(a)		12
					8,590
Thrifts & Mortgage Finance — 0.1%
Housing Development Finance Corp. Ltd. (India)		36			1,263
Tobacco — 0.1%
British American Tobacco plc (United Kingdom)		10			361
Imperial Brands plc (United Kingdom)		4			84
ITC Ltd. (India)		98			282
Japan Tobacco, Inc. (Japan)		5			102
Swedish Match AB (Sweden)		1			53
					882
Trading Companies & Distributors — 0.2%
Ashtead Group plc (United Kingdom)		2			89
BOC Aviation Ltd. (Singapore) (c)		2			17
Brenntag AG (Germany)		1			51
Bunzl plc (United Kingdom)		1			48
Ferguson plc		10			1,208
ITOCHU Corp. (Japan)		6			164
Marubeni Corp. (Japan)		7			47
Mitsubishi Corp. (Japan)		6			138
Mitsui & Co. Ltd. (Japan)		7			127
MonotaRO Co. Ltd. (Japan)		1			25
Sumitomo Corp. (Japan)		5			66

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN FUNDS 23

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Trading Companies & Distributors — continued
Toyota Tsusho Corp. (Japan)		1			40
					2,020
Transportation Infrastructure — 0.0% (b)
Aena SME SA (Spain) * (c)		—	(a)		49
Aeroports de Paris (France)		—	(a)		16
Airports of Thailand PCL (Thailand)		23			48
Atlantia SpA (Italy) *		2			38
Auckland International Airport Ltd. (New Zealand)		5			29
Getlink SE (France) *		2			32
Grupo Aeroportuario del Sureste SAB de CV, Class B (Mexico) *		2			40
International Container Terminal Services, Inc. (Philippines)		8			22
Japan Airport Terminal Co. Ltd. (Japan)		—	(a)		12
Sydney Airport (Australia) *		6			28
Transurban Group (Australia)		12			122
Zhejiang Expressway Co. Ltd., Class H (China)		20			17
					453
Water Utilities — 0.0% (b)
Severn Trent plc (United Kingdom)		1			32
United Utilities Group plc (United Kingdom)		3			35
					67
Wireless Telecommunication Services — 0.2%
America Movil SAB de CV, Series L (Mexico)		140			102
China Mobile Ltd. (China)		16			91
KDDI Corp. (Japan)		7			202
MTN Group (South Africa)		7			31
SK Telecom Co. Ltd. (South Korea)		—	(a)		37
SoftBank Corp. (Japan)		12			152
SoftBank Group Corp. (Japan)		7			520
Tele2 AB, Class B (Sweden)		2			28
TIM SA (Brazil) *		13			36
T-Mobile US, Inc. *		4			588
Vodacom Group Ltd. (South Africa)		4			30
Vodafone Group plc (United Kingdom)		114			187
					2,004
Total Common Stocks (Cost $316,721)					503,749
Investment Companies — 19.4%
Fixed Income — 19.4%
JPMorgan Core Bond Fund Class R6 Shares (d)		3,070			37,736
JPMorgan Corporate Bond Fund Class R6 Shares (d)		11,292			123,311

INVESTMENTS	SHARES (000)		VALUE ($000)
Fixed Income — continued
JPMorgan Emerging Markets Debt Fund Class R6 Shares (d)		1,774		14,724
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (d)		125		1,033
Total Fixed Income				176,804
Total Investment Companies (Cost $170,723)				176,804
	PRINCIPAL AMOUNT ($000)
Corporate Bonds — 10.3%
Aerospace & Defense — 0.2%
Bombardier, Inc. (Canada)
6.13%, 1/15/2023 (e)		87		85
7.50%, 3/15/2025 (e)		195		181
7.88%, 4/15/2027 (e)		98		90
BWX Technologies, Inc.
5.38%, 7/15/2026 (e)		40		42
Howmet Aerospace, Inc.
5.13%, 10/1/2024		124		136
6.88%, 5/1/2025		210		248
5.90%, 2/1/2027		153		181
5.95%, 2/1/2037		61		73
Rolls-Royce plc (United Kingdom)
5.75%, 10/15/2027 (e)		200		222
Spirit AeroSystems, Inc. 7.50%, 4/15/2025 (e)		110		118
TransDigm, Inc. 6.25%, 3/15/2026 (e)		342		364
Triumph Group, Inc.
8.88%, 6/1/2024 (e)		150		164
6.25%, 9/15/2024 (e)		15		15
7.75%, 8/15/2025		85		78
				1,997
Air Freight & Logistics — 0.0% (b)
XPO Logistics, Inc.
6.13%, 9/1/2023 (e)		102		104
6.75%, 8/15/2024 (e)		148		157
6.25%, 5/1/2025 (e)		105		113
				374
Airlines — 0.0% (b)
Delta Air Lines, Inc.
4.50%, 10/20/2025 (e)		98		105
4.75%, 10/20/2028 (e)		138		150

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN FUNDS DECEMBER 31, 2020

INVESTMENT	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Airlines — continued
United Airlines Holdings, Inc. 5.00%, 2/1/2024		69		69
				324
Auto Components — 0.3%
Adient US LLC
9.00%, 4/15/2025 (e)		100		111
7.00%, 5/15/2026 (e)		315		343
Allison Transmission, Inc.
4.75%, 10/1/2027 (e)		20		21
5.88%, 6/1/2029 (e)		310		343
3.75%, 1/30/2031 (e)		65		67
American Axle & Manufacturing, Inc.
6.25%, 4/1/2025		370		383
6.25%, 3/15/2026		183		190
6.50%, 4/1/2027		120		126
Clarios Global LP 6.25%, 5/15/2026 (e)		246		264
Cooper-Standard Automotive, Inc. 5.63%, 11/15/2026 (e)		155		143
Dana Financing Luxembourg SARL
5.75%, 4/15/2025 (e)		170		176
6.50%, 6/1/2026 (e)		150		157
Goodyear Tire & Rubber Co. (The) 5.00%, 5/31/2026		56		57
Icahn Enterprises LP
6.38%, 12/15/2025		75		77
6.25%, 5/15/2026		44		47
Tenneco, Inc. 5.00%, 7/15/2026		160		147
				2,652
Automobiles — 0.0% (b)
Ford Motor Co.
8.50%, 4/21/2023		29		33
9.00%, 4/22/2025		29		35
9.63%, 4/22/2030		12		17
				85
Banks — 0.0% (b)
CIT Group, Inc. 5.25%, 3/7/2025		135		154
Citigroup, Inc. Series P, (ICE LIBOR USD 3 Month + 3.91%), 5.95%, 5/15/2025 (f) (g) (h)		45		49
Natwest Group plc (United Kingdom) 5.13%, 5/28/2024		125		141
				344

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Building Products — 0.1%
American Woodmark Corp. 4.88%, 3/15/2026 (e)		60		62
Griffon Corp. 5.75%, 3/1/2028		160		169
Standard Industries, Inc.
5.00%, 2/15/2027 (e)		118		123
4.75%, 1/15/2028 (e)		425		448
3.38%, 1/15/2031 (e)		60		60
Summit Materials LLC 5.13%, 6/1/2025 (e)		85		86
				948
Capital Markets — 0.0% (b)
Goldman Sachs Group, Inc. (The) Series P, (ICE LIBOR USD 3 Month + 2.87%), 5.00%, 11/10/2022(f) (g) (h)		100		101
MSCI, Inc. 5.38%, 5/15/2027 (e)		76		81
				182
Chemicals — 0.1%
Axalta Coating Systems LLC 3.38%, 2/15/2029 (e)		165		165
Chemours Co. (The) 7.00%, 5/15/2025		345		358
NOVA Chemicals Corp. (Canada)
4.88%, 6/1/2024 (e)		210		219
5.25%, 6/1/2027 (e)		250		266
Olin Corp. 5.13%, 9/15/2027		50		52
WR Grace & Co.-Conn. 5.63%, 10/1/2024 (e)		30		32
				1,092
Commercial Services & Supplies — 0.2%
ACCO Brands Corp. 5.25%, 12/15/2024 (e)		98		101
ADT Security Corp. (The)
4.13%, 6/15/2023		80		85
4.88%, 7/15/2032 (e)		75		81
Allied Universal Holdco LLC
6.63%, 7/15/2026 (e)		21		22
9.75%, 7/15/2027 (e)		22		24
Aramark Services, Inc.
5.00%, 4/1/2025 (e)		130		134
5.00%, 2/1/2028 (e)		105		110
Covanta Holding Corp. 5.88%, 7/1/2025		40		42
GFL Environmental, Inc. (Canada) 3.75%, 8/1/2025 (e)		225		229
Nielsen Co. Luxembourg SARL (The)
5.50%, 10/1/2021 (e)		5		5
5.00%, 2/1/2025 (e)		27		28

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN FUNDS 25

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Commercial Services & Supplies — continued
Nielsen Finance LLC
5.00%, 4/15/2022 (e)		114		114
5.63%, 10/1/2028 (e)		120		131
Prime Security Services Borrower LLC
5.25%, 4/15/2024 (e)		47		50
5.75%, 4/15/2026 (e)		150		165
6.25%, 1/15/2028 (e)		125		134
				1,455
Communications Equipment — 0.1%
CommScope Technologies LLC
6.00%, 6/15/2025 (e)		237		242
5.00%, 3/15/2027 (e)		52		52
CommScope, Inc.
5.50%, 3/1/2024 (e)		71		73
6.00%, 3/1/2026 (e)		370		390
8.25%, 3/1/2027 (e)		136		145
				902
Construction & Engineering — 0.0% (b)
AECOM 5.13%, 3/15/2027		64		71
Consumer Finance — 0.5%
Ally Financial, Inc.
4.63%, 5/19/2022		225		237
5.75%, 11/20/2025		105		123
8.00%, 11/1/2031		60		88
Avolon Holdings Funding Ltd. (Ireland)
5.13%, 10/1/2023 (e)		99		106
4.38%, 5/1/2026 (e)		85		92
Ford Motor Credit Co. LLC
4.06%, 11/1/2024		205		215
4.39%, 1/8/2026		1,780		1,868
4.54%, 8/1/2026		665		710
4.27%, 1/9/2027		200		210
Navient Corp.
6.13%, 3/25/2024		70		75
6.75%, 6/25/2025		190		207
5.00%, 3/15/2027		50		50
OneMain Finance Corp.
8.25%, 10/1/2023		100		115
6.13%, 3/15/2024		75		82
6.88%, 3/15/2025		40		46
7.13%, 3/15/2026		200		237
6.63%, 1/15/2028		39		46

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Consumer Finance — continued
5.38%, 11/15/2029		65		73
				4,580
Containers & Packaging — 0.3%
Ardagh Packaging Finance plc
6.00%, 2/15/2025 (e)		200		207
5.25%, 8/15/2027 (e)		400		420
Ball Corp. 2.88%, 8/15/2030		225		225
Berry Global, Inc. 4.88%, 7/15/2026 (e)		284		305
Crown Americas LLC 4.75%, 2/1/2026		35		36
LABL Escrow Issuer LLC
6.75%, 7/15/2026 (e)		305		330
10.50%, 7/15/2027 (e)		40		45
Mauser Packaging Solutions Holding Co.
5.50%, 4/15/2024 (e)		505		515
7.25%, 4/15/2025 (e)		150		152
Owens-Brockway Glass Container, Inc. 5.88%, 8/15/2023 (e)		115		123
Reynolds Group Issuer, Inc. 4.00%, 10/15/2027 (e)		175		179
				2,537
Distributors — 0.0% (b)
Performance Food Group, Inc. 5.50%, 10/15/2027 (e)		240		253
Wolverine Escrow LLC 9.00%, 11/15/2026 (e)		165		156
				409
Diversified Consumer Services — 0.0% (b)
Service Corp. International 4.63%, 12/15/2027		45		48
5.13%, 6/1/2029		280		310
				358
Diversified Financial Services — 0.1%
Refinitiv US Holdings, Inc.
6.25%, 5/15/2026 (e)		100		107
8.25%, 11/15/2026 (e)		157		171
Sabre GLBL, Inc.
5.25%, 11/15/2023 (e)		10		10
9.25%, 4/15/2025 (e)		190		226
				514
Diversified Telecommunication Services — 1.1%
Altice France Holding SA (Luxembourg) 10.50%, 5/15/2027 (e)		255		286
Altice France SA (France) 7.38%, 5/1/2026 (e)		400		421

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN FUNDS DECEMBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Diversified Telecommunication Services — continued
CCO Holdings LLC
5.75%, 2/15/2026 (e)		330		341
5.50%, 5/1/2026 (e)		525		544
5.13%, 5/1/2027 (e)		1,110		1,178
5.00%, 2/1/2028 (e)		210		222
4.75%, 3/1/2030 (e)		648		699
4.25%, 2/1/2031 (e)		276		291
CenturyLink, Inc.
Series W, 6.75%, 12/1/2023		35		39
Series Y, 7.50%, 4/1/2024		75		85
5.63%, 4/1/2025		240		259
5.13%, 12/15/2026 (e)		580		612
4.00%, 2/15/2027 (e)		125		129
Series G, 6.88%, 1/15/2028		49		57
Cincinnati Bell, Inc.
7.00%, 7/15/2024 (e)		240		249
8.00%, 10/15/2025 (e)		89		95
Embarq Corp. 8.00%, 6/1/2036		147		181
Frontier Communications Corp.
7.13%, 1/15/2023 (i)		55		27
7.63%, 4/15/2024 (i)		25		12
6.88%, 1/15/2025 (i)		14		7
11.00%, 9/15/2025 (i)		67		35
5.88%, 10/15/2027 (e)		100		108
Intelsat Jackson Holdings SA (Luxembourg)
5.50%, 8/1/2023 (i)		565		382
8.00%, 2/15/2024 (e) (i) (j)		250		256
8.50%, 10/15/2024 (e) (i)		183		131
9.75%, 7/15/2025 (e) (i)		140		101
Level 3 Financing, Inc.
5.38%, 1/15/2024		70		71
5.38%, 5/1/2025		120		123
5.25%, 3/15/2026		10		10
4.63%, 9/15/2027 (e)		85		89
Sprint Capital Corp.
6.88%, 11/15/2028		100		132
8.75%, 3/15/2032		1,121		1,775
Telecom Italia Capital SA (Italy) 6.38%, 11/15/2033		110		135
6.00%, 9/30/2034		305		372
Virgin Media Secured Finance plc (United Kingdom)
5.50%, 8/15/2026 (e)		200		208
5.50%, 5/15/2029 (e)		200		217

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Diversified Telecommunication Services — continued
Zayo Group Holdings, Inc. 4.00%, 3/1/2027 (e)		260		261
				10,140
Electric Utilities — 0.1%
DPL, Inc. 4.35%, 4/15/2029		110		123
NextEra Energy Operating Partners LP 4.25%, 7/15/2024 (e)		63		68
NRG Energy, Inc.
7.25%, 5/15/2026		115		121
6.63%, 1/15/2027		77		81
5.75%, 1/15/2028		124		136
5.25%, 6/15/2029 (e)		10		11
3.63%, 2/15/2031 (e)		56		58
PG&E Corp. 5.00%, 7/1/2028		220		234
Vistra Operations Co. LLC
5.50%, 9/1/2026 (e)		190		198
5.63%, 2/15/2027 (e)		103		109
5.00%, 7/31/2027 (e)		95		101
				1,240
Electrical Equipment — 0.0% (b)
Sensata Technologies BV 5.63%, 11/1/2024 (e)		260		291
Electronic Equipment, Instruments & Components — 0.1%
CDW LLC
5.50%, 12/1/2024		45		51
4.25%, 4/1/2028		328		346
Sensata Technologies, Inc. 4.38%, 2/15/2030 (e)		170		183
				580
Energy Equipment & Services — 0.1%
Archrock Partners LP 6.88%, 4/1/2027 (e)		9		10
Nabors Industries Ltd. 7.25%, 1/15/2026 (e)		50		35
Nabors Industries, Inc. 5.75%, 2/1/2025		115		60
Shelf Drilling Holdings Ltd. (United Arab Emirates) 8.25%, 2/15/2025 (e)		87		37
Transocean Guardian Ltd. 5.88%, 1/15/2024 (e)		97		82
Transocean Pontus Ltd. 6.13%, 8/1/2025 (e)		94		90
Transocean Poseidon Ltd. 6.88%, 2/1/2027 (e)		84		76
Transocean Proteus Ltd. 6.25%, 12/1/2024 (e)		62		58
Transocean, Inc. 11.50%, 1/30/2027 (e)		38		27
				475
Entertainment — 0.3%
AMC Entertainment Holdings, Inc. 10.50%, 4/24/2026 (e)		73		50

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN FUNDS 27

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Entertainment — continued
12.00% (PIK), 6/15/2026 (e) (k)		211		45
Cinemark USA, Inc.
4.88%, 6/1/2023		97		92
8.75%, 5/1/2025 (e)		60		65
Live Nation Entertainment, Inc.
5.63%, 3/15/2026 (e)		259		265
6.50%, 5/15/2027 (e)		140		157
4.75%, 10/15/2027 (e)		255		262
Netflix, Inc.
5.88%, 2/15/2025		22		25
4.88%, 4/15/2028		210		237
5.88%, 11/15/2028		75		90
5.38%, 11/15/2029 (e)		85		100
4.88%, 6/15/2030 (e)		485		558
WMG Acquisition Corp. 3.88%, 7/15/2030 (e)		340		361
				2,307
Equity Real Estate Investment Trusts (REITs) — 0.3%
Brookfield Property REIT, Inc. 5.75%, 5/15/2026 (e)		80		79
ESH Hospitality, Inc.
5.25%, 5/1/2025 (e)		80		82
4.63%, 10/1/2027 (e)		124		127
Iron Mountain, Inc.
4.88%, 9/15/2027 (e)		124		130
5.25%, 3/15/2028 (e)		205		216
4.88%, 9/15/2029 (e)		165		174
MGM Growth Properties Operating Partnership LP
5.63%, 5/1/2024		220		239
5.75%, 2/1/2027		254		285
4.50%, 1/15/2028		15		16
RHP Hotel Properties LP 5.00%, 4/15/2023		195		196
4.75%, 10/15/2027		120		124
SBA Communications Corp. 3.88%, 2/15/2027 (e)		130		136
Uniti Group LP 6.00%, 4/15/2023 (e)		80		82
VICI Properties LP
3.50%, 2/15/2025 (e)		30		31
4.25%, 12/1/2026 (e)		405		420
3.75%, 2/15/2027 (e)		135		138
4.13%, 8/15/2030 (e)		30		31
				2,506

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Food & Staples Retailing — 0.2%
Albertsons Cos., Inc.
3.50%, 2/15/2023 (e)		40		41
3.25%, 3/15/2026 (e)		405		411
7.50%, 3/15/2026 (e)		115		129
4.63%, 1/15/2027 (e)		220		234
3.50%, 3/15/2029 (e)		100		101
4.88%, 2/15/2030 (e)		90		99
New Albertsons LP 8.00%, 5/1/2031		29		36
Rite Aid Corp.
7.50%, 7/1/2025 (e)		80		84
8.00%, 11/15/2026 (e)		274		293
				1,428
Food Products — 0.3%
B&G Foods, Inc. 5.25%, 4/1/2025		169		174
JBS USA LUX SA
5.75%, 6/15/2025 (e)		60		62
6.50%, 4/15/2029 (e)		24		28
5.50%, 1/15/2030 (e)		216		248
Kraft Heinz Foods Co.
4.63%, 1/30/2029		405		463
4.63%, 10/1/2039 (e)		49		55
5.00%, 6/4/2042		146		171
Lamb Weston Holdings, Inc.
4.88%, 11/1/2026 (e)		200		209
4.88%, 5/15/2028 (e)		80		89
Pilgrim’s Pride Corp. 5.75%, 3/15/2025 (e)		105		108
Post Holdings, Inc.
5.00%, 8/15/2026 (e)		199		206
5.75%, 3/1/2027 (e)		210		222
5.63%, 1/15/2028 (e)		50		53
5.50%, 12/15/2029 (e)		36		39
4.63%, 4/15/2030 (e)		201		212
				2,339
Gas Utilities — 0.0% (b)
AmeriGas Partners LP 5.50%, 5/20/2025		267		296
5.88%, 8/20/2026		25		28
5.75%, 5/20/2027		39		44
				368
Health Care Equipment & Supplies — 0.0% (b)
Avantor Funding, Inc. 4.63%, 7/15/2028 (e)		130		137
Hill-Rom Holdings, Inc. 4.38%, 9/15/2027 (e)		100		106

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN FUNDS DECEMBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Health Care Equipment & Supplies — continued
Teleflex, Inc. 4.88%, 6/1/2026		32		33
				276
Health Care Providers & Services — 0.9%
Acadia Healthcare Co., Inc.
5.63%, 2/15/2023		73		73
5.50%, 7/1/2028 (e)		60		65
Centene Corp.
4.75%, 1/15/2025		57		58
5.38%, 6/1/2026 (e)		24		25
4.25%, 12/15/2027		130		138
4.63%, 12/15/2029		635		705
3.38%, 2/15/2030		280		295
3.00%, 10/15/2030		64		68
Community Health Systems, Inc.
8.63%, 1/15/2024 (e)		440		459
8.00%, 3/15/2026 (e)		24		26
5.63%, 3/15/2027 (e)		108		116
6.00%, 1/15/2029 (e)		57		61
DaVita, Inc.
4.63%, 6/1/2030 (e)		235		249
3.75%, 2/15/2031 (e)		171		174
Encompass Health Corp. 4.50%, 2/1/2028		295		308
HCA, Inc.
5.38%, 2/1/2025		105		118
5.88%, 2/15/2026		703		809
5.63%, 9/1/2028		619		731
5.88%, 2/1/2029		1,060		1,277
3.50%, 9/1/2030		245		260
Tenet Healthcare Corp.
4.63%, 7/15/2024		184		189
4.63%, 9/1/2024 (e)		101		104
5.13%, 5/1/2025		131		133
4.88%, 1/1/2026 (e)		667		698
6.25%, 2/1/2027 (e)		510		541
5.13%, 11/1/2027 (e)		63		67
				7,747
Health Care Technology — 0.0% (b)
IQVIA, Inc. 5.00%, 5/15/2027 (e)		200		213
Hotels, Restaurants & Leisure — 0. 6%
1011778 BC ULC (Canada)
4.25%, 5/15/2024 (e)		139		142
3.88%, 1/15/2028 (e)		30		30

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Hotels, Restaurants & Leisure — continued
Boyd Gaming Corp. 6.38%, 4/1/2026		212		220
Caesars Resort Collection LLC 5.75%, 7/1/2025 (e)		312		331
Cedar Fair LP
5.50%, 5/1/2025 (e)		125		130
5.38%, 4/15/2027		4		4
5.25%, 7/15/2029		85		88
Enterprise Development Authority (The) 12.00%, 7/15/2024 (e)		67		75
Hilton Domestic Operating Co., Inc.
5.13%, 5/1/2026		312		322
3.75%, 5/1/2029 (e)		58		61
4.88%, 1/15/2030		48		52
4.00%, 5/1/2031 (e)		36		38
Hilton Worldwide Finance LLC 4.88%, 4/1/2027		60		64
International Game Technology plc
6.50%, 2/15/2025 (e)		200		224
6.25%, 1/15/2027 (e)		200		229
Marriott International, Inc.
Series EE, 5.75%, 5/1/2025		100		117
Marriott Ownership Resorts, Inc. 6.50%, 9/15/2026		210		219
MGM Resorts International
6.75%, 5/1/2025		650		704
5.75%, 6/15/2025		14		15
4.63%, 9/1/2026		146		155
Royal Caribbean Cruises Ltd.
10.88%, 6/1/2023 (e)		105		119
11.50%, 6/1/2025 (e)		158		185
Scientific Games International, Inc. 5.00%, 10/15/2025 (e)		155		160
Six Flags Entertainment Corp.
4.88%, 7/31/2024 (e)		227		227
5.50%, 4/15/2027 (e)		65		67
Six Flags Theme Parks, Inc. 7.00%, 7/1/2025 (e)		45		49
Stars Group Holdings BV (Canada) 7.00%, 7/15/2026 (e)		184		194
Station Casinos LLC 5.00%, 10/1/2025 (e)		115		116
4.50%, 2/15/2028 (e)		15		15
Wyndham Destinations, Inc. 6.60%, 10/1/2025 (j)		36		41
6.00%, 4/1/2027 (j)		34		38
Wynn Las Vegas LLC 5.50%, 3/1/2025 (e)		402		420
Wynn Resorts Finance LLC 5.13%, 10/1/2029 (e)		140		147

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN FUNDS 29

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Hotels, Restaurants & Leisure — continued
Yum! Brands, Inc.
7.75%, 4/1/2025 (e)		120		133
4.75%, 1/15/2030 (e)		107		117
3.63%, 3/15/2031		111		112
				5,360
Household Durables — 0.1%
Lennar Corp.
4.75%, 5/30/2025		130		149
5.00%, 6/15/2027		35		41
Newell Brands, Inc.
4.70%, 4/1/2026 (j)		325		358
5.87%, 4/1/2036 (j)		185		224
Tempur Sealy International, Inc.
5.63%, 10/15/2023		177		180
5.50%, 6/15/2026		203		211
				1,163
Household Products — 0.2%
Central Garden & Pet Co. 5.13%, 2/1/2028		195		207
Energizer Holdings, Inc.
7.75%, 1/15/2027 (e)		475		528
4.75%, 6/15/2028 (e)		175		184
Spectrum Brands, Inc.
6.13%, 12/15/2024		59		60
5.75%, 7/15/2025		178		184
5.00%, 10/1/2029 (e)		236		254
5.50%, 7/15/2030 (e)		115		124
				1,541
Independent Power and Renewable Electricity Producers — 0.1%
Calpine Corp.
5.25%, 6/1/2026 (e)		158		163
5.13%, 3/15/2028 (e)		225		237
Clearway Energy Operating LLC
5.75%, 10/15/2025		5		6
5.00%, 9/15/2026		60		62
				468
Internet & Direct Marketing Retail  — 0.0% (b)
MYT Holding LLC 7.50% (PIK), 9/25/2025 (e) (k)		87		85
Photo Holdings Merger Sub, Inc. 8.50%, 10/1/2026 (e)		85		90
				175

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
IT Services — 0.0% (b)
Gartner, Inc.
4.50%, 7/1/2028 (e)		130		137
3.75%, 10/1/2030 (e)		60		63
				200
Leisure Products — 0.1%
Mattel, Inc.
3.15%, 3/15/2023		96		97
6.75%, 12/31/2025 (e)		380		401
5.88%, 12/15/2027 (e)		120		133
Vista Outdoor, Inc. 5.88%, 10/1/2023		100		101
				732
Machinery — 0.0% (b)
Colfax Corp. 6.00%, 2/15/2024 (e)		40		42
Media — 0.9%
Altice Financing SA (Luxembourg) 7.50%, 5/15/2026 (e)		720		760
AMC Networks, Inc.
5.00%, 4/1/2024		60		61
4.75%, 8/1/2025		50		52
Clear Channel Worldwide Holdings, Inc.
9.25%, 2/15/2024		357		362
5.13%, 8/15/2027 (e)		443		447
CSC Holdings LLC
5.25%, 6/1/2024		85		92
5.50%, 5/15/2026 (e)		475		494
5.38%, 2/1/2028 (e)		200		214
Diamond Sports Group LLC 5.38%, 8/15/2026(e)		311		253
DISH DBS Corp.
6.75%, 6/1/2021		60		61
5.88%, 7/15/2022		200		209
5.00%, 3/15/2023		35		36
5.88%, 11/15/2024		985		1,033
7.75%, 7/1/2026		240		269
Entercom Media Corp. 6.50%, 5/1/2027 (e)		48		49
Gray Television, Inc.
5.88%, 7/15/2026 (e)		85		89
7.00%, 5/15/2027 (e)		120		131
iHeartCommunications, Inc.
6.38%, 5/1/2026		29		31
8.38%, 5/1/2027		114		121
5.25%, 8/15/2027 (e)		295		309

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN FUNDS DECEMBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Media — continued
Lamar Media Corp.
3.75%, 2/15/2028		30		31
4.00%, 2/15/2030		65		67
Meredith Corp. 6.88%, 2/1/2026		495		483
Nexstar Broadcasting, Inc.
5.63%, 7/15/2027 (e)		270		289
4.75%, 11/1/2028 (e)		124		130
Outfront Media Capital LLC 5.00%, 8/15/2027 (e)		85		86
Sinclair Television Group, Inc. 5.88%, 3/15/2026 (e)		12		12
Sirius XM Radio, Inc.
4.63%, 7/15/2024 (e)		15		16
5.38%, 7/15/2026 (e)		110		115
5.00%, 8/1/2027 (e)		415		441
5.50%, 7/1/2029 (e)		12		13
4.13%, 7/1/2030 (e)		315		335
TEGNA, Inc.
5.50%, 9/15/2024 (e)		8		8
4.63%, 3/15/2028 (e)		60		61
ViacomCBS, Inc.
(ICE LIBOR USD 3 Month + 3.90%), 5.87%, 2/28/2057 (g)		64		66
(ICE LIBOR USD 3 Month + 3.90%), 6.25%, 2/28/2057 (g)		55		62
Videotron Ltd. (Canada) 5.13%, 4/15/2027 (e)		425		451
				7,739
Metals & Mining — 0.2%
Alcoa Nederland Holding BV 6.75%, 9/30/2024 (e)		200		208
6.13%, 5/15/2028 (e)		400		437
Allegheny Technologies, Inc. 7.88%, 8/15/2023 (j)		15		17
Arconic Corp. 6.13%, 2/15/2028 (e)		200		216
Constellium SE 6.63%, 3/1/2025 (e)		250		255
FMG Resources August 2006 Pty. Ltd. (Australia)
4.75%, 5/15/2022 (e)		47		49
5.13%, 5/15/2024 (e)		15		16
4.50%, 9/15/2027 (e)		70		78
Freeport-McMoRan, Inc.
5.00%, 9/1/2027		145		154
4.13%, 3/1/2028		104		109
4.38%, 8/1/2028		94		100
5.40%, 11/14/2034		45		56

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Metals & Mining — continued
Kaiser Aluminum Corp. 4.63%, 3/1/2028 (e)		220		228
Novelis Corp.
5.88%, 9/30/2026 (e)		110		115
4.75%, 1/30/2030 (e)		95		102
United States Steel Corp. 12.00%, 6/1/2025 (e)		73		84
				2,224
Multiline Retail — 0.0% (b)
Macy’s, Inc. 8.38%, 6/15/2025 (e)		230		255
NMG Holding Co., Inc. 1.00%, 9/25/2025 ‡ (e) (l)		66		71
				326
Oil, Gas & Consumable Fuels — 1.1%
Antero Midstream Partners LP
5.38%, 9/15/2024		240		234
5.75%, 1/15/2028 (e)		60		58
Antero Resources Corp.
5.13%, 12/1/2022		250		249
5.63%, 6/1/2023		66		65
Apache Corp.
4.63%, 11/15/2025		97		102
4.88%, 11/15/2027		203		215
Blue Racer Midstream LLC 6.13%, 11/15/2022 (e)		165		165
Buckeye Partners LP
4.13%, 3/1/2025 (e)		235		238
4.13%, 12/1/2027		225		229
4.50%, 3/1/2028 (e)		35		36
Cenovus Energy, Inc. (Canada) 5.38%, 7/15/2025		322		363
Cheniere Energy Partners LP 5.25%, 10/1/2025		195		200
4.50%, 10/1/2029		325		344
Cheniere Energy, Inc. 4.63%, 10/15/2028 (e)		120		126
Chesapeake Energy Corp. 11.50%, 1/1/2025 (e) (i)		107		19
Comstock Resources, Inc.
7.50%, 5/15/2025 (e)		95		96
9.75%, 8/15/2026		200		215
Continental Resources, Inc.
5.00%, 9/15/2022		102		102
5.75%, 1/15/2031 (e)		196		218
Crestwood Midstream Partners LP
6.25%, 4/1/2023 (j)		98		98

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN FUNDS 31

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
5.75%, 4/1/2025		115		117
5.63%, 5/1/2027 (e)		65		65
DCP Midstream Operating LP
4.95%, 4/1/2022		20		21
5.38%, 7/15/2025		166		182
5.63%, 7/15/2027		65		72
6.75%, 9/15/2037 (e)		60		65
EnLink Midstream Partners LP
Series C, (ICE LIBOR USD 3 Month + 4.11%),
6.00%, 12/15/2022 (f) (g) (h)		125		73
4.40%, 4/1/2024		32		32
4.15%, 6/1/2025		110		108
4.85%, 7/15/2026		18		17
EQM Midstream Partners LP
6.00%, 7/1/2025 (e)		25		27
4.13%, 12/1/2026		135		136
EQT Corp. 7.88%, 2/1/2025 (j)		250		285
Genesis Energy LP
6.25%, 5/15/2026		160		151
7.75%, 2/1/2028		64		61
Gulfport Energy Corp.
6.63%, 5/1/2023 (i)		55		36
6.00%, 10/15/2024 (i)		15		10
6.38%, 5/15/2025 (i)		85		56
6.38%, 1/15/2026 (i)		80		53
Hess Midstream Operations LP 5.63%, 2/15/2026 (e)		95		99
Hilcorp Energy I LP
5.75%, 10/1/2025 (e)		57		58
6.25%, 11/1/2028 (e)		52		53
Matador Resources Co. 5.88%, 9/15/2026		31		30
MEG Energy Corp. (Canada)
7.00%, 3/31/2024 (e)		19		19
6.50%, 1/15/2025 (e)		284		292
7.13%, 2/1/2027 (e)		48		49
NuStar Logistics LP
5.75%, 10/1/2025		60		64
6.00%, 6/1/2026		33		36
5.63%, 4/28/2027		32		34
6.38%, 10/1/2030		60		68
Occidental Petroleum Corp.
2.70%, 8/15/2022		293		293
2.90%, 8/15/2024		250		241
8.00%, 7/15/2025		60		68

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Oil, Gas & Consumable Fuels — continued
5.88%, 9/1/2025		70		75
3.00%, 2/15/2027		20		18
8.50%, 7/15/2027		141		163
6.38%, 9/1/2028		70		74
8.88%, 7/15/2030		158		185
6.63%, 9/1/2030		70		76
6.13%, 1/1/2031		111		119
Parsley Energy LLC
5.38%, 1/15/2025 (e)		210		216
5.25%, 8/15/2025 (e)		85		88
PBF Holding Co. LLC
9.25%, 5/15/2025 (e)		83		81
6.00%, 2/15/2028		125		72
QEP Resources, Inc.
5.25%, 5/1/2023		30		31
5.63%, 3/1/2026		49		54
Range Resources Corp.
4.88%, 5/15/2025		140		132
9.25%, 2/1/2026		50		52
SM Energy Co. 5.00%, 1/15/2024		55		46
5.63%, 6/1/2025		45		37
6.63%, 1/15/2027		89		71
Southwestern Energy Co.
6.45%, 1/23/2025 (j)		227		235
7.50%, 4/1/2026		60		63
7.75%, 10/1/2027		10		11
Sunoco LP 5.50%, 2/15/2026		35		36
5.88%, 3/15/2028		10		11
Tallgrass Energy Partners LP
5.50%, 9/15/2024 (e)		174		177
5.50%, 1/15/2028 (e)		60		61
Targa Resources Partners LP
5.88%, 4/15/2026		740		784
6.50%, 7/15/2027		127		138
6.88%, 1/15/2029		85		96
4.88%, 2/1/2031 (e)		58		63
TerraForm Power Operating LLC 5.00%, 1/31/2028 (e)		85		95
Western Midstream Operating LP 4.00%, 7/1/2022		55		56

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN FUNDS DECEMBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
WPX Energy, Inc. 5.75%, 6/1/2026		204		215
4.50%, 1/15/2030		205		217
				10,191
Personal Products — 0.0% (b)
Edgewell Personal Care Co. 5.50%, 6/1/2028 (e)		250		269
Prestige Brands, Inc. 5.13%, 1/15/2028 (e)		80		85
				354
Pharmaceuticals — 0.4%
Bausch Health Americas, Inc.
9.25%, 4/1/2026 (e)		249		277
8.50%, 1/31/2027 (e)		238		265
Bausch Health Cos., Inc.
7.00%, 3/15/2024 (e)		61		63
6.13%, 4/15/2025 (e)		172		177
5.50%, 11/1/2025 (e)		146		151
9.00%, 12/15/2025 (e)		215		238
5.75%, 8/15/2027 (e)		54		58
7.00%, 1/15/2028 (e)		151		166
5.00%, 1/30/2028 (e)		1,119		1,153
5.00%, 2/15/2029 (e)		136		140
7.25%, 5/30/2029 (e)		31		35
5.25%, 1/30/2030 (e)		64		67
5.25%, 2/15/2031 (e)		109		114
Elanco Animal Health, Inc. 5.90%, 8/28/2028 (j)		65		77
Par Pharmaceutical, Inc. 7.50%, 4/1/2027 (e)		310		336
				3,317
Professional Services — 0.0% (b)
Dun & Bradstreet Corp. (The) 6.88%, 8/15/2026 (e)		50		54
Jaguar Holding Co. II 5.00%, 6/15/2028 (e)		125		133
				187
Real Estate Management & Development — 0.0% (b)
Kennedy-Wilson, Inc. 5.88%, 4/1/2024		39		40
Road & Rail — 0.1%
AerCap Global Aviation Trust (Ireland)
(ICE LIBOR USD 3 Month + 4.30%), 6.50%, 6/15/2045 (e) (g)		200		204
Avis Budget Car Rental LLC 6.38%, 4/1/2024 (e)		415		423
5.25%, 3/15/2025 (e)		97		98
5.75%, 7/15/2027 (e)		46		46

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Road & Rail — continued
Hertz Corp. (The)
7.63%, 6/1/2022 (e) (i)		55		54
5.50%, 10/15/2024 (e) (i)		252		136
7.13%, 8/1/2026 (e) (i)		160		87
				1,048
Semiconductors & Semiconductor Equipment — 0.0% (b)
Microchip Technology, Inc. 4.25%, 9/1/2025 (e)		90		95
ON Semiconductor Corp. 3.88%, 9/1/2028 (e)		120		124
Sensata Technologies UK Financing Co. plc 6.25%, 2/15/2026 (e)		200		208
				427
Software — 0.1%
CDK Global, Inc.
5.88%, 6/15/2026		35		36
4.88%, 6/1/2027		90		95
5.25%, 5/15/2029 (e)		156		173
Open Text Corp. (Canada) 5.88%, 6/1/2026 (e)		120		125
SS&C Technologies, Inc. 5.50%, 9/30/2027 (e)		243		260
				689
Specialty Retail — 0.4%
Gap, Inc. (The)
8.38%, 5/15/2023 (e)		140		159
8.88%, 5/15/2027 (e)		195		226
Group 1 Automotive, Inc. 4.00%, 8/15/2028 (e)		155		160
L Brands, Inc.
7.50%, 6/15/2029		280		312
6.88%, 11/1/2035		150		168
Penske Automotive Group, Inc. 5.50%, 5/15/2026		251		261
PetSmart, Inc.
7.13%, 3/15/2023 (e)		405		405
5.88%, 6/1/2025 (e)		657		675
8.88%, 6/1/2025 (e)		40		41
Staples, Inc.
7.50%, 4/15/2026 (e)		650		679
10.75%, 4/15/2027 (e)		100		99
				3,185
Technology Hardware, Storage & Peripherals — 0.1%
Dell International LLC 7.13%, 6/15/2024 (e)		165		171
NCR Corp.
5.75%, 9/1/2027 (e)		180		191
5.00%, 10/1/2028 (e)		67		71
6.13%, 9/1/2029 (e)		275		305

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN FUNDS 33

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Technology Hardware, Storage & Peripherals — continued
Western Digital Corp. 4.75%, 2/15/2026		156		172
Xerox Corp. 4.38%, 3/15/2023 (j)		64		67
				977
Thrifts & Mortgage Finance — 0.1%
Ladder Capital Finance Holdings LLLP
REIT, 5.25%, 10/1/2025 (e)		55		55
Nationstar Mortgage Holdings, Inc.
5.50%, 8/15/2028 (e)		120		126
Quicken Loans LLC
5.25%, 1/15/2028 (e)		170		181
3.63%, 3/1/2029 (e)		202		206
3.88%, 3/1/2031 (e)		42		44
				612
Trading Companies & Distributors — 0.2%
Ahern Rentals, Inc. 7.38%, 5/15/2023 (e)		145		106
Herc Holdings, Inc. 5.50%, 7/15/2027 (e)		250		265
United Rentals North America, Inc.
5.88%, 9/15/2026		80		85
4.88%, 1/15/2028		85		90
5.25%, 1/15/2030		380		422
3.88%, 2/15/2031		299		314
WESCO Distribution, Inc.
7.13%, 6/15/2025 (e)		70		77
7.25%, 6/15/2028 (e)		310		352
				1,711
Wireless Telecommunication Services — 0.3%
Hughes Satellite Systems Corp.
5.25%, 8/1/2026		140		155
6.63%, 8/1/2026		70		79
Sprint Corp.
7.25%, 9/15/2021		86		89
7.88%, 9/15/2023		220		255
7.13%, 6/15/2024		254		297
7.63%, 2/15/2025		245		293
7.63%, 3/1/2026		248		308
T-Mobile USA, Inc.
3.50%, 4/15/2025 (e)		40		44
6.50%, 1/15/2026		19		20
4.50%, 2/1/2026		208		213
3.75%, 4/15/2027 (e)		95		108
4.75%, 2/1/2028		740		795

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Wireless Telecommunication Services — continued
3.88%, 4/15/2030 (e)		95		110
				2,766
Total Corporate Bonds (Cost $90,695)				94,208
Convertible Bonds — 5.2%
Aerospace & Defense — 0.0% (b)
MTU Aero Engines AG (Germany)
Series MTX, 0.13%, 5/17/2023 (c)	EUR	100		211
Airlines — 0.1%
Southwest Airlines Co. 1.25%, 5/1/2025		397		577
Banks — 0.2%
Barclays Bank plc (United Kingdom)
Zero Coupon, 2/4/2025		673		846
Series VUN, Zero Coupon, 2/18/2025		569		630
BofA Finance LLC 0.25%, 5/1/2023		556		581
				2,057
Beverages — 0.1%
Remy Cointreau SA (France) 0.13%, 9/7/2026 (c) (i)		EUR 425 Units		748
Biotechnology — 0.0% (b)
Exact Sciences Corp. 1.00%, 1/15/2025		227		430
Capital Markets — 0.2%
Archer Obligations SA (France)
Series KER, Zero Coupon, 3/31/2023 (c)		EUR 900		1,601
Chemicals — 0.2%
Sika AG (Switzerland)
3.75%, 1/30/2022 (c)		CHF 400		820
0.15%, 6/5/2025 (c)		CHF 180		275
Symrise AG (Germany) Series SY1G, 0.24%, 6/20/2024 (c)		EUR 300		462
				1,557
Commercial Services & Supplies — 0.1%
China Conch Venture Holdings International Ltd. (China) Zero Coupon, 9/5/2023 (c)	HKD	4,000		595
Diversified Consumer Services — 0.1%
Chegg, Inc. 0.13%, 3/15/2025		362		656
Diversified Telecommunication Services — 0.1%
Cellnex Telecom SA (Spain) 1.50%, 1/16/2026 (c)		EUR 400		815

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN FUNDS DECEMBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Convertible Bonds — continued
Entertainment — 0.2%
Live Nation Entertainment, Inc. 2.50%, 3/15/2023		612		790
Sea Ltd. (Taiwan) 1.00%, 12/1/2024		271		1,070
				1,860
Health Care Equipment & Supplies — 0.2%
DexCom, Inc.
0.75%, 12/1/2023		311		707
0.25%, 11/15/2025 (e)		197		198
Insulet Corp. 0.38%, 9/1/2026		451		595
				1,500
Health Care Providers & Services — 0.0% (b)
Orpea SA (France) 0.38%, 5/17/2027 (c) (i)		EUR 354 Units		437
Health Care Technology — 0.0% (b)
Teladoc Health, Inc. 1.25%, 6/1/2027 (e)		209		250
Household Durables — 0.1%
Sony Corp. (Japan) Series 6, Zero Coupon, 9/30/2022		JPY 55,000		1,099
Interactive Media & Services — 0.3%
Snap, Inc. 0.75%, 8/1/2026		554		1,255
Zillow Group, Inc. 1.38%, 9/1/2026		371		1,114
				2,369
Internet & Direct Marketing Retail — 0.5%
Booking Holdings, Inc. 0.75%, 5/1/2025 (e)		551		800
Match Group Financeco, Inc. 0.88%, 10/1/2022 (e)		250		859
MercadoLibre, Inc. (Argentina) 2.00%, 8/15/2028		412		1,562
Ocado Group plc (United Kingdom) 0.88%, 12/9/2025 (c)		GBP300		581
Pinduoduo Inc. (China) Zero Coupon, 12/1/2025		232		286
				4,088
IT Services — 0.7%
Akamai Technologies, Inc. 0.13%, 5/1/2025		399		494
Amadeus IT Group SA (Spain) 1.50%, 4/9/2025 (c)		EUR 700		1,196
Atos SE (France) Zero Coupon, 11/6/2024 (c)		EUR 300		484
MongoDB, Inc. 0.25%, 1/15/2026 (e)		300		540
Okta, Inc. 0.13%, 9/1/2025		460		684
Shopify, Inc. (Canada) 0.13%, 11/1/2025		429		505
Square, Inc. 0.50%, 5/15/2023		409		1,145

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
IT Services — continued
Twilio, Inc. 0.25%, 6/1/2023		228		1,087
				6,135
Life Sciences Tools & Services — 0.2%
Illumina, Inc. 0.50%, 6/15/2021		356		520
Repligen Corp. 0.38%, 7/15/2024		505		884
				1,404
Media — 0.1%
DISH Network Corp. 3.38%, 8/15/2026		70		67
Liberty Interactive LLC 1.75%, 9/30/2046 (e)		299		585
Liberty Media Corp. 1.38%, 10/15/2023		268		339
				991
Real Estate Management & Development — 0.0% (b)
Smart Insight International Ltd. (China) 4.50%, 12/5/2023 (c)		HKD 2,000		313
Semiconductors & Semiconductor Equipment — 0.5%
Advanced Micro Devices, Inc. 2.13%, 9/1/2026		56		641
Inphi Corp. 0.75%, 4/15/2025 (e)		588		825
Microchip Technology, Inc. 1.63%, 2/15/2027		1,014		2,051
ON Semiconductor Corp. 1.63%, 10/15/2023		324		543
Silicon Laboratories, Inc. 1.38%, 3/1/2022		209		287
STMicroelectronics NV (Switzerland)
Series B, 0.25%, 7/3/2024 (c)		200		366
				4,713
Software — 1.2%
Atlassian, Inc. 0.63%, 5/1/2023		460		1,319
Cloudflare, Inc. 0.75%, 5/15/2025 (e)		358		764
Coupa Software, Inc. 0.13%, 6/15/2025		656		1,431
Datadog, Inc. 0.13%, 6/15/2025 (e)		269		352
DocuSign, Inc. 0.50%, 9/15/2023		361		1,125
Envestnet, Inc. 1.75%, 6/1/2023		352		465
Five9, Inc.
0.13%, 5/1/2023		153		649
0.50%, 6/1/2025 (e)		192		279
Palo Alto Networks, Inc. 0.75%, 7/1/2023		321		453
RingCentral, Inc. Zero Coupon, 3/1/2025 (e)		842		1,074
ServiceNow, Inc. Zero Coupon, 6/1/2022		363		1,480
Slack Technologies, Inc. 0.50%, 4/15/2025 (e)		200		293
Splunk, Inc. 0.50%, 9/15/2023		347		453
Workday, Inc. 0.25%, 10/1/2022		362		605
				10,742

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN FUNDS 35

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Convertible Bonds — continued
Specialty Retail — 0.1%
Burlington Stores, Inc. 2.25%, 4/15/2025 (e)		298		413
Zhongsheng Group Holdings Ltd. (China)
Zero Coupon, 5/23/2023 (c)	HKD	3,000		706
				1,119
Textiles, Apparel & Luxury Goods — 0.0% (b)
adidas AG (Germany) Series ADS, 0.05%, 9/12/2023 (c)	EUR	200		307
Wireless Telecommunication Services — 0.0% (b)
Vodafone Group plc (United Kingdom) 1.50%, 3/12/2022 (c)	GBP	200		278
Total Convertible Bonds (Cost $31,465)				46,852
Collateralized Mortgage Obligations — 2.4%
Alternative Loan Trust
Series 2005-20CB, Class 4A1, 5.25%, 7/25/2020		1		—	(a)
Series 2004-27CB, Class A1, 6.00%, 12/25/2034		221		222
Series 2005-3CB, Class 1A4, 5.25%, 3/25/2035		8		8
American Home Mortgage Investment Trust Series 2006-3, Class 22A1, 2.01%, 12/25/2036 (l)		1,290		1,151
Angel Oak Mortgage Trust
Series 2019-5, Class A3, 2.92%, 10/25/2049 (e) (l)		1,370		1,387
Series 2020-1, Class M1, 3.16%, 12/25/2059 ‡ (e) (l)		897		893
Banc of America Alternative Loan Trust
Series 2004-6, Class 4A1, 5.00%, 7/25/2019		10		10
Series 2006-5, Class 3A1, 6.00%, 6/25/2046		15		15
Bear Stearns ALT-A Trust
Series 2005-4, Class 23A2, 3.37%, 5/25/2035 (l)		205		206
Series 2005-7, Class 12A3, 0.83%, 8/25/2035 (l)		2		2
CHL Mortgage Pass-Through Trust
Series 2005-HYB3, Class 2A1A, 3.40%, 6/20/2035 (l)		251		257
Series 2006-HYB1, Class 2A2C, 2.94%, 3/20/2036 (l)		429		419
Series 2006-HYB2, Class 2A1B, 3.26%, 4/20/2036 (l)		368		343
Series 2006-21, Class A14, 6.00%, 2/25/2037		63		48

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Citigroup Mortgage Loan Trust Series 2005-11, Class A2A, 2.53%, 10/25/2035 (l)		81			83
Connecticut Avenue Securities Trust Series 2019-R05, Class 1B1, 4.25%, 7/25/2039 (e) (l)		500			502
Deephaven Residential Mortgage Trust
Series 2018-3A, Class B2, 5.91%, 8/25/2058 ‡ (e) (l)		300			304
Series 2019-4A, Class M1, 3.48%, 10/25/2059 ‡ (e) (l)		1,457			1,500
Deutsche Alt-A Securities Mortgage Loan Trust Series 2006-AF1, Class A4, 0.45%, 4/25/2036 (l)		459			452
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2006-AR1, Class 1A3, 0.48%, 2/25/2036 (l)		1,233			1,209
FHLMC, REMIC Series 3077, Class TO, PO, 4/15/2035		—	(a)		—	(a)
FNMA, REMIC Series 2009-86, Class OT, PO, 10/25/2037		—	(a)		—	(a)
Fremont Home Loan Trust Series 2004-A, Class M1, 0.97%, 1/25/2034 ‡ (l)		724			710
GCAT Trust Series 2019-NQM2, Class M1, 3.31%, 9/25/2059 ‡ (e) (l)		2,000			2,044
GSR Mortgage Loan Trust Series 2004-8F, Class 2A3, 6.00%, 9/25/2034		3			3
Homeward Opportunities Fund I Trust
Series 2019-1, Class M1, 3.95%, 1/25/2059 ‡ (e) (l)		250			256
Series 2019-1, Class B1, 4.80%, 1/25/2059 ‡ (e) (l)		250			252
Impac CMB Trust
Series 2004-9, Class 1A1, 0.91%, 1/25/2035 (l)		321			322
Series 2005-5, Class A4, 0.91%, 8/25/2035 (l)		254			236
Series 2005-8, Class 1AM, 0.85%, 2/25/2036 (l)		518			507
Series 2007-A, Class M3, 2.40%, 5/25/2037 ‡ (e) (l)		488			477
MASTR Adjustable Rate Mortgages Trust Series 2004-3, Class 3A2, 3.12%, 4/25/2034 (l)		106			108
MASTR Alternative Loan Trust
Series 2004-6, Class 8A1, 5.50%, 7/25/2034		113			116
Series 2005-6, Class 1A2, 5.50%, 12/25/2035		229			210
Merrill Lynch Mortgage Investors Trust Series 2005-A5, Class A9, 3.51%, 6/25/2035 (l)		62			62

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN FUNDS DECEMBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — continued
New Residential Mortgage Loan Trust Series 2019-NQM4, Class B2, 5.02%, 9/25/2059 ‡ (e) (l)		688			649
PHH Mortgage Trust Series 2008-CIM2, Class 5A1, 6.00%, 7/25/2038		1			1
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		3			4
Series 2006-A8, Class 3A1, 6.00%, 8/25/2036		367			259
SACO I, Inc. Series 1997-2, Class 1A5, 7.00%, 8/25/2036 (e)		21			21
Sequoia Mortgage Trust Series 2007-3, Class 1A1, 0.55%, 7/20/2036 (l)		180			174
Starwood Mortgage Residential Trust Series 2019-INV1, Class M1, 3.06%, 9/27/2049 ‡ (e) (l)		1,721			1,664
Structured Asset Mortgage Investments II Trust
Series 2005-AR2, Class 2A1, 0.61%, 5/25/2045 (l)		80			78
Series 2007-AR7, Class 1A1, 1.00%, 5/25/2047 (l)		472			368
Verus Securitization Trust Series 2019-4, Class B1, 3.86%, 11/25/2059 ‡ (e) (l)		1,100			1,086
WaMu Mortgage Pass-Through Certificates Series 2005-AR8, Class 2AB2, 0.99%, 7/25/2045 (l)		967			933
WaMu Mortgage Pass-Through Certificates Trust
Series 2005-AR3, Class A1, 3.60%, 3/25/2035 (l)		168			172
Series 2005-AR10, Class 1A3, 3.05%, 9/25/2035 (l)		1,520			1,537
Series 2005-AR10, Class 1A4, 3.05%, 9/25/2035 (l)		209			211
Series 2007-HY3, Class 3A3, 3.59%, 3/25/2037 (l)		291			280
Series 2006-AR17, Class 1A1A, 1.55%, 12/25/2046 (l)		372			348
Total Collateralized Mortgage Obligations (Cost $22,014)					22,099
Asset-Backed Securities—1.9%
ABFC Trust Series 2003-OPT1, Class M1, 1.18%, 2/25/2033 ‡ (l)		394			393
ACE Securities Corp. Home Equity Loan Trust
Series 2004-OP1, Class M3, 2.03%, 4/25/2034 (l)		153			150
Series 2004-HE3, Class M3, 1.23%, 11/25/2034 ‡ (l)		22			22

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates Series 2002-2, Class M3, 2.80%, 8/25/2032 ‡ (l)		196		196
Ameriquest Mortgage Securities, Inc. Asset-Backed Securities Series 2004-R1, Class M1, 0.94%, 2/25/2034 ‡ (l)		165		159
Argent Securities, Inc. Asset-Backed Pass-Through Certificates
Series 2004-W3, Class A3, 0.97%, 2/25/2034 ‡ (l)		67		65
Series 2004-W7, Class M9, 4.95%, 5/25/2034 ‡ (e) (l)		119		132
Bear Stearns Asset-Backed Securities Trust Series 2004-2, Class M1, 1.35%, 8/25/2034 ‡ (l)		237		236
CDC Mortgage Capital Trust
Series 2003-HE1, Class M1, 1.50%, 8/25/2033 (l)		126		127
Series 2003-HE3, Class M2, 2.77%, 11/25/2033 ‡ (l)		2		2
Chase Funding Loan Acquisition Trust Series 2004-OPT1, Class M2, 1.65%, 6/25/2034 ‡ (l)		91		91
CHEC Loan Trust Series 2004-2, Class M3, 2.02%, 4/25/2034 ‡ (l)		152		152
Citifinancial Mortgage Securities, Inc. Series 2004-1, Class AF4, 5.07%, 4/25/2034 ‡ (j)		889		927
Countrywide Asset-Backed Certificates Series 2003-BC6, Class M2, 1.87%, 10/25/2033 ‡ (l)		5		5
Credit-Based Asset Servicing and Securitization LLC
Series 2003-CB5, Class M2, 2.62%, 11/25/2033 ‡ (l)		24		24
Series 2004-CB6, Class M3, 2.25%, 12/25/2033 ‡ (l)		140		138
Series 2004-CB4, Class A5, 6.78%, 5/25/2035 (j)		493		510
CWABS, Inc. Asset-Backed Certificates Trust
Series 2004-5, Class M3, 1.87%, 7/25/2034 ‡ (l)		254		253
Series 2004-6, Class M2, 1.12%, 10/25/2034 ‡ (l)		209		205
Equity One Mortgage Pass-Through Trust Series 2003-1, Class M1, 4.86%, 8/25/2033 ‡ (l)		510		525
First Franklin Mortgage Loan Trust Series 2006-FF8, Class IIA3, 0.45%, 7/25/2036 ‡ (l)		20		20

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN FUNDS 37

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
GSAMP Trust Series 2004-NC2, Class B2, 3.52%, 10/25/2034 ‡ (e) (l)		527		434
Home Equity Asset Trust
Series 2002-1, Class M2, 2.05%, 11/25/2032 ‡ (l)		308		297
Series 2004-3, Class M1, 1.00%, 8/25/2034 ‡ (l)		225		224
Series 2004-6, Class M2, 1.05%, 12/25/2034 ‡ (l)		91		90
Home Equity Mortgage Loan Asset-Backed Trust Series 2004-B, Class M3, 1.35%, 11/25/2034 ‡ (l)		176		175
Long Beach Mortgage Loan Trust
Series 2001-2, Class M1, 0.71%, 7/25/2031 ‡ (l)		118		117
Series 2003-4, Class M2, 2.77%, 8/25/2033 ‡ (l)		8		8
MASTR Asset-Backed Securities Trust Series 2004-OPT1, Class M2, 1.80%, 2/25/2034 ‡ (l)		49		49
Merrill Lynch Mortgage Investors Trust
Series 2003-OPT1, Class M1, 1.12%, 7/25/2034 (l)		57		56
Series 2004-HE1, Class M2, 2.40%, 4/25/2035 ‡ (l)		233		228
Series 2005-NC1, Class M2, 1.23%, 10/25/2035 ‡ (l)		289		287
Series 2005-FM1, Class M1, 0.87%, 5/25/2036 (l)		209		206
MFA LLC Series 2018-NPL1, Class A1, 3.88%, 5/25/2048 ‡ (e) (j)		198		199
Morgan Stanley ABS Capital I, Inc. Trust
Series 2003-NC8, Class M1, 1.20%, 9/25/2033 ‡ (l)		985		982
Series 2005-HE1, Class M3, 0.93%, 12/25/2034 ‡ (l)		258		237
Series 2005-HE1, Class M4, 1.23%, 12/25/2034 ‡ (l)		150		143
New Century Home Equity Loan Trust
Series 2003-5, Class M1, 5.01%, 11/25/2033 (j)		156		159
Series 2004-4, Class M1, 0.91%, 2/25/2035 ‡ (l)		422		414
Series 2005-1, Class M1, 0.82%, 3/25/2035 ‡ (l)		145		144
NovaStar Mortgage Funding Trust
Series 2003-2, Class M2, 2.92%, 9/25/2033 ‡ (l)		372		379

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2003-3, Class M1, 1.27%, 12/25/2033 ‡ (l)		38		37
Option One Mortgage Acceptance Corp. Asset-Backed Certificates Series 2003-4, Class M1, 1.17%, 7/25/2033 ‡ (l)		431		431
Option One Mortgage Loan Trust Series 2004-2, Class M2, 1.72%, 5/25/2034 ‡ (l)		451		447
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates
Series 2004-WWF1, Class M4, 1.80%, 12/25/2034 ‡ (l)		687		703
Series 2005-WCH1, Class M4, 1.39%, 1/25/2036 ‡ (l)		441		441
RAMP Trust
Series 2005-RS6, Class M4, 1.12%, 6/25/2035 (l)		500		500
Series 2006-RZ3, Class M1, 0.50%, 8/25/2036 ‡ (l)		946		924
Renaissance Home Equity Loan Trust Series 2003-2, Class M1, 1.38%, 8/25/2033 ‡ (l)		984		968
Saxon Asset Securities Trust
Series 2000-2, Class MF2, 8.66%, 7/25/2030 ‡ (j)		56		49
Series 2003-2, Class M2, 2.77%, 6/25/2033 ‡ (l)		120		126
Series 2003-3, Class M1, 1.12%, 12/25/2033 ‡ (l)		355		349
Series 2004-2, Class MV2, 1.95%, 8/25/2035 ‡ (l)		174		174
Specialty Underwriting & Residential Finance Trust Series 2003-BC4, Class M1, 1.05%, 11/25/2034 ‡ (l)		168		167
Stanwich Mortgage Loan Trust Series 2019-NPB2, Class A1, 3.48%, 11/16/2024 ‡ (e) (j)		1,209		1,212
Structured Asset Investment Loan Trust
Series 2003-BC11, Class M1, 1.12%, 10/25/2033 ‡ (l)		115		115
Series 2004-7, Class M1, 1.20%, 8/25/2034 ‡ (l)		32		32
Series 2004-8, Class M2, 1.08%, 9/25/2034 ‡ (l)		203		200
Structured Asset Securities Corp. Trust Series 2005-SC1, Class 1A1, 0.42%, 5/25/2031 ‡ (e) (l)		95		70
Vericrest Opportunity Loan Trust
Series 2019-NPL2, Class A1, 3.97%, 2/25/2049 ‡ (e) (j)		505		506

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN FUNDS DECEMBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Asset-Backed Securities — continued
Series 2019-NPL7, Class A1A, 3.18%, 10/25/2049 ‡ (e) (j)		614			615
Wells Fargo Home Equity Asset-Backed Securities Trust Series 2004-2, Class M8A, 4.65%, 10/25/2034 ‡ (e) (l)		194			181
Total Asset-Backed Securities (Cost $16,649)					17,407
U.S. Treasury Obligations — 1.0%
U.S. Treasury Notes 2.50%, 1/31/2021(m) (Cost $9,422)		9,415			9,431
	SHARES (000)
Convertible Preferred Stocks — 0.4%
Banks — 0.0% (b)
Wells Fargo & Co. Series L, 7.50% ($1,000 par value)		—	(a)		332
Electric Utilities — 0.1%
NextEra Energy, Inc. 6.22%, 9/1/2023 ($50 par value)		17			862
Health Care Equipment & Supplies — 0.1%
Becton Dickinson and Co. Series B, 6.00%, 6/1/2023 ($50 par value)		4			210
Danaher Corp. Series B, 5.00%, 4/15/2023 ($1,000 par value)		—	(a)		446
					656
Machinery — 0.0% (b)
Stanley Black & Decker, Inc. Series C, 5.00%, 5/15/2021 ($1,000 par value)		—	(a)		305
Multi-Utilities — 0.1%
Sempra Energy Series B, 6.75%, 7/15/2021 ($100 par value)		4			407
Semiconductors & Semiconductor Equipment — 0.1%
Broadcom, Inc. Series A, 8.00%, 9/30/2022 ($1,000 par value)		1			1,192
Total Convertible Preferred Stocks (Cost $3,334)					3,754
	PRINCIPAL AMOUNT ($000)
Commercial Mortgage-Backed Securities — 0.2%
BX Commercial Mortgage Trust Series 2018-BIOA, Class D, 1.48%, 3/15/2037 ‡ (e) (l)		500			500
DBGS Mortgage Trust Series 2018-5BP, Class B, 0.99%, 6/15/2033 ‡ (e) (l)		750			746

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
FHLMC, Multi-Family Structured Pass-Through Certificates Series K075, Class X3, IO, 2.13%, 5/25/2028 (l)		2,250		293
FREMF Mortgage Trust Series 2017-KF40, Class B, 2.85%, 11/25/2027 (e) (l)		373		361
LB Commercial Mortgage Trust Series 2007-C3, Class AJ, 5.91%, 7/15/2044 (l)		28		28
LB-UBS Commercial Mortgage Trust Series 2007-C6, Class AJ, 6.24%, 7/15/2040 (l)		60		58
Total Commercial Mortgage-Backed Securities (Cost $1,989)				1,986
Loan Assignments — 0.1% (n)
Auto Components — 0.0% (b)
American Axle & Manufacturing, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 3.00%, 4/6/2024 (g) (o)		5		5
Chemicals — 0.0% (b)
Axalta Coating Systems US Holdings, Inc., Term Loan B (ICE LIBOR USD 3 Month + 1.75%), 2.00%, 6/1/2024 (g)		51		50
Food & Staples Retailing — 0.0% (b)
Moran Foods LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 7.00%), 8.00%, 4/1/2024 ‡ (g)		45		45
Moran Foods LLC, Tranche A Second Lien Term Loan (ICE LIBOR USD 3 Month + 10.75%), 11.75%, 10/1/2024 (g)		61		53
				98
Health Care Providers & Services — 0.1%
MultiPlan, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 3.75%, 6/7/2023 (g)		168		167
Hotels, Restaurants & Leisure — 0.0% (b)
UFC Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.25%), 4.25%, 4/29/2026 (g)		53		53
Machinery — 0.0% (b)
Navistar, Inc., 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 3.50%), 3.66%, 11/6/2024 (g)		61		61
Oil, Gas & Consumable Fuels — 0.0% (b)
California Resources Corp., Term Loan B-2 (ICE LIBOR USD 3 Month + 9.00%), 10.00%, 10/27/2025 ‡ (g)		73		72

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN FUNDS 39

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Loan Assignments — continued
Oil, Gas & Consumable Fuels — continued
Gulf Finance LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 5.25%), 6.25%, 8/25/2023 (g)		51			39
					111
Pharmaceuticals — 0.0% (b)
Valeant Pharmaceuticals International, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 3.15%, 6/2/2025 (g)		141			141
Total Loan Assignments (Cost $667)					686
Mortgage-Backed Securities — 0.1%
FNMA, Other Pool # AN5182, 3.39%, 4/1/2027		341			386
GNMA I, 30 Year Pool # 323423, 8.50%, 6/15/2022		—	(a)		—	(a)
Total Mortgage-Backed Securities (Cost $343)					386
	SHARES (000)
Preferred Stocks — 0.0% (b)
Internet & Direct Marketing Retail — 0.0% (b)
MYT Holding LLC Series A, 10.00%, 6/6/2029 ‡ (Cost $72)		75			87
Exchange-Traded Funds — 0.0% (b)
International Equity — 0.0% (b)
iShares MSCI EAFE ETF (Cost $76)		1			80
	NO. OF WARRANTS (000)
Warrants — 0.0% (b)
Media — 0.0% (b)
Nmg Research Ltd. expiring 9/24/2027, price 1.00 USD * ‡		1			—	(a)
Wireless Telecommunication Services — 0.0% (b)
iHeartMedia Capital I LLC expiring 5/2/2039, price 1.00 USD * ‡		3			34
Total Warrants (Cost $52)					34
	NO. OF RIGHTS (000)
Rights — 0.0% (b)
Media — 0.0% (b)
Media General, Inc., CVR * ‡ (Cost $—)		23			—	(a)

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 2.6%
Investment Companies — 2.6%
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (d) (p)		22,635		22,646
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.09% (d) (p)		955		956
Total Investment Companies (Cost $23,598)				23,602
Total Investments — 98.8% (Cost $687,820)				901,165
Other Assets Less Liabilities — 1.2%				11,263
NET ASSETS — 100.0%				912,428

Percentages indicated are based on net assets.

PORTFOLIO COMPOSITION BY COUNTRY**
United States	71.4	%
United Kingdom	2.9
China	2.7
Japan	2.7
France	2.5
Switzerland	1.8
Germany	1.6
Taiwan	1.3
Netherlands	1.1
India	1.1
South Korea	1.1
Others (each less than 1.0%)	7.2
Short-Term Investments	2.6

** Percentages indicated are based upon total investments as of December 31, 2020.

Abbreviations

ABS	Asset-backed securities
ADR	American Depositary Receipt
CHDI	Clearing House Electronic Subregister System (CHESS) Depository Interest
CHF	Swiss Franc
CVA	Dutch Certification
CVR	Contingent Value Rights
EAFE	Europe, Australasia and Far East
ETF	Exchange-Traded Fund
EUR	Euro
FDR	Fiduciary Depository Receipt
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GBP	British Pound

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN FUNDS DECEMBER 31, 2020

GDR	Global Depositary Receipt
GNMA	Government National Mortgage Association
HKD	Hong Kong Dollar
ICE	Intercontinental Exchange
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 underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
JPY	Japanese Yen
JSC	Joint Stock Company
LIBOR	London Interbank Offered Rate
NYRS	New York Registry Shares
OYJ	Public Limited Company
PJSC	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
REIT	Real Estate Investment Trust
REMIC	Real Estate Mortgage Investment Conduit
RTS	Russian Trading System
SCA	Limited partnership with share capital
SGPS	Holding company
USD	United States Dollar
(a)	Amount rounds to less than one thousand.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	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.
(d)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(e)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(f)	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, 2020.
(g)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of December 31, 2020.
(h)	Security is an interest bearing note with preferred security characteristics.
(i)	Defaulted security.
(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, 2020.
(k)	Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(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, 2020.
(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, 2020. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.
(p)	The rate shown is the current yield as of December 31, 2020.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

Detailed information about investment portfolios of the underlying funds and ETFs can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC’s as well as the 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, 2020 J.P. MORGAN FUNDS 41

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

Futures contracts outstanding as of December 31, 2020 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
DJ US Real Estate Index		681		03/2021		USD		22,834			770
MSCI EAFE E-Mini Index		4		03/2021		USD		427			9
MSCI Emerging Markets E-Mini Index		150		03/2021		USD		9,658			267
Russell 2000 E-Mini Index		113		03/2021		USD		11,175			327
S&P 500 E-Mini Index		132		03/2021		USD		24,719			556
U.S. Treasury 10 Year Note		36		03/2021		USD		4,969			3
U.S. Treasury Ultra Bond		50		03/2021		USD		10,652			(195	)
											1,737
Short Contracts
MSCI EAFE E-Mini Index		(26)		03/2021		USD		(2,774	)		(50	)
											1,687

Abbreviations

EAFE	Europe, Australasia and Far East
MSCI	Morgan Stanley Capital International
USD	United States Dollar

Forward foreign currency exchange contracts outstanding as of December 31, 2020 (amounts in thousands):
CURRENCY PURCHASED		CURRENCY SOLD			COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
EUR	163		USD	194	Merrill Lynch International		1/4/2021		6
GBP	621		USD	844	Citibank, NA		1/4/2021		5
USD	1,634		HKD	12,665	TD Bank Financial Group		1/4/2021		—	(a)
AUD	1,342		EUR	828	BNP Paribas		1/27/2021		23
AUD	1,373		EUR	851	Goldman Sachs International		1/27/2021		18
AUD	24,947		USD	18,889	Barclays Bank plc		1/27/2021		349
AUD	2,679		USD	2,037	State Street Corp.		1/27/2021		28
CAD	11,722		EUR	7,453	Goldman Sachs International		1/27/2021		100
CLP	3,027,980		USD	4,128	Goldman Sachs International **		1/27/2021		133
CNY	19,332		USD	2,957	HSBC Bank, NA **		1/27/2021		5
CZK	111,747		USD	5,172	Citibank, NA		1/27/2021		31
EUR	7,625		CAD	11,837	HSBC Bank, NA		1/27/2021		21
EUR	15,288		CHF	16,478	BNP Paribas		1/27/2021		61
GBP	2,321		JPY	319,100	Goldman Sachs International		1/27/2021		83
GBP	7		USD	9	Merrill Lynch International		1/27/2021		—	(a)
IDR	29,068,381		USD	2,050	Barclays Bank plc **		1/27/2021		36
IDR	14,292,113		USD	1,017	Citibank, NA **		1/27/2021		9
IDR	43,411,744		USD	3,056	Goldman Sachs International **		1/27/2021		60
ILS	10,148		USD	3,115	HSBC Bank, NA		1/27/2021		44
INR	224,215		USD	3,042	Citibank, NA **		1/27/2021		21
JPY	1,605,256		USD	15,487	Merrill Lynch International		1/27/2021		64
KRW	2,252,443		USD	2,065	Barclays Bank plc **		1/27/2021		6
MXN	71,582		USD	3,556	Royal Bank of Canada		1/27/2021		32
NZD	1,299		CAD	1,180	BNP Paribas		1/27/2021		8
NZD	3,015		CAD	2,728	Goldman Sachs International		1/27/2021		27

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN FUNDS DECEMBER 31, 2020

CURRENCY PURCHASED		CURRENCY SOLD			COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
NZD	3,341		JPY	245,478	Goldman Sachs International		1/27/2021		26
NZD	4,155		USD	2,945	Goldman Sachs International		1/27/2021		45
NZD	2,865		USD	2,041	State Street Corp.		1/27/2021		21
PHP	49,160		USD	1,019	Barclays Bank plc **		1/27/2021		3
RON	12,265		USD	3,055	HSBC Bank, NA		1/27/2021		20
RUB	62,283		USD	824	Barclays Bank plc **		1/27/2021		16
SEK	77,769		EUR	7,625	BNP Paribas		1/27/2021		134
SEK	17,392		EUR	1,700	Goldman Sachs International		1/27/2021		37
SEK	69,631		USD	8,280	BNP Paribas		1/27/2021		185
SGD	2,741		USD	2,056	BNP Paribas		1/27/2021		17
TRY	40,707		USD	5,084	Barclays Bank plc		1/27/2021		351
TRY	7,640		USD	1,019	BNP Paribas		1/27/2021		1
USD	2,175		BRL	11,099	Citibank, NA **		1/27/2021		39
USD	2,069		CZK	44,315	BNP Paribas		1/27/2021		5
USD	1,112		CZK	23,708	Citibank, NA		1/27/2021		8
USD	1,154		HUF	336,063	Citibank, NA		1/27/2021		22
USD	1,185		MXN	23,606	Goldman Sachs International		1/27/2021		2
USD	1,992		THB	59,441	Goldman Sachs International		1/27/2021		8
USD	367		TRY	2,741	Standard Chartered Bank		1/27/2021		1
USD	9,423		TWD	262,416	Citibank, NA **		1/27/2021		53
USD	983		ZAR	14,439	Goldman Sachs International		1/27/2021		4
ZAR	13,336		USD	877	Goldman Sachs International		1/27/2021		27
ZAR	23,412		USD	1,553	HSBC Bank, NA		1/27/2021		35
AUD	2,555		USD	1,823	Merrill Lynch International		1/29/2021		147
CAD	3,572		USD	2,709	State Street Corp.		1/29/2021		97
CHF	161		USD	177	BNP Paribas		1/29/2021		4
CHF	13		USD	15	Citibank, NA		1/29/2021		—	(a)
CHF	961		USD	1,063	State Street Corp.		1/29/2021		24
DKK	132		USD	21	Goldman Sachs International		1/29/2021		—	(a)
DKK	540		USD	87	Merrill Lynch International		1/29/2021		1
EUR	134		USD	162	BNP Paribas		1/29/2021		1
EUR	417		USD	499	Merrill Lynch International		1/29/2021		10
EUR	141		USD	171	State Street Corp.		1/29/2021		1
EUR	393		USD	468	TD Bank Financial Group		1/29/2021		13
GBP	103		USD	137	BNP Paribas		1/29/2021		4
GBP	498		USD	654	Merrill Lynch International		1/29/2021		26
GBP	307		USD	413	State Street Corp.		1/29/2021		7
HKD	8,407		USD	1,084	State Street Corp.		1/29/2021		—	(a)
JPY	605,778		USD	5,782	Merrill Lynch International		1/29/2021		86
JPY	3,238		USD	31	TD Bank Financial Group		1/29/2021		—	(a)
NOK	1,513		USD	163	State Street Corp.		1/29/2021		13
SEK	483		USD	57	Merrill Lynch International		1/29/2021		2
SEK	332		USD	40	State Street Corp.		1/29/2021		1
SGD	391		USD	287	Goldman Sachs International		1/29/2021		8
USD	1,116		CHF	986	Citibank, NA		2/3/2021		2
USD	6,236		EUR	5,086	Citibank, NA		2/3/2021		19
USD	908		JPY	93,534	Citibank, NA		2/3/2021		2
Total unrealized appreciation									2,698
CHF	986		USD	1,115	Citibank, NA		1/4/2021		(2	)
EUR	5,086		USD	6,232	Citibank, NA		1/4/2021		(19	)
HKD	12,665		USD	1,634	TD Bank Financial Group		1/4/2021		—	(a)
JPY	93,534		USD	908	Citibank, NA		1/4/2021		(2	)
USD	1,081		CHF	986	Citibank, NA		1/4/2021		(32	)
USD	6,257		EUR	5,249	TD Bank Financial Group		1/4/2021		(155	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN FUNDS 43

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

CURRENCY PURCHASED		CURRENCY SOLD			COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
USD	828		GBP	621	TD Bank Financial Group		1/4/2021		(21	)
USD	897		JPY	93,534	TD Bank Financial Group		1/4/2021		(9	)
BRL	2,674		USD	531	Citibank, NA **		1/27/2021		(16	)
CAD	11,942		USD	9,385	Barclays Bank plc		1/27/2021		(2	)
CHF	1,832		AUD	2,740	Goldman Sachs International		1/27/2021		(42	)
CHF	906		GBP	776	Goldman Sachs International		1/27/2021		(37	)
CHF	860		JPY	100,791	BNP Paribas		1/27/2021		(4	)
CHF	8,222		SEK	78,333	BNP Paribas		1/27/2021		(230	)
CHF	987		USD	1,117	BNP Paribas		1/27/2021		(1	)
CHF	280		USD	318	Goldman Sachs International		1/27/2021		(1	)
CHF	843		USD	955	State Street Corp.		1/27/2021		(1	)
EUR	7,641		AUD	12,281	Citibank, NA		1/27/2021		(131	)
EUR	1,004		CAD	1,577	Goldman Sachs International		1/27/2021		(11	)
EUR	1,699		SEK	17,306	Goldman Sachs International		1/27/2021		(27	)
EUR	2,487		USD	3,053	Citibank, NA		1/27/2021		(13	)
EUR	2,506		USD	3,073	Goldman Sachs International		1/27/2021		(11	)
HUF	1,523,602		USD	5,238	State Street Corp.		1/27/2021		(106	)
NZD	1,118		CAD	1,028	Goldman Sachs International		1/27/2021		(3	)
PLN	3,706		EUR	835	HSBC Bank, NA		1/27/2021		(29	)
PLN	7,175		USD	1,980	Barclays Bank plc		1/27/2021		(59	)
PLN	4,083		USD	1,109	BNP Paribas		1/27/2021		(16	)
PLN	6,913		USD	1,882	Goldman Sachs International		1/27/2021		(31	)
PLN	17,195		USD	4,716	HSBC Bank, NA		1/27/2021		(112	)
RUB	118,415		USD	1,616	Goldman Sachs International **		1/27/2021		(20	)
SEK	8,160		USD	997	Goldman Sachs International		1/27/2021		(5	)
USD	409		AUD	535	BNP Paribas		1/27/2021		(4	)
USD	3,095		CAD	3,961	BNP Paribas		1/27/2021		(17	)
USD	3,095		CAD	3,959	Goldman Sachs International		1/27/2021		(16	)
USD	8,289		CHF	7,334	BNP Paribas		1/27/2021		(2	)
USD	1,034		CLP	747,189	Citibank, NA **		1/27/2021		(18	)
USD	1,033		CLP	747,190	Goldman Sachs International **		1/27/2021		(18	)
USD	7,019		COP	24,071,874	Citibank, NA **		1/27/2021		(30	)
USD	830		COP	2,841,267	Goldman Sachs International **		1/27/2021		(2	)
USD	35,176		EUR	28,908	BNP Paribas		1/27/2021		(158	)
USD	6,741		IDR	95,735,456	Goldman Sachs International **		1/27/2021		(130	)
USD	1,016		INR	75,175	Goldman Sachs International **		1/27/2021		(11	)
USD	2,011		KRW	2,205,973	Citibank, NA **		1/27/2021		(17	)
USD	3,077		KRW	3,372,034	Goldman Sachs International **		1/27/2021		(22	)
USD	2,291		NZD	3,219	Barclays Bank plc		1/27/2021		(25	)
USD	1,020		PHP	49,160	Goldman Sachs International **		1/27/2021		(2	)
USD	8,293		SEK	69,003	Goldman Sachs International		1/27/2021		(96	)
USD	4,058		THB	122,252	Goldman Sachs International		1/27/2021		(22	)
USD	2,704		THB	81,230	HSBC Bank, NA		1/27/2021		(8	)
USD	1,013		TRY	7,871	BNP Paribas		1/27/2021		(38	)
ZAR	13,086		USD	891	Goldman Sachs International		1/27/2021		(4	)
AUD	1,758		GBP	1,002	State Street Corp.		1/29/2021		(15	)
CHF	335		USD	380	Merrill Lynch International		1/29/2021		(1	)
CHF	57		USD	65	State Street Corp.		1/29/2021		—	(a)
HKD	92		USD	12	Goldman Sachs International		1/29/2021		—	(a)
JPY	243,625		GBP	1,773	State Street Corp.		1/29/2021		(65	)
USD	33		DKK	205	BNP Paribas		1/29/2021		(1	)
USD	628		DKK	3,945	Merrill Lynch International		1/29/2021		(20	)
USD	149		DKK	937	State Street Corp.		1/29/2021		(5	)
USD	169		EUR	142	Merrill Lynch International		1/29/2021		(5	)

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN FUNDS DECEMBER 31, 2020

CURRENCY PURCHASED		CURRENCY SOLD			COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
USD	7,027		EUR	5,936	State Street Corp.		1/29/2021		(227	)
USD	275		EUR	227	TD Bank Financial Group		1/29/2021		(2	)
USD	441		HKD	3,422	Goldman Sachs International		1/29/2021		—	(a)
USD	564		JPY	58,396	BNP Paribas		1/29/2021		(2	)
USD	444		JPY	46,237	State Street Corp.		1/29/2021		(4	)
USD	135		JPY	14,047	TD Bank Financial Group		1/29/2021		(1	)
USD	65		SEK	561	BNP Paribas		1/29/2021		(3	)
USD	140		SEK	1,225	Merrill Lynch International		1/29/2021		(9	)
USD	169		SEK	1,464	State Street Corp.		1/29/2021		(9	)
USD	844		GBP	621	Citibank, NA		2/3/2021		(5	)
USD	1,634		HKD	12,665	TD Bank Financial Group		2/3/2021		—	(a)
Total unrealized depreciation									(2,162	)
Net unrealized appreciation									536

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 Koruna
DKK	Danish Krone
EUR	Euro
GBP	British Pound
HKD	Hong Kong Dollar
HUF	Hungarian Forint
IDR	Indonesian Rupiah
ILS	Israeli Shekel
INR	Indian 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
SGD	Singapore Dollar
THB	Thai Baht
TRY	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, 2020 J.P. MORGAN FUNDS 45

STATEMENT OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2020 (Unaudited)

(Amounts in thousands, except per share amounts)

	JPMorgan Diversified Fund
ASSETS:
Investments in non-affiliates, at value	$	700,759
Investments in affiliates, at value		200,406
Cash		2,698
Foreign currency, at value		212
Deposits at broker for futures contracts		82
Receivables:
Investment securities sold		401
Fund shares sold		5,642
Interest from non-affiliates		1,656
Dividends from non-affiliates		334
Dividends from affiliates		—	(a)
Tax reclaims		445
Variation margin on futures contracts		436
Unrealized appreciation on forward foreign currency exchange contracts		2,698
Total Assets		915,769
LIABILITIES:
Payables:
Distributions		51
Investment securities purchased		325
Fund shares redeemed		155
Unrealized depreciation on forward foreign currency exchange contracts		2,162
Accrued liabilities:
Investment advisory fees		288
Administration fees		6
Distribution fees		34
Service fees		27
Custodian and accounting fees		68
Deferred foreign capital gains tax		156
Other		69
Total Liabilities		3,341
Net Assets	$	912,428

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN FUNDS DECEMBER 31, 2020

	JPMorgan Diversified Fund
NET ASSETS:
Paid-in-Capital	$	697,327
Total distributable earnings (loss)		215,101
Total Net Assets	$	912,428
Net Assets:
Class A	$	120,715
Class C		13,236
Class I		56,372
Class L		175,675
Class R6		546,430
Total	$	912,428
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		7,013
Class C		776
Class I		3,250
Class L		10,153
Class R6		31,586
Net Asset Value (a):
Class A — Redemption price per share	$	17.21
Class C — Offering price per share (b)		17.06
Class I — Offering and redemption price per share		17.34
Class L — Offering and redemption price per share		17.30
Class R6 — Offering and redemption price per share		17.30
Class A maximum sales charge		4.50	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	18.02
Cost of investments in non-affiliates	$	493,499
Cost of investments in affiliates		194,321
Cost of foreign currency		136

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN FUNDS 47

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

(Amounts in thousands)

	JPMorgan Diversified Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	3,924
Interest income from affiliates		—	(a)
Dividend income from non-affiliates		3,762
Dividend income from affiliates		1,769
Foreign taxes withheld (net)		(158	)
Total investment income		9,297
EXPENSES:
Investment advisory fees		2,106
Administration fees		329
Distribution fees:
Class A		140
Class C		54
Service fees:
Class A		140
Class C		18
Class I		78
Class L		81
Custodian and accounting fees		233
Interest expense to affiliates		3
Professional fees		62
Trustees’ and Chief Compliance Officer’s fees		14
Printing and mailing costs		17
Registration and filing fees		34
Transfer agency fees (See Note 2.L.)		35
Other		27
Total expenses		3,371
Less fees waived		(688	)
Net expenses		2,683
Net investment income (loss)		6,614
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		43,757	(b)
Investments in affiliates		(107	)
Futures contracts		16,917
Foreign currency transactions		55
Forward foreign currency exchange contracts		432
Net realized gain (loss)		61,054
Distributions of capital gains received from investment company affiliates		2,642
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		91,364	(c)
Investments in affiliates		2,551
Futures contracts		(72	)
Foreign currency translations		34
Forward foreign currency exchange contracts		1,478
Change in net unrealized appreciation/depreciation		95,355
Net realized/unrealized gains (losses)		159,051
Change in net assets resulting from operations	$	165,665

(a) Amount rounds to less than one thousand.

(b) Net of foreign capital gains tax of approximately $(24,000).

(c) Net of change in foreign capital gains tax of approximately $(156,000).

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN FUNDS DECEMBER 31, 2020

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Diversified Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	6,614		$	20,839
Net realized gain (loss)		61,054			46,159
Distributions of capital gains received from investment company affiliates		2,642			27
Change in net unrealized appreciation/depreciation		95,355			(42,576	)
Change in net assets resulting from operations		165,665			24,449
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(9,466	)		(9,645	)
Class C		(1,027	)		(1,453	)
Class I		(5,271	)		(5,796	)
Class L		(14,004	)		(14,454	)
Class R6		(43,896	)		(60,531	)
Total distributions to shareholders		(73,664	)		(91,879	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(98,298	)		(122,455	)
NET ASSETS:
Change in net assets		(6,297	)		(189,885	)
Beginning of period		918,725			1,108,610
End of period	$	912,428		$	918,725
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	5,378		$	3,791
Distributions reinvested		9,281			9,497
Cost of shares redeemed		(8,355	)		(18,329	)
Change in net assets resulting from Class A capital transactions		6,304			(5,041	)
Class C
Proceeds from shares issued		564			2,121
Distributions reinvested		1,018			1,389
Cost of shares redeemed		(5,514	)		(5,433	)
Change in net assets resulting from Class C capital transactions		(3,932	)		(1,923	)
Class I
Proceeds from shares issued		2,626			6,783
Distributions reinvested		5,152			5,683
Cost of shares redeemed		(17,759	)		(25,285	)
Change in net assets resulting from Class I capital transactions		(9,981	)		(12,819	)
Class L
Proceeds from shares issued		7,223			12,238
Distributions reinvested		13,460			13,903
Cost of shares redeemed		(9,369	)		(92,122	)
Change in net assets resulting from Class L capital transactions		11,314			(65,981	)
Class R6
Proceeds from shares issued		12,687			33,820
Distributions reinvested		43,089			60,531
Cost of shares redeemed		(157,779	)		(131,042	)
Change in net assets resulting from Class R6 capital transactions		(102,003	)		(36,691	)
Total change in net assets resulting from capital transactions	$	(98,298	)	$	(122,455	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN FUNDS 49

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Diversified Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		317			239
Reinvested		546			595
Redeemed		(495	)		(1,167	)
Change in Class A Shares		368			(333	)
Class C
Issued		34			131
Reinvested		60			87
Redeemed		(329	)		(348	)
Change in Class C Shares		(235	)		(130	)
Class I
Issued		153			421
Reinvested		301			354
Redeemed		(1,045	)		(1,565	)
Change in Class I Shares		(591	)		(790	)
Class L
Issued		421			763
Reinvested		788			866
Redeemed		(550	)		(5,617	)
Change in Class L Shares		659			(3,988	)
Class R6
Issued		748			2,054
Reinvested		2,521			3,778
Redeemed		(9,613	)		(8,442	)
Change in Class R6 Shares		(6,344	)		(2,610	)

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN FUNDS DECEMBER 31, 2020

THIS PAGE IS INTENTIONALLY LEFT BLANK

DECEMBER 31, 2020 J.P. MORGAN FUNDS 51

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, 2020 (Unaudited)	$	15.53	$	0.10	$	3.03		$	3.13		$	(0.15	)	$	(1.30	)	$	(1.45	)
Year Ended June 30, 2020		16.54		0.27		0.16			0.43			(0.27	)		(1.17	)		(1.44	)
Year Ended June 30, 2019		17.24		0.33		0.55			0.88			(0.30	)		(1.28	)		(1.58	)
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	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		15.40		0.06		3.00			3.06			(0.10	)		(1.30	)		(1.40	)
Year Ended June 30, 2020		16.41		0.19		0.16			0.35			(0.19	)		(1.17	)		(1.36	)
Year Ended June 30, 2019		17.12		0.24		0.55			0.79			(0.22	)		(1.28	)		(1.50	)
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	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		15.64		0.12		3.04			3.16			(0.16	)		(1.30	)		(1.46	)
Year Ended June 30, 2020		16.64		0.31		0.17			0.48			(0.31	)		(1.17	)		(1.48	)
Year Ended June 30, 2019		17.34		0.37		0.55			0.92			(0.34	)		(1.28	)		(1.62	)
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	)
Class L
Six Months Ended December 31, 2020 (Unaudited)		15.60		0.13		3.04			3.17			(0.17	)		(1.30	)		(1.47	)
Year Ended June 30, 2020		16.61		0.32		0.16			0.48			(0.32	)		(1.17	)		(1.49	)
Year Ended June 30, 2019		17.31		0.40		0.55			0.95			(0.37	)		(1.28	)		(1.65	)
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	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		15.60		0.14		3.04			3.18			(0.18	)		(1.30	)		(1.48	)
Year Ended June 30, 2020		16.61		0.33		0.16			0.49			(0.33	)		(1.17	)		(1.50	)
Year Ended June 30, 2019		17.31		0.41		0.56			0.97			(0.39	)		(1.28	)		(1.67	)
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.

52 J.P. MORGAN FUNDS DECEMBER 31, 2020

		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)
$	17.21		20.31	%	$	120,715		0.90	%		1.21	%		1.19	%		33	%
	15.53		2.47			103,204		0.94			1.70			1.23			82
	16.54		6.15			115,421		1.00			1.98			1.25			86
	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
	17.06		20.04			13,236		1.40			0.71			1.64			33
	15.40		1.96			15,569		1.45			1.20			1.69			82
	16.41		5.60			18,733		1.50			1.47			1.72			86
	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
	17.34		20.42			56,372		0.65			1.45			0.90			33
	15.64		2.77			60,064		0.69			1.96			0.93			82
	16.64		6.37			77,085		0.75			2.24			0.97			86
	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
	17.30		20.52			175,675		0.59			1.51			0.74			33
	15.60		2.78			148,144		0.62			2.02			0.78			82
	16.61		6.57			223,985		0.57			2.39			0.81			86
	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
	17.30		20.56			546,430		0.53			1.59			0.64			33
	15.60		2.86			591,744		0.55			2.10			0.67			82
	16.61		6.65			673,386		0.50			2.47			0.71			86
	17.31		0.71			752,097		0.49			2.34			0.69			93

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN FUNDS 53

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (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	Diversification Classification
JPMorgan Diversified Fund	Class A, Class C, Class I, Class L and Class R6	Diversified

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.

Class L Shares of the Fund are publicly offered 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 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, 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. Effective October 1, 2020, Class C Shares automatically convert to Class A Shares after eight years. Prior to October 1, 2020, Class C Shares automatically converted 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, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) 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 (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) 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 — Investments are valued in accordance with GAAP and the Fund’s valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

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/or 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 the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for 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.

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.

54 J.P. MORGAN FUNDS DECEMBER 31, 2020

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 foreign 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”) (“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. 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, 2020.

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
Asset-Backed Securities	$	—	$	1,708	$	15,699	$	17,407
Collateralized Mortgage Obligations		—		12,264		9,835		22,099
Commercial Mortgage-Backed Securities		—		740		1,246		1,986
Common Stocks
Aerospace & Defense		2,568		2,926		—		5,494
Air Freight & Logistics		—		456		—		456
Airlines		524		514		—		1,038
Auto Components		—		770		—		770
Automobiles		5,490		3,684		—		9,174
Banks		24,182		13,706		—		37,888
Beverages		6,605		5,730		—		12,335
Biotechnology		9,275		828		—		10,103
Building Products		3,556		755		—		4,311
Capital Markets		11,864		4,205		—		16,069
Chemicals		3,190		6,401		—		9,591
Commercial Services & Supplies		2,390		330		—		2,720
Communications Equipment		1,038		347		—		1,385
Construction & Engineering		386		2,771		—		3,157
Construction Materials		895		1,720		—		2,615
Consumer Finance		3,123		57		—		3,180
Containers & Packaging		4,265		39		—		4,304
Distributors		1,229		—		—		1,229
Diversified Consumer Services		655		—		—		655
Diversified Financial Services		1,766		727		—		2,493
Diversified Telecommunication Services		1,346		2,202		—		3,548
Electric Utilities		7,209		4,101		—		11,310
Electrical Equipment		3,666		3,923		—		7,589

DECEMBER 31, 2020 J.P. MORGAN FUNDS 55

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Electronic Equipment, Instruments & Components	$	2,663	$	3,568	$	—		$	6,231
Energy Equipment & Services		—		67		—			67
Entertainment		6,303		858		—			7,161
Equity Real Estate Investment Trusts (REITs)		9,367		934		—			10,301
Food & Staples Retailing		3,308		1,744		3			5,055
Food Products		1,565		5,336		—			6,901
Gas Utilities		392		470		—			862
Health Care Equipment & Supplies		8,026		1,675		—			9,701
Health Care Providers & Services		9,989		351		—	(a)		10,340
Health Care Technology		403		179		—			582
Hotels, Restaurants & Leisure		5,304		2,460		—			7,764
Household Durables		2,204		5,224		—			7,428
Household Products		1,865		1,984		—			3,849
Independent Power and Renewable Electricity Producers		—		167		—			167
Industrial Conglomerates		2,046		1,101		—			3,147
Insurance		8,926		15,282		—			24,208
Interactive Media & Services		9,588		6,081		—			15,669
Internet & Direct Marketing Retail		16,972		5,594		104			22,670
IT Services		15,757		3,925		—			19,682
Leisure Products		503		195		—			698
Life Sciences Tools & Services		2,684		1,819		—			4,503
Machinery		9,045		7,850		—			16,895
Marine		—		157		—			157
Media		6,647		291		—			6,938
Metals & Mining		815		5,730		—			6,545
Multiline Retail		774		325		5			1,104
Multi-Utilities		705		1,215		—			1,920
Oil, Gas & Consumable Fuels		7,236		3,842		—			11,078
Paper & Forest Products		63		244		—			307
Personal Products		2,651		1,815		—			4,466
Pharmaceuticals		10,929		8,939		—			19,868
Professional Services		1,667		3,088		33			4,788
Real Estate Management & Development		922		2,659		—			3,581
Road & Rail		7,935		556		—			8,491
Semiconductors & Semiconductor Equipment		22,964		8,145		—			31,109
Software		23,773		1,270		—			25,043
Specialty Retail		9,312		1,238		—			10,550
Technology Hardware, Storage & Peripherals		10,188		7,042		—			17,230
Textiles, Apparel & Luxury Goods		2,262		6,328		—			8,590
Thrifts & Mortgage Finance		—		1,263		—			1,263
Tobacco		—		882		—			882
Trading Companies & Distributors		—		2,020		—			2,020
Transportation Infrastructure		88		365		—			453
Water Utilities		—		67		—			67
Wireless Telecommunication Services		756		1,248		—			2,004
Total Common Stocks		321,819		181,785		145			503,749
Convertible Bonds		—		46,852		—			46,852
Convertible Preferred Stocks		3,754		—		—			3,754
Corporate Bonds
Aerospace & Defense		—		1,997		—			1,997
Air Freight & Logistics		—		374		—			374
Airlines		—		324		—			324
Auto Components		—		2,652		—			2,652
Automobiles		—		85		—			85

56 J.P. MORGAN FUNDS DECEMBER 31, 2020

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Banks	$	—	$	344	$	—	$	344
Building Products		—		948		—		948
Capital Markets		—		182		—		182
Chemicals		—		1,092		—		1,092
Commercial Services & Supplies		—		1,455		—		1,455
Communications Equipment		—		902		—		902
Construction & Engineering		—		71		—		71
Consumer Finance		—		4,580		—		4,580
Containers & Packaging		—		2,537		—		2,537
Distributors		—		409		—		409
Diversified Consumer Services		—		358		—		358
Diversified Financial Services		—		514		—		514
Diversified Telecommunication Services		—		10,140		—		10,140
Electric Utilities		—		1,240		—		1,240
Electrical Equipment		—		291		—		291
Electronic Equipment, Instruments & Components		—		580		—		580
Energy Equipment & Services		—		475		—		475
Entertainment		—		2,307		—		2,307
Equity Real Estate Investment Trusts (REITs)		—		2,506		—		2,506
Food & Staples Retailing		—		1,428		—		1,428
Food Products		—		2,339		—		2,339
Gas Utilities		—		368		—		368
Health Care Equipment & Supplies		—		276		—		276
Health Care Providers & Services		—		7,747		—		7,747
Health Care Technology		—		213		—		213
Hotels, Restaurants & Leisure		—		5,360		—		5,360
Household Durables		—		1,163		—		1,163
Household Products		—		1,541		—		1,541
Independent Power and Renewable Electricity Producers		—		468		—		468
Internet & Direct Marketing Retail		—		175		—		175
IT Services		—		200		—		200
Leisure Products		—		732		—		732
Machinery		—		42		—		42
Media		—		7,739		—		7,739
Metals & Mining		—		2,224		—		2,224
Multiline Retail		—		255		71		326
Oil, Gas & Consumable Fuels		—		10,191		—		10,191
Personal Products		—		354		—		354
Pharmaceuticals		—		3,317		—		3,317
Professional Services		—		187		—		187
Real Estate Management & Development		—		40		—		40
Road & Rail		—		1,048		—		1,048
Semiconductors & Semiconductor Equipment		—		427		—		427
Software		—		689		—		689
Specialty Retail		—		3,185		—		3,185
Technology Hardware, Storage & Peripherals		—		977		—		977
Thrifts & Mortgage Finance		—		612		—		612
Trading Companies & Distributors		—		1,711		—		1,711
Wireless Telecommunication Services		—		2,766		—		2,766
Total Corporate Bonds		—		94,137		71		94,208
Exchange-Traded Funds		80		—		—		80
Investment Companies		176,804		—		—		176,804
Loan Assignments
Auto Components		—		5		—		5
Chemicals		—		50		—		50
Food & Staples Retailing		—		53		45		98
Health Care Providers & Services		—		167		—		167
Hotels, Restaurants & Leisure		—		53		—		53
Machinery		—		61		—		61

DECEMBER 31, 2020 J.P. MORGAN FUNDS 57

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Oil, Gas & Consumable Fuels	$	—		$	39		$	72		$	111
Pharmaceuticals		—			141			—			141
Total Loan Assignments		—			569			117			686
Mortgage-Backed Securities		—			386			—			386
Preferred Stocks		—			—			87			87
Rights		—			—			—	(b)		—	(b)
U.S. Treasury Obligations		—			9,431			—			9,431
Warrants		—			—			34			34
Short-Term Investments
Investment Companies		23,602			—			—			23,602
Total Investments in Securities	$	526,059		$	347,872		$	27,234		$	901,165
Appreciation in Other Financial Instruments
Forward Currency Contracts	$	—		$	2,698		$	—		$	2,698
Futures Contracts		1,932			—			—			1,932
Total Appreciation in Other Financial Instruments	$	1,932		$	2,698		$	—		$	4,630
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(2,162	)	$	—		$	(2,162	)
Futures Contracts		(245	)		—			—			(245	)
Total Depreciation in Other Financial Instruments	$	(245	)	$	(2,162	)	$	—		$	(2,407	)

(a) Value is zero.

(b) Amount rounds to less than one thousand.

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, 2020			Realized gain (loss)			Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1			Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of December 31, 2020
Investments in Securities
Asset-Backed Securities	$	20,226		$	30		$	290		$	28		$	—	(a)	$	(5,705	)	$	1,321	$	(491	)	$	15,699
Collateralized Mortgage Obligations		11,503			(92	)		634			3			—			(2,213	)		—		—			9,835
Commercial Mortgage-Backed Securities		2,000			22			61			—	(a)		—			(837	)		—		—			1,246
Common Stocks — Food & Staples Retailing		3			—			—			—			—			—			—		—			3
Common Stocks — Health Care Providers & Services		—	(b)		—			—			—			—			—			—		—			—	(b)
Common Stocks — Internet & Direct Marketing Retail		—			—			99			—			5			—			—		—			104
Common Stocks — Multiline Retail		—			—			5			—			—			—			—		—			5
Common Stocks — Professional Services		—			—			10			—			23			—			—		—			33
Corporate Bonds — Multiline Retail		—			—			4			—			67			—			—		—			71
Loan Assignments — Food & Staples Retailing		89			—			(23	)		(2	)		3			(22	)		—		—			45
Loan Assignments — Oil, Gas & Consumable Fuels		—			—			(1	)		—			73			—			—		—			72
Preferred Stocks — Internet & Direct Marketing Retail		—			—			14			—			73			—			—		—			87
Rights — Media		—	(a)		—			—			—			—			—			—		—			—	(a)
Warrants — Media		—			—			—			—			—	(a)		—			—		—			—	(a)
Warrants — Wireless Telecommunication Services		22			—			12			—			—			—			—		—			34
Total	$	33,843		$	(40	)	$	1,105		$	29		$	244		$	(8,777	)	$	1,321	$	(491	)	$	27,234

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.

(b) Value is zero.

58 J.P. MORGAN FUNDS DECEMBER 31, 2020

The changes in net unrealized appreciation (depreciation) attributable to securities owned at December 31, 2020, which were valued using significant unobservable inputs (level 3) amounted to approximately $999,000. This amount is included in Change in net unrealized appreciation/depreciation of investments in non-affiliates on the Statement of Operations.

There were no significant transfers into or out of level 3 for the six months ended December 31, 2020.

The significant unobservable inputs used in the fair value measurement of the Fund’s investments are listed below. 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 enterprise multiples may increase (decrease) the fair value measurement. Significant increases (decreases) in the discount for lack of marketability, liquidity discount, probability of default, yield and default rate may decrease (increase) the fair value measurement. A significant change in the discount rate or prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at December 31, 2020			Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	12,726		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 13.00% (5.79%)
					Constant Default Rate		0.49% - 6.80% (3.04%)
					Yield (Discount Rate of Cash Flows)		1.12% - 16.44% (2.74%)
Asset-Backed Securities		12,726
		1,246		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		1.53% - 1.85% (1.66%)
Commercial Mortgage-Backed Securities		1,246
		9,186		Discounted Cash Flow	Constant Prepayment Rate		2.00% - 32.00% (19.75%)
					Constant Default Rate		0.00% - 5.60% (0.69%)
					Yield (Discount Rate of Cash Flows)		2.09% - 5.15% (3.31%)
Commercial Mortgage Obligations		9,186
		3		Market Comparable Companies	EBITDA Multiple (b)		6.0x (6.0x)
Common Stocks		3
		—	(c)	Pending Distribution Amount	Expected Recovery		0.00% (0.00%)
Rights		—	(c)
		117		Terms of Exchange Offer	Expected Recovery		100.00% (100.00%)
Loan Assignments		117
		—	(c)	Pending Distribution Amount	Expected Recovery		0.00% (0.00%)
Warrants		—	(c)
Total	$	23,278

# The table above does not include certain Level 3 investments that are valued by brokers and Pricing Services. At December 31, 2020, the value of these investments was approximately $3,956,000. The inputs for these securities are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A.

(a) Unobservable inputs were weighted by the relative fair value of the instruments.

(b) Represents amounts used when the reporting entity has determined that market participants would take into account such multiples when pricing the investments.

(c) Amount rounds to less than one thousand.

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 NAVs of the Fund.

DECEMBER 31, 2020 J.P. MORGAN FUNDS 59

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

As of December 31, 2020, 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 invested 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 the 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, the Fund assumes the credit risk of the Borrower as well as any other persons interpositioned between the Fund and the Borrower (“Intermediate Participants”). The 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, the 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, the Fund may not receive the proceeds from a sale of such investments for a period after the sale.

D. When-Issued Securities, Delayed Delivery Securities and Forward Commitments — The Fund purchased when-issued securities, including To Be Announced (“TBA”) securities, and entered into contracts to purchase or sell securities for a fixed price that may be settled a month or more after the trade date, or purchased delayed delivery securities which generally settle seven days after the trade date. When-issued securities are securities that have been authorized, but not issued in the market. A forward commitment involves entering into a contract to purchase or sell securities for a fixed price at a future date that may be settled a month or more after the trade date. A delayed delivery security is agreed upon in advance between the buyer and the seller of the security and is generally delivered beyond seven days of the agreed upon date. The purchase of securities on a when-issued, delayed delivery or forward commitment basis involves the risk that the value of the security to be purchased declines before the settlement date. The sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. The Fund may be exposed to credit risk if the counterparty fails to perform under the terms of the transaction. Interest income for securities purchased on a when-issued, delayed delivery or forward commitment basis is not accrued until the settlement date.

E. Securities Lending — The Fund is 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), subject to certain de minimis amounts.

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.

60 J.P. MORGAN FUNDS DECEMBER 31, 2020

The Fund did not lend out any securities during the six months ended December 31, 2020.

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

For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Core Bond Fund Class R6 Shares (a)	$	4,000	$	77,444	$	43,049	$	(106	)	$	(553	)	$	37,736		3,070	$	175	$	816
JPMorgan Corporate Bond Fund Class R6 Shares (a)		98,796		22,185		—		—			2,330			123,311		11,292		1,390		1,826
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		898		13,118		—		—			708			14,724		1,774		149		—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		937		17		—		—			79			1,033		125		16		—
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)		64,384		328,033		369,757		(1	)		(13	)		22,646		22,635		38		—
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.09% (a) (b)		627		4,814		4,485		—	(c)		—	(c)		956		955		1		—
Total	$	169,642	$	445,611	$	417,291	$	(107	)	$	2,551		$	200,406			$	1,769	$	2,642

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

(b) The rate shown is the current yield as of December 31, 2020.

(c) Amount rounds to less than one thousand.

G. 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 in non-affiliates 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 assets and liabilities denominated in foreign currencies, which are held at year end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statement of Operations.

H. Futures Contracts — The Fund used index, treasury or other financial futures contracts to gain or reduce exposure to the stock and bond markets, or maintain liquidity or minimize transaction costs. The Fund also purchased 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

DECEMBER 31, 2020 J.P. MORGAN FUNDS 61

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

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, foreign exchange and interest rate risks. 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 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).

I. Forward Foreign Currency Exchange Contracts — The Fund is 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 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. dollars without the delivery of the 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, upon settlement, when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty.

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.

J. Summary of Derivatives Information

The following table presents the value of derivatives held as of December 31, 2020 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
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	1,929		$	—		$	1,929
Foreign exchange contracts	Receivables		—			2,698			2,698
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		3			—			3
Total		$	1,932		$	2,698		$	4,630
Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(50	)	$	—		$	(50	)
Foreign exchange contracts	Payables		—			(2,162	)		(2,162	)
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation		(195	)		—			(195	)
Total		$	(245	)	$	(2,162	)	$	(2,407	)

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOI. The Statement of Assets and Liabilities only reflect 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

62 J.P. MORGAN FUNDS DECEMBER 31, 2020

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 against collateral posted to a segregated account by one party for the benefit of the other.

The following table presents the effect of derivatives on the Statement of Operations for the six months ended December 31, 2020, by primary underlying risk exposure (amounts in thousands):

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statement of Operations
Derivative Contracts	Futures Contracts		Forward Foreign Currency Exchange Contracts		Total
Equity contracts	$	16,880	$	—	$	16,880
Foreign exchange contracts		—		432		432
Interest rate contracts		37		—		37
Total	$	16,917	$	432	$	17,349

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statement of Operations
Derivative Contracts	Futures Contracts			Forward Foreign Currency Exchange Contracts		Total
Equity contracts	$	3		$	—	$	3
Foreign exchange contracts		—			1,478		1,478
Interest rate contracts		(75	)		—		(75	)
Total	$	(72	)	$	1,478	$	1,406

Derivatives Volume

The table below discloses the volume of the Fund’s futures contracts and forward foreign currency exchange contracts activity during the six months ended December 31, 2020. Please refer to the table in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity (amounts in thousands):

Futures Contracts — Equity:
Average Notional Balance Long	$	99,430
Average Notional Balance Short		10,864
Ending Notional Balance Long		68,813
Ending Notional Balance Short		2,774
Futures Contracts — Interest Rate:
Average Notional Balance Long		54,307
Average Notional Balance Short		57,150	(a)
Ending Notional Balance Long		15,621
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased		276,878
Average Settlement Value Sold		155,072
Ending Settlement Value Purchased		250,563
Ending Settlement Value Sold		144,338

(a) For the period July 1, 2020 through August 31, 2020.

The Fund’s derivatives contracts held at December 31, 2020 are not accounted for as hedging instruments under GAAP.

K. 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 the Fund first learns of the dividend. The Fund 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.

DECEMBER 31, 2020 J.P. MORGAN FUNDS 63

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

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.

L. Allocation of Income and Expenses — Expenses directly attributable to the Fund are charged directly to the Fund, while the expenses attributable to more than one fund of the Trust are allocated among the applicable funds. 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 share class of the Fund for the six months ended December 31, 2020 are as follows (amounts in thousands):

	Class A		Class C			Class I		Class L		Class R6		Total
Transfer agency fees	$	29	$	—	(a)	$	3	$	1	$	2	$	35

(a) Amount rounds to less than one thousand.

The Fund invests in Underlying Funds and ETFs 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 ratios to average net assets shown in the Financial Highlights. Certain expenses of affiliated Underlying Funds and ETFs are waived as described in Note 3.F.

M. 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, 2020, no liability for Federal 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.

N. 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 gains 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.

O. 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 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.

P. Recent Accounting Pronouncement — In March 2020, the FASB issued Accounting Standards Update No. 2020-04 (“ASU 2020-04”), Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 became effective upon the issuance and its optional relief can be applied through December 31, 2022. Management is currently evaluating the impact, if any, to the Fund’s financial statements of applying ASU 2020-04.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of the Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate of 0.48% 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, 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, plus 0.050% of the Fund’s average daily net assets between $10 billion and $20 billion, plus 0.025% of the Fund’s average daily net assets between $20 billion and $25 billion, plus 0.01% of the Fund’s average daily net assets in excess of $25 billion. For the six months ended December 31, 2020, the effective annualized rate was 0.07% 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.

64 J.P. MORGAN FUNDS DECEMBER 31, 2020

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 Fund’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 pursuant to Rule 12b-1 under the 1940 Act. Class I, Class L and Class R6 Shares of the Fund do not charge a distribution fee. The Distribution Plan provides that the Fund shall pay, with respect to the applicable share classes, 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. For the six months ended December 31, 2020, 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 fund shareholders. For performing these services, JPMDS receives a fee with respect to all share classes, except 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. Pursuant to such contracts, 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.

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, expenses related to trustee elections 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
	0.96	%		1.46	%		0.71	%		0.65	%		0.58	%

The expense limitation agreement was in effect for the six months ended December 31, 2020 and the contractual expense limitation percentages in the table above are in place until at least October 31, 2021.

To the extent that the Fund invests in an affiliated Underlying Fund, then the fee limitation amount will include, as applicable, (i) an amount sufficient to offset the respective net advisory, net administration and net shareholder servicing fees of that affiliated fund, or (ii) the management fee paid to the adviser pursuant to the Underlying Fund’s management agreement.

For the six months ended December 31, 2020, 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/or reimbursed expenses in future years.

Contractual Waivers
Investment Advisory Fees		Administration Fees		Service Fees		Total
$	296	$	197	$	170	$	663

DECEMBER 31, 2020 J.P. MORGAN FUNDS 65

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

Additionally, the Fund may invest in Underlying Funds advised by the Adviser. 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 Underlying Fund on the Fund’s investment in such affiliated Underlying Fund, except for investments of securities lending cash collateral. None of these parties expect the Fund to repay any such waived fees and/or reimbursed expenses in future years.

The amount of these waivers resulting from investments in these affiliated Underlying Funds for the six months ended December 31, 2020 was approximately $25,000.

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 designated and appointed a Chief Compliance Officer to the Fund pursuant to Rule 38a-1 under the 1940 Act. The Fund, along with 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, 2020, the Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were 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 LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.

4. Investment Transactions

During the six months ended December 31, 2020, 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)		Sales of U.S. Government
$	271,509	$	349,055	$	13,915

During the six months ended December 31, 2020, there were no purchases 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, 2020 were as follows (amounts in thousands):

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	687,820	$	224,709	$	9,141	$	215,568

As of June 30, 2020, the Fund did not have any net capital loss carryforwards.

Net capital losses and specified ordinary losses incurred after October 31, and 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, 2020, the Fund deferred to July 1, 2020 the following net capital losses and specified ordinary losses of (amounts in thousands):

Net Capital Losses				Specified Ordinary Losses
Short-Term		Long-Term
$	2,817	$	—	$	1,091

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 Fund had no borrowings outstanding from another fund during the six months ended December 31, 2020.

66 J.P. MORGAN FUNDS DECEMBER 31, 2020

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 1, 2021.

The Fund had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended December 31, 2020.

The Trust, along with certain other trusts for J.P. Morgan Funds (“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%, which has increased to 1.25% pursuant to the amendment referenced below, 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 11, 2020, this agreement has been amended and restated for a term of 364 days, unless extended, and to include the change to the interest rate charged for borrowing from the Credit Facility to 1.25%, as noted above, and an upfront fee of 0.075% of the Credit Facility to be charged and paid by all participating funds of the Credit Facility.

The Fund did not utilize the Credit Facility during the six months ended December 31, 2020.

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, 2020, the Fund had one individual shareholder and/or affiliated omnibus account and one individual shareholder and/or non-affiliated omnibus account which owned 18.2% and 31.7% of the Fund’s outstanding shares, respectively.

Significant shareholder transactions by these shareholders may impact the Fund’s performance and liquidity.

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, pre-payments, 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 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. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy. During periods when interest rates are low or there are negative interest rates, the Fund’s yield (and total return) also may be low or the Fund may be unable to maintain positive returns. The ability of the issuers of debt to meet their obligations may be affected by economic and political developments in a specific industry or region. The value of a Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality.

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 period 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.

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 Fund’s original investment. Many derivatives create leverage thereby causing the Fund to be more volatile than they would have been if they had not used derivatives. Derivatives also expose the Fund to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses.

DECEMBER 31, 2020 J.P. MORGAN FUNDS 67

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

Because of the Fund’s investments in Underlying Funds and ETFs, the Fund indirectly pays a portion of the expenses incurred by the Underlying Funds and ETFs. 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’ 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.

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.

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.

LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. The regulatory authority that oversees financial services firms and financial markets in the U.K. has announced that, after the end of 2021, it would no longer persuade or compel contributing banks to make rate submissions for purposes of determining the LIBOR rate. As a result, it is possible that commencing in 2022, LIBOR may no longer be available or no longer deemed an appropriate reference rate upon which to determine the interest rate on or impacting certain loans, notes, derivatives and other instruments or investments comprising some or all of the Fund’s portfolio. In light of this eventuality, public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of LIBOR. There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain investments of the Fund and result in costs incurred in connection with closing out positions and entering into new trades. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., Euribor) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.

The Fund is subject to infectious disease epidemics/pandemics risk. The worldwide outbreak of COVID-19, a novel coronavirus disease, has negatively affected economies, markets and individual companies throughout the world. The effects of this COVID-19 pandemic to public health, and business and market conditions, including exchange trading suspensions and closures may continue to have a significant negative impact on the performance of the Fund’s investments, increase the Fund’s volatility, exacerbate other pre-existing political, social and economic risks to the Fund and negatively impact broad segments of businesses and populations. The Fund’s operations may be interrupted as a result, which may have a significant negative impact on investment performance. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic that affect the instruments in which the Fund invests, or the issuers of such instruments, in ways that could also have a significant negative impact on the Fund’s investment performance. The full impact of this COVID-19 pandemic, or other future epidemics/pandemics, is currently unknown.

68 J.P. MORGAN FUNDS DECEMBER 31, 2020

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, 2020, and continued to hold your shares at the end of the reporting period, December 31, 2020.

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 titled “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 and ETFs. 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, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Diversified Fund
Class A
Actual	$	1,000.00	$	1,203.10	$	5.00		0.90	%
Hypothetical		1,000.00		1,020.67		4.58		0.90
Class C
Actual		1,000.00		1,200.40		7.76		1.40
Hypothetical		1,000.00		1,018.15		7.12		1.40
Class I
Actual		1,000.00		1,204.20		3.61		0.65
Hypothetical		1,000.00		1,021.93		3.31		0.65
Class L
Actual		1,000.00		1,205.20		3.28		0.59
Hypothetical		1,000.00		1,022.23		3.01		0.59
Class R6
Actual		1,000.00		1,205.60		2.95		0.53
Hypothetical		1,000.00		1,022.53		2.70		0.53

* 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, 2020 J.P. MORGAN FUNDS 69

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 June and August 2020 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”). In accordance with SEC guidance, due to the COVID-19 pandemic, the meetings were conducted through video conference. 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 parties to the Advisory Agreement or “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 11, 2020.

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, at each of their regular meetings throughout the year, the Trustees considered reports on the performance of certain J.P. Morgan Funds provided by an independent management consulting firm (“independent consultant”). 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. and/or Morningstar Inc., independent providers of investment company data (together, “Broadridge”). 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 peers. 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, including additional reporting and information provided in connection with the market volatility caused by the COVID-19 pandemic, 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, personnel changes, if any, 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, if any. In addition, the Board considered its discussions with the Adviser regarding the Adviser’s business continuity plan and steps the Adviser was taking to provide ongoing services to the Fund during the COVID-19 pandemic, and the Adviser’s success in continuing to provide services to the Fund and their shareholders throughout this period. 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

70 J.P. MORGAN FUNDS DECEMBER 31, 2020

processes. The Trustees also considered the quality of the administration services provided by the Adviser in its role as administrator.

The Trustees also considered their knowledge of the nature and quality of 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 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, and taking into consideration the factors noted above, 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 administration 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 (although they are retained by JPMDS in certain instances). 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 Fund. The Trustees considered that the J.P. Morgan Funds’ operating accounts are held at JPMCB, which, as a result, will receive float benefits for certain J.P. Morgan Funds, as applicable. The Trustees also noted that the Adviser supports a diverse set of products and services, which benefits the Adviser by allowing it to leverage its infrastructure to serve additional clients, 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 allow the Fund’s shareholders to share potential economies of scale from its inception, prior to reaching scale, and that the fees remain satisfactory relative to peer funds. The Trustees considered the benefits to the Fund of the use of an affiliated distributor and custodian, including the ability to rely on existing infrastructure supporting distribution, custodial and transfer agent services and the ability to negotiate competitive fees for the Fund. The Trustees further considered the Adviser’s and JPMDS’s ongoing investments in their business in support of the Fund, including the Adviser’s and/or JPMDS’s investments in trading systems, technology (including improvements to the J.P. Morgan Funds’ website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees concluded that the current fee structure for the Fund, including any Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of the Fund at competitive levels, was reasonable. The Trustees concluded that the Fund’s shareholders received the benefits of potential economies of scale through

DECEMBER 31, 2020 J.P. MORGAN FUNDS 71

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

the Fee Caps and the Adviser’s reinvestment in its operations to serve the Fund and its shareholders. The Trustees noted that the Adviser’s reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Fund.

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, collective investment trusts, ETFs 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, as applicable, 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.

Investment Performance

The Trustees received and considered absolute and/or relative performance information for the Fund in a report prepared by Broadridge. 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 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’s methodology for selecting mutual funds in the Fund’s Universe and Peer Group and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Broadridge 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 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 fourth quintile based upon the Peer Group for each of the one-, three-, and five-year periods ended December 31, 2019, and in the second, third, and third quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, 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, 2019, and in the second, second and third quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the third and second quintiles based upon the Peer Group and Universe, respectively, for the one-year period ended December 31, 2019. 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 concerning management fee rates paid by other funds in the same Broadridge category as the Fund. The Trustees recognized that Broadridge 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, and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Groups did not meet a predetermined minimum. The Trustees considered the Fee Caps currently in place, the net advisory fee rate and net expense ratio for each share class, as applicable, 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

72 J.P. MORGAN FUNDS DECEMBER 31, 2020

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 second 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. The Trustees noted that the net advisory fee for Class R6 shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class R6 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 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, 2020 J.P. MORGAN FUNDS 73

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 as an exhibit to its report on Form N-PORT. The Fund’s Form N-PORT reports are available on the SEC’s website at http://www.sec.gov. The Fund’s quarterly holdings can be found 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 brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

^© JPMorgan Chase & Co., 2020.  All rights reserved. December 2020. SAN-DIV-1220

Semi-Annual Report

J.P. Morgan Large Cap Funds

December 31, 2020 (Unaudited)

JPMorgan Equity Focus Fund

JPMorgan Equity Income Fund

JPMorgan Equity Premium Income Fund

JPMorgan Hedged Equity Fund

JPMorgan Intrepid Value Fund

JPMorgan Large Cap Growth Fund

JPMorgan Large Cap Value Fund

JPMorgan U.S. Equity Fund

JPMorgan U.S. GARP Equity Fund

(formerly known as JPMorgan Intrepid Growth Fund)

JPMorgan U.S. Large Cap Core Plus Fund

JPMorgan U.S. Research Enhanced Equity Fund

JPMorgan U.S. Sustainable Leaders Fund

(formerly known as JPMorgan Intrepid Sustainable Equity Fund)

JPMorgan U.S. Value Fund

(formerly known as JPMorgan Growth and Income Fund)

CONTENTS

Letter to Shareholders	1
Market Overview	2
Fund Commentaries:
JPMorgan Equity Focus Fund	3
JPMorgan Equity Income Fund	5
JPMorgan Equity Premium Income Fund	7
JPMorgan Hedged Equity Fund	10
JPMorgan Intrepid Value Fund	12
JPMorgan Large Cap Growth Fund	14
JPMorgan Large Cap Value Fund	16
JPMorgan U.S. Equity Fund	18
JPMorgan U.S. GARP Equity Fund (formerly known as JPMorgan Intrepid Growth Fund)	20
JPMorgan U.S. Large Cap Core Plus Fund	22
JPMorgan U.S. Research Enhanced Equity Fund	25
JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund)	27
JPMorgan U.S. Value Fund (formerly known as JPMorgan Growth and Income Fund)	29
Schedules of Portfolio Investments	31
Financial Statements	72
Financial Highlights	104
Notes to Financial Statements	130
Schedule of Shareholder Expenses	149
Board Approval of Investment Advisory Agreements	155

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.

LETTER TO SHAREHOLDERS

February 4, 2021 (Unaudited)

Dear Shareholders,

The year ahead holds the potential for a strong recovery in the global economy thanks to the massive efforts of central banks and governments and the development of multiple vaccines against Covid-19. While significant economic and health care challenges remain ahead, the uncertainty and turbulence of 2020 has abated.

  “Investors who remained fully invested over the second half of 2020, in the face of uncertainty over the pandemic, the economy and a contested U.S. presidential election, were likely rewarded for their perseverance.” — Andrea L. Lisher

The second half of 2020 was notable for an accelerating rebound in equity markets from the steep sell-off in the first quarter of the year when the pandemic was first declared by the World Health Organization. Positive news about clinical trials of new vaccines, followed by the first approvals of those vaccines in November 2020, bolstered investor expectations that the pandemic would be halted and that economic and social activity could begin to resume in the year ahead. As overall demand for equities increased in the final half of 2020, investors began to turn their focus from companies that could endure the pandemic to those that could benefit from a potential recovery in local, national and international economies. For the six months ended December 31, 2020, the S&P 500 Index generated a total return of 22.16%.

Investors who remained fully invested over the second half of 2020, in the face of uncertainty over the pandemic, the economy and a contested U.S. presidential election, were likely rewarded for their perseverance.

The implementation of mass vaccinations on the national and global scales is not without challenges and the rebuilding of economies at all levels is likely to depend on how successfully the pandemic is fought. However, the advances in the fight against Covid-19 provide policymakers and investors with the opportunity to plan for the future and meet those challenges. J.P. Morgan Asset Management has thrived amid the many challenges presented by the pandemic. Moreover, our deep experience in risk management enabled us to successfully navigate increased volatility in global financial markets. Throughout 2020, we continued to seek to operate under the same fundamental practices and principles that have driven our success for more than a century with an unwavering focus on putting our clients at the center of everything we do.

On behalf of J.P. Morgan Asset Management, thank you for entrusting us to manage your investment. 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,

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 1

J.P. Morgan Large Cap Funds

MARKET OVERVIEW

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

Overall, the second half of 2020 was marked by U.S. equity market gains in the final months of the year amid the rollout of multiple vaccines against Covid-19, followed by the eventual approval of $900 billion in federal pandemic relief that was signed into law on December 27, 2020.

Globally, U.S. equity led a broad rebound in both developed markets and emerging markets equity at the start of the period. Leading U.S. equity indexes rose in July and August 2020, punctuated by five consecutive record high closings for the S&P 500 Index in late August — a stretch not seen since 2017. Notably, Apple Inc. issued a 4-for-1 stock split in August and became the first publicly listed company with a valuation surpassing $2 trillion. The U.S. Federal Reserve (the “Fed”) signaled its continued support for asset purchases and low benchmark interest rates. While the spread of Covid-19 accelerated in the U.S., multiple candidate vaccines were being developed around the world and the number of hospitalizations at the end of the summer was relatively small compared with what was to come at the end of the year.

Equity prices across the globe largely declined over September and October 2020. Re-closings across Asia and Europe in response to Covid-19 dented investor optimism. The inability of the U.S. Congress to adopt further spending for pandemic relief put acute pressure on the S&P 500 Index in the final week of October.

U.S. equity prices began to rebound in November and by mid-month the S&P 500 Index reached a closing high and crossed 3,600 points for the first time amid the U.S. Food and Drug Administration’s approval of the first Covid-19 vaccines. While the results of the U.S. presidential election were contested, President-elect Joe Biden’s early cabinet choices — including former Fed Chairwoman Janet Yellen — removed some investor uncertainty. The Fed kept interest rates and policies unchanged and Congressional negotiations over proposed relief and stimulus spending continued through the month.

Globally, equity markets maintained upward momentum through the end of December, largely driven by investor expectations that mass vaccinations and the reopening of economies would unleash pent up demand from consumers, businesses and governments. Notably, emerging markets equity outperformed developed markets equity, including U.S. equity in the second half of 2020 as China, Taiwan and South Korea appeared to have greater success in containing the pandemic.

In the U.S., growth stocks continued to outperform value stocks but the difference narrowed somewhat during the period as share price valuations rose. Additionally, shares of select companies that had seen their stock prices plummet in the first half of 2020 benefitted from increased investor appetite for bargains in the second half of the year. At year’s end, the largest 10 companies in the S&P 500 Index made up 27.4% of the index’s value, compared with 22.7% at the end of 2019 and 21.0% at the end of 2018.

For the six months ended December 31, 2020, the Russell 2000 Index returned 37.9%, the Russell Mid Cap Index returned 28.9% and the Russell 1000 Index returned 24.5%. The S&P 500 Index posted a total return of 22.16%.

2 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

JPMorgan Equity Focus Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	27.40%
S&P 500 Index	22.16%
Net Assets as of 12/31/2020 (In Thousands)	$105,845

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 outperformed the S&P 500 Index (the “Benchmark”) for the six months ended December 31, 2020. The Fund’s security selection and overweight position in the financials sector and its security selection in the information technology sector were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the communication services and health care sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Tesla Inc., Capital One Financial Corp. and Charles Schwab Corp. Shares of Tesla, a producer of electric vehicles and energy storage systems, rose after the company was added to the S&P 500 Index. Shares of Capital One Financial, a banking and financial services company, rose amid improvement in its credit card business during the reporting period. Shares of Charles Schwab, a financial services provider, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2020 as well as positive investor expectations following the company’s $26 billion acquisition of TD Ameritrade in October 2020.

Leading individual detractors from relative performance included the Fund’s overweight positions in Regeneron Pharmaceuticals Inc., Kinder Morgan Inc. and Amgen Inc. Shares of Regeneron Pharmaceuticals and Amgen, both drug development companies, fell as the U.S. approval of multiple vaccines against Covid-19 reduced both demand for alternative therapies for the virus and investor demand for pharmaceutical companies not pursuing vaccines. Shares of Kinder Morgan, an operator of pipelines and storage for the petroleum and natural gas industries, fell after industry data showed a larger-than-expected increase in U.S. crude oil inventories.

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 positions were in the information technology and financials sectors and the Fund’s smallest positions were in the consumer staples and utilities sectors.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Apple, Inc.	5.8	%
	2.	Microsoft Corp.	5.7
	3.	Amazon.com, Inc.	5.1
	4.	Loews Corp.	4.4
	5.	Berkshire Hathaway, Inc., Class B	3.6
	6.	Capital One Financial Corp.	3.5
	7.	Bank of America Corp.	3.5
	8.	AbbVie, Inc.	3.4
	9.	Charles Schwab Corp. (The)	3.3
	10.	UnitedHealth Group, Inc.	3.1

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	26.3	%
Financials	20.8
Consumer Discretionary	14.1
Health Care	12.4
Materials	4.8
Communication Services	4.4
Real Estate	3.7
Energy	3.5
Industrials	3.4
Consumer Staples	1.7
Utilities	1.7
Short-Term Investments	3.2

* 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, 2020. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 3

JPMorgan Equity Focus Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	July 29, 2011
With Sales Charge**			20.53	%		16.75	%		13.96	%		13.62	%
Without Sales Charge			27.22			23.23			15.20			14.27
CLASS C SHARES	July 29, 2011
With CDSC***			25.90			21.60			14.62			13.78
Without CDSC			26.90			22.60			14.62			13.78
CLASS I SHARES	July 29, 2011		27.40			23.52			15.49			14.56
CLASS R6 SHARES	October 1, 2018		27.52			23.84			15.61			14.62

* 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 12/31/20)

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 and the S&P 500 Index from July 29, 2011 to December 31, 2020. 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 S&P 500 Index is an unmanaged index generally representative of the performance of

large companies in the U.S. stock market. 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 applicable 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 on gains resulting from redemptions of Fund shares.

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.

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, 2020

JPMorgan Equity Income Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	20.56%
Russell 1000 Value Index	22.75%
Net Assets as of 12/31/2020 (In Thousands)	$36,404,904

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 underperformed the Russell 1000 Value Index (the “Benchmark”) for the six months ended December 31, 2020. 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 utilities sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s underweight position in Walt Disney Co. and its overweight positions in General Dynamics Corp. and Home Depot Inc. Shares of Walt Disney, an entertainment conglomerate, rose amid increased consumer demand for its online streaming entertainment. Shares of General Dynamics, an aerospace and defense manufacturer, underperformed the broader market amid the December 23, 2020 veto of the 2021 U.S. military budget act by President Donald Trump—subsequently overridden by the U.S. Congress—and investor expectations that the defense sector would be unlikely to immediately benefit from a potential reopening of the economy in 2021. Shares of Home Depot, a home improvement and building materials retailer, underperformed the broader market during the period following a run-up in the share price in the first half of 2020 driven by consumer demand during at-home quarantines.

Leading individual contributors to relative performance included the Fund’s out-of-Benchmark position in Apple Inc. and its underweight positions in Intel Corp. and AT&T Inc. Shares of Apple, an information technology conglomerate, rose amid investor demand for the largest of the large capitalization stocks, better-than-expected quarterly earnings and investor expectations for the company’s planned 5G smartphone. Shares of Intel, a semiconductor manufacturer not held in the Fund, fell after news reports that large technology companies would produce their own semiconductors rather than buy them from Intel and other sources. Shares of AT&T, a telecommunications and entertainment provider, fell amid investor concerns about the company’s planned auction of its DirectTV unit.

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 had 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.	Comcast Corp., Class A	2.6	%
	2.	BlackRock, Inc.	2.4
	3.	Analog Devices, Inc.	2.3
	4.	Johnson & Johnson	2.2
	5.	Texas Instruments, Inc.	2.2
	6.	PNC Financial Services Group, Inc. (The)	2.1
	7.	Bank of America Corp.	2.1
	8.	Bristol-Myers Squibb Co.	2.1
	9.	CME Group, Inc.	2.1
	10.	Medtronic plc	2.0

PORTFOLIO COMPOSITION BY SECTOR***
Financials	22.1	%
Industrials	15.0
Health Care	14.2
Information Technology	10.2
Consumer Staples	10.1
Consumer Discretionary	7.5
Utilities	4.9
Communication Services	4.2
Energy	3.9
Materials	2.8
Real Estate	2.2
Short-Term Investments	2.9

* 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, 2020. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 5

JPMorgan Equity Income Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 18, 1992
With Sales Charge**			14.08	%		(2.12	)%		9.56	%		10.78	%
Without Sales Charge			20.41			3.31			10.75			11.38
CLASS C SHARES	November 4, 1997
With CDSC***			19.11			1.82			10.20			10.94
Without CDSC			20.11			2.82			10.20			10.94
CLASS I SHARES	July 2, 1987		20.56			3.62			11.03			11.66
CLASS R2 SHARES	February 28, 2011		20.23			3.06			10.46			11.10
CLASS R3 SHARES	September 9, 2016		20.37			3.33			10.75			11.38
CLASS R4 SHARES	September 9, 2016		20.57			3.62			11.03			11.66
CLASS R5 SHARES	February 28, 2011		20.70			3.77			11.22			11.86
CLASS R6 SHARES	January 31, 2012		20.71			3.88			11.32			11.93

* 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 (12/31/10 TO 12/31/20)

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 and the Russell 1000 Value

Index from December 31, 2010 to December 31, 2020. 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 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. 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 on gains resulting from redemptions of Fund shares.

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A Performance for the period after conversion.

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, 2020

JPMorgan Equity Premium Income Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		16.44%
S&P 500 Index		22.16%
ICE BofAML 3-Month U.S. Treasury Bill Index		0.07%
Net Assets as of 12/31/2020 (In Thousands)	$	287,212

INVESTMENT OBJECTIVE**

The JPMorgan Equity Premium Income Fund (the “Fund”) seeks current income while maintaining prospects for 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”) and outperformed the ICE BofAML 3-Month U.S. Treasury Bill Index for the six months ended December 31, 2020. The Fund’s security selection and underweight position in the information technology sector and its security selection in the financials sector were leading detractors from performance relative to the Benchmark, while the Fund’s underweight position in the energy sector and its overweight position in the industrials sector were leading contributors to relative performance.

Leading individual detractors from performance relative to the Benchmark included the Fund’s underweight position in Apple Inc. and its overweight positions in Jack Henry & Associates Inc. and Northrop Grumman Corp. Shares of Apple, an information technology conglomerate, rose amid investor demand for the largest of the large capitalization stocks, better-than-expected quarterly earnings and investor expectations for the company’s planned 5G smartphone. Shares of Jack Henry & Associates, a payment processing provider mainly serving the financial services sector, fell after the company reported lower-than-expected revenue for its fiscal fourth quarter and issued a lower-than-expected revenue forecast for its fiscal year. Shares

of Northrop Grumman, an aerospace and defense manufacturer, underperformed the broader market amid the December 23, 2020 veto of the 2021 U.S. military budget act by then-President Donald Trump — subsequently overridden by the U.S. Congress — and investor expectations that the defense sector would be unlikely to immediately benefit from a potential reopening of the economy in 2021.

Leading individual contributors to relative performance included the Fund’s underweight positions in Microsoft Corp. and Intel Corp., and its overweight position in Target Corp. Shares of Microsoft, a technology conglomerate, underperformed after a run-up in the stock price early in the period amid general investor demand for the largest cap stocks. Shares of Intel, a semiconductor manufacturer, fell after news reports that large technology companies would develop their own semiconductors rather than buy them from Intel and other sources. Shares of Target, a discount department store chain, rose amid two consecutive quarters of better-than-expected growth in earnings and revenue.

HOW WAS THE FUND POSITIONED?

The Fund seeks to generate income through a combination of selling options and investing in large cap stocks and delivering monthly income from associated option premiums and stock dividends. The Fund’s portfolio managers employed a proprietary research process designed to identify what they believed were overvalued and undervalued stocks with attractive risk/return characteristics.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 7

JPMorgan Equity Premium Income Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Toronto-Dominion Bank (The), ELN, 55.50%, 1/22/2021, (linked to S&P 500 Index)	3.6	%
	2.	Royal Bank of Canada, ELN, 62.43%, 2/5/2021, (linked to S&P 500 Index)	3.4
	3.	BNP Paribas, ELN, 62.53%, 1/29/2021, (linked to S&P 500 Index)	3.1
	4.	BMO Capital Markets Corp., ELN, 55.06%, 1/15/2021, (linked to S&P 500 Index)	3.0
	5.	Barclays Bank plc, ELN, 53.15%, 1/8/2021, (linked to S&P 500 Index)	2.9
	6.	Accenture plc, Class A	1.6
	7.	Microsoft Corp.	1.5
	8.	Alphabet, Inc., Class A	1.5
	9.	Honeywell International, Inc.	1.5
	10.	Amazon.com, Inc.	1.5

PORTFOLIO COMPOSITION BY SECTOR***
Other****	16.0	%
Information Technology	13.4
Consumer Staples	11.4
Health Care	11.0
Industrials	9.5
Financials	9.2
Communication Services	8.3
Consumer Discretionary	8.1
Utilities	7.3
Materials	2.5
Real Estate	2.3
Others (each less than 1.0%)	0.6
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, 2020. The Fund’s portfolio composition is subject to change.

**** Equity-Linked Notes that are linked to the S&P 500 Index.

ELN Equity-Linked Note

8 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020

	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			SINCE INCEPTION
CLASS A SHARES		August 31, 2018
With Sales Charge**				10.19	%		0.12	%		5.15	%
Without Sales Charge				16.30			5.65			7.60
CLASS C SHARES		August 31, 2018
With CDSC***				15.10			4.20			7.06
Without CDSC				16.10			5.20			7.06
CLASS I SHARES		August 31, 2018		16.44			5.89			7.84
CLASS R5 SHARES		August 31, 2018		16.52			6.12			8.00
CLASS R6 SHARES		August 31, 2018		16.67			6.16			8.11

* 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.

LIFE OF FUND PERFORMANCE (8/31/18 to 12/31/20)

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, 2018.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Equity Premium Income Fund, the S&P 500 Index and the ICE BofAML 3-Month U.S. Treasury Bill Index from August 31, 2018 to December 31, 2020. 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. 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.

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

Subsequent to the inception date of the Fund and through April 7, 2019, 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 applicable 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 on gains resulting from 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, 2020 J.P. MORGAN LARGE CAP FUNDS 9

JPMorgan Hedged Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	10.04%
S&P 500 Index	22.16%
Net Assets as of 12/31/2020 (In Thousands)	$14,552,638

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 underperformed the S&P 500 Index (the “Benchmark”) for the six months ended December 31, 2020. The Fund’s security selection in pharmaceutical/medical technology and media sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the telecommunications and technology sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s underweight position in Walt Disney Co. and its overweight positions in FedEx Corp. and Microsoft Corp. Shares of Walt Disney, an entertainment conglomerate, rose amid increased consumer demand for its online streaming entertainment. Shares of FedEx, a package and freight delivery company, fell late in the period amid higher costs and after the company withheld its earnings and revenue forecast for 2021. Shares of Microsoft, a technology conglomerate, underperformed after a run-up in the stock price early in the period amid general investor demand for the largest cap stocks.

Leading individual contributors to relative performance included the Fund’s underweight position in Intel Corp. and its overweight positions in Charter Communications Inc. and Applied Materials Inc. Shares of Intel, a semiconductor manufacturer, fell after news reports that large technology companies would develop their own semiconductors rather than buy them from Intel and other sources. Shares of Charter Communications, a cable TV systems operator, rose after the company reported better-than-expected earnings and growth in subscribers for the third quarter of 2020. Shares of Applied Materials, a semiconductor manufacturing equipment maker, rose after the company reported record revenue growth for its fiscal fourth quarter and issued a better-than-expected forecast for revenue and earnings for its fiscal first quarter.

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.	Apple, Inc.	6.6	%
	2.	Microsoft Corp.	5.9
	3.	Amazon.com, Inc.	4.7
	4.	S&P 500 Index 3/31/2021 at USD 3,550.00, European Style	2.2
	5.	Alphabet, Inc., Class A	2.0
	6.	Facebook, Inc., Class A	1.9
	7.	Alphabet, Inc., Class C	1.6
	8.	Mastercard, Inc., Class A	1.6
	9.	Berkshire Hathaway, Inc., Class B	1.5
	10.	Tesla, Inc.	1.5

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	26.6	%
Consumer Discretionary	12.7
Health Care	12.5
Communication Services	10.2
Financials	9.9
Industrials	7.4
Consumer Staples	5.3
Utilities	2.6
Materials	2.4
Put Options Purchased	2.2
Energy	2.2
Real Estate	1.6
Short-Term Investments	4.4

* 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, 2020. The Fund’s portfolio composition is subject to change.

10 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	December 13, 2013
With Sales Charge**			4.13	%		7.77	%		8.20	%		7.10	%
Without Sales Charge			9.89			13.77			9.37			7.92
CLASS C SHARES	December 13, 2013
With CDSC***			8.62			12.22			8.83			7.39
Without CDSC			9.62			13.22			8.83			7.39
CLASS I SHARES	December 13, 2013		10.04			14.10			9.65			8.20
CLASS R5 SHARES	December 13, 2013		10.10			14.23			9.83			8.38
CLASS R6 SHARES	December 13, 2013		10.15			14.34			9.91			8.46

* 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 12/31/20)

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 and the ICE BofAML 3-Month U.S. Treasury Bill Index from December 13, 2013 to December 31, 2020. 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 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.

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 applicable 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 on gains resulting from 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, 2020 J.P. MORGAN LARGE CAP FUNDS 11

JPMorgan Intrepid Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	21.15%
Russell 1000 Value Index	22.75%
Net Assets as of 12/31/2020 (In Thousands)	$249,822

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, 2020. The Fund’s security selection in the communication services and consumer staples sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the information technology and energy sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s underweight position in Walt Disney Co. and its overweight positions in eBay Inc. and Electronic Arts Inc. Shares of Walt Disney, an entertainment conglomerate, rose amid increased consumer demand for its online streaming entertainment. Shares of eBay, a provider of online marketplaces, fell amid investor expectations that its business will not benefit from a potential reopening of the economy in 2021. Shares of Electronic Arts, a publisher of video games and other digital content, underperformed the broader market following a run-up in its stock price early in the period.

Leading individual contributors to relative performance included the Fund’s out-of-Benchmark positions in Qualcomm Inc. and Lam Research Corp., and its underweight position in AT&T Inc. Shares of Qualcomm, a provider of wireless device technology, rose amid increased demand for the company’s products with the implementation of 5G networks. Shares of Lam Research, a manufacturer of semiconductor manufacturing equipment, rose amid continued demand for semiconductors and investor expectations that improved U.S.-China relations would head off a potential U.S. ban on doing business with China’s largest semiconductor company, Semiconductor Manufacturing International Corp. Shares of AT&T, a telecommunications and entertainment provider, fell amid investor concerns about the company’s planned auction of its DirectTV unit.

HOW WAS THE FUND POSITIONED?

During the period, the Fund employed a behavioral finance investment process that seeks to capitalize on market

inefficiencies. The Fund’s portfolio managers sought companies that they believed had attractive valuations, high quality characteristics and strong momentum. The Fund’s positioning was a result of that process

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Verizon Communications, Inc.	2.6	%
	2.	Bank of America Corp.	2.4
	3.	Medtronic plc	2.4
	4.	Citigroup, Inc.	2.2
	5.	Anthem, Inc.	1.9
	6.	AbbVie, Inc.	1.8
	7.	CSX Corp.	1.7
	8.	Altria Group, Inc.	1.6
	9.	Alphabet, Inc., Class C	1.6
	10.	Berkshire Hathaway, Inc., Class B	1.6

PORTFOLIO COMPOSITION BY SECTOR***
Financials	18.3	%
Health Care	14.3
Industrials	12.8
Information Technology	10.5
Communication Services	9.7
Consumer Staples	7.3
Consumer Discretionary	7.3
Utilities	5.1
Materials	5.1
Energy	4.5
Real Estate	3.5
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, 2020. The Fund’s portfolio composition is subject to change.

12 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 19, 2005
With Sales Charge**			14.70	%		(4.00	)%		7.04	%		8.97	%
Without Sales Charge			21.04			1.32			8.20			9.56
CLASS C SHARES	February 19, 2005
With CDSC***			19.70			(0.19	)		7.66			9.13
Without CDSC			20.70			0.81			7.66			9.13
CLASS I SHARES	February 28, 2003		21.15			1.54			8.42			9.76
CLASS R2 SHARES	November 3, 2008		20.83			1.04			7.91			9.27
CLASS R5 SHARES	May 15, 2006		21.23			1.71			8.61			9.96
CLASS R6 SHARES	November 30, 2010		21.35			1.81			8.70			10.04

* 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 (12/31/10 TO 12/31/20)

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 Value Fund and the Russell 1000 Value Index from December 31, 2010 to December 31, 2020. 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 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. 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 on gains resulting from redemptions of Fund shares.

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.

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, 2020 J.P. MORGAN LARGE CAP FUNDS 13

JPMorgan Large Cap Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	29.63%
Russell 1000 Growth Index	26.12%
Net Assets as of 12/31/2020 (In Thousands)	$32,290,926

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 outperformed the Russell 1000 Growth Index (the “Benchmark”) for the six months ended December 31, 2020. The Fund’s security selection and overweight position in the consumer discretionary sector and its security selection in the information technology sector were leading contributors to performance relative to the Benchmark. The Fund’s security selection in the health care and industrials sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Tesla Inc. and Microsoft Corp., and its out-of-Benchmark position in Snap Inc. Shares of Tesla, a producer of electric vehicles and energy storage systems, rose after the company was added to the S&P 500 Index. Shares of Microsoft, a technology conglomerate, rose amid general investor demand for the largest cap stocks as well as the company’s better-than-expected earnings and revenue for its fiscal first quarter. Shares of Snap, an online camera platform and social media provider, rose after the company reported better-than-expected earnings, revenue and user growth for the third quarter of 2020.

Leading individual detractors from relative performance included the Fund’s overweight positions in Regeneron Pharmaceutical Inc. and DexCom Inc., and its underweight position in Apple Inc. Shares of Regeneron Pharmaceuticals, a drug development company, fell as the U.S. approval of multiple vaccines against Covid-19 reduced demand for alternative therapies for the virus. Shares of DexCom, a medical device manufacturer, fell during the period following a run-up in the stock price in the first half of 2020. Shares of Apple, an information technology conglomerate, rose amid investor demand for the largest of the large capitalization stocks, better-than-expected quarterly earnings and investor expectations for the company’s planned 5G smartphone.

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.	Apple, Inc.	7.6	%
	2.	Microsoft Corp.	4.7
	3.	Amazon.com, Inc.	4.6
	4.	Tesla, Inc.	4.6
	5.	PayPal Holdings, Inc.	3.6
	6.	Facebook, Inc., Class A	3.0
	7.	Snap, Inc., Class A	2.3
	8.	Chipotle Mexican Grill, Inc.	2.1
	9.	QUALCOMM, Inc.	1.9
	10.	Seagen, Inc.	1.8

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	35.1	%
Consumer Discretionary	19.9
Communication Services	12.4
Health Care	12.1
Financials	6.0
Industrials	4.6
Consumer Staples	2.9
Materials	1.8
Real Estate	0.7
Short-Term Investments	4.5

* 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, 2020. The Fund’s portfolio composition is subject to change.

14 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 22, 1994
With Sales Charge**			22.66	%		47.47	%		22.49	%		17.44	%
Without Sales Charge			29.45			55.62			23.82			18.08
CLASS C SHARES	November 4, 1997
With CDSC***			28.15			53.90			23.20			17.61
Without CDSC			29.15			54.90			23.20			17.61
CLASS I SHARES	February 28, 1992		29.63			56.04			24.09			18.31
CLASS R2 SHARES	November 3, 2008		29.30			55.24			23.50			17.78
CLASS R3 SHARES	September 9, 2016		29.45			55.62			23.78			18.05
CLASS R4 SHARES	September 9, 2016		29.63			56.01			24.08			18.31
CLASS R5 SHARES	April 14, 2009		29.72			56.28			24.29			18.53
CLASS R6 SHARES	November 30, 2010		29.77			56.42			24.42			18.62

* 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 (12/31/10 TO 12/31/20)

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 and Class R4 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 of Class R4 Shares would have been similar to those shown because Class R4 Shares had similar expenses to Class I Shares.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Large Cap Growth Fund and the Russell 1000 Growth Index from December 31, 2010 to December 31, 2020. 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 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. 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 on gains resulting from redemptions of Fund shares.

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A Performance for the period after conversion.

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, 2020 J.P. MORGAN LARGE CAP FUNDS 15

JPMorgan Large Cap Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	33.65%
Russell 1000 Value Index	22.75%
Net Assets as of 12/31/2020 (In Thousands)	$1,702,750

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 outperformed the Russell 1000 Value Index (the “Benchmark”) for the six months ended December 31, 2020. The Fund’s security selection and overweight position in the consumer discretionary sector and its security selection in the information technology sector were leading contributors to performance relative to the Benchmark, while the Fund’s security selection and underweight position in the financials sector and its underweight position in the communication services sector were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in U.S. Foods Holding Corp., ON Semiconductor Corp. and General Motors Co. Shares of U.S. Foods Holding, a foodservice distributor, rose during the period after the company reported a narrower-than-expected loss for the second quarter of 2020 and amid investor appetite for shares of select companies that were sold off in the first half of the year. Shares of ON Semiconductor, a semiconductor manufacturer, rose after the company reported better-than-expected earnings for the third quarter of 2020 and raised its earnings forecast for the fourth quarter of 2020. Shares of General Motors, an automobile manufacturer, rose amid increased demand for cars and trucks in the second half of 2020 and investor expectations for sales growth in 2021 due to the potential reopening of the economy.

Leading individual detractors from relative performance included the Fund’s underweight position in Walt Disney Co. and its overweight positions in FMC Corp. and Wells Fargo & Co.

Shares of Walt Disney, an entertainment conglomerate, rose amid increased consumer demand for its online streaming entertainment. Shares of FMC, a diversified chemicals manufacturer, underperformed the broader market during the period after a run-up in the share price during the first half of the year. Shares of Wells Fargo, a banking and financial services company, underperformed the broader market after it reported lower-than-expected earnings for the third quarter of 2020.

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.	US Foods Holding Corp.	3.9	%
	2.	Citigroup, Inc.	3.8
	3.	Comcast Corp., Class A	3.6
	4.	Wells Fargo & Co.	3.5
	5.	General Motors Co.	3.1
	6.	Cigna Corp.	2.7
	7.	ON Semiconductor Corp.	2.6
	8.	Bank of America Corp.	2.5
	9.	Lamb Weston Holdings, Inc.	2.3
	10.	Freeport-McMoRan, Inc.	2.3

PORTFOLIO COMPOSITION BY SECTOR***
Financials	17.4	%
Industrials	14.6
Health Care	13.3
Consumer Discretionary	11.9
Materials	9.9
Information Technology	7.3
Consumer Staples	7.1
Energy	5 .9
Real Estate	5.2
Communication Services	4.2
Utilities	0.2
Short-Term Investments	3.0

* 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, 2020. The Fund’s portfolio composition is subject to change.

16 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 18, 1992
With Sales Charge**			26.54	%		4.46	%		9.98	%		10.45	%
Without Sales Charge			33.51			10.26			11.16			11.04
CLASS C SHARES	March 22, 1999
With CDSC***			32.13			8.73			10.60			10.59
Without CDSC			33.13			9.73			10.60			10.59
CLASS I SHARES	March 1, 1991		33.65			10.56			11.40			11.24
CLASS R2 SHARES	November 3, 2008		33.25			9.96			10.86			10.74
CLASS R3 SHARES	October 1, 2018		33.51			10.28			11.17			11.05
CLASS R4 SHARES	October 1, 2018		33.68			10.59			11.41			11.25
CLASS R5 SHARES	May 15, 2006		33.79			10.75			11.58			11.45
CLASS R6 SHARES	November 30, 2010		33.86			10.81			11.68			11.52

* 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 (12/31/10 TO 12/31/20)

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.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Large Cap Value Fund and the Russell 1000 Value Index from December 31, 2010 to December 31, 2020 . 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 asso-

ciated 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 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. 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 on gains resulting from redemptions of Fund shares.

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.

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, 2020 J.P. MORGAN LARGE CAP FUNDS 17

JPMorgan U.S. Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class L Shares)*	24.60%
S&P 500 Index	22.16%
Net Assets as of 12/31/2020 (In Thousands)	$18,666,776

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 outperformed the S&P 500 Index (the “Benchmark”) for the six months ended December 31, 2020. The Fund’s overweight position and security selection in the semiconductors & hardware sector and its security selection in the auto & transportation sector were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the industrial cyclical and the media sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Tesla Inc., its out-of-Benchmark position in Taiwan Semiconductor Manufacturing Co. and its underweight position in Intel Inc. Shares of Tesla, a producer of electric vehicles and energy storage systems, rose after the company was added to the S&P 500 Index. Shares of Taiwan Semiconductor Manufacturing rose amid monthly growth in revenue and the company’s upbeat earnings forecast. Shares of Intel, a semiconductor manufacturer not held in the Fund, fell after news reports that large technology companies would develop their own semiconductors rather than buy them from Intel and other sources.

Leading individual detractors from relative performance included the Fund’s overweight positions in Northrop Grumman Corp. and O’Reilly Automotive Inc. and its underweight position in Walt Disney Co. Shares of Northrop Grumman, an aerospace and defense manufacturer, underperformed the broader market amid the December 23, 2020 veto of the 2021 U.S. military budget act by then-President Donald Trump — subsequently overridden by the U.S. Congress — and investor expectations that the defense sector would be unlikely to immediately benefit from a potential reopening of the economy in 2021. Shares of O’Reilly Automotive, a retailer of automotive parts and tools, underperformed the broader markets following a run-up in the stock price early in the period. Shares of Walt Disney, an entertainment conglomerate not held in the Fund, rose amid increased consumer demand for its online streaming entertainment.

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.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Microsoft Corp.	6.4	%
	2.	Amazon.com, Inc.	5.8
	3.	Apple, Inc.	5.1
	4.	Alphabet, Inc., Class A	4.8
	5.	Mastercard, Inc., Class A	4.5
	6.	Eaton Corp. plc	2.9
	7.	Norfolk Southern Corp.	2.9
	8.	NextEra Energy, Inc.	2.6
	9.	Truist Financial Corp.	2.6
	10.	Coca-Cola Co. (The)	2.5

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	30.1	%
Consumer Discretionary	13.4
Health Care	11.6
Financials	10.3
Industrials	8.8
Communication Services	8.3
Utilities	4.9
Consumer Staples	4.5
Materials	3.1
Real Estate	2.4
Others (each less than 1.0%)	0.4
Short-Term Investments	2.2

* 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, 2020. The Fund’s portfolio composition is subject to change.

18 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 10, 2001
With Sales Charge**			17.78	%		19.45	%		14.55	%		13.33	%
Without Sales Charge			24.31			26.08			15.78			13.95
CLASS C SHARES	September 10, 2001
With CDSC***			23.04			24.45			15.19			13.49
Without CDSC			24.04			25.45			15.19			13.49
CLASS I SHARES	September 10, 2001		24.56			26.41			16.04			14.19
CLASS L SHARES	September 17, 1993		24.60			26.54			16.21			14.35
CLASS R2 SHARES	November 3, 2008		24.17			25.79			15.47			13.66
CLASS R3 SHARES	September 9, 2016		24.41			26.11			15.77			13.94
CLASS R4 SHARES	September 9, 2016		24.53			26.46			16.04			14.19
CLASS R5 SHARES	May 15, 2006		24.58			26.61			16.23			14.39
CLASS R6 SHARES	November 30, 2010		24.72			26.74			16.33			14.48

* 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 (12/31/10 TO 12/31/20)

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.

The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan U.S. Equity Fund and the S&P 500 Index from December 31, 2010 to December 31, 2020. 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 S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. 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 on gains resulting from redemptions of Fund shares.

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.

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, 2020 J.P. MORGAN LARGE CAP FUNDS 19

JPMorgan U.S. GARP Equity Fund

(formerly known as JPMorgan Intrepid Growth Fund)

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	21.24%
Russell 1000 Growth Index	26.12%
Net Assets as of 12/31/2020 (In Thousands)	$1,287,423

INVESTMENT OBJECTIVE**

The JPMorgan U.S. GARP Equity 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, 2020. The Fund’s security selection in the health care and consumer staples sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the materials sector and its underweight position in the utilities sector were leading contributors to relative performance.

Leading individual detractors from the Fund’s relative performance included the Fund’s overweight positions in eBay Inc., Sprouts Farmers Market Inc. and VMware Inc. Shares of eBay, a provider of online marketplaces, fell amid investor expectations that its business will not benefit from a potential reopening of the economy in 2021. Shares of Sprouts Farmers Market, a supermarket chain, fell after the company reported lower-than-expected revenue for the third quarter of 2020. Shares of VMware, a provider of cloud-based software, fell after a run-up in the stock price early in the period.

Leading individual contributors to relative performance included the Fund’s overweight positions in Lam Research Inc. and HubSpot Inc. and its underweight position in Home Depot Inc. Shares of Lam Research, a manufacturer of semiconductor manufacturing equipment, rose amid continued demand for semiconductors and investor expectations that improved U.S.-China relations would head off a potential U.S. ban on doing business with China’s largest semiconductor company, Semiconductor Manufacturing International Corp. Shares of HubSpot, a provider of a cloud-based marketing and customer service platform for businesses, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2020 and raised its earnings forecast for the fourth quarter and full year 2020. Shares of Home Depot, a home improvement retail chain not held in the Fund, underperformed the broader market following a run-up in the stock price in the first half of 2020.

HOW WAS THE FUND POSITIONED?

During the period, the Fund employed a behavioral finance investment process that sought to capitalize on market inefficiencies. The Fund’s managers sought growth companies that they believed had attractive relative valuations, high quality characteristics and strong momentum.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Apple, Inc.	9.9	%
	2.	Microsoft Corp.	8.3
	3.	Amazon.com, Inc.	6.5
	4.	Facebook, Inc., Class A	4.0
	5.	Mastercard, Inc., Class A	3.4
	6.	Tesla, Inc.	2.7
	7.	AbbVie, Inc.	2.3
	8.	Adobe, Inc.	2.2
	9.	Lam Research Corp.	2.2
	10.	Alphabet, Inc., Class A	2.2

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	45.4	%
Consumer Discretionary	15.1
Health Care	13.8
Communication Services	11.1
Industrials	4.3
Consumer Staples	3.5
Real Estate	1.4
Financials	1.3
Materials	1.1
Energy	0.5
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, 2020. The Fund’s portfolio composition is subject to change.

20 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 19, 2005
With Sales Charge**			14.72	%		20.73	%		15.73	%		14.42	%
Without Sales Charge			21.07			27.43			16.99			15.04
CLASS C SHARES	February 19, 2005
With CDSC***			19.76			25.80			16.41			14.59
Without CDSC			20.76			26.80			16.41			14.59
CLASS I SHARES	February 28, 2003		21.24			27.78			17.28			15.33
CLASS R2 SHARES	November 3, 2008		20.92			27.13			16.70			14.76
CLASS R5 SHARES	May 15, 2006		21.33			27.96			17.48			15.55
CLASS R6 SHARES	November 2, 2015		21.39			28.10			17.58			15.60

* 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 (12/31/10 TO 12/31/20)

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 U.S. GARP Equity Fund and the Russell 1000 Growth Index, from December 31, 2010 to December 31, 2020. 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 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. 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 on gains resulting from redemptions of Fund shares.

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.

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, 2020 J.P. MORGAN LARGE CAP FUNDS 21

JPMorgan U.S. Large Cap Core Plus Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	24.41%
S&P 500 Index	22.16%
Net Assets as of 12/31/2020 (In Thousands)	$3,032,269

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.

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, 2020. The Fund’s security selection in both the semiconductors & hardware sector and the telecommunications sector was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the retail and pharmaceutical/medical technology sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s short positions in Intel Corp. and Cisco Systems Inc., and its out-of-Benchmark position in Taiwan Semiconductor Manufacturing Co. Shares of Intel, a semiconductor manufacturer, fell after news reports that large technology companies would develop their own semiconductors rather than buy them from Intel and other sources. Shares of Cisco Systems, a provider of networking technology, fell after the company issued a lower-than-expected forecast in August 2020, and amid investor concerns that regulators in China would delay approval for the company’s planned acquisition of Acacia Communications Inc. Shares of Taiwan Semiconductor Manufacturing rose amid monthly growth in revenue and the company’s upbeat earnings forecast.

Leading individual detractors from relative performance included the Fund’s short position in Walt Disney Co. and its

long positions in Northrop Grumman Corp. and O’Reilly Automotive Inc. Shares of Walt Disney, an entertainment conglomerate not held in the Fund, rose amid increased consumer demand for its online streaming entertainment. Shares of Northrop Grumman, an aerospace and defense manufacturer, fell amid the December 23, 2020 veto of the 2021 U.S. military budget act by President Donald Trump—subsequently overridden by the U.S. Congress—and investor expectations that the defense sector would be unlikely to immediately benefit from a potential reopening of the economy in 2021. Shares of O’Reilly Automotive, a retailer of automotive parts and tools, underperformed the broader market following a run-up in the stock price early in the period.

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 126% to 26%.

* 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.

22 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

TOP TEN LONG POSITIONS OF THE PORTFOLIO*
	1.	Microsoft Corp.	5.2	%
	2.	Amazon.com, Inc.	4.7
	3.	Apple, Inc.	4.0
	4.	Alphabet, Inc., Class A	2.5
	5.	Mastercard, Inc., Class A	2.3
	6.	NXP Semiconductors NV (Netherlands)	1.8
	7.	Analog Devices, Inc.	1.7
	8.	Facebook, Inc., Class A	1.6
	9.	PayPal Holdings, Inc.	1.6
	10.	Norfolk Southern Corp.	1.5

TOP TEN SHORT POSITIONS OF THE PORTFOLIO**
	1.	ViacomCBS, Inc.	2.9	%
	2.	Take-Two Interactive Software, Inc.	2.6
	3.	Spotify Technology SA	2.4
	4.	General Electric Co.	2.2
	5.	Clorox Co. (The)	2.1
	6.	Kroger Co. (The)	2.0
	7.	Enbridge, Inc. (Canada)	2.0
	8.	Acuity Brands, Inc.	1.8
	9.	Walgreens Boots Alliance, Inc.	1.6
	10.	3M Co.	1.6

LONG POSITION PORTFOLIO COMPOSITION BY SECTOR*
Information Technology	28.6	%
Consumer Discretionary	13.3
Health Care	12.4
Industrials	11.0
Communication Services	10.3
Financials	7.3
Consumer Staples	4.1
Materials	3.7
Real Estate	3.1
Energy	3.1
Utilities	2.7
Short-Term Investments	0.4

SHORT POSITION PORTFOLIO COMPOSITION BY SECTOR**
Industrials	15.9	%
Information Technology	15.8
Communication Services	14.7
Consumer Staples	9.2
Health Care	8.4
Energy	8.0
Financials	6.7
Materials	6.5
Real Estate	6.3
Consumer Discretionary	5.0
Utilities	3.5

* Percentages indicated are based on total long investments as of December 31, 2020. The Fund’s portfolio composition is subject to change.

** Percentages indicated are based on total short investments as of December 31, 2020. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 23

JPMorgan U.S. Large Cap Core Plus Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	November 1, 2005
With Sales Charge**			17.70	%		19.22	%		13.65	%		12.74	%
Without Sales Charge			24.22			25.80			14.88			13.35
CLASS C SHARES	November 1, 2005
With CDSC***			22.92			24.19			14.31			12.90
Without CDSC			23.92			25.19			14.31			12.90
CLASS I SHARES	November 1, 2005		24.41			26.17			15.17			13.64
CLASS R2 SHARES	November 3, 2008		23.99			25.37			14.53			13.03
CLASS R5 SHARES	May 15, 2006		24.41			26.21			15.29			13.81
CLASS R6 SHARES	November 1, 2017		24.48			26.33			15.36			13.85

* 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 (12/31/10 TO 12/31/20)

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 and the S&P 500 Index from December 31, 2010 to December 31, 2020. 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 S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. 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 on gains resulting from redemptions of Fund shares.

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.

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 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

JPMorgan U.S. Research Enhanced Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	22.76%
S&P 500 Index	22.16%
Net Assets as of 12/31/2020 (In Thousands)	$4,928,062

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 (the “Benchmark”).

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

The Fund’s Class I Shares outperformed the Benchmark for the six months ended December 31, 2020. The Fund’s security selection in the telecommunications and technology sectors was a leading contributor to performance relative to the Benchmark. The Fund’s security selection in the pharmaceutical/medical and media sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s underweight position in Intel Corp. and its overweight positions in Charter Communications Inc. and Applied Materials Inc. Shares of Intel, a semiconductor manufacturer, fell after news reports that large technology companies would develop their own semiconductors rather than buy them from Intel and other sources. Shares of Charter Communications, a cable TV systems operator, rose after the company reported better-than-expected earnings and growth in subscribers for the third quarter of 2020. Shares of Applied Materials, a semiconductor manufacturing equipment maker, rose after the company reported record revenue growth for its fiscal fourth quarter and issued a better-than-expected forecast for revenue and earnings for its fiscal first quarter.

Leading individual detractors from relative performance included the Fund’s underweight position in Walt Disney Co. and its overweight positions in FedEx Corp. and Microsoft Corp. Shares of Walt Disney, an entertainment conglomerate, rose amid increased consumer demand for its online streaming entertainment. Shares of FedEx, a package and freight delivery company, fell late in the period amid higher costs and after the company withheld its earnings and revenue forecast for 2021. Shares of Microsoft, a technology conglomerate, underperformed after a run-up in the stock price early in the period amid general investor demand for the largest 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.	Apple, Inc.	7.0	%
	2.	Microsoft Corp.	6.3
	3.	Amazon.com, Inc.	5.0
	4.	Alphabet, Inc., Class A	2.1
	5.	Facebook, Inc., Class A	2.0
	6.	Alphabet, Inc., Class C	1.7
	7.	Mastercard, Inc., Class A	1.7
	8.	Berkshire Hathaway, Inc., Class B	1.6
	9.	Tesla, Inc.	1.6
	10.	PayPal Holdings, Inc.	1.4

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	28.2	%
Consumer Discretionary	13.5
Health Care	13.3
Communication Services	10.8
Financials	10.6
Industrials	7.9
Consumer Staples	5.7
Utilities	2.8
Materials	2.6
Energy	2.3
Real Estate	1.7
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, 2020 The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 25

JPMorgan U.S. Research Enhanced Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 28, 2001
With Sales Charge**			16.20	%		14.03	%		13.29	%		12.64	%
Without Sales Charge			22.64			20.37			14.51			13.25
CLASS I SHARES	September 10, 2001		22.76			20.67			14.79			13.53
CLASS R6 SHARES	March 24, 2003		22.85			20.78			14.94			13.75

* Not annualized.

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

TEN YEAR PERFORMANCE (12/31/10 TO 12/31/20)

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 U.S. Research Enhanced Equity Fund and the S&P 500 Index from December 31, 2010 to December 31, 2020. 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 S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. 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 on gains resulting from 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.

26 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

JPMorgan U.S. Sustainable Leaders Fund

(formerly known as JPMorgan Intrepid Sustainable Equity Fund)

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	20.68%
S&P 500 Index	22.16%
Net Assets as of 12/31/2020 (In Thousands)	$75,330

INVESTMENT OBJECTIVE**

The JPMorgan U.S. 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 underperformed the S&P 500 Index (the “Benchmark”) for the six months ended December 31, 2020. The Fund’s security selection in the information technology sector and its security selection and underweight position in the real estate sector were leading detractors 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 performance relative to the Benchmark included the Fund’s underweight position in Apple Inc. and its overweight positions in Cisco Systems Inc. and Home Depot Inc. Shares of Apple, an information technology conglomerate not held by the Fund, rose amid investor demand for the largest of the large capitalization stocks, better-than-expected quarterly earnings and investor expectations for the company’s planned 5G smartphone. Shares of Cisco Systems, a provider of networking technology, fell after the company issued a lower-than-expected forecast in August 2020 as well as investor concerns that regulators in China would delay approval for the company’s planned acquisition of Acacia Communications Inc. Shares of Home Depot, a home improvement retail chain, underperformed the broader market following a run-up in the stock price in the first half of 2020.

Leading individual contributors to performance relative to the Benchmark included the Fund’s overweight positions in Walt Disney Co., Aptiv PLC and Deere & Co. Shares of Walt Disney, an entertainment conglomerate, rose amid increased consumer demand for its online streaming entertainment. Share of Aptiv, an automotive components manufacturer based in Ireland, rose amid investor expectations that the company would benefit from increased government support for the development of electric vehicles in the U.S. and Europe. Shares of Deere, a manufacturer of farming and industrials vehicles and equipment, rose after the company reported better-than-expected earnings and revenue for its fiscal fourth quarter and issued an upbeat earnings forecast.

HOW WAS THE FUND POSITIONED?

During the period, the Fund employed a proprietary scoring methodology to invest in companies that the Fund’s portfolio managers believed have attractive environmental, social and governance characteristics and potential for long-term capital appreciation. The Fund’s positioning during the period was a result of that process.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Microsoft Corp.	8.2	%
	2.	Walt Disney Co. (The)	4.5
	3.	Mastercard, Inc., Class A	3.7
	4.	Verizon Communications, Inc.	3.1
	5.	Citigroup, Inc.	2.9
	6.	Texas Instruments, Inc.	2.8
	7.	Home Depot, Inc. (The)	2.6
	8.	Procter & Gamble Co. (The)	2.5
	9.	Lam Research Corp.	2.4
	10.	Bank of America Corp.	2.4

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	29.9	%
Health Care	13.9
Industrials	11.0
Financials	11.0
Communication Services	9.6
Consumer Discretionary	9.2
Consumer Staples	4.6
Real Estate	4.2
Utilities	1.8
Materials	1.6
Short-Term Investments	3.2

* 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, 2020. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 27

JPMorgan U.S. Sustainable Leaders Fund

(formerly known as JPMorgan Intrepid Sustainable Equity Fund)

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 19, 2005
With Sales Charge**			14.21	%		13.16	%		13.07	%		12.90	%
Without Sales Charge			20.55			19.43			14.30			13.51
CLASS C SHARES	February 19, 2005
With CDSC***			19.23			17.84			13.73			13.05
Without CDSC			20.23			18.84			13.73			13.05
CLASS I SHARES	February 28, 2003		20.68			19.74			14.59			13.79
CLASS R6 SHARES	September 30, 2020		20.70			19.76			14.59			13.79

* 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 (12/31/10 TO 12/31/20)

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 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 U.S. Sustainable Leaders Fund and the S&P 500 Index from December 31, 2010 to December 31, 2020. 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 S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. 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 on gains resulting from 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.

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.

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.

28 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

JPMorgan U.S. Value Fund

(formerly known as JPMorgan Growth and Income Fund)

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*	22.00%
Russell 1000 Value Index	22.75%
Net Assets as of 12/31/2020 (In Thousands)	$1,118,969

INVESTMENT OBJECTIVE**

The U.S. Value Fund (the “Fund”) seeks to provide 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, underperformed the Russell 1000 Value Index (the “Benchmark”) for the six months ended December 31, 2020. The Fund’s security selection in the health care and consumer discretionary sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the information technology sector and its overweight position and security selection in the financials sector were leading contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Northrop Grumman Corp., AutoZone Inc. and General Dynamics Corp. Shares of Northrop Grumman and General Dynamics, both aerospace and defense manufacturers, underperformed the broader market amid the December 23, 2020 veto of the 2021 U.S. military budget act by then-President Donald Trump—subsequently overridden by the U.S. Congress—and investor expectations that the defense sector would be unlikely to immediately benefit from a potential reopening of the economy in 2021. Shares of AutoZone, an automotive parts retailer, underperformed the broader market after the company reported lower-than-expected sales for its fiscal first quarter.

Leading individual contributors to relative performance included the Fund’s out-of-Benchmark position in Apple Inc. and its underweight positions in Intel Corp. and AT&T Inc. Shares of Apple, an information technology conglomerate, rose amid investor demand for the largest of the large capitalization stocks, better-than-expected quarterly earnings and investor expectations for the company’s planned 5G smartphone. Shares of Intel, a semiconductor manufacturer not held in the Fund, fell after news reports that large technology companies would produce their own semiconductors rather than buy them from Intel and other sources. Shares of AT&T, a telecommunications and entertainment provider, fell amid investor concerns about the company’s planned auction of its DirectTV unit.

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.	BlackRock, Inc.	2.5	%
	2.	Citigroup, Inc.	2.2
	3.	Wells Fargo & Co.	2.0
	4.	Berkshire Hathaway, Inc., Class B	2.0
	5.	Bank of America Corp.	2.0
	6.	Comcast Corp., Class A	2.0
	7.	Alphabet, Inc., Class C	1.9
	8.	Texas Instruments, Inc.	1.9
	9.	Bristol-Myers Squibb Co.	1.9
	10.	Analog Devices, Inc.	1.9

PORTFOLIO COMPOSITION BY SECTOR***
Financials	26.8	%
Health Care	14.4
Industrials	14.1
Information Technology	9.3
Consumer Discretionary	8.9
Communication Services	6.3
Consumer Staples	5.1
Energy	4.0
Utilities	3.7
Materials	3.5
Real Estate	1.1
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, 2020. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 29

JPMorgan U.S. Value Fund

(formerly known as JPMorgan Growth and Income Fund)

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	INCEPTION DATE OF CLASS	6 MONTH*	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 23, 1987
With Sales Charge**		15.59%		(1.18	)%		9.40	%		10.85	%
Without Sales Charge		22.00		4.29			10.59			11.44
CLASS C SHARES	January 2, 1998
With CDSC***		20.68		2.76			10.04			11.00
Without CDSC		21.68		3.76			10.04			11.00
CLASS I SHARES	January 25, 1996	22.14		4.54			10.86			11.73
CLASS R2 SHARES	November 2, 2015	21.82		4.01			10.31			11.30
CLASS R3 SHARES	July 31, 2017	22.01		4.29			10.60			11.45
CLASS R4 SHARES	July 31, 2017	22.16		4.54			10.86			11.73
CLASS R5 SHARES	November 2, 2015	22.24		4.70			11.05			11.83
CLASS R6 SHARES	November 2, 2015	22.31		4.80			11.14			11.87

* 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 (12/31/10 TO 12/31/20)

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 U.S. Value Fund and the Russell 1000 Value Index from

December 31, 2010 to December 31, 2020. 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 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. 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 on gains resulting from redemptions of Fund shares.

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.

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.

30 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

JPMorgan Equity Focus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 96.9%
Aerospace & Defense — 1.6%
Raytheon Technologies Corp.		24		1,718
Automobiles — 2.1%
Tesla, Inc. *		3		2,257
Banks — 3.4%
Bank of America Corp.		121		3,658
Biotechnology — 6.4%
AbbVie, Inc.		33		3,550
Amgen, Inc.		9		1,998
Regeneron Pharmaceuticals, Inc. *		2		1,190
				6,738
Capital Markets — 5.8%
Charles Schwab Corp. (The)		67		3,531
S&P Global, Inc.		4		1,344
T. Rowe Price Group, Inc.		8		1,284
				6,159
Construction Materials — 2.5%
Martin Marietta Materials, Inc.		9		2,618
Consumer Finance — 3.5%
Capital One Financial Corp.		38		3,735
Containers & Packaging — 2.4%
Ball Corp.		10		977
Packaging Corp. of America		11		1,523
				2,500
Diversified Financial Services — 3.6%
Berkshire Hathaway, Inc., Class B *		17		3,856
Electric Utilities — 1.7%
Xcel Energy, Inc.		27		1,769
Electronic Equipment, Instruments & Components — 1.5%
Zebra Technologies Corp., Class A *		4		1,552
Equity Real Estate Investment Trusts (REITs) — 3.7%
Federal Realty Investment Trust		20		1,668
Public Storage		10		2,218
				3,886
Health Care Equipment & Supplies — 3.0%
DexCom, Inc. *		3		1,195
Intuitive Surgical, Inc. *		2		1,951
				3,146
Health Care Providers & Services — 3.1%
UnitedHealth Group, Inc.		9		3,247

INVESTMENTS	SHARES (000)		VALUE ($000)
Household Products — 1.7%
Procter & Gamble Co. (The)		13		1,784
Insurance — 4.3%
Loews Corp.		102		4,610
Interactive Media & Services — 2.7%
Alphabet, Inc., Class C *		2		2,873
Internet & Direct Marketing Retail — 6.5%
Amazon.com, Inc. *		2		5,381
Booking Holdings, Inc. *		1		1,461
				6,842
IT Services — 6.6%
Global Payments, Inc.		7		1,583
Mastercard, Inc., Class A		8		2,966
PayPal Holdings, Inc. *		10		2,416
				6,965
Machinery — 1.8%
Stanley Black & Decker, Inc.		11		1,907
Media — 1.7%
DISH Network Corp., Class A *		57		1,835
Oil, Gas & Consumable Fuels — 3.5%
Kinder Morgan, Inc.		141		1,930
Marathon Petroleum Corp.		44		1,826
				3,756
Semiconductors & Semiconductor Equipment — 4.8%
Advanced Micro Devices, Inc. *		23		2,093
QUALCOMM, Inc.		20		2,990
				5,083
Software — 7.7%
Microsoft Corp.		27		5,985
Synopsys, Inc. *		8		2,155
				8,140
Specialty Retail — 5.5%
AutoZone, Inc. *		3		2,975
Home Depot, Inc. (The)		11		2,878
				5,853
Technology Hardware, Storage & Peripherals — 5.8%
Apple, Inc.		46		6,123
Total Common Stocks (Cost $61,259)				102,610

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 31

JPMorgan Equity Focus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 3.2%
Investment Companies — 3.2%
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b) (Cost $3,350)		3,348		3,350
Total Investments — 100.1% (Cost $64,609)				105,960
Liabilities in Excess of Other Assets — (0.1)%				(115	)
NET ASSETS — 100.0%				105,845

Percentages indicated are based on net assets.

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)	The rate shown is the current yield as of December 31, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

JPMorgan Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 96.9%
Aerospace & Defense — 3.6%
General Dynamics Corp.		3,025		450,235
Northrop Grumman Corp.		884		269,285
Raytheon Technologies Corp.		8,399		600,586
				1,320,106
Banks — 6.9%
Bank of America Corp.		25,389		769,555
Citigroup, Inc.		4,250		262,045
PNC Financial Services Group, Inc. (The)		5,193		773,701
Truist Financial Corp.		7,405		354,901
US Bancorp		7,881		367,159
				2,527,361
Beverages — 2.1%
Coca-Cola Co. (The)		5,980		327,938
PepsiCo, Inc.		2,982		442,202
				770,140
Biotechnology — 0.5%
Amgen, Inc.		846		194,522
Building Products — 0.6%
Trane Technologies plc		1,369		198,730
Capital Markets — 8.6%
BlackRock, Inc.		1,224		883,371
Charles Schwab Corp. (The)		7,144		378,923
CME Group, Inc.		4,102		746,705
Morgan Stanley		9,038		619,386
Northern Trust Corp.		1,769		164,799
T. Rowe Price Group, Inc.		2,273		344,133
				3,137,317
Chemicals — 2.8%
Air Products and Chemicals, Inc.		1,682		459,546
PPG Industries, Inc.		3,983		574,375
				1,033,921
Commercial Services & Supplies — 0.8%
Republic Services, Inc.		3,061		294,736
Consumer Finance — 2.0%
American Express Co.		4,498		543,849
Capital One Financial Corp.		1,830		180,901
				724,750
Diversified Telecommunication Services — 1.6%
Verizon Communications, Inc.		9,820		576,945

INVESTMENTS	SHARES (000)		VALUE ($000)
Electric Utilities — 3.5%
Entergy Corp.		1,800		179,665
NextEra Energy, Inc.		8,882		685,221
Xcel Energy, Inc.		5,897		393,142
				1,258,028
Electrical Equipment — 1.7%
Eaton Corp. plc		5,207		625,556
Equity Real Estate Investment Trusts (REITs) — 2.2%
Alexandria Real Estate Equities, Inc.		723		128,908
AvalonBay Communities, Inc.		1,317		211,345
Boston Properties, Inc.		991		93,635
Prologis, Inc.		1,545		154,005
Realty Income Corp.		916		56,938
Ventas, Inc.		2,159		105,890
Vornado Realty Trust		964		36,005
				786,726
Food & Staples Retailing — 2.8%
Sysco Corp.		7,204		534,950
Walmart, Inc.		3,322		478,880
				1,013,830
Food Products — 1.5%
Mondelez International, Inc., Class A		9,130		533,805
Health Care Equipment & Supplies — 3.1%
Abbott Laboratories		699		76,531
Becton Dickinson and Co.		1,376		344,406
Medtronic plc		6,072		711,287
				1,132,224
Health Care Providers & Services — 3.6%
AmerisourceBergen Corp.		3,002		293,475
CVS Health Corp.		4,642		317,057
UnitedHealth Group, Inc.		2,014		706,398
				1,316,930
Hotels, Restaurants & Leisure — 2.2%
McDonald’s Corp.		2,455		526,758
Starbucks Corp.		2,587		276,771
				803,529
Household Products — 1.1%
Procter & Gamble Co. (The)		2,867		398,908
Industrial Conglomerates — 0.8%
Honeywell International, Inc.		1,434		304,998

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 33

JPMorgan Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Insurance — 4.5%
Arthur J Gallagher & Co.		2,301		284,599
Chubb Ltd.		2,574		396,130
Hartford Financial Services Group, Inc. (The)		5,625		275,531
Marsh & McLennan Cos., Inc.		1,039		121,542
MetLife, Inc.		5,912		277,591
Progressive Corp. (The)		2,874		284,192
				1,639,585
IT Services — 3.5%
Accenture plc, Class A		910		237,719
Automatic Data Processing, Inc.		1,733		305,322
Fidelity National Information Services, Inc.		3,096		438,029
International Business Machines Corp.		2,420		304,630
				1,285,700
Leisure Products — 0.8%
Hasbro, Inc.		2,981		278,834
Machinery — 6.0%
Deere & Co.		1,665		447,871
Dover Corp.		5,500		694,330
Otis Worldwide Corp.		1,470		99,289
Parker-Hannifin Corp.		2,258		614,967
Stanley Black & Decker, Inc.		1,753		312,998
				2,169,455
Media — 2.6%
Comcast Corp., Class A		18,083		947,575
Multi-Utilities — 1.4%
CMS Energy Corp.		4,947		301,789
Public Service Enterprise Group, Inc.		3,654		213,018
				514,807
Oil, Gas & Consumable Fuels — 3.9%
Chevron Corp.		5,887		497,119
ConocoPhillips		14,369		574,632
EOG Resources, Inc.		4,741		236,428
Valero Energy Corp.		2,025		114,572
				1,422,751
Pharmaceuticals — 6.9%
Bristol-Myers Squibb Co.		12,394		768,807
Eli Lilly and Co.		2,783		469,899
Johnson & Johnson		5,061		796,479
Merck & Co., Inc.		3,411		278,991
Pfizer, Inc.		5,794		213,294
				2,527,470

INVESTMENTS	SHARES (000)		VALUE ($000)
Road & Rail — 1.5%
Norfolk Southern Corp.		2,218		526,920
Semiconductors & Semiconductor Equipment — 4.4%
Analog Devices, Inc.		5,613		829,160
Texas Instruments, Inc.		4,792		786,479
				1,615,639
Software — 1.5%
Microsoft Corp.		2,384		530,172
Specialty Retail — 3.9%
Best Buy Co., Inc.		3,530		352,213
Home Depot, Inc. (The)		2,340		621,553
TJX Cos., Inc. (The)		6,684		456,440
				1,430,206
Technology Hardware, Storage & Peripherals — 0.8%
Apple, Inc.		2,079		275,889
Textiles, Apparel & Luxury Goods — 0.6%
VF Corp.		2,425		207,121
Tobacco — 2.6%
Altria Group, Inc.		6,392		262,087
Philip Morris International, Inc.		8,457		700,129
				962,216
Total Common Stocks (Cost $26,001,247)				35,287,402
Short-Term Investments — 3.0%
Investment Companies — 3.0%
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b) (Cost $1,067,536)		1,067,055		1,067,589
Total Investments — 99.9% (Cost $27,068,783)				36,354,991
Other Assets Less Liabilities — 0.1%				49,913
NET ASSETS — 100.0%				36,404,904

Percentages indicated are based on net assets.

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)	The rate shown is the current yield as of December 31, 2020.

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

JPMorgan Equity Premium Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 82.4%
Aerospace & Defense — 0.9%
Northrop Grumman Corp.		9		2,709
Air Freight & Logistics — 0.6%
United Parcel Service, Inc., Class B		9		1,575
Banks — 0.5%
US Bancorp		29		1,368
Beverages — 2.8%
Coca-Cola Co. (The)		55		2,993
Constellation Brands, Inc., Class A		6		1,335
PepsiCo, Inc.		25		3,712
				8,040
Biotechnology — 3.1%
AbbVie, Inc.		37		3,923
Alexion Pharmaceuticals, Inc. *		17		2,647
Regeneron Pharmaceuticals, Inc. *		2		1,202
Vertex Pharmaceuticals, Inc. *		5		1,217
				8,989
Building Products — 1.3%
Trane Technologies plc		25		3,589
Capital Markets — 2.6%
BlackRock, Inc.		3		1,886
Intercontinental Exchange, Inc.		34		3,894
S&P Global, Inc.		5		1,667
				7,447
Chemicals — 1.5%
Linde plc (United Kingdom)		13		3,509
PPG Industries, Inc.		6		823
				4,332
Commercial Services & Supplies — 0.6%
Waste Management, Inc.		14		1,707
Containers & Packaging — 1.0%
Silgan Holdings, Inc.		78		2,877
Diversified Financial Services — 1.2%
Berkshire Hathaway, Inc., Class B *		15		3,554
Diversified Telecommunication Services — 1.1%
Verizon Communications, Inc.		52		3,057
Electric Utilities — 2.6%
NextEra Energy, Inc.		52		4,037
Xcel Energy, Inc.		51		3,426
				7,463

INVESTMENTS	SHARES (000)		VALUE ($000)
Electrical Equipment — 0.7%
Eaton Corp. plc		17		2,053
Entertainment — 0.9%
Netflix, Inc. *		5		2,581
Equity Real Estate Investment Trusts (REITs) — 2.3%
Equinix, Inc.		3		2,260
Prologis, Inc.		18		1,754
Public Storage		6		1,366
Sun Communities, Inc.		8		1,166
				6,546
Food & Staples Retailing — 2.4%
Costco Wholesale Corp.		10		3,755
Kroger Co. (The)		30		949
Walmart, Inc.		14		2,069
				6,773
Food Products — 2.5%
Conagra Brands, Inc.		34		1,220
General Mills, Inc.		20		1,167
Hershey Co. (The)		8		1,157
Mondelez International, Inc., Class A		63		3,676
				7,220
Health Care Equipment & Supplies — 0.5%
Medtronic plc		13		1,546
Health Care Providers & Services — 0.5%
UnitedHealth Group, Inc.		4		1,470
Hotels, Restaurants & Leisure — 0.3%
McDonald’s Corp.		4		829
Household Products — 2.3%
Kimberly-Clark Corp.		22		2,909
Procter & Gamble Co. (The)		27		3,758
				6,667
Industrial Conglomerates — 1.5%
Honeywell International, Inc.		20		4,199
Insurance — 4.7%
Allstate Corp. (The)		34		3,696
Chubb Ltd.		21		3,201
Marsh & McLennan Cos., Inc.		20		2,333
Progressive Corp. (The)		39		3,874
RenaissanceRe Holdings Ltd. (Bermuda)		3		510
				13,614

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 35

JPMorgan Equity Premium Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Interactive Media & Services — 2.2%
Alphabet, Inc., Class A *		2		4,266
Facebook, Inc., Class A *		8		2,171
				6,437
Internet & Direct Marketing Retail — 1.5%
Amazon.com, Inc. *		1		4,156
IT Services — 7.0%
Accenture plc, Class A		17		4,514
Automatic Data Processing, Inc.		5		825
Booz Allen Hamilton Holding Corp.		34		2,955
Leidos Holdings, Inc.		32		3,312
Mastercard, Inc., Class A		11		3,896
PayPal Holdings, Inc. *		8		1,788
Visa, Inc., Class A		12		2,686
				19,976
Life Sciences Tools & Services — 1.6%
PerkinElmer, Inc.		9		1,258
Thermo Fisher Scientific, Inc.		7		3,430
				4,688
Machinery — 1.6%
Cummins, Inc.		7		1,652
Deere & Co.		4		951
PACCAR, Inc.		24		2,073
				4,676
Media — 2.6%
Charter Communications, Inc., Class A *		6		3,981
Comcast Corp., Class A		69		3,619
				7,600
Multiline Retail — 2.3%
Dollar General Corp.		5		1,137
Dollar Tree, Inc. *		11		1,232
Target Corp.		23		4,124
				6,493
Multi-Utilities — 4.6%
Ameren Corp.		43		3,336
CMS Energy Corp.		52		3,166
Public Service Enterprise Group, Inc.		62		3,594
Sempra Energy		18		2,309
WEC Energy Group, Inc.		10		921
				13,326

INVESTMENTS	SHARES (000)		VALUE ($000)
Oil, Gas & Consumable Fuels — 0.4%
TC Energy Corp. (Canada)		28		1,149
Pharmaceuticals — 5.1%
Bristol-Myers Squibb Co.		57		3,530
Eli Lilly and Co.		24		4,049
Johnson & Johnson		22		3,475
Merck & Co., Inc.		43		3,486
				14,540
Road & Rail — 2.3%
Norfolk Southern Corp.		9		2,174
Old Dominion Freight Line, Inc.		17		3,327
Union Pacific Corp.		5		1,017
				6,518
Semiconductors & Semiconductor Equipment — 0.9%
Analog Devices, Inc.		17		2,537
Software — 3.6%
Intuit, Inc.		11		4,047
Microsoft Corp.		19		4,291
salesforce.com, Inc. *		9		2,044
				10,382
Specialty Retail — 3.1%
AutoZone, Inc. *		3		3,758
Home Depot, Inc. (The)		8		1,997
Lowe’s Cos., Inc.		11		1,699
TJX Cos., Inc. (The)		22		1,531
				8,985
Technology Hardware, Storage & Peripherals — 1.8%
Apple, Inc.		29		3,830
Seagate Technology plc		21		1,275
				5,105
Textiles, Apparel & Luxury Goods — 0.8%
NIKE, Inc., Class B		17		2,407
Tobacco — 1.3%
Altria Group, Inc.		40		1,623
Philip Morris International, Inc.		26		2,135
				3,758
Wireless Telecommunication Services — 1.3%
T-Mobile US, Inc. *		28		3,767
Total Common Stocks (Cost $199,065)				236,705

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Equity-Linked Notes — 15.8%
Barclays Bank plc, ELN, 53.15%, 1/8/2021, (linked to S&P 500 Index) (a)		2		8,218
BMO Capital Markets Corp., ELN, 55.06%, 1/15/2021, (linked to S&P 500 Index) (a)		2		8,517
BNP Paribas, ELN, 62.53%, 1/29/2021, (linked to S&P 500 Index) (a)		2		8,785
Royal Bank of Canada, ELN, 62.43%, 2/5/2021, (linked to S&P 500 Index) (a)		3		9,627
Toronto-Dominion Bank (The), ELN, 55.50%, 1/22/2021, (linked to S&P 500 Index) (a)		3		10,205
Total Equity-Linked Notes (Cost $45,596)				45,352
	SHARES (000)
Exchange-Traded Funds — 0.2%
International Equity — 0.2%
iShares MSCI USA Min Vol Factor ETF (Cost $510)		8		512
Short-Term Investments — 0.4%
Investment Companies — 0.4%
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (b) (c) (Cost $1,271)		1,271		1,271
Total Investments — 98.8% (Cost $246,442)				283,840
Other Assets Less Liabilities — 1.2%				3,372
NET ASSETS — 100.0%				287,212

Percentages indicated are based on net assets.

Abbreviations

ELN	Equity-Linked Note
ETF	Exchange-Traded Fund
(a)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(b)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of December 31, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 37

JPMorgan Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.6%
Aerospace & Defense — 1.0%
General Dynamics Corp. (a)		152		22,559
Northrop Grumman Corp.		163		49,755
Raytheon Technologies Corp.		1,022		73,092
				145,406
Air Freight & Logistics — 0.5%
FedEx Corp.		300		77,801
Airlines — 0.3%
Delta Air Lines, Inc.		434		17,467
Southwest Airlines Co.		563		26,245
				43,712
Auto Components — 0.2%
Magna International, Inc. (Canada)		413		29,212
Automobiles — 1.8%
General Motors Co.		798		33,237
Tesla, Inc. *		320		225,928
				259,165
Banks — 3.1%
Bank of America Corp. (a)		2,239		67,877
Citigroup, Inc.		1,499		92,454
KeyCorp (a)		3,395		55,705
Regions Financial Corp.		2,619		42,221
Truist Financial Corp.		698		33,477
US Bancorp		1,209		56,343
Wells Fargo & Co.		3,415		103,075
				451,152
Beverages — 1.3%
Coca-Cola Co. (The) (a)		2,260		123,938
Constellation Brands, Inc., Class A		313		68,617
				192,555
Biotechnology — 2.5%
AbbVie, Inc.		1,499		160,634
Alexion Pharmaceuticals, Inc. *		417		65,122
Amgen, Inc. (a)		47		10,831
Biogen, Inc. * (a)		124		30,352
Regeneron Pharmaceuticals, Inc. *		83		40,268
Vertex Pharmaceuticals, Inc. *		213		50,348
				357,555
Building Products — 0.9%
Masco Corp.		875		48,055
Trane Technologies plc		522		75,727
				123,782

INVESTMENTS	SHARES (000)		VALUE ($000)
Capital Markets — 3.4%
Goldman Sachs Group, Inc. (The)		293		77,385
Intercontinental Exchange, Inc.		635		73,238
MarketAxess Holdings, Inc.		35		19,863
Morgan Stanley		1,942		133,113
MSCI, Inc.		21		9,399
S&P Global, Inc.		362		119,121
State Street Corp.		706		51,391
T. Rowe Price Group, Inc.		93		14,061
				497,571
Chemicals — 1.8%
Air Products and Chemicals, Inc.		99		27,083
Celanese Corp.		160		20,756
Dow, Inc.		348		19,316
DuPont de Nemours, Inc.		562		39,980
Eastman Chemical Co.		655		65,710
Linde plc (United Kingdom)		173		45,473
LyondellBasell Industries NV, Class A		229		20,994
PPG Industries, Inc.		201		29,016
				268,328
Commercial Services & Supplies — 0.1%
Cintas Corp. (a)		48		16,948
Communications Equipment — 0.4%
Cisco Systems, Inc.		1,009		45,155
Motorola Solutions, Inc.		45		7,606
				52,761
Consumer Finance — 0.5%
Capital One Financial Corp.		704		69,595
Containers & Packaging — 0.6%
Avery Dennison Corp.		103		16,031
Crown Holdings, Inc. * (a)		257		25,753
Packaging Corp. of America		90		12,428
WestRock Co.		627		27,292
				81,504
Diversified Consumer Services — 0.0% (b)
H&R Block, Inc.		179		2,847
Diversified Financial Services — 1.7%
Berkshire Hathaway, Inc., Class B * (a)		993		230,277
Voya Financial, Inc.		169		9,934
				240,211
Diversified Telecommunication Services — 0.8%
Verizon Communications, Inc. (a)		1,943		114,123

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Electric Utilities — 1.4%
Exelon Corp.		594		25,081
NextEra Energy, Inc.		1,922		148,281
Xcel Energy, Inc. (a)		518		34,550
				207,912
Electrical Equipment — 0.6%
Eaton Corp. plc		706		84,862
Electronic Equipment, Instruments & Components — 0.2%
TE Connectivity Ltd.		286		34,674
Entertainment — 1.2%
Netflix, Inc. * (a)		311		167,910
Equity Real Estate Investment Trusts (REITs) — 1.7%
Camden Property Trust		324		32,422
Equinix, Inc.		91		64,905
Equity LifeStyle Properties, Inc.		188		11,936
Mid-America Apartment Communities, Inc.		202		25,621
Prologis, Inc.		679		67,719
Public Storage		44		10,052
Realty Income Corp.		97		6,004
Sun Communities, Inc.		62		9,403
UDR, Inc.		134		5,157
Ventas, Inc.		356		17,456
				250,675
Food & Staples Retailing — 0.5%
Costco Wholesale Corp.		143		53,712
Kroger Co. (The)		639		20,283
				73,995
Food Products — 0.6%
Mondelez International, Inc., Class A (a)		1,560		91,214
Health Care Equipment & Supplies — 3.0%
Abbott Laboratories		178		19,461
ABIOMED, Inc. *		20		6,605
Baxter International, Inc.		758		60,833
Becton Dickinson and Co.		131		32,815
Boston Scientific Corp. * (a)		1,605		57,695
DexCom, Inc. *		43		15,858
Edwards Lifesciences Corp. *		167		15,253
Intuitive Surgical, Inc. * (a)		31		25,096
Medtronic plc (a)		1,088		127,422
Zimmer Biomet Holdings, Inc. (a)		529		81,562
				442,600

INVESTMENTS	SHARES (000)		VALUE ($000)
Health Care Providers & Services — 2.7%
Anthem, Inc. (a)		119		38,083
Centene Corp. *		148		8,860
Cigna Corp. (a)		391		81,497
McKesson Corp.		436		75,796
UnitedHealth Group, Inc. (a)		541		189,790
				394,026
Hotels, Restaurants & Leisure — 0.6%
Hilton Worldwide Holdings, Inc.		347		38,589
Yum! Brands, Inc.		462		50,204
				88,793
Household Durables — 0.4%
Lennar Corp., Class A		752		57,289
Household Products — 1.7%
Kimberly-Clark Corp.		473		63,790
Procter & Gamble Co. (The) (a)		1,268		176,402
				240,192
Industrial Conglomerates — 1.0%
Honeywell International, Inc. (a)		658		140,013
Insurance — 1.8%
Allstate Corp. (The) (a)		699		76,817
American International Group, Inc.		397		15,015
Chubb Ltd.		325		49,957
Hartford Financial Services Group, Inc. (The)		479		23,461
Marsh & McLennan Cos., Inc.		160		18,762
MetLife, Inc.		145		6,816
Progressive Corp. (The)		736		72,778
				263,606
Interactive Media & Services — 5.8%
Alphabet, Inc., Class A * (a)		174		304,818
Alphabet, Inc., Class C * (a)		139		244,142
Facebook, Inc., Class A * (a)		1,081		295,168
				844,128
Internet & Direct Marketing Retail — 5.4%
Amazon.com, Inc. * (a)		219		714,179
Booking Holdings, Inc. * (a)		31		69,656
				783,835
IT Services — 6.1%
Accenture plc, Class A		618		161,458
Booz Allen Hamilton Holding Corp.		253		22,025
FleetCor Technologies, Inc. *		39		10,705
International Business Machines Corp.		434		54,683

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 39

JPMorgan Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
IT Services — continued
Leidos Holdings, Inc.		532		55,927
Mastercard, Inc., Class A (a)		680		242,816
PayPal Holdings, Inc. * (a)		861		201,668
Visa, Inc., Class A (a)		599		131,071
				880,353
Life Sciences Tools & Services — 1.5%
Illumina, Inc. *		104		38,602
PerkinElmer, Inc.		51		7,254
Thermo Fisher Scientific, Inc. (a)		352		164,052
Waters Corp. *		32		7,801
				217,709
Machinery — 2.0%
Cummins, Inc. (a)		198		45,074
Deere & Co.		274		73,668
Parker-Hannifin Corp.		259		70,636
Snap-on, Inc.		132		22,600
Stanley Black & Decker, Inc.		415		74,136
				286,114
Media — 2.3%
Altice USA, Inc., Class A *		478		18,087
Charter Communications, Inc., Class A * (a)		167		110,192
Comcast Corp., Class A (a)		2,810		147,225
Discovery, Inc., Class A *		975		29,347
Discovery, Inc., Class C *		1,129		29,561
				334,412
Metals & Mining — 0.1%
Newmont Corp.		362		21,663
Multiline Retail — 0.8%
Dollar Tree, Inc. *		319		34,509
Target Corp.		479		84,516
				119,025
Multi-Utilities — 1.3%
Ameren Corp.		501		39,127
CMS Energy Corp.		510		31,137
DTE Energy Co.		269		32,643
Public Service Enterprise Group, Inc.		601		35,031
Sempra Energy		411		52,303
				190,241
Oil, Gas & Consumable Fuels — 2.3%
Cabot Oil & Gas Corp.		217		3,537
Cheniere Energy, Inc. *		277		16,644

INVESTMENTS	SHARES (000)		VALUE ($000)
Oil, Gas & Consumable Fuels — continued
Chevron Corp. (a)		1,214		102,558
ConocoPhillips		581		23,242
Diamondback Energy, Inc.		392		18,975
EOG Resources, Inc. (a)		873		43,558
Kinder Morgan, Inc.		998		13,649
Phillips 66		557		38,945
Pioneer Natural Resources Co. (a)		494		56,218
Williams Cos., Inc. (The)		894		17,933
				335,259
Personal Products — 0.3%
Estee Lauder Cos., Inc. (The), Class A		180		47,937
Pharmaceuticals — 3.5%
Bristol-Myers Squibb Co. (a)		2,189		135,756
Eli Lilly and Co. (a)		788		132,982
Johnson & Johnson (a)		730		114,893
Merck & Co., Inc. (a)		1,386		113,336
Pfizer, Inc.		396		14,594
				511,561
Professional Services — 0.1%
Verisk Analytics, Inc.		74		15,461
Road & Rail — 1.3%
CSX Corp.		256		23,232
Lyft, Inc., Class A *		383		18,820
Norfolk Southern Corp. (a)		476		113,119
Union Pacific Corp.		197		40,945
				196,116
Semiconductors & Semiconductor Equipment — 5.9%
Advanced Micro Devices, Inc. * (a)		873		80,051
Analog Devices, Inc.		698		103,128
Applied Materials, Inc.		1,214		104,749
Intel Corp.		694		34,598
Lam Research Corp.		154		72,687
Microchip Technology, Inc.		220		30,409
Micron Technology, Inc. *		324		24,351
NVIDIA Corp. (a)		233		121,594
NXP Semiconductors NV (Netherlands)		454		72,224
Qorvo, Inc. *		263		43,697
QUALCOMM, Inc.		163		24,894
Texas Instruments, Inc. (a)		858		140,783
				853,165
Software — 8.2%
Fortinet, Inc. *		65		9,654

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Software — continued
Intuit, Inc. (a)		291		110,654
Microsoft Corp. (a)		4,059		902,865
salesforce.com, Inc. * (a)		604		134,319
Workday, Inc., Class A *		139		33,312
				1,190,804
Specialty Retail — 3.3%
AutoZone, Inc. * (a)		60		70,741
Best Buy Co., Inc. (a)		677		67,519
Home Depot, Inc. (The) (a)		494		131,274
Lowe’s Cos., Inc. (a)		853		136,913
TJX Cos., Inc. (The) (a)		974		66,531
				472,978
Technology Hardware, Storage & Peripherals — 7.3%
Apple, Inc. (a)		7,664		1,016,877
Seagate Technology plc		777		48,283
				1,065,160
Textiles, Apparel & Luxury Goods — 0.9%
Carter’s, Inc.		341		32,104
NIKE, Inc., Class B		738		104,413
				136,517
Tobacco — 1.2%
Altria Group, Inc. (a)		1,839		75,400
Philip Morris International, Inc.		1,201		99,390
				174,790
Wireless Telecommunication Services — 0.7%
T-Mobile US, Inc. *		782		105,427
Total Common Stocks (Cost $10,576,181)				14,344,644

INVESTMENTS	NO. OF CONTRACTS		VALUE ($000)
Options Purchased — 2.3%
Put Options Purchased — 2.3%
Index Funds — 2.3%
S&P 500 Index 3/31/2021 at USD 3,550.00, European Style Notional Amount: USD 14,493,172 Exchange-Traded * (Cost $345,846)		38,586		337,242
	SHARES (000)
Short-Term Investments — 4.6%
Investment Companies — 4.6%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.03% (c) (d) (Cost $675,807)		675,807		675,807
Total Investments — 105.5% (Cost $11,597,834)				15,357,693
Liabilities in Excess of Other Assets — (5.5)%				(805,055	)
NET ASSETS — 100.0%				14,552,638

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)	Amount rounds to less than 0.1% of net assets.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of December 31, 2020.
*	Non-income producing security.

Futures contracts outstanding as of December 31, 2020 (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		1,039		03/2021		USD		194,566		452

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 41

JPMorgan Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

Written Call Options Contracts as of December 31, 2020 (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

38,586

USD 14,493,172

USD 3,895.00

3/31/2021

(251,774

)

Written Put Options Contracts as of December 31, 2020 (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

38,586

USD 14,493,172

USD 3,000.00

3/31/2021

(89,326

)

Total Written Options Contracts (Premiums Received $334,309)

(341,100

)

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

JPMorgan Intrepid Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.8%
Aerospace & Defense — 1.4%
Raytheon Technologies Corp.		50		3,597
Air Freight & Logistics — 0.3%
United Parcel Service, Inc., Class B		5		842
Airlines — 0.3%
Delta Air Lines, Inc.		19		744
Auto Components — 0.9%
Lear Corp.		15		2,354
Banks — 9.1%
Bank of America Corp.		200		6,071
Citigroup, Inc.		89		5,505
Citizens Financial Group, Inc.		62		2,203
Sterling Bancorp		78		1,402
Truist Financial Corp.		28		1,347
Wells Fargo & Co.		83		2,499
Western Alliance Bancorp		33		1,984
Zions Bancorp NA		39		1,699
				22,710
Biotechnology — 2.5%
AbbVie, Inc.		41		4,444
Biogen, Inc. *		5		1,151
Exelixis, Inc. *		32		632
				6,227
Building Products — 1.1%
Fortune Brands Home & Security, Inc.		8		669
Owens Corning		28		2,098
				2,767
Capital Markets — 2.3%
Ameriprise Financial, Inc.		2		369
Bank of New York Mellon Corp. (The)		28		1,188
Goldman Sachs Group, Inc. (The)		4		1,002
Morgan Stanley		46		3,139
				5,698
Chemicals — 2.9%
Celanese Corp.		13		1,624
DuPont de Nemours, Inc.		43		3,079
Eastman Chemical Co.		8		802
Huntsman Corp.		67		1,672
				7,177
Commercial Services & Supplies — 0.4%
Republic Services, Inc.		11		1,088

INVESTMENTS	SHARES (000)		VALUE ($000)
Communications Equipment — 1.5%
Cisco Systems, Inc.		65		2,900
Lumentum Holdings, Inc. *		10		948
				3,848
Construction & Engineering — 0.8%
AECOM *		22		1,115
MasTec, Inc. *		12		846
				1,961
Consumer Finance — 2.2%
Ally Financial, Inc.		42		1,490
Capital One Financial Corp.		10		1,018
Discover Financial Services		11		978
Synchrony Financial		59		2,041
				5,527
Containers & Packaging — 2.2%
Ardagh Group SA		50		867
Berry Global Group, Inc. *		35		1,944
Crown Holdings, Inc. *		21		2,134
Silgan Holdings, Inc.		18		668
				5,613
Diversified Consumer Services — 0.3%
H&R Block, Inc.		51		807
Diversified Financial Services — 2.3%
Berkshire Hathaway, Inc., Class B *		17		4,011
Voya Financial, Inc.		31		1,841
				5,852
Diversified Telecommunication Services — 2.8%
CenturyLink, Inc.		58		565
Verizon Communications, Inc.		111		6,509
				7,074
Electric Utilities — 3.7%
Entergy Corp.		15		1,538
Exelon Corp.		83		3,513
NextEra Energy, Inc.		36		2,739
Southern Co. (The)		24		1,480
				9,270
Electrical Equipment — 1.3%
Eaton Corp. plc		26		3,172
Energy Equipment & Services — 1.0%
Baker Hughes Co.		33		678
Schlumberger NV		88		1,923
				2,601

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 43

JPMorgan Intrepid Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Entertainment — 0.5%
Walt Disney Co. (The) *		6		1,123
Equity Real Estate Investment Trusts (REITs) — 3.5%
American Tower Corp.		5		1,033
Essex Property Trust, Inc.		7		1,543
Invitation Homes, Inc.		59		1,764
Kilroy Realty Corp.		16		890
Paramount Group, Inc.		154		1,392
VEREIT, Inc.		29		1,097
VICI Properties, Inc.		44		1,125
				8,844
Food & Staples Retailing — 1.3%
Sysco Corp.		42		3,141
Food Products — 1.6%
Conagra Brands, Inc.		44		1,585
Mondelez International, Inc., Class A		19		1,134
Tyson Foods, Inc., Class A		19		1,205
				3,924
Health Care Equipment & Supplies — 2.9%
Hologic, Inc. *		18		1,289
Medtronic plc		51		5,974
				7,263
Health Care Providers & Services — 4.0%
Anthem, Inc.		15		4,688
Centene Corp. *		25		1,494
Cigna Corp.		8		1,624
HCA Healthcare, Inc.		8		1,250
McKesson Corp.		5		835
				9,891
Hotels, Restaurants & Leisure — 2.1%
Darden Restaurants, Inc.		7		870
Las Vegas Sands Corp.		41		2,444
Wyndham Destinations, Inc.		44		1,951
				5,265
Household Durables — 0.9%
DR Horton, Inc.		15		1,006
PulteGroup, Inc.		27		1,147
				2,153
Household Products — 2.1%
Procter & Gamble Co. (The)		23		3,214
Spectrum Brands Holdings, Inc.		25		1,983
				5,197

INVESTMENTS	SHARES (000)		VALUE ($000)
Independent Power and Renewable Electricity Producers — 0.2%
Vistra Corp.		25		499
Industrial Conglomerates — 0.6%
General Electric Co.		138		1,493
Insurance — 2.5%
Allstate Corp. (The)		19		2,034
Fidelity National Financial, Inc.		49		1,927
MetLife, Inc.		15		681
Travelers Cos., Inc. (The)		11		1,474
				6,116
Interactive Media & Services — 3.4%
Alphabet, Inc., Class A *		2		3,137
Alphabet, Inc., Class C *		2		4,030
Zillow Group, Inc., Class C *		10		1,246
				8,413
Internet & Direct Marketing Retail — 1.2%
eBay, Inc.		38		1,899
Qurate Retail, Inc., Series A		89		979
				2,878
IT Services — 2.2%
DXC Technology Co.		76		1,944
Leidos Holdings, Inc.		11		1,146
Mastercard, Inc., Class A		3		982
Science Applications International Corp.		15		1,429
				5,501
Leisure Products — 0.8%
Brunswick Corp.		25		1,868
Life Sciences Tools & Services — 1.5%
Agilent Technologies, Inc.		6		723
IQVIA Holdings, Inc. *		10		1,773
PerkinElmer, Inc.		9		1,306
				3,802
Machinery — 3.1%
Caterpillar, Inc.		8		1,438
Deere & Co.		6		1,614
PACCAR, Inc.		15		1,277
Parker-Hannifin Corp.		7		1,907
Toro Co. (The)		15		1,423
				7,659
Media — 3.1%
Charter Communications, Inc., Class A *		5		3,440
Discovery, Inc., Class A * (a)		64		1,911
Fox Corp., Class B		24		687

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Media — continued
Nexstar Media Group, Inc., Class A		6		611
Omnicom Group, Inc.		17		1,067
				7,716
Multi-Utilities — 1.2%
Sempra Energy		14		1,822
WEC Energy Group, Inc.		14		1,261
				3,083
Oil, Gas & Consumable Fuels — 3.4%
Cheniere Energy, Inc. *		28		1,663
Chevron Corp.		14		1,145
Cimarex Energy Co.		52		1,965
Concho Resources, Inc.		20		1,155
EOG Resources, Inc.		14		683
Kinder Morgan, Inc.		65		890
Phillips 66		16		1,112
				8,613
Personal Products — 0.3%
Herbalife Nutrition Ltd. *		18		860
Pharmaceuticals — 3.5%
Bristol-Myers Squibb Co.		53		3,294
Horizon Therapeutics plc *		10		695
Jazz Pharmaceuticals plc *		10		1,617
Johnson & Johnson		8		1,259
Pfizer, Inc.		51		1,881
				8,746
Professional Services — 0.4%
ManpowerGroup, Inc.		12		1,082
Road & Rail — 2.5%
CSX Corp.		46		4,147
Old Dominion Freight Line, Inc.		7		1,269
Union Pacific Corp.		4		895
				6,311
Semiconductors & Semiconductor Equipment — 3.1%
Intel Corp.		37		1,824
Lam Research Corp.		6		2,786
Qorvo, Inc. *		5		815
QUALCOMM, Inc.		15		2,285
				7,710
Software — 2.1%
Microsoft Corp.		11		2,425
Oracle Corp.		43		2,775
				5,200

INVESTMENTS	SHARES (000)		VALUE ($000)
Specialty Retail — 1.1%
Best Buy Co., Inc.		14		1,367
Foot Locker, Inc.		37		1,496
				2,863
Technology Hardware, Storage & Peripherals — 1.7%
Dell Technologies, Inc., Class C *		31		2,294
Hewlett Packard Enterprise Co.		91		1,079
NetApp, Inc.		12		762
				4,135
Tobacco — 2.1%
Altria Group, Inc.		100		4,116
Philip Morris International, Inc.		13		1,060
				5,176
Trading Companies & Distributors — 0.6%
United Rentals, Inc. *		6		1,484
Total Common Stocks (Cost $202,330)				246,938
	NO. OF RIGHTS (000)
Rights — 0.0% (b)
Pharmaceuticals — 0.0% (b)
Bristol-Myers Squibb Co., CVR, expiring 3/31/2021 * (Cost $30)		14		10
	SHARES (000)
Short-Term Investments — 1.6%
Investment Companies — 1.4%
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (c) (d) (Cost $3,492)		3,491		3,492
Investment of Cash Collateral from Securities Loaned — 0.2%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (c) (d)		3		4
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (c) (d)		423		423
Total Investment of Cash Collateral from Securities Loaned (Cost $427)				427
Total Short-Term Investments (Cost $3,919)				3,919
Total Investments — 100.4% (Cost $206,279)				250,867
Liabilities in Excess of Other Assets — (0.4)%				(1,045	)
NET ASSETS — 100.0%				249,822

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 45

JPMorgan Intrepid Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

Percentages indicated are based on net assets.

Abbreviations

CVR	Contingent Value Rights
(a)	The security or a portion of this security is on loan at December 31, 2020. The total value of securities on loan at December 31, 2020 is approximately $418,000.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of December 31, 2020.
*	Non-income producing security.

Futures contracts outstanding as of December 31, 2020 (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		9		03/2021		USD		1,685		38

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

JPMorgan Large Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 96.5%
Air Freight & Logistics — 0.6%
FedEx Corp.		774		200,868
Automobiles — 4.6%
Tesla, Inc. *		2,126		1,500,466
Beverages — 2.0%
Boston Beer Co., Inc. (The), Class A *		216		214,270
Monster Beverage Corp. *		4,648		429,879
				644,149
Biotechnology — 5.6%
Alnylam Pharmaceuticals, Inc. *		342		44,411
Biogen, Inc. *		614		150,222
BioMarin Pharmaceutical, Inc. *		1,794		157,328
Exact Sciences Corp. * (a)		2,572		340,698
Moderna, Inc. *		1,172		122,470
Regeneron Pharmaceuticals, Inc. * (a)		846		408,615
Seagen, Inc. *		3,327		582,638
				1,806,382
Capital Markets — 6.1%
Blackstone Group, Inc. (The), Class A		4,420		286,473
Charles Schwab Corp. (The)		7,496		397,578
MarketAxess Holdings, Inc.		940		536,155
Morgan Stanley		4,856		332,775
MSCI, Inc.		315		140,434
S&P Global, Inc.		797		262,064
				1,955,479
Chemicals — 1.8%
Air Products and Chemicals, Inc.		1,121		306,225
Sherwin-Williams Co. (The)		391		287,129
				593,354
Electrical Equipment — 1.3%
Rockwell Automation, Inc.		1,620		406,262
Electronic Equipment, Instruments & Components — 0.9%
Amphenol Corp., Class A		2,150		281,156
Entertainment — 2.1%
Netflix, Inc. *		554		299,727
Spotify Technology SA *		1,241		390,587
				690,314
Equity Real Estate Investment Trusts (REITs) — 0.7%
Equinix, Inc.		329		234,930
Health Care Equipment & Supplies — 3.9%
ABIOMED, Inc. *		345		111,784
Align Technology, Inc. *		753		402,281

INVESTMENTS	SHARES (000)		VALUE ($000)
Health Care Equipment & Supplies — continued
DexCom, Inc. *		970		358,518
Intuitive Surgical, Inc. *		461		377,287
				1,249,870
Health Care Providers & Services — 1.7%
HCA Healthcare, Inc.		1,078		177,337
McKesson Corp.		2,128		370,086
				547,423
Health Care Technology — 0.3%
Veeva Systems, Inc., Class A *		398		108,488
Hotels, Restaurants & Leisure — 2.2%
Airbnb, Inc., Class A *		263		38,638
Chipotle Mexican Grill, Inc. *		482		668,255
				706,893
Industrial Conglomerates — 0.6%
Roper Technologies, Inc.		423		182,179
Interactive Media & Services — 10.3%
Alphabet, Inc., Class C *		201		352,937
Facebook, Inc., Class A *		3,606		984,967
Match Group, Inc. *		3,258		492,595
Pinterest, Inc., Class A *		2,402		158,279
Snap, Inc., Class A *		15,184		760,278
Twitter, Inc. *		2,462		133,317
Zillow Group, Inc., Class C *		3,524		457,363
				3,339,736
Internet & Direct Marketing Retail — 9.5%
Alibaba Group Holding Ltd., ADR (China) *		1,460		339,739
Amazon.com, Inc. *		461		1,501,461
Booking Holdings, Inc. *		194		431,645
Grubhub, Inc. *		732		54,373
MercadoLibre, Inc. (Argentina) * (a)		295		494,869
Wayfair, Inc., Class A * (a)		1,034		233,510
				3,055,597
IT Services — 7.4%
Cognizant Technology Solutions Corp., Class A		2,711		222,134
Mastercard, Inc., Class A		1,299		463,522
PayPal Holdings, Inc. *		5,030		1,178,131
Shopify, Inc., Class A (Canada) * (a)		31		35,204
Square, Inc., Class A *		2,246		488,906
				2,387,897
Life Sciences Tools & Services — 0.7%
Thermo Fisher Scientific, Inc.		500		233,104

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 47

JPMorgan Large Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Machinery — 0.7%
Deere & Co.		805		216,666
Personal Products — 0.9%
Estee Lauder Cos., Inc. (The), Class A		1,155		307,476
Professional Services — 0.3%
CoStar Group, Inc. * (a)		113		104,629
Road & Rail — 1.2%
Norfolk Southern Corp.		1,584		376,303
Semiconductors & Semiconductor Equipment — 9.6%
Advanced Micro Devices, Inc. *		5,357		491,309
ASML Holding NV (Registered), NYRS (Netherlands)		1,014		494,694
Enphase Energy, Inc. * (a)		1,390		243,886
Lam Research Corp.		735		347,307
NVIDIA Corp.		840		438,578
QUALCOMM, Inc.		4,165		634,542
Texas Instruments, Inc.		2,758		452,671
				3,102,987
Software — 9.9%
Microsoft Corp.		6,882		1,530,761
salesforce.com, Inc. *		1,359		302,307
ServiceNow, Inc. *		273		150,515
SS&C Technologies Holdings, Inc.		2,842		206,763
Synopsys, Inc. *		1,920		497,767
Trade Desk, Inc. (The), Class A *		347		278,027
Workday, Inc., Class A *		905		216,823
				3,182,963
Specialty Retail — 2.9%
Carvana Co. *		1,305		312,672
Home Depot, Inc. (The)		1,350		358,650
Lowe’s Cos., Inc.		1,577		253,108
				924,430
Technology Hardware, Storage & Peripherals — 7.7%
Apple, Inc.		18,771		2,490,705
Textiles, Apparel & Luxury Goods — 1.0%
Lululemon Athletica, Inc. *		926		322,276
Total Common Stocks (Cost $16,902,448)				31,152,982
Short-Term Investments — 4.6%
Investment Companies — 4.0%
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (b) (c) (Cost $1,289,076)		1,288,551		1,289,196

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment of Cash Collateral from Securities Loaned — 0.6%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (b) (c)		177,129		177,146
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		28,095		28,095
Total Investment of Cash Collateral from Securities Loaned (Cost $205,242)				205,241
Total Short-Term Investments (Cost $1,494,318)				1,494,437
Total Investments — 101.1% (Cost $18,396,766)				32,647,419
Liabilities in Excess of Other Assets — (1.1)%				(356,493	)
NET ASSETS — 100.0%				32,290,926

Percentages indicated are based on net assets.

Abbreviations
ADR	American Depositary Receipt
NYRS	New York Registry Shares
(a)	The security or a portion of this security is on loan at December 31, 2020. The total value of securities on loan at December 31, 2020 is approximately $176,206,000.
(b)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of December 31, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

JPMorgan Large Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.8%
Aerospace & Defense — 1.9%
Raytheon Technologies Corp.		445		31,808
Airlines — 1.3%
Spirit Airlines, Inc. * (a)		920		22,487
Automobiles — 3.1%
General Motors Co.		1,264		52,650
Banks — 9.9%
Bank of America Corp.		1,433		43,437
Citigroup, Inc.		1,059		65,318
Wells Fargo & Co.		2,002		60,433
				169,188
Beverages — 1.0%
Coca-Cola Co. (The)		293		16,068
Biotechnology — 3.3%
Alexion Pharmaceuticals, Inc. *		198		30,873
Biogen, Inc. *		43		10,431
Vertex Pharmaceuticals, Inc. *		65		15,433
				56,737
Building Products — 4.2%
Carrier Global Corp.		484		18,271
Owens Corning		459		34,789
Trane Technologies plc		131		18,958
				72,018
Capital Markets — 2.3%
Franklin Resources, Inc.		269		6,722
Goldman Sachs Group, Inc. (The)		53		13,845
Morgan Stanley		271		18,572
				39,139
Chemicals — 7.0%
Celanese Corp. (a)		258		33,524
DuPont de Nemours, Inc. (a)		358		25,436
Eastman Chemical Co.		220		22,092
FMC Corp.		246		28,250
LyondellBasell Industries NV, Class A		116		10,605
				119,907
Containers & Packaging — 0.7%
WestRock Co.		259		11,253
Electrical Equipment — 0.5%
Sensata Technologies Holding plc *		170		8,950
Equity Real Estate Investment Trusts (REITs) — 3.8%
Host Hotels & Resorts, Inc.		1,168		17,092
Ventas, Inc.		607		29,753
Weingarten Realty Investors		852		18,469
				65,314

INVESTMENTS	SHARES (000)		VALUE ($000)
Food & Staples Retailing — 3.9%
US Foods Holding Corp. *		2,003		66,723
Food Products — 2.3%
Lamb Weston Holdings, Inc.		494		38,921
Health Care Equipment & Supplies — 1.7%
Zimmer Biomet Holdings, Inc.		184		28,276
Health Care Providers & Services — 6.4%
Anthem, Inc.		48		15,412
Centene Corp. *		199		11,916
Cigna Corp.		222		46,258
CVS Health Corp.		238		16,262
McKesson Corp.		75		12,992
Universal Health Services, Inc., Class B		39		5,307
				108,147
Hotels, Restaurants & Leisure — 2.7%
Darden Restaurants, Inc.		267		31,841
Royal Caribbean Cruises Ltd.		188		14,071
				45,912
Household Durables — 0.7%
PulteGroup, Inc.		292		12,608
Industrial Conglomerates — 1.5%
Honeywell International, Inc.		122		25,992
Insurance — 5.3%
American International Group, Inc.		873		33,036
Chubb Ltd.		117		17,932
Hartford Financial Services Group, Inc. (The)		477		23,383
Prudential Financial, Inc.		208		16,270
				90,621
Internet & Direct Marketing Retail — 0.8%
Booking Holdings, Inc. *		6		14,032
IT Services — 3.2%
Leidos Holdings, Inc.		117		12,330
Sabre Corp. (a)		1,543		18,541
WEX, Inc. *		114		23,162
				54,033
Machinery — 3.3%
AGCO Corp.		201		20,752
Parker-Hannifin Corp.		78		21,221
Stanley Black & Decker, Inc.		78		13,892
				55,865

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 49

JPMorgan Large Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Media — 4.2%
Comcast Corp., Class A		1,170		61,313
Discovery, Inc., Class A * (a)		339		10,204
				71,517
Metals & Mining — 2.3%
Freeport-McMoRan, Inc.		1,485		38,650
Multiline Retail — 0.9%
Kohl’s Corp.		375		15,275
Multi-Utilities — 0.2%
Dominion Energy, Inc.		44		3,301
Oil, Gas & Consumable Fuels — 5.9%
Diamondback Energy, Inc.		325		15,745
EOG Resources, Inc.		481		24,007
Parsley Energy, Inc., Class A		1,145		16,256
Phillips 66		252		17,653
Pioneer Natural Resources Co.		238		27,083
				100,744
Pharmaceuticals — 2.1%
Bristol-Myers Squibb Co.		366		22,728
Pfizer, Inc.		360		13,255
				35,983
Real Estate Management & Development — 1.5%
Cushman & Wakefield plc * (a)		1,678		24,888
Road & Rail — 1.9%
Lyft, Inc., Class A * (a)		222		10,902
Norfolk Southern Corp.		92		21,955
				32,857
Semiconductors & Semiconductor Equipment — 3.7%
Microchip Technology, Inc.		63		8,715
NXP Semiconductors NV (Netherlands)		63		10,065
ON Semiconductor Corp. *		1,368		44,758
				63,538
Specialty Retail — 1.5%
AutoNation, Inc. *		360		25,117
Technology Hardware, Storage & Peripherals — 0.5%
Seagate Technology plc		131		8,162
Textiles, Apparel & Luxury Goods — 2.3%
Carter’s, Inc.		259		24,383
Tapestry, Inc.		474		14,729
				39,112
Total Common Stocks (Cost $1,303,652)				1,665,793

INVESTMENTS	NO. OF RIGHTS (000)		VALUE ($000)
Rights — 0.0% (b)
Pharmaceuticals — 0.0% (b)
Bristol-Myers Squibb Co., CVR, expiring 3/31/2021 * (Cost $456)		214		148
	SHARES (000)
Short-Term Investments — 3.0%
Investment Companies — 1.9%
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (c) (d) (Cost $32,096)		32,077		32,093
Investment of Cash Collateral from Securities Loaned — 1.1%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (c) (d)		16,397		16,398
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (c) (d)		1,838		1,838
Total Investment of Cash Collateral from Securities Loaned (Cost $18,236)				18,236
Total Short-Term Investments (Cost $50,332)				50,329
Total Investments — 100.8% (Cost $1,354,440)				1,716,270
Liabilities in Excess of Other Assets — (0.8)%				(13,520	)
NET ASSETS — 100.0%				1,702,750

Percentages indicated are based on net assets.

Abbreviations
CVR	Contingent Value Rights
(a)	The security or a portion of this security is on loan at December 31, 2020. The total value of securities on loan at December 31, 2020 is approximately $17,592,000.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of December 31, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

JPMorgan U.S. Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.0%
Aerospace & Defense — 1.6%
Northrop Grumman Corp.		995		303,091
Automobiles — 2.0%
Tesla, Inc. *		537		378,618
Banks — 5.7%
Huntington Bancshares, Inc.		7,971		100,670
KeyCorp		9,776		160,420
Regions Financial Corp.		5,867		94,584
Truist Financial Corp.		10,141		486,048
Wells Fargo & Co.		7,233		218,300
				1,060,022
Beverages — 4.5%
Coca-Cola Co. (The)		8,595		471,352
Constellation Brands, Inc., Class A		1,666		364,875
				836,227
Biotechnology — 2.7%
AbbVie, Inc.		4,267		457,197
Biogen, Inc. *		210		51,441
				508,638
Capital Markets — 3.0%
Ameriprise Financial, Inc.		1,175		228,362
Morgan Stanley		4,933		338,046
				566,408
Chemicals — 1.6%
Eastman Chemical Co.		2,972		298,021
Containers & Packaging — 1.5%
Crown Holdings, Inc. *		2,824		282,952
Electric Utilities — 4.0%
NextEra Energy, Inc.		6,369		491,392
Xcel Energy, Inc.		3,938		262,535
				753,927
Electrical Equipment — 2.9%
Eaton Corp. plc		4,525		543,673
Entertainment — 1.9%
Netflix, Inc. *		641		346,800
Equity Real Estate Investment Trusts (REITs) — 2.4%
Prologis, Inc.		4,523		450,722
Health Care Equipment & Supplies — 2.4%
Boston Scientific Corp. *		7,521		270,386
Intuitive Surgical, Inc. *		225		184,458
				454,844

INVESTMENTS	SHARES (000)		VALUE ($000)
Health Care Providers & Services — 2.7%
Cigna Corp.		1,939		403,559
Quest Diagnostics, Inc.		797		95,015
				498,574
Hotels, Restaurants & Leisure — 3.3%
McDonald’s Corp.		1,636		350,977
Yum! Brands, Inc.		2,379		258,264
				609,241
Insurance — 1.6%
Chubb Ltd.		736		113,227
Progressive Corp. (The)		1,880		185,887
				299,114
Interactive Media & Services — 5.5%
Alphabet, Inc., Class A *		514		901,318
Facebook, Inc., Class A *		441		120,362
				1,021,680
Internet & Direct Marketing Retail — 5.8%
Amazon.com, Inc. *		333		1,085,743
IT Services — 8.3%
Booz Allen Hamilton Holding Corp.		792		69,056
FleetCor Technologies, Inc. *		972		265,293
Leidos Holdings, Inc.		3,256		342,245
Mastercard, Inc., Class A		2,342		835,788
Okta, Inc. *		133		33,802
				1,546,184
Machinery — 1.1%
Stanley Black & Decker, Inc.		1,177		210,206
Media — 1.0%
Charter Communications, Inc., Class A *		277		183,382
Multi-Utilities — 0.9%
CMS Energy Corp.		2,643		161,239
Oil, Gas & Consumable Fuels — 0.5%
Pioneer Natural Resources Co.		728		82,947
Pharmaceuticals — 3.8%
Bristol-Myers Squibb Co.		5,837		362,052
Eli Lilly and Co.		2,082		351,533
				713,585
Road & Rail — 3.2%
Norfolk Southern Corp.		2,286		543,238
Uber Technologies, Inc. *		891		45,441
				588,679

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 51

JPMorgan U.S. Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Semiconductors & Semiconductor Equipment — 8.2%
Advanced Micro Devices, Inc. *		3,032		278,037
Analog Devices, Inc.		2,725		402,595
ASML Holding NV (Registered), NYRS (Netherlands)		459		223,812
Lam Research Corp.		275		129,857
NXP Semiconductors NV (Netherlands)		2,320		368,917
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		1,177		128,388
				1,531,606
Software — 8.5%
Ceridian HCM Holding, Inc. *		650		69,266
Coupa Software, Inc. *		181		61,271
Microsoft Corp.		5,409		1,203,034
salesforce.com, Inc. *		831		184,830
Workday, Inc., Class A *		312		74,865
				1,593,266
Specialty Retail — 2.3%
O’Reilly Automotive, Inc. *		543		245,676
Ross Stores, Inc.		1,496		183,710
				429,386
Technology Hardware, Storage & Peripherals — 5.1%
Apple, Inc.		7,206		956,172
Total Common Stocks (Cost $11,141,568)				18,294,947

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 2.2%
Investment Companies — 2.2%
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b) (Cost $403,806)		403,569		403,771
Total Investments — 100.2% (Cost $11,545,374)				18,698,718
Liabilities in Excess of Other Assets — (0.2)%				(31,942	)
NET ASSETS — 100.0%				18,666,776

Percentages indicated are based on net assets.

Abbreviations
ADR	American Depositary Receipt
NYRS	New York Registry Shares
(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)	The rate shown is the current yield as of December 31, 2020.
*	Non-income producing security.

Futures contracts outstanding as of December 31, 2020 (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		1,626		03/2021		USD		304,489		5,543

Abbreviations
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

JPMorgan U.S. GARP Equity Fund

(formerly known as JPMorgan Intrepid Growth Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.5%
Aerospace & Defense — 0.8%
Raytheon Technologies Corp.		142		10,119
Air Freight & Logistics — 0.4%
United Parcel Service, Inc., Class B		34		5,658
Automobiles — 2.7%
Tesla, Inc. *		50		35,354
Biotechnology — 4.2%
AbbVie, Inc.		281		30,104
Biogen, Inc. *		16		3,942
Exelixis, Inc. *		238		4,771
Seagen, Inc. *		43		7,514
Vertex Pharmaceuticals, Inc. *		34		8,012
				54,343
Building Products — 0.6%
Fortune Brands Home & Security, Inc.		32		2,760
Owens Corning		69		5,212
				7,972
Capital Markets — 1.1%
LPL Financial Holdings, Inc.		55		5,722
MSCI, Inc.		7		3,304
S&P Global, Inc.		15		4,997
				14,023
Commercial Services & Supplies — 0.5%
Waste Management, Inc.		49		5,814
Communications Equipment — 0.4%
Lumentum Holdings, Inc. *		53		5,024
Containers & Packaging — 1.1%
Berry Global Group, Inc. *		174		9,794
Crown Holdings, Inc. *		38		3,818
				13,612
Electronic Equipment, Instruments & Components — 0.4%
Keysight Technologies, Inc. *		35		4,650
Entertainment — 1.2%
Electronic Arts, Inc.		32		4,552
Netflix, Inc. *		20		10,652
				15,204
Equity Real Estate Investment Trusts (REITs) — 1.4%
American Tower Corp.		43		9,584
Equinix, Inc.		13		9,070
				18,654
Food & Staples Retailing — 0.8%
Sysco Corp.		138		10,278

INVESTMENTS	SHARES (000)		VALUE ($000)
Food Products — 1.7%
Campbell Soup Co.		78		3,781
Conagra Brands, Inc.		237		8,590
Mondelez International, Inc., Class A		166		9,706
				22,077
Health Care Equipment & Supplies — 1.6%
Becton Dickinson and Co.		25		6,181
Medtronic plc		119		13,951
				20,132
Health Care Providers & Services — 4.0%
Anthem, Inc.		60		19,201
Centene Corp. *		137		8,206
HCA Healthcare, Inc.		44		7,204
Humana, Inc. (a)		22		9,149
UnitedHealth Group, Inc.		21		7,364
				51,124
Hotels, Restaurants & Leisure — 1.6%
Airbnb, Inc., Class A *		21		3,036
Darden Restaurants, Inc.		27		3,216
Las Vegas Sands Corp.		231		13,750
				20,002
Household Durables — 0.4%
PulteGroup, Inc.		129		5,575
Household Products — 1.0%
Procter & Gamble Co. (The)		96		13,357
Insurance — 0.3%
Marsh & McLennan Cos., Inc.		29		3,416
Interactive Media & Services — 8.8%
Alphabet, Inc., Class A *		16		28,217
Alphabet, Inc., Class C *		16		27,505
Facebook, Inc., Class A *		190		51,846
Zillow Group, Inc., Class C *		48		6,217
				113,785
Internet & Direct Marketing Retail — 8.6%
Amazon.com, Inc. *		26		84,029
eBay, Inc.		332		16,658
Expedia Group, Inc.		79		10,459
				111,146
IT Services — 8.4%
Accenture plc, Class A		71		18,441
Akamai Technologies, Inc. *		95		9,985
Leidos Holdings, Inc.		67		7,032
Mastercard, Inc., Class A		124		44,332

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 53

JPMorgan U.S. GARP Equity Fund

(formerly known as JPMorgan Intrepid Growth Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
IT Services — continued
PayPal Holdings, Inc. *		95		22,226
Visa, Inc., Class A		28		6,146
				108,162
Life Sciences Tools & Services — 1.8%
Agilent Technologies, Inc.		53		6,316
IQVIA Holdings, Inc. *		53		9,550
Thermo Fisher Scientific, Inc.		17		7,685
				23,551
Machinery — 0.9%
Parker-Hannifin Corp.		20		5,448
Toro Co. (The)		69		6,516
				11,964
Media — 1.2%
Charter Communications, Inc., Class A *		14		9,394
Discovery, Inc., Class A * (a)		185		5,567
				14,961
Oil, Gas & Consumable Fuels — 0.5%
Cheniere Energy, Inc. *		109		6,555
Pharmaceuticals — 2.3%
Bristol-Myers Squibb Co.		306		18,981
Horizon Therapeutics plc *		154		11,229
				30,210
Road & Rail — 1.2%
CSX Corp.		101		9,166
Old Dominion Freight Line, Inc.		30		5,797
				14,963
Semiconductors & Semiconductor Equipment — 6.8%
Applied Materials, Inc.		269		23,206
Lam Research Corp.		60		28,478
NVIDIA Corp.		24		12,585
Qorvo, Inc. *		47		7,731
QUALCOMM, Inc.		105		15,950
				87,950
Software — 18.1%
Adobe, Inc. *		58		29,157
Cadence Design Systems, Inc. *		95		12,947
Fortinet, Inc. *		84		12,432
HubSpot, Inc. *		9		3,608
Intuit, Inc.		68		25,982
Microsoft Corp.		487		108,285
Oracle Corp.		223		14,400
Palo Alto Networks, Inc. *		24		8,636

INVESTMENTS	SHARES (000)		VALUE ($000)
Software — continued
ServiceNow, Inc. *		13		7,266
VMware, Inc., Class A * (a)		43		5,975
Workday, Inc., Class A *		19		4,552
				233,240
Specialty Retail — 1.9%
Best Buy Co., Inc.		77		7,714
Lowe’s Cos., Inc.		102		16,308
				24,022
Technology Hardware, Storage & Peripherals — 11.8%
Apple, Inc.		973		129,134
Dell Technologies, Inc., Class C *		218		15,977
NetApp, Inc.		97		6,439
				151,550
Total Common Stocks (Cost $771,011)				1,268,447
	NO. OF RIGHTS (000)
Rights — 0.0% (b)
Pharmaceuticals — 0.0% (b)
Bristol-Myers Squibb Co., CVR, expiring 3/31/2021 * (Cost $71)		33		23
	SHARES (000)
Short-Term Investments — 2.5%
Investment Companies — 1.5%
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (c) (d) (Cost $19,430)		19,423		19,433
Investment of Cash Collateral from Securities Loaned — 1.0%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (c) (d)		9,993		9,994
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (c) (d)		2,916		2,916
Total Investment of Cash Collateral from Securities Loaned (Cost $12,910)				12,910
Total Short-Term Investments (Cost $32,340)				32,343
Total Investments — 101.0% (Cost $803,422)				1,300,813
Liabilities in Excess of Other Assets — (1.0)%				(13,390	)
NET ASSETS — 100.0%				1,287,423

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

Abbreviations
CVR	Contingent Value Rights
(a)	The security or a portion of this security is on loan at December 31, 2020. The total value of securities on loan at December 31, 2020 is approximately $12,768,000.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of December 31, 2020.
*	Non-income producing security.

Futures contracts outstanding as of December 31, 2020 (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		55		03/2021		USD		10,299		249

Abbreviations
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 55

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Long Positions — 125.7%
Common Stocks — 125.3%
Aerospace & Defense — 2.0%
Northrop Grumman Corp. (a)		100		30,608
Raytheon Technologies Corp.		428		30,601
				61,209
Auto Components — 0.7%
Aptiv plc		58		7,521
Magna International, Inc. (Canada)		211		14,942
				22,463
Banks — 2.8%
Bank of America Corp. (a)		318		9,649
Citigroup, Inc.		95		5,875
First Republic Bank		53		7,829
SVB Financial Group *		24		9,332
Truist Financial Corp.		594		28,493
Wells Fargo & Co.		816		24,613
				85,791
Beverages — 2.3%
Coca-Cola Co. (The) (a)		553		30,315
Constellation Brands, Inc., Class A		75		16,417
PepsiCo, Inc. (a)		162		24,079
				70,811
Biotechnology — 3.1%
AbbVie, Inc.		420		44,979
Alexion Pharmaceuticals, Inc. *		102		15,966
Biogen, Inc. * (a)		64		15,572
Regeneron Pharmaceuticals, Inc. *		10		5,043
Vertex Pharmaceuticals, Inc. *		52		12,364
				93,924
Building Products — 1.6%
Trane Technologies plc		327		47,421
Capital Markets — 2.1%
Charles Schwab Corp. (The)		244		12,916
CME Group, Inc.		17		3,035
Morgan Stanley (a)		643		44,069
S&P Global, Inc.		9		2,885
				62,905
Chemicals — 4.6%
Air Products and Chemicals, Inc.		76		20,836
Celanese Corp.		202		26,271
DuPont de Nemours, Inc.		230		16,325
Eastman Chemical Co.		179		17,906
FMC Corp.		33		3,815

INVESTMENTS	SHARES (000)		VALUE ($000)
Chemicals — continued
Linde plc (United Kingdom)		148		39,053
PPG Industries, Inc.		101		14,626
				138,832
Consumer Finance — 1.6%
American Express Co.		110		13,311
Capital One Financial Corp.		360		35,598
				48,909
Containers & Packaging — 0.1%
Packaging Corp. of America		22		3,018
Diversified Financial Services — 0.5%
Voya Financial, Inc.		280		16,442
Electric Utilities — 2.8%
NextEra Energy, Inc.		730		56,326
Xcel Energy, Inc.		426		28,415
				84,741
Electrical Equipment — 1.1%
AMETEK, Inc.		72		8,727
Eaton Corp. plc		168		20,149
Sensata Technologies Holding plc *		59		3,125
				32,001
Electronic Equipment, Instruments & Components — 0.2%
TE Connectivity Ltd.		55		6,688
Energy Equipment & Services — 0.2%
Baker Hughes Co.		308		6,422
Entertainment — 2.6%
Electronic Arts, Inc.		81		11,579
Netflix, Inc. * (a)		107		57,767
Warner Music Group Corp., Class A		219		8,316
				77,662
Equity Real Estate Investment Trusts (REITs) — 3.9%
Brixmor Property Group, Inc.		463		7,657
Camden Property Trust		44		4,377
Cousins Properties, Inc.		126		4,234
Equity LifeStyle Properties, Inc.		131		8,274
Kimco Realty Corp.		112		1,687
Prologis, Inc.		256		25,544
Realty Income Corp.		79		4,929
SBA Communications Corp.		57		16,119
Sun Communities, Inc.		89		13,554
UDR, Inc.		154		5,914

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Long Positions — continued
Common Stocks — continued
Equity Real Estate Investment Trusts (REITs) — continued
Ventas, Inc.		367		17,982
WP Carey, Inc.		125		8,802
				119,073
Food Products — 0.6%
Conagra Brands, Inc.		74		2,688
Mondelez International, Inc., Class A (a)		268		15,660
				18,348
Health Care Equipment & Supplies — 3.2%
Boston Scientific Corp. * (a)		787		28,310
Intuitive Surgical, Inc. *		9		7,688
Medtronic plc		170		19,878
Zimmer Biomet Holdings, Inc. (a)		259		39,852
				95,728
Health Care Providers & Services — 3.9%
Centene Corp. *		57		3,395
Cigna Corp. (a)		210		43,788
CVS Health Corp.		66		4,505
McKesson Corp.		121		21,048
UnitedHealth Group, Inc. (a)		133		46,591
				119,327
Hotels, Restaurants & Leisure — 2.2%
Hilton Worldwide Holdings, Inc.		38		4,213
Las Vegas Sands Corp.		230		13,720
McDonald’s Corp.		32		6,817
Yum! Brands, Inc.		395		42,875
				67,625
Household Durables — 0.6%
KB Home		217		7,277
Lennar Corp., Class A		33		2,483
Toll Brothers, Inc.		198		8,627
				18,387
Household Products — 1.6%
Kimberly-Clark Corp.		17		2,348
Procter & Gamble Co. (The)		335		46,632
				48,980
Industrial Conglomerates — 1.2%
Honeywell International, Inc. (a)		172		36,518
Insurance — 2.1%
Arthur J Gallagher & Co.		72		8,902
Chubb Ltd.		200		30,719

INVESTMENTS	SHARES (000)		VALUE ($000)
Insurance — continued
Hartford Financial Services Group, Inc. (The)		127		6,232
Marsh & McLennan Cos., Inc.		33		3,882
Progressive Corp. (The)		137		13,559
				63,294
Interactive Media & Services — 6.6%
Alphabet, Inc., Class A * (a)		54		94,962
Alphabet, Inc., Class C * (a)		22		38,818
Facebook, Inc., Class A * (a)		227		62,095
ZoomInfo Technologies, Inc., Class A *		71		3,404
				199,279
Internet & Direct Marketing Retail — 7.0%
Amazon.com, Inc. * (a)		55		178,258
Booking Holdings, Inc. *		15		32,942
				211,200
IT Services — 9.2%
Booz Allen Hamilton Holding Corp.		60		5,220
Fiserv, Inc. * (a)		333		37,917
FleetCor Technologies, Inc. *		59		15,999
Leidos Holdings, Inc.		336		35,359
Mastercard, Inc., Class A (a)		246		87,946
PayPal Holdings, Inc. * (a)		261		61,173
WEX, Inc. *		177		36,017
				279,631
Life Sciences Tools & Services — 1.4%
Thermo Fisher Scientific, Inc. (a)		92		43,081
Machinery — 3.0%
Parker-Hannifin Corp.		144		39,099
Stanley Black & Decker, Inc.		283		50,541
				89,640
Media — 2.8%
Charter Communications, Inc., Class A * (a)		52		34,365
Comcast Corp., Class A (a)		740		38,797
Discovery, Inc., Class A *		339		10,202
				83,364
Multiline Retail — 0.4%
Dollar Tree, Inc. *		116		12,530
Multi-Utilities — 0.7%
Ameren Corp.		151		11,825
Sempra Energy		64		8,180
				20,005

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 57

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Long Positions — continued
Common Stocks — continued
Oil, Gas & Consumable Fuels — 3.7%
Chevron Corp.		275		23,182
Cimarex Energy Co.		75		2,799
ConocoPhillips		138		5,508
Diamondback Energy, Inc.		698		33,791
Kinder Morgan, Inc.		166		2,276
Pioneer Natural Resources Co. (a)		242		27,564
TC Energy Corp. (Canada)		95		3,874
Williams Cos., Inc. (The)		588		11,783
				110,777
Personal Products — 0.6%
Estee Lauder Cos., Inc. (The), Class A		74		19,612
Pharmaceuticals — 4.0%
Bristol-Myers Squibb Co. (a)		575		35,689
Elanco Animal Health, Inc. *		199		6,118
Eli Lilly and Co.		288		48,639
Johnson & Johnson		74		11,584
Merck & Co., Inc.		243		19,854
				121,884
Road & Rail — 5.0%
Canadian Pacific Railway Ltd. (Canada)		14		4,850
CSX Corp.		201		18,230
Lyft, Inc., Class A *		703		34,516
Norfolk Southern Corp. (a)		248		59,019
Uber Technologies, Inc. *		187		9,558
Union Pacific Corp. (a)		117		24,303
				150,476
Semiconductors & Semiconductor Equipment — 9.9%
Advanced Micro Devices, Inc. *		451		41,338
Analog Devices, Inc. (a)		428		63,171
Applied Materials, Inc.		393		33,888
KLA Corp.		13		3,428
Lam Research Corp.		96		45,545
Microchip Technology, Inc.		25		3,386
Micron Technology, Inc. *		128		9,594
NVIDIA Corp. (a)		44		23,005
NXP Semiconductors NV (Netherlands)		428		68,041
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		39		4,265
Texas Instruments, Inc. (a)		29		4,813
				300,474
Software — 11.1%
Ceridian HCM Holding, Inc. *		224		23,856
Coupa Software, Inc. *		62		21,050

INVESTMENTS	SHARES (000)			VALUE ($000)
Software — continued
Intuit, Inc.		69			26,128
Microsoft Corp. (a)		895			199,036
Paylocity Holding Corp. *		52			10,791
salesforce.com, Inc. * (a)		132			29,280
ServiceNow, Inc. *		14			7,455
Workday, Inc., Class A *		82			19,553
					337,149
Specialty Retail — 4.9%
AutoZone, Inc. * (a)		16			19,161
Best Buy Co., Inc.		57			5,714
Home Depot, Inc. (The) (a)		68			17,963
Lowe’s Cos., Inc.		278			44,690
O’Reilly Automotive, Inc. *		83			37,510
TJX Cos., Inc. (The)		350			23,901
					148,939
Technology Hardware, Storage & Peripherals — 5.4%
Apple, Inc. (a)		1,163			154,310
Hewlett Packard Enterprise Co.		156			1,852
Seagate Technology plc		134			8,299
					164,461
Textiles, Apparel & Luxury Goods — 0.8%
Carter’s, Inc.		40			3,737
NIKE, Inc., Class B		147			20,828
					24,565
Trading Companies & Distributors — 0.1%
WW Grainger, Inc.		7			3,059
Wireless Telecommunication Services — 1.1%
T-Mobile US, Inc. *		238			32,096
Total Common Stocks (Cost $2,039,051)					3,798,741
Short-Term Investments — 0.4%
Investment Companies — 0.4%
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (b) (c)(Cost $13,846)		13,838			13,845
Total Long Positions (Cost $2,052,897)					3,812,586
Short Positions — (25.9)%
Common Stocks — (25.9)%
Aerospace & Defense — (0.6)%
Boeing Co. (The)		(24	)		(5,146	)
HEICO Corp.		(40	)		(5,240	)

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)			VALUE ($000)
Short Positions — continued
Common Stocks — continued
Aerospace & Defense — continued
Huntington Ingalls Industries, Inc.		(9	)		(1,515	)
L3Harris Technologies, Inc.		(8	)		(1,444	)
Lockheed Martin Corp.		(9	)		(3,353	)
Textron, Inc.		(32	)		(1,531	)
					(18,229	)
Air Freight & Logistics — (0.5)%
CH Robinson Worldwide, Inc.		(86	)		(8,065	)
Expeditors International of Washington, Inc.		(62	)		(5,911	)
					(13,976	)
Automobiles — (0.1)%
Ford Motor Co.		(447	)		(3,931	)
Banks — (0.3)%
PNC Financial Services Group, Inc. (The)		(54	)		(8,077	)
Beverages — 0.0% (d)
Brown-Forman Corp., Class B		(18	)		(1,461	)
Biotechnology — (0.4)%
Amgen, Inc.		(10	)		(2,411	)
Gilead Sciences, Inc.		(159	)		(9,283	)
					(11,694	)
Building Products — (0.1)%
Johnson Controls International plc		(74	)		(3,436	)
Capital Markets — (0.8)%
Franklin Resources, Inc.		(327	)		(8,174	)
Moody’s Corp.		(10	)		(3,028	)
Nasdaq, Inc.		(62	)		(8,170	)
Northern Trust Corp.		(68	)		(6,311	)
					(25,683	)
Chemicals — (0.5)%
Albemarle Corp.		(54	)		(7,959	)
Ecolab, Inc.		(14	)		(3,056	)
Sherwin-Williams Co. (The)		(4	)		(3,072	)
					(14,087	)
Commercial Services & Supplies — (0.2)%
Republic Services, Inc.		(57	)		(5,492	)
Communications Equipment — (0.4)%
Cisco Systems, Inc.		(191	)		(8,559	)
Juniper Networks, Inc.		(208	)		(4,680	)
					(13,239	)

INVESTMENTS	SHARES (000)			VALUE ($000)
Construction Materials — (0.2)%
Martin Marietta Materials, Inc.		(11	)		(3,111	)
Vulcan Materials Co.		(19	)		(2,817	)
					(5,928	)
Containers & Packaging — (1.0)%
Avery Dennison Corp.		(21	)		(3,287	)
Ball Corp.		(75	)		(6,956	)
International Paper Co.		(238	)		(11,850	)
Silgan Holdings, Inc.		(41	)		(1,532	)
Sonoco Products Co.		(119	)		(7,032	)
					(30,657	)
Diversified Telecommunication Services — (0.6)%
AT&T, Inc.		(438	)		(12,594	)
CenturyLink, Inc.		(699	)		(6,819	)
					(19,413	)
Electric Utilities — (0.5)%
American Electric Power Co., Inc.		(111	)		(9,227	)
Duke Energy Corp.		(12	)		(1,135	)
PPL Corp.		(49	)		(1,371	)
Southern Co. (The)		(54	)		(3,310	)
					(15,043	)
Electrical Equipment — (0.5)%
Acuity Brands, Inc.		(115	)		(13,865	)
Electronic Equipment, Instruments & Components — (0.2)%
Cognex Corp.		(84	)		(6,758	)
Energy Equipment & Services — (0.5)%
Halliburton Co.		(445	)		(8,403	)
Schlumberger NV		(259	)		(5,646	)
					(14,049	)
Entertainment — (1.4)%
Spotify Technology SA *		(59	)		(18,463	)
Take-Two Interactive Software, Inc. *		(96	)		(20,048	)
Walt Disney Co. (The) *		(19	)		(3,465	)
					(41,976	)
Equity Real Estate Investment Trusts (REITs) — (1.6)%
AvalonBay Communities, Inc.		(18	)		(2,849	)
Digital Realty Trust, Inc.		(20	)		(2,730	)
Duke Realty Corp.		(68	)		(2,715	)
Equity Residential		(72	)		(4,256	)
Essex Property Trust, Inc.		(18	)		(4,366	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 59

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Short Positions — continued
Common Stocks — continued
Equity Real Estate Investment Trusts (REITs) — continued
Extra Space Storage, Inc.		(31	)		(3,633	)
Iron Mountain, Inc.		(353	)		(10,416	)
National Retail Properties, Inc.		(189	)		(7,723	)
Simon Property Group, Inc.		(79	)		(6,726	)
Vornado Realty Trust		(107	)		(4,003	)
					(49,417	)
Food & Staples Retailing — (1.2)%
Kroger Co. (The)		(491	)		(15,604	)
Walgreens Boots Alliance, Inc.		(322	)		(12,854	)
Walmart, Inc.		(47	)		(6,712	)
					(35,170	)
Food Products — (0.6)%
Campbell Soup Co.		(163	)		(7,899	)
General Mills, Inc.		(77	)		(4,504	)
Kellogg Co.		(84	)		(5,250	)
					(17,653	)
Health Care Equipment & Supplies — (0.5)%
Abbott Laboratories		(27	)		(2,903	)
Stryker Corp.		(50	)		(12,304	)
					(15,207	)
Health Care Providers & Services — (0.6)%
AmerisourceBergen Corp.		(92	)		(8,973	)
Cardinal Health, Inc.		(50	)		(2,702	)
Henry Schein, Inc. *		(101	)		(6,779	)
					(18,454	)
Health Care Technology — (0.3)%
Cerner Corp.		(120	)		(9,435	)
Hotels, Restaurants & Leisure — (0.3)%
Chipotle Mexican Grill, Inc. *		(6	)		(8,093	)
Household Products — (0.5)%
Clorox Co. (The)		(82	)		(16,538	)
Industrial Conglomerates — (1.0)%
3M Co.		(73	)		(12,714	)
General Electric Co.		(1,588	)		(17,146	)
					(29,860	)
Insurance — (0.6)%
Aflac, Inc.		(66	)		(2,953	)
Allstate Corp. (The)		(50	)		(5,541	)
Axis Capital Holdings Ltd.		(33	)		(1,647	)
MetLife, Inc.		(64	)		(3,005	)
Travelers Cos., Inc. (The)		(42	)		(5,848	)
					(18,994	)

INVESTMENTS	SHARES (000)			VALUE ($000)
Interactive Media & Services — (0.3)%
Twitter, Inc. *		(147	)		(7,971	)
Internet & Direct Marketing Retail — (0.2)%
ContextLogic, Inc., Class A *		(250	)		(4,560	)
IT Services — (1.6)%
Automatic Data Processing, Inc.		(14	)		(2,388	)
Cognizant Technology Solutions Corp., Class A		(19	)		(1,551	)
Infosys Ltd., ADR (India)		(237	)		(4,025	)
International Business Machines Corp.		(25	)		(3,120	)
Jack Henry & Associates, Inc.		(68	)		(10,951	)
Paychex, Inc.		(117	)		(10,941	)
Snowflake, Inc., Class A *		(10	)		(2,932	)
Western Union Co. (The)		(547	)		(12,003	)
					(47,911	)
Machinery — (0.8)%
Caterpillar, Inc.		(63	)		(11,415	)
Illinois Tool Works, Inc.		(56	)		(11,410	)
PACCAR, Inc.		(18	)		(1,540	)
					(24,365	)
Media — (1.5)%
Fox Corp., Class A		(169	)		(4,927	)
Interpublic Group of Cos., Inc. (The)		(121	)		(2,845	)
Omnicom Group, Inc.		(178	)		(11,110	)
Sirius XM Holdings, Inc.		(602	)		(3,835	)
ViacomCBS, Inc.		(620	)		(23,094	)
					(45,811	)
Multiline Retail — (0.6)%
Macy’s, Inc.		(699	)		(7,869	)
Nordstrom, Inc.		(319	)		(9,952	)
					(17,821	)
Multi-Utilities — (0.4)%
Consolidated Edison, Inc.		(159	)		(11,465	)
NiSource, Inc.		(60	)		(1,371	)
					(12,836	)
Oil, Gas & Consumable Fuels — (1.6)%
Apache Corp.		(115	)		(1,637	)
Devon Energy Corp.		(296	)		(4,675	)
Enbridge, Inc. (Canada)		(481	)		(15,384	)
Exxon Mobil Corp.		(205	)		(8,463	)
Hess Corp.		(157	)		(8,296	)
Marathon Oil Corp.		(530	)		(3,532	)
Occidental Petroleum Corp.		(399	)		(6,915	)
					(48,902	)

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)			VALUE ($000)
Short Positions — continued
Common Stocks — continued
Personal Products — 0.0% (d)
Coty, Inc., Class A		(171	)		(1,203	)
Pharmaceuticals — (0.4)%
Pfizer, Inc.		(289	)		(10,650	)
Viatris, Inc. *		(19	)		(352	)
					(11,002	)
Road & Rail — (0.4)%
Canadian National Railway Co. (Canada)		(39	)		(4,339	)
JB Hunt Transport Services, Inc.		(54	)		(7,340	)
					(11,679	)
Semiconductors & Semiconductor Equipment — (0.7)%
Broadcom, Inc.		(24	)		(10,594	)
Intel Corp.		(205	)		(10,225	)
QUALCOMM, Inc.		(10	)		(1,543	)
					(22,362	)
Software — (0.5)%
Adobe, Inc. *		(12	)		(6,147	)
fuboTV, Inc. *		(56	)		(1,575	)
Oracle Corp.		(86	)		(5,586	)
Palantir Technologies, Inc., Class A *		(44	)		(1,030	)
					(14,338	)
Technology Hardware, Storage & Peripherals — (0.6)%
HP, Inc.		(386	)		(9,485	)
NetApp, Inc.		(55	)		(3,642	)
Western Digital Corp.		(63	)		(3,502	)
Xerox Holdings Corp.		(125	)		(2,896	)
					(19,525	)
Textiles, Apparel & Luxury Goods — (0.2)%
VF Corp.		(54	)		(4,629	)

INVESTMENTS	SHARES (000)			VALUE ($000)
Trading Companies & Distributors — (0.1)%
Fastenal Co.		(84	)		(4,109	)
Total Common Stocks (Proceeds $(743,397))					(784,839	)
Total Short Positions (Proceeds $(743,397))					(784,839	)
Total Investments — 99.8% (Cost $1,309,500)					3,027,747
Other Assets Less Liabilities — 0.2%					4,522
NET ASSETS — 100.0%					3,032,269

Percentages indicated are based on net assets.

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 $1,071,391,000.
(b)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of December 31, 2020.
(d)	Amount rounds to less than 0.1% of net assets.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 61

JPMorgan U.S. Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 99.5%
Aerospace & Defense — 1.0%
General Dynamics Corp.		52		7,719
Northrop Grumman Corp.		56		17,003
Raytheon Technologies Corp.		349		24,959
				49,681
Air Freight & Logistics — 0.5%
FedEx Corp.		103		26,767
Airlines — 0.3%
Delta Air Lines, Inc.		148		5,965
Southwest Airlines Co.		192		8,965
				14,930
Auto Components — 0.2%
Magna International, Inc. (Canada)		141		9,977
Automobiles — 1.8%
General Motors Co.		273		11,356
Tesla, Inc. *		109		77,200
				88,556
Banks — 3.1%
Bank of America Corp.		765		23,180
Citigroup, Inc.		512		31,554
KeyCorp		1,159		19,025
Regions Financial Corp.		895		14,423
Truist Financial Corp.		239		11,436
US Bancorp		413		19,260
Wells Fargo & Co.		1,167		35,215
				154,093
Beverages — 1.3%
Coca-Cola Co. (The)		772		42,349
Constellation Brands, Inc., Class A		107		23,432
				65,781
Biotechnology — 2.5%
AbbVie, Inc.		512		54,843
Alexion Pharmaceuticals, Inc. *		142		22,228
Amgen, Inc.		16		3,697
Biogen, Inc. *		42		10,367
Regeneron Pharmaceuticals, Inc. *		28		13,767
Vertex Pharmaceuticals, Inc. *		73		17,179
				122,081
Building Products — 0.9%
Masco Corp.		299		16,420
Trane Technologies plc		178		25,884
				42,304

INVESTMENTS	SHARES (000)		VALUE ($000)
Capital Markets — 3.4%
Goldman Sachs Group, Inc. (The)		100		26,465
Intercontinental Exchange, Inc.		217		24,995
MarketAxess Holdings, Inc.		12		6,797
Morgan Stanley		664		45,476
MSCI, Inc.		7		3,208
S&P Global, Inc.		124		40,695
State Street Corp.		241		17,568
T. Rowe Price Group, Inc.		32		4,788
				169,992
Chemicals — 1.9%
Air Products and Chemicals, Inc.		34		9,244
Celanese Corp.		55		7,085
Dow, Inc.		119		6,602
DuPont de Nemours, Inc.		194		13,812
Eastman Chemical Co.		231		23,154
Linde plc (United Kingdom)		59		15,525
LyondellBasell Industries NV, Class A		78		7,165
PPG Industries, Inc.		67		9,720
				92,307
Commercial Services & Supplies — 0.1%
Cintas Corp.		17		5,846
Communications Equipment — 0.4%
Cisco Systems, Inc.		345		15,417
Motorola Solutions, Inc.		15		2,611
				18,028
Consumer Finance — 0.5%
Capital One Financial Corp.		241		23,779
Containers & Packaging — 0.6%
Avery Dennison Corp.		35		5,411
Crown Holdings, Inc. *		88		8,789
Packaging Corp. of America		31		4,249
WestRock Co.		214		9,319
				27,768
Diversified Consumer Services — 0.0% (a)
H&R Block, Inc.		61		973
Diversified Financial Services — 1.7%
Berkshire Hathaway, Inc., Class B *		339		78,665
Voya Financial, Inc.		58		3,388
				82,053
Diversified Telecommunication Services — 0.8%
Verizon Communications, Inc.		664		38,989

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Electric Utilities — 1.4%
Exelon Corp.		203		8,575
NextEra Energy, Inc.		657		50,651
Xcel Energy, Inc.		177		11,808
				71,034
Electrical Equipment — 0.6%
Eaton Corp. plc		241		28,991
Electronic Equipment, Instruments & Components — 0.2%
TE Connectivity Ltd.		98		11,846
Entertainment — 1.2%
Netflix, Inc. *		106		57,303
Equity Real Estate Investment Trusts (REITs) — 1.7%
Camden Property Trust		111		11,071
Equinix, Inc.		31		22,057
Equity LifeStyle Properties, Inc.		64		4,077
Mid-America Apartment Communities, Inc.		69		8,757
Prologis, Inc.		232		23,125
Public Storage		15		3,441
Realty Income Corp.		33		2,044
Sun Communities, Inc.		21		3,229
UDR, Inc.		46		1,760
Ventas, Inc.		122		5,968
				85,529
Food & Staples Retailing — 0.5%
Costco Wholesale Corp.		48		18,268
Kroger Co. (The)		218		6,925
				25,193
Food Products — 0.6%
Mondelez International, Inc., Class A		533		31,160
Health Care Equipment & Supplies — 3.1%
Abbott Laboratories		61		6,657
ABIOMED, Inc. *		7		2,264
Baxter International, Inc.		259		20,780
Becton Dickinson and Co.		45		11,216
Boston Scientific Corp. *		548		19,714
DexCom, Inc. *		15		5,428
Edwards Lifesciences Corp. *		57		5,207
Intuitive Surgical, Inc. *		11		8,595
Medtronic plc		371		43,517
Zimmer Biomet Holdings, Inc.		181		27,868
				151,246
Health Care Providers & Services — 2.8%
Anthem, Inc.		41		13,009
Centene Corp. *		51		3,032

INVESTMENTS	SHARES (000)		VALUE ($000)
Health Care Providers & Services — continued
Cigna Corp.		134		27,859
McKesson Corp.		155		26,887
UnitedHealth Group, Inc.		185		64,801
				135,588
Hotels, Restaurants & Leisure — 0.6%
Hilton Worldwide Holdings, Inc.		118		13,178
Yum! Brands, Inc.		158		17,147
				30,325
Household Durables — 0.4%
Lennar Corp., Class A		259		19,780
Household Products — 1.7%
Kimberly-Clark Corp.		162		21,797
Procter & Gamble Co. (The)		433		60,251
				82,048
Industrial Conglomerates — 1.0%
Honeywell International, Inc.		225		47,825
Insurance — 1.8%
Allstate Corp. (The)		239		26,231
American International Group, Inc.		135		5,129
Chubb Ltd.		115		17,639
Hartford Financial Services Group, Inc. (The)		164		8,010
Marsh & McLennan Cos., Inc.		55		6,399
MetLife, Inc.		50		2,327
Progressive Corp. (The)		251		24,858
				90,593
Interactive Media & Services — 5.9%
Alphabet, Inc., Class A *		59		104,238
Alphabet, Inc., Class C *		48		83,530
Facebook, Inc., Class A *		369		100,728
				288,496
Internet & Direct Marketing Retail — 5.4%
Amazon.com, Inc. *		75		244,136
Booking Holdings, Inc. *		11		23,783
				267,919
IT Services — 6.1%
Accenture plc, Class A		211		55,128
Booz Allen Hamilton Holding Corp.		86		7,532
FleetCor Technologies, Inc. *		13		3,635
International Business Machines Corp.		148		18,674
Leidos Holdings, Inc.		182		19,088
Mastercard, Inc., Class A		233		83,007

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 63

JPMorgan U.S. Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
IT Services — continued
PayPal Holdings, Inc. *		294		68,893
Visa, Inc., Class A		204		44,725
				300,682
Life Sciences Tools & Services — 1.5%
Illumina, Inc. *		36		13,177
PerkinElmer, Inc.		17		2,483
Thermo Fisher Scientific, Inc.		120		56,019
Waters Corp. *		11		2,672
				74,351
Machinery — 2.0%
Cummins, Inc.		68		15,543
Deere & Co.		93		25,154
Parker-Hannifin Corp.		89		24,109
Snap-on, Inc.		45		7,725
Stanley Black & Decker, Inc.		146		26,006
				98,537
Media — 2.3%
Altice USA, Inc., Class A *		163		6,181
Charter Communications, Inc., Class A *		57		37,720
Comcast Corp., Class A		960		50,290
Discovery, Inc., Class A *		333		10,024
Discovery, Inc., Class C *		386		10,102
				114,317
Metals & Mining — 0.2%
Newmont Corp.		123		7,392
Multiline Retail — 0.8%
Dollar Tree, Inc. *		109		11,791
Target Corp.		164		28,870
				40,661
Multi-Utilities — 1.3%
Ameren Corp.		171		13,379
CMS Energy Corp.		174		10,632
DTE Energy Co.		92		11,157
Public Service Enterprise Group, Inc.		214		12,464
Sempra Energy		140		17,861
				65,493
Oil, Gas & Consumable Fuels — 2.3%
Cabot Oil & Gas Corp.		74		1,209
Cheniere Energy, Inc. *		95		5,685
Chevron Corp.		415		35,038
ConocoPhillips		199		7,942
Diamondback Energy, Inc.		134		6,479

INVESTMENTS	SHARES (000)		VALUE ($000)
Oil, Gas & Consumable Fuels — continued
EOG Resources, Inc.		298		14,876
Kinder Morgan, Inc.		341		4,663
Phillips 66		190		13,295
Pioneer Natural Resources Co.		169		19,204
Williams Cos., Inc. (The)		306		6,126
				114,517
Personal Products — 0.3%
Estee Lauder Cos., Inc. (The), Class A		62		16,371
Pharmaceuticals — 3.5%
Bristol-Myers Squibb Co.		747		46,331
Eli Lilly and Co.		269		45,419
Johnson & Johnson		249		39,216
Merck & Co., Inc.		473		38,702
Pfizer, Inc.		135		4,985
				174,653
Professional Services — 0.1%
Verisk Analytics, Inc.		25		5,285
Road & Rail — 1.4%
CSX Corp.		87		7,918
Lyft, Inc., Class A *		131		6,429
Norfolk Southern Corp.		163		38,654
Union Pacific Corp.		67		14,013
				67,014
Semiconductors & Semiconductor Equipment — 5.9%
Advanced Micro Devices, Inc. *		298		27,339
Analog Devices, Inc.		238		35,233
Applied Materials, Inc.		415		35,802
Intel Corp.		237		11,824
Lam Research Corp.		53		24,814
Microchip Technology, Inc.		75		10,385
Micron Technology, Inc. *		110		8,300
NVIDIA Corp.		79		41,495
NXP Semiconductors NV (Netherlands)		155		24,666
Qorvo, Inc. *		90		14,912
QUALCOMM, Inc.		56		8,509
Texas Instruments, Inc.		293		48,083
				291,362
Software — 8.3%
Fortinet, Inc. *		22		3,298
Intuit, Inc.		99		37,785
Microsoft Corp.		1,386		308,384
salesforce.com, Inc. *		206		45,906
Workday, Inc., Class A *		47		11,369
				406,742

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Specialty Retail — 3.3%
AutoZone, Inc. *		20		24,202
Best Buy Co., Inc.		231		23,058
Home Depot, Inc. (The)		169		44,795
Lowe’s Cos., Inc.		291		46,755
TJX Cos., Inc. (The)		333		22,723
				161,533
Technology Hardware, Storage & Peripherals — 7.4%
Apple, Inc.		2,617		347,297
Seagate Technology plc		267		16,603
				363,900
Textiles, Apparel & Luxury Goods — 1.0%
Carter’s, Inc.		122		11,480
NIKE, Inc., Class B		252		35,646
				47,126
Tobacco — 1.2%
Altria Group, Inc.		628		25,754
Philip Morris International, Inc.		410		33,954
				59,708

INVESTMENTS	SHARES (000)		VALUE ($000)
Wireless Telecommunication Services — 0.7%
T-Mobile US, Inc. *		267		36,020
Total Common Stocks (Cost $2,782,006)				4,904,445
Short-Term Investments — 0.6%
Investment Companies — 0.6%
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (b) (c) (Cost $28,737)		28,730		28,744
Total Investments — 100.1% (Cost $2,810,743)				4,933,189
Liabilities in Excess of Other Assets — (0.1)%				(5,127	)
NET ASSETS — 100.0%				4,928,062

Percentages indicated are based on net assets.

(a)	Amount rounds to less than 0.1% of net assets.
(b)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of December 31, 2020.
*	Non-income producing security.

Futures contracts outstanding as of December 31, 2020 (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		151		03/2021		USD		28,277		603

Abbreviations
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 65

JPMorgan U.S. Sustainable Leaders Fund

(formerly known as JPMorgan Intrepid Sustainable Equity Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

Investments	SHARES (000)		VALUE ($000)
Common Stocks — 96.4%
Auto Components — 2.2%
Aptiv plc		12		1,616
Banks — 5.2%
Bank of America Corp.		59		1,789
Citigroup, Inc.		35		2,143
				3,932
Biotechnology — 2.3%
Amgen, Inc.		5		1,036
Biogen, Inc. *		1		309
Gilead Sciences, Inc.		7		387
				1,732
Building Products — 4.4%
Owens Corning		14		1,036
Trane Technologies plc		11		1,638
Trex Co., Inc. *		8		653
				3,327
Capital Markets — 2.1%
S&P Global, Inc.		2		621
State Street Corp.		13		925
				1,546
Communications Equipment — 2.3%
Cisco Systems, Inc.		39		1,754
Containers & Packaging — 1.6%
Ball Corp.		13		1,229
Diversified Financial Services — 1.4%
Voya Financial, Inc.		18		1,066
Diversified Telecommunication Services — 3.1%
Verizon Communications, Inc.		40		2,322
Electric Utilities — 1.7%
NextEra Energy, Inc.		17		1,305
Electrical Equipment — 1.9%
Eaton Corp. plc		12		1,434
Entertainment — 6.5%
Electronic Arts, Inc.		6		884
Netflix, Inc. *		1		622
Walt Disney Co. (The) *		19		3,397
				4,903
Equity Real Estate Investment Trusts (REITs) — 4.2%
American Tower Corp.		3		727
Boston Properties, Inc.		11		1,056

Investments	Shares (000)		Value ($000)
Equity Real Estate Investment Trusts (REITs) — continued
Equinix, Inc.		1		693
Prologis, Inc.		7		671
				3,147
Food Products — 1.6%
General Mills, Inc.		20		1,168
Health Care Equipment & Supplies — 0.9%
Hologic, Inc. *		9		644
Health Care Providers & Services — 2.2%
Cigna Corp.		8		1,690
Household Products — 3.0%
Clorox Co. (The)		2		432
Procter & Gamble Co. (The)		13		1,855
				2,287
Insurance — 2.2%
Lincoln National Corp.		18		926
Travelers Cos., Inc. (The)		5		761
				1,687
IT Services — 4.8%
Accenture plc, Class A		3		825
Mastercard, Inc., Class A		8		2,781
				3,606
Life Sciences Tools & Services — 4.7%
Agilent Technologies, Inc.		7		885
Illumina, Inc. *		2		592
IQVIA Holdings, Inc. *		6		1,148
Thermo Fisher Scientific, Inc.		2		876
				3,501
Machinery — 4.6%
Deere & Co.		6		1,623
Parker-Hannifin Corp.		3		776
Xylem, Inc.		11		1,091
				3,490
Multiline Retail — 1.6%
Target Corp.		7		1,206
Pharmaceuticals — 3.8%
Bristol-Myers Squibb Co.		24		1,462
Merck & Co., Inc.		17		1,408
				2,870

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Semiconductors & Semiconductor Equipment — 8.0%
Applied Materials, Inc.		15		1,306
Lam Research Corp.		4		1,797
NVIDIA Corp.		2		830
Texas Instruments, Inc.		13		2,076
				6,009
Software — 14.7%
Adobe, Inc. *		2		800
Cadence Design Systems, Inc. *		11		1,528
Intuit, Inc.		4		1,656
Microsoft Corp.		28		6,153
salesforce.com, Inc. *		4		926
				11,063
Specialty Retail — 4.0%
Best Buy Co., Inc.		11		1,050
Home Depot, Inc. (The)		7		1,971
				3,021

INVESTMENTS	SHARES (000)		VALUE ($000)
Textiles, Apparel & Luxury Goods — 1.4%
VF Corp.		12		1,060
Total Common Stocks (Cost $55,080)				72,615
Short-Term Investments — 3.2%
Investment Companies — 3.2%
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b) (Cost $2,419)		2,418		2,420
Total Investments — 99.6% (Cost $57,499)				75,035
Other Assets Less Liabilities — 0.4%				295
NET ASSETS — 100.0%				75,330

Percentages indicated are based on net assets.

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)	The rate shown is the current yield as of December 31, 2020.
*	Non-income producing security.

Futures contracts outstanding as of December 31, 2020 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
E-Mini S&P 500 ESG Index		7		03/2021		USD		1,114		19

Abbreviations
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 67

JPMorgan U.S. Value Fund

(formerly known as JPMorgan Growth and Income Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.7%
Aerospace & Defense — 3.2%
General Dynamics Corp.		74		10,975
Northrop Grumman Corp.		33		10,184
Raytheon Technologies Corp.		205		14,646
				35,805
Airlines — 0.7%
Southwest Airlines Co.		160		7,456
Banks — 10.8%
Bank of America Corp.		741		22,453
Citigroup, Inc.		399		24,621
Citizens Financial Group, Inc.		139		4,973
M&T Bank Corp.		36		4,560
PNC Financial Services Group, Inc. (The)		99		14,766
Truist Financial Corp.		377		18,090
US Bancorp		182		8,476
Wells Fargo & Co.		760		22,926
				120,865
Beverages — 0.6%
PepsiCo, Inc.		45		6,712
Biotechnology — 2.0%
AbbVie, Inc.		111		11,897
Amgen, Inc.		26		5,935
Biogen, Inc. *		9		2,108
Vertex Pharmaceuticals, Inc. *		12		2,907
				22,847
Building Products — 0.9%
Trane Technologies plc		70		10,158
Capital Markets — 8.6%
BlackRock, Inc.		39		28,445
Charles Schwab Corp. (The)		215		11,416
Goldman Sachs Group, Inc. (The)		52		13,656
Morgan Stanley		302		20,714
S&P Global, Inc.		23		7,627
T. Rowe Price Group, Inc.		95		14,346
				96,204
Chemicals — 2.2%
Air Products and Chemicals, Inc.		38		10,427
Axalta Coating Systems Ltd. *		508		14,512
				24,939
Commercial Services & Supplies — 0.8%
Republic Services, Inc.		93		8,967
Construction Materials — 0.8%
Vulcan Materials Co.		63		9,356

INVESTMENTS	SHARES (000)		VALUE ($000)
Consumer Finance — 1.7%
American Express Co.		95		11,496
Capital One Financial Corp.		77		7,645
				19,141
Containers & Packaging — 0.4%
Ball Corp.		52		4,837
Diversified Financial Services — 2.0%
Berkshire Hathaway, Inc., Class B *		97		22,560
Diversified Telecommunication Services — 1.0%
Verizon Communications, Inc.		183		10,735
Electric Utilities — 2.1%
Entergy Corp.		46		4,638
NextEra Energy, Inc.		148		11,413
Xcel Energy, Inc.		110		7,301
				23,352
Electrical Equipment — 1.2%
Eaton Corp. plc		109		13,122
Entertainment — 0.9%
Walt Disney Co. (The) *		56		10,129
Equity Real Estate Investment Trusts (REITs) — 1.1%
AvalonBay Communities, Inc.		30		4,790
Ventas, Inc.		98		4,796
Vornado Realty Trust		84		3,134
				12,720
Food & Staples Retailing — 1.0%
Walmart, Inc.		76		11,006
Food Products — 0.9%
Mondelez International, Inc., Class A		182		10,662
Health Care Equipment & Supplies — 2.7%
Becton Dickinson and Co.		47		11,882
Medtronic plc		161		18,829
				30,711
Health Care Providers & Services — 3.6%
Anthem, Inc.		17		5,439
Cigna Corp.		65		13,458
Humana, Inc.		11		4,336
UnitedHealth Group, Inc.		49		17,250
				40,483
Hotels, Restaurants & Leisure — 1.6%
Las Vegas Sands Corp.		124		7,384
McDonald’s Corp.		47		10,132
				17,516

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Household Durables — 0.4%
Newell Brands, Inc.		215		4,563
Household Products — 1.2%
Colgate-Palmolive Co.		157		13,386
Industrial Conglomerates — 1.1%
Honeywell International, Inc.		56		11,875
Insurance — 4.1%
Chubb Ltd.		74		11,401
Hartford Financial Services Group, Inc. (The)		227		11,130
Loews Corp.		105		4,710
Marsh & McLennan Cos., Inc.		51		5,914
MetLife, Inc.		169		7,944
Prudential Financial, Inc.		61		4,737
				45,836
Interactive Media & Services — 1.9%
Alphabet, Inc., Class C *		12		21,858
Internet & Direct Marketing Retail — 0.9%
Booking Holdings, Inc. *		2		4,141
Expedia Group, Inc.		43		5,660
				9,801
IT Services — 1.6%
Fidelity National Information Services, Inc.		67		9,517
International Business Machines Corp.		65		8,122
				17,639
Machinery — 4.5%
Dover Corp.		136		17,227
Otis Worldwide Corp.		66		4,472
Parker-Hannifin Corp.		72		19,746
Stanley Black & Decker, Inc.		52		9,275
				50,720
Media — 2.6%
Comcast Corp., Class A		423		22,178
Discovery, Inc., Class A *		224		6,738
				28,916
Multi-Utilities — 1.7%
CMS Energy Corp.		240		14,661
Public Service Enterprise Group, Inc.		74		4,296
				18,957
Oil, Gas & Consumable Fuels — 4.1%
Chevron Corp.		154		13,006
ConocoPhillips		355		14,195
EOG Resources, Inc.		229		11,424

INVESTMENTS	SHARES (000)		VALUE ($000)
Oil, Gas & Consumable Fuels — continued
Phillips 66		36		2,522
Valero Energy Corp.		78		4,397
				45,544
Pharmaceuticals — 6.2%
Bristol-Myers Squibb Co.		348		21,557
Eli Lilly and Co.		70		11,794
Johnson & Johnson		132		20,842
Merck & Co., Inc.		101		8,238
Pfizer, Inc.		177		6,513
				68,944
Road & Rail — 2.0%
CSX Corp.		79		7,148
Kansas City Southern		74		15,051
				22,199
Semiconductors & Semiconductor Equipment — 5.3%
Analog Devices, Inc.		144		21,257
Lam Research Corp.		9		4,213
NXP Semiconductors NV (Netherlands)		74		11,769
Texas Instruments, Inc.		132		21,676
				58,915
Software — 1.8%
Microsoft Corp.		89		19,868
Specialty Retail — 5.0%
AutoZone, Inc. *		10		11,378
Home Depot, Inc. (The)		65		17,349
Lowe’s Cos., Inc.		73		11,779
TJX Cos., Inc. (The)		219		14,967
				55,473
Technology Hardware, Storage & Peripherals — 0.8%
Apple, Inc.		69		9,144
Textiles, Apparel & Luxury Goods — 1.3%
NIKE, Inc., Class B		100		14,209
Tobacco — 1.4%
Philip Morris International, Inc.		197		16,288
Total Common Stocks (Cost $769,988)				1,104,418

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 69

JPMorgan U.S. Value Fund

(formerly known as JPMorgan Growth and Income Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 2.8%
Investment Companies — 2.8%
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b) (Cost $31,521)		31,505		31,520
Total Investments — 101.5% (Cost $801,509)				1,135,938
Liabilities in Excess of Other Assets — (1.5)%				(16,969	)
NET ASSETS — 100.0%				1,118,969

Percentages indicated are based on net assets.

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)	The rate shown is the current yield as of December 31, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

THIS PAGE IS INTENTIONALLY LEFT BLANK

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 71

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2020 (Unaudited)

(Amounts in thousands, except per share amounts)

	JPMorgan Equity Focus Fund			JPMorgan Equity Income Fund		JPMorgan Equity Premium Income Fund			JPMorgan Hedged Equity Fund
ASSETS:
Investments in non-affiliates, at value	$	102,610		$	35,287,402	$	282,569		$	14,344,644
Investments in affiliates, at value		3,350			1,067,589		1,271			675,807
Options purchased, at value		—			—		—			337,242
Cash		—	(a)		99		—	(a)		—	(a)
Deposits at broker for futures contracts		—			—		—			32,034
Receivables:
Investment securities sold		—			—		13,011			1,329,251
Fund shares sold		2			122,367		727			196,218
Interest from non-affiliates		—			—		1,295			—
Dividends from non-affiliates		43			69,565		358			13,783
Dividends from affiliates		—			3		—			9
Variation margin on futures contracts		—			—		—			4,665
Prepaid expenses		—			—		—			204
Total Assets		106,005			36,547,025		299,231			16,933,857
LIABILITIES:
Payables:
Distributions		—			—		405			—
Investment securities purchased		—			8,116		10,207			2,021,216
Fund shares redeemed		6			113,670		1,224			11,827
Outstanding options written, at fair value		—			—		—			341,100
Accrued liabilities:
Investment advisory fees		36			11,965		34			2,953
Administration fees		2			1,336		1			820
Distribution fees		4			1,730		10			380
Service fees		15			4,209		52			2,708
Custodian and accounting fees		6			109		12			60
Trustees’ and Chief Compliance Officer’s fees		1			—		2			2
Other		90			986		72			153
Total Liabilities		160			142,121		12,019			2,381,219
Net Assets	$	105,845		$	36,404,904	$	287,212		$	14,552,638

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

	JPMorgan Equity Focus Fund			JPMorgan Equity Income Fund			JPMorgan Equity Premium Income Fund			JPMorgan Hedged Equity Fund
NET ASSETS:
Paid-in-Capital	$	64,846		$	27,635,578		$	290,127		$	12,775,118
Total distributable earnings (loss)		40,999			8,769,326			(2,915	)		1,777,520
Total Net Assets	$	105,845		$	36,404,904		$	287,212		$	14,552,638
Net Assets:
Class A	$	7,770		$	3,818,179		$	20,443		$	712,476
Class C		3,573			1,359,361			10,936			382,869
Class I		64,733			14,062,687			217,986			12,182,645
Class R2		—			70,167			—			—
Class R3		—			230,221			—			—
Class R4		—			160,019			—			—
Class R5		—			1,401,252			74			3,728
Class R6		29,769			15,303,018			37,773			1,270,920
Total	$	105,845		$	36,404,904		$	287,212		$	14,552,638
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		256			197,103			1,434			29,868
Class C		124			71,683			767			16,156
Class I		2,093			712,724			15,290			509,232
Class R2		—			3,640			—			—
Class R3		—			11,895			—			—
Class R4		—			8,115			—			—
Class R5		—			70,962			5			156
Class R6		969			775,620			2,650			53,006
Net Asset Value (a):
Class A — Redemption price per share	$	30.30		$	19.37		$	14.26		$	23.85
Class C — Offering price per share (b)		28.75			18.96			14.26			23.70
Class I — Offering and redemption price per share		30.93			19.73			14.26			23.92
Class R2 — Offering and redemption price per share		—			19.28			—			—
Class R3 — Offering and redemption price per share		—			19.35			—			—
Class R4 — Offering and redemption price per share		—			19.72			—			—
Class R5 — Offering and redemption price per share		—			19.75			14.25			23.96
Class R6 — Offering and redemption price per share		30.74			19.73			14.26			23.98
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)]	$	31.98		$	20.44		$	15.05		$	25.17
Cost of investments in non-affiliates	$	61,259		$	26,001,247		$	245,171		$	10,576,181
Cost of investments in affiliates		3,350			1,067,536			1,271			675,807
Cost of options purchased		—			—			—			345,846
Premiums received from options written		—			—			—			334,309

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 73

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)

	JPMorgan Intrepid Value Fund			JPMorgan Large Cap Growth Fund			JPMorgan Large Cap Value Fund			JPMorgan U.S. Equity Fund
ASSETS:
Investments in non-affiliates, at value	$	246,948		$	31,152,982		$	1,665,941		$	18,294,947
Investments in affiliates, at value		3,492			1,289,196			32,093			403,771
Investment of cash collateral received from securities loaned, at value (See Note 2.B.)		427			205,241			18,236			—
Cash		3			139			3			33
Deposits at broker for futures contracts		274			—			—			17,886
Receivables:
Investment securities sold		1,113			22,843			—			35,369
Fund shares sold		99			94,509			5,653			21,088
Dividends from non-affiliates		370			6,415			1,452			10,270
Dividends from affiliates		—			4			—	(a)		1
Securities lending income (See Note 2.B.)		—	(a)		40			3			—
Variation margin on futures contracts		10			—			—			1,712
Total Assets		252,736			32,771,369			1,723,381			18,785,077
LIABILITIES:
Payables:
Investment securities purchased		1,732			183,134			—			61,470
Collateral received on securities loaned (See Note 2.B.)		427			205,241			18,236			—
Fund shares redeemed		476			75,804			1,458			48,020
Accrued liabilities:
Investment advisory fees		40			10,777			513			5,788
Administration fees		1			528			74			777
Distribution fees		19			1,493			60			618
Service fees		38			3,239			119			1,024
Custodian and accounting fees		8			7			17			56
Trustees’ and Chief Compliance Officer’s fees		—			—	(a)		1			2
Other		173			220			153			546
Total Liabilities		2,914			480,443			20,631			118,301
Net Assets	$	249,822		$	32,290,926		$	1,702,750		$	18,666,776

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

	JPMorgan Intrepid Value Fund			JPMorgan Large Cap Growth Fund			JPMorgan Large Cap Value Fund			JPMorgan U.S. Equity Fund
NET ASSETS:
Paid-in-Capital	$	202,289		$	15,670,613		$	1,365,288		$	11,273,172
Total distributable earnings (loss)		47,533			16,620,313			337,462			7,393,604
Total Net Assets	$	249,822		$	32,290,926		$	1,702,750		$	18,666,776
Net Assets:
Class A	$	51,862		$	4,560,705		$	139,049		$	1,412,328
Class C		9,806			726,684			38,093			304,477
Class I		119,482			9,697,818			419,904			1,411,013
Class L		—			—			—			2,673,394
Class R2		2,689			142,126			14,890			252,713
Class R3		—			173,937			13			153,560
Class R4		—			133,213			11			31,016
Class R5		3,741			958,797			21,544			957,331
Class R6		62,242			15,897,646			1,069,246			11,470,944
Total	$	249,822		$	32,290,926		$	1,702,750		$	18,666,776
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		1,719			77,342			8,220			74,413
Class C		331			17,085			2,355			16,728
Class I		3,924			161,242			25,294			74,073
Class L		—			—			—			140,085
Class R2		90			2,532			888			13,473
Class R3		—			2,931			1			8,126
Class R4		—			2,219			1			1,631
Class R5		123			15,503			1,284			50,140
Class R6		2,041			254,584			64,174			599,401
Net Asset Value (a):
Class A — Redemption price per share	$	30.17		$	58.97		$	16.92		$	18.98
Class C — Offering price per share (b)		29.63			42.53			16.17			18.20
Class I — Offering and redemption price per share		30.45			60.14			16.60			19.05
Class L — Offering and redemption price per share		—			—			—			19.08
Class R2 — Offering and redemption price per share		29.85			56.13			16.77			18.76
Class R3 — Offering and redemption price per share		—			59.35			16.59			18.90
Class R4 — Offering and redemption price per share		—			60.04			16.94			19.02
Class R5 — Offering and redemption price per share		30.50			61.85			16.78			19.09
Class R6 — Offering and redemption price per share		30.50			62.45			16.66			19.14
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)]	$	31.84		$	62.24		$	17.86		$	20.03
Cost of investments in non-affiliates	$	202,360		$	16,902,448		$	1,304,108		$	11,141,568
Cost of investments in affiliates		3,492			1,289,076			32,096			403,806
Investment securities on loan, at value (See Note 2.B.)		418			176,206			17,592			—
Cost of investment of cash collateral (See Note 2.B.)		427			205,242			18,236			—

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 75

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)

	JPMorgan U.S. GARP Equity Fund (formerly known as JPMorgan Intrepid Growth Fund)			JPMorgan U.S. Large Cap Core Plus Fund			JPMorgan U.S. Research Enhanced Equity Fund			JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund)			JPMorgan U.S. Value Fund (formerly known as JPMorgan Growth and Income Fund)
ASSETS:
Investments in non-affiliates, at value	$	1,268,470		$	3,798,741		$	4,904,445		$	72,615		$	1,104,418
Investments in affiliates, at value		19,433			13,845			28,744			2,420			31,520
Investment of cash collateral received from securities loaned, at value (See Note 2.B.)		12,910			—			—			—			—
Cash		3			29			4			—	(a)		41
Deposits at broker for futures contracts		970			—			1,836			144			—
Receivables:
Investment securities sold		—			—			7,324			—			—
Fund shares sold		1,744			12,228			1,800			338			1,903
Dividends from non-affiliates		498			2,851			4,623			60			1,195
Dividends from affiliates		—	(a)		—	(a)		—	(a)		—	(a)		—	(a)
Tax reclaims		—			10			6			—			—
Securities lending income (See Note 2.B.)		2			—			—			—			—
Variation margin on futures contracts		58			—			159			6			—
Due from adviser		—			—			—			21			—
Total Assets		1,304,088			3,827,704			4,948,941			75,604			1,139,077
LIABILITIES:
Payables:
Due to broker for securities sold short		—			—	(a)		—			—			—
Securities sold short, at value		—			784,839			—			—			—
Dividend expense to non-affiliates on securities sold short		—			1,479			—			—			—
Investment securities purchased		—			—			9,552			182			18,697
Interest expense to non-affiliates on securities sold short		—			464			—			—			—
Collateral received on securities loaned (See Note 2.B.)		12,910			—			—			—			—
Fund shares redeemed		3,214			6,025			10,039			68			658
Accrued liabilities:
Investment advisory fees		277			1,646			809			—			325
Administration fees		54			160			165			—			45
Distribution fees		60			93			43			5			110
Service fees		86			313			70			2			184
Custodian and accounting fees		8			84			14			9			12
Trustees’ and Chief Compliance Officer’s fees		1			1			—	(a)		2			2
Other		55			331			187			6			75
Total Liabilities		16,665			795,435			20,879			274			20,108
Net Assets	$	1,287,423		$	3,032,269		$	4,928,062		$	75,330		$	1,118,969

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

	JPMorgan U.S. GARP Equity Fund (formerly known as JPMorgan Intrepid Growth Fund)			JPMorgan U.S. Large Cap Core Plus Fund			JPMorgan U.S. Research Enhanced Equity Fund			JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund)			JPMorgan U.S. Value Fund (formerly known as JPMorgan Growth and Income Fund)
NET ASSETS:
Paid-in-Capital	$	763,472		$	1,137,486		$	2,776,881		$	58,275		$	784,131
Total distributable earnings (loss)		523,951			1,894,783			2,151,181			17,055			334,838
Total Net Assets	$	1,287,423		$	3,032,269		$	4,928,062		$	75,330		$	1,118,969
Net Assets:
Class A	$	109,146		$	318,497		$	196,718		$	15,703		$	439,142
Class C		29,184			36,711			—			2,868			28,077
Class I		155,603			2,084,388			657,940			42,671			516,903
Class R2		46,255			5,345			—			—			1,738
Class R3		—			—			—			—			709
Class R4		—			—			—			—			1,380
Class R5		220,673			43,184			—			—			108
Class R6		726,562			544,144			4,073,404			14,088			130,912
Total	$	1,287,423		$	3,032,269		$	4,928,062		$	75,330		$	1,118,969
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		1,720			13,590			6,251			309			8,041
Class C		470			1,746			—			58			579
Class I		2,400			86,809			20,668			835			8,923
Class R2		750			242			—			—			32
Class R3		—			—			—			—			12
Class R4		—			—			—			—			24
Class R5		3,465			1,783			—			—			2
Class R6		11,411			22,501			128,143			276			2,242
Net Asset Value (a):
Class A — Redemption price per share	$	63.47		$	23.44		$	31.47		$	50.74		$	54.61
Class C — Offering price per share (b)		62.02			21.02			—			49.73			48.50
Class I — Offering and redemption price per share		64.84			24.01			31.83			51.11			57.93
Class R2 — Offering and redemption price per share		61.63			22.10			—			—			54.72
Class R3 — Offering and redemption price per share		—			—			—			—			57.82
Class R4 — Offering and redemption price per share		—			—			—			—			57.91
Class R5 — Offering and redemption price per share		63.69			24.22			—			—			58.37
Class R6 — Offering and redemption price per share		63.67			24.18			31.79			51.09			58.38
Class A maximum sales charge		5.25	%		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)]	$	66.99		$	24.74		$	33.21		$	53.55		$	57.64
Cost of investments in non-affiliates	$	771,082		$	2,039,051		$	2,782,006		$	55,080		$	769,988
Cost of investments in affiliates		19,430			13,846			28,737			2,419			31,521
Investment securities on loan, at value (See Note 2.B.)		12,768			—			—			—			—
Cost of investment of cash collateral (See Note 2.B.)		12,910			—			—			—			—
Proceeds from securities sold short		—			743,397			—			—			—

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 77

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

(Amounts in thousands)

	JPMorgan Equity Focus Fund			JPMorgan Equity Income Fund			JPMorgan Equity Premium Income Fund			JPMorgan Hedged Equity Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—		$	—		$	13,041		$	—
Interest income from affiliates		—			—			13			—
Dividend income from non-affiliates		583			426,403			1,935			87,623
Dividend income from affiliates		3			687			3			32
Non-cash dividend income from non-affiliates		—			—			—			5,352
Income from securities lending (net) (See Note 2.B.)		—	(a)		—			—			—
Total investment income		586			427,090			14,992			93,007
EXPENSES:
Investment advisory fees		239			65,070			309			14,723
Administration fees		36			7,484			93			4,275
Distribution fees:
Class A		8			4,462			21			765
Class C		12			5,020			26			1,173
Class R2		—			185			—			—
Class R3		—			248			—			—
Service fees:
Class A		8			4,462			21			765
Class C		4			1,673			9			391
Class I		74			15,303			248			12,247
Class R2		—			92			—			—
Class R3		—			248			—			—
Class R4		—			169			—			—
Class R5		—			666			—	(a)		2
Custodian and accounting fees		13			561			27			141
Interest expense to affiliates		—			—			4			—
Professional fees		28			173			77			89
Trustees’ and Chief Compliance Officer’s fees		13			59			15			30
Printing and mailing costs		4			759			13			215
Registration and filing fees		33			636			65			287
Transfer agency fees (See Note 2.J.)		2			488			3			87
Other		5			286			7			115
Total expenses		479			108,044			938			35,305
Less fees waived		(88	)		(493	)		(178	)		(223	)
Less expense reimbursements		—			—			(1	)		—
Net expenses		391			107,551			759			35,082
Net investment income (loss)		195			319,539			14,233			57,925
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		4,796			383,214			(7,684	)		51,688
Investments in affiliates		(1	)		340			(3	)		—
Options purchased		—			—			—			(847,357	)
Futures contracts		—			—			—			57,004
Options written		—			—			—			(491,313	)
Net realized gain (loss)		4,795			383,554			(7,687	)		(1,229,978	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		18,054			5,381,108			29,655			2,268,494
Investments in affiliates		(1	)		(616	)		—	(a)		—
Options purchased		—			—			—			2,359
Futures contracts		—			—			—			(1,228	)
Options written		—			—			—			(2,218	)
Change in net unrealized appreciation/depreciation		18,053			5,380,492			29,655			2,267,407
Net realized/unrealized gains (losses)		22,848			5,764,046			21,968			1,037,429
Change in net assets resulting from operations	$	23,043		$	6,083,585		$	36,201		$	1,095,354

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

	JPMorgan Intrepid Value Fund			JPMorgan Large Cap Growth Fund			JPMorgan Large Cap Value Fund			JPMorgan U.S. Equity Fund
INVESTMENT INCOME:
Interest income from affiliates	$	—		$	3		$	—		$	—
Dividend income from non-affiliates		2,151			65,311			12,010			118,697
Dividend income from affiliates		4			1,172			21			203
Non-cash dividend income from non-affiliates		876			—			—			—
Income from securities lending (net) (See Note 2.B.)		3			1,327			30			53
Total investment income		3,034			67,813			12,061			118,953
EXPENSES:
Investment advisory fees		363			63,728			2,856			33,789
Administration fees		91			7,434			536			5,529
Distribution fees:
Class A		63			5,037			158			1,842
Class C		38			2,653			129			1,087
Class R2		7			336			44			601
Class R3		—			161			—	(a)		170
Service fees:
Class A		63			5,037			158			1,842
Class C		13			884			43			362
Class I		143			10,711			391			1,526
Class L		—			—			—			1,105
Class R2		3			168			22			300
Class R3		—			161			—	(a)		170
Class R4		—			128			3			32
Class R5		2			452			10			447
Custodian and accounting fees		18			407			30			266
Interest expense to affiliates		—			—			—			—	(a)
Professional fees		29			129			34			104
Trustees’ and Chief Compliance Officer’s fees		12			52			16			38
Printing and mailing costs		41			351			35			103
Registration and filing fees		53			434			70			142
Transfer agency fees (See Note 2.J.)		7			353			51			204
Other		8			228			19			176
Total expenses		954			98,844			4,605			49,835
Less fees waived		(217	)		(11,473	)		(514	)		(3,165	)
Less expense reimbursements		(1	)		—			(8	)		(44	)
Net expenses		736			87,371			4,083			46,626
Net investment income (loss)		2,298			(19,558	)		7,978			72,327
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		9,756			3,132,133			53,866			826,727
Investments in affiliates		(1	)		25			(5	)		(67	)
Futures contracts		295			—			—			31,651
Net realized gain (loss)		10,050			3,132,158			53,861			858,311
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		33,659			4,004,166			362,071			2,761,840
Investments in affiliates		(2	)		(517	)		(2	)		(35	)
Futures contracts		38			—			—			5,543
Change in net unrealized appreciation/depreciation		33,695			4,003,649			362,069			2,767,348
Net realized/unrealized gains (losses)		43,745			7,135,807			415,930			3,625,659
Change in net assets resulting from operations	$	46,043		$	7,116,249		$	423,908		$	3,697,986

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 79

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

(Amounts in thousands)

	JPMorgan U.S. GARP Equity Fund (formerly known as JPMorgan Intrepid Growth Fund)			JPMorgan U.S. Large Cap Core Plus Fund			JPMorgan U.S. Research Enhanced Equity Fund			JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund)			JPMorgan U.S. Value Fund (formerly known as JPMorgan Growth and Income Fund)
INVESTMENT INCOME:
Dividend income from non-affiliates	$	2,961		$	26,755		$	32,888		$	456		$	10,671
Dividend income from affiliates		26			19			43			2			26
Non-cash dividend income from non-affiliates		2,779			—			2,564			—			—
Income from securities lending (net) (See Note 2.B.)		27			—			—			—	(a)		—
Total investment income		5,793			26,774			35,495			458			10,697
EXPENSES:
Investment advisory fees		1,811			10,532			5,816			86			1,869
Administration fees		453			1,215			1,745			22			350
Distribution fees:
Class A		131			389			248			17			593
Class C		109			180			—			10			103
Class R2		109			12			—			—			3
Class R3		—			—			—			—			1
Service fees:
Class A		131			389			248			17			593
Class C		36			60			—			3			34
Class I		188			2,807			760			48			328
Class L (b)		—			—			2			—			—
Class R2		55			6			—			—			2
Class R3		—			—			—			—			1
Class R4		—			—			—			—			1
Class R5		103			21			—			—			—	(a)
Custodian and accounting fees		22			66			77			15			16
Interest expense to affiliates		—			1			—			—			—
Professional fees		35			49			50			50			37
Trustees’ and Chief Compliance Officer’s fees		15			18			19			15			16
Printing and mailing costs		15			44			11			11			30
Registration and filing fees		46			68			27			27			52
Transfer agency fees (See Note 2.J.)		28			48			31			2			81
Dividend expense to non-affiliates on securities sold short		—			11,811			—			—			—
Interest expense to non-affiliates on securities sold short		—			2,594			—			—			—
Other		14			43			52			4			14
Total expenses		3,301			30,353			9,086			327			4,124
Less fees waived		(403	)		(2,059	)		(2,648	)		(168	)		(423	)
Less expense reimbursements		—			(2	)		—	(a)		(22	)		(2	)
Net expenses		2,898			28,292			6,438			137			3,699
Net investment income (loss)		2,895			(1,518	)		29,057			321			6,998
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		72,573			568,497			132,058			135			14,154
Investments in affiliates		(3	)		(3	)		(18	)		(1	)		9
Futures contracts		1,902			722			5,905			99			—
Securities sold short		—			(57,610	)		—			—			—
Net realized gain (loss)		74,472			511,606			137,945			233			14,163
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		154,751			296,077			790,338			10,167			168,062
Investments in affiliates		(7	)		(5	)		—	(a)		1			(19	)
Futures contracts		249			24			(389	)		19			—
Securities sold short		—			(109,650	)		—			—			—
Change in net unrealized appreciation/depreciation		154,993			186,446			789,949			10,187			168,043
Net realized/unrealized gains (losses)		229,465			698,052			927,894			10,420			182,206
Change in net assets resulting from operations	$	232,360		$	696,534		$	956,951		$	10,741		$	189,204

(a) Amount rounds to less than one thousand.

(b) On July 2, 2020, Class L Shares for JPMorgan U.S. Research Enhanced Equity Fund were converted into Class I Shares. Additionally, as of July 2, 2020, the Class L Shares are no longer offered.

SEE NOTES TO FINANCIAL STATEMENTS.

80 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

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, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	195		$	790		$	319,539		$	603,430
Net realized gain (loss)		4,795			11,963			383,554			(525,251	)
Change in net unrealized appreciation/depreciation		18,053			(8,470	)		5,380,492			(2,030,903	)
Change in net assets resulting from operations		23,043			4,283			6,083,585			(1,952,724	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(862	)		(962	)		(29,694	)		(100,496	)
Class C		(403	)		(540	)		(7,941	)		(36,790	)
Class I		(7,180	)		(10,258	)		(117,324	)		(324,790	)
Class R2		—			—			(511	)		(2,344	)
Class R3		—			—			(1,689	)		(4,859	)
Class R4		—			—			(1,294	)		(2,895	)
Class R5		—			—			(13,541	)		(46,903	)
Class R6		(3,356	)		(4,735	)		(146,073	)		(394,174	)
Total distributions to shareholders		(11,801	)		(16,495	)		(318,067	)		(913,251	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		9,549			(9,562	)		1,084,449			8,758,465
NET ASSETS:
Change in net assets		20,791			(21,774	)		6,849,967			5,892,490
Beginning of period		85,054			106,828			29,554,937			23,662,447
End of period	$	105,845		$	85,054		$	36,404,904		$	29,554,937

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 81

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Equity Premium Income Fund						JPMorgan Hedged Equity Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	14,233		$	13,512		$	57,925		$	103,479
Net realized gain (loss)		(7,687	)		(29,238	)		(1,229,978	)		(469,890	)
Change in net unrealized appreciation/depreciation		29,655			4,460			2,267,407			902,244
Change in net assets resulting from operations		36,201			(11,266	)		1,095,354			535,833
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(942	)		(857	)		(3,547	)		(3,986	)
Class C		(377	)		(258	)		(1,096	)		(836	)
Class I		(11,401	)		(12,367	)		(69,581	)		(62,588	)
Class R5		(2	)		(2	)		(27	)		(32	)
Class R6		(1,513	)		(39	)		(8,717	)		(8,633	)
Total distributions to shareholders		(14,235	)		(13,523	)		(82,968	)		(76,075	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		73,516			162,286			4,798,660			3,226,028
NET ASSETS:
Change in net assets		95,482			137,497			5,811,046			3,685,786
Beginning of period		191,730			54,233			8,741,592			5,055,806
End of period	$	287,212		$	191,730		$	14,552,638		$	8,741,592

SEE NOTES TO FINANCIAL STATEMENTS.

82 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

	JPMorgan Intrepid Value Fund						JPMorgan Large Cap Growth Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	2,298		$	15,342		$	(19,558	)	$	50,317
Net realized gain (loss)		10,050			46,835			3,132,158			1,883,835
Change in net unrealized appreciation/depreciation		33,695			(120,484	)		4,003,649			3,286,948
Change in net assets resulting from operations		46,043			(58,307	)		7,116,249			5,221,100
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(1,492	)		(5,592	)		(229,243	)		(307,305	)
Class C		(275	)		(1,365	)		(49,805	)		(82,111	)
Class I		(3,522	)		(54,344	)		(484,046	)		(568,389	)
Class R2		(79	)		(314	)		(7,546	)		(16,104	)
Class R3		—			—			(8,542	)		(7,619	)
Class R4		—			—			(6,602	)		(2,550	)
Class R5		(120	)		(3,383	)		(48,291	)		(83,447	)
Class R6		(1,925	)		(11,681	)		(774,029	)		(964,234	)
Total distributions to shareholders		(7,413	)		(76,679	)		(1,608,104	)		(2,031,759	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(44,574	)		(586,626	)		3,517,615			4,163,215
NET ASSETS:
Change in net assets		(5,944	)		(721,612	)		9,025,760			7,352,556
Beginning of period		255,766			977,378			23,265,166			15,912,610
End of period	$	249,822		$	255,766		$	32,290,926		$	23,265,166

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 83

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Large Cap Value Fund						JPMorgan U.S. Equity Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	7,978		$	24,035		$	72,327		$	156,956
Net realized gain (loss)		53,861			(22,822	)		858,311			1,074,096
Change in net unrealized appreciation/depreciation		362,069			(109,305	)		2,767,348			588,905
Change in net assets resulting from operations		423,908			(108,092	)		3,697,986			1,819,957
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(545	)		(2,660	)		(80,700	)		(161,648	)
Class C		(69	)		(354	)		(17,527	)		(26,242	)
Class I		(1,902	)		(4,022	)		(82,454	)		(97,817	)
Class L		—			—			(157,734	)		(142,043	)
Class R2		(42	)		(207	)		(14,651	)		(21,799	)
Class R3		—	(a)		—	(a)		(8,514	)		(11,145	)
Class R4		—	(a)		(193	)		(1,776	)		(2,149	)
Class R5		(125	)		(425	)		(56,320	)		(80,738	)
Class R6		(6,434	)		(15,475	)		(671,569	)		(925,117	)
Total distributions to shareholders		(9,117	)		(23,336	)		(1,091,245	)		(1,468,698	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		27,962			(19,703	)		1,121,273			286,006
NET ASSETS:
Change in net assets		442,753			(151,131	)		3,728,014			637,265
Beginning of period		1,259,997			1,411,128			14,938,762			14,301,497
End of period	$	1,702,750		$	1,259,997		$	18,666,776		$	14,938,762

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

84 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

	JPMorgan U.S. GARP Equity Fund (formerly known as JPMorgan Intrepid Growth Fund)						JPMorgan U.S. Large Cap Core Plus Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	2,895		$	16,629		$	(1,518	)	$	16,065
Net realized gain (loss)		74,472			88,286			511,606			1,461,601
Change in net unrealized appreciation/depreciation		154,993			54,387			186,446			(1,045,105	)
Change in net assets resulting from operations		232,360			159,302			696,534			432,561
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(9,875	)		(12,262	)		(77,084	)		(110,686	)
Class C		(2,514	)		(4,180	)		(9,299	)		(22,436	)
Class I		(13,950	)		(18,221	)		(515,371	)		(858,499	)
Class R2		(4,145	)		(5,271	)		(1,244	)		(1,126	)
Class R5		(20,231	)		(23,132	)		(9,627	)		(20,316	)
Class R6		(67,081	)		(73,479	)		(147,178	)		(161,893	)
Total distributions to shareholders		(117,796	)		(136,545	)		(759,803	)		(1,174,956	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		58,477			(56,713	)		45,232			(2,626,307	)
NET ASSETS:
Change in net assets		173,041			(33,956	)		(18,037	)		(3,368,702	)
Beginning of period		1,114,382			1,148,338			3,050,306			6,419,008
End of period	$	1,287,423		$	1,114,382		$	3,032,269		$	3,050,306

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 85

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan U.S. Research Enhanced Equity Fund						JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund)
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	29,057		$	79,253		$	321		$	428
Net realized gain (loss)		137,945			809,145			233			253
Change in net unrealized appreciation/depreciation		789,949			(499,565	)		10,187			2,768
Change in net assets resulting from operations		956,951			388,833			10,741			3,449
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(6,821	)		(21,842	)		(235	)		(858	)
Class C		—			—			(30	)		(204	)
Class I		(21,943	)		(23,849	)		(711	)		(1,447	)
Class L (a)		—			(45,099	)		—			—
Class R6 (b)		(137,962	)		(463,809	)		(247	)		—
Total distributions to shareholders		(166,726	)		(554,599	)		(1,223	)		(2,509	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(226,927	)		(1,284,816	)		25,112			9,075
NET ASSETS:
Change in net assets		563,298			(1,450,582	)		34,630			10,015
Beginning of period		4,364,764			5,815,346			40,700			30,685
End of period	$	4,928,062		$	4,364,764		$	75,330		$	40,700

(a) On July 2, 2020, Class L Shares for JPMorgan U.S. Research Enhanced Equity Fund were converted into Class I Shares. Additionally, as of July 2, 2020, the Class L Shares are no longer offered.

(b) Commencement of offering of class of shares effective September 30, 2020 for JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund).

SEE NOTES TO FINANCIAL STATEMENTS.

86 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

	JPMorgan U.S. Value Fund (formerly known as JPMorgan Growth and Income Fund)
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	6,998		$	11,575
Net realized gain (loss)		14,163			1,992
Change in net unrealized appreciation/depreciation		168,043			(46,631	)
Change in net assets resulting from operations		189,204			(33,064	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(8,480	)		(19,342	)
Class C		(535	)		(1,019	)
Class I		(7,655	)		(3,705	)
Class R2		(28	)		(16	)
Class R3		(12	)		(2	)
Class R4		(23	)		(12	)
Class R5		(2	)		(3	)
Class R6		(2,795	)		(2,189	)
Total distributions to shareholders		(19,530	)		(26,288	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		222,441			133,703
NET ASSETS:
Change in net assets		392,115			74,351
Beginning of period		726,854			652,503
End of period	$	1,118,969		$	726,854

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 87

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, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	1,653		$	2,181		$	583,020		$	1,164,544
Distributions reinvested		862			962			27,674			95,360
Cost of shares redeemed		(1,200	)		(2,204	)		(659,311	)		(977,172	)
Change in net assets resulting from Class A capital transactions		1,315			939			(48,617	)		282,732
Class C
Proceeds from shares issued		41			409			86,241			366,152
Distributions reinvested		403			540			7,278			32,079
Cost of shares redeemed		(405	)		(490	)		(321,337	)		(334,932	)
Change in net assets resulting from Class C capital transactions		39			459			(227,818	)		63,299
Class I
Proceeds from shares issued		353			4,205			2,507,641			5,501,467
Distributions reinvested		7,180			10,183			105,388			291,290
Cost of shares redeemed		(2,116	)		(30,218	)		(1,432,422	)		(3,044,873	)
Change in net assets resulting from Class I capital transactions		5,417			(15,830	)		1,180,607			2,747,884
Class R2
Proceeds from shares issued		—			—			6,639			23,230
Distributions reinvested		—			—			500			2,243
Cost of shares redeemed		—			—			(22,334	)		(40,287	)
Change in net assets resulting from Class R2 capital transactions		—			—			(15,195	)		(14,814	)
Class R3
Proceeds from shares issued		—			—			49,993			92,006
Distributions reinvested		—			—			1,362			4,162
Cost of shares redeemed		—			—			(26,021	)		(46,297	)
Change in net assets resulting from Class R3 capital transactions		—			—			25,334			49,871
Class R4
Proceeds from shares issued		—			—			44,763			71,534
Distributions reinvested		—			—			1,294			2,895
Cost of shares redeemed		—			—			(16,768	)		(23,816	)
Change in net assets resulting from Class R4 capital transactions		—			—			29,289			50,613
Class R5
Proceeds from shares issued		—			—			150,733			478,990
Distributions reinvested		—			—			13,143			44,948
Cost of shares redeemed		—			—			(228,288	)		(593,726	)
Change in net assets resulting from Class R5 capital transactions		—			—			(64,412	)		(69,788	)
Class R6
Proceeds from shares issued		1,335			7,519			2,441,048			7,465,340
Subscriptions in-kind (See Note 9)		—			—			—			48,418
Distributions reinvested		3,353			4,735			139,482			377,452
Cost of shares redeemed		(1,910	)		(7,384	)		(2,375,269	)		(2,242,542	)
Change in net assets resulting from Class R6 capital transactions		2,778			4,870			205,261			5,648,668
Total change in net assets resulting from capital transactions	$	9,549		$	(9,562	)	$	1,084,449		$	8,758,465

SEE NOTES TO FINANCIAL STATEMENTS.

88 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

	JPMorgan Equity Focus Fund						JPMorgan Equity Income Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		54			79			32,819			67,608
Reinvested		29			35			1,540			5,373
Redeemed		(40	)		(84	)		(36,681	)		(57,395	)
Change in Class A Shares		43			30			(2,322	)		15,586
Class C
Issued		—	(a)		17			4,914			21,351
Reinvested		15			21			412			1,838
Redeemed		(14	)		(21	)		(18,673	)		(20,307	)
Change in Class C Shares		1			17			(13,347	)		2,882
Class I
Issued		13			143			137,311			317,929
Reinvested		239			366			5,752			16,183
Redeemed		(69	)		(1,079	)		(79,735	)		(181,493	)
Change in Class I Shares		183			(570	)		63,328			152,619
Class R2
Issued		—			—			376			1,382
Reinvested		—			—			28			126
Redeemed		—			—			(1,236	)		(2,304	)
Change in Class R2 Shares		—			—			(832	)		(796	)
Class R3
Issued		—			—			2,783			5,236
Reinvested		—			—			76			235
Redeemed		—			—			(1,468	)		(2,666	)
Change in Class R3 Shares		—			—			1,391			2,805
Class R4
Issued		—			—			2,525			3,947
Reinvested		—			—			70			162
Redeemed		—			—			(918	)		(1,344	)
Change in Class R4 Shares		—			—			1,677			2,765
Class R5
Issued		—			—			8,252			26,787
Reinvested		—			—			718			2,489
Redeemed		—			—			(12,420	)		(33,212	)
Change in Class R5 Shares		—			—			(3,450	)		(3,936	)
Class R6
Issued		44			264			133,993			418,476
Subscriptions in-kind (See Note 9)		—			—			—			2,637
Reinvested		112			170			7,625			21,032
Redeemed		(64	)		(290	)		(132,656	)		(128,412	)
Change in Class R6 Shares		92			144			8,962			313,733

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 89

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Equity Premium Income Fund						JPMorgan Hedged Equity Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	14,048		$	25,022		$	306,428		$	495,566
Distributions reinvested		892			852			3,523			3,972
Cost of shares redeemed		(8,983	)		(11,252	)		(123,626	)		(348,671	)
Change in net assets resulting from Class A capital transactions		5,957			14,622			186,325			150,867
Class C
Proceeds from shares issued		5,957			5,247			133,641			128,940
Distributions reinvested		372			254			1,095			835
Cost of shares redeemed		(736	)		(238	)		(25,353	)		(56,070	)
Change in net assets resulting from Class C capital transactions		5,593			5,263			109,383			73,705
Class I
Proceeds from shares issued		84,586			165,512			5,399,192			5,474,198
Distributions reinvested		11,302			12,358			67,176			59,927
Cost of shares redeemed		(69,712	)		(36,261	)		(1,292,098	)		(2,956,713	)
Change in net assets resulting from Class I capital transactions		26,176			141,609			4,174,270			2,577,412
Class R5
Proceeds from shares issued		49			—			740			1,405
Distributions reinvested		2			2			27			32
Cost of shares redeemed		—			—			(302	)		(550	)
Change in net assets resulting from Class R5 capital transactions		51			2			465			887
Class R6
Proceeds from shares issued		37,049			939			520,546			755,421
Distributions reinvested		30			25			3,937			3,351
Cost of shares redeemed		(1,340	)		(174	)		(196,266	)		(335,615	)
Change in net assets resulting from Class R6 capital transactions		35,739			790			328,217			423,157
Total change in net assets resulting from capital transactions	$	73,516		$	162,286		$	4,798,660		$	3,226,028

SEE NOTES TO FINANCIAL STATEMENTS.

90 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

	JPMorgan Equity Premium Income Fund						JPMorgan Hedged Equity Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		1,019			1,779			13,379			23,862
Reinvested		65			66			152			190
Redeemed		(646	)		(857	)		(5,347	)		(17,011	)
Change in Class A Shares		438			988			8,184			7,041
Class C
Issued		431			362			5,845			6,200
Reinvested		27			19			48			40
Redeemed		(54	)		(19	)		(1,109	)		(2,757	)
Change in Class C Shares		404			362			4,784			3,483
Class I
Issued		6,142			11,688			234,803			261,714
Reinvested		823			917			2,880			2,858
Redeemed		(5,053	)		(2,849	)		(55,775	)		(145,069	)
Change in Class I Shares		1,912			9,756			181,908			119,503
Class R5
Issued		3			—			33			66
Reinvested		—	(a)		1			1			2
Redeemed		—			—			(13	)		(26	)
Change in Class R5 Shares		3			1			21			42
Class R6
Issued		2,692			64			22,531			36,462
Reinvested		2			2			168			159
Redeemed		(97	)		(14	)		(8,474	)		(16,768	)
Change in Class R6 Shares		2,597			52			14,225			19,853

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 91

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Intrepid Value Fund						JPMorgan Large Cap Growth Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	3,519		$	6,903		$	939,227		$	1,093,424
Distributions reinvested		1,429			5,106			209,955			290,772
Cost of shares redeemed		(10,792	)		(23,459	)		(640,641	)		(1,019,134	)
Change in net assets resulting from Class A capital transactions		(5,844	)		(11,450	)		508,541			365,062
Class C
Proceeds from shares issued		564			567			147,576			194,307
Distributions reinvested		271			1,288			45,342			64,738
Cost of shares redeemed		(3,628	)		(7,152	)		(301,411	)		(147,910	)
Change in net assets resulting from Class C capital transactions		(2,793	)		(5,297	)		(108,493	)		111,135
Class I
Proceeds from shares issued		4,148			134,333			1,952,293			2,721,471
Distributions reinvested		3,498			54,229			446,730			522,530
Cost of shares redeemed		(20,506	)		(689,651	)		(1,423,479	)		(1,843,411	)
Change in net assets resulting from Class I capital transactions		(12,860	)		(501,089	)		975,544			1,400,590
Class R2
Proceeds from shares issued		201			765			22,963			36,135
Distributions reinvested		72			218			7,039			13,984
Cost of shares redeemed		(658	)		(2,045	)		(32,702	)		(83,183	)
Change in net assets resulting from Class R2 capital transactions		(385	)		(1,062	)		(2,700	)		(33,064	)
Class R3
Proceeds from shares issued		—			—			78,272			51,615
Distributions reinvested		—			—			5,581			4,020
Cost of shares redeemed		—			—			(23,539	)		(23,556	)
Change in net assets resulting from Class R3 capital transactions		—			—			60,314			32,079
Class R4
Proceeds from shares issued		—			—			59,311			49,115
Distributions reinvested		—			—			6,602			2,550
Cost of shares redeemed		—			—			(15,685	)		(6,458	)
Change in net assets resulting from Class R4 capital transactions		—			—			50,228			45,207
Class R5
Proceeds from shares issued		306			2,988			116,993			172,183
Distributions reinvested		120			3,383			46,287			78,312
Cost of shares redeemed		(1,647	)		(48,472	)		(166,386	)		(278,117	)
Change in net assets resulting from Class R5 capital transactions		(1,221	)		(42,101	)		(3,106	)		(27,622	)
Class R6
Proceeds from shares issued		4,296			55,961			3,033,803			3,367,122
Distributions reinvested		1,924			11,672			744,667			931,375
Cost of shares redeemed		(27,691	)		(93,260	)		(1,741,183	)		(2,028,669	)
Change in net assets resulting from Class R6 capital transactions		(21,471	)		(25,627	)		2,037,287			2,269,828
Total change in net assets resulting from capital transactions	$	(44,574	)	$	(586,626	)	$	3,517,615		$	4,163,215

SEE NOTES TO FINANCIAL STATEMENTS.

92 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

	JPMorgan Intrepid Value Fund						JPMorgan Large Cap Growth Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		128			238			16,850			26,425
Reinvested		51			173			3,665			7,477
Redeemed		(391	)		(800	)		(11,459	)		(24,532	)
Change in Class A Shares		(212	)		(389	)		9,056			9,370
Class C
Issued		20			22			3,592			6,347
Reinvested		10			44			1,097			2,250
Redeemed		(134	)		(250	)		(7,411	)		(4,817	)
Change in Class C Shares		(104	)		(184	)		(2,722	)		3,780
Class I
Issued		148			4,400			34,498			64,836
Reinvested		123			1,759			7,640			13,208
Redeemed		(741	)		(23,872	)		(25,199	)		(44,234	)
Change in Class I Shares		(470	)		(17,713	)		16,939			33,810
Class R2
Issued		8			25			430			906
Reinvested		2			8			129			376
Redeemed		(24	)		(72	)		(611	)		(2,121	)
Change in Class R2 Shares		(14	)		(39	)		(52	)		(839	)
Class R3
Issued		—			—			1,390			1,251
Reinvested		—			—			97			103
Redeemed		—			—			(420	)		(568	)
Change in Class R3 Shares		—			—			1,067			786
Class R4
Issued		—			—			1,053			1,166
Reinvested		—			—			113			64
Redeemed		—			—			(273	)		(157	)
Change in Class R4 Shares		—			—			893			1,073
Class R5
Issued		11			101			2,001			3,989
Reinvested		4			110			770			1,927
Redeemed		(59	)		(1,585	)		(2,832	)		(6,525	)
Change in Class R5 Shares		(44	)		(1,374	)		(61	)		(609	)
Class R6
Issued		154			1,871			51,219			77,205
Reinvested		68			394			12,253			22,702
Redeemed		(1,044	)		(3,593	)		(29,382	)		(47,053	)
Change in Class R6 Shares		(822	)		(1,328	)		34,090			52,854

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 93

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Large Cap Value Fund						JPMorgan U.S. Equity Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	10,494		$	138,275		$	236,861		$	715,588
Distributions reinvested		532			2,618			75,171			154,154
Cost of shares redeemed		(27,819	)		(156,095	)		(1,037,380	)		(605,447	)
Change in net assets resulting from Class A capital transactions		(16,793	)		(15,202	)		(725,348	)		264,295
Class C
Proceeds from shares issued		2,424			3,402			35,967			40,488
Distributions reinvested		68			344			17,125			24,891
Cost of shares redeemed		(7,936	)		(20,436	)		(68,144	)		(84,646	)
Change in net assets resulting from Class C capital transactions		(5,444	)		(16,690	)		(15,052	)		(19,267	)
Class I
Proceeds from shares issued		117,307			187,035			296,138			295,219
Distributions reinvested		1,892			4,008			78,692			94,363
Cost of shares redeemed		(53,035	)		(206,607	)		(185,016	)		(492,924	)
Change in net assets resulting from Class I capital transactions		66,164			(15,564	)		189,814			(103,342	)
Class L
Proceeds from shares issued		—			—			1,281,829			269,061
Distributions reinvested		—			—			150,300			124,874
Cost of shares redeemed		—			—			(361,583	)		(663,087	)
Change in net assets resulting from Class L capital transactions		—			—			1,070,546			(269,152	)
Class R2
Proceeds from shares issued		989			4,111			20,002			28,578
Distributions reinvested		42			196			14,554			21,162
Cost of shares redeemed		(8,925	)		(6,217	)		(35,266	)		(82,008	)
Change in net assets resulting from Class R2 capital transactions		(7,894	)		(1,910	)		(710	)		(32,268	)
Class R3
Proceeds from shares issued		—	(a)		—	(a)		26,670			27,510
Distributions reinvested		—	(a)		—	(a)		7,561			10,063
Cost of shares redeemed		(9	)		—	(a)		(19,442	)		(33,612	)
Change in net assets resulting from Class R3 capital transactions		(9	)		—	(a)		14,789			3,961
Class R4
Proceeds from shares issued		179			1,815			5,422			4,496
Distributions reinvested		—	(a)		192			1,776			2,149
Cost of shares redeemed		(12,452	)		(3,474	)		(1,640	)		(8,139	)
Change in net assets resulting from Class R4 capital transactions		(12,273	)		(1,467	)		5,558			(1,494	)
Class R5
Proceeds from shares issued		1,531			7,109			56,835			78,859
Distributions reinvested		124			420			52,275			73,591
Cost of shares redeemed		(4,366	)		(17,058	)		(106,928	)		(194,808	)
Change in net assets resulting from Class R5 capital transactions		(2,711	)		(9,529	)		2,182			(42,358	)
Class R6
Proceeds from shares issued		72,569			166,602			1,313,627			1,785,782
Subscriptions in-kind (See Note 9)		—			—			—			45,414
Distributions reinvested		6,433			15,432			665,216			919,240
Cost of shares redeemed		(72,080	)		(141,375	)		(1,399,349	)		(2,264,805	)
Change in net assets resulting from Class R6 capital transactions		6,922			40,659			579,494			485,631
Total change in net assets resulting from capital transactions	$	27,962		$	(19,703	)	$	1,121,273		$	286,006

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

94 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

	JPMorgan Large Cap Value Fund						JPMorgan U.S. Equity Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		711			10,104			13,237			46,733
Reinvested		36			196			4,098			9,829
Redeemed		(1,911	)		(11,819	)		(58,192	)		(39,445	)
Change in Class A Shares		(1,164	)		(1,519	)		(40,857	)		17,117
Class C
Issued		167			262			2,045			2,740
Reinvested		5			26			974			1,647
Redeemed		(592	)		(1,590	)		(3,902	)		(5,697	)
Change in Class C Shares		(420	)		(1,302	)		(883	)		(1,310	)
Class I
Issued		7,945			14,482			16,125			18,972
Reinvested		127			306			4,275			5,999
Redeemed		(3,790	)		(15,555	)		(10,168	)		(31,630	)
Change in Class I Shares		4,282			(767	)		10,232			(6,659	)
Class L
Issued		—			—			71,256			17,663
Reinvested		—			—			8,148			7,922
Redeemed		—			—			(19,643	)		(42,694	)
Change in Class L Shares		—			—			59,761			(17,109	)
Class R2
Issued		71			326			1,126			1,874
Reinvested		3			15			803			1,363
Redeemed		(596	)		(468	)		(1,964	)		(5,292	)
Change in Class R2 Shares		(522	)		(127	)		(35	)		(2,055	)
Class R3
Issued		—	(a)		—	(a)		1,479			1,723
Reinvested		—	(a)		—	(a)		414			644
Redeemed		—	(a)		—	(a)		(1,072	)		(2,144	)
Change in Class R3 Shares		—	(a)		—	(a)		821			223
Class R4
Issued		14			134			292			290
Reinvested		—	(a)		14			97			137
Redeemed		(942	)		(250	)		(90	)		(534	)
Change in Class R4 Shares		(928	)		(102	)		299			(107	)
Class R5
Issued		108			542			3,091			5,056
Reinvested		8			32			2,833			4,669
Redeemed		(301	)		(1,286	)		(5,920	)		(12,468	)
Change in Class R5 Shares		(185	)		(712	)		4			(2,743	)
Class R6
Issued		5,294			12,775			72,329			113,479
Subscriptions in-kind (See Note 9)		—			—			—			2,771
Reinvested		436			1,189			35,953			58,213
Redeemed		(5,087	)		(10,425	)		(76,207	)		(143,075	)
Change in Class R6 Shares		643			3,539			32,075			31,388

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 95

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan U.S. GARP Equity Fund (formerly known as JPMorgan Intrepid Growth Fund)						JPMorgan U.S. Large Cap Core Plus Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	13,968		$	18,251		$	55,299		$	82,531
Distributions reinvested		7,327			8,614			71,308			107,818
Cost of shares redeemed		(16,067	)		(40,642	)		(64,657	)		(536,310	)
Change in net assets resulting from Class A capital transactions		5,228			(13,777	)		61,950			(345,961	)
Class C
Proceeds from shares issued		1,175			2,490			2,694			7,465
Distributions reinvested		2,298			3,299			9,039			19,111
Cost of shares redeemed		(8,518	)		(10,656	)		(35,569	)		(60,945	)
Change in net assets resulting from Class C capital transactions		(5,045	)		(4,867	)		(23,836	)		(34,369	)
Class I
Proceeds from shares issued		6,625			21,569			122,808			542,564
Distributions reinvested		12,855			16,565			497,011			811,087
Cost of shares redeemed		(20,205	)		(61,865	)		(696,915	)		(3,344,154	)
Change in net assets resulting from Class I capital transactions		(725	)		(23,731	)		(77,096	)		(1,990,503	)
Class R2
Proceeds from shares issued		6,329			10,855			324			1,116
Distributions reinvested		4,130			5,051			1,205			808
Cost of shares redeemed		(8,592	)		(21,173	)		(546	)		(1,967	)
Change in net assets resulting from Class R2 capital transactions		1,867			(5,267	)		983			(43	)
Class R5
Proceeds from shares issued		16,841			22,564			2,298			15,058
Distributions reinvested		20,215			23,131			9,489			20,259
Cost of shares redeemed		(25,458	)		(53,596	)		(6,401	)		(84,259	)
Change in net assets resulting from Class R5 capital transactions		11,598			(7,901	)		5,386			(48,942	)
Class R6
Proceeds from shares issued		25,858			41,741			108,945			91,207
Distributions reinvested		61,717			68,077			112,990			113,531
Cost of shares redeemed		(42,021	)		(110,988	)		(144,090	)		(411,227	)
Change in net assets resulting from Class R6 capital transactions		45,554			(1,170	)		77,845			(206,489	)
Total change in net assets resulting from capital transactions	$	58,477		$	(56,713	)	$	45,232		$	(2,626,307	)

SEE NOTES TO FINANCIAL STATEMENTS.

96 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

	JPMorgan U.S. GARP Equity Fund (formerly known as JPMorgan Intrepid Growth Fund)						JPMorgan U.S. Large Cap Core Plus Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		225			335			2,069			3,532
Reinvested		119			160			3,151			4,576
Redeemed		(255	)		(754	)		(2,521	)		(21,865	)
Change in Class A Shares		89			(259	)		2,699			(13,757	)
Class C
Issued		19			47			112			340
Reinvested		38			63			446			873
Redeemed		(142	)		(203	)		(1,419	)		(2,792	)
Change in Class C Shares		(85	)		(93	)		(861	)		(1,579	)
Class I
Issued		102			377			4,527			22,659
Reinvested		204			300			21,400			33,851
Redeemed		(312	)		(1,107	)		(26,524	)		(138,788	)
Change in Class I Shares		(6	)		(430	)		(597	)		(82,278	)
Class R2
Issued		102			204			14			49
Reinvested		69			96			56			36
Redeemed		(140	)		(397	)		(22	)		(90	)
Change in Class R2 Shares		31			(97	)		48			(5	)
Class R5
Issued		264			412			84			639
Reinvested		326			425			405			840
Redeemed		(403	)		(983	)		(232	)		(3,482	)
Change in Class R5 Shares		187			(146	)		257			(2,003	)
Class R6
Issued		403			784			3,957			3,578
Reinvested		993			1,251			4,828			4,714
Redeemed		(644	)		(1,980	)		(5,799	)		(16,836	)
Change in Class R6 Shares		752			55			2,986			(8,544	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 97

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan U.S. Research Enhanced Equity Fund						JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund)
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	40,091		$	56,324		$	2,753		$	3,668
Distributions reinvested		6,785			21,732			226			837
Cost of shares redeemed		(66,619	)		(97,073	)		(673	)		(4,213	)
Change in net assets resulting from Class A capital transactions		(19,743	)		(19,017	)		2,306			292
Class C
Proceeds from shares issued		—			—			290			266
Distributions reinvested		—			—			30			187
Cost of shares redeemed		—			—			(665	)		(725	)
Change in net assets resulting from Class C capital transactions		—			—			(345	)		(272	)
Class I
Proceeds from shares issued		81,680			49,261			24,147			12,036
Distributions reinvested		15,314			23,349			688			1,446
Cost of shares redeemed		(112,140	)		(94,822	)		(15,504	)		(4,427	)
Conversion from Class L Shares		368,073			—			—			—
Change in net assets resulting from Class I capital transactions		352,927			(22,212	)		9,331			9,055
Class L (a)
Proceeds from shares issued		534			76,268			—			—
Distributions reinvested		—			26,507			—			—
Cost of shares redeemed		(28,170	)		(125,628	)		—			—
Conversion to Class I Shares		(368,073	)		—			—			—
Change in net assets resulting from Class L capital transactions		(395,709	)		(22,853	)		—			—
Class R6 (b)
Proceeds from shares issued		127,769			898,953			13,834			—
Distributions reinvested		137,563			462,987			247			—
Cost of shares redeemed		(429,734	)		(1,245,965	)		(261	)		—
Redemptions in-kind (See Note 8)		—			(1,336,709	)		—			—
Change in net assets resulting from Class R6 capital transactions		(164,402	)		(1,220,734	)		13,820			—
Total change in net assets resulting from capital transactions	$	(226,927	)	$	(1,284,816	)	$	25,112		$	9,075

(a) On July 2, 2020, Class L Shares for JPMorgan U.S. Research Enhanced Equity Fund were converted into Class I Shares. Additionally, as of July 2, 2020, the Class L Shares are no longer offered.

(b) Commencement of offering of class of shares effective September 30, 2020 for JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund).

SEE NOTES TO FINANCIAL STATEMENTS.

98 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

	JPMorgan U.S. Research Enhanced Equity Fund						JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund)
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		1,383			2,164			58			90
Reinvested		223			890			4			20
Redeemed		(2,248	)		(3,751	)		(14	)		(108	)
Change in Class A Shares		(642	)		(697	)		48			2
Class C
Issued		—			—			6			8
Reinvested		—			—			1			4
Redeemed		—			—			(15	)		(18	)
Change in Class C Shares		—			—			(8	)		(6	)
Class I
Issued		2,844			1,907			513			295
Reinvested		498			945			14			33
Redeemed		(3,852	)		(3,638	)		(313	)		(108	)
Conversion from Class L Shares		13,572			—			—			—
Change in Class I Shares		13,062			(786	)		214			220
Class L (a)
Issued		20			3,031			—			—
Reinvested		—			1,075			—			—
Redeemed		(1,046	)		(4,779	)		—			—
Conversion to Class I Shares		(13,599	)		—			—			—
Change in Class L Shares		(14,625	)		(673	)		—			—
Class R6 (b)
Issued		4,285			35,010			276			—
Reinvested		4,479			18,774			5			—
Redeemed		(14,364	)		(46,532	)		(5	)		—
Redemptions in-kind (See Note 8)		—			(52,834	)		—			—
Change in Class R6 Shares		(5,600	)		(45,582	)		276			—

(a) On July 2, 2020, Class L Shares for JPMorgan U.S. Research Enhanced Equity Fund were converted into Class I Shares. Additionally, as of July 2, 2020, the Class L Shares are no longer offered.

(b) Commencement of offering of class of shares effective September 30, 2020 for JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund).

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 99

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan U.S. Value Fund (formerly known as JPMorgan Growth and Income Fund)
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	21,154		$	103,634
Distributions reinvested		8,162			18,821
Cost of shares redeemed		(167,084	)		(69,860	)
Change in net assets resulting from Class A capital transactions		(137,768	)		52,595
Class C
Proceeds from shares issued		2,930			9,193
Distributions reinvested		459			848
Cost of shares redeemed		(6,607	)		(6,721	)
Change in net assets resulting from Class C capital transactions		(3,218	)		3,320
Class I
Proceeds from shares issued		345,772			75,806
Distributions reinvested		7,299			3,345
Cost of shares redeemed		(25,895	)		(33,791	)
Change in net assets resulting from Class I capital transactions		327,176			45,360
Class R2
Proceeds from shares issued		555			1,202
Distributions reinvested		28			16
Cost of shares redeemed		(199	)		(111	)
Change in net assets resulting from Class R2 capital transactions		384			1,107
Class R3
Proceeds from shares issued		224			400
Distributions reinvested		7			2
Cost of shares redeemed		(24	)		—	(a)
Change in net assets resulting from Class R3 capital transactions		207			402
Class R4
Proceeds from shares issued		133			1,340
Distributions reinvested		23			12
Cost of shares redeemed		(149	)		(38	)
Change in net assets resulting from Class R4 capital transactions		7			1,314
Class R5
Proceeds from shares issued		15			71
Distributions reinvested		2			3
Cost of shares redeemed		(10	)		(55	)
Change in net assets resulting from Class R5 capital transactions		7			19
Class R6
Proceeds from shares issued		176,474			48,377
Distributions reinvested		2,663			2,097
Cost of shares redeemed		(17,484	)		(20,888	)
Redemptions in-kind (See Note 8)		(126,007	)		—
Change in net assets resulting from Class R6 capital transactions		35,646			29,586
Total change in net assets resulting from capital transactions	$	222,441		$	133,703

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

100 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

	JPMorgan U.S. Value Fund (formerly known as JPMorgan Growth and Income Fund)
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		434			2,118
Reinvested		156			373
Redeemed		(3,452	)		(1,432	)
Change in Class A Shares		(2,862	)		1,059
Class C
Issued		67			209
Reinvested		10			19
Redeemed		(150	)		(160	)
Change in Class C Shares		(73	)		68
Class I
Issued		6,481			1,616
Reinvested		129			64
Redeemed		(485	)		(675	)
Change in Class I Shares		6,125			1,005
Class R2
Issued		11			24
Reinvested		1			—	(a)
Redeemed		(4	)		(2	)
Change in Class R2 Shares		8			22
Class R3
Issued		5			7
Reinvested		—	(a)		—	(a)
Redeemed		(1	)		—	(a)
Change in Class R3 Shares		4			7
Class R4
Issued		3			24
Reinvested		—	(a)		—	(a)
Redeemed		(3	)		(1	)
Change in Class R4 Shares		—	(a)		23
Class R5
Issued		—	(a)		2
Reinvested		—	(a)		—	(a)
Redeemed		—	(a)		(1	)
Change in Class R5 Shares		—	(a)		1
Class R6
Issued		3,359			915
Reinvested		48			39
Redeemed		(330	)		(395	)
Redemptions in-kind (See Note 8)		(2,169	)		—
Change in Class R6 Shares		908			559

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 101

STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2020 (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	$	696,534
Adjustments to reconcile net increase/decrease in net assets resulting from operations to net cash provided (used) by operating activities:
Purchase of investment securities		(1,238,718	)
Proceeds from disposition of investment securities		2,213,368
Covers of investment securities sold short		(757,290	)
Proceeds from investment securities sold short		481,645
Purchases of short-term investments — affiliates, net		21,808
Change in unrealized (appreciation)/depreciation on investments in non-affiliates		(296,077	)
Change in unrealized (appreciation)/depreciation on investments in affiliates		5
Change in unrealized (appreciation)/depreciation on investment securities sold short		109,650
Net realized (gain)/loss on investments in non-affiliates		(568,497	)
Net realized (gain)/loss on investments in affiliates		3
Net realized (gain)/loss on securities sold short		57,610
Decrease in interest receivable from non-affiliates		279
Decrease in dividends receivable from non-affiliates		811
Increase in tax reclaims receivable		(4	)
Decrease in variation margin receivable		26
Increase in dividend expense to non-affiliates on securities sold short		408
Increase in interest expense to non-affiliates on securities sold short		464
Increase in investment advisory fees payable		76
Increase in administration fees payable		14
Decrease in distribution fees payable		(24	)
Increase in service fees payable		5
Decrease in custodian and accounting fees payable		(25	)
Decrease in registration fees payable		(96	)
Decrease in audit fees payable		(38	)
Decrease in printing and mailing cost payable		(172	)
Increase in Trustees’ and Chief Compliance Officer’s fees payable		1
Increase in other accrued expenses payable		292
Net cash provided (used) by operating activities		722,058
Cash flows provided (used) by financing activities:
Proceeds from shares issued		280,837
Payment for shares redeemed		(944,496	)
Cash distributions paid to shareholders (net of reinvestments of $701,042)		(58,761	)
Net cash provided (used) by financing activities		(722,420	)
Cash:
Net increase (decrease) in unrestricted and restricted cash and deposits at broker		(362	)
Restricted and unrestricted cash and deposits at broker at beginning of period		391
Restricted and unrestricted cash and deposits at broker at end of period	$	29

Supplemental disclosure of cash flow information:

For the six months ended December 31, 2020 the Fund paid approximately $2,131,000 in interest expense.

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, 2020		December 31, 2020
Cash	$	23	$	29
Deposits at broker:
Futures contracts		368		—
	$	391	$	29

SEE NOTES TO FINANCIAL STATEMENTS.

102 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

THIS PAGE IS INTENTIONALLY LEFT BLANK

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 103

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, 2020 (Unaudited)	$	26.88	$	0.02		$	7.16		$	7.18		$	(0.11	)	$	(3.65	)	$	(3.76	)
Year Ended June 30, 2020		30.15		0.15			1.68			1.83			(0.12	)		(4.98	)		(5.10	)
Year Ended June 30, 2019		31.83		0.13			2.32			2.45			(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	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		25.63		(0.05	)		6.82			6.77			—			(3.65	)		(3.65	)
Year Ended June 30, 2020		29.01		0.01			1.60			1.61			(0.01	)		(4.98	)		(4.99	)
Year Ended June 30, 2019		30.75		(0.03	)		2.25			2.22			(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	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		27.38		0.06			7.30			7.36			(0.16	)		(3.65	)		(3.81	)
Year Ended June 30, 2020		30.60		0.23			1.70			1.93			(0.17	)		(4.98	)		(5.15	)
Year Ended June 30, 2019		32.13		0.18			2.38			2.56			(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	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		27.25		0.10			7.27			7.37			(0.23	)		(3.65	)		(3.88	)
Year Ended June 30, 2020		30.48		0.30			1.69			1.99			(0.24	)		(4.98	)		(5.22	)
October 1, 2018 (g) through June 30, 2019		34.55		0.23			(0.05	)		0.18			(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.

104 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

		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)
$	30.30		27.22	%	$	7,770		1.09	%		0.13	%		1.29	%		17	%
	26.88		5.87			5,723		1.10			0.55			1.34			44
	30.15		9.22			5,511		1.09			0.42			1.41			45
	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
	28.75		26.95			3,573		1.59			(0.37	)		1.78			17
	25.63		5.30			3,147		1.60			0.05			1.84			44
	29.01		8.67			3,084		1.59			(0.09	)		1.89			45
	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
	30.93		27.40			64,733		0.84			0.38			1.03			17
	27.38		6.12			52,303		0.85			0.79			1.08			44
	30.60		9.50			75,887		0.84			0.57			1.08			45
	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
	30.74		27.57			29,769		0.59			0.63			0.78			17
	27.25		6.39			23,881		0.60			1.06			0.83			44
	30.48		2.03			22,346		0.59			1.08			0.95			45

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP 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)		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, 2020 (Unaudited)	$	16.22	$	0.15	$	3.15		$	3.30		$	(0.15	)	$	—		$	(0.15	)
Year Ended June 30, 2020		17.83		0.32		(1.42	)		(1.10	)		(0.32	)		(0.19	)		(0.51	)
Year Ended June 30, 2019		16.82		0.32		1.48			1.80			(0.33	)		(0.46	)		(0.79	)
Year Ended June 30, 2018		15.67		0.26		1.29			1.55			(0.25	)		(0.15	)		(0.40	)
Year Ended June 30, 2017		14.01		0.24		1.75			1.99			(0.24	)		(0.09	)		(0.33	)
Year Ended June 30, 2016		13.77		0.25		0.35			0.60			(0.25	)		(0.11	)		(0.36	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		15.88		0.10		3.09			3.19			(0.11	)		—			(0.11	)
Year Ended June 30, 2020		17.47		0.23		(1.39	)		(1.16	)		(0.24	)		(0.19	)		(0.43	)
Year Ended June 30, 2019		16.50		0.23		1.46			1.69			(0.26	)		(0.46	)		(0.72	)
Year Ended June 30, 2018		15.41		0.17		1.26			1.43			(0.19	)		(0.15	)		(0.34	)
Year Ended June 30, 2017		13.80		0.16		1.72			1.88			(0.18	)		(0.09	)		(0.27	)
Year Ended June 30, 2016		13.58		0.18		0.35			0.53			(0.20	)		(0.11	)		(0.31	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		16.52		0.17		3.21			3.38			(0.17	)		—			(0.17	)
Year Ended June 30, 2020		18.14		0.37		(1.43	)		(1.06	)		(0.37	)		(0.19	)		(0.56	)
Year Ended June 30, 2019		17.10		0.37		1.51			1.88			(0.38	)		(0.46	)		(0.84	)
Year Ended June 30, 2018		15.92		0.31		1.31			1.62			(0.29	)		(0.15	)		(0.44	)
Year Ended June 30, 2017		14.23		0.28		1.77			2.05			(0.27	)		(0.09	)		(0.36	)
Year Ended June 30, 2016		13.97		0.28		0.37			0.65			(0.28	)		(0.11	)		(0.39	)
Class R2
Six Months Ended December 31, 2020 (Unaudited)		16.14		0.12		3.15			3.27			(0.13	)		—			(0.13	)
Year Ended June 30, 2020		17.74		0.27		(1.40	)		(1.13	)		(0.28	)		(0.19	)		(0.47	)
Year Ended June 30, 2019		16.74		0.28		1.47			1.75			(0.29	)		(0.46	)		(0.75	)
Year Ended June 30, 2018		15.62		0.21		1.28			1.49			(0.22	)		(0.15	)		(0.37	)
Year Ended June 30, 2017		13.97		0.20		1.75			1.95			(0.21	)		(0.09	)		(0.30	)
Year Ended June 30, 2016		13.74		0.21		0.35			0.56			(0.22	)		(0.11	)		(0.33	)
Class R3
Six Months Ended December 31, 2020 (Unaudited)		16.21		0.15		3.14			3.29			(0.15	)		—			(0.15	)
Year Ended June 30, 2020		17.81		0.32		(1.41	)		(1.09	)		(0.32	)		(0.19	)		(0.51	)
Year Ended June 30, 2019		16.80		0.32		1.49			1.81			(0.34	)		(0.46	)		(0.80	)
Year Ended June 30, 2018		15.66		0.27		1.27			1.54			(0.25	)		(0.15	)		(0.40	)
September 9, 2016 (f) through June 30, 2017		14.06		0.19		1.71			1.90			(0.21	)		(0.09	)		(0.30	)
Class R4
Six Months Ended December 31, 2020 (Unaudited)		16.51		0.18		3.20			3.38			(0.17	)		—			(0.17	)
Year Ended June 30, 2020		18.13		0.37		(1.43	)		(1.06	)		(0.37	)		(0.19	)		(0.56	)
Year Ended June 30, 2019		17.09		0.36		1.52			1.88			(0.38	)		(0.46	)		(0.84	)
Year Ended June 30, 2018		15.92		0.32		1.29			1.61			(0.29	)		(0.15	)		(0.44	)
September 9, 2016 (f) through June 30, 2017		14.28		0.29		1.67			1.96			(0.23	)		(0.09	)		(0.32	)
Class R5
Six Months Ended December 31, 2020 (Unaudited)		16.53		0.19		3.22			3.41			(0.19	)		—			(0.19	)
Year Ended June 30, 2020		18.16		0.40		(1.45	)		(1.05	)		(0.39	)		(0.19	)		(0.58	)
Year Ended June 30, 2019		17.11		0.40		1.51			1.91			(0.40	)		(0.46	)		(0.86	)
Year Ended June 30, 2018		15.93		0.34		1.30			1.64			(0.31	)		(0.15	)		(0.46	)
Year Ended June 30, 2017		14.23		0.31		1.78			2.09			(0.30	)		(0.09	)		(0.39	)
Year Ended June 30, 2016		13.98		0.31		0.35			0.66			(0.30	)		(0.11	)		(0.41	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		16.52		0.20		3.20			3.40			(0.19	)		—			(0.19	)
Year Ended June 30, 2020		18.14		0.42		(1.44	)		(1.02	)		(0.41	)		(0.19	)		(0.60	)
Year Ended June 30, 2019		17.10		0.42		1.50			1.92			(0.42	)		(0.46	)		(0.88	)
Year Ended June 30, 2018		15.92		0.35		1.31			1.66			(0.33	)		(0.15	)		(0.48	)
Year Ended June 30, 2017		14.22		0.32		1.78			2.10			(0.31	)		(0.09	)		(0.40	)
Year Ended June 30, 2016		13.97		0.33		0.34			0.67			(0.31	)		(0.11	)		(0.42	)

(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.

106 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

		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)
$	19.37		20.41	%	$	3,818,179		0.97	%		1.64	%		0.97	%		10	%
	16.22		(6.36	)		3,234,850		0.98			1.83			0.98			22
	17.83		11.17			3,277,249		0.99			1.90			1.00			23
	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
	18.96		20.11			1,359,361		1.46			1.14			1.46			10
	15.88		(6.83	)		1,350,402		1.47			1.34			1.47			22
	17.47		10.66			1,434,793		1.48			1.39			1.49			23
	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
	19.73		20.56			14,062,687		0.71			1.91			0.71			10
	16.52		(6.06	)		10,727,252		0.71			2.11			0.72			22
	18.14		11.45			9,013,293		0.73			2.12			0.74			23
	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
	19.28		20.30			70,167		1.22			1.37			1.22			10
	16.14		(6.57	)		72,182		1.23			1.56			1.23			22
	17.74		10.90			93,453		1.24			1.64			1.25			23
	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
	19.35		20.37			230,221		0.96			1.67			0.96			10
	16.21		(6.29	)		170,246		0.97			1.86			0.97			22
	17.81		11.20			137,142		0.98			1.87			0.99			23
	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
	19.72		20.57			160,019		0.71			1.92			0.71			10
	16.51		(6.07	)		106,277		0.72			2.12			0.72			22
	18.13		11.46			66,602		0.73			2.08			0.74			23
	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
	19.75		20.70			1,401,252		0.56			2.05			0.56			10
	16.53		(5.98	)		1,230,147		0.56			2.24			0.57			22
	18.16		11.67			1,422,483		0.58			2.29			0.59			23
	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
	19.73		20.71			15,303,018		0.46			2.16			0.46			10
	16.52		(5.83	)		12,663,581		0.46			2.38			0.47			22
	18.14		11.72			8,217,432		0.48			2.38			0.49			23
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 107

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 asset value, end of period		Total return (excludes sales charge) (c)(d)
JPMorgan Equity Premium Income Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	12.96	$	0.78	$	1.30		$	2.08		$	(0.78	)	$	14.26		16.39	%
Year Ended June 30, 2020		14.92		1.88		(2.42	)		(0.54	)		(1.42	)		12.96		(3.78	)
August 31, 2018 (f) through June 30, 2019		15.00		0.95		(0.11	)		0.84			(0.92	)		14.92		5.95
Class C
Six Months Ended December 31, 2020 (Unaudited)		12.96		0.75		1.29			2.04			(0.74	)		14.26		16.10
Year Ended June 30, 2020		14.92		1.61		(2.22	)		(0.61	)		(1.35	)		12.96		(4.26	)
August 31, 2018 (f) through June 30, 2019		15.00		0.85		(0.07	)		0.78			(0.86	)		14.92		5.50
Class I
Six Months Ended December 31, 2020 (Unaudited)		12.96		0.79		1.30			2.09			(0.79	)		14.26		16.53
Year Ended June 30, 2020		14.92		1.59		(2.10	)		(0.51	)		(1.45	)		12.96		(3.57	)
August 31, 2018 (f) through June 30, 2019		15.00		0.94		(0.07	)		0.87			(0.95	)		14.92		6.15
Class R5
Six Months Ended December 31, 2020 (Unaudited)		12.96		0.80		1.29			2.09			(0.80	)		14.25		16.53
Year Ended June 30, 2020		14.92		1.48		(1.96	)		(0.48	)		(1.48	)		12.96		(3.43	)
August 31, 2018 (f) through June 30, 2019		15.00		0.96		(0.08	)		0.88			(0.96	)		14.92		6.28
Class R6
Six Months Ended December 31, 2020 (Unaudited)		12.96		0.82		1.29			2.11			(0.81	)		14.26		16.67
Year Ended June 30, 2020		14.92		1.83		(2.30	)		(0.47	)		(1.49	)		12.96		(3.33	)
August 31, 2018 (f) through June 30, 2019		15.00		0.97		(0.07	)		0.90			(0.98	)		14.92		6.37

(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 operations.

(g) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

SEE NOTES TO FINANCIAL STATEMENTS.

108 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

		Ratios/Supplemental data
		Ratios to average net assets (a)
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)
$	20,443		0.85	%		11.24	%		0.99	%		118	%
	12,904		0.85			14.21			1.11			236
	125		0.85	(g)		7.90	(g)		1.80	(g)		43
	10,936		1.35			10.75			1.49			118
	4,710		1.35			11.77			1.61			236
	21		1.35	(g)		7.14	(g)		2.26	(g)		43
	217,986		0.60			11.47			0.74			118
	173,409		0.60			11.40			0.91			236
	54,045		0.60	(g)		7.89	(g)		1.13	(g)		43
	74		0.45			11.49			0.70			118
	21		0.45			10.37			0.83			236
	21		0.45	(g)		8.04	(g)		1.36	(g)		43
	37,773		0.35			11.72			0.49			118
	686		0.35			13.60			0.59			236
	21		0.35	(g)		8.14	(g)		1.26	(g)		43

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 109

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 asset value, end of period		Total return (excludes sales charge) (c)(d)
JPMorgan Hedged Equity Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	21.83	$	0.09	$	2.06		$	2.15		$	(0.13	)	$	23.85		9.86	%
Year Ended June 30, 2020		20.23		0.28		1.51			1.79			(0.19	)		21.83		8.89
Year Ended June 30, 2019		19.43		0.20		0.79			0.99			(0.19	)		20.23		5.12
Year Ended June 30, 2018		18.24		0.18		1.15			1.33			(0.14	)		19.43		7.33
Year Ended June 30, 2017		16.23		0.19		2.01			2.20			(0.19	)		18.24		13.60
Year Ended June 30, 2016		16.47		0.20		(0.28	)		(0.08	)		(0.16	)		16.23		(0.43	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		21.70		0.03		2.05			2.08			(0.08	)		23.70		9.59
Year Ended June 30, 2020		20.10		0.17		1.52			1.69			(0.09	)		21.70		8.40
Year Ended June 30, 2019		19.33		0.11		0.77			0.88			(0.11	)		20.10		4.60
Year Ended June 30, 2018		18.16		0.08		1.15			1.23			(0.06	)		19.33		6.79
Year Ended June 30, 2017		16.17		0.10		2.01			2.11			(0.12	)		18.16		13.07
Year Ended June 30, 2016		16.43		0.13		(0.29	)		(0.16	)		(0.10	)		16.17		(0.95	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		21.90		0.12		2.06			2.18			(0.16	)		23.92		9.97
Year Ended June 30, 2020		20.28		0.33		1.53			1.86			(0.24	)		21.90		9.21
Year Ended June 30, 2019		19.47		0.26		0.78			1.04			(0.23	)		20.28		5.39
Year Ended June 30, 2018		18.27		0.23		1.16			1.39			(0.19	)		19.47		7.63
Year Ended June 30, 2017		16.26		0.23		2.01			2.24			(0.23	)		18.27		13.86
Year Ended June 30, 2016		16.50		0.25		(0.28	)		(0.03	)		(0.21	)		16.26		(0.17	)
Class R5
Six Months Ended December 31, 2020 (Unaudited)		21.93		0.13		2.07			2.20			(0.17	)		23.96		10.07
Year Ended June 30, 2020		20.32		0.36		1.52			1.88			(0.27	)		21.93		9.30
Year Ended June 30, 2019		19.50		0.29		0.79			1.08			(0.26	)		20.32		5.57
Year Ended June 30, 2018		18.30		0.26		1.16			1.42			(0.22	)		19.50		7.81
Year Ended June 30, 2017		16.28		0.26		2.02			2.28			(0.26	)		18.30		14.10
Year Ended June 30, 2016		16.51		0.24		(0.24	)		—	(f)		(0.23	)		16.28		0.07
Class R6
Six Months Ended December 31, 2020 (Unaudited)		21.95		0.15		2.06			2.21			(0.18	)		23.98		10.11
Year Ended June 30, 2020		20.32		0.39		1.53			1.92			(0.29	)		21.95		9.50
Year Ended June 30, 2019		19.49		0.31		0.79			1.10			(0.27	)		20.32		5.69
Year Ended June 30, 2018		18.29		0.27		1.16			1.43			(0.23	)		19.49		7.87
Year Ended June 30, 2017		16.28		0.25		2.03			2.28			(0.27	)		18.29		14.09
Year Ended June 30, 2016		16.52		0.27		(0.27	)		—	(f)		(0.24	)		16.28		0.07

(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.

SEE NOTES TO FINANCIAL STATEMENTS.

110 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

		Ratios/Supplemental data
		Ratios to average net assets (a)
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)
$	712,476		0.84	%		0.74	%		0.84	%		17	%
	473,314		0.85			1.35			0.86			68
	296,242		0.85			1.02			0.87			48
	277,898		0.84			0.92			0.87			44
	133,789		0.84			1.06			1.05			31
	71,417		0.85			1.27			1.11			57
	382,869		1.33			0.25			1.34			17
	246,741		1.35			0.84			1.36			68
	158,602		1.35			0.55			1.37			48
	81,030		1.34			0.42			1.38			44
	29,168		1.34			0.55			1.45			31
	9,867		1.35			0.80			1.52			57
	12,182,645		0.58			0.99			0.59			17
	7,167,488		0.59			1.59			0.60			68
	4,214,453		0.60			1.30			0.61			48
	1,947,444		0.59			1.17			0.62			44
	597,013		0.59			1.30			0.69			31
	158,820		0.60			1.54			0.74			57
	3,728		0.44			1.14			0.49			17
	2,964		0.45			1.74			0.59			68
	1,893		0.45			1.46			0.95			48
	123		0.39			1.37			0.67			44
	37		0.40			1.51			1.08			31
	25		0.40			1.49			2.16			57
	1,270,920		0.34			1.25			0.34			17
	851,085		0.35			1.87			0.35			68
	384,616		0.35			1.56			0.37			48
	121,897		0.34			1.42			0.42			44
	3,289		0.34			1.41			0.42			31
	74		0.35			1.66			1.40			57

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 111

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, 2020 (Unaudited)	$	25.83	$	0.24		$	4.95		$	5.19		$	(0.52	)	$	(0.33	)	$	(0.85	)
Year Ended June 30, 2020		31.42		0.55	(f)		(3.38	)		(2.83	)		(0.63	)		(2.13	)		(2.76	)
Year Ended June 30, 2019		34.53		0.49			0.55			1.04			(0.51	)		(3.64	)		(4.15	)
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	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		25.36		0.17			4.88			5.05			(0.45	)		(0.33	)		(0.78	)
Year Ended June 30, 2020		30.90		0.40	(f)		(3.33	)		(2.93	)		(0.48	)		(2.13	)		(2.61	)
Year Ended June 30, 2019		34.06		0.32			0.54			0.86			(0.38	)		(3.64	)		(4.02	)
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	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		25.79		0.27			5.28			5.55			(0.56	)		(0.33	)		(0.89	)
Year Ended June 30, 2020		31.62		0.62	(f)		(3.66	)		(3.04	)		(0.66	)		(2.13	)		(2.79	)
Year Ended June 30, 2019		34.71		0.57			0.55			1.12			(0.57	)		(3.64	)		(4.21	)
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	)
Class R2
Six Months Ended December 31, 2020 (Unaudited)		25.55		0.18			4.94			5.12			(0.49	)		(0.33	)		(0.82	)
Year Ended June 30, 2020		31.12		0.47	(f)		(3.35	)		(2.88	)		(0.56	)		(2.13	)		(2.69	)
Year Ended June 30, 2019		34.26		0.40			0.54			0.94			(0.44	)		(3.64	)		(4.08	)
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	)
Class R5
Six Months Ended December 31, 2020 (Unaudited)		25.66		0.32			5.43			5.75			(0.58	)		(0.33	)		(0.91	)
Year Ended June 30, 2020		31.73		0.67	(f)		(3.87	)		(3.20	)		(0.74	)		(2.13	)		(2.87	)
Year Ended June 30, 2019		34.80		0.62			0.56			1.18			(0.61	)		(3.64	)		(4.25	)
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	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		26.06		0.30			5.06			5.36			(0.59	)		(0.33	)		(0.92	)
Year Ended June 30, 2020		31.74		0.70	(f)		(3.47	)		(2.77	)		(0.78	)		(2.13	)		(2.91	)
Year Ended June 30, 2019		34.80		0.65			0.57			1.22			(0.64	)		(3.64	)		(4.28	)
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	)

(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 year 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 $0.46, $0.30, $0.53, $0.38, $0.57 and $0.60 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 1.56%, 1.05%, 1.70%, 1.30%, 1.85% and 2.04% for Class A, Class C, Class I, Class R2, Class R5 and Class R6 Shares, respectively.

SEE NOTES TO FINANCIAL STATEMENTS.

112 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

		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)
$	30.17		20.38	%	$	51,862		0.82	%		1.69	%		1.01	%		47	%
	25.83		(9.96	)		49,876		0.83			1.88	(f)		0.95			79
	31.42		4.08			72,888		0.82			1.49			1.01			88
	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
	29.63		20.17			9,806		1.32			1.24			1.52			47
	25.36		(10.46	)		11,038		1.33			1.37	(f)		1.46			79
	30.90		3.57			19,139		1.32			0.99			1.52			88
	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
	30.45		21.80			119,482		0.59			1.93			0.76			47
	25.79		(10.69	)		113,316		0.59			2.01	(f)		0.68			79
	31.62		4.33			698,989		0.58			1.74			0.76			88
	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
	29.85		20.30			2,689		1.08			1.32			1.41			47
	25.55		(10.24	)		2,664		1.09			1.62	(f)		1.30			79
	31.12		3.81			4,438		1.08			1.22			1.62			88
	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
	30.50		22.70			3,741		0.44			2.28			0.61			47
	25.66		(11.16	)		4,269		0.44			2.16	(f)		0.55			79
	31.73		4.50			48,910		0.43			1.89			0.61			88
	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
	30.50		20.88			62,242		0.34			2.10			0.51			47
	26.06		(9.68	)		74,603		0.34			2.37	(f)		0.44			79
	31.74		4.63			133,014		0.33			1.99			0.51			88
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 113

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, 2020 (Unaudited)	$	48.04	$	(0.13	)	$	14.20		$	14.07		$	—		$	(3.14	)	$	(3.14	)
Year Ended June 30, 2020		41.87		(0.01	)		11.39			11.38			—			(5.21	)		(5.21	)
Year Ended June 30, 2019		42.44		(0.09	)		4.80			4.71			—			(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	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		35.43		(0.20	)		10.44			10.24			—			(3.14	)		(3.14	)
Year Ended June 30, 2020		32.33		(0.17	)		8.48			8.31			—			(5.21	)		(5.21	)
Year Ended June 30, 2019		34.20		(0.23	)		3.64			3.41			—			(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	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		48.91		(0.06	)		14.46			14.40			(0.03	)		(3.14	)		(3.17	)
Year Ended June 30, 2020		42.46		0.09			11.59			11.68			(0.02	)		(5.21	)		(5.23	)
Year Ended June 30, 2019		42.86		0.01			4.87			4.88			—			(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	)
Class R2
Six Months Ended December 31, 2020 (Unaudited)		45.90		(0.19	)		13.56			13.37			—			(3.14	)		(3.14	)
Year Ended June 30, 2020		40.32		(0.11	)		10.90			10.79			—			(5.21	)		(5.21	)
Year Ended June 30, 2019		41.17		(0.18	)		4.61			4.43			—			(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	)
Class R3
Six Months Ended December 31, 2020 (Unaudited)		48.34		(0.13	)		14.29			14.16			(0.01	)		(3.14	)		(3.15	)
Year Ended June 30, 2020		42.10		(0.01	)		11.46			11.45			—			(5.21	)		(5.21	)
Year Ended June 30, 2019		42.64		(0.08	)		4.82			4.74			—			(5.28	)		(5.28	)
Year Ended June 30, 2018		38.39		(0.08	)		9.94			9.86			—			(5.61	)		(5.61	)
September 9, 2016 (f) through June 30, 2017		33.97		(0.06	)		7.62			7.56			—			(3.14	)		(3.14	)
Class R4
Six Months Ended December 31, 2020 (Unaudited)		48.84		(0.06	)		14.45			14.39			(0.05	)		(3.14	)		(3.19	)
Year Ended June 30, 2020		42.45		0.08			11.58			11.66			(0.06	)		(5.21	)		(5.27	)
Year Ended June 30, 2019		42.85		0.01			4.87			4.88			—			(5.28	)		(5.28	)
Year Ended June 30, 2018		38.47		0.01			9.98			9.99			—			(5.61	)		(5.61	)
September 9, 2016 (f) through June 30, 2017		33.97		0.04			7.60			7.64			—			(3.14	)		(3.14	)
Class R5
Six Months Ended December 31, 2020 (Unaudited)		50.20		(0.02	)		14.86			14.84			(0.05	)		(3.14	)		(3.19	)
Year Ended June 30, 2020		43.44		0.16			11.88			12.04			(0.07	)		(5.21	)		(5.28	)
Year Ended June 30, 2019		43.65		0.07			5.00			5.07			—			(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	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		50.66		0.01			15.00			15.01			(0.08	)		(3.14	)		(3.22	)
Year Ended June 30, 2020		43.78		0.21			11.99			12.20			(0.11	)		(5.21	)		(5.32	)
Year Ended June 30, 2019		43.95		0.11			5.03			5.14			(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	)

(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.

114 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

		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)
$	58.97		29.47	%	$	4,560,705		0.93	%		(0.45	)%		1.02	%		29	%
	48.04		30.09			3,280,463		0.94			(0.03	)		1.04			47
	41.87		13.67			2,466,910		0.93			(0.23	)		1.10			50
	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
	42.53		29.15			726,684		1.43			(0.96	)		1.51			29
	35.43		29.42			701,820		1.44			(0.53	)		1.54			47
	32.33		13.11			518,116		1.43			(0.73	)		1.59			50
	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
	60.14		29.63			9,697,818		0.68			(0.21	)		0.76			29
	48.91		30.40			7,058,308		0.69			0.22			0.78			47
	42.46		13.95			4,691,515		0.68			0.02			0.84			50
	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
	56.13		29.32			142,126		1.18			(0.70	)		1.27			29
	45.90		29.76			118,628		1.19			(0.27	)		1.29			47
	40.32		13.39			138,030		1.18			(0.47	)		1.34			50
	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
	59.35		29.47			173,937		0.93			(0.46	)		1.01			29
	48.34		30.09			90,107		0.94			(0.02	)		1.03			47
	42.10		13.68			45,376		0.93			(0.21	)		1.08			50
	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
	60.04		29.65			133,213		0.68			(0.20	)		0.76			29
	48.84		30.40			64,792		0.69			0.19			0.78			47
	42.45		13.96			10,740		0.68			0.02			0.83			50
	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
	61.85		29.74			958,797		0.53			(0.06	)		0.61			29
	50.20		30.59			781,380		0.54			0.38			0.63			47
	43.44		14.15			702,536		0.53			0.17			0.69			50
	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
	62.45		29.79			15,897,646		0.43			0.04			0.51			29
	50.66		30.75			11,169,668		0.44			0.47			0.53			47
	43.78		14.23			7,339,387		0.43			0.27			0.58			50
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 115

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, 2020 (Unaudited)	$	12.72	$	0.05	$	4.21		$	4.26		$	(0.06	)	$	—		$	(0.06	)
Year Ended June 30, 2020		14.11		0.18		(1.40	)		(1.22	)		(0.17	)		—			(0.17	)
Year Ended June 30, 2019		15.11		0.17		(0.09	)		0.08			(0.17	)		(0.91	)		(1.08	)
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	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		12.17		0.02		4.01			4.03			(0.03	)		—			(0.03	)
Year Ended June 30, 2020		13.49		0.11		(1.32	)		(1.21	)		(0.11	)		—			(0.11	)
Year Ended June 30, 2019		14.51		0.10		(0.10	)		—	(f)		(0.11	)		(0.91	)		(1.02	)
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	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		12.49		0.07		4.12			4.19			(0.08	)		—			(0.08	)
Year Ended June 30, 2020		13.85		0.21		(1.36	)		(1.15	)		(0.21	)		—			(0.21	)
Year Ended June 30, 2019		14.85		0.20		(0.09	)		0.11			(0.20	)		(0.91	)		(1.11	)
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	)
Class R2
Six Months Ended December 31, 2020 (Unaudited)		12.61		0.04		4.16			4.20			(0.04	)		—			(0.04	)
Year Ended June 30, 2020		13.98		0.15		(1.38	)		(1.23	)		(0.14	)		—			(0.14	)
Year Ended June 30, 2019		14.99		0.14		(0.10	)		0.04			(0.14	)		(0.91	)		(1.05	)
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	)
Class R3
Six Months Ended December 31, 2020 (Unaudited)		12.48		0.05		4.12			4.17			(0.06	)		—			(0.06	)
Year Ended June 30, 2020		13.84		0.18		(1.36	)		(1.18	)		(0.18	)		—			(0.18	)
October 1, 2018 (g) through June 30, 2019		15.63		0.13		(0.88	)		(0.75	)		(0.13	)		(0.91	)		(1.04	)
Class R4
Six Months Ended December 31, 2020 (Unaudited)		12.73		0.06		4.23			4.29			(0.08	)		—			(0.08	)
Year Ended June 30, 2020		14.11		0.22		(1.39	)		(1.17	)		(0.21	)		—			(0.21	)
October 1, 2018 (g) through June 30, 2019		15.90		0.16		(0.89	)		(0.73	)		(0.15	)		(0.91	)		(1.06	)
Class R5
Six Months Ended December 31, 2020 (Unaudited)		12.62		0.08		4.17			4.25			(0.09	)		—			(0.09	)
Year Ended June 30, 2020		14.00		0.24		(1.39	)		(1.15	)		(0.23	)		—			(0.23	)
Year Ended June 30, 2019		14.99		0.23		(0.09	)		0.14			(0.22	)		(0.91	)		(1.13	)
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	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		12.53		0.09		4.14			4.23			(0.10	)		—			(0.10	)
Year Ended June 30, 2020		13.90		0.25		(1.37	)		(1.12	)		(0.25	)		—			(0.25	)
Year Ended June 30, 2019		14.90		0.24		(0.10	)		0.14			(0.23	)		(0.91	)		(1.14	)
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	)

(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.

116 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

		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)
$	16.92		33.58	%	$	139,049		0.92	%		0.76	%		1.05	%		48	%
	12.72		(8.66	)		119,402		0.93			1.33			1.04			177
	14.11		1.07			153,809		0.93			1.19			1.04			162
	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
	16.17		33.13			38,093		1.43			0.24			1.50			48
	12.17		(9.04	)		33,769		1.44			0.81			1.52			177
	13.49		0.57			55,009		1.44			0.70			1.52			162
	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
	16.60		33.65			419,904		0.69			0.99			0.75			48
	12.49		(8.35	)		262,414		0.69			1.57			0.76			177
	13.85		1.31			301,663		0.69			1.44			0.77			162
	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
	16.77		33.33			14,890		1.18			0.49			1.27			48
	12.61		(8.83	)		17,777		1.19			1.09			1.28			177
	13.98		0.83			21,489		1.19			0.97			1.29			162
	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
	16.59		33.51			13		0.93			0.75			1.08			48
	12.48		(8.59	)		18		0.94			1.36			2.24			177
	13.84		(4.25	)		19		0.94			1.28			1.17			162
	16.94		33.68			11		0.69			0.87			0.76			48
	12.73		(8.34	)		11,823		0.69			1.60			0.76			177
	14.11		(4.05	)		14,545		0.68			1.51			0.77			162
	16.78		33.79			21,544		0.54			1.15			0.62			48
	12.62		(8.26	)		18,535		0.54			1.72			0.62			177
	14.00		1.50			30,522		0.54			1.61			0.63			162
	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
	16.66		33.86			1,069,246		0.44			1.25			0.50			48
	12.53		(8.14	)		796,259		0.44			1.86			0.51			177
	13.90		1.52			834,072		0.44			1.70			0.52			162
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 117

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. Equity Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	16.22	$	0.05		$	3.85		$	3.90		$	(0.03	)	$	(1.11	)	$	(1.14	)
Year Ended June 30, 2020		15.86		0.11			1.82			1.93			(0.11	)		(1.46	)		(1.57	)
Year Ended June 30, 2019		16.48		0.12			1.17			1.29			(0.12	)		(1.79	)		(1.91	)
Year Ended June 30, 2018		15.80		0.11			1.94			2.05			(0.11	)		(1.26	)		(1.37	)
Year Ended June 30, 2017		13.76		0.11			2.57			2.68			(0.11	)		(0.53	)		(0.64	)
Year Ended June 30, 2016		14.75		0.12			(0.30	)		(0.18	)		(0.11	)		(0.70	)		(0.81	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		15.60		—	(f)		3.71			3.71			—	(f)		(1.11	)		(1.11	)
Year Ended June 30, 2020		15.31		0.03			1.75			1.78			(0.03	)		(1.46	)		(1.49	)
Year Ended June 30, 2019		15.99		0.04			1.13			1.17			(0.06	)		(1.79	)		(1.85	)
Year Ended June 30, 2018		15.37		0.03			1.89			1.92			(0.04	)		(1.26	)		(1.30	)
Year Ended June 30, 2017		13.41		0.04			2.49			2.53			(0.04	)		(0.53	)		(0.57	)
Year Ended June 30, 2016		14.40		0.05			(0.30	)		(0.25	)		(0.04	)		(0.70	)		(0.74	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		16.27		0.07			3.88			3.95			(0.06	)		(1.11	)		(1.17	)
Year Ended June 30, 2020		15.91		0.15			1.82			1.97			(0.15	)		(1.46	)		(1.61	)
Year Ended June 30, 2019		16.51		0.16			1.18			1.34			(0.15	)		(1.79	)		(1.94	)
Year Ended June 30, 2018		15.83		0.15			1.94			2.09			(0.15	)		(1.26	)		(1.41	)
Year Ended June 30, 2017		13.79		0.14			2.57			2.71			(0.14	)		(0.53	)		(0.67	)
Year Ended June 30, 2016		14.78		0.13			(0.29	)		(0.16	)		(0.13	)		(0.70	)		(0.83	)
Class L
Six Months Ended December 31, 2020 (Unaudited)		16.30		0.08			3.89			3.97			(0.08	)		(1.11	)		(1.19	)
Year Ended June 30, 2020		15.93		0.17			1.83			2.00			(0.17	)		(1.46	)		(1.63	)
Year Ended June 30, 2019		16.53		0.18			1.18			1.36			(0.17	)		(1.79	)		(1.96	)
Year Ended June 30, 2018		15.85		0.17			1.94			2.11			(0.17	)		(1.26	)		(1.43	)
Year Ended June 30, 2017		13.80		0.16			2.58			2.74			(0.16	)		(0.53	)		(0.69	)
Year Ended June 30, 2016		14.79		0.16			(0.30	)		(0.14	)		(0.15	)		(0.70	)		(0.85	)
Class R2
Six Months Ended December 31, 2020 (Unaudited)		16.04		0.02			3.83			3.85			(0.02	)		(1.11	)		(1.13	)
Year Ended June 30, 2020		15.70		0.07			1.80			1.87			(0.07	)		(1.46	)		(1.53	)
Year Ended June 30, 2019		16.34		0.08			1.16			1.24			(0.09	)		(1.79	)		(1.88	)
Year Ended June 30, 2018		15.68		0.07			1.92			1.99			(0.07	)		(1.26	)		(1.33	)
Year Ended June 30, 2017		13.66		0.07			2.55			2.62			(0.07	)		(0.53	)		(0.60	)
Year Ended June 30, 2016		14.66		0.08			(0.31	)		(0.23	)		(0.07	)		(0.70	)		(0.77	)
Class R3
Six Months Ended December 31, 2020 (Unaudited)		16.15		0.04			3.86			3.90			(0.04	)		(1.11	)		(1.15	)
Year Ended June 30, 2020		15.80		0.11			1.81			1.92			(0.11	)		(1.46	)		(1.57	)
Year Ended June 30, 2019		16.43		0.12			1.16			1.28			(0.12	)		(1.79	)		(1.91	)
Year Ended June 30, 2018		15.76		0.11			1.93			2.04			(0.11	)		(1.26	)		(1.37	)
September 9, 2016 (g) through June 30, 2017		14.11		0.08			2.24			2.32			(0.14	)		(0.53	)		(0.67	)
Class R4
Six Months Ended December 31, 2020 (Unaudited)		16.25		0.07			3.87			3.94			(0.06	)		(1.11	)		(1.17	)
Year Ended June 30, 2020		15.89		0.15			1.82			1.97			(0.15	)		(1.46	)		(1.61	)
Year Ended June 30, 2019		16.50		0.17			1.16			1.33			(0.15	)		(1.79	)		(1.94	)
Year Ended June 30, 2018		15.82		0.16			1.93			2.09			(0.15	)		(1.26	)		(1.41	)
September 9, 2016 (g) through June 30, 2017		14.15		0.13			2.22			2.35			(0.15	)		(0.53	)		(0.68	)
Class R5
Six Months Ended December 31, 2020 (Unaudited)		16.31		0.08			3.89			3.97			(0.08	)		(1.11	)		(1.19	)
Year Ended June 30, 2020		15.94		0.17			1.83			2.00			(0.17	)		(1.46	)		(1.63	)
Year Ended June 30, 2019		16.54		0.19			1.17			1.36			(0.17	)		(1.79	)		(1.96	)
Year Ended June 30, 2018		15.85		0.18			1.95			2.13			(0.18	)		(1.26	)		(1.44	)
Year Ended June 30, 2017		13.81		0.17			2.57			2.74			(0.17	)		(0.53	)		(0.70	)
Year Ended June 30, 2016		14.80		0.18			(0.31	)		(0.13	)		(0.16	)		(0.70	)		(0.86	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		16.34		0.09			3.91			4.00			(0.09	)		(1.11	)		(1.20	)
Year Ended June 30, 2020		15.97		0.19			1.83			2.02			(0.19	)		(1.46	)		(1.65	)
Year Ended June 30, 2019		16.56		0.20			1.19			1.39			(0.19	)		(1.79	)		(1.98	)
Year Ended June 30, 2018		15.87		0.19			1.95			2.14			(0.19	)		(1.26	)		(1.45	)
Year Ended June 30, 2017		13.82		0.18			2.58			2.76			(0.18	)		(0.53	)		(0.71	)
Year Ended June 30, 2016		14.82		0.18			(0.31	)		(0.13	)		(0.17	)		(0.70	)		(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) Amount rounds to less than $0.005.

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

118 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

		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)
$	18.98		24.31	%	$	1,412,328		0.94	%		0.50	%		0.98	%		29	%
	16.22		12.59			1,869,111		0.94			0.70			0.99			84
	15.86		9.18			1,556,392		0.94			0.76			0.99			91
	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
	18.20		24.04			304,477		1.43			(0.03	)		1.47			29
	15.60		12.01			274,741		1.44			0.19			1.49			84
	15.31		8.63			289,675		1.44			0.27			1.49			91
	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
	19.05		24.56			1,411,013		0.69			0.72			0.73			29
	16.27		12.82			1,038,998		0.69			0.94			0.73			84
	15.91		9.47			1,121,609		0.69			1.03			0.74			91
	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
	19.08		24.60			2,673,394		0.54			0.84			0.58			29
	16.30		13.03			1,309,531		0.55			1.08			0.59			84
	15.93		9.60			1,552,520		0.55			1.16			0.60			91
	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
	18.76		24.24			252,713		1.18			0.22			1.22			29
	16.04		12.29			216,689		1.19			0.44			1.23			84
	15.70		8.89			244,356		1.19			0.52			1.24			91
	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
	18.90		24.41			153,560		0.94			0.47			0.97			29
	16.15		12.57			117,991		0.94			0.70			0.98			84
	15.80		9.14			111,902		0.94			0.79			0.99			91
	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
	19.02		24.53			31,016		0.69			0.72			0.72			29
	16.25		12.84			21,651		0.69			0.95			0.73			84
	15.89		9.44			22,870		0.69			1.08			0.75			91
	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
	19.09		24.58			957,331		0.54			0.87			0.57			29
	16.31		13.04			817,671		0.54			1.09			0.58			84
	15.94		9.60			842,888		0.54			1.17			0.59			91
	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
	19.14		24.72			11,470,944		0.44			0.97			0.47			29
	16.34		13.13			9,272,379		0.44			1.20			0.48			84
	15.97		9.74			8,559,285		0.44			1.27			0.49			91
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 119

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. GARP Equity Fund (formerly known as JPMorgan Intrepid Growth Fund)
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	57.64	$	0.03		$	11.92		$	11.95		$	(0.52	)	$	(5.60	)	$	(6.12	)
Year Ended June 30, 2020		56.61		0.63	(f)		7.41			8.04			(0.34	)		(6.67	)		(7.01	)
Year Ended June 30, 2019		59.09		0.45			3.01			3.46			(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	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		56.26		(0.12	)		11.63			11.51			(0.15	)		(5.60	)		(5.75	)
Year Ended June 30, 2020		55.45		0.35	(f)		7.22			7.57			(0.09	)		(6.67	)		(6.76	)
Year Ended June 30, 2019		58.00		0.16			2.97			3.13			(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	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		58.80		0.12			12.17			12.29			(0.65	)		(5.60	)		(6.25	)
Year Ended June 30, 2020		57.60		0.79	(f)		7.54			8.33			(0.46	)		(6.67	)		(7.13	)
Year Ended June 30, 2019		60.04		0.60			3.05			3.65			(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	)
Class R2
Six Months Ended December 31, 2020 (Unaudited)		56.08		(0.05	)		11.59			11.54			(0.39	)		(5.60	)		(5.99	)
Year Ended June 30, 2020		55.27		0.48	(f)		7.22			7.70			(0.22	)		(6.67	)		(6.89	)
Year Ended June 30, 2019		57.95		0.30			2.93			3.23			(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	)
Class R5
Six Months Ended December 31, 2020 (Unaudited)		57.93		0.16			11.95			12.11			(0.75	)		(5.60	)		(6.35	)
Year Ended June 30, 2020		56.82		0.86	(f)		7.47			8.33			(0.55	)		(6.67	)		(7.22	)
Year Ended June 30, 2019		59.32		0.68			2.99			3.67			(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	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		57.93		0.20			11.95			12.15			(0.81	)		(5.60	)		(6.41	)
Year Ended June 30, 2020		56.81		0.91	(f)		7.49			8.40			(0.61	)		(6.67	)		(7.28	)
Year Ended June 30, 2019		59.32		0.74			2.98			3.72			(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 year 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 $0.27, $(0.01), $0.41, $0.13, $0.49 and $0.55 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 0.48%, (0.02)%, 0.73%, 0.23%, 0.88% and 0.99% for Class A, Class C, Class I, Class R2, Class R5 and Class R6 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.

120 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

		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)
$	63.47		21.13	%	$	109,146		0.83	%		0.10	%		0.90	%		38	%
	57.64		15.11			94,017		0.84			1.15	(f)		0.94			96
	56.61		7.06			106,993		0.84			0.79			1.12			95
	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
	62.02		20.87			29,184		1.33			(0.38	)		1.40			38
	56.26		14.50			31,216		1.34			0.65	(f)		1.42			96
	55.45		6.51			35,931		1.34			0.29			1.61			95
	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
	64.84		21.30			155,603		0.59			0.37			0.65			38
	58.80		15.38			141,497		0.59			1.40	(f)		0.67			96
	57.60		7.33			163,324		0.59			1.04			0.86			95
	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
	61.63		20.98			46,255		1.08			(0.15	)		1.22			38
	56.08		14.84			40,305		1.09			0.90	(f)		1.25			96
	55.27		6.78			45,086		1.09			0.54			1.49			95
	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
	63.69		21.31			220,673		0.44			0.50			0.50			38
	57.93		15.63			189,889		0.44			1.55	(f)		0.52			96
	56.82		7.48			194,550		0.44			1.19			0.71			95
	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
	63.67		21.37			726,562		0.34			0.63			0.40			38
	57.93		15.76			617,458		0.34			1.65	(f)		0.42			96
	56.81		7.59			602,454		0.34			1.29			0.61			95
	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, 2020 J.P. MORGAN LARGE CAP FUNDS 121

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. Large Cap Core Plus Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	24.58	$	(0.05	)	$	5.76		$	5.71		$	(0.03	)	$	(6.82	)	$	(6.85	)
Year Ended June 30, 2020		27.51		0.04			2.65			2.69			(0.03	)		(5.59	)		(5.62	)
Year Ended June 30, 2019		30.10		0.05			1.53			1.58			(0.05	)		(4.12	)		(4.17	)
Year Ended June 30, 2018		30.35		—	(g)		3.87			3.87			—			(4.12	)		(4.12	)
Year Ended June 30, 2017		26.06		—	(g)		5.54			5.54			(0.01	)		(1.24	)		(1.25	)
Year Ended June 30, 2016		29.81		0.04			(1.37	)		(1.33	)		—	(g)		(2.42	)		(2.42	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		22.67		(0.11	)		5.28			5.17			—			(6.82	)		(6.82	)
Year Ended June 30, 2020		25.88		(0.08	)		2.46			2.38			—			(5.59	)		(5.59	)
Year Ended June 30, 2019		28.65		(0.08	)		1.43			1.35			—			(4.12	)		(4.12	)
Year Ended June 30, 2018		29.21		(0.15	)		3.71			3.56			—			(4.12	)		(4.12	)
Year Ended June 30, 2017		25.23		(0.14	)		5.36			5.22			—			(1.24	)		(1.24	)
Year Ended June 30, 2016		29.07		(0.10	)		(1.32	)		(1.42	)		—			(2.42	)		(2.42	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		25.04		(0.01	)		5.87			5.86			(0.07	)		(6.82	)		(6.89	)
Year Ended June 30, 2020		27.94		0.10			2.69			2.79			(0.10	)		(5.59	)		(5.69	)
Year Ended June 30, 2019		30.51		0.13			1.54			1.67			(0.12	)		(4.12	)		(4.24	)
Year Ended June 30, 2018		30.66		0.08			3.92			4.00			(0.03	)		(4.12	)		(4.15	)
Year Ended June 30, 2017		26.32		0.08			5.59			5.67			(0.09	)		(1.24	)		(1.33	)
Year Ended June 30, 2016		30.07		0.10			(1.37	)		(1.27	)		(0.06	)		(2.42	)		(2.48	)
Class R2
Six Months Ended December 31, 2020 (Unaudited)		23.54		(0.09	)		5.48			5.39			(0.01	)		(6.82	)		(6.83	)
Year Ended June 30, 2020		26.62		(0.04	)		2.55			2.51			—			(5.59	)		(5.59	)
Year Ended June 30, 2019		29.31		(0.04	)		1.47			1.43			—			(4.12	)		(4.12	)
Year Ended June 30, 2018		29.74		(0.09	)		3.78			3.69			—			(4.12	)		(4.12	)
Year Ended June 30, 2017		25.61		(0.07	)		5.44			5.37			—			(1.24	)		(1.24	)
Year Ended June 30, 2016		29.40		(0.03	)		(1.34	)		(1.37	)		—			(2.42	)		(2.42	)
Class R5
Six Months Ended December 31, 2020 (Unaudited)		25.20		(0.01	)		5.92			5.91			(0.07	)		(6.82	)		(6.89	)
Year Ended June 30, 2020		28.08		0.11			2.71			2.82			(0.11	)		(5.59	)		(5.70	)
Year Ended June 30, 2019		30.65		0.14			1.55			1.69			(0.14	)		(4.12	)		(4.26	)
Year Ended June 30, 2018		30.81		0.11			3.93			4.04			(0.08	)		(4.12	)		(4.20	)
Year Ended June 30, 2017		26.44		0.13			5.62			5.75			(0.14	)		(1.24	)		(1.38	)
Year Ended June 30, 2016		30.21		0.18			(1.40	)		(1.22	)		(0.13	)		(2.42	)		(2.55	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		25.18		0.01			5.89			5.90			(0.08	)		(6.82	)		(6.90	)
Year Ended June 30, 2020		28.07		0.14			2.70			2.84			(0.14	)		(5.59	)		(5.73	)
Year Ended June 30, 2019		30.63		0.17			1.56			1.73			(0.17	)		(4.12	)		(4.29	)
November 1, 2017 (i) through June 30, 2018		32.99		0.09			1.79			1.88			(0.12	)		(4.12	)		(4.24	)

(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) The net expenses and expenses without waivers, reimbursements and earnings credits (excluding dividend and interest expense for securities sold short) for Class A are 1.09% and 1.25% for the six months ended December 31, 2020, 1.10% and 1.26% for the year ended June 30, 2020, 1.09% and 1.34% for the year ended June 30, 2019, 1.15% and 1.40% for the year ended June 30, 2018, 1.25% and 1.43% for the year ended June 30, 2017 and 1.26% and 1.49% for the year ended June 30, 2016, for Class C are 1.60% and 1.75% for the six months ended December 31, 2020, 1.60% and 1.76% for the year ended June 30, 2020, 1.60% and 1.85% for the year ended June 30, 2019, 1.65% and 1.90% for the year ended June 30, 2018, 1.75% and 1.94% for the year ended June 30, 2017 and 1.76% and 2.00% for the year ended June 30, 2016, for Class I are 0.84% and 0.99% for the six months ended December 31, 2020, 0.85% and 1.01% for the year ended June 30, 2020, 0.85% and 1.09% for the year ended June 30, 2019, 0.90% and 1.15% for the year ended June 30, 2018, 0.98% and 1.16% for the year ended June 30, 2017 and 1.00% and 1.21% for the year ended June 30, 2016, for Class R2 are 1.45% and 1.51% for the six months ended December 31, 2020, 1.45% and 1.52% for the year ended June 30, 2020, 1.45% and 1.63% for the year ended June 30, 2019, 1.47% and 1.67% for the year ended June 30, 2018, 1.50% and 1.76% for the year ended June 30, 2017 and 1.51% and 1.84% for the year ended June 30, 2016, for Class R5 are 0.79% and 0.84% for the six months ended December 31, 2020, 0.80% and 0.85% for the year ended June 30, 2020, 0.80% and 0.94% for the year ended June 30, 2019, 0.79% and 1.00% for the year ended June 30, 2018, 0.80% and 0.96% for the year ended June 30, 2017 and 0.80% and 0.97% for the year ended June 30, 2016 and for Class R6 are 0.70% and 0.74% for the six months ended December 31, 2020, 0.70% and 0.75% for the year ended June 30, 2020, 0.70% and 0.85% for the year ended June 30, 2019 and 0.70% and 0.90% for the period ended June 30, 2018, 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.

122 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

		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 (including dividend and interest expense for securities sold short) (e)(f)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits (including dividend and interest expense for securities sold short) (f)			Portfolio turnover rate (excluding securities sold short) (c)			Portfolio turnover rate (including securities sold short) (c)
$	23.44		24.27	%	$	318,497		1.98	%		(0.33	)%		2.14	%		30	%		49	%
	24.58		11.66			267,701		1.92			0.19			2.08			85			134
	27.51		6.84			678,071		1.91			0.22			2.16			98			148
	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
	21.02		23.92			36,711		2.49			(0.86	)		2.64			30			49
	22.67		11.11			59,105		2.42			(0.32	)		2.58			85			134
	25.88		6.31			108,332		2.42			(0.29	)		2.67			98			148
	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
	24.01		24.41			2,084,388		1.73			(0.08	)		1.88			30			49
	25.04		11.93			2,189,079		1.67			0.40			1.83			85			134
	27.94		7.11			4,740,691		1.67			0.46			1.91			98			148
	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
	22.10		23.99			5,345		2.34			(0.69	)		2.40			30			49
	23.54		11.32			4,560		2.27			(0.13	)		2.34			85			134
	26.62		6.45			5,304		2.27			(0.14	)		2.45			98			148
	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
	24.22		24.46			43,184		1.68			(0.04	)		1.73			30			49
	25.20		11.99			38,447		1.62			0.46			1.67			85			134
	28.08		7.14			99,113		1.62			0.51			1.76			98			148
	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
	24.18		24.48			544,144		1.59			0.05			1.63			30			49
	25.18		12.10			491,414		1.52			0.58			1.57			85			134
	28.07		7.30			787,497		1.52			0.59			1.67			98			148
	30.63		6.10			1,795,125		1.54			0.44			1.74			110			161

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 123

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, 2020 (Unaudited)	$	26.55	$	0.14	$	5.83		$	5.97		$	(0.22	)	$	(0.83	)	$	—		$	(1.05	)
Year Ended June 30, 2020		27.38		0.38		1.80			2.18			(0.31	)		(2.70	)		—			(3.01	)
Year Ended June 30, 2019		28.37		0.34		1.96			2.30			(0.36	)		(2.93	)		—			(3.29	)
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	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		26.85		0.17		5.90			6.07			(0.26	)		(0.83	)		—			(1.09	)
Year Ended June 30, 2020		27.65		0.45		1.83			2.28			(0.38	)		(2.70	)		—			(3.08	)
Year Ended June 30, 2019		28.61		0.41		1.98			2.39			(0.42	)		(2.93	)		—			(3.35	)
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	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		26.81		0.19		5.89			6.08			(0.27	)		(0.83	)		—			(1.10	)
Year Ended June 30, 2020		27.62		0.48		1.81			2.29			(0.40	)		(2.70	)		—			(3.10	)
Year Ended June 30, 2019		28.57		0.44		1.98			2.42			(0.44	)		(2.93	)		—			(3.37	)
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	)

(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.

124 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

		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)
$	31.47		22.64	%	$	196,718		0.60	%		0.92	%		0.84	%		15	%
	26.55		9.08			183,005		0.60			1.45			0.85			59
	27.38		9.39			207,809		0.60			1.24			0.85			42
	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
	31.83		22.76			657,940		0.35			1.16			0.58			15
	26.85		9.38			204,193		0.35			1.70			0.59			59
	27.65		9.65			232,077		0.35			1.50			0.59			42
	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
	31.79		22.85			4,073,404		0.25			1.28			0.33			15
	26.81		9.47			3,585,672		0.25			1.79			0.34			59
	27.62		9.78			4,953,109		0.25			1.60			0.34			42
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 125

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. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund)
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	42.76	$	0.23		$	8.54		$	8.77		$	(0.30	)	$	(0.49	)	$	(0.79	)
Year Ended June 30, 2020		41.85		0.47			3.52			3.99			(0.43	)		(2.65	)		(3.08	)
Year Ended June 30, 2019		41.28		0.50			3.21			3.71			(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	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		41.80		0.11			8.34			8.45			(0.03	)		(0.49	)		(0.52	)
Year Ended June 30, 2020		40.98		0.25			3.44			3.69			(0.22	)		(2.65	)		(2.87	)
Year Ended June 30, 2019		40.44		0.29			3.16			3.45			(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	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		43.11		0.29			8.61			8.90			(0.41	)		(0.49	)		(0.90	)
Year Ended June 30, 2020		42.15		0.57			3.56			4.13			(0.52	)		(2.65	)		(3.17	)
Year Ended June 30, 2019		41.56		0.60			3.23			3.83			(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	)
Class R6
September 30, 2020 (g) through December 31, 2020 (Unaudited)		46.79		0.16			5.07			5.23			(0.44	)		(0.49	)		(0.93	)

(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.

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

126 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

		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)
$	50.74		20.55	%	$	15,703		0.63	%		0.96	%		1.31	%		16	%
	42.76		9.57			11,178		0.82			1.12			1.53			99
	41.85		9.90			10,828		0.83			1.22			1.73			97
	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
	49.73		20.26			2,868		1.13			0.47			1.79			16
	41.80		9.03			2,735		1.32			0.62			2.07			99
	40.98		9.34			2,949		1.33			0.73			2.22			97
	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
	51.11		20.68			42,671		0.38			1.19			1.04			16
	43.11		9.86			26,787		0.57			1.37			1.25			99
	42.15		10.18			16,908		0.58			1.46			1.45			97
	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
	51.09		11.21			14,088		0.33			1.28			0.94			16

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 127

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. Value Fund (formerly known as JPMorgan Growth and Income Fund)
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	45.62	$	0.33	$	9.67		$	10.00		$	(0.37	)	$	(0.64	)	$	(1.01	)
Year Ended June 30, 2020		49.84		0.79		(3.18	)		(2.39	)		(0.76	)		(1.07	)		(1.83	)
Year Ended June 30, 2019		49.77		0.85		2.21			3.06			(0.85	)		(2.14	)		(2.99	)
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	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		40.63		0.18		8.60			8.78			(0.27	)		(0.64	)		(0.91	)
Year Ended June 30, 2020		44.59		0.48		(2.81	)		(2.33	)		(0.56	)		(1.07	)		(1.63	)
Year Ended June 30, 2019		44.91		0.53		1.98			2.51			(0.69	)		(2.14	)		(2.83	)
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	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		48.34		0.43		10.23			10.66			(0.43	)		(0.64	)		(1.07	)
Year Ended June 30, 2020		52.69		0.96		(3.36	)		(2.40	)		(0.88	)		(1.07	)		(1.95	)
Year Ended June 30, 2019		52.41		1.00		2.36			3.36			(0.94	)		(2.14	)		(3.08	)
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	)
Class R2
Six Months Ended December 31, 2020 (Unaudited)		45.72		0.27		9.68			9.95			(0.31	)		(0.64	)		(0.95	)
Year Ended June 30, 2020		50.01		0.69		(3.19	)		(2.50	)		(0.72	)		(1.07	)		(1.79	)
Year Ended June 30, 2019		49.98		0.63		2.31			2.94			(0.77	)		(2.14	)		(2.91	)
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, 2020 (Unaudited)		48.25		0.36		10.22			10.58			(0.37	)		(0.64	)		(1.01	)
Year Ended June 30, 2020		52.66		0.75		(3.29	)		(2.54	)		(0.80	)		(1.07	)		(1.87	)
Year Ended June 30, 2019		52.41		0.89		2.33			3.22			(0.83	)		(2.14	)		(2.97	)
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, 2020 (Unaudited)		48.31		0.42		10.25			10.67			(0.43	)		(0.64	)		(1.07	)
Year Ended June 30, 2020		52.69		1.04		(3.46	)		(2.42	)		(0.89	)		(1.07	)		(1.96	)
Year Ended June 30, 2019		52.41		1.02		2.34			3.36			(0.94	)		(2.14	)		(3.08	)
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, 2020 (Unaudited)		48.69		0.46		10.33			10.79			(0.47	)		(0.64	)		(1.11	)
Year Ended June 30, 2020		53.06		1.04		(3.39	)		(2.35	)		(0.95	)		(1.07	)		(2.02	)
Year Ended June 30, 2019		52.74		1.09		2.38			3.47			(1.01	)		(2.14	)		(3.15	)
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, 2020 (Unaudited)		48.70		0.53		10.28			10.81			(0.49	)		(0.64	)		(1.13	)
Year Ended June 30, 2020		53.08		1.11		(3.42	)		(2.31	)		(1.00	)		(1.07	)		(2.07	)
Year Ended June 30, 2019		52.75		1.16		2.36			3.52			(1.05	)		(2.14	)		(3.19	)
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.

128 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

		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)
$	54.61		22.00	%	$	439,142		0.93	%		1.33	%		1.04	%		7	%
	45.62		(5.11	)		497,399		0.94			1.61			1.06			22
	49.84		6.68			490,597		0.93			1.73			1.06			26
	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
	48.50		21.68			28,077		1.43			0.83			1.51			7
	40.63		(5.57	)		26,487		1.44			1.11			1.53			22
	44.59		6.15			26,032		1.43			1.21			1.54			26
	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
	57.93		22.16			516,903		0.68			1.56			0.76			7
	48.34		(4.85	)		135,234		0.69			1.88			0.78			22
	52.69		6.94			94,500		0.68			1.93			0.79			26
	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
	54.72		21.85			1,738		1.18			1.08			1.26			7
	45.72		(5.34	)		1,126		1.19			1.46			1.98			22
	50.01		6.41			108		1.18			1.30			2.77			26
	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
	57.82		22.01			709		0.93			1.34			1.03			7
	48.25		(5.10	)		398		0.94			1.50			1.03			22
	52.66		6.66			24		0.93			1.73			1.84			26
	52.41		10.33			22		0.94			1.42			1.12			32
	57.91		22.18			1,380		0.68			1.57			0.76			7
	48.31		(4.88	)		1,159		0.69			2.15			0.77			22
	52.69		6.94			24		0.68			1.98			1.60			26
	52.41		10.56			22		0.71			1.64			0.87			32
	58.37		22.26			108		0.54			1.72			0.63			7
	48.69		(4.72	)		83		0.54			2.02			5.20			22
	53.06		7.10			74		0.53			2.10			1.01			26
	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
	58.38		22.31			130,912		0.44			1.95			0.51			7
	48.70		(4.64	)		64,968		0.44			2.14			0.53			22
	53.08		7.21			41,144		0.43			2.22			0.53			26
	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, 2020 J.P. MORGAN LARGE CAP FUNDS 129

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

1. Organization

JPMorgan Trust I (“JPM I”), JPMorgan Trust II (“JPM II”) and JPMorgan Trust IV (“JPM IV”) (collectively, the “Trusts”) were formed on November 12, 2004 for JPM I and JPM II and November 11, 2015 for JPM IV, as Delaware statutory trusts, pursuant to Declarations of Trust dated November 5, 2004 and November 11, 2015, respectively, and are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as open-end management investment companies.

The following are 13 separate funds of the Trusts (each, a “Fund” and collectively, the “Funds”) covered by this report:

	Classes Offered	Trust	Diversification Classification
JPMorgan Equity Focus Fund	Class A, Class C, Class I and Class R6	JPM I	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 Equity Premium Income Fund	Class A, Class C, Class I, Class R5 and Class R6	JPM IV	Diversified
JPMorgan Hedged Equity Fund	Class A, Class C, Class I, Class R5 and Class R6	JPM I	Diversified
JPMorgan Intrepid Value Fund	Class A, Class C, Class I, Class R2, 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. GARP Equity Fund(1)	Class A, Class C, Class I, Class R2, Class R5 and Class R6	JPM I	Diversified
JPMorgan U.S. Large Cap Core Plus Fund	Class A, Class C, Class I, Class R2, Class R5 and Class R6	JPM I	Diversified
JPMorgan U.S. Research Enhanced Equity Fund	Class A, Class I(2) and Class R6	JPM I	Diversified
JPMorgan U.S. Sustainable Leaders  Fund(3)	Class A, Class C, Class I and Class R6(4)	JPM I	Diversified
JPMorgan U.S. Value Fund(5)	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM I	Diversified

⁽¹⁾  Effective February 1, 2021, JPMorgan Intrepid Growth Fund changed its name to JPMorgan U.S. GARP Equity Fund.

⁽²⁾  On July 6, 2020, the JPMorgan U.S. Research Enhanced Equity Fund’s Class L Shares were converted into Class I Shares. Additionally, effective as of July 6, 2020, the Class L Shares are no longer offered.

⁽³⁾  Effective August 17, 2020, JPMorgan Intrepid Sustainable Equity Fund changed its name to JPMorgan U.S. Sustainable Leaders Fund.

⁽⁴⁾ Class R6 commenced operations on September 30, 2020 for JPMorgan U.S. Sustainable Leaders Fund.

⁽⁵⁾  Effective November 1, 2020, JPMorgan Growth and Income Fund changed its name to JPMorgan U.S. Value 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 Equity Premium Income Fund (“Equity Premium Income Fund”) is to seek current income while maintaining prospects for capital appreciation.

The investment objective of JPMorgan Hedged Equity Fund (“Hedged Equity Fund”) is to seek to provide capital appreciation.

The investment objective of JPMorgan Intrepid Value Fund (“Intrepid Value Fund”) and JPMorgan U.S. Sustainable Leaders Fund (“U.S. Sustainable Leaders Fund”) is to seek to provide long-term 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. GARP Equity Fund (“U.S. GARP Equity Fund”) is to seek to provide long-term capital growth.

The investment objective of JPMorgan U.S. Large Cap Core Plus Fund (“U.S. Large Cap Core Plus Fund”) is to seek to provide a 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.

The investment objective of JPMorgan U.S. Value Fund (“U.S. Value Fund”) is to seek to provide capital growth over the long-term and to earn income from dividends.

130 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

Class L Shares for U.S. Equity Fund and Class A Shares for U.S. Research Enhanced Equity Fund are publicly offered on a limited basis. Investors are not eligible to purchase Class L 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’ prospectus. Effective October 1, 2020, Class C Shares automatically convert to Class A Shares after eight years. Prior to October 1, 2020, Class C Shares automatically converted 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, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) 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 (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) 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 — Investments are valued in accordance with GAAP and the Funds’ valuation policies set forth by, and under the supervision and responsibility of, the Boards of Trustees of the Trusts (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, excluding exchange-traded funds (“ETFs”) (“Underlying Funds”), are valued at each Underlying Fund’s NAV per share as of the report date.

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.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 131

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

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)	$	105,960		$	—	$	—	$	105,960
Equity Income Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	36,354,991		$	—	$	—	$	36,354,991
Equity Premium Income Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks	$	236,705		$	—	$	—	$	236,705
Equity-Linked Notes		—			45,352		—		45,352
Exchange-Traded Funds		512			—		—		512
Short-Term Investments
Investment Companies		1,271			—		—		1,271
Total Investments in Securities	$	238,488		$	45,352	$	—	$	283,840
Hedged Equity Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	15,357,693		$	—	$	—	$	15,357,693
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	452		$	—	$	—	$	452
Depreciation in Other Financial Instruments
Options Written (a)
Call Options Written	$	(251,774	)	$	—	$	—	$	(251,774	)
Put Options Written		(89,326	)		—		—		(89,326	)
Total Depreciation in Other Financial Instruments	$	(341,100	)	$	—	$	—	$	(341,100	)
Intrepid Value Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	250,867		$	—	$	—	$	250,867
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	38		$	—	$	—	$	38
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)	$	32,647,419		$	—	$	—	$	32,647,419

132 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

Large Cap Value Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	1,716,270		$	—	$	—	$	1,716,270
U.S. Equity Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	18,698,718		$	—	$	—	$	18,698,718
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	5,543		$	—	$	—	$	5,543
U.S. GARP Equity Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	1,300,813		$	—	$	—	$	1,300,813
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	249		$	—	$	—	$	249
U.S. Large Cap Core Plus Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	3,812,586		$	—	$	—	$	3,812,586
Total Liabilities for Securities Sold Short (a)	$	(784,839	)	$	—	$	—	$	(784,839	)
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)	$	4,933,189		$	—	$	—	$	4,933,189
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	603		$	—	$	—	$	603
U.S. Sustainable Leaders Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	75,035		$	—	$	—	$	75,035
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	19		$	—	$	—	$	19
U.S. Value Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	1,135,938		$	—	$	—	$	1,135,938

(a) Please refer to the SOIs for specifics of portfolio holdings.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 133

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

B. Securities Lending — The Funds are 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 Class IM Shares of the JPMorgan U.S. Government Money Market Fund and the Agency SL Class 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.

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), subject to certain de minimis amounts.

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.

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. Securities lending activity is subject to master netting arrangements.

The following table presents for each lending Fund, the value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Funds as of December 31, 2020 (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)
Intrepid Value Fund	$	418	$	(418	)	$	—
Large Cap Growth Fund		176,206		(176,206	)		—
Large Cap Value Fund		17,592		(17,592	)		—
U.S. GARP Equity Fund		12,768		(12,768	)		—

* Collateral posted reflects the value of securities on loan and does not include any additional amounts received from the borrower.

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 cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.15% to 0.06%. For the six months ended December 31, 2020, JPMIM waived fees associated with the Funds’ investment in the JPMorgan U.S. Government Money Market Fund as follows (amounts in thousands):

Equity Focus Fund	$	—	(a)
Intrepid Value Fund		1
Large Cap Growth Fund		30
Large Cap Value Fund		1
U.S. Equity Fund		3
U.S. GARP Equity Fund		2
U.S. Sustainable Leaders Fund		—	(a)

(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 on the Statements of Operations as Income from securities lending (net).

134 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

Equity Focus Fund, U.S Equity Fund and U.S. Sustainable Leaders Fund did not have any securities out on loan at December 31, 2020. Equity Income Fund, Equity Premium Income Fund, Hedged Equity Fund, U.S. Large Cap Core Plus Fund, U.S. Research Enhanced Equity Fund and U.S. Value Fund did not lend out any securities during the six months ended December 31, 2020.

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 the Funds 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. Amounts in the tables below are in thousands.

Equity Focus Fund
For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	3,216	$	10,955	$	10,819	$	(1	)	$	(1	)	$	3,350		3,348	$	3		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares (a)		—		1,477		1,477		—			—			—		—		—	(c)*		—
Total	$	3,216	$	12,432	$	12,296	$	(1	)	$	(1	)	$	3,350			$	3		$	—
Equity Income Fund
For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	883,014	$	3,419,635	$	3,234,784	$	340		$	(616	)	$	1,067,589		1,067,055	$	687		$	—
Equity Premium Income Fund
For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	5,899	$	158,981	$	163,606	$	(3	)	$	—	(c)	$	1,271		1,271	$	3		$	—
Hedged Equity Fund
For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.03% (a) (b)	$	456,381	$	3,974,137	$	3,754,711	$	—		$	—		$	675,807		675,807	$	32		$	—

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 135

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

Intrepid Value Fund
For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at November 16, 2020		Shares at November 16, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	4,719	$	45,530	$	46,754	$	(1	)	$	(2	)	$	3,492		3,491	$	4		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a) (b)		3		5,500		5,499		—	(c)*		—	(c)		4		3		2	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		2,452		19,402		21,431		—			—			423		423		—	(c)*		—
Total	$	7,174	$	70,432	$	73,684	$	(1	)	$	(2	)	$	3,919			$	6		$	—
Large Cap Growth Fund
For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	1,084,362	$	7,144,771	$	6,939,484	$	25		$	(478	)	$	1,289,196		1,288,551	$	1,172		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a) (b)		1,102,899		1,997,800		2,923,305		(209	)*		(39	)		177,146		177,129		1,115	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		96,805		1,802,994		1,871,704		—			—			28,095		28,095		32	*		—
Total	$	2,284,066	$	10,945,565	$	11,734,493	$	(184	)	$	(517	)	$	1,494,437			$	2,319		$	—
Large Cap Value Fund
For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	12,570	$	237,054	$	217,524	$	(5	)	$	(2	)	$	32,093		32,077	$	21		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a) (b)		51,705		56,699		92,000		(6	)*		—	(c)		16,398		16,397		27	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		8,692		54,635		61,489		—			—			1,838		1,838		1	*		—
Total	$	72,967	$	348,388	$	371,013	$	(11	)	$	(2	)	$	50,329			$	49		$	—

136 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

U.S. Equity Fund
For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	41,341	$	2,228,493	$	1,865,961	$	(67	)	$	(35	)	$	403,771		403,569	$	203		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares (a)		1,074		322,000		323,066		(8	)*		—	(c)		—		—		68	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares (a)		12,605		100,834		113,439		—			—			—		—		3	*		—
Total	$	55,020	$	2,651,327	$	2,302,466	$	(75	)	$	(35	)	$	403,771			$	274		$	—
U.S. GARP Equity Fund
For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	12,447	$	162,686	$	155,690	$	(3	)	$	(7	)	$	19,433		19,423	$	26		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a) (b)		—		105,000		95,000		(6	)*		—	(c)		9,994		9,993		21	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		11,327		113,537		121,948		—			—			2,916		2,916		2	*		—
Total	$	23,774	$	381,223	$	372,638	$	(9	)	$	(7	)	$	32,343			$	49		$	—
U.S. Large Cap Core Plus Fund
For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	35,661	$	554,312	$	576,120	$	(3	)	$	(5	)	$	13,845		13,838	$	19		$	—
U.S. Research Enhanced Equity Fund
For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	110,144	$	298,774	$	380,156	$	(18	)	$	—	(c)	$	28,744		28,730	$	43		$	—

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 137

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

U.S. Sustainable Leaders Fund
For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	1,605	$	22,334	$	21,519	$	(1	)	$	1		$	2,420		2,418	$	2		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares (a)		326		1,513		1,839		—			—			—		—		—	*(c)		—
Total	$	1,931	$	23,847	$	23,358	$	(1	)	$	1		$	2,420			$	2		$	—
U.S. Value Fund
For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	25,234	$	309,707	$	303,411	$	9		$	(19	)	$	31,520		31,505	$	26		$	—

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

(b) The rate shown is the current yield as of December 31, 2020.

(c) Amount rounds to less than one thousand.

  * Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).

D. Options — Hedged Equity Fund purchased and sold (“wrote”) put and call options on various instruments including options on indices to manage and hedge equity risks within its portfolio and also to gain long or short exposure to the underlying instrument, index, currency or rate. 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 record a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or 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.

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 Funds 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.

138 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

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).

E. Futures Contracts — Hedged Equity Fund, Intrepid Value Fund, U.S. Equity Fund, U.S. GARP Equity Fund, U.S. Large Cap Core Plus Fund, U.S. Research Enhanced Equity Fund and U.S. Sustainable Leaders Fund used index futures contracts to gain or reduce exposure to the stock market, or maintain liquidity or minimize transaction costs. The Funds also purchased 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 futures contracts 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, while 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 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).

F. Summary of Derivatives Information

Derivatives Volume

The table below discloses the volume of the Funds’ futures contracts and option contracts activity during the six months ended December 31, 2020 (amounts in thousands, except number of contracts).

	Hedged Equity Fund		Intrepid Value Fund			U.S. Equity Fund			U.S. GARP Equity Fund			U.S. Large Cap Core Plus Fund			U.S. Research Enhanced Equity Fund		U.S. Sustainable Leaders Fund
Futures Contracts — Equity:
Average Notional Balance Long	$	166,174	$	2,321	(a)	$	184,947	(a)	$	13,631	(a)	$	2,159	(b)	$	46,808	$	923	(a)
Ending Notional Balance Long		194,566		1,685			304,489			10,299			—			28,277		1,114
Exchange-Traded Options:
Average Number of Contracts Purchased		34,360		—			—			—			—			—		—
Average Number of Contracts Written		68,720		—			—			—			—			—		—
Ending Number of Contracts Purchased		38,586		—			—			—			—			—		—
Ending Number of Contracts Written		77,172		—			—			—			—			—		—

(a) For the period August 1, 2020 through December 31, 2020.

(b) For the period July 1, 2020 through July 31, 2020.

G. Equity-Linked Notes — The Equity Premium Income Fund invested in Equity-Linked Notes (“ELNs”). These are hybrid instruments which combine both debt and equity characteristics into a single note form. ELNs’ values are linked to the performance of an underlying index. ELNs are unsecured debt obligations of an issuer and may not be publicly listed or traded on an exchange. ELNs are valued daily, under procedures adopted by the Board of JPM IV, based on values provided by an approved pricing source. These notes have a coupon which is accrued and recorded as interest income on the Statements of Operations. Changes in the market value of ELNs are recorded as Change in net unrealized appreciation or depreciation on the Statements of Operations. The Fund realizes a gain or loss when an ELN is sold or matures, which is recorded as Net realized gain (loss) on transactions from investments in non-affiliates on the Statements of Operations.

As of December 31, 2020, the Equity Premium Income Fund had outstanding ELNs as listed on the SOI.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 139

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

H. Short Sales — The U.S. Large Cap Core Plus Fund engaged 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. Securities segregated as collateral are denoted on the SOIs. 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 Statements of Operations.

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 Statements of Operations as Dividend expense on securities sold short. The Fund is obligated to pay the broker interest accrued on short positions while the position is outstanding. Interest expense on short positions is reported within Other expense on the Statements of Operations. Liabilities for securities sold short are reported at market value on the Statements of Assets and Liabilities and the change in market value is recorded as Change in net unrealized appreciation/depreciation on the Statements 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, 2020, the U.S. Large Cap Core Plus Fund had outstanding short sales as listed on its SOI.

I. 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 and interest expense on securities sold short, if any, 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 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.

J. 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 applicable funds. 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 share class of the Funds for the six months ended December 31, 2020 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)	$	1		n/a		n/a		n/a			n/a			n/a		$	—	(a)	$	2
Equity Income Fund
Transfer agency fees		243			35			66		n/a	$	6	$	3		$	2		$	16			117			488
Equity Premium Income Fund
Transfer agency fees		—	(a)		—	(a)		2		n/a		n/a		n/a			n/a			—	(a)		1			3
Hedged Equity Fund
Transfer agency fees		27			6			39		n/a		n/a		n/a			n/a			1			14			87
Intrepid Value Fund
Transfer agency fees		1			1			2		n/a		2		n/a			n/a			—	(a)		1			7
Large Cap Growth Fund
Transfer agency fees		221			12			45		n/a		5		2			1			7			60			353
Large Cap Value Fund
Transfer agency fees		33			1			3		n/a		2		—	(a)		—	(a)		2			10			51
U.S. Equity Fund
Transfer agency fees		43			6			14	$	87		3		2			—	(a)		5			44			204

140 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

	Class A		Class C			Class I		Class L			Class R2			Class R3			Class R4			Class R5			Class R6			Total
U.S. GARP Equity Fund
Transfer agency fees	$	4	$	1		$	2		n/a		$	17			n/a			n/a		$	1		$	3		$	28
U.S. Large Cap Core Plus Fund
Transfer agency fees		21		2			21		n/a			1			n/a			n/a			—	(a)		3			48
U.S. Research Enhanced Equity Fund
Transfer agency fees		9		n/a			6	$	—	(a)		n/a			n/a			n/a			n/a			16			31
U.S. Sustainable Leaders Fund
Transfer agency fees		1		—	(a)		1		n/a			n/a			n/a			n/a			n/a			—	(a)		2
U.S. Value Fund
Transfer agency fees		73		1			4		n/a			—	(a)	$	—	(a)	$	—	(a)		—	(a)		3			81

(a) Amount rounds to less than one thousand.

K. 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, 2020, no liability for Federal 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 Fund’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

L. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid at least quarterly, except for Equity Focus Fund, Large Cap Growth Fund, U.S. GARP Equity Fund, U.S. Large Cap Core Plus Fund and U.S. Sustainable Leaders Fund, for which distributions are generally declared and paid annually, Equity Income Fund and Equity Premium 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.

M. Recent Accounting Pronouncement — In March 2020, the FASB issued Accounting Standards Update No. 2020-04 (“ASU 2020-04”), Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 became effective upon the issuance and its optional relief can be applied through December 31, 2022. Management is currently evaluating the impact, if any, to the Funds’ financial statements of applying ASU 2020-04.

3. Fees and Other Transactions with Affiliates

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

Equity Focus Fund	0.50	%
Equity Income Fund	0.40
Equity Premium Income Fund	0.25
Hedged Equity Fund	0.25
Intrepid Value Fund	0.30
Large Cap Growth Fund	0.45
Large Cap Value Fund	0.40
U.S. Equity Fund	0.40
U.S. GARP Equity Fund	0.30
U.S. Large Cap Core Plus Fund	0.65
U.S. Research Enhanced Equity Fund	0.25
U.S. Sustainable Leaders Fund	0.30
U.S. 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 each Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 141

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

of each Fund’s respective average daily net assets, plus 0.050% of each Fund’s respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund’s respective average daily net assets between $20 billion and $25 billion, plus 0.01% of each Fund’s respective average daily net assets in excess of $25 billion. For the six months ended December 31, 2020, the effective annualized rate for Equity Focus Fund, Equity Income Fund, Equity Premium Income Fund, Hedged Equity Fund, Intrepid Value Fund, Large Cap Growth Fund, Large Cap Value Fund, U.S. Equity Fund, U.S. GARP Equity Fund, U.S. Large Cap Core Plus Fund, U.S. Research Enhanced Equity Fund, U.S. Sustainable Leaders Fund and U.S. Value Fund was 0.07%, 0.05%, 0.07%, 0.07%, 0.07%, 0.05%, 0.07%, 0.07%, 0.07%, 0.07%, 0.07 %, 0.07% and 0.07%, respectively, 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.

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 each Fund’s 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, pursuant to Rule 12b-1 under the 1940 Act. Class I, Class L, Class R4, Class R5 and Class R6 Shares of the Funds do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay, with respect to the applicable share classes, 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	%
Equity Premium Income Fund		0.25			0.75			n/a			n/a
Hedged Equity Fund		0.25			0.75			n/a			n/a
Intrepid Value Fund		0.25			0.75			0.50			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. GARP Equity Fund		0.25			0.75			0.50			n/a
U.S. Large Cap Core Plus Fund		0.25			0.75			0.50			n/a
U.S. Research Enhanced Equity Fund		0.25			n/a			n/a			n/a
U.S. Sustainable Leaders Fund		0.25			0.75			n/a			n/a
U.S. Value Fund		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, 2020, JPMDS retained the following (amounts in thousands):

	Front-End Sales Charge			CDSC
Equity Focus Fund	$	1		$	1
Equity Income Fund		269			4
Equity Premium Income Fund		8			—
Hedged Equity Fund		169			1
Intrepid Value Fund		1			—
Large Cap Growth Fund		482			1
Large Cap Value Fund		3			—
U.S. Equity Fund		81			—	(a)
U.S. GARP Equity Fund		4			—	(a)
U.S. Large Cap Core Plus Fund		9			—	(a)
U.S. Research Enhanced Equity Fund		—	(a)		—
U.S. Sustainable Leaders Fund		2			—
U.S. Value Fund		6			—

(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 fund shareholders. For performing these services, JPMDS receives a fee with respect to all share classes, except

142 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

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	%
Equity Premium Income Fund		0.25			0.25			0.25			n/a			n/a			n/a			n/a			0.10
Hedged Equity Fund		0.25			0.25			0.25			n/a			n/a			n/a			n/a			0.10
Intrepid Value Fund		0.25			0.25			0.25			n/a			0.25			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. GARP Equity Fund		0.25			0.25			0.25			n/a			0.25			n/a			n/a			0.10
U.S. Large Cap Core Plus Fund		0.25			0.25			0.25			n/a			0.25			n/a			n/a			0.10
U.S. Research Enhanced Equity Fund		0.25			n/a			0.25			n/a			n/a			n/a			n/a			n/a
U.S. Sustainable Leaders Fund		0.25			0.25			0.25			n/a			n/a			n/a			n/a			n/a
U.S. Value Fund		0.25			0.25			0.25			n/a			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. Pursuant to such contracts, 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.

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 (excluding Equity Income 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, expenses related to trustee elections 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 Premium Income Fund		0.85			1.35			0.60			n/a			n/a			n/a			n/a			0.45	%		0.35
Hedged Equity Fund		0.85			1.35			0.60			n/a			n/a			n/a			n/a			0.45			0.35
Intrepid Value Fund		0.83			1.33			0.59			n/a			1.09	%		n/a			n/a			0.44			0.34
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			n/a	(1)		1.19			0.94			0.69			0.54			0.44
U.S. GARP Equity Fund		0.84			1.34			0.59			n/a			1.09			n/a			n/a			0.44			0.34
U.S. Large Cap Core Plus Fund		1.10			1.60			0.85			n/a			1.45			n/a			n/a			0.80			0.70
U.S. Research Enhanced Equity Fund		0.60			n/a			0.35			n/a			n/a			n/a			n/a			n/a			0.25
U.S. Sustainable Leaders Fund		0.64			1.14			0.39			n/a			n/a			n/a			n/a			n/a			0.34
U.S. Value Fund		0.94			1.44			0.69			n/a			1.19			0.94			0.69			0.54			0.44

⁽¹⁾  Effective November 1, 2020, the contractual expense limitation for Class L Shares of the U.S. Equity Fund expired. Prior to November 1, 2020, the contractual expense limitation for the Funds was 0.61% for Class L Shares.

Except as noted above, the expense limitation agreements were in effect for the six months ended December 31, 2020 and the contractual expense limitation percentages in the table above are in place until at least October 31, 2021.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 143

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

For the six months ended December 31, 2020, 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
Equity Focus Fund	$	53	$	32	$	1	$	86	$	—
Equity Income Fund		13		—		—		13		—
Equity Premium Income Fund		104		70		1		175		1
Hedged Equity Fund		—		—		3		3		—
Intrepid Value Fund		124		82		8		214		1
Large Cap Growth Fund		6,350		4,225		230		10,805		—
Large Cap Value Fund		273		181		47		501		8
U.S. Equity Fund		1,786		1,189		73		3,048		44
U.S. GARP Equity Fund		218		145		23		386		—
U.S. Large Cap Core Plus Fund		420		279		1,342		2,041		2
U.S. Research Enhanced Equity Fund		1,200		799		616		2,615		—	(a)
U.S. Sustainable Leaders Fund		86		22		59		167		22
U.S. Value Fund		200		133		74		407		2

(a) Amount rounds to less than one thousand.

Additionally, the Funds may invest in one or more money market funds advised by the Adviser (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, except for investments of securities lending cash collateral. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

The amounts of these waivers resulting from investments in these money market funds for the six months ended December 31, 2020 were as follows (amounts in thousands):

Equity Focus Fund	$	2
Equity Income Fund		480
Equity Premium Income Fund		3
Hedged Equity Fund		220
Intrepid Value Fund		3
Large Cap Growth Fund		668
Large Cap Value Fund		13
U.S. Equity Fund		117
U.S. GARP Equity Fund		17
U.S. Large Cap Core Plus Fund		18
U.S. Research Enhanced Equity Fund		33
U.S. Sustainable Leaders Fund		1
U.S. Value Fund		16

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 designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. Each Fund, along with 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, 2020, the Large Cap Growth Fund and U.S. Large Cap Core Plus Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were 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 LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.

144 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

4. Investment Transactions

During the six months ended December 31, 2020, 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)		Securities Sold Short		Covers on Securities Sold Short
Equity Focus Fund	$	15,527	$	17,578	$	—	$	—
Equity Income Fund		3,930,106		3,086,189		—		—
Equity Premium Income Fund		360,196		280,361		—		—
Hedged Equity Fund		5,731,771		2,039,769		—		—
Intrepid Value Fund		110,105		157,132		—		—
Large Cap Growth Fund		9,638,462		7,764,418		—		—
Large Cap Value Fund		663,358		657,491		—		—
U.S. Equity Fund		4,814,502		5,048,831		—		—
U.S. GARP Equity Fund		447,934		495,881		—		—
U.S. Large Cap Core Plus Fund		1,204,844		2,182,316		470,936		748,585
U.S. Research Enhanced Equity Fund		677,983		1,002,865		—		—
U.S. Sustainable Leaders Fund		31,818		8,957		—		—
U.S. Value Fund		409,748		67,145		—		—

During the six months ended December 31, 2020, 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, 2020 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Equity Focus Fund	$	64,609	$	41,635	$	284	$	41,351
Equity Income Fund		27,068,783		9,848,490		562,282		9,286,208
Equity Premium Income Fund		246,442		38,614		1,216		37,398
Hedged Equity Fund		11,263,525		3,800,486		46,966		3,753,520
Intrepid Value Fund		206,279		47,129		2,503		44,626
Large Cap Growth Fund		18,396,766		14,358,483		107,830		14,250,653
Large Cap Value Fund		1,354,440		403,137		41,307		361,830
U.S. Equity Fund		11,545,374		7,171,647		12,760		7,158,887
U.S. GARP Equity Fund		803,422		503,394		5,754		497,640
U.S. Large Cap Core Plus Fund*		1,309,500		1,818,226		99,979		1,718,247
U.S. Research Enhanced Equity Fund		2,810,743		2,144,027		20,978		2,123,049
U.S. Sustainable Leaders Fund		57,499		17,616		61		17,555
U.S. Value Fund		801,509		341,714		7,285		334,429

* The tax cost includes the proceeds from short sales which may result in a net negative cost.

As of June 30, 2020, the following Funds had net capital loss carryforwards as follows (amounts in thousands):

	Capital Loss Carryforward Character
	Short-Term		Long-Term
Equity Premium Income Fund	$	4,187	$	—
Hedged Equity Fund		114,389		157,891
Large Cap Value Fund		24,093		—

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 145

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

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, 2020, the following Funds deferred to July 1, 2020 the following net capital losses of (amounts in thousands):

	Net Capital Losses (Gains)
	Short-Term		Long-Term
Equity Income Fund	$	491,217	$	330,688
Equity Premium Income Fund		25,532		(102	)
Hedged Equity Fund		82,302		52,139
Large Cap Growth Fund		68,836		—
Large Cap Value Fund		49,514		(13,663	)
U.S. GARP Equity Fund		3,912		—
U.S. Research Enhanced Equity Fund		34,790		—
U.S. Sustainable Leaders Fund		231		—
U.S. Value Fund		6,424		—

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 Funds had no borrowings outstanding from another fund during the six months ended December 31, 2020.

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 1, 2021.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended December 31, 2020.

The Trusts, along with certain other trusts for J.P. Morgan Funds (“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%, which has increased to 1.25% pursuant to the amendment referenced below, 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 11, 2020, this agreement has been amended and restated for a term of 364 days, unless extended, and to include the change to the interest rate charged for borrowing from the Credit Facility to 1.25%, as noted above, and an upfront fee of 0.075% of the Credit Facility to be charged and paid by all participating funds of the Credit Facility.

The Funds did not utilize the Credit Facility during the six months ended December 31, 2020.

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.

146 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

As of December 31, 2020, the following Funds had individual shareholder and/or omnibus accounts each owning more than 10% of the respective Fund’s outstanding shares as follows:

	Number of individual shareholder and/or Affiliated Omnibus Accounts		% of the Fund			Number of individual shareholder and/or Non-Affiliated Omnibus Accounts		% of the Fund
Equity Focus Fund		1		62.8	%		1		21.7	%
Equity Income Fund		1		10.4			2		27.7
Equity Premium Income Fund		—		—			4		63.3
Hedged Equity Fund		—		—			2		30.8
Intrepid Value Fund		—		—			2		23.5
Large Cap Growth Fund		—		—			1		19.1
Large Cap Value Fund		2		33.0			1		11.5
U.S. Equity Fund		—		—			1		17.5
U.S. GARP Equity Fund		2		28.8			1		10.6
U.S. Large Cap Core Plus Fund		1		23.4			1		27.6
U.S. Research Enhanced Equity Fund		—		—			1		15.0
U.S. Sustainable Leaders Fund		1		10.1			2		47.2
U.S. Value Fund		1		12.0			1		31.1

As of December 31, 2020, the J.P. Morgan Investor Funds and 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 Funds as follows:

	J.P. Morgan Investor Funds			JPMorgan SmartRetirement Funds
Large Cap Value Fund		44.8	%		n/a
U.S. Equity Fund		n/a			24.1	%
U.S. GARP Equity Fund		45.8			n/a
U.S. Research Enhanced Equity Fund		16.2			36.6

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

The Equity Premium Income Fund’s investments in ELNs entail varying degrees of risks. The Fund is subject to loss of their full principal amount. In addition, the ELNs are subject to a stated maximum return which may limit the payment at maturity. The Fund may also be exposed to additional risks associated with structured notes including: counterparty credit risk related to the issuer’s ability to make payment at maturity; liquidity risk related to a lack of liquid market for these notes, preventing the Fund from trading or selling the notes easily; and a greater degree of market risk than other types of debt securities because the investor bears the risk associated with the underlying financial instruments.

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. Many derivatives create leverage thereby causing the Funds to be more volatile than they would have been if they had not used derivatives. 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. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Funds to sell or otherwise close a derivatives position could expose the Funds to losses.

LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. The regulatory authority that oversees financial services firms and financial markets in the U.K. has announced that, after the end of 2021, it would no longer persuade or compel contributing banks to make rate submissions for purposes of determining the LIBOR rate. As a result, it is possible that commencing in 2022, LIBOR may no longer be available or no longer deemed an appropriate reference rate upon which to determine the interest rate on or impacting certain loans, notes, derivatives and other instruments or investments comprising some or all of a Fund’s portfolio. In light of this eventuality, public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of LIBOR. There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain investments of a Fund and result in costs incurred in connection with closing out positions and entering into new trades. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., Euribor) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.

The Funds are subject to infectious disease epidemics/pandemics risk. The worldwide outbreak of COVID-19, a novel coronavirus disease, has negatively affected economies, markets and individual companies throughout the world. The effects of this COVID-19 pandemic to public health, and business and market conditions, including exchange trading suspensions and closures may continue to have a significant negative impact on the

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 147

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

performance of a Fund’s investments, increase a Fund’s volatility, exacerbate other pre-existing political, social and economic risks to the Funds and negatively impact broad segments of businesses and populations. The Funds’ operations may be interrupted as a result, which may have a significant negative impact on investment performance. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could also have a significant negative impact on a Fund’s investment performance. The full impact of this COVID-19 pandemic, or other future epidemics/pandemics, is currently unknown.

8. Redemptions in-kind

On October 18, 2019, certain shareholders sold Class R6 Shares of U.S. Research Enhanced Equity Fund. The portfolio securities were delivered primarily by means of a redemption in-kind in exchange for shares of the Fund. Cash and portfolio securities were transferred as detailed below (amounts in thousands):

	Value			Realized Gains (Losses)		Type
U.S. Research Enhanced Equity Fund	$	1,336,709	*	$	545,813		Redemption in-kind

* This amount includes cash of approximately $17,300,000 associated with the redemption in-kind.

On December 3, 2020, certain shareholders sold Class R6 Shares of U.S. Value Fund. The portfolio securities were delivered primarily by means of a redemption in-kind in exchange for shares of the Fund. Cash and portfolio securities were transferred as detailed below (amounts in thousands):

	Value			Realized Gains (Losses)			Type
U.S. Value Fund	$	126,007	*	$	(126	)		Redemption in-kind

* This amount includes cash of approximately $4,653,000 associated with the redemption in-kind.

9. Subscriptions in-kind

On July 29, 2019, certain shareholders purchased Class R6 Shares of U.S. Equity Fund. The portfolio securities were received primarily by means of a subscription in-kind in exchange for shares of the Fund. Portfolio securities were transferred as detailed below (amounts in thousands):

	Value		Type
U.S. Equity Fund	$	45,414		Subscription in-kind

On February 26, 2020, certain shareholders purchased Class R6 Shares of Equity Income Fund. The portfolio securities were received primarily by means of a subscription in-kind in exchange for shares of the Fund. Portfolio securities were transferred as detailed below (amounts in thousands):

	Value			Type
Equity Income Fund	$	48,418	*		Subscription in-kind

* This amount includes cash of approximately $230,000 associated with the subscription in-kind.

10. Subsequent Events

On February 10, 2021, the Board of Trustees of JPM I approved the following changes for Intrepid Value Fund, which are expected to become effective on or about July 1, 2021: (i) a change to the Fund’s name to JPMorgan U.S. Applied Data Science Value Fund; (ii) a change to the Fund’s investment strategy to employ a data science driven investment approach; (iii) a change to the Fund’s 80% investment policy so that, under normal circumstances, the Fund invests at least 80% of its assets in equity securities of U.S. companies; and (iv) the contractual expense limitations for Class A, Class C, and Class I Shares will be reduced to 0.73%, 1.23%, and 0.49%, respectively, and will be in place until at least June 30, 2023.

Effective as of the close of business on March 12, 2021, Hedged Equity Fund will be 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 prospectuses.

148 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

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, 2020, and continued to hold your shares at the end of the reporting period, December 31, 2020.

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 titled “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, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan Equity Focus Fund
Class A
Actual*	$	1,000.00	$	1,272.20	$	6.24		1.09	%
Hypothetical*		1,000.00		1,019.71		5.55		1.09
Class C
Actual*		1,000.00		1,269.50		9.10		1.59
Hypothetical*		1,000.00		1,017.19		8.08		1.59
Class I
Actual*		1,000.00		1,274.00		4.81		0.84
Hypothetical*		1,000.00		1,020.97		4.28		0.84
Class R6
Actual*		1,000.00		1,275.70		3.38		0.59
Hypothetical*		1,000.00		1,022.23		3.01		0.59
JPMorgan Equity Income Fund
Class A
Actual*		1,000.00		1,204.10		5.39		0.97
Hypothetical*		1,000.00		1,020.32		4.94		0.97
Class C
Actual*		1,000.00		1,201.10		8.10		1.46
Hypothetical*		1,000.00		1,017.85		7.43		1.46
Class I
Actual*		1,000.00		1,205.60		3.95		0.71
Hypothetical*		1,000.00		1,021.63		3.62		0.71
Class R2
Actual*		1,000.00		1,203.00		6.77		1.22
Hypothetical*		1,000.00		1,019.06		6.21		1.22
Class R3
Actual*		1,000.00		1,203.70		5.33		0.96
Hypothetical*		1,000.00		1,020.37		4.89		0.96

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 149

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan Equity Income Fund (continued)
Class R4
Actual*	$	1,000.00	$	1,205.70	$	3.95		0.71	%
Hypothetical*		1,000.00		1,021.63		3.62		0.71
Class R5
Actual*		1,000.00		1,207.00		3.12		0.56
Hypothetical*		1,000.00		1,022.38		2.85		0.56
Class R6
Actual*		1,000.00		1,207.10		2.56		0.46
Hypothetical*		1,000.00		1,022.89		2.35		0.46
JPMorgan Equity Premium Income Fund
Class A
Actual*		1,000.00		1,163.90		4.64		0.85
Hypothetical*		1,000.00		1,020.92		4.33		0.85
Class C
Actual*		1,000.00		1,161.00		7.35		1.35
Hypothetical*		1,000.00		1,018.40		6.87		1.35
Class I
Actual*		1,000.00		1,165.30		3.27		0.60
Hypothetical*		1,000.00		1,022.18		3.06		0.60
Class R5
Actual*		1,000.00		1,165.30		2.46		0.45
Hypothetical*		1,000.00		1,022.94		2.29		0.45
Class R6
Actual*		1,000.00		1,166.70		1.91		0.35
Hypothetical*		1,000.00		1,023.44		1.79		0.35
JPMorgan Hedged Equity Fund
Class A
Actual*		1,000.00		1,098.60		4.44		0.84
Hypothetical*		1,000.00		1,020.97		4.28		0.84
Class C
Actual*		1,000.00		1,095.90		7.03		1.33
Hypothetical*		1,000.00		1,018.50		6.77		1.33
Class I
Actual*		1,000.00		1,099.70		3.07		0.58
Hypothetical*		1,000.00		1,022.28		2.96		0.58
Class R5
Actual*		1,000.00		1,100.70		2.33		0.44
Hypothetical*		1,000.00		1,022.99		2.24		0.44
Class R6
Actual*		1,000.00		1,101.10		1.80		0.34
Hypothetical*		1,000.00		1,023.49		1.73		0.34
JPMorgan Intrepid Value Fund
Class A
Actual*		1,000.00		1,203.80		4.55		0.82
Hypothetical*		1,000.00		1,021.07		4.18		0.82
Class C
Actual*		1,000.00		1,201.70		7.33		1.32
Hypothetical*		1,000.00		1,018.55		6.72		1.32
Class I
Actual*		1,000.00		1,218.00		3.30		0.59
Hypothetical*		1,000.00		1,022.23		3.01		0.59
Class R2
Actual*		1,000.00		1,203.00		6.00		1.08
Hypothetical*		1,000.00		1,019.76		5.50		1.08

150 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

	Beginning Account Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan Intrepid Value Fund (continued)
Class R5
Actual*	$	1,000.00	$	1,227.00	$	2.47		0.44	%
Hypothetical*		1,000.00		1,022.99		2.24		0.44
Class R6
Actual*		1,000.00		1,208.80		1.89		0.34
Hypothetical*		1,000.00		1,023.49		1.73		0.34
JPMorgan Large Cap Growth Fund
Class A
Actual*		1,000.00		1,294.70		5.38		0.93
Hypothetical*		1,000.00		1,020.52		4.74		0.93
Class C
Actual*		1,000.00		1,291.50		8.26		1.43
Hypothetical*		1,000.00		1,018.00		7.27		1.43
Class I
Actual*		1,000.00		1,296.30		3.94		0.68
Hypothetical*		1,000.00		1,021.78		3.47		0.68
Class R2
Actual*		1,000.00		1,293.20		6.82		1.18
Hypothetical*		1,000.00		1,019.26		6.01		1.18
Class R3
Actual*		1,000.00		1,294.70		5.38		0.93
Hypothetical*		1,000.00		1,020.52		4.74		0.93
Class R4
Actual*		1,000.00		1,296.50		3.94		0.68
Hypothetical*		1,000.00		1,021.78		3.47		0.68
Class R5
Actual*		1,000.00		1,297.40		3.07		0.53
Hypothetical*		1,000.00		1,022.53		2.70		0.53
Class R6
Actual*		1,000.00		1,297.90		2.49		0.43
Hypothetical*		1,000.00		1,023.04		2.19		0.43
JPMorgan Large Cap Value Fund
Class A
Actual*		1,000.00		1,335.80		5.42		0.92
Hypothetical*		1,000.00		1,020.57		4.69		0.92
Class C
Actual*		1,000.00		1,331.30		8.40		1.43
Hypothetical*		1,000.00		1,018.00		7.27		1.43
Class I
Actual*		1,000.00		1,336.50		4.06		0.69
Hypothetical*		1,000.00		1,021.73		3.52		0.69
Class R2
Actual*		1,000.00		1,333.30		6.94		1.18
Hypothetical*		1,000.00		1,019.26		6.01		1.18
Class R3
Actual*		1,000.00		1,335.10		5.47		0.93
Hypothetical*		1,000.00		1,020.52		4.74		0.93
Class R4
Actual*		1,000.00		1,336.80		4.06		0.69
Hypothetical*		1,000.00		1,021.73		3.52		0.69
Class R5
Actual*		1,000.00		1,337.90		3.18		0.54
Hypothetical*		1,000.00		1,022.48		2.75		0.54

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 151

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan Large Cap Value Fund (continued)
Class R6
Actual*	$	1,000.00	$	1,338.60	$	2.59		0.44	%
Hypothetical*		1,000.00		1,022.99		2.24		0.44
JPMorgan U.S. Equity Fund
Class A
Actual*		1,000.00		1,243.10		5.31		0.94
Hypothetical*		1,000.00		1,020.47		4.79		0.94
Class C
Actual*		1,000.00		1,240.40		8.08		1.43
Hypothetical*		1,000.00		1,018.00		7.27		1.43
Class I
Actual*		1,000.00		1,245.60		3.91		0.69
Hypothetical*		1,000.00		1,021.73		3.52		0.69
Class L
Actual*		1,000.00		1,246.00		3.06		0.54
Hypothetical*		1,000.00		1,022.48		2.75		0.54
Class R2
Actual*		1,000.00		1,242.40		6.67		1.18
Hypothetical*		1,000.00		1,019.26		6.01		1.18
Class R3
Actual*		1,000.00		1,244.10		5.32		0.94
Hypothetical*		1,000.00		1,020.47		4.79		0.94
Class R4
Actual*		1,000.00		1,245.30		3.90		0.69
Hypothetical*		1,000.00		1,021.73		3.52		0.69
Class R5
Actual*		1,000.00		1,245.80		3.06		0.54
Hypothetical*		1,000.00		1,022.48		2.75		0.54
Class R6
Actual*		1,000.00		1,247.20		2.49		0.44
Hypothetical*		1,000.00		1,022.99		2.24		0.44
JPMorgan U.S. GARP Equity Fund (formerly known as JPMorgan Intrepid Growth Fund)
Class A
Actual*		1,000.00		1,211.30		4.63		0.83
Hypothetical*		1,000.00		1,021.02		4.23		0.83
Class C
Actual*		1,000.00		1,208.70		7.40		1.33
Hypothetical*		1,000.00		1,018.50		6.77		1.33
Class I
Actual*		1,000.00		1,213.00		3.29		0.59
Hypothetical*		1,000.00		1,022.23		3.01		0.59
Class R2
Actual*		1,000.00		1,209.80		6.02		1.08
Hypothetical*		1,000.00		1,019.76		5.50		1.08
Class R5
Actual*		1,000.00		1,213.10		2.45		0.44
Hypothetical*		1,000.00		1,022.99		2.24		0.44
Class R6
Actual*		1,000.00		1,213.70		1.90		0.34
Hypothetical*		1,000.00		1,023.49		1.73		0.34

152 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

	Beginning Account Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan U.S. Large Cap Core Plus Fund
Class A
Actual*	$	1,000.00	$	1,242.70	$	11.19		1.98	%
Hypothetical*		1,000.00		1,015.22		10.06		1.98
Class C
Actual*		1,000.00		1,239.20		14.05		2.49
Hypothetical*		1,000.00		1,012.65		12.63		2.49
Class I
Actual*		1,000.00		1,244.10		9.79		1.73
Hypothetical*		1,000.00		1,016.48		8.79		1.73
Class R2
Actual*		1,000.00		1,239.90		13.21		2.34
Hypothetical*		1,000.00		1,013.41		11.88		2.34
Class R5
Actual*		1,000.00		1,244.60		9.50		1.68
Hypothetical*		1,000.00		1,016.74		8.54		1.68
Class R6
Actual*		1,000.00		1,244.80		9.00		1.59
Hypothetical*		1,000.00		1,017.19		8.08		1.59
JPMorgan U.S. Research Enhanced Equity Fund
Class A
Actual*		1,000.00		1,226.40		3.37		0.60
Hypothetical*		1,000.00		1,022.18		3.06		0.60
Class I
Actual*		1,000.00		1,227.60		1.97		0.35
Hypothetical*		1,000.00		1,023.44		1.79		0.35
Class R6
Actual*		1,000.00		1,228.50		1.40		0.25
Hypothetical*		1,000.00		1,023.95		1.28		0.25
JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund)
Class A
Actual*		1,000.00		1,205.50		3.50		0.63
Hypothetical*		1,000.00		1,022.03		3.21		0.63
Class C
Actual*		1,000.00		1,202.60		6.27		1.13
Hypothetical*		1,000.00		1,019.51		5.75		1.13
Class I
Actual*		1,000.00		1,206.80		2.11		0.38
Hypothetical*		1,000.00		1,023.29		1.94		0.38
Class R6
Actual**		1,000.00		1,112.10		0.88		0.33
Hypothetical*		1,000.00		1,023.54		1.68		0.33
JPMorgan U.S. Value Fund (formerly known as JPMorgan Growth and Income Fund)
Class A
Actual*		1,000.00		1,220.00		5.20		0.93
Hypothetical*		1,000.00		1,020.52		4.74		0.93
Class C
Actual*		1,000.00		1,216.80		7.99		1.43
Hypothetical*		1,000.00		1,018.00		7.27		1.43
Class I
Actual*		1,000.00		1,221.60		3.81		0.68
Hypothetical*		1,000.00		1,021.78		3.47		0.68

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 153

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan U.S. Value Fund (formerly known as JPMorgan Growth and Income Fund) (continued)
Class R2
Actual*	$	1,000.00	$	1,218.50	$	6.60		1.18	%
Hypothetical*		1,000.00		1,019.26		6.01		1.18
Class R3
Actual*		1,000.00		1,220.10		5.20		0.93
Hypothetical*		1,000.00		1,020.52		4.74		0.93
Class R4
Actual*		1,000.00		1,221.80		3.81		0.68
Hypothetical*		1,000.00		1,021.78		3.47		0.68
Class R5
Actual*		1,000.00		1,222.60		3.03		0.54
Hypothetical*		1,000.00		1,022.48		2.75		0.54
Class R6
Actual*		1,000.00		1,223.10		2.47		0.44
Hypothetical*		1,000.00		1,022.99		2.24		0.44

* 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 September 30, 2020.

154 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

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 June and August 2020, 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”). In accordance with SEC guidance, due to the COVID-19 pandemic, the meetings were conducted through video conference. 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 parties to an Advisory Agreement or “interested persons” (as defined in the 1940 Act) of any party to an Advisory Agreement or any of their affiliates, approved the continuation of each Advisory Agreement on August 11, 2020.

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, at each of their regular meetings throughout the year, the Trustees considered reports on the performance of certain J.P. Morgan Funds provided by an independent management consulting firm (“independent consultant”). 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. and/or Morningstar Inc., independent providers of investment company data (together, “Broadridge”). The Trustees’ independent consultant also provided additional analyses of the performance of the Funds, as well as a risk/return assessment of certain 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 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, including additional reporting and information provided in connection with the market volatility caused by the COVID-19 pandemic, 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 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, personnel changes, if any, 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, if any. In addition, the Board considered its discussions with the Adviser regarding the Adviser’s business continuity plan and steps the Adviser was taking to provide ongoing services to the Funds during the COVID-19 pandemic, and the Adviser’s success in continuing to provide services to the Funds and their shareholders throughout this period. 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 quality of administration services provided by the Adviser in its role as administrator.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 155

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

The Trustees also considered their knowledge of the nature and quality of 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.

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, and taking into consideration the factors noted above, 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 administration 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 (although they are retained by JPMDS in certain instances). 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 considered that the J.P. Morgan Funds’ operating accounts are held at JPMCB, which, as a result, will receive float benefits for certain J.P. Morgan Funds, as applicable. The Trustees also noted that the Adviser supports a diverse set of products and services, which benefits the Adviser by allowing it to leverage its infrastructure to serve additional clients, including benefits that may be received by the Adviser and its affiliates in connection with the Funds’ potential investments in other funds advised by the Adviser. 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. The Trustees noted certain Funds with contractual expense limitations and fee waivers (“Fee Caps”) which allow a Fund’s shareholders to share potential economies of scale from a Fund’s inception, prior to reaching scale. The Trustees also noted that other Funds which had achieved scale as asset levels had increased, no longer had Fee Caps in place for some or all of their share classes, but shared economies of scale through lower average expenses. The Trustees noted that the fees remain satisfactory relative to peer funds. The Trustees considered the benefits to the Funds of the use of an affiliated distributor and custodian, including the ability to rely on existing infrastructure supporting distribution, custodial and transfer agent services and the ability to negotiate competitive fees for the Funds. The Trustees further considered the Adviser’s and JPMDS’s ongoing investments in their business in support of the Funds, including the Adviser’s and/or JPMDS’s investments in trading systems, technology (including improvements to the J.P. Morgan Funds’ website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees concluded that the current fee structure for each Fund, including any Fee Caps the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels, was reasonable. The Trustees concluded that, for Funds with expense caps in place for some or all of their share classes, the relevant Fund’s shareholders received the benefits of potential economies of scale through the Fee Caps and, for Funds that achieved scale and no longer had Fee Caps in place for some or all of their share classes, the relevant Fund’s shareholders

156 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

benefited from lower average expenses resulting from increased assets. The Trustees also concluded that all Funds benefited from the Adviser’s reinvestment in its operations to serve the Funds and their shareholders. The Trustees noted that the Adviser’s reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Funds.

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, Equity Premium Income Fund, Hedged Equity Fund, Intrepid Growth Fund, Intrepid Value Fund, U.S. Large Cap Core Plus Fund, U.S. Research Enhanced Equity Fund, U.S. Sustainable Leaders Fund and U.S. 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, collective investment trusts, ETFs 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, as applicable, 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. 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 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’s methodology for selecting mutual funds in each Fund’s Universe and Peer Group and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Broadridge 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 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 third, second and first quintiles based upon the Peer Group, and in the third, first and first quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the second, first and first quintiles based upon the Peer Group, and in the third, first and first quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the third quintile based upon the Peer Group and in the second quintile based upon the Universe for the one-year period ended December 31, 2019. 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 Equity Income Fund’s performance for Class A shares was in the third 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, 2019. The Trustees noted that the performance for Class I shares was in the fourth, third and third quintiles based upon the Peer Group for the one-, three-, and five-year periods ended December 31, 2019, respectively, and in the second quintile based upon the Universe, for each of the

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 157

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

one-, three-, and five-year periods ended December 31, 2019. The Trustees noted that the performance for Class R6 shares was in the second quintile based upon the Peer Group for both the one- and three-year periods ended December 31, 2019, and in the second, second and first quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, 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 Equity Premium Income Fund’s performance for Class A and Class I 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, 2019. The Trustees noted that the performance for Class R6 shares was in the first quintile based upon both the Peer Group and Universe for the one-year period ended December 31, 2019. The Trustees discussed the performance and investment strategy of the Fund with the Advisor 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 Hedged Equity Fund’s performance for Class A shares was in the third, first and first quintiles based upon the Peer Group, and in the third, second and first quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the second quintile based upon the Peer Group for each of the one-, three- and five-year periods ended December 31, 2019, and in the third, second and first quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the second, first and first quintiles based upon the Peer Group and in the third, first and first quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2019, 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 Class A shares was in the fourth, second and second 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, 2019, respectively. The Trustees noted that the performance for Class I shares was in the fourth, second and second 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, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the fourth and third quintiles based upon both the Peer Group and Universe, for the one- and three-year periods ended December 31, 2019, 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 Intrepid Value Fund’s performance for Class A shares was in the fourth, third and fourth quintiles based upon the Peer Group, and in the fourth, second and fourth quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the third, second and fourth quintiles based upon the Peer Group, and in the fourth, second and fourth quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the fourth and first quintiles based upon the Peer Group for the one- and three-year periods ended December 31, 2019, respectively, and in the fourth, second and third quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, 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 Large Cap Growth 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, 2019. The Trustees noted that the performance for Class R6 shares was in the first quintile based upon the Peer Group for both the one- and three-year periods ended December 31, 2019, and in the first quintile based upon the Universe, for each of the one-, three-, and five-year periods ended December 31, 2019. 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.

158 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

The Trustees noted that the Large Cap Value Fund’s performance for Class A shares was in the first, second and second 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, 2019, respectively. The Trustees noted that the performance for Class I shares was in the first, third and second 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, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the second and third quintiles based upon the Peer Group for the one- and three-year periods ended December 31, 2019, respectively, and in the second, third and first quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, 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 U.S. Equity Fund’s performance for Class A shares was in the third quintile based upon the Peer Group for each of the one-, three, and five-year periods ended December 31, 2019, and in the second, third and third quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the first, second and second 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, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the second quintile based upon the Peer Group for both the one- and three-year periods ended December 31, 2019, and in the first, second and second quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2019, 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. Large Cap Core Plus Fund’s performance for Class A shares was in the first, second and second quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the first quintile based upon the Universe for each of the one-, three-, and five-year periods ended December 31, 2019. The Trustees noted that the performance for Class R6 shares was in the first quintile based upon the Universe for the

one-year period ended December 31, 2019. 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.

The Trustees noted that the U.S. Research Enhanced Equity Fund’s performance for Class A shares was in the third, third 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, 2019, respectively. The Trustees noted that the performance for Class I shares was in the second, third and fourth quintiles based upon the Peer Group, and in the second, second and third quintiles based upon the Universe for the one-, three- and five-year periods ended December, 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the second quintile based upon the Peer Group for both the one- and three-year periods ended December 31, 2019, and in the second, second and third quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2019, 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 U.S. Sustainable Leaders Fund’s performance for Class A shares was in the fifth, third and second quintiles based upon the Peer Group for the one-, three-, and five-year periods ended December 31, 2019, respectively, and in the third quintile based upon the Universe, for each of the one-, three-, and five-year periods ended December 31, 2019. The Trustees noted that the performance for Class I shares was in the fourth, second and second quintiles based upon the Peer Group for the one-, three- and five-year periods ended December 31, 2019, respectively, and in the third quintile based upon the Universe for each of the one-, three-, and five-year periods ended December 31, 2019. 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 U.S. Value Fund’s performance for Class A shares was in the second, first and first quintiles based upon the Peer Group for the one-, three-, and five-year periods ended December 31, 2019, respectively, and in the second quintile based upon the Universe, for each of the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 159

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

in the first quintile based upon the Peer Group for each of the one-, three-, and five-year periods ended December 31, 2019, and in the second, first and first quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the second and first quintiles based upon both the Peer Group and Universe, for the one- and three-year periods ended December 31, 2019, 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 concerning management fee rates paid by other funds in the same Broadridge category as each Fund. The Trustees recognized that Broadridge 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 and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Groups did not meet a predetermined minimum. For each Fund that had a Fee Cap in place, the Trustees considered the net advisory fee rate and net expense ratio for each share class, as applicable, taking into account any waivers and/or reimbursements. The Trustees also considered any proposed changes to a Fee Cap, 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 third quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class I shares was in the third and second quintiles based upon the Peer Group and Universe, respectively, 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. The Trustees noted that the net advisory fee for Class R6 shares was in the third and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class R6

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.

The Trustees noted that the Equity 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 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 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. The Trustees noted that the net advisory fee and actual total expenses for Class R6 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 Equity Premium Income Fund’s net advisory fee and actual total expenses for Class A, Class I and Class R6 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 Hedged Equity Fund’s net advisory fee and actual total expenses for Class A, Class I and Class R6 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 Intrepid Growth Fund’s net advisory fee and actual total expenses for Class A, Class I and Class R6 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 Value Fund’s net advisory fee and actual total expenses for Class A, Class I and Class R6 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.

The Trustees noted that the Large Cap Growth Fund’s net advisory fee for Class A shares was in the first quintile based upon

160 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

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 quintile based upon both the Peer Group and Universe, and actual total expenses for Class I 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 R6 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 for Class A shares were 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 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. The Trustees noted that the net advisory fee and actual total expenses for Class R6 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 U.S. Equity Fund’s net advisory fee for Class A shares was in the first and second quintile based upon the Peer Group and Universe, respectively, 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. The Trustees noted that the net advisory fee for Class R6 shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class R6 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 U.S. Large Cap Core Plus Fund’s net advisory fee and actual total expenses for Class A shares were

in the second quintile based upon the Peer Group and in the first quintile based upon the Universe. The Trustees noted that the net advisory fee for Class I shares was in the third 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 quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class R6 shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class R6 shares were in the first quintile based 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.

The Trustees noted that the U.S. Research Enhanced Equity Fund’s net advisory fee and actual total expenses for Class A, Class I and Class R6 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 U.S. Sustainable Leader 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, including a reduction to the Fund’s contractual advisory fee effective June 1, 2020, 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. Value 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 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. The Trustees noted that the net advisory fee and actual total expenses for Class R6 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, 2020 J.P. MORGAN LARGE CAP FUNDS 161

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 as an exhibit to its report on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC’s website at http://www.sec.gov. Each Fund’s quarterly holdings can be found 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 brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

^© JPMorgan Chase & Co., 2020. All rights reserved. December 2020. SAN-LCE-1220

Semi-Annual Report

J.P. Morgan Mid Cap/Multi-Cap Funds

December 31, 2020 (Unaudited)

JPMorgan Growth Advantage Fund

JPMorgan Mid Cap Equity Fund

JPMorgan Mid Cap Growth Fund

JPMorgan Mid Cap Value Fund

JPMorgan Value Advantage Fund

CONTENTS

Letter to Shareholders	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	62
Schedule of Shareholder Expenses	73
Board Approval of Investment Advisory Agreements	76

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.

LETTER TO SHAREHOLDERS

February 4, 2021 (Unaudited)

Dear Shareholders,

The year ahead holds the potential for a strong recovery in the global economy thanks to the massive efforts of central banks and governments and the development of multiple vaccines against Covid-19. While significant economic and health care challenges remain ahead, the uncertainty and turbulence of 2020 has abated.

  “Investors who remained fully invested over the second half of 2020, in the face of uncertainty over the pandemic, the economy and a contested U.S. presidential election, were likely rewarded for their perseverance.” — Andrea L. Lisher

The second half of 2020 was notable for an accelerating rebound in equity markets from the steep sell-off in the first quarter of the year when the pandemic was first declared by the World Health Organization. Positive news about clinical trials of new vaccines, followed by the first approvals of those vaccines in November 2020, bolstered investor expectations that the pandemic would be halted and that economic and social activity could begin to resume in the year ahead. As overall demand for equities increased in the final half of 2020, investors began to turn their focus from companies that could endure the pandemic to those that could benefit from a potential recovery in local, national and international economies. For the six months ended December 31, 2020, the S&P 500 Index generated a total return of 22.16%.

Investors who remained fully invested over the second half of 2020, in the face of uncertainty over the pandemic, the economy and a contested U.S. presidential election, were likely rewarded for their perseverance.

The implementation of mass vaccinations on the national and global scales is not without challenges and the rebuilding of economies at all levels is likely to depend on how successfully the pandemic is fought. However, the advances in the fight against Covid-19 provide policymakers and investors with the opportunity to plan for the future and meet those challenges. J.P. Morgan Asset Management has thrived amid the many challenges presented by the pandemic. Moreover, our deep experience in risk management enabled us to successfully navigate increased volatility in global financial markets. Throughout 2020, we continued to seek to operate under the same fundamental practices and principles that have driven our success for more than a century with an unwavering focus on putting our clients at the center of everything we do.

On behalf of J.P. Morgan Asset Management, thank you for entrusting us to manage your investment. 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,

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management

DECEMBER 31, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 1

J.P. Morgan Mid Cap/Multi-Cap Funds

MARKET OVERVIEW

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

Overall, the second half of 2020 was marked by U.S. equity market gains in the final months of the year amid the rollout of multiple vaccines against Covid-19, followed by the eventual approval of $900 billion in federal pandemic relief that was signed into law on December 27, 2020.

Globally, U.S. equity led a broad rebound in both developed markets and emerging markets equity at the start of the period. Leading U.S. equity indexes rose in July and August 2020, punctuated by five consecutive record high closings for the S&P 500 Index in late August — a stretch not seen since 2017. Notably, Apple Inc. issued a 4-for-1 stock split in August and became the first publicly listed company with a valuation surpassing $2 trillion. The U.S. Federal Reserve (the “Fed”) signaled its continued support for asset purchases and low benchmark interest rates. While the spread of Covid-19 accelerated in the U.S., multiple candidate vaccines were being developed around the world and the number of hospitalizations at the end of the summer was relatively small compared with what was to come at the end of the year.

Equity prices across the globe largely declined over September and October 2020. Re-closings across Asia and Europe in response to Covid-19 dented investor optimism. The inability of the U.S. Congress to adopt further spending for pandemic relief put acute pressure on the S&P 500 Index in the final week of October.

U.S. equity prices began to rebound in November and by mid-month the S&P 500 Index reached a closing high and crossed 3,600 points for the first time amid the U.S. Food and Drug Administration’s approval of the first Covid-19 vaccines. While the results of the U.S. presidential election were contested, President-elect Joe Biden’s early cabinet choices — including former Fed Chairwoman Janet Yellen — removed some investor uncertainty. The Fed kept interest rates and policies unchanged and Congressional negotiations over proposed relief and stimulus spending continued through the month.

Globally, equity markets maintained upward momentum through the end of December, largely driven by investor expectations that mass vaccinations and the reopening of economies would unleash pent up demand from consumers, businesses and governments. Notably, emerging markets equity outperformed developed markets equity, including U.S. equity in the second half of 2020 as China, Taiwan and South Korea appeared to have greater success in containing the pandemic.

In the U.S., growth stocks continued to outperform value stocks but the difference narrowed somewhat during the period as share price valuations rose. Additionally, shares of select companies that had seen their stock prices plummet in the first half of 2020 benefitted from increased investor appetite for bargains in the second half of the year. At year’s end, the largest 10 companies in the S&P 500 Index made up 27.4% of the index’s value, compared with 22.7% at the end of 2019 and 21.0% at the end of 2018.

For the six months ended December 31, 2020, the Russell 2000 Index returned 37.9%, the Russell Mid Cap Index returned 28.9% and the Russell 1000 Index returned 24.5%. The S&P 500 Index posted a total return of 22.16%.

2 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

JPMorgan Growth Advantage Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		32.21%
Russell 3000 Growth Index		26.86%
Net Assets as of 12/31/2020 (In Thousands)	$	14,286,136

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, outperformed the Russell 3000 Growth Index (the “Benchmark”) for the six months ended December 31, 2020. The Fund’s security selection in the information technology sector and its security selection and overweight position in the consumer discretionary sector were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the health care and communication services sector was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Tesla Inc., Enphase Energy Inc. and Trade Desk Inc. Shares of Tesla, a producer of electric vehicles and energy storage systems, rose after the company was included in the S&P 500 Index. Shares of Enphase Energy, a provider of systems to the solar energy sector, rose amid better-than-expected earnings and investor expectations that the incoming Biden administration would seek increased investment in renewable energy. Shares of Trade Desk, a provider of an online platform for buyers of advertising, rose after reporting better-than-expected earnings amid increased adoption of the company’s technology by the world’s largest advertisers.

Leading individual detractors from relative performance included the Fund’s underweight position in Apple Inc. and its overweight positions in Regeneron Pharmaceuticals Inc. and Splunk Inc. Shares of Apple, an information technology conglomerate, rose amid general investor demand for large capitalization stocks, better-than-expected quarterly earnings and investor expectations for the company’s planned 5G smartphone. Shares of Regeneron Pharmaceuticals, a drug development company, fell as the U.S. approval of multiple vaccines against Covid-19 reduced demand for alternative therapies for the virus. Shares of Splunk, a software developer, fell after the company reported lower-than-expected results for its fiscal third quarter and lowered its fiscal fourth quarter forecast

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.	Apple, Inc.	6.9	%
	2.	Microsoft Corp.	6.2
	3.	Amazon.com, Inc.	6.1
	4.	Tesla, Inc.	4.0
	5.	Alphabet, Inc., Class C	2.6
	6.	UnitedHealth Group, Inc.	2.3
	7.	PayPal Holdings, Inc.	2.1
	8.	Mastercard, Inc., Class A	2.1
	9.	NVIDIA Corp.	2.0
	10.	QUALCOMM, Inc.	2.0

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	40.7	%
Consumer Discretionary	19.1
Health Care	14.8
Industrials	8.7
Communication Services	7.1
Financials	5.0
Consumer Staples	1.0
Materials	0.5
Short-Term Investments	3.1

* 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, 2020. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 3

JPMorgan Growth Advantage Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	INCEPTION DATE OF CLASS	6 MONTH*	1 YEAR	5 YEAR	10 YEAR
CLASS A SHARES	October 29, 1999
With Sales Charge**		25.27%	45.19%	21.53%	17.88%
Without Sales Charge		32.21	53.25	22.84	18.52
CLASS C SHARES	May 1, 2006
With CDSC***		30.93	51.51	22.24	18.06
Without CDSC		31.93	52.51	22.24	18.06
CLASS I SHARES	May 1, 2006	32.44	53.66	23.14	18.78
CLASS R2 SHARES	July 31, 2017	32.08	52.89	22.53	18.22
CLASS R3 SHARES	May 31, 2017	32.27	53.25	22.85	18.52
CLASS R4 SHARES	May 31, 2017	32.41	53.62	23.15	18.82
CLASS R5 SHARES	January 8, 2009	32.56	53.87	23.31	18.99
CLASS R6 SHARES	December 23, 2013	32.57	54.00	23.45	19.08

* 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 (12/31/10 TO 12/31/20)

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 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 different to those shown because Class R4 Shares have different expenses to 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 and the Russell 3000 Growth Index from December 31, 2010 to December 31, 2020. 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 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. 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 on gains resulting from redemptions of Fund shares.

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.

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, 2020

JPMorgan Mid Cap Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		28.60%
Russell Midcap Index		28.86%
Net Assets as of 12/31/2020 (In Thousands)	$	2,027,207

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 underperformed the Russell Midcap Index (the “Benchmark”) for the six months ended December 31, 2020. The Fund’s security selection in the health care and consumer discretionary sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the information technology sector and its underweight position in the consumer staples sector were leading contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight position in Splunk Inc. and its underweight positions in Freeport-McMoRan Inc. and Align Technology Inc. Shares of Splunk, a software developer, fell after the company reported lower-than-expected results for its fiscal third quarter and lowered its fiscal fourth-quarter forecast. Shares of Freeport-McMoRan, a mining company, rose amid investor expectations for accelerating global demand for copper and after the company reported better-than-expected earnings and revenue for the third quarter of 2020. Shares of Align Technologies, a manufacturer of orthodontics and dentistry products, rose amid continued growth in sales of its Invisalign product.

Leading individual contributors to relative performance included the Fund’s overweight positions in Enphase Energy Inc., Trade Desk Inc. and Generac Holdings Inc. Shares of Enphase Energy, a provider of systems to the solar energy sector, rose amid better-than-expected earnings and investor expectations that the incoming Biden administration would seek increased investment in renewable energy. Shares of Trade Desk, a provider of an online platform for buyers of advertising, rose after reporting better-than-expected earnings amid increased adoption of the company’s technology by the world’s largest advertisers. Shares of Generac Holdings, a manufacturer of power generators, rose amid increased consumer demand for residential back-up electricity generators.

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.	Synopsys, Inc.	1.3	%
	2.	Amphenol Corp., Class A	1.2
	3.	AMETEK, Inc.	1.1
	4.	ITT, Inc.	1.1
	5.	Trade Desk, Inc. (The), Class A	1.0
	6.	Keysight Technologies, Inc.	1.0
	7.	Carlisle Cos., Inc.	1.0
	8.	Fortune Brands Home & Security, Inc.	0.9
	9.	Cigna Corp.	0.9
	10.	Ball Corp.	0.9

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	21.2	%
Financials	13.7
Industrials	13.6
Health Care	13.3
Consumer Discretionary	11.6
Communication Services	5.8
Real Estate	5.2
Utilities	3.9
Materials	3.5
Consumer Staples	2.5
Energy	1.8
Short-Term Investments	3.9

* 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, 2020. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 5

JPMorgan Mid Cap Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	November 2, 2009
With Sales Charge**			21.71	%		15.91	%		12.72	%		12.35	%
Without Sales Charge			28.46			22.35			13.94			12.95
CLASS C SHARES	November 2, 2009
With CDSC***			27.13			20.74			13.37			12.50
Without CDSC			28.13			21.74			13.37			12.50
CLASS I SHARES	January 1, 1997		28.60			22.63			14.26			13.32
CLASS R2 SHARES	March 14, 2014		28.29			22.04			13.65			12.76
CLASS R5 SHARES	March 14, 2014		28.73			22.83			14.41			13.41
CLASS R6 SHARES	March 14, 2014		28.80			22.97			14.51			13.47

* 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 (12/31/10 TO 12/31/20)

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 from December 31, 2009 to March 13, 2014. 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 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 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 and the Russell Midcap Index from December 31, 2010 to December 31, 2020. 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 bench mark, if applicable. The Russell Midcap Index is an unmanaged index which measures the performance of the 800 smallest companies in the Russell 1000 Index. 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 on gains resulting from redemptions of Fund shares.

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.

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, 2020

JPMorgan Mid Cap Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		32.61%
Russell Midcap Growth Index		30.18%
Net Assets as of 12/31/2020 (In Thousands)	$	7,795,164

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 outperformed the Russell Midcap Growth Index (the “Benchmark”) for the six months ended December 31, 2020. The Fund’s security selection in the information technology sector and its underweight position in the consumer staples sector were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the health care and communication services sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Enphase Energy Inc., Trade Desk Inc. and Generac Holdings Inc. Shares of Enphase Energy, a provider of systems to the solar energy sector, rose amid better-than-expected earnings and investor expectations that the incoming Biden administration would seek increased investment in renewable energy. Shares of Trade Desk, a provider of an online platform for buyers of advertising, rose after reporting better-than-expected earnings amid increased adoption of the company’s technology by the world’s largest advertisers. Shares of Generac Holdings, a manufacturer of power generators, rose amid increased consumer demand for residential back-up electricity generators.

Leading individual detractors from relative performance included the Fund’s underweight positions in Align Technology Inc., Immunogen Inc. and Roku Inc. Shares of Align Technologies, a manufacturer of orthodontics and dentistry products that was not held in the Fund, rose amid continued growth in sales of its Invisalign product. Shares of Immunogen, a drug development company not held in the Fund, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2020. Shares of Roku, a digital entertainment streaming platform provider, rose on increased for consumer demand for at-home entertainment amid the pandemic.

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.	Trade Desk, Inc. (The), Class A	1.9	%
	2.	Spotify Technology SA	1.7
	3.	O’Reilly Automotive, Inc.	1.6
	4.	Enphase Energy, Inc.	1.6
	5.	Synopsys, Inc.	1.6
	6.	Match Group, Inc.	1.5
	7.	Crowdstrike Holdings, Inc., Class A	1.5
	8.	RingCentral, Inc., Class A	1.4
	9.	Roku, Inc.	1.4
	10.	Take-Two Interactive Software, Inc.	1.4

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	33.3	%
Health Care	19.4
Industrials	14.9
Consumer Discretionary	12.9
Communication Services	7.4
Financials	6.0
Materials	1.4
Consumer Staples	0.6
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, 2020. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 7

JPMorgan Mid Cap Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 18, 1992
With Sales Charge**			25.44	%		40.01	%		18.90	%		15.30	%
Without Sales Charge			32.40			47.77			20.19			15.92
CLASS C SHARES	November 4, 1997
With CDSC***			31.05			45.99			19.59			15.46
Without CDSC			32.05			46.99			19.59			15.46
CLASS I SHARES	March 2, 1989		32.61			48.26			20.57			16.29
CLASS R2 SHARES	June 19, 2009		32.24			47.42			19.92			15.70
CLASS R3 SHARES	September 9, 2016		32.41			47.77			20.19			15.93
CLASS R4 SHARES	September 9, 2016		32.56			48.17			20.50			16.22
CLASS R5 SHARES	November 1, 2011		32.70			48.46			20.74			16.44
CLASS R6 SHARES	November 1, 2011		32.74			48.51			20.79			16.49

* 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 (12/31/10 TO 12/31/20)

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 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 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 and the Russell Midcap Growth Index from December 31, 2010 to December 31, 2020. 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 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. 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 on gains resulting from redemptions of Fund shares.

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.

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, 2020

JPMorgan Mid Cap Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class L Shares)*		24.64%
Russell Midcap Value Index		28.14%
Net Assets as of 12/31/2020 (In Thousands)	$	14,648,786

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 underperformed the Russell Midcap Value Index (the “Benchmark”) for the six months ended December 31, 2020. 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 overweight position in the financials sector and its security selection in the real estate sector were contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in AutoZone Inc. and AmerisourceBergen Corp. and its underweight position in Freeport-McMoRan Inc. Shares of AutoZone, an automotive parts retailer, underperformed the broader market after the company reported lower-than-expected sales for its fiscal first quarter. Shares of AmerisourceBergen, a drug and health care products distributor, fell along with those of its sector peers after Amazon.com Inc. unveiled plans to launch a pharmacy services business. Shares of Freeport-McMoRan, a mining company, rose amid investor expectations for accelerating global demand for copper and after the company reported better-than-expected earnings and revenue for the third quarter of 2020.

Leading individual contributors to relative performance included the Fund’s overweight positions in Middleby Corp., Universal Health Services Inc. and Kohl’s Corp. Shares of Middleby, a food service equipment manufacturer, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2020. Shares of Universal Health Services, an operator of hospitals and health care centers, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2020. Shares of Kohl’s, a department store chain, rose after the company reported better-than-expected earnings for the third quarter of 2020.

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.	Ameriprise Financial, Inc.	1.7%
	2.	Loews Corp.	1.7
	3.	Xcel Energy, Inc.	1.6
	4.	T. Rowe Price Group, Inc.	1.5
	5.	Zimmer Biomet Holdings, Inc.	1.5
	6.	M&T Bank Corp.	1.5
	7.	WEC Energy Group, Inc.	1.5
	8.	Fifth Third Bancorp	1.4
	9.	ITT, Inc.	1.4
	10.	Laboratory Corp. of America Holdings	1.4

PORTFOLIO COMPOSITION BY SECTOR***
Financials	22.0	%
Industrials	12.7
Real Estate	10.6
Consumer Discretionary	10.2
Information Technology	9.0
Utilities	7.9
Health Care	7.3
Materials	5.8
Consumer Staples	4.7
Communication Services	4.2
Energy	3.3
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, 2020. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 9

JPMorgan Mid Cap Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	April 30, 2001
With Sales Charge**			17.82	%		(5.33	)%		6.23	%		9.23	%
Without Sales Charge			24.33			(0.07	)		7.39			9.82
CLASS C SHARES	April 30, 2001
With CDSC***			23.00			(1.57	)		6.85			9.37
Without CDSC			24.00			(0.57	)		6.85			9.37
CLASS I SHARES	October 31, 2001		24.48			0.17			7.67			10.10
CLASS L SHARES	November 13, 1997		24.64			0.41			7.92			10.36
CLASS R2 SHARES	November 3, 2008		24.20			(0.32	)		7.12			9.54
CLASS R3 SHARES	September 9, 2016		24.35			(0.06	)		7.39			9.82
CLASS R4 SHARES	September 9, 2016		24.52			0.17			7.66			10.09
CLASS R5 SHARES	September 9, 2016		24.63			0.34			7.84			10.32
CLASS R6 SHARES	September 9, 2016		24.68			0.43			7.93			10.37

* 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 (12/31/10 TO 12/31/20)

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 date 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 and the Russell Midcap Value Index from December 31, 2010 to December 31, 2020. 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 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. 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 on gains resulting from redemptions of Fund shares.

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.

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, 2020

JPMorgan Value Advantage Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class L Shares)*		23.52%
Russell 3000 Value Index		23.56%
Net Assets as of 12/31/2020 (In Thousands)	$	9,258,584

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, 2020. The Fund’s underweight position in the industrials sector and its overweight position in the energy sector were leading detractors from performance relative to the Benchmark, while the Fund’s overweight position and security selection in the financials sector and its security selection in the information technology sector were leading contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s underweight position in Walt Disney Co. and its overweight positions in AutoZone Inc. and Energizer Holdings Inc. Shares of Walt Disney, an entertainment conglomerate, rose amid increased consumer demand for its online streaming entertainment. Shares of AutoZone, an automotive parts retailer, underperformed the broader market after the company reported lower-than-expected sales for its fiscal first quarter. Shares of Energizer Holdings, a batteries and lighting manufacturer, fell after the company reported lower-than-expected earnings and cash flow for its fiscal fourth quarter.

Leading individual contributors to relative performance included the Fund’s underweight positions in Intel Corp. and AT&T Inc. and its overweight position in Capital One Financial Corp. Shares of Intel, a semiconductor manufacturer, fell after news reports that large technology companies would develop their own semiconductors rather than buy them from Intel and other sources. Shares of AT&T, a telecommunications and entertainment provider, fell amid investor concerns about the company’s planned auction of its DirectTV unit. Shares of Capital One Financial, a banking and financial services company, rose amid improvement in its credit card business during 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.	3.8	%
	2.	Berkshire Hathaway, Inc., Class B	2.5
	3.	Capital One Financial Corp.	2.1
	4.	Loews Corp.	2.1
	5.	AbbVie, Inc.	1.9
	6.	Verizon Communications, Inc.	1.8
	7.	Wells Fargo & Co.	1.8
	8.	Johnson & Johnson	1.7
	9.	Travelers Cos., Inc. (The)	1.7
	10.	Bristol-Myers Squibb Co.	1.7

PORTFOLIO COMPOSITION BY SECTOR***
Financials	30.9	%
Health Care	11.5
Consumer Discretionary	8.2
Industrials	8.2
Real Estate	7.4
Communication Services	7.1
Energy	6.1
Consumer Staples	5.2
Information Technology	5.1
Utilities	4.5
Materials	4.2
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, 2020. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 11

JPMorgan Value Advantage Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		February 28, 2005
With Sales Charge**				16.75	%		(7.17	)%		7.13	%		9.14	%
Without Sales Charge				23.23			(2.02	)		8.29			9.73
CLASS C SHARES		February 28, 2005
With CDSC***				21.96			(3.50	)		7.75			9.29
Without CDSC				22.96			(2.50	)		7.75			9.29
CLASS I SHARES		February 28, 2005		23.39			(1.77	)		8.55			10.00
CLASS L SHARES		February 28, 2005		23.52			(1.60	)		8.76			10.25
CLASS R2 SHARES		July 31, 2017		23.08			(2.26	)		8.02			9.45
CLASS R3 SHARES		September 9, 2016		23.24			(1.99	)		8.29			9.73
CLASS R4 SHARES		September 9, 2016		23.43			(1.76	)		8.56			10.01
CLASS R5 SHARES		September 9, 2016		23.52			(1.61	)		8.74			10.24
CLASS R6 SHARES		September 9, 2016		23.57			(1.52	)		8.83			10.28

* 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 (12/31/10 TO 12/31/20)

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 date 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 and the Russell 3000

Value Index from December 31, 2010 to December 31, 2020. 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 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. 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 on gains resulting from redemptions of Fund shares.

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.

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, 2020

JPMorgan Growth Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.6%
Automobiles — 4.5%
Tesla, Inc. *		829		584,859
Thor Industries, Inc.		689		64,043
				648,902
Banks — 0.9%
First Republic Bank		854		125,406
Biotechnology — 4.2%
Alnylam Pharmaceuticals, Inc. *		451		58,666
Amgen, Inc.		878		201,845
Exact Sciences Corp. *		958		126,881
Exelixis, Inc. *		3,562		71,491
Regeneron Pharmaceuticals, Inc. *		288		138,926
				597,809
Building Products — 1.9%
Fortune Brands Home & Security, Inc.		1,363		116,840
Trane Technologies plc		1,105		160,417
				277,257
Capital Markets — 3.3%
BlackRock, Inc.		163		117,416
Blackstone Group, Inc. (The), Class A		1,621		105,032
Charles Schwab Corp. (The)		2,823		149,755
S&P Global, Inc.		287		94,205
				466,408
Commercial Services & Supplies — 0.8%
Copart, Inc. *		879		111,805
Electrical Equipment — 1.8%
AMETEK, Inc.		890		107,659
Generac Holdings, Inc. *		683		155,303
				262,962
Electronic Equipment, Instruments & Components — 2.5%
Amphenol Corp., Class A		608		79,501
Keysight Technologies, Inc. *		997		131,671
Zebra Technologies Corp., Class A *		387		148,721
				359,893
Entertainment — 2.8%
Netflix, Inc. *		282		152,621
Spotify Technology SA *		342		107,597
Take-Two Interactive Software, Inc. *		657		136,509
				396,727
Health Care Equipment & Supplies — 2.3%
DexCom, Inc. *		317		117,352
Insulet Corp. *		227		57,965

INVESTMENTS	SHARES (000)		VALUE ($000)
Health Care Equipment & Supplies — continued
Intuitive Surgical, Inc. *		190		155,818
				331,135
Health Care Providers & Services — 3.0%
McKesson Corp.		532		92,580
UnitedHealth Group, Inc.		963		337,718
				430,298
Health Care Technology — 0.6%
Teladoc Health, Inc. * (a)		396		79,194
Hotels, Restaurants & Leisure — 1.0%
Airbnb, Inc., Class A *		393		57,735
Las Vegas Sands Corp.		1,514		90,234
				147,969
Household Durables — 0.9%
Garmin Ltd. (a)		1,103		131,980
Insurance — 1.0%
Progressive Corp. (The)		1,403		138,728
Interactive Media & Services — 4.4%
Alphabet, Inc., Class C *		220		384,765
Facebook, Inc., Class A *		653		178,352
Zillow Group, Inc., Class C * (a)		519		67,401
				630,518
Internet & Direct Marketing Retail — 7.3%
Amazon.com, Inc. *		273		889,513
Booking Holdings, Inc. *		69		153,386
				1,042,899
IT Services — 8.0%
Booz Allen Hamilton Holding Corp.		1,488		129,681
Global Payments, Inc.		858		184,800
Mastercard, Inc., Class A		856		305,451
MongoDB, Inc. * (a)		290		104,151
PayPal Holdings, Inc. *		1,309		306,603
Snowflake, Inc., Class A * (a)		147		41,264
Twilio, Inc., Class A *		197		66,522
				1,138,472
Life Sciences Tools & Services — 2.0%
Mettler-Toledo International, Inc. *		118		134,755
Thermo Fisher Scientific, Inc.		312		145,374
				280,129
Machinery — 1.9%
Ingersoll Rand, Inc. *		2,423		110,376
Stanley Black & Decker, Inc.		870		155,371
				265,747

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 13

JPMorgan Growth Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Metals & Mining — 0.5%
Freeport-McMoRan, Inc.		2,835		73,757
Personal Products — 1.1%
Estee Lauder Cos., Inc. (The), Class A		564		150,135
Pharmaceuticals — 3.0%
Catalent, Inc. *		1,294		134,675
Horizon Therapeutics plc *		1,169		85,507
Jazz Pharmaceuticals plc * (a)		567		93,573
Royalty Pharma plc, Class A (a)		2,187		109,455
				423,210
Professional Services — 1.2%
FTI Consulting, Inc. *		754		84,252
IHS Markit Ltd.		1,037		93,159
				177,411
Road & Rail — 1.2%
Old Dominion Freight Line, Inc.		510		99,446
Uber Technologies, Inc. *		1,373		70,017
				169,463
Semiconductors & Semiconductor Equipment — 11.1%
Advanced Micro Devices, Inc. *		2,401		220,157
Enphase Energy, Inc. *		941		165,162
Entegris, Inc.		1,372		131,850
Lam Research Corp.		393		185,399
Microchip Technology, Inc.		722		99,647
NVIDIA Corp.		562		293,390
QUALCOMM, Inc.		1,872		285,157
SolarEdge Technologies, Inc. * (a)		406		129,479
Teradyne, Inc.		665		79,725
				1,589,966
Software — 12.7%
Cadence Design Systems, Inc. *		682		92,996
Crowdstrike Holdings, Inc., Class A *		652		138,095
Five9, Inc. *		377		65,814
HubSpot, Inc. *		221		87,479
Microsoft Corp.		4,030		896,290
ServiceNow, Inc. *		243		133,567
Synopsys, Inc. *		465		120,598
Trade Desk, Inc. (The), Class A *		242		193,830
Zscaler, Inc. *		462		92,350
				1,821,019
Specialty Retail — 4.2%
CarMax, Inc. * (a)		929		87,776
Home Depot, Inc. (The)		814		216,316

INVESTMENTS	SHARES (000)		VALUE ($000)
Specialty Retail — continued
National Vision Holdings, Inc. *		1,128		51,073
O’Reilly Automotive, Inc. *		217		98,421
Tractor Supply Co.		1,039		146,004
				599,590
Technology Hardware, Storage & Peripherals — 7.1%
Apple, Inc.		7,609		1,009,628
Textiles, Apparel & Luxury Goods — 1.4%
NIKE, Inc., Class B		1,451		205,333
Total Common Stocks (Cost $6,598,078)				14,083,750
Short-Term Investments — 3.1%
Investment Companies — 1.6%
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (b) (c) (Cost $226,755)		226,661		226,774
Investment of Cash Collateral from Securities Loaned — 1.5%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (b) (c)		109,703		109,714
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		109,310		109,310
Total Investment of Cash Collateral from Securities Loaned (Cost $219,024)				219,024
Total Short-Term Investments (Cost $445,779)				445,798
Total Investments — 101.7% (Cost $7,043,857)				14,529,548
Liabilities in Excess of Other Assets — (1.7)%				(243,412	)
NET ASSETS — 100.0%				14,286,136

Percentages indicated are based on net assets.

(a)	The security or a portion of this security is on loan at December 31, 2020. The total value of securities on loan at December 31, 2020 is approximately $210,429,000.
(b)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of December 31, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

JPMorgan Mid Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.2%
Aerospace & Defense — 0.3%
HEICO Corp., Class A		60		7,062
Airlines — 0.3%
Southwest Airlines Co.		144		6,711
Auto Components — 0.2%
BorgWarner, Inc. (a)		102		3,946
Automobiles — 0.2%
Thor Industries, Inc.		43		4,017
Banks — 4.6%
Citizens Financial Group, Inc.		346		12,363
Fifth Third Bancorp		528		14,569
First Republic Bank		108		15,886
Huntington Bancshares, Inc.		689		8,703
M&T Bank Corp.		117		14,887
Regions Financial Corp.		694		11,189
TCF Financial Corp.		222		8,224
Zions Bancorp NA		156		6,781
				92,602
Beverages — 1.1%
Constellation Brands, Inc., Class A		76		16,618
Keurig Dr Pepper, Inc. (a)		171		5,463
				22,081
Biotechnology — 2.5%
Agios Pharmaceuticals, Inc. * (a)		89		3,867
Alnylam Pharmaceuticals, Inc. *		56		7,308
Exact Sciences Corp. *		93		12,385
Exelixis, Inc. *		301		6,049
Intercept Pharmaceuticals, Inc. *(a)		22		542
Ionis Pharmaceuticals, Inc. *		62		3,483
Neurocrine Biosciences, Inc. *		53		5,090
Sarepta Therapeutics, Inc. *		27		4,518
Seagen, Inc. *		44		7,706
				50,948
Building Products — 1.9%
Fortune Brands Home & Security, Inc.		224		19,220
Trane Technologies plc		76		11,092
Trex Co., Inc. * (a)		95		7,953
				38,265
Capital Markets — 5.1%
Ameriprise Financial, Inc.		91		17,699
Blackstone Group, Inc. (The), Class A		86		5,554
Charles Schwab Corp. (The)		190		10,072
Evercore, Inc., Class A		53		5,778

INVESTMENTS	SHARES (000)		VALUE ($000)
Capital Markets — continued
MarketAxess Holdings, Inc.		16		9,129
MSCI, Inc.		22		9,941
Northern Trust Corp.		123		11,422
Raymond James Financial, Inc.		141		13,445
S&P Global, Inc.		14		4,580
T. Rowe Price Group, Inc.		102		15,476
				103,096
Chemicals — 0.9%
Celanese Corp.		59		7,726
Sherwin-Williams Co. (The)		15		10,981
				18,707
Commercial Services & Supplies — 0.7%
Copart, Inc. *		107		13,665
Communications Equipment — 0.8%
CommScope Holding Co., Inc. *		272		3,644
Motorola Solutions, Inc.		77		13,127
				16,771
Construction Materials — 0.6%
Martin Marietta Materials, Inc.		43		12,269
Consumer Finance — 0.4%
Discover Financial Services		101		9,098
Containers & Packaging — 1.8%
Ball Corp.		195		18,130
Packaging Corp. of America		55		7,636
Pactiv Evergreen, Inc. *		128		2,326
Silgan Holdings, Inc.		243		9,009
				37,101
Distributors — 0.4%
Genuine Parts Co.		62		6,244
LKQ Corp. *		69		2,418
				8,662
Diversified Financial Services — 0.1%
Voya Financial, Inc.		40		2,349
Electric Utilities — 2.0%
Edison International		188		11,810
Entergy Corp.		126		12,585
Xcel Energy, Inc.		239		15,902
				40,297
Electrical Equipment — 2.8%
Acuity Brands, Inc. (a)		76		9,262
AMETEK, Inc.		181		21,921

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 15

JPMorgan Mid Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Electrical Equipment — continued
Generac Holdings, Inc. *		57		12,958
Hubbell, Inc.		75		11,763
				55,904
Electronic Equipment, Instruments & Components — 4.0%
Amphenol Corp., Class A		185		24,242
CDW Corp.		73		9,651
Keysight Technologies, Inc. *		152		20,025
Littelfuse, Inc.		20		4,991
SYNNEX Corp.		99		8,022
Zebra Technologies Corp., Class A *		36		13,964
				80,895
Entertainment — 2.3%
Roku, Inc. *		44		14,476
Spotify Technology SA *		55		17,349
Take-Two Interactive Software, Inc. *		69		14,271
				46,096
Equity Real Estate Investment Trusts (REITs) — 4.5%
American Campus Communities, Inc.		87		3,708
American Homes 4 Rent, Class A		267		8,017
AvalonBay Communities, Inc.		66		10,509
Boston Properties, Inc.		98		9,219
Brixmor Property Group, Inc.		307		5,081
Essex Property Trust, Inc.		22		5,128
Federal Realty Investment Trust		55		4,699
Host Hotels & Resorts, Inc.		135		1,972
JBG SMITH Properties		123		3,857
Kimco Realty Corp.		368		5,530
Outfront Media, Inc.		152		2,972
Rayonier, Inc.		274		8,050
Regency Centers Corp.		85		3,885
Ventas, Inc.		86		4,194
Weyerhaeuser Co.		277		9,300
WP Carey, Inc.		68		4,780
				90,901
Food & Staples Retailing — 0.7%
Kroger Co. (The)		267		8,482
US Foods Holding Corp. *		167		5,563
				14,045
Food Products — 0.5%
Post Holdings, Inc. *		92		9,286
Gas Utilities — 0.5%
National Fuel Gas Co.		243		9,979

INVESTMENTS	SHARES (000)		VALUE ($000)
Health Care Equipment & Supplies — 2.5%
Cooper Cos., Inc. (The)		19		6,849
DexCom, Inc. *		19		7,047
Insulet Corp. *		38		9,722
ResMed, Inc.		60		12,698
Zimmer Biomet Holdings, Inc.		99		15,273
				51,589
Health Care Providers & Services — 4.9%
Acadia Healthcare Co., Inc. *		82		4,107
Amedisys, Inc. *		30		8,859
AmerisourceBergen Corp.		103		10,100
Centene Corp. *		103		6,153
Cigna Corp.		87		18,203
Henry Schein, Inc. * (a)		111		7,430
Humana, Inc.		10		4,023
Laboratory Corp. of America Holdings *		68		13,897
McKesson Corp.		77		13,322
Universal Health Services, Inc., Class B		91		12,533
				98,627
Health Care Technology — 1.1%
Teladoc Health, Inc. * (a)		55		10,986
Veeva Systems, Inc., Class A *		41		11,128
				22,114
Hotels, Restaurants & Leisure — 1.3%
Airbnb, Inc., Class A *		28		4,041
Chipotle Mexican Grill, Inc. *		9		12,679
Darden Restaurants, Inc. (a)		34		4,105
Las Vegas Sands Corp.		100		5,936
				26,761
Household Durables — 2.2%
Garmin Ltd.		67		8,042
Helen of Troy Ltd. *		42		9,265
Mohawk Industries, Inc. *		81		11,369
Newell Brands, Inc.		505		10,721
NVR, Inc. *		1		4,239
				43,636
Household Products — 0.3%
Energizer Holdings, Inc.		167		7,050
Industrial Conglomerates — 1.0%
Carlisle Cos., Inc.		128		19,977
Insurance — 3.8%
Alleghany Corp.		11		6,522
Hartford Financial Services Group, Inc. (The)		245		12,008

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Insurance — continued
Lincoln National Corp.		135		6,805
Loews Corp.		395		17,785
Marsh & McLennan Cos., Inc.		70		8,247
Progressive Corp. (The)		147		14,528
Selectquote, Inc. * (a)		144		2,982
WR Berkley Corp.		109		7,271
				76,148
Interactive Media & Services — 1.8%
InterActiveCorp. *		33		6,268
Match Group, Inc. *		105		15,886
Pinterest, Inc., Class A *		129		8,521
Zillow Group, Inc., Class C *		50		6,464
				37,139
Internet & Direct Marketing Retail — 1.0%
Booking Holdings, Inc. *		3		7,127
Chewy, Inc., Class A * (a)		89		7,973
Expedia Group, Inc.		41		5,469
				20,569
IT Services — 4.0%
Booz Allen Hamilton Holding Corp.		134		11,678
Concentrix Corp. *		55		5,450
Global Payments, Inc.		54		11,698
Jack Henry & Associates, Inc.		22		3,509
Leidos Holdings, Inc.		44		4,643
MongoDB, Inc. *		29		10,233
Okta, Inc. * (a)		45		11,446
Snowflake, Inc., Class A * (a)		10		2,673
Square, Inc., Class A *		29		6,224
Twilio, Inc., Class A *		38		12,795
				80,349
Leisure Products — 0.2%
Brunswick Corp.		63		4,818
Life Sciences Tools & Services — 0.9%
Maravai LifeSciences Holdings, Inc., Class A * (a)		226		6,340
Mettler-Toledo International, Inc. *		10		11,169
				17,509
Machinery — 4.3%
IDEX Corp.		57		11,328
Ingersoll Rand, Inc. *		174		7,915
ITT, Inc.		283		21,791
Lincoln Electric Holdings, Inc.		106		12,364
Middleby Corp. (The) *		93		11,982

INVESTMENTS	SHARES (000)		VALUE ($000)
Machinery — continued
Snap-on, Inc.		56		9,619
Stanley Black & Decker, Inc.		51		9,095
Timken Co. (The)		27		2,110
				86,204
Media — 1.8%
Discovery, Inc., Class C *		435		11,390
Liberty Broadband Corp., Class C *		73		11,485
Liberty Media Corp.-Liberty SiriusXM, Class C *		316		13,735
				36,610
Metals & Mining — 0.3%
Freeport-McMoRan, Inc.		196		5,100
Multiline Retail — 0.5%
Kohl’s Corp.		146		5,956
Nordstrom, Inc. (a)		119		3,724
				9,680
Multi-Utilities — 1.5%
CMS Energy Corp.		207		12,650
Sempra Energy		28		3,597
WEC Energy Group, Inc.		158		14,534
				30,781
Oil, Gas & Consumable Fuels — 1.8%
Cabot Oil & Gas Corp. (a)		370		6,025
Diamondback Energy, Inc.		313		15,140
EQT Corp.		322		4,093
Equitrans Midstream Corp.		390		3,136
Williams Cos., Inc. (The)		404		8,094
				36,488
Pharmaceuticals — 1.7%
Catalent, Inc. *		88		9,133
Horizon Therapeutics plc *		158		11,536
Jazz Pharmaceuticals plc *		44		7,294
Royalty Pharma plc, Class A		146		7,312
				35,275
Professional Services — 1.9%
CoStar Group, Inc. *		10		9,424
Equifax, Inc.		67		12,863
FTI Consulting, Inc. *		47		5,301
IHS Markit Ltd.		122		10,982
				38,570
Real Estate Management & Development — 0.8%
CBRE Group, Inc., Class A *		206		12,914

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 17

JPMorgan Mid Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Real Estate Management & Development — continued
Cushman & Wakefield plc * (a)		210		3,120
				16,034
Road & Rail — 0.8%
Lyft, Inc., Class A *		127		6,216
Old Dominion Freight Line, Inc.		52		10,151
				16,367
Semiconductors & Semiconductor Equipment — 5.4%
Advanced Micro Devices, Inc. *		105		9,672
Analog Devices, Inc.		77		11,361
Cree, Inc. *		36		3,759
Enphase Energy, Inc. *		96		16,810
Entegris, Inc.		122		11,714
Lam Research Corp.		20		9,564
Microchip Technology, Inc.		83		11,507
SolarEdge Technologies, Inc. * (a)		39		12,478
Teradyne, Inc.		100		11,989
Xilinx, Inc.		77		10,945
				109,799
Software — 7.5%
Cadence Design Systems, Inc. *		100		13,697
Coupa Software, Inc. *		25		8,473
Crowdstrike Holdings, Inc., Class A *		73		15,382
DocuSign, Inc. *		49		10,804
Five9, Inc. *		52		9,138
HubSpot, Inc. *		31		12,250
RingCentral, Inc., Class A *		40		15,080
Splunk, Inc. * (a)		67		11,369
Synopsys, Inc. *		101		26,122
Trade Desk, Inc. (The), Class A *		25		20,101
Zscaler, Inc. *		47		9,438
				151,854
Specialty Retail — 4.5%
AutoZone, Inc. *		12		13,655
Best Buy Co., Inc.		124		12,328
Burlington Stores, Inc. *		37		9,797
CarMax, Inc. * (a)		64		6,017
Gap, Inc. (The)		370		7,470
National Vision Holdings, Inc. *		127		5,730
O’Reilly Automotive, Inc. *		38		17,242
Tractor Supply Co.		81		11,414
Ulta Beauty, Inc. *		30		8,615
				92,268

INVESTMENTS	SHARES (000)		VALUE ($000)
Textiles, Apparel & Luxury Goods — 1.2%
Carter’s, Inc. (a)		71		6,716
Lululemon Athletica, Inc. *		25		8,571
Ralph Lauren Corp.		96		9,930
				25,217
Total Common Stocks (Cost $1,139,918)				1,991,286
Short-Term Investments — 4.0%
Investment Companies — 1.7%
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (b) (c) (Cost $34,415)		34,404		34,422
Investment of Cash Collateral from Securities Loaned — 2.3%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (b) (c)		33,990		33,993
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		12,355		12,355
Total Investment of Cash Collateral from Securities Loaned (Cost $46,348)				46,348
Total Short-Term Investments (Cost $80,763)				80,770
Total Investments — 102.2% (Cost $1,220,681)				2,072,056
Liabilities in Excess of Other Assets — (2.2)%				(44,849	)
NET ASSETS — 100.0%				2,027,207

Percentages indicated are based on net assets.

(a)	The security or a portion of this security is on loan at December 31, 2020. The total value of securities on loan at December 31, 2020 is approximately $44,647,000.
(b)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of December 31, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

JPMorgan Mid Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.2%
Aerospace & Defense — 0.7%
HEICO Corp., Class A		460		53,869
Automobiles — 0.4%
Thor Industries, Inc. (a)		330		30,656
Banks — 0.8%
First Republic Bank		436		64,047
Beverages — 0.6%
Constellation Brands, Inc., Class A		201		44,117
Biotechnology — 5.0%
Agios Pharmaceuticals, Inc. *		682		29,547
Alnylam Pharmaceuticals, Inc. *		429		55,718
Exact Sciences Corp. *		713		94,452
Exelixis, Inc. *		2,300		46,165
Intercept Pharmaceuticals, Inc. * (a)		170		4,208
Ionis Pharmaceuticals, Inc. *		459		25,974
Neurocrine Biosciences, Inc. * (a)		405		38,858
Sarepta Therapeutics, Inc. * (a)		202		34,490
Seagen, Inc. *		336		58,865
				388,277
Building Products — 2.7%
Fortune Brands Home & Security, Inc.		774		66,356
Trane Technologies plc		583		84,672
Trex Co., Inc. * (a)		725		60,671
				211,699
Capital Markets — 4.4%
Blackstone Group, Inc. (The), Class A		654		42,379
Charles Schwab Corp. (The)		1,449		76,855
Evercore, Inc., Class A		403		44,141
MarketAxess Holdings, Inc.		122		69,494
MSCI, Inc.		170		75,821
S&P Global, Inc.		107		35,020
				343,710
Commercial Services & Supplies — 1.3%
Copart, Inc. *		819		104,230
Containers & Packaging — 1.0%
Ball Corp.		821		76,459
Electrical Equipment — 2.1%
AMETEK, Inc.		557		67,303
Generac Holdings, Inc. *		435		98,901
				166,204
Electronic Equipment, Instruments & Components — 4.0%
Amphenol Corp., Class A		651		85,071

INVESTMENTS	SHARES (000)		VALUE ($000)
Electronic Equipment, Instruments & Components — continued
Keysight Technologies, Inc. *		638		84,207
Littelfuse, Inc.		149		38,021
Zebra Technologies Corp., Class A *		277		106,382
				313,681
Entertainment — 4.5%
Roku, Inc. *		332		110,330
Spotify Technology SA *		421		132,315
Take-Two Interactive Software, Inc. *		524		108,840
				351,485
Health Care Equipment & Supplies — 3.6%
Cooper Cos., Inc. (The)		144		52,391
DexCom, Inc. *		146		53,868
Insulet Corp. *		290		74,235
ResMed, Inc.		456		96,906
				277,400
Health Care Providers & Services — 4.0%
Acadia Healthcare Co., Inc. *		624		31,359
Amedisys, Inc. *		230		67,525
Centene Corp. *		782		46,950
Cigna Corp.		308		64,078
McKesson Corp.		585		101,656
				311,568
Health Care Technology — 2.2%
Teladoc Health, Inc. * (a)		419		83,828
Veeva Systems, Inc., Class A *		312		84,929
				168,757
Hotels, Restaurants & Leisure — 2.2%
Airbnb, Inc., Class A *		211		30,909
Chipotle Mexican Grill, Inc. *		70		96,653
Las Vegas Sands Corp.		760		45,296
				172,858
Household Durables — 2.1%
Garmin Ltd.		513		61,330
Helen of Troy Ltd. *		318		70,701
NVR, Inc. *		8		31,007
				163,038
Industrial Conglomerates — 0.6%
Carlisle Cos., Inc.		311		48,510
Insurance — 0.9%
Progressive Corp. (The)		454		44,921
Selectquote, Inc. * (a)		1,098		22,773
				67,694

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 19

JPMorgan Mid Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Interactive Media & Services — 3.0%
Match Group, Inc. *		802		121,235
Pinterest, Inc., Class A *		987		65,023
Zillow Group, Inc., Class C * (a)		380		49,350
				235,608
Internet & Direct Marketing Retail — 1.5%
Booking Holdings, Inc. *		25		54,791
Chewy, Inc., Class A * (a)		677		60,864
				115,655
IT Services — 6.5%
Booz Allen Hamilton Holding Corp.		1,022		89,089
Global Payments, Inc.		414		89,249
MongoDB, Inc. *		217		77,948
Okta, Inc. *		344		87,338
Snowflake, Inc., Class A * (a)		73		20,401
Square, Inc., Class A * (a)		218		47,446
Twilio, Inc., Class A *		289		97,691
				509,162
Leisure Products — 0.5%
Brunswick Corp.		482		36,763
Life Sciences Tools & Services — 1.7%
Maravai LifeSciences Holdings, Inc., Class A * (a)		1,725		48,388
Mettler-Toledo International, Inc. *		75		85,476
				133,864
Machinery — 2.4%
Ingersoll Rand, Inc. *		1,325		60,386
ITT, Inc.		756		58,258
Stanley Black & Decker, Inc.		388		69,353
				187,997
Metals & Mining — 0.5%
Freeport-McMoRan, Inc.		1,496		38,926
Pharmaceuticals — 3.5%
Catalent, Inc. *		670		69,685
Horizon Therapeutics plc *		1,203		87,985
Jazz Pharmaceuticals plc *		337		55,666
Royalty Pharma plc, Class A		1,115		55,791
				269,127
Professional Services — 3.8%
CoStar Group, Inc. *		78		71,909
Equifax, Inc.		509		98,059
FTI Consulting, Inc. * (a)		363		40,510
IHS Markit Ltd.		933		83,766
				294,244

INVESTMENTS	SHARES (000)		VALUE ($000)
Road & Rail — 1.6%
Lyft, Inc., Class A *		966		47,450
Old Dominion Freight Line, Inc.		397		77,398
				124,848
Semiconductors & Semiconductor Equipment — 9.6%
Advanced Micro Devices, Inc. *		805		73,799
Cree, Inc. *		271		28,688
Enphase Energy, Inc. *		731		128,198
Entegris, Inc.		930		89,383
Lam Research Corp.		155		73,008
Microchip Technology, Inc.		635		87,755
SolarEdge Technologies, Inc. *		298		95,130
Teradyne, Inc.		763		91,500
Xilinx, Inc.		589		83,446
				750,907
Software — 13.9%
Cadence Design Systems, Inc. *		766		104,533
Coupa Software, Inc. *		191		64,596
Crowdstrike Holdings, Inc., Class A *		554		117,327
DocuSign, Inc. *		371		82,407
Five9, Inc. *		386		67,231
HubSpot, Inc. *		235		93,322
RingCentral, Inc., Class A * (a)		304		115,093
Splunk, Inc. *		510		86,718
Synopsys, Inc. *		492		127,572
Trade Desk, Inc. (The), Class A *		191		153,312
Zscaler, Inc. *		361		72,075
				1,084,186
Specialty Retail — 5.8%
Burlington Stores, Inc. *		286		74,673
CarMax, Inc. * (a)		486		45,889
National Vision Holdings, Inc. *		965		43,723
O’Reilly Automotive, Inc. *		291		131,472
Tractor Supply Co.		620		87,117
Ulta Beauty, Inc. *		229		65,788
				448,662
Textiles, Apparel & Luxury Goods — 0.8%
Lululemon Athletica, Inc. *		188		65,430
Total Common Stocks (Cost $4,536,492)				7,653,638
Short-Term Investments — 4.2%
Investment Companies — 2.0%
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (b) (c) (Cost $157,436)		157,374		157,453

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments —continued
Investment of Cash Collateral from Securities Loaned — 2.2%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (b) (c)		148,996		149,011
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		19,677		19,677
Total Investment of Cash Collateral from Securities Loaned (Cost $168,688)				168,688
Total Short-Term Investments (Cost $326,124)				326,141
Total Investments — 102.4% (Cost $4,862,616)				7,979,779
Liabilities in Excess of Other Assets — (2.4)%				(184,615	)
NET ASSETS — 100.0%				7,795,164

Percentages indicated are based on net assets.

(a)	The security or a portion of this security is on loan at December 31, 2020. The total value of securities on loan at December 31, 2020 is approximately $160,963,000.
(b)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of December 31, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 21

JPMorgan Mid Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.6%
Airlines — 0.7%
Southwest Airlines Co.		2,090		97,398
Auto Components — 0.4%
BorgWarner, Inc.		1,462		56,510
Banks — 8.5%
Citizens Financial Group, Inc.		5,151		184,194
Fifth Third Bancorp		7,716		212,719
First Republic Bank		745		109,479
Huntington Bancshares, Inc.		10,265		129,653
M&T Bank Corp.		1,698		216,188
Regions Financial Corp.		10,341		166,697
TCF Financial Corp.		3,310		122,520
Zions Bancorp NA		2,325		101,014
				1,242,464
Beverages — 1.7%
Constellation Brands, Inc., Class A		737		161,419
Keurig Dr Pepper, Inc. (a)		2,543		81,380
				242,799
Building Products — 1.1%
Fortune Brands Home & Security, Inc.		1,828		156,721
Capital Markets — 5.8%
Ameriprise Financial, Inc.		1,330		258,407
Northern Trust Corp.		1,827		170,176
Raymond James Financial, Inc.		2,094		200,310
T. Rowe Price Group, Inc.		1,485		224,754
				853,647
Chemicals — 1.9%
Celanese Corp.		881		114,444
Sherwin-Williams Co. (The)		217		159,428
				273,872
Communications Equipment — 1.7%
CommScope Holding Co., Inc. *		4,050		54,267
Motorola Solutions, Inc.		1,124		191,141
				245,408
Construction Materials — 1.3%
Martin Marietta Materials, Inc.		644		182,801
Consumer Finance — 0.9%
Discover Financial Services		1,497		135,540
Containers & Packaging — 2.7%
Ball Corp.		1,266		117,930
Packaging Corp. of America		811		111,798
Pactiv Evergreen, Inc. *		1,859		33,728

INVESTMENTS	SHARES (000)		VALUE ($000)
Containers & Packaging — continued
Silgan Holdings, Inc.		3,620		134,212
				397,668
Distributors — 0.9%
Genuine Parts Co.		890		89,371
LKQ Corp. *		1,003		35,359
				124,730
Diversified Financial Services — 0.2%
Voya Financial, Inc. (a)		592		34,826
Electric Utilities — 3.8%
Edison International		2,144		134,703
Entergy Corp.		1,869		186,566
Xcel Energy, Inc.		3,554		236,941
				558,210
Electrical Equipment — 3.4%
Acuity Brands, Inc. (a)		1,140		137,989
AMETEK, Inc.		1,613		195,109
Hubbell, Inc.		1,089		170,754
				503,852
Electronic Equipment, Instruments & Components — 4.0%
Amphenol Corp., Class A		1,446		189,151
CDW Corp.		1,067		140,608
Keysight Technologies, Inc. *		1,014		133,925
SYNNEX Corp.		1,421		115,726
				579,410
Equity Real Estate Investment Trusts (REITs) — 9.0%
American Campus Communities, Inc.		1,277		54,624
American Homes 4 Rent, Class A		3,852		115,570
AvalonBay Communities, Inc. (a)		944		151,505
Boston Properties, Inc.		1,401		132,421
Brixmor Property Group, Inc.		4,424		73,225
Essex Property Trust, Inc.		311		73,922
Federal Realty Investment Trust		797		67,879
Host Hotels & Resorts, Inc.		1,942		28,411
JBG SMITH Properties		1,777		55,580
Kimco Realty Corp.		5,310		79,710
Outfront Media, Inc.		2,189		42,815
Rayonier, Inc.		4,082		119,923
Regency Centers Corp.		1,224		55,787
Ventas, Inc.		1,274		62,465
Weyerhaeuser Co.		4,132		138,556
WP Carey, Inc.		1,009		71,196
				1,323,589

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Food & Staples Retailing — 1.4%
Kroger Co. (The)		3,979		126,359
US Foods Holding Corp. *		2,488		82,859
				209,218
Food Products — 0.9%
Post Holdings, Inc. *		1,370		138,342
Gas Utilities — 1.0%
National Fuel Gas Co. (a)		3,542		145,678
Health Care Equipment & Supplies — 1.5%
Zimmer Biomet Holdings, Inc.		1,439		221,799
Health Care Providers & Services — 5.9%
AmerisourceBergen Corp.		1,539		150,464
Cigna Corp.		702		146,207
Henry Schein, Inc. * (a)		1,656		110,689
Humana, Inc. (a)		146		59,902
Laboratory Corp. of America Holdings *		1,017		207,052
Universal Health Services, Inc., Class B		1,358		186,724
				861,038
Hotels, Restaurants & Leisure — 0.4%
Darden Restaurants, Inc. (a)		500		59,591
Household Durables — 2.2%
Mohawk Industries, Inc. *		1,202		169,368
Newell Brands, Inc.		7,523		159,720
				329,088
Household Products — 0.7%
Energizer Holdings, Inc. (a)		2,490		105,024
Industrial Conglomerates — 1.4%
Carlisle Cos., Inc.		1,293		201,888
Insurance — 6.8%
Alleghany Corp.		161		97,184
Hartford Financial Services Group, Inc. (The)		3,653		178,912
Lincoln National Corp.		2,010		101,114
Loews Corp.		5,737		258,296
Marsh & McLennan Cos., Inc.		1,029		120,392
Progressive Corp. (The)		1,275		126,110
WR Berkley Corp.		1,631		108,316
				990,324
Interactive Media & Services — 0.6%
InterActiveCorp. *		491		92,953
Internet & Direct Marketing Retail — 0.5%
Expedia Group, Inc.		600		79,400

INVESTMENTS	SHARES (000)		VALUE ($000)
IT Services — 1.3%
Concentrix Corp. *		804		79,370
Jack Henry & Associates, Inc.		316		51,139
Leidos Holdings, Inc.		629		66,111
				196,620
Machinery — 6.2%
IDEX Corp.		847		168,768
ITT, Inc.		2,739		210,956
Lincoln Electric Holdings, Inc.		1,585		184,214
Middleby Corp. (The) *		1,352		174,269
Snap-on, Inc.		833		142,595
Timken Co. (The)		399		30,859
				911,661
Media — 3.7%
Discovery, Inc., Class C *		6,221		162,924
Liberty Broadband Corp., Class C *		1,060		167,913
Liberty Media Corp.-Liberty SiriusXM, Class C *		4,703		204,645
				535,482
Multiline Retail — 0.8%
Kohl’s Corp.		2,180		88,706
Nordstrom, Inc. (a)		1,056		32,966
				121,672
Multi-Utilities — 3.1%
CMS Energy Corp.		3,089		188,473
Sempra Energy		425		54,168
WEC Energy Group, Inc.		2,338		215,145
				457,786
Oil, Gas & Consumable Fuels — 3.4%
Cabot Oil & Gas Corp.		5,479		89,196
Diamondback Energy, Inc.		4,107		198,782
EQT Corp.		4,766		60,571
Equitrans Midstream Corp.		2,521		20,265
Williams Cos., Inc. (The)		6,088		122,061
				490,875
Real Estate Management & Development — 1.6%
CBRE Group, Inc., Class A *		3,034		190,307
Cushman & Wakefield plc * (a)		3,132		46,454
				236,761
Semiconductors & Semiconductor Equipment — 1.2%
Analog Devices, Inc.		1,159		171,260
Software — 0.9%
Synopsys, Inc. *		535		138,746

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 23

JPMorgan Mid Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Specialty Retail — 3.4%
AutoZone, Inc. *		172		203,507
Best Buy Co., Inc. (a)		1,841		183,673
Gap, Inc. (The)		5,371		108,450
				495,630
Textiles, Apparel & Luxury Goods — 1.7%
Carter’s, Inc.		1,036		97,498
Ralph Lauren Corp.		1,426		147,930
				245,428
Total Common Stocks (Cost $8,806,964)				14,445,709
Short-Term Investments — 2.3%
Investment Companies — 1.4%
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (b) (c) (Cost $208,107)		207,983		208,086
Investment of Cash Collateral from Securities Loaned — 0.9%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (b) (c)		73,531		73,538
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		54,806		54,806
Total Investment of Cash Collateral from Securities Loaned (Cost $128,344)				128,344
Total Short-Term Investments (Cost $336,451)				336,430
Total Investments — 100.9% (Cost $9,143,415)				14,782,139
Liabilities in Excess of Other Assets — (0.9)%				(133,353	)
NET ASSETS — 100.0%				14,648,786

Percentages indicated are based on net assets.

(a)	The security or a portion of this security is on loan at December 31, 2020. The total value of securities on loan at December 31, 2020 is approximately $125,755,000.
(b)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of December 31, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

JPMorgan Value Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.8%
Aerospace & Defense — 2.3%
General Dynamics Corp.		459		68,353
Northrop Grumman Corp.		132		40,223
Raytheon Technologies Corp.		1,501		107,341
				215,917
Banks — 13.2%
Bank of America Corp.		11,591		351,327
Citigroup, Inc.		1,558		96,074
Citizens Financial Group, Inc.		3,082		110,195
Fifth Third Bancorp		838		23,108
First Republic Bank		143		20,991
M&T Bank Corp.		879		111,937
PNC Financial Services Group, Inc. (The)		915		136,406
Truist Financial Corp.		2,415		115,738
US Bancorp		1,837		85,577
Wells Fargo & Co.		5,577		168,312
				1,219,665
Beverages — 0.8%
Constellation Brands, Inc., Class A		90		19,670
Keurig Dr Pepper, Inc.		1,626		52,025
				71,695
Biotechnology — 2.5%
AbbVie, Inc.		1,611		172,660
Amgen, Inc.		120		27,590
Biogen, Inc. *		120		29,408
				229,658
Building Products — 0.3%
Trane Technologies plc		186		26,942
Capital Markets — 4.3%
Charles Schwab Corp. (The)		2,370		125,705
Invesco Ltd.		1,808		31,515
Morgan Stanley		1,675		114,810
Northern Trust Corp.		695		64,709
T. Rowe Price Group, Inc.		432		65,406
				402,145
Communications Equipment — 1.5%
Cisco Systems, Inc.		1,459		65,272
CommScope Holding Co., Inc. *		5,173		69,317
				134,589
Construction Materials — 1.2%
Martin Marietta Materials, Inc.		404		114,661

INVESTMENTS	SHARES (000)		VALUE ($000)
Consumer Finance — 3.1%
American Express Co.		714		86,354
Capital One Financial Corp.		1,994		197,086
				283,440
Containers & Packaging — 3.0%
Ball Corp.		571		53,231
Graphic Packaging Holding Co.		4,327		73,295
Packaging Corp. of America		611		84,304
WestRock Co.		1,508		65,664
				276,494
Diversified Financial Services — 2.5%
Berkshire Hathaway, Inc., Class B *		984		228,183
Diversified Telecommunication Services — 1.9%
Verizon Communications, Inc.		2,927		171,954
Electric Utilities — 4.5%
American Electric Power Co., Inc.		1,277		106,370
Edison International		780		49,006
Entergy Corp. (a)		451		45,068
NextEra Energy, Inc.		1,551		119,673
Xcel Energy, Inc.		1,475		98,362
				418,479
Electronic Equipment, Instruments & Components — 0.6%
Arrow Electronics, Inc. *		594		57,759
Equity Real Estate Investment Trusts (REITs) — 6.5%
American Homes 4 Rent, Class A		2,169		65,084
Brixmor Property Group, Inc.		3,549		58,743
EastGroup Properties, Inc.		293		40,423
Federal Realty Investment Trust (a)		535		45,565
Kimco Realty Corp.		4,045		60,716
Lamar Advertising Co., Class A		176		14,638
Mid-America Apartment Communities, Inc.		621		78,630
Outfront Media, Inc.		1,248		24,402
Public Storage		385		88,885
Rayonier, Inc. (a)		2,331		68,497
Weyerhaeuser Co.		1,742		58,403
				603,986
Food & Staples Retailing — 0.6%
Sysco Corp.		686		50,928
Food Products — 1.5%
Kraft Heinz Co. (The)		1,368		47,415
Post Holdings, Inc. *		917		92,632
				140,047

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 25

JPMorgan Value Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Health Care Equipment & Supplies — 1.0%
Medtronic plc		808		94,681
Health Care Providers & Services — 2.9%
AmerisourceBergen Corp.		600		58,676
Cigna Corp.		150		31,185
CVS Health Corp.		649		44,340
HCA Healthcare, Inc.		259		42,585
UnitedHealth Group, Inc.		273		95,608
				272,394
Hotels, Restaurants & Leisure — 0.5%
Las Vegas Sands Corp.		839		50,010
Household Durables — 1.5%
Mohawk Industries, Inc. *		571		80,440
Newell Brands, Inc. (a)		2,944		62,510
				142,950
Household Products — 2.1%
Energizer Holdings, Inc. (a)		1,647		69,469
Procter & Gamble Co. (The)		869		120,876
				190,345
Industrial Conglomerates — 2.0%
Carlisle Cos., Inc.		391		61,115
Honeywell International, Inc.		591		125,689
				186,804
Insurance — 8.0%
Alleghany Corp.		93		56,443
American International Group, Inc.		1,309		49,540
Chubb Ltd.		560		86,248
CNA Financial Corp.		656		25,554
Fairfax Financial Holdings Ltd. (Canada)		159		54,354
Hartford Financial Services Group, Inc. (The)		1,461		71,564
Loews Corp.		4,344		195,581
Marsh & McLennan Cos., Inc.		326		38,193
Travelers Cos., Inc. (The)		1,146		160,832
				738,309
Interactive Media & Services — 0.8%
Alphabet, Inc., Class C *		42		74,280
Internet & Direct Marketing Retail — 0.5%
Booking Holdings, Inc. *		22		49,668
Machinery — 3.5%
Dover Corp.		993		125,355
Illinois Tool Works, Inc.		195		39,711
ITT, Inc.		830		63,888

INVESTMENTS	SHARES (000)		VALUE ($000)
Machinery — continued
Middleby Corp. (The) *		305		39,333
Otis Worldwide Corp.		351		23,743
Stanley Black & Decker, Inc.		198		35,319
				327,349
Media — 3.7%
Charter Communications, Inc., Class A *		107		70,844
Discovery, Inc., Class C *		2,269		59,414
DISH Network Corp., Class A *		2,038		65,900
Liberty Media Corp.-Liberty SiriusXM, Class C *		1,065		46,321
Nexstar Media Group, Inc., Class A		727		79,386
ViacomCBS, Inc. (a)		498		18,540
				340,405
Multiline Retail — 0.7%
Kohl’s Corp.		937		38,123
Nordstrom, Inc. (a)		753		23,511
				61,634
Oil, Gas & Consumable Fuels — 6.2%
Cabot Oil & Gas Corp.		1,766		28,742
Chevron Corp.		537		45,333
ConocoPhillips		2,704		108,147
Diamondback Energy, Inc.		599		28,996
EQT Corp.		2,281		28,995
Equitrans Midstream Corp.		4,958		39,861
Kinder Morgan, Inc.		5,657		77,338
Marathon Petroleum Corp.		1,928		79,743
Phillips 66		1,080		75,555
Williams Cos., Inc. (The)		2,912		58,376
				571,086
Personal Products — 0.3%
Coty, Inc., Class A		4,025		28,259
Pharmaceuticals — 5.1%
Bristol-Myers Squibb Co.		2,515		156,005
Johnson & Johnson		1,027		161,680
Merck & Co., Inc.		750		61,386
Pfizer, Inc.		1,755		64,591
Viatris, Inc. *		1,441		27,007
				470,669
Real Estate Management & Development — 0.9%
CBRE Group, Inc., Class A *		1,320		82,815
Semiconductors & Semiconductor Equipment — 2.5%
Analog Devices, Inc.		756		111,625

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Semiconductors & Semiconductor Equipment — continued
Texas Instruments, Inc.		737		120,958
				232,583
Software — 0.5%
Microsoft Corp.		198		44,044
Specialty Retail — 3.6%
AutoZone, Inc. *		110		130,462
Best Buy Co., Inc.		818		81,636
Gap, Inc. (The)		414		8,357
Home Depot, Inc. (The)		217		57,671
Murphy USA, Inc.		428		56,054
				334,180
Textiles, Apparel & Luxury Goods — 1.4%
Columbia Sportswear Co. (a)		629		54,965
Ralph Lauren Corp.		702		72,867
				127,832
Wireless Telecommunication Services — 0.8%
T-Mobile US, Inc. *		565		76,204
Total Common Stocks (Cost $6,196,509)				9,143,043
	NO. OF RIGHTS (000)
Rights — 0.0% (b)
Media — 0.0% (b)
Media General, Inc., CVR * ‡ (Cost $—)		2,982		–	(c)
	SHARES (000)
Short-Term Investments — 1.6%
Investment Companies — 1.2%
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (d) (e) (Cost $117,318)		117,248		117,306

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment of Cash Collateral from Securities Loaned — 0.4%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (d) (e)		29,074		29,077
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (d) (e)		6,300		6,300
Total Investment of Cash Collateral from Securities Loaned (Cost $35,377)				35,377
Total Short-Term Investments (Cost $152,695)				152,683
Total Investments — 100.4% (Cost $6,349,204)				9,295,726
Liabilities in Excess of Other Assets — (0.4)%				(37,142	)
NET ASSETS — 100.0%				9,258,584

Percentages indicated are based on net assets.

Abbreviations
CVR	Contingent Value Rights
(a)	The security or a portion of this security is on loan at December 31, 2020. The total value of securities on loan at December 31, 2020 is approximately $34,343,000.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Amount rounds to less than one thousand.
(d)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(e)	The rate shown is the current yield as of December 31, 2020.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 27

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2020 (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	$	14,083,750		$	1,991,286		$	7,653,638
Investments in affiliates, at value		226,774			34,422			157,453
Investment of cash collateral received from securities loaned, at value (See Note 2.B.)		219,024			46,348			168,688
Cash		27			4			11
Receivables:
Investment securities sold		—			162			—
Fund shares sold		11,013			2,379			11,393
Dividends from non-affiliates		1,271			1,833			773
Dividends from affiliates		—	(a)		—	(a)		—	(a)
Securities lending income (See Note 2.B.)		103			11			60
Total Assets		14,541,962			2,076,445			7,992,016
LIABILITIES:
Payables:
Investment securities purchased		—			224			1,696
Collateral received on securities loaned (See Note 2.B.)		219,024			46,348			168,688
Fund shares redeemed		26,369			1,200			20,661
Accrued liabilities:
Investment advisory fees		6,475			979			4,128
Administration fees		817			46			472
Distribution fees		1,266			116			415
Service fees		1,609			189			644
Custodian and accounting fees		18			12			15
Trustees’ and Chief Compliance Officer’s fees		—	(a)		1			1
Other		248			123			132
Total Liabilities		255,826			49,238			196,852
Net Assets	$	14,286,136		$	2,027,207		$	7,795,164

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

	JPMorgan Growth Advantage Fund			JPMorgan Mid Cap Equity Fund			JPMorgan Mid Cap Growth Fund
NET ASSETS:
Paid-in-Capital	$	6,489,533		$	1,174,005		$	4,609,327
Total distributable earnings (loss)		7,796,603			853,202			3,185,837
Total Net Assets	$	14,286,136		$	2,027,207		$	7,795,164
Net Assets:
Class A	$	2,664,509		$	489,904		$	1,520,727
Class C		1,159,086			21,833			104,879
Class I		3,904,056			407,999			1,826,868
Class R2		335			711			50,203
Class R3		2,578			—			61,104
Class R4		20,592			—			20,241
Class R5		141,843			1,028			667,562
Class R6		6,393,137			1,105,732			3,543,580
Total	$	14,286,136		$	2,027,207		$	7,795,164
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		88,328			9,040			35,691
Class C		46,346			426			3,470
Class I		123,905			7,383			35,459
Class R2		11			13			1,065
Class R3		86			—			1,206
Class R4		653			—			394
Class R5		4,382			19			12,726
Class R6		195,789			19,992			67,120
Net Asset Value (a):
Class A — Redemption price per share	$	30.17		$	54.20		$	42.61
Class C — Offering price per share (b)		25.01			51.24			30.23
Class I — Offering and redemption price per share		31.51			55.26			51.52
Class R2 — Offering and redemption price per share		29.83			53.48			47.14
Class R3 — Offering and redemption price per share		30.12			—			50.68
Class R4 — Offering and redemption price per share		31.52			—			51.36
Class R5 — Offering and redemption price per share		32.37			55.29			52.46
Class R6 — Offering and redemption price per share		32.65			55.31			52.79
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)]	$	31.84		$	57.20		$	44.97
Cost of investments in non-affiliates	$	6,598,078		$	1,139,918		$	4,536,492
Cost of investments in affiliates		226,755			34,415			157,436
Investment securities on loan, at value (See Note 2.B.)		210,429			44,647			160,963
Cost of investment of cash collateral (See Note 2.B.)		219,024			46,348			168,688

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 29

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2020 (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	$	14,445,709	$	9,143,043
Investments in affiliates, at value		208,086		117,306
Investment of cash collateral received from securities loaned, at value (See Note 2.B.)		128,344		35,377
Cash		16		12
Receivables:
Investment securities sold		2,228		13,931
Fund shares sold		16,969		6,107
Dividends from non-affiliates		25,184		8,479
Dividends from affiliates		1		—	(a)
Securities lending income (See Note 2.B.)		25		24
Total Assets		14,826,562		9,324,279
LIABILITIES:
Payables:
Investment securities purchased		—		15,021
Collateral received on securities loaned (See Note 2.B.)		128,344		35,377
Fund shares redeemed		38,126		8,630
Accrued liabilities:
Investment advisory fees		7,953		4,253
Administration fees		817		579
Distribution fees		373		376
Service fees		1,022		874
Custodian and accounting fees		100		72
Trustees’ and Chief Compliance Officer’s fees		—		—	(a)
Other		1,041		513
Total Liabilities		177,776		65,695
Net Assets	$	14,648,786	$	9,258,584

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

	JPMorgan Mid Cap Value Fund			JPMorgan Value Advantage Fund
NET ASSETS:
Paid-in-Capital	$	8,934,460		$	6,330,419
Total distributable earnings (loss)		5,714,326			2,928,165
Total Net Assets	$	14,648,786		$	9,258,584
Net Assets:
Class A	$	1,371,700		$	841,140
Class C		73,265			315,140
Class I		2,670,700			2,344,558
Class L		6,667,992			1,672,350
Class R2		63,474			125
Class R3		75,288			2,077
Class R4		36,976			36,192
Class R5		79,154			4,613
Class R6		3,610,237			4,042,389
Total	$	14,648,786		$	9,258,584
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		38,138			23,778
Class C		2,125			8,922
Class I		73,320			65,982
Class L		180,487			47,042
Class R2		1,856			4
Class R3		2,115			59
Class R4		1,022			1,024
Class R5		2,145			130
Class R6		97,783			113,870
Net Asset Value (a):
Class A — Redemption price per share	$	35.97		$	35.37
Class C — Offering price per share (b)		34.48			35.32
Class I — Offering and redemption price per share		36.43			35.53
Class L — Offering and redemption price per share		36.94			35.55
Class R2 — Offering and redemption price per share		34.19			35.06
Class R3 — Offering and redemption price per share		35.60			34.93
Class R4 — Offering and redemption price per share		36.19			35.35
Class R5 — Offering and redemption price per share		36.89			35.48
Class R6 — Offering and redemption price per share		36.92			35.50
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)]	$	37.96		$	37.33
Cost of investments in non-affiliates	$	8,806,964		$	6,196,509
Cost of investments in affiliates		208,107			117,318
Investment securities on loan, at value (See Note 2.B.)		125,755			34,343
Cost of investment of cash collateral (See Note 2.B.)		128,344			35,377

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 31

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

(Amounts in thousands)

	JPMorgan Growth Advantage Fund			JPMorgan Mid Cap Equity Fund			JPMorgan Mid Cap Growth Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	36,241		$	10,223		$	11,839
Dividend income from affiliates		190			30			95
Income from securities lending (net) (See Note 2.B.)		498			51			490
Total investment income		36,929			10,304			12,424
EXPENSES:
Investment advisory fees		34,884			5,924			21,082
Administration fees		4,499			684			2,433
Distribution fees:
Class A		2,974			551			1,662
Class C		3,984			79			352
Class R2		1			2			112
Class R3		2			—			63
Service fees:
Class A		2,974			551			1,662
Class C		1,328			26			117
Class I		4,282			467			1,822
Class R2		—	(a)		1			56
Class R3		2			—			63
Class R4		24			—			18
Class R5		71			—	(a)		293
Custodian and accounting fees		181			35			100
Interest expense to affiliates		—	(a)		—	(a)		—
Professional fees		78			37			51
Trustees’ and Chief Compliance Officer’s fees		31			16			22
Printing and mailing costs		267			104			148
Registration and filing fees		196			73			148
Transfer agency fees (See Note 2.E.)		155			29			237
Other		129			24			62
Total expenses		56,062			8,603			30,503
Less fees waived		(130	)		(1,112	)		(877	)
Less expense reimbursements		—	(a)		—			(41	)
Net expenses		55,932			7,491			29,585
Net investment income (loss)		(19,003	)		2,813			(17,161	)
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		852,469			91,543			365,746
Investments in affiliates		(52	)		(10	)		(24	)
Net realized gain (loss)		852,417			91,533			365,722
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		2,677,315			368,583			1,497,620
Investments in affiliates		(36	)		(4	)		(10	)
Change in net unrealized appreciation/depreciation		2,677,279			368,579			1,497,610
Net realized/unrealized gains (losses)		3,529,696			460,112			1,863,332
Change in net assets resulting from operations	$	3,510,693		$	462,925		$	1,846,171

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

	JPMorgan Mid Cap Value Fund			JPMorgan Value Advantage Fund
INVESTMENT INCOME:
Interest income from affiliates	$	—	(a)	$	—
Dividend income from non-affiliates		119,084			97,819
Dividend income from affiliates		245			210
Income from securities lending (net) (See Note 2.B.)		226			265
Total investment income		119,555			98,294
EXPENSES:
Investment advisory fees		44,558			24,496
Administration fees		4,710			3,340
Distribution fees:
Class A		1,537			977
Class C		290			1,171
Class R2		159			1
Class R3		86			2
Service fees:
Class A		1,537			977
Class C		97			390
Class I		3,191			2,712
Class L		3,138			800
Class R2		79			—	(a)
Class R3		86			2
Class R4		35			44
Class R5		37			2
Custodian and accounting fees		243			162
Interest expense to affiliates		2			—
Professional fees		104			75
Trustees’ and Chief Compliance Officer’s fees		32			26
Printing and mailing costs		559			283
Registration and filing fees		140			84
Transfer agency fees (See Note 2.E.)		127			111
Other		160			98
Total expenses		60,907			35,753
Less fees waived		(3,154	)		(264	)
Less expense reimbursements		(34	)		(21	)
Net expenses		57,719			35,468
Net investment income (loss)		61,836			62,826
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		260,737			127,327
Investments in affiliates		91			(78	)
Net realized gain (loss)		260,828			127,249
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		2,707,151			1,689,167
Investments in affiliates		(190	)		(8	)
Change in net unrealized appreciation/depreciation		2,706,961			1,689,159
Net realized/unrealized gains (losses)		2,967,789			1,816,408
Change in net assets resulting from operations	$	3,029,625		$	1,879,234

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 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, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(19,003	)	$	(10,353	)	$	2,813		$	11,563
Net realized gain (loss)		852,417			1,432,215			91,533			457,289
Change in net unrealized appreciation/depreciation		2,677,279			972,047			368,579			(437,747	)
Change in net assets resulting from operations		3,510,693			2,393,909			462,925			31,105
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(248,914	)		(176,120	)		(51,016	)		(38,917	)
Class C		(129,471	)		(88,186	)		(2,405	)		(1,879	)
Class I		(360,812	)		(199,341	)		(43,367	)		(23,411	)
Class R2		(32	)		(12	)		(76	)		(49	)
Class R3		(192	)		(61	)		—			—
Class R4		(1,887	)		(1,510	)		—			—
Class R5		(12,763	)		(10,297	)		(111	)		(518	)
Class R6		(579,464	)		(359,755	)		(120,036	)		(159,341	)
Total distributions to shareholders		(1,333,535	)		(835,282	)		(217,011	)		(224,115	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		1,298,773			(137,511	)		144,111			(961,205	)
NET ASSETS:
Change in net assets		3,475,931			1,421,116			390,025			(1,154,215	)
Beginning of period		10,810,205			9,389,089			1,637,182			2,791,397
End of period	$	14,286,136		$	10,810,205		$	2,027,207		$	1,637,182

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

	JPMorgan Mid Cap Growth Fund						JPMorgan Mid Cap Value Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(17,161	)	$	(14,047	)	$	61,836		$	203,596
Net realized gain (loss)		365,722			659,097			260,828			860,851
Change in net unrealized appreciation/depreciation		1,497,610			281,309			2,706,961			(3,168,215	)
Change in net assets resulting from operations		1,846,171			926,359			3,029,625			(2,103,768	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(173,779	)		(82,704	)		(92,478	)		(76,720	)
Class C		(16,088	)		(8,737	)		(5,006	)		(6,335	)
Class I		(173,836	)		(75,633	)		(197,658	)		(133,060	)
Class L		—			—			(492,109	)		(443,822	)
Class R2		(5,377	)		(2,939	)		(4,986	)		(3,525	)
Class R3		(5,883	)		(2,669	)		(5,364	)		(3,809	)
Class R4		(1,774	)		(679	)		(2,242	)		(1,419	)
Class R5		(63,349	)		(33,403	)		(5,676	)		(4,996	)
Class R6		(329,350	)		(138,679	)		(264,623	)		(181,586	)
Total distributions to shareholders		(769,436	)		(345,443	)		(1,070,142	)		(855,272	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		1,237,362			341,659			(25,284	)		(1,341,858	)
NET ASSETS:
Change in net assets		2,314,097			922,575			1,934,199			(4,300,898	)
Beginning of period		5,481,067			4,558,492			12,714,587			17,015,485
End of period	$	7,795,164		$	5,481,067		$	14,648,786		$	12,714,587

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 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, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	62,826		$	184,647
Net realized gain (loss)		127,249			159,367
Change in net unrealized appreciation/depreciation		1,689,159			(1,858,485	)
Change in net assets resulting from operations		1,879,234			(1,514,471	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(23,476	)		(44,981	)
Class C		(7,055	)		(16,494	)
Class I		(72,893	)		(99,554	)
Class L		(53,516	)		(100,871	)
Class R2		(7	)		(3	)
Class R3		(63	)		(70	)
Class R4		(1,188	)		(1,174	)
Class R5		(145	)		(334	)
Class R6		(133,423	)		(204,414	)
Total distributions to shareholders		(291,766	)		(467,895	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(1,028,803	)		(143,475	)
NET ASSETS:
Change in net assets		558,665			(2,125,841	)
Beginning of period		8,699,919			10,825,760
End of period	$	9,258,584		$	8,699,919

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

	JPMorgan Growth Advantage Fund						JPMorgan Mid Cap Equity Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	337,662		$	424,450		$	38,559		$	123,140
Distributions reinvested		240,271			171,962			50,960			38,873
Cost of shares redeemed		(350,749	)		(690,381	)		(65,106	)		(176,855	)
Change in net assets resulting from Class A capital transactions		227,184			(93,969	)		24,413			(14,842	)
Class C
Proceeds from shares issued		84,990			152,886			552			2,246
Distributions reinvested		125,548			83,431			2,405			1,879
Cost of shares redeemed		(155,857	)		(200,570	)		(4,690	)		(5,867	)
Change in net assets resulting from Class C capital transactions		54,681			35,747			(1,733	)		(1,742	)
Class I
Proceeds from shares issued		649,418			971,337			71,758			147,037
Distributions reinvested		337,896			183,814			43,123			23,288
Cost of shares redeemed		(496,024	)		(804,519	)		(99,112	)		(114,553	)
Change in net assets resulting from Class I capital transactions		491,290			350,632			15,769			55,772
Class R2
Proceeds from shares issued		68			157			50			391
Distributions reinvested		32			12			73			42
Cost of shares redeemed		(48	)		(52	)		(136	)		(313	)
Change in net assets resulting from Class R2 capital transactions		52			117			(13	)		120
Class R3
Proceeds from shares issued		1,141			501			—			—
Distributions reinvested		163			61			—			—
Cost of shares redeemed		(34	)		(126	)		—			—
Change in net assets resulting from Class R3 capital transactions		1,270			436			—			—
Class R4
Proceeds from shares issued		834			2,017			—			—
Distributions reinvested		1,886			1,510			—			—
Cost of shares redeemed		(3,300	)		(4,951	)		—			—
Change in net assets resulting from Class R4 capital transactions		(580	)		(1,424	)		—			—
Class R5
Proceeds from shares issued		12,843			23,475			126			674
Distributions reinvested		12,555			10,290			111			517
Cost of shares redeemed		(44,758	)		(37,782	)		(213	)		(6,310	)
Change in net assets resulting from Class R5 capital transactions		(19,360	)		(4,017	)		24			(5,119	)
Class R6
Proceeds from shares issued		541,135			1,257,140			141,329			348,033
Distributions reinvested		578,133			358,754			119,998			159,315
Cost of shares redeemed		(575,032	)		(2,040,927	)		(155,676	)		(302,027	)
Redemptions in-kind (See Note 8)		—			—			—			(1,200,715	)
Change in net assets resulting from Class R6 capital transactions		544,236			(425,033	)		105,651			(995,394	)
Total change in net assets resulting from capital transactions	$	1,298,773		$	(137,511	)	$	144,111		$	(961,205	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 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, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		11,620			19,559			738			2,661
Reinvested		8,308			8,088			961			853
Redeemed		(12,061	)		(30,991	)		(1,257	)		(3,845	)
Change in Class A Shares		7,867			(3,344	)		442			(331	)
Class C
Issued		3,464			8,221			10			54
Reinvested		5,236			4,615			48			43
Redeemed		(6,356	)		(10,900	)		(94	)		(133	)
Change in Class C Shares		2,344			1,936			(36	)		(36	)
Class I
Issued		21,449			42,055			1,366			3,117
Reinvested		11,160			8,317			795			501
Redeemed		(16,263	)		(36,324	)		(1,878	)		(2,381	)
Change in Class I Shares		16,346			14,048			283			1,237
Class R2
Issued		2			8			1			7
Reinvested		1			1			1			1
Redeemed		(2	)		(3	)		(2	)		(6	)
Change in Class R2 Shares		1			6			—	(a)		2
Class R3
Issued		38			26			—			—
Reinvested		6			3			—			—
Redeemed		(1	)		(6	)		—			—
Change in Class R3 Shares		43			23			—			—
Class R4
Issued		27			90			—			—
Reinvested		62			68			—			—
Redeemed		(111	)		(212	)		—			—
Change in Class R4 Shares		(22	)		(54	)		—			—
Class R5
Issued		414			992			3			14
Reinvested		403			455			2			11
Redeemed		(1,402	)		(1,630	)		(4	)		(125	)
Change in Class R5 Shares		(585	)		(183	)		1			(100	)
Class R6
Issued		17,158			53,895			2,651			7,401
Reinvested		18,399			15,742			2,206			3,444
Redeemed		(18,512	)		(86,443	)		(2,891	)		(6,434	)
Redemptions in-kind (See Note 8)		—			—			—			(25,455	)
Change in Class R6 Shares		17,045			(16,806	)		1,966			(21,044	)

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

	JPMorgan Mid Cap Growth Fund						JPMorgan Mid Cap Value Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	144,966		$	143,119		$	176,439		$	209,763
Distributions reinvested		168,194			80,011			84,258			69,743
Cost of shares redeemed		(134,917	)		(203,777	)		(234,688	)		(484,932	)
Change in net assets resulting from Class A capital transactions		178,243			19,353			26,009			(205,426	)
Class C
Proceeds from shares issued		8,562			11,326			4,004			12,682
Distributions reinvested		15,598			8,149			4,875			5,516
Cost of shares redeemed		(15,535	)		(22,446	)		(32,035	)		(56,184	)
Change in net assets resulting from Class C capital transactions		8,625			(2,971	)		(23,156	)		(37,986	)
Class I
Proceeds from shares issued		413,575			306,997			641,070			900,902
Distributions reinvested		163,157			71,080			187,286			123,076
Cost of shares redeemed		(198,791	)		(382,936	)		(687,520	)		(1,051,200	)
Change in net assets resulting from Class I capital transactions		377,941			(4,859	)		140,836			(27,222	)
Class L
Proceeds from shares issued		—			—			371,347			1,165,380
Distributions reinvested		—			—			466,015			394,599
Cost of shares redeemed		—			—			(1,040,103	)		(3,139,666	)
Change in net assets resulting from Class L capital transactions		—			—			(202,741	)		(1,579,687	)
Class R2
Proceeds from shares issued		7,574			11,105			5,045			15,289
Distributions reinvested		5,366			2,875			4,944			3,405
Cost of shares redeemed		(9,399	)		(22,776	)		(14,510	)		(20,258	)
Change in net assets resulting from Class R2 capital transactions		3,541			(8,796	)		(4,521	)		(1,564	)
Class R3
Proceeds from shares issued		12,092			17,057			4,205			15,417
Distributions reinvested		5,811			2,669			5,120			3,652
Cost of shares redeemed		(7,751	)		(11,619	)		(7,608	)		(14,432	)
Change in net assets resulting from Class R3 capital transactions		10,152			8,107			1,717			4,637
Class R4
Proceeds from shares issued		8,135			3,625			10,028			11,128
Distributions reinvested		1,774			679			2,242			1,419
Cost of shares redeemed		(3,246	)		(3,668	)		(3,651	)		(10,446	)
Change in net assets resulting from Class R4 capital transactions		6,663			636			8,619			2,101
Class R5
Proceeds from shares issued		71,185			143,113			4,903			14,343
Distributions reinvested		59,609			31,744			5,671			4,992
Cost of shares redeemed		(85,207	)		(169,555	)		(10,931	)		(29,341	)
Change in net assets resulting from Class R5 capital transactions		45,587			5,302			(357	)		(10,006	)
Class R6
Proceeds from shares issued		734,127			776,302			371,143			1,587,348
Distributions reinvested		326,519			137,892			243,858			174,996
Cost of shares redeemed		(454,036	)		(589,307	)		(586,691	)		(1,249,049	)
Change in net assets resulting from Class R6 capital transactions		606,610			324,887			28,310			513,295
Total change in net assets resulting from capital transactions	$	1,237,362		$	341,659		$	(25,284	)	$	(1,341,858	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 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, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		3,526			4,392			5,042			6,133
Reinvested		4,077			2,499			2,357			1,812
Redeemed		(3,242	)		(6,309	)		(6,897	)		(14,044	)
Change in Class A Shares		4,361			582			502			(6,099	)
Class C
Issued		282			461			123			374
Reinvested		533			341			143			150
Redeemed		(514	)		(930	)		(990	)		(1,787	)
Change in Class C Shares		301			(128	)		(724	)		(1,263	)
Class I
Issued		8,299			8,021			19,156			28,169
Reinvested		3,271			1,879			5,165			3,157
Redeemed		(4,073	)		(10,235	)		(19,677	)		(31,853	)
Change in Class I Shares		7,497			(335	)		4,644			(527	)
Class L
Issued		—			—			10,556			34,257
Reinvested		—			—			12,656			9,979
Redeemed		—			—			(29,733	)		(87,974	)
Change in Class L Shares		—			—			(6,521	)		(43,738	)
Class R2
Issued		167			313			154			458
Reinvested		118			82			146			93
Redeemed		(208	)		(645	)		(439	)		(599	)
Change in Class R2 Shares		77			(250	)		(139	)		(48	)
Class R3
Issued		249			447			125			452
Reinvested		118			71			145			96
Redeemed		(162	)		(307	)		(226	)		(421	)
Change in Class R3 Shares		205			211			44			127
Class R4
Issued		163			94			284			308
Reinvested		36			18			62			37
Redeemed		(65	)		(96	)		(108	)		(284	)
Change in Class R4 Shares		134			16			238			61
Class R5
Issued		1,425			3,638			138			392
Reinvested		1,172			826			154			126
Redeemed		(1,719	)		(4,377	)		(313	)		(798	)
Change in Class R5 Shares		878			87			(21	)		(280	)
Class R6
Issued		14,499			19,998			10,696			44,485
Reinvested		6,379			3,570			6,625			4,428
Redeemed		(9,027	)		(15,241	)		(16,644	)		(35,794	)
Change in Class R6 Shares		11,851			8,327			677			13,119

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

	JPMorgan Value Advantage Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	93,276		$	225,893
Distributions reinvested		21,985			42,378
Cost of shares redeemed		(151,480	)		(562,591	)
Change in net assets resulting from Class A capital transactions		(36,219	)		(294,320	)
Class C
Proceeds from shares issued		9,395			31,902
Distributions reinvested		6,902			14,740
Cost of shares redeemed		(90,089	)		(152,885	)
Change in net assets resulting from Class C capital transactions		(73,792	)		(106,243	)
Class I
Proceeds from shares issued		279,561			873,832
Distributions reinvested		67,804			87,746
Cost of shares redeemed		(436,503	)		(965,662	)
Change in net assets resulting from Class I capital transactions		(89,138	)		(4,084	)
Class L
Proceeds from shares issued		157,713			566,706
Distributions reinvested		51,517			96,694
Cost of shares redeemed		(415,996	)		(1,203,324	)
Change in net assets resulting from Class L capital transactions		(206,766	)		(539,924	)
Class R2
Proceeds from shares issued		25			128
Distributions reinvested		7			2
Cost of shares redeemed		(125	)		(23	)
Change in net assets resulting from Class R2 capital transactions		(93	)		107
Class R3
Proceeds from shares issued		509			359
Distributions reinvested		51			69
Cost of shares redeemed		(314	)		(887	)
Change in net assets resulting from Class R3 capital transactions		246			(459	)
Class R4
Proceeds from shares issued		1,853			23,194
Distributions reinvested		1,187			1,174
Cost of shares redeemed		(5,509	)		(8,710	)
Change in net assets resulting from Class R4 capital transactions		(2,469	)		15,658
Class R5
Proceeds from shares issued		674			2,112
Distributions reinvested		137			334
Cost of shares redeemed		(2,534	)		(3,498	)
Change in net assets resulting from Class R5 capital transactions		(1,723	)		(1,052	)
Class R6
Proceeds from shares issued		264,017			2,406,252
Distributions reinvested		133,248			203,530
Cost of shares redeemed		(1,016,114	)		(1,822,940	)
Change in net assets resulting from Class R6 capital transactions		(618,849	)		786,842
Total change in net assets resulting from capital transactions	$	(1,028,803	)	$	(143,475	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 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, 2020 (Unaudited)			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		2,926			7,038
Reinvested		627			1,145
Redeemed		(4,726	)		(17,957	)
Change in Class A Shares		(1,173	)		(9,774	)
Class C
Issued		288			966
Reinvested		197			401
Redeemed		(2,870	)		(4,876	)
Change in Class C Shares		(2,385	)		(3,509	)
Class I
Issued		8,652			28,338
Reinvested		1,924			2,357
Redeemed		(13,521	)		(30,342	)
Change in Class I Shares		(2,945	)		353
Class L
Issued		4,936			17,778
Reinvested		1,461			2,596
Redeemed		(12,961	)		(38,762	)
Change in Class L Shares		(6,564	)		(18,388	)
Class R2
Issued		2			5
Reinvested		—1	(a)		—	(a)
Redeemed		(4	)		(1	)
Change in Class R2 Shares		(2	)		4
Class R3
Issued		16			11
Reinvested		1			2
Redeemed		(10	)		(25	)
Change in Class R3 Shares		7			(12	)
Class R4
Issued		58			741
Reinvested		34			32
Redeemed		(169	)		(250	)
Change in Class R4 Shares		(77	)		523
Class R5
Issued		22			62
Reinvested		4			9
Redeemed		(82	)		(110	)
Change in Class R5 Shares		(56	)		(39	)
Class R6
Issued		8,247			70,239
Reinvested		3,783			5,469
Redeemed		(31,096	)		(55,634	)
Change in Class R6 Shares		(19,066	)		20,074

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

THIS PAGE IS INTENTIONALLY LEFT BLANK

DECEMBER 31, 2020 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 investment income			Net realized gain			Total distributions
JPMorgan Growth Advantage Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	25.27	$	(0.08	)	$	8.10		$	8.02		$	—		$	(3.12	)	$	(3.12	)
Year Ended June 30, 2020		21.78		(0.08	)		5.74			5.66			—			(2.17	)		(2.17	)
Year Ended June 30, 2019		21.73		(0.08	)		1.89			1.81			—			(1.76	)		(1.76	)
Year Ended June 30, 2018		17.95		(0.12	)		4.74			4.62			—			(0.84	)		(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	)		(0.53	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		21.42		(0.13	)		6.84			6.71			—			(3.12	)		(3.12	)
Year Ended June 30, 2020		18.86		(0.16	)		4.89			4.73			—			(2.17	)		(2.17	)
Year Ended June 30, 2019		19.16		(0.16	)		1.62			1.46			—			(1.76	)		(1.76	)
Year Ended June 30, 2018		15.99		(0.19	)		4.20			4.01			—			(0.84	)		(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	)		(0.53	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		26.29		(0.05	)		8.45			8.40			(0.06	)		(3.12	)		(3.18	)
Year Ended June 30, 2020		22.53		(0.02	)		5.95			5.93			—			(2.17	)		(2.17	)
Year Ended June 30, 2019		22.36		(0.03	)		1.96			1.93			—			(1.76	)		(1.76	)
Year Ended June 30, 2018		18.40		(0.07	)		4.87			4.80			—			(0.84	)		(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	)		(0.53	)
Class R2
Six Months Ended December 31, 2020 (Unaudited)		25.05		(0.12	)		8.03			7.91			(0.01	)		(3.12	)		(3.13	)
Year Ended June 30, 2020		21.67		(0.13	)		5.68			5.55			—			(2.17	)		(2.17	)
Year Ended June 30, 2019		21.68		(0.13	)		1.88			1.75			—			(1.76	)		(1.76	)
July 31, 2017 (f) through June 30, 2018		18.47		(0.14	)		4.19			4.05			—			(0.84	)		(0.84	)
Class R3
Six Months Ended December 31, 2020 (Unaudited)		25.27		(0.08	)		8.10			8.02			(0.05	)		(3.12	)		(3.17	)
Year Ended June 30, 2020		21.79		(0.08	)		5.73			5.65			—			(2.17	)		(2.17	)
Year Ended June 30, 2019		21.74		(0.07	)		1.88			1.81			—			(1.76	)		(1.76	)
Year Ended June 30, 2018		17.96		(0.11	)		4.73			4.62			—			(0.84	)		(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, 2020 (Unaudited)		26.29		(0.05	)		8.44			8.39			(0.04	)		(3.12	)		(3.16	)
Year Ended June 30, 2020		22.53		(0.02	)		5.95			5.93			—			(2.17	)		(2.17	)
Year Ended June 30, 2019		22.36		(0.03	)		1.96			1.93			—			(1.76	)		(1.76	)
Year Ended June 30, 2018		18.40		(0.03	)		4.83			4.80			—			(0.84	)		(0.84	)
May 31, 2017 (f) through June 30, 2017		18.29		—	(g)		0.11			0.11			—			—			—

(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, 2020

		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)
$	30.17		32.25	%	$	2,664,509		1.13	%		(0.55	)%		1.14	%		18	%
	25.27		27.87			2,032,870		1.14			(0.36	)		1.16			47
	21.78		9.63			1,825,607		1.14			(0.38	)		1.25			40
	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
	25.01		31.93			1,159,086		1.63			(1.05	)		1.63			18
	21.42		27.20			942,512		1.64			(0.86	)		1.66			47
	18.86		9.06			793,489		1.64			(0.88	)		1.75			40
	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
	31.51		32.44			3,904,056		0.88			(0.30	)		0.88			18
	26.29		28.15			2,827,894		0.89			(0.11	)		0.90			47
	22.53		9.91			2,107,041		0.89			(0.12	)		1.00			40
	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
	29.83		32.08			335		1.38			(0.80	)		1.73			18
	25.05		27.48			239		1.39			(0.59	)		1.88			47
	21.67		9.36			88		1.39			(0.61	)		2.24			40
	21.68		22.39			43		1.41			(0.77	)		1.59			31
	30.12		32.27			2,578		1.13			(0.55	)		1.20			18
	25.27		27.80			1,076		1.14			(0.36	)		1.24			47
	21.79		9.63			448		1.14			(0.36	)		1.40			40
	21.74		26.20			266		1.15			(0.53	)		1.28			31
	17.96		0.62			20		1.25			(0.55	)		1.25			34
	31.52		32.41			20,592		0.88			(0.30	)		0.88			18
	26.29		28.15			17,739		0.89			(0.11	)		0.90			47
	22.53		9.91			16,423		0.89			(0.12	)		1.00			40
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 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			Net realized gain			Total distributions
JPMorgan Growth Advantage Fund (continued)
Class R5
Six Months Ended December 31, 2020 (Unaudited)	$	26.93	$	(0.02	)	$	8.66		$	8.64		$	(0.08	)	$	(3.12	)	$	(3.20	)
Year Ended June 30, 2020		23.00		0.01			6.09			6.10			—			(2.17	)		(2.17	)
Year Ended June 30, 2019		22.76		0.01			1.99			2.00			—			(1.76	)		(1.76	)
Year Ended June 30, 2018		18.69		(0.04	)		4.95			4.91			—			(0.84	)		(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	)		(0.53	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		27.16		(0.01	)		8.72			8.71			(0.10	)		(3.12	)		(3.22	)
Year Ended June 30, 2020		23.15		0.03			6.15			6.18			—			(2.17	)		(2.17	)
Year Ended June 30, 2019		22.87		0.03			2.01			2.04			—			(1.76	)		(1.76	)
Year Ended June 30, 2018		18.76		(0.02	)		4.97			4.95			—			(0.84	)		(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	)		(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.

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

		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)
$	32.37		32.56	%	$	141,843		0.73	%		(0.16	)%		0.73	%		18	%
	26.93		28.32			133,780		0.74			0.04			0.76			47
	23.00		10.05			118,449		0.74			0.02			0.85			40
	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
	32.65		32.57			6,393,137		0.63			(0.05	)		0.63			18
	27.16		28.49			4,854,095		0.64			0.14			0.65			47
	23.15		10.18			4,527,544		0.64			0.12			0.75			40
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 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 investment income			Net realized gain			Total distributions
JPMorgan Mid Cap Equity Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	47.20	$	—	(f)	$	13.30		$	13.30		$	(0.08	)	$	(6.22	)	$	(6.30	)
Year Ended June 30, 2020		50.52		0.13			0.78			0.91			(0.30	)		(3.93	)		(4.23	)
Year Ended June 30, 2019		51.57		0.18			4.04			4.22			(0.13	)		(5.14	)		(5.27	)
Year Ended June 30, 2018		48.53		—	(f)		5.89			5.89			—			(2.85	)		(2.85	)
Year Ended June 30, 2017		42.95		(0.02	)		7.02			7.00			(0.05	)		(1.37	)		(1.42	)
Year Ended June 30, 2016		47.12		(0.01	)		(2.02	)		(2.03	)		(0.03	)		(2.11	)		(2.14	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		44.95		(0.13	)		12.64			12.51			—			(6.22	)		(6.22	)
Year Ended June 30, 2020		48.32		(0.10	)		0.71			0.61			(0.05	)		(3.93	)		(3.98	)
Year Ended June 30, 2019		49.66		(0.04	)		3.84			3.80			—			(5.14	)		(5.14	)
Year Ended June 30, 2018		47.05		(0.24	)		5.70			5.46			—			(2.85	)		(2.85	)
Year Ended June 30, 2017		41.85		(0.25	)		6.82			6.57			—			(1.37	)		(1.37	)
Year Ended June 30, 2016		46.16		(0.23	)		(1.97	)		(2.20	)		—			(2.11	)		(2.11	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		48.07		0.06			13.56			13.62			(0.21	)		(6.22	)		(6.43	)
Year Ended June 30, 2020		51.35		0.25			0.80			1.05			(0.40	)		(3.93	)		(4.33	)
Year Ended June 30, 2019		52.32		0.33			4.07			4.40			(0.23	)		(5.14	)		(5.37	)
Year Ended June 30, 2018		49.13		0.14			5.97			6.11			(0.07	)		(2.85	)		(2.92	)
Year Ended June 30, 2017		43.41		0.14			7.09			7.23			(0.14	)		(1.37	)		(1.51	)
Year Ended June 30, 2016		47.47		0.11			(1.99	)		(1.88	)		(0.07	)		(2.11	)		(2.18	)
Class R2
Six Months Ended December 31, 2020 (Unaudited)		46.64		(0.07	)		13.13			13.06			—			(6.22	)		(6.22	)
Year Ended June 30, 2020		49.96		0.01			0.76			0.77			(0.16	)		(3.93	)		(4.09	)
Year Ended June 30, 2019		51.08		0.05			4.00			4.05			(0.03	)		(5.14	)		(5.17	)
Year Ended June 30, 2018		48.21		(0.14	)		5.86			5.72			—			(2.85	)		(2.85	)
Year Ended June 30, 2017		42.75		(0.14	)		6.98			6.84			(0.01	)		(1.37	)		(1.38	)
Year Ended June 30, 2016		46.98		(0.13	)		(1.99	)		(2.12	)		—			(2.11	)		(2.11	)
Class R5
Six Months Ended December 31, 2020 (Unaudited)		48.11		0.10			13.57			13.67			(0.27	)		(6.22	)		(6.49	)
Year Ended June 30, 2020		51.37		0.30			0.83			1.13			(0.46	)		(3.93	)		(4.39	)
Year Ended June 30, 2019		52.35		0.41			4.06			4.47			(0.31	)		(5.14	)		(5.45	)
Year Ended June 30, 2018		49.17		0.24			5.94			6.18			(0.15	)		(2.85	)		(3.00	)
Year Ended June 30, 2017		43.43		0.18			7.11			7.29			(0.18	)		(1.37	)		(1.55	)
Year Ended June 30, 2016		47.49		0.18			(2.03	)		(1.85	)		(0.10	)		(2.11	)		(2.21	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		48.14		0.13			13.58			13.71			(0.32	)		(6.22	)		(6.54	)
Year Ended June 30, 2020		51.41		0.37			0.81			1.18			(0.52	)		(3.93	)		(4.45	)
Year Ended June 30, 2019		52.39		0.43			4.09			4.52			(0.36	)		(5.14	)		(5.50	)
Year Ended June 30, 2018		49.18		0.27			5.96			6.23			(0.17	)		(2.85	)		(3.02	)
Year Ended June 30, 2017		43.44		0.21			7.09			7.30			(0.19	)		(1.37	)		(1.56	)
Year Ended June 30, 2016		47.49		0.20			(2.02	)		(1.82	)		(0.12	)		(2.11	)		(2.23	)

(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.

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

		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)
$	54.20		28.49	%	$	489,904		1.13	%		(0.01	)%		1.26	%		20	%
	47.20		2.20			405,857		1.14			0.28			1.26			49
	50.52		9.92			451,118		1.13			0.37			1.26			34
	51.57		12.37			402,897		1.17			0.01			1.25			31
	48.53		16.61			378,055		1.24			(0.05	)		1.37			38
	42.95		(4.17	)		335,424		1.25			(0.03	)		1.43			39
	51.24		28.16			21,833		1.63			(0.51	)		1.76			20
	44.95		1.69			20,753		1.64			(0.23	)		1.76			49
	48.32		9.37			24,071		1.63			(0.09	)		1.76			34
	49.66		11.83			27,666		1.67			(0.50	)		1.76			31
	47.05		16.01			30,596		1.74			(0.56	)		1.92			38
	41.85		(4.64	)		32,045		1.75			(0.54	)		1.96			39
	55.26		28.65			407,999		0.88			0.24			1.01			20
	48.07		2.46			341,317		0.89			0.53			1.01			49
	51.35		10.20			301,071		0.88			0.65			1.00			34
	52.32		12.68			326,026		0.89			0.26			1.00			31
	49.13		17.01			778,378		0.89			0.30			1.08			38
	43.41		(3.81	)		622,440		0.90			0.25			1.20			39
	53.48		28.32			711		1.38			(0.26	)		1.56			20
	46.64		1.96			623		1.39			0.03			1.55			49
	49.96		9.63			524		1.38			0.10			1.57			34
	51.08		12.09			443		1.43			(0.28	)		1.57			31
	48.21		16.30			600		1.49			(0.31	)		1.69			38
	42.75		(4.38	)		688		1.50			(0.30	)		1.81			39
	55.29		28.73			1,028		0.74			0.39			0.87			20
	48.11		2.62			871		0.74			0.61			0.86			49
	51.37		10.37			6,073		0.73			0.81			0.86			34
	52.35		12.83			6,499		0.75			0.47			0.85			31
	49.17		17.14			1,804		0.79			0.40			0.87			38
	43.43		(3.73	)		2,840		0.80			0.42			0.91			39
	55.31		28.80			1,105,732		0.64			0.49			0.76			20
	48.14		2.72			867,761		0.64			0.75			0.76			49
	51.41		10.48			2,008,540		0.63			0.87			0.75			34
	52.39		12.93			1,970,177		0.67			0.51			0.75			31
	49.18		17.18			1,619,045		0.74			0.45			0.75			38
	43.44		(3.66	)		1,370,912		0.74			0.46			0.77			39

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 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 Growth Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	36.43	$	(0.18	)	$	11.81		$	11.63		$	—		$	(5.45	)	$	(5.45	)
Year Ended June 30, 2020		32.94		(0.20	)		6.50			6.30			—			(2.81	)		(2.81	)
Year Ended June 30, 2019		30.84		(0.17	)		4.42			4.25			—			(2.15	)		(2.15	)
Year Ended June 30, 2018		27.99		(0.19	)		5.18			4.99			—			(2.14	)		(2.14	)
Year Ended June 30, 2017		23.43		(0.14	)		4.71			4.57			—			(0.01	)		(0.01	)
Year Ended June 30, 2016		27.71		(0.15	)		(2.67	)		(2.82	)		—			(1.46	)		(1.46	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		27.15		(0.21	)		8.74			8.53			—			(5.45	)		(5.45	)
Year Ended June 30, 2020		25.34		(0.28	)		4.90			4.62			—			(2.81	)		(2.81	)
Year Ended June 30, 2019		24.37		(0.25	)		3.37			3.12			—			(2.15	)		(2.15	)
Year Ended June 30, 2018		22.64		(0.27	)		4.14			3.87			—			(2.14	)		(2.14	)
Year Ended June 30, 2017		19.05		(0.22	)		3.82			3.60			—			(0.01	)		(0.01	)
Year Ended June 30, 2016		22.93		(0.22	)		(2.20	)		(2.42	)		—			(1.46	)		(1.46	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		43.11		(0.13	)		14.00			13.87			(0.01	)		(5.45	)		(5.46	)
Year Ended June 30, 2020		38.37		(0.12	)		7.67			7.55			—			(2.81	)		(2.81	)
Year Ended June 30, 2019		35.44		(0.09	)		5.17			5.08			—			(2.15	)		(2.15	)
Year Ended June 30, 2018		31.79		(0.10	)		5.89			5.79			—			(2.14	)		(2.14	)
Year Ended June 30, 2017		26.52		(0.07	)		5.35			5.28			—			(0.01	)		(0.01	)
Year Ended June 30, 2016		31.06		(0.09	)		(2.99	)		(3.08	)		—			(1.46	)		(1.46	)
Class R2
Six Months Ended December 31, 2020 (Unaudited)		39.90		(0.25	)		12.94			12.69			—			(5.45	)		(5.45	)
Year Ended June 30, 2020		35.91		(0.31	)		7.11			6.80			—			(2.81	)		(2.81	)
Year Ended June 30, 2019		33.49		(0.27	)		4.84			4.57			—			(2.15	)		(2.15	)
Year Ended June 30, 2018		30.31		(0.28	)		5.60			5.32			—			(2.14	)		(2.14	)
Year Ended June 30, 2017		25.41		(0.21	)		5.12			4.91			—			(0.01	)		(0.01	)
Year Ended June 30, 2016		29.96		(0.18	)		(2.91	)		(3.09	)		—			(1.46	)		(1.46	)
Class R3
Six Months Ended December 31, 2020 (Unaudited)		42.53		(0.21	)		13.81			13.60			—			(5.45	)		(5.45	)
Year Ended June 30, 2020		38.01		(0.23	)		7.56			7.33			—			(2.81	)		(2.81	)
Year Ended June 30, 2019		35.23		(0.20	)		5.13			4.93			—			(2.15	)		(2.15	)
Year Ended June 30, 2018		31.71		(0.19	)		5.85			5.66			—			(2.14	)		(2.14	)
September 9, 2016 (f) through June 30, 2017		27.06		(0.13	)		4.79			4.66			—			(0.01	)		(0.01	)
Class R4
Six Months Ended December 31, 2020 (Unaudited)		43.00		(0.15	)		13.97			13.82			(0.01	)		(5.45	)		(5.46	)
Year Ended June 30, 2020		38.30		(0.14	)		7.65			7.51			—			(2.81	)		(2.81	)
Year Ended June 30, 2019		35.40		(0.11	)		5.16			5.05			—			(2.15	)		(2.15	)
Year Ended June 30, 2018		31.77		(0.12	)		5.89			5.77			—			(2.14	)		(2.14	)
September 9, 2016 (f) through June 30, 2017		27.06		(0.06	)		4.78			4.72			—			(0.01	)		(0.01	)

(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.

50 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

		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)
$	42.61		32.43	%	$	1,520,727		1.23	%		(0.85	)%		1.26	%		19	%
	36.43		20.30			1,141,467		1.24			(0.62	)		1.27			63
	32.94		15.37			1,012,686		1.23			(0.56	)		1.28			54
	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
	30.23		32.09			104,879		1.74			(1.36	)		1.74			19
	27.15		19.72			86,046		1.74			(1.12	)		1.75			63
	25.34		14.78			83,558		1.73			(1.06	)		1.75			54
	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
	51.52		32.61			1,826,868		0.92			(0.54	)		0.99			19
	43.11		20.70			1,205,433		0.93			(0.31	)		1.00			63
	38.37		15.73			1,085,728		0.92			(0.25	)		1.00			54
	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
	47.14		32.27			50,203		1.48			(1.10	)		1.54			19
	39.90		20.00			39,404		1.49			(0.87	)		1.55			63
	35.91		15.10			44,453		1.48			(0.81	)		1.55			54
	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
	50.68		32.41			61,104		1.24			(0.86	)		1.24			19
	42.53		20.30			42,573		1.24			(0.61	)		1.25			63
	38.01		15.38			30,023		1.23			(0.56	)		1.25			54
	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
	51.36		32.56			20,241		0.98			(0.60	)		0.99			19
	43.00		20.63			11,194		0.99			(0.37	)		1.00			63
	38.30		15.66			9,343		0.98			(0.31	)		1.00			54
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 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 Mid Cap Growth Fund (continued)
Class R5
Six Months Ended December 31, 2020 (Unaudited)	$	43.81	$	(0.10	)	$	14.25		$	14.15		$	(0.05	)	$	(5.45	)	$	(5.50	)
Year Ended June 30, 2020		38.90		(0.06	)		7.78			7.72			—			(2.81	)		(2.81	)
Year Ended June 30, 2019		35.85		(0.04	)		5.24			5.20			—			(2.15	)		(2.15	)
Year Ended June 30, 2018		32.09		(0.06	)		5.96			5.90			—			(2.14	)		(2.14	)
Year Ended June 30, 2017		26.74		(0.03	)		5.39			5.36			—			(0.01	)		(0.01	)
Year Ended June 30, 2016		31.26		(0.03	)		(3.03	)		(3.06	)		—			(1.46	)		(1.46	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		44.07		(0.09	)		14.33			14.24			(0.07	)		(5.45	)		(5.52	)
Year Ended June 30, 2020		39.09		(0.04	)		7.83			7.79			—			(2.81	)		(2.81	)
Year Ended June 30, 2019		36.00		(0.02	)		5.26			5.24			—			(2.15	)		(2.15	)
Year Ended June 30, 2018		32.20		(0.04	)		5.98			5.94			—			(2.14	)		(2.14	)
Year Ended June 30, 2017		26.82		(0.02	)		5.41			5.39			—			(0.01	)		(0.01	)
Year Ended June 30, 2016		31.33		(0.02	)		(3.03	)		(3.05	)		—			(1.46	)		(1.46	)

(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.

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

		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)
$	52.46		32.73	%	$	667,562		0.79	%		(0.40	)%		0.84	%		19	%
	43.81		20.86			519,097		0.79			(0.17	)		0.85			63
	38.90		15.89			457,513		0.78			(0.11	)		0.85			54
	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
	52.79		32.74			3,543,580		0.74			(0.35	)		0.74			19
	44.07		20.94			2,435,853		0.74			(0.11	)		0.75			63
	39.09		15.94			1,835,188		0.73			(0.05	)		0.75			54
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 53

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, 2020 (Unaudited)	$	31.12	$	0.09		$	7.45		$	7.54		$	(0.29	)	$	(2.40	)	$	(2.69	)
Year Ended June 30, 2020		38.02		0.33			(5.35	)		(5.02	)		(0.33	)		(1.55	)		(1.88	)
Year Ended June 30, 2019		39.24		0.45			0.87			1.32			(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	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		29.77		—	(f)		7.13			7.13			(0.02	)		(2.40	)		(2.42	)
Year Ended June 30, 2020		36.44		0.14			(5.14	)		(5.00	)		(0.12	)		(1.55	)		(1.67	)
Year Ended June 30, 2019		37.68		0.26			0.83			1.09			(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	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		31.51		0.13			7.57			7.70			(0.38	)		(2.40	)		(2.78	)
Year Ended June 30, 2020		38.48		0.43			(5.42	)		(4.99	)		(0.43	)		(1.55	)		(1.98	)
Year Ended June 30, 2019		39.70		0.54			0.88			1.42			(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	)
Class L
Six Months Ended December 31, 2020 (Unaudited)		31.96		0.17			7.66			7.83			(0.45	)		(2.40	)		(2.85	)
Year Ended June 30, 2020		38.99		0.52			(5.48	)		(4.96	)		(0.52	)		(1.55	)		(2.07	)
Year Ended June 30, 2019		40.21		0.62			0.90			1.52			(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	)
Class R2
Six Months Ended December 31, 2020 (Unaudited)		29.67		0.04			7.10			7.14			(0.22	)		(2.40	)		(2.62	)
Year Ended June 30, 2020		36.35		0.23			(5.11	)		(4.88	)		(0.25	)		(1.55	)		(1.80	)
Year Ended June 30, 2019		37.64		0.31			0.86			1.17			(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	)
Class R3
Six Months Ended December 31, 2020 (Unaudited)		30.83		0.09			7.38			7.47			(0.30	)		(2.40	)		(2.70	)
Year Ended June 30, 2020		37.70		0.33			(5.30	)		(4.97	)		(0.35	)		(1.55	)		(1.90	)
Year Ended June 30, 2019		38.97		0.39			0.91			1.30			(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 (g) through June 30, 2017		35.78		0.26			4.15			4.41			(0.28	)		(2.24	)		(2.52	)

(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.

54 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

		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)
$	35.97		24.36	%	$	1,371,700		1.23	%		0.51	%		1.24	%		6	%
	31.12		(14.13	)		1,171,139		1.24			0.93			1.24			18
	38.02		4.12			1,662,841		1.23			1.20			1.25			11
	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
	34.48		24.08			73,265		1.73			(0.02	)		1.74			6
	29.77		(14.58	)		84,827		1.73			0.42			1.74			18
	36.44		3.59			149,839		1.73			0.72			1.74			11
	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
	36.43		24.56			2,670,700		0.98			0.78			0.98			6
	31.51		(13.93	)		2,164,300		0.98			1.20			0.99			18
	38.48		4.38			2,662,983		0.98			1.41			0.99			11
	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
	36.94		24.64			6,667,992		0.75			0.99			0.83			6
	31.96		(13.71	)		5,976,033		0.75			1.41			0.84			18
	38.99		4.63			8,996,364		0.74			1.61			0.85			11
	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
	34.19		24.20			63,474		1.48			0.25			1.49			6
	29.67		(14.36	)		59,200		1.49			0.69			1.50			18
	36.35		3.86			74,236		1.49			0.87			1.50			11
	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
	35.60		24.35			75,288		1.23			0.51			1.23			6
	30.83		(14.13	)		63,836		1.23			0.96			1.24			18
	37.70		4.12			73,299		1.24			1.04			1.25			11
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 55

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 (continued)
Class R4
Six Months Ended December 31, 2020 (Unaudited)	$	31.34	$	0.14	$	7.50		$	7.64		$	(0.39	)	$	(2.40	)	$	(2.79	)
Year Ended June 30, 2020		38.29		0.43		(5.40	)		(4.97	)		(0.43	)		(1.55	)		(1.98	)
Year Ended June 30, 2019		39.56		0.50		0.90			1.40			(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 (f) 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, 2020 (Unaudited)		31.90		0.16		7.65			7.81			(0.42	)		(2.40	)		(2.82	)
Year Ended June 30, 2020		38.93		0.49		(5.48	)		(4.99	)		(0.49	)		(1.55	)		(2.04	)
Year Ended June 30, 2019		40.15		0.58		0.90			1.48			(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 (f) 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, 2020 (Unaudited)		31.94		0.18		7.66			7.84			(0.46	)		(2.40	)		(2.86	)
Year Ended June 30, 2020		38.97		0.52		(5.47	)		(4.95	)		(0.53	)		(1.55	)		(2.08	)
Year Ended June 30, 2019		40.19		0.58		0.94			1.52			(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 (f) 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) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

		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)
$	36.19		24.52	%	$	36,976		0.98	%		0.80	%		0.99	%		6	%
	31.34		(13.93	)		24,576		0.98			1.21			0.99			18
	38.29		4.38			27,681		0.98			1.32			0.99			11
	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
	36.89		24.63			79,154		0.83			0.91			0.84			6
	31.90		(13.79	)		69,110		0.83			1.34			0.83			18
	38.93		4.52			95,243		0.83			1.50			0.84			11
	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
	36.92		24.68			3,610,237		0.73			1.01			0.74			6
	31.94		(13.70	)		3,101,566		0.73			1.46			0.74			18
	38.97		4.63			3,272,999		0.73			1.52			0.74			11
	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, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 57

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, 2020 (Unaudited)	$	29.53	$	0.17		$	6.68		$	6.85		$	(0.48	)	$	(0.53	)	$	(1.01	)
Year Ended June 30, 2020		35.46		0.49			(5.04	)		(4.55	)		(0.45	)		(0.93	)		(1.38	)
Year Ended June 30, 2019		35.38		0.55			1.68			2.23			(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	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		29.38		0.09			6.65			6.74			(0.27	)		(0.53	)		(0.80	)
Year Ended June 30, 2020		35.29		0.32			(5.04	)		(4.72	)		(0.26	)		(0.93	)		(1.19	)
Year Ended June 30, 2019		35.20		0.38			1.68			2.06			(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	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		29.71		0.21			6.73			6.94			(0.59	)		(0.53	)		(1.12	)
Year Ended June 30, 2020		35.67		0.57			(5.06	)		(4.49	)		(0.54	)		(0.93	)		(1.47	)
Year Ended June 30, 2019		35.60		0.62			1.70			2.32			(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	)
Class L
Six Months Ended December 31, 2020 (Unaudited)		29.73		0.24			6.74			6.98			(0.63	)		(0.53	)		(1.16	)
Year Ended June 30, 2020		35.69		0.63			(5.07	)		(4.44	)		(0.59	)		(0.93	)		(1.52	)
Year Ended June 30, 2019		35.62		0.72			1.64			2.36			(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	)
Class R2
Six Months Ended December 31, 2020 (Unaudited)		29.31		0.13			6.63			6.76			(0.48	)		(0.53	)		(1.01	)
Year Ended June 30, 2020		35.24		0.40			(5.01	)		(4.61	)		(0.39	)		(0.93	)		(1.32	)
Year Ended June 30, 2019		35.22		0.48			1.65			2.13			(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, 2020 (Unaudited)		29.21		0.17			6.61			6.78			(0.53	)		(0.53	)		(1.06	)
Year Ended June 30, 2020		35.08		0.48			(4.98	)		(4.50	)		(0.44	)		(0.93	)		(1.37	)
Year Ended June 30, 2019		35.11		0.49			1.71			2.20			(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	)

(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.

58 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

		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)
$	35.37		23.23	%	$	841,140		1.13	%		1.07	%		1.15	%		10	%
	29.53		(13.60	)		736,715		1.14			1.45			1.16			29
	35.46		7.00			1,231,325		1.14			1.59			1.25			15
	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
	35.32		22.96			315,140		1.63			0.56			1.65			10
	29.38		(14.04	)		332,229		1.64			0.94			1.66			29
	35.29		6.45			522,878		1.64			1.08			1.75			15
	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
	35.53		23.39			2,344,558		0.88			1.31			0.89			10
	29.71		(13.39	)		2,047,640		0.89			1.70			0.90			29
	35.67		7.28			2,445,747		0.89			1.76			0.99			15
	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
	35.55		23.52			1,672,350		0.74			1.46			0.74			10
	29.73		(13.26	)		1,593,954		0.74			1.85			0.75			29
	35.69		7.41			2,569,596		0.74			2.04			0.84			15
	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
	35.06		23.12			125		1.38			0.83			1.56			10
	29.31		(13.82	)		182		1.39			1.27			1.55			29
	35.24		6.72			69		1.39			1.40			2.14			15
	35.22		5.54			38		1.41			0.78	(f)		1.61			23
	34.93		23.24			2,077		1.13			1.06			1.18			10
	29.21		(13.60	)		1,519		1.14			1.43			1.18			29
	35.08		7.00			2,241		1.14			1.44			1.26			15
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN MID CAP/MULTI-CAP 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)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Value Advantage Fund (continued)
Class R4
Six Months Ended December 31, 2020 (Unaudited)	$	29.56	$	0.21		$	6.70		$	6.91		$	(0.59	)	$	(0.53	)	$	(1.12	)
Year Ended June 30, 2020		35.52		0.57			(5.04	)		(4.47	)		(0.56	)		(0.93	)		(1.49	)
Year Ended June 30, 2019		35.47		0.62			1.69			2.31			(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, 2020 (Unaudited)		29.67		0.24			6.72			6.96			(0.62	)		(0.53	)		(1.15	)
Year Ended June 30, 2020		35.62		0.63			(5.05	)		(4.42	)		(0.60	)		(0.93	)		(1.53	)
Year Ended June 30, 2019		35.57		0.65			1.71			2.36			(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, 2020 (Unaudited)		29.71		0.25			6.74			6.99			(0.67	)		(0.53	)		(1.20	)
Year Ended June 30, 2020		35.67		0.66			(5.06	)		(4.40	)		(0.63	)		(0.93	)		(1.56	)
Year Ended June 30, 2019		35.60		0.71			1.70			2.41			(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.

60 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

		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)
$	35.35		23.43	%	$	36,192		0.88	%		1.31	%		0.89	%		10	%
	29.56		(13.40	)		32,555		0.88			1.74			0.90			29
	35.52		7.27			20,538		0.89			1.79			0.99			15
	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
	35.48		23.52			4,613		0.73			1.47			0.74			10
	29.67		(13.25	)		5,529		0.74			1.85			0.75			29
	35.62		7.41			8,018		0.74			1.85			0.84			15
	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
	35.50		23.57			4,042,389		0.63			1.57			0.64			10
	29.71		(13.18	)		3,949,596		0.64			1.96			0.65			29
	35.67		7.57			4,025,348		0.64			2.02			0.74			15
	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, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 61

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (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.

J.P. Morgan Mutual Fund Investment Trust (“JPMMFIT”) was organized as a Massachusetts business trust on September 23, 1997, as an open-end management investment company.

J.P. Morgan Fleming Mutual Fund Group, Inc. (“JPMFMFG,” and with JPM I, JPM II and JPMMFIT, collectively, the “Trusts”) was organized as a Maryland corporation on August 19, 1997, as an open-end management investment company.

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

	Classes Offered	Trust	Diversification Classification
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

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 Mid Cap Value and Value Advantage Fund are publicly offered on a limited basis. Investors are not eligible to purchase Class L Shares of the 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’ prospectus. Effective October 1, 2020, Class C Shares automatically convert to Class A Shares after eight years. Prior to October 1, 2020, Class C Shares automatically converted 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, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) 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 (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) 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 — Investments are valued in accordance with GAAP and the Funds’ valuation policies set forth by, and under the supervision and responsibility of, the Boards of Trustees of the Trusts (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

62 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

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/or 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 the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for 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 (“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)	$	14,529,548	$	—	$	—	$	14,529,548
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)	$	2,072,056	$	—	$	—	$	2,072,056
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)	$	7,979,779	$	—	$	—	$	7,979,779
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)	$	14,782,139	$	—	$	—	$	14,782,139

DECEMBER 31, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 63

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

Value Advantage Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks	$	9,143,043	$	—	$	—		$	9,143,043
Rights		—		—		—	(b)		—	(b)
Short-Term Investments
Investment Companies		117,306		—		—			117,306
Investment of cash collateral from securities loaned		35,377		—		—			35,377
Total Short-Term Investments		152,683		—		—			152,683
Total Investments in Securities	$	9,295,726	$	—	$	—	(b)	$	9,295,726

(a) Please refer to the SOIs for specifics of portfolio holdings.

(b) Amount rounds to less than one thousand.

B. Securities Lending — The Funds are 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 Class IM Shares of the JPMorgan U.S. Government Money Market Fund and the Agency SL Class 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.

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), subject to certain de minimis amounts.

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.

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. Securities lending activity is subject to master netting arrangements.

The following table presents for each lending Fund, the value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Funds as of December 31, 2020 (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	$	210,429	$	(210,429	)	$	—
Mid Cap Equity Fund		44,647		(44,647	)		—
Mid Cap Growth Fund		160,963		(160,963	)		—
Mid Cap Value Fund		125,755		(125,755	)		—
Value Advantage Fund		34,343		(34,343	)		—

* Collateral posted reflects the value of securities on loan and does not include any additional amounts received from the borrower.

64 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

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 cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.15% to 0.06%. For the six months ended December 31, 2020, JPMIM waived fees associated with the Funds’ investment in the JPMorgan U.S. Government Money Market Fund as follows (amounts in thousands):

Growth Advantage Fund	$	10
Mid Cap Equity Fund		1
Mid Cap Growth Fund		10
Mid Cap Value Fund		5
Value Advantage Fund		5

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. 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 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. Amounts in the tables below are in thousands.

Growth Advantage Fund

For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	105,416	$	1,809,445	$	1,687,999	$	(52	)	$	(36	)	$	226,774		226,661	$	190		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a) (b)		302,529		1,241,000		1,433,750		(67	)*		2			109,714		109,703		317	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		31,490		764,958		687,138		—			—			109,310		109,310		10	*		—
Total	$	439,435	$	3,815,403	$	3,808,887	$	(119	)	$	(34	)	$	445,798			$	517		$	—

Mid Cap Equity Fund

For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	40,612	$	261,072	$	267,248	$	(10	)	$	(4	)	$	34,422		34,404	$	30		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a) (b)		—		121,000		87,000		(7	)*		—			33,993		33,990		23	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		—		71,588		59,233		—			—			12,355		12,355		1	*		—
Total	$	40,612	$	453,660	$	413,481	$	(17	)	$	(4	)	$	80,770			$	54		$	—

DECEMBER 31, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 65

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

Mid Cap Growth Fund

For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)		51,560		769,582		663,655		(24	)		(10	)		157,453		157,374		95			—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a) (b)		211,088		762,000		824,000		(79	)*		2			149,011		148,996		335	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		24,377		305,212		309,912		—			—			19,677		19,677		10	*		—
Total	$	287,025	$	1,836,794	$	1,797,567	$	(103	)	$	(8	)	$	326,141			$	440		$	—

Mid Cap Value Fund

For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)		170,302		1,570,964		1,533,081		91			(190	)		208,086		207,983		245			—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a) (b)		168,074		297,000		391,500		(36	)*		—	(c)		73,538		73,531		148	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		23,472		201,721		170,387		—			—			54,806		54,806		5	*		—
Total	$	361,848	$	2,069,685	$	2,094,968	$	55		$	(190	)	$	336,430			$	398		$	—

Value Advantage Fund

For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)		193,827		1,686,485		1,762,920		(78	)		(8	)		117,306		117,248		210			—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a) (b)		139,126		407,985		518,000		(34	)*		—	(c)		29,077		29,074		185	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		15,136		185,762		194,598		—			—			6,300		6,300		6	*		—
Total	$	348,089	$	2,280,232	$	2,475,518	$	(112	)	$	(8	)	$	152,683			$	401		$	—

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

(b) The rate shown is the current yield as of December 31, 2020.

(c) Amount rounds to less than one thousand.

* Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).

66 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

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. Dividend income 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.

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 applicable funds. 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 share class of the Funds for the six months ended December 31, 2020 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	$	70	$	27	$	23		n/a	$	—	(a)	$	—	(a)	$	—	(a)	$	2		$	33	$	155
Mid Cap Equity Fund
Transfer agency fees		18		1		4		n/a		—	(a)		n/a			n/a			—	(a)		6		29
Mid Cap Growth Fund
Transfer agency fees		158		4		15		n/a		12			1			—	(a)		6			41		237
Mid Cap Value Fund
Transfer agency fees		48		2		18	$	19		4			1			—	(a)		1			34		127
Value Advantage Fund
Transfer agency fees		40		17		15		17		—	(a)		1			—	(a)		—	(a)		21		111

(a) Amount rounds to less than one thousand.

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, 2020, no liability for Federal 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 Fund’s Federal tax returns for the prior three fiscal years remain 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 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.

H. Recent Accounting Pronouncement — In March 2020, the FASB issued Accounting Standards Update No. 2020-04 (“ASU 2020-04”), Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 became effective upon the issuance and its optional relief can be applied through December 31, 2022. Management is currently evaluating the impact, if any, to the Funds’ financial statements of applying ASU 2020-04.

3. Fees and Other Transactions with Affiliates

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

Growth Advantage Fund	0.55	%
Mid Cap Equity Fund	0.65
Mid Cap Growth Fund	0.65
Mid Cap Value Fund	0.65
Value Advantage Fund	0.55

DECEMBER 31, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 67

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

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 each Fund. In consideration of these services, 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, plus 0.050% of each Fund’s respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund’s respective average daily net assets between $20 billion and $25 billion, plus 0.01% of each Fund’s respective average daily net assets in excess of $25 billion. For the six months ended December 31, 2020, the effective annualized rate was 0.07% 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.

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 each Fund’s 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, pursuant to Rule 12b-1 under the 1940 Act. Class I, Class L, Class R4, Class R5 and Class R6 Shares of the Funds do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay, with respect to the applicable share classes, 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

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, 2020, JPMDS retained the following (amounts in thousands):

	Front-End Sales Charge		CDSC
Growth Advantage Fund	$	282	$	1
Mid Cap Equity Fund		45		—	(a)
Mid Cap Growth Fund		89		—	(a)
Mid Cap Value Fund		19		—
Value Advantage Fund		41		—	(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 fund shareholders. For performing these services, JPMDS receives a fee with respect to all share classes, except 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. Pursuant to such contracts, 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.

68 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

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, expenses related to trustee elections 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	%		n/a			n/a			n/a
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			n/a			0.93			n/a			1.49			n/a			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

The expense limitation agreements were in effect for the six months ended December 31, 2020 and the contractual expense limitation percentages in the table above are in place until at least October 31, 2021.

For the six months ended December 31, 2020, 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	$	—	$	—	$	19	$	19	$	—	(a)
Mid Cap Equity Fund		644		430		17		1,091		—
Mid Cap Growth Fund		28		18		775		821		41
Mid Cap Value Fund		282		183		2,529		2,994		34
Value Advantage Fund		36		23		73		132		21

(a) Amount rounds to less than one thousand.

Additionally, the Funds may invest in one or more money market funds advised by the Adviser (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, except for investments of securities lending cash collateral. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

The amounts of these waivers resulting from investments in these money market funds for the six months ended December 31, 2020 were as follows (amounts in thousands):

Growth Advantage Fund	$	111
Mid Cap Equity Fund		21
Mid Cap Growth Fund		56
Mid Cap Value Fund		160
Value Advantage Fund		132

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 designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. Each Fund, along with 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, 2020, the Funds purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

DECEMBER 31, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 69

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

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

4. Investment Transactions

During the six months ended December 31, 2020, 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	$	2,259,847	$	2,396,125
Mid Cap Equity Fund		355,208		420,108
Mid Cap Growth Fund		1,562,549		1,205,651
Mid Cap Value Fund		859,923		1,903,279
Value Advantage Fund		854,667		1,936,104

During the six months ended December 31, 2020, 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, 2020 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Growth Advantage Fund	$	7,043,857	$	7,497,833	$	12,142	$	7,485,691
Mid Cap Equity Fund		1,220,681		863,490		12,115		851,375
Mid Cap Growth Fund		4,862,616		3,137,535		20,372		3,117,163
Mid Cap Value Fund		9,143,415		5,941,886		303,162		5,638,724
Value Advantage Fund		6,349,204		3,109,840		163,318		2,946,522

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, 2020, the following Funds deferred to July 1, 2020 late year ordinary losses and post-October capital losses of (amounts in thousands):

	Net Capital Losses				Late Year Ordinary Loss Deferral
	Short-Term		Long-Term
Growth Advantage Fund	$	—	$	—	$	3,489
Mid Cap Growth Fund		—		—		6,406
Value Advantage Fund		104,712		—		—

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 Funds had no borrowings outstanding from another fund during the six months ended December 31, 2020.

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 1, 2021.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended December 31, 2020.

The Trusts, along with certain other trusts for J.P. Morgan Funds (“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

70 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

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%, which has increased to 1.25% pursuant to the amendment referenced below, 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 11, 2020, this agreement has been amended and restated for a term of 364 days, unless extended, and to include the change to the interest rate charged for borrowing from the Credit Facility to 1.25%, as noted above, and an upfront fee of 0.075% of the Credit Facility to be charged and paid by all participating funds of the Credit Facility.

The Funds did not utilize the Credit Facility during the six months ended December 31, 2020.

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, 2020, the following Funds had individual shareholder and/or omnibus accounts each owning more than 10% of the respective Fund’s outstanding shares as follows:

	Number of individual shareholder and/or Affiliated Omnibus Accounts		% of the Fund			Number of individual shareholder and/or Non-Affiliated Omnibus Accounts		% of the Fund
Growth Advantage Fund		1		12.5	%		1		21.4	%
Mid Cap Equity Fund		—		—			1		57.8
Mid Cap Growth Fund		1		10.4			2		27.0
Mid Cap Value Fund		—		—			2		35.8
Value Advantage Fund		—		—			3		38.4

As of December 31, 2020, 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 Funds as follows:

	JPMorgan SmartRetirement Funds
Growth Advantage Fund		19.2	%
Value Advantage Fund		20.7

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

LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. The regulatory authority that oversees financial services firms and financial markets in the U.K. has announced that, after the end of 2021, it would no longer persuade or compel contributing banks to make rate submissions for purposes of determining the LIBOR rate. As a result, it is possible that commencing in 2022, LIBOR may no longer be available or no longer deemed an appropriate reference rate upon which to determine the interest rate on or impacting certain loans, notes, derivatives and other instruments or investments comprising some or all of a Fund’s portfolio. In light of this eventuality, public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of LIBOR. There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain investments of a Fund and result in costs incurred in connection with closing out positions and entering into new trades. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., Euribor) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.

The Funds are subject to infectious disease epidemics/pandemics risk. The worldwide outbreak of COVID-19, a novel coronavirus disease, has negatively affected economies, markets and individual companies throughout the world. The effects of this COVID-19 pandemic to public health, and business and market conditions, including exchange trading suspensions and closures may continue to have a significant negative impact on the performance of a Fund’s investments, increase a Fund’s volatility, exacerbate other pre-existing political, social and economic risks to the Funds and negatively impact broad segments of businesses and populations. The Funds’ operations may be interrupted as a result, which may have a

DECEMBER 31, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 71

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

significant negative impact on investment performance. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could also have a significant negative impact on a Fund’s investment performance. The full impact of this COVID-19 pandemic, or other future epidemics/pandemics, is currently unknown.

8. Redemptions in-kind

On October 11, 2019, certain shareholders sold Class R6 Shares of Mid Cap Equity Fund. The portfolio securities were delivered primarily by means of a redemption in-kind in exchange for shares of the Fund. Cash and portfolio securities were transferred as detailed below (amounts in thousands):

	Value			Realized Gains (Losses)		Type
Mid Cap Equity Fund	$	1,200,715	*	$	234,072		Redemption in-kind

* This amount includes cash of approximately $42,541,000 associated with the redemption in-kind.

72 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

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, 2020, and continued to hold your shares at the end of the reporting period, December 31, 2020.

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 titled “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, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Growth Advantage Fund
Class A
Actual	$	1,000.00	$	1,322.50	$	6.61		1.13	%
Hypothetical		1,000.00		1,019.51		5.75		1.13
Class C
Actual		1,000.00		1,319.30		9.53		1.63
Hypothetical		1,000.00		1,016.99		8.29		1.63
Class I
Actual		1,000.00		1,324.40		5.16		0.88
Hypothetical		1,000.00		1,020.77		4.48		0.88
Class R2
Actual		1,000.00		1,320.80		8.07		1.38
Hypothetical		1,000.00		1,018.25		7.02		1.38
Class R3
Actual		1,000.00		1,322.70		6.62		1.13
Hypothetical		1,000.00		1,019.51		5.75		1.13
Class R4
Actual		1,000.00		1,324.10		5.16		0.88
Hypothetical		1,000.00		1,020.77		4.48		0.88
Class R5
Actual		1,000.00		1,325.60		4.28		0.73
Hypothetical		1,000.00		1,021.53		3.72		0.73
Class R6
Actual		1,000.00		1,325.70		3.69		0.63
Hypothetical		1,000.00		1,022.03		3.21		0.63

DECEMBER 31, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 73

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Mid Cap Equity Fund
Class A
Actual	$	1,000.00	$	1,284.90	$	6.51		1.13	%
Hypothetical		1,000.00		1,019.51		5.75		1.13
Class C
Actual		1,000.00		1,281.60		9.37		1.63
Hypothetical		1,000.00		1,016.99		8.29		1.63
Class I
Actual		1,000.00		1,286.50		5.07		0.88
Hypothetical		1,000.00		1,020.77		4.48		0.88
Class R2
Actual		1,000.00		1,283.20		7.94		1.38
Hypothetical		1,000.00		1,018.25		7.02		1.38
Class R5
Actual		1,000.00		1,287.30		4.27		0.74
Hypothetical		1,000.00		1,021.48		3.77		0.74
Class R6
Actual		1,000.00		1,288.00		3.69		0.64
Hypothetical		1,000.00		1,021.98		3.26		0.64
JPMorgan Mid Cap Growth Fund
Class A
Actual		1,000.00		1,324.30		7.21		1.23
Hypothetical		1,000.00		1,019.00		6.26		1.23
Class C
Actual		1,000.00		1,320.90		10.18		1.74
Hypothetical		1,000.00		1,016.43		8.84		1.74
Class I
Actual		1,000.00		1,326.10		5.39		0.92
Hypothetical		1,000.00		1,020.57		4.69		0.92
Class R2
Actual		1,000.00		1,322.70		8.66		1.48
Hypothetical		1,000.00		1,017.74		7.53		1.48
Class R3
Actual		1,000.00		1,324.10		7.26		1.24
Hypothetical		1,000.00		1,018.95		6.31		1.24
Class R4
Actual		1,000.00		1,325.60		5.74		0.98
Hypothetical		1,000.00		1,020.27		4.99		0.98
Class R5
Actual		1,000.00		1,327.30		4.63		0.79
Hypothetical		1,000.00		1,021.22		4.02		0.79
Class R6
Actual		1,000.00		1,327.40		4.34		0.74
Hypothetical		1,000.00		1,021.48		3.77		0.74
JPMorgan Mid Cap Value Fund
Class A
Actual		1,000.00		1,243.60		6.96		1.23
Hypothetical		1,000.00		1,019.00		6.26		1.23
Class C
Actual		1,000.00		1,240.80		9.77		1.73
Hypothetical		1,000.00		1,016.48		8.79		1.73
Class I
Actual		1,000.00		1,245.60		5.55		0.98
Hypothetical		1,000.00		1,020.27		4.99		0.98

74 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

	Beginning Account Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Mid Cap Value Fund (continued)
Class L
Actual	$	1,000.00	$	1,246.40	$	4.25		0.75	%
Hypothetical		1,000.00		1,021.42		3.82		0.75
Class R2
Actual		1,000.00		1,242.00		8.36		1.48
Hypothetical		1,000.00		1,017.74		7.53		1.48
Class R3
Actual		1,000.00		1,243.50		6.96		1.23
Hypothetical		1,000.00		1,019.00		6.26		1.23
Class R4
Actual		1,000.00		1,245.20		5.55		0.98
Hypothetical		1,000.00		1,020.27		4.99		0.98
Class R5
Actual		1,000.00		1,246.30		4.70		0.83
Hypothetical		1,000.00		1,021.02		4.23		0.83
Class R6
Actual		1,000.00		1,246.80		4.13		0.73
Hypothetical		1,000.00		1,021.53		3.72		0.73
JPMorgan Value Advantage Fund
Class A
Actual		1,000.00		1,232.30		6.36		1.13
Hypothetical		1,000.00		1,019.51		5.75		1.13
Class C
Actual		1,000.00		1,229.60		9.16		1.63
Hypothetical		1,000.00		1,016.99		8.29		1.63
Class I
Actual		1,000.00		1,233.90		4.95		0.88
Hypothetical		1,000.00		1,020.77		4.48		0.88
Class L
Actual		1,000.00		1,235.20		4.17		0.74
Hypothetical		1,000.00		1,021.48		3.77		0.74
Class R2
Actual		1,000.00		1,231.20		7.76		1.38
Hypothetical		1,000.00		1,018.25		7.02		1.38
Class R3
Actual		1,000.00		1,232.40		6.36		1.13
Hypothetical		1,000.00		1,019.51		5.75		1.13
Class R4
Actual		1,000.00		1,234.30		4.96		0.88
Hypothetical		1,000.00		1,020.77		4.48		0.88
Class R5
Actual		1,000.00		1,235.20		4.11		0.73
Hypothetical		1,000.00		1,021.53		3.72		0.73
Class R6
Actual		1,000.00		1,235.70		3.55		0.63
Hypothetical		1,000.00		1,022.03		3.21		0.63

* 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, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 75

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 June and August 2020, 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”). In accordance with SEC guidance, due to the COVID-19 pandemic, the meetings were conducted through video conference. 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 parties to an Advisory Agreement or “interested persons” (as defined in the 1940 Act) of any party to an Advisory Agreement or any of their affiliates, approved the continuation of each Advisory Agreement on August 11, 2020.

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, at each of their regular meetings throughout the year, the Trustees considered reports on the performance of certain J.P. Morgan Funds provided by an independent management consulting firm (“independent consultant”). 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. and/or Morningstar Inc., independent providers of investment company data (together, “Broadridge”). The Trustees’ independent consultant also provided additional analyses of the performance of the Funds, as well as risk/return assessment of certain 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 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, including additional reporting and information provided in connection with the market volatility caused by the COVID-19 pandemic, 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 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, personnel changes, if any, 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, if any. In addition, the Board considered its discussions with the Adviser regarding the Adviser’s business continuity plan and steps the Adviser was taking to provide ongoing services to the Funds during the COVID-19 pandemic, and the Adviser’s success in continuing to provide services to the Funds and their shareholders throughout this period. 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 administration services provided by the Adviser in its role as administrator.

76 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

The Trustees also considered their knowledge of the nature and quality of 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.

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, and taking into consideration the factors noted above, 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 administration 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 (although they are retained by JPMDS in certain instances). 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 considered that the J.P. Morgan Funds’ operating accounts are held at JPMCB, which, as a result, will receive float benefits for certain J.P. Morgan Funds, as applicable. The Trustees also noted that the Adviser supports a diverse set of products and services, which benefits the Adviser by allowing it to leverage its infrastructure to serve additional clients, including benefits that may be received by the Adviser and its affiliates in connection with the Funds’ potential investments in other funds advised by the Adviser. 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. The Trustees noted certain Funds with contractual expense limitations and fee waivers (“Fee Caps”), which allow a Fund’s shareholders to share potential economies of scale from a Fund’s inception, prior to reaching scale. The Trustees also noted that other Funds which had achieved scale as asset levels had increased, no longer had Fee Caps in place for some or all of their share classes, but shared economies of scale through lower average expenses. The Trustees noted that the fees remain satisfactory relative to peer funds. The Trustees considered the benefits to the Funds of the use of an affiliated distributor and custodian, including the ability to rely on existing infrastructure supporting distribution, custodial and transfer agent services and the ability to negotiate competitive fees for the Funds. The Trustees further considered the Adviser’s and JPMDS’s ongoing investments in their business in support of the Funds, including the Adviser’s and/or JPMDS’s investments in trading systems, technology (including improvements to the J.P. Morgan Funds’ website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees concluded that the current fee structure for each Fund, including any Fee Caps the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels, was reasonable. The Trustees concluded that, for Funds with expense caps in place for some or all of their share classes, the relevant Fund’s shareholders received the benefits of potential

DECEMBER 31, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 77

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

economies of scale through the Fee Caps and, for Funds that achieved scale and no longer had Fee Caps in place for some or all of their share classes, the relevant Fund’s shareholders benefited from lower average expenses resulting from increased assets. The Trustees also concluded that all Funds benefited from the Adviser’s reinvestment in its operations to serve the Funds and their shareholders. The Trustees noted that the Adviser’s reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Funds.

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, collective investment trusts, ETFs 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, as applicable, 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. 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 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’s methodology for selecting mutual funds in each Fund’s Universe and Peer Group and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Broadridge 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 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 shares was in the fourth, second 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, 2019, respectively. The Trustees noted that the performance for Class I shares was in the second quintile based upon the Peer Group for each of the one, three, and five-year periods ended December 31, 2019, and in the second, first and first quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the fourth, second 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, 2019, 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 Equity Fund’s performance for Class A shares was in the first, second and second quintiles based upon the Peer Group, and in the first, second and third quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in

78 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

the first, second 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, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the second and first quintiles based upon the Peer Group for the one- and three-year periods ended December 31, 2019, and in the first, second and second quintiles based upon the Universe for the one- and three-year periods ended December 31, 2019, 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 first, third and fifth quintiles based upon the Peer Group, and in the first, second and third quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the first, second and third quintiles based upon both the Peer Group and Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the first, first and third quintiles based upon the Peer Group and in the first, second and third quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2019, 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 fourth, fourth and third quintiles based upon both the Peer Group and Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the fourth, fifth and third 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, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the fifth and third quintiles based upon the Peer Group for the one- and three-year periods ended December 31, 2019, and in the third quintile based upon the Universe for both the one- and three-year periods ended December 31, 2019, 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 Value Advantage Fund’s performance for Class A shares was in the second, second and third quintiles based upon both the Peer Group and Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the second, second and third quintiles based upon the Peer Group for the one-, three-, and five-year periods ended December 31, 2019, respectively, and in the second quintile based upon the Universe, for each of the one-, three-, and five-year periods ended December 31, 2019. The Trustees noted that the performance for Class R6 shares was in the third and second quintiles based upon the Peer Group for the one- and three-year periods ended December 31, 2019, respectively, and in the second quintile based upon the Universe for both the one- and three-year periods ended December 31, 2019. 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.

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 concerning management fee rates paid by other funds in the same Broadridge category as each Fund. The Trustees recognized that Broadridge 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 and noted that Universe and Peer Group ranking were not calculated if the number of funds in the Universe and/or Peer Groups did not meet a predetermined minimum. For each Fund that had a Fee Cap in place, the Trustees considered the net advisory fee rate and net expense ratio for each share class, as applicable, taking into account any waivers and/or reimbursements. The Trustees also considered any proposed changes to a Fee Cap, 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:

DECEMBER 31, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 79

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

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 fourth and second quintiles based upon the Peer Group and Universe, respectively, 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. The Trustees noted that the net advisory fee for Class R6 shares was in the fourth and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class R6 shares were in the fourth and first 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 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 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 actual total expenses for Class I shares were in the first and fourth quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the fourth and third quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class R6 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.

The Trustees noted that the Mid Cap Growth Fund’s net advisory fee for Class A shares was in the fourth and third quintiles based upon the Peer Group and Universe, respectively, 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 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 third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the fourth quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class R6 shares were in the third 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 Mid Cap Value Fund’s net advisory fee for Class A shares was in the third quintile based upon both the Peer Group and Universe, and 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. The Trustees noted that the net advisory fee for Class R6 shares was in the third quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class R6 shares were in the third and first 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 second and third quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the fifth and fourth 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 fourth quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the third quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class R6 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.

80 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

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 as an exhibit to its report on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC’s website at http://www.sec.gov. Each Fund’s quarterly holdings can be found 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 brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

^© JPMorgan Chase & Co., 2020. All rights reserved. December 2020. SAN-MC-1220

Semi-Annual Report

J.P. Morgan Small Cap Funds

December 31, 2020 (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 SMID Cap Equity Fund

(formerly known as JPMorgan Intrepid Mid Cap Fund)

JPMorgan U.S. Small Company Fund

CONTENTS

Letter to Shareholders	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 SMID Cap Equity Fund     (formerly known as JPMorgan Intrepid Mid Cap Fund)	13
JPMorgan U.S. Small Company Fund	16
Schedules of Portfolio Investments	18
Financial Statements	58
Financial Highlights	76
Notes to Financial Statements	100
Schedule of Shareholder Expenses	114
Board Approval of Investment Advisory Agreements	118

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.

LETTER TO SHAREHOLDERS

February 4, 2021 (Unaudited)

Dear Shareholders,

The year ahead holds the potential for a strong recovery in the global economy thanks to the massive efforts of central banks and governments and the development of multiple vaccines against Covid-19. While significant economic and health care challenges remain ahead, the uncertainty and turbulence of 2020 has abated.

  “Investors who remained fully invested over the second half of 2020, in the face of uncertainty over the pandemic, the economy and a contested U.S. presidential election, were likely rewarded for their perseverance.” — Andrea L. Lisher

The second half of 2020 was notable for an accelerating rebound in equity markets from the steep sell-off in the first quarter of the year when the pandemic was first declared by the World Health Organization. Positive news about clinical trials of new vaccines, followed by the first approvals of those vaccines in November 2020, bolstered investor expectations that the pandemic would be halted and that economic and social activity could begin to resume in the year ahead. As overall demand for equities increased in the final half of 2020, investors began to turn their focus from companies that could endure the pandemic to those that could benefit from a potential recovery in local, national and international economies. For the six months ended December 31, 2020, the S&P 500 Index generated a total return of 22.16%.

Investors who remained fully invested over the second half of 2020, in the face of uncertainty over the pandemic, the economy and a contested U.S. presidential election, were likely rewarded for their perseverance.

The implementation of mass vaccinations on the national and global scales is not without challenges and the rebuilding of economies at all levels is likely to depend on how successfully the pandemic is fought. However, the advances in the fight against Covid-19 provide policymakers and investors with the opportunity to plan for the future and meet those challenges. J.P. Morgan Asset Management has thrived amid the many challenges presented by the pandemic. Moreover, our deep experience in risk management enabled us to successfully navigate increased volatility in global financial markets. Throughout 2020, we continued to seek to operate under the same fundamental practices and principles that have driven our success for more than a century with an unwavering focus on putting our clients at the center of everything we do.

On behalf of J.P. Morgan Asset Management, thank you for entrusting us to manage your investment. 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,

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 1

J.P. Morgan Small Cap Funds

MARKET OVERVIEW

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

Overall, the second half of 2020 was marked by U.S. equity market gains in the final months of the year amid the rollout of multiple vaccines against Covid-19, followed by the eventual approval of $900 billion in federal pandemic relief that was signed into law on December 27, 2020.

Globally, U.S. equity led a broad rebound in both developed markets and emerging markets equity at the start of the period. Leading U.S. equity indexes rose in July and August 2020, punctuated by five consecutive record high closings for the S&P 500 Index in late August — a stretch not seen since 2017. Notably, Apple Inc. issued a 4-for-1 stock split in August and became the first publicly listed company with a valuation surpassing $2 trillion. The U.S. Federal Reserve (the “Fed”) signaled its continued support for asset purchases and low benchmark interest rates. While the spread of Covid-19 accelerated in the U.S., multiple candidate vaccines were being developed around the world and the number of hospitalizations at the end of the summer was relatively small compared with what was to come at the end of the year.

Equity prices across the globe largely declined over September and October 2020. Re-closings across Asia and Europe in response to Covid-19 dented investor optimism. The inability of the U.S. Congress to adopt further spending for pandemic relief put acute pressure on the S&P 500 Index in the final week of October.

U.S. equity prices began to rebound in November and by mid-month the S&P 500 Index reached a closing high and crossed 3,600 points for the first time amid the U.S. Food and Drug Administration’s approval of the first Covid-19 vaccines. While the results of the U.S. presidential election were contested, President-elect Joe Biden’s early cabinet choices — including former Fed Chairwoman Janet Yellen — removed some investor uncertainty. The Fed kept interest rates and policies unchanged and Congressional negotiations over proposed relief and stimulus spending continued through the month.

Globally, equity markets maintained upward momentum through the end of December, largely driven by investor expectations that mass vaccinations and the reopening of economies would unleash pent up demand from consumers, businesses and governments. Notably, emerging markets equity outperformed developed markets equity, including U.S. equity in the second half of 2020 as China, Taiwan and South Korea appeared to have greater success in containing the pandemic.

In the U.S., growth stocks continued to outperform value stocks but the difference narrowed somewhat during the period as share price valuations rose. Additionally, shares of select companies that had seen their stock prices plummet in the first half of 2020 benefitted from increased investor appetite for bargains in the second half of the year. At year’s end, the largest 10 companies in the S&P 500 Index made up 27.4% of the index’s value, compared with 22.7% at the end of 2019 and 21.0% at the end of 2018.

For the six months ended December 31, 2020, the Russell 2000 Index returned 37.9%, the Russell Mid Cap Index returned 28.9% and the Russell 1000 Index returned 24.5%. The S&P 500 Index posted a total return of 22.16%.

2 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

JPMorgan Small Cap Blend Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		35.16%
Russell 2000 Index		37.85%
Net Assets as of 12/31/2020 (In Thousands)	$	764,985

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, underperformed the Russell 2000 Index (the “Benchmark”) for the six months ended December 31, 2020. The Fund’s security selection in the industrials and materials sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the health care and information technology sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s underweight positions in Plug Power Inc. and Penn National Gaming Inc. and its out-of-Benchmark position in Ollie’s Bargain Outlet Holdings Inc. Shares of Plug Power, a developer of hydrogen fuel cell systems that was not held in the Fund, rose after reporting better-than-expected results for the third quarter amid increased industry adoption of fuel cell technology. Shares of Penn National Gaming, a provider of online betting and casino games, rose after voters in several U.S. states approved expanded sports betting and other gambling operations in the November 3, 2020 elections. Shares of Ollie’s Bargain Outlets Holdings, a discount retailer, fell as investors sold the stock after a run-up in the company’s share price during the early part of the reporting period.

Leading individual contributors to relative performance included the Fund’s out-of-Benchmark positions in Enphase Energy Inc. and Farfetch Ltd. and its overweight position in Twist Bioscience Corp. Shares of Enphase Energy, a provider of systems to the solar energy sector, rose amid better-than-expected earnings and investor expectations that the incoming Biden administration would seek increased investment in renewable energy. Shares of Farfetch, a U.K. online platform for luxury fashion retailers, rose amid consumer migration to online purchases. Shares of Twist Bioscience, a developer of synthetic DNA manufacturing processes, rose amid investor expectations for increased demand for the company’s technology in the fight against Covid-19 and its variants.

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 companies that are attractively valued and stocks that have a history of growth. 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. The Fund is positioned to invest in small cap companies across both growth and value styles.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	ITT, Inc.	1.0	%
	2.	Lithia Motors, Inc., Class A	0.9
	3.	Applied Industrial Technologies, Inc.	0.9
	4.	Helen of Troy Ltd.	0.9
	5.	Texas Roadhouse, Inc.	0.9
	6.	Performance Food Group Co.	0.8
	7.	WSFS Financial Corp.	0.8
	8.	Simpson Manufacturing Co., Inc.	0.7
	9.	Premier Financial Corp.	0.7
	10.	Advanced Drainage Systems, Inc.	0.7

PORTFOLIO COMPOSITION BY SECTOR***
Industrials	17.8	%
Information Technology	15.3
Financials	15.3
Health Care	13.8
Consumer Discretionary	11.3
Real Estate	5.6
Consumer Staples	3.4
Materials	3.1
Communication Services	2.7
Utilities	2.6
Energy	2.2
Short-Term Investments	6.9

* 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, 2020. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 3

JPMorgan Small Cap Blend Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 19, 1997
With Sales Charge**			28.06	%		18.16	%		17.72	%		13.29	%
Without Sales Charge			35.16			24.72			18.99			13.90
CLASS C SHARES	January 7, 1998
With CDSC***			33.80			23.02			18.39			13.45
Without CDSC			34.80			24.02			18.39			13.45
CLASS I SHARES	April 5, 1999		35.33			24.99			19.29			14.22
CLASS R6 SHARES	July 2, 2018		35.51			25.29			19.59			14.54

* 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.

TEN YEAR PERFORMANCE (12/31/10 TO 12/31/20)

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 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 and the Russell 2000 Index from December 31, 2010 to December 31, 2020. 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 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. 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 on gains resulting from redemptions of Fund shares.

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.

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, 2020

JPMorgan Small Cap Core Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class R5 Shares)*		38.49%
Russell 2000 Index		37.85%
Net Assets as of 12/31/2020 (In Thousands)	$	417,789

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 outperformed the Russell 2000 Index (the “Benchmark”) for the six months ended December 31, 2020. The Fund’s security selection in the health care and financials sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the consumer discretionary and industrials sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s out-of-Benchmark position in Immunomedics Inc. and its overweight positions in Renewable Energy Group Inc. and Owens & Minor Inc. Shares of Immunomedics, a drug development company, rose ahead of its acquisition by Gilead Sciences Inc. for $21 billion. Shares of Renewable Energy Group, a biofuels manufacturer, rose after the company reported better-than-expected revenues and amid investor expectations for increased government investment in renewable energy. Shares of Owens & Minor, a surgical products manufacturer, rose after the company raised its earnings forecast for the full year 2020.

Leading individual detractors from relative performance included the Fund’s overweight position in Argan Inc. and its underweight positions in Plug Power Inc. and MyoKardia Inc. Shares of Argan, a power plant builder, fell late in the period following a run-up in the stock after reporting better-than-expected results for the first quarter of 2020 and the company’s announcement of a special dividend to shareholders. Shares of Plug Power, a developer of hydrogen fuel cell systems that was not held in the Fund, rose after reporting better-than-expected results for the third quarter amid increased industry adoption of fuel cell technology. Shares of MyoKardia, a drug development company not held in the Fund, rose ahead of Bristol Myers Squibb Co.’s planned $13.1 billion acquisition of the company.

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.	Deckers Outdoor Corp.	1.1	%
	2.	WESCO International, Inc.	0.9
	3.	ArcBest Corp.	0.8
	4.	AdaptHealth Corp.	0.7
	5.	MicroStrategy, Inc., Class A	0.7
	6.	Renewable Energy Group, Inc.	0.7
	7.	Cornerstone OnDemand, Inc.	0.7
	8.	TTEC Holdings, Inc.	0.7
	9.	Korn Ferry	0.7
	10.	Horizon Therapeutics plc	0.7

PORTFOLIO COMPOSITION BY SECTOR***
Health Care	18.2	%
Industrials	14.7
Financials	14.1
Information Technology	12.1
Consumer Discretionary	9.8
Real Estate	5.4
Materials	5.3
Communication Services	4.2
Energy	2.6
Utilities	2.3
Consumer Staples	1.9
Short-Term Investments	9.4

* 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, 2020. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 5

JPMorgan Small Cap Core Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020

	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		May 31, 2016
With Sales Charge**				30.92	%		7.45	%		10.01	%		10.55	%
Without Sales Charge				38.16			13.40			11.21			11.15
CLASS C SHARES		May 31, 2016
With CDSC***				36.82			11.84			10.70			10.89
Without CDSC				37.82			12.84			10.70			10.89
CLASS I SHARES		January 3, 2017		38.35			13.68			11.49			11.29
CLASS R2 SHARES		July 31, 2017		37.98			13.11			10.89			10.60
CLASS R3 SHARES		July 31, 2017		38.18			13.41			11.16			10.88
CLASS R4 SHARES		July 31, 2017		38.34			13.68			11.44			11.16
CLASS R5 SHARES		January 1, 1997		38.49			13.89			11.66			11.37
CLASS R6 SHARES		May 31, 2016		38.52			13.98			11.72			11.40

* 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 (12/31/10 TO 12/31/20)

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 and the Russell 2000 Index from December 31, 2010 to December 31, 2020. 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 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. 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 on gains resulting from 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, 2020

JPMorgan Small Cap Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		31.91%
Russell 2000 Index		37.85%
Net Assets as of 12/31/2020 (In Thousands)	$	8,281,531

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, underperformed the Russell 2000 Index (the “Benchmark”) for the six months ended December 31, 2020. The Fund’s security selection in the consumer discretionary and information technology sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the financials and real estate sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight position in BJ’s Wholesale Club Holdings Inc., its out-of-Benchmark position in Thor Industries Inc. and its underweight position in Plug Power Inc. Shares of BJ’s Wholesale Club Holdings, a discount supermarket chain, underperformed the broader market after a run-up in the stock early in the reporting period driven by earnings growth. Shares of Thor Industries, a manufacturer of recreational vehicles, fell following a run-up in the stock in the first half of 2020. Shares of Plug Power, a developer of hydrogen fuel cell systems that was not held in the Fund, rose after reporting better-than-expected results for the third quarter amid increased industry adoption of fuel cell technology.

Leading individual contributors to relative performance included the Fund’s out-of-Benchmark positions in Generac Holdings Inc. and Eaton Vance Corp. and its overweight position in WillScot Mobile Mini Holdings Corp. Shares of Generac Holdings, a manufacturer of power generators, rose amid increased consumer demand for residential back-up electricity generators. Shares of Eaton Vance, an investment services provider, rose after the company agreed to be acquired by Morgan Stanley for about $7 billion. Shares of WillScot Mobile Mini Holdings, a provider of storage and related services, rose amid commercial demand for storage due to the pandemic.

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.	Toro Co. (The)	2.4	%
	2.	AptarGroup, Inc.	2.3
	3.	Performance Food Group Co.	2.0
	4.	Encompass Health Corp.	1.7
	5.	Q2 Holdings, Inc.	1.7
	6.	WillScot Mobile Mini Holdings Corp.	1.6
	7.	RBC Bearings, Inc.	1.6
	8.	Lincoln Electric Holdings, Inc.	1.5
	9.	Molina Healthcare, Inc.	1.5
	10.	MSA Safety, Inc.	1.5

PORTFOLIO COMPOSITION BY SECTOR***
Industrials	20.7	%
Financials	17.2
Information Technology	14.4
Health Care	13.1
Consumer Discretionary	9.4
Real Estate	6.3
Materials	6.1
Consumer Staples	5.0
Utilities	1.9
Exchange-Traded Fund	0.8
Short-Term Investments	5.1

* 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, 2020. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 7

JPMorgan Small Cap Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	December 20, 1994
With Sales Charge**			24.99	%		11.94	%		12.81	%		12.15	%
Without Sales Charge			31.91			18.15			14.03			12.76
CLASS C SHARES	February 19, 2005
With CDSC***			30.60			16.63			13.49			12.31
Without CDSC			31.60			17.63			13.49			12.31
CLASS I SHARES	May 7, 1996		32.11			18.51			14.35			13.08
CLASS R2 SHARES	November 3, 2008		31.78			17.93			13.77			12.48
CLASS R3 SHARES	September 9, 2016		31.95			18.22			14.06			12.77
CLASS R4 SHARES	September 9, 2016		32.11			18.52			14.35			13.08
CLASS R5 SHARES	May 15, 2006		32.24			18.73			14.57			13.30
CLASS R6 SHARES	May 31, 2016		32.28			18.80			14.63			13.33

* 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 (12/31/10 TO 12/31/20)

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 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 and the Russell 2000 Index from December 31, 2010 to December 31, 2020. 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 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. 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 on gains resulting from redemptions of Fund shares.

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.

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, 2020

JPMorgan Small Cap Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		47.37%
Russell 2000 Growth Index		38.88%
Net Assets as of 12/31/2020 (In Thousands)	$	6,332,988

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, 2020. The Fund’s security selection in the health care sector and its security selection and overweight position in the information technology sector were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the industrials sector was a sole sector detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s out-of-Benchmark positions in Enphase Energy Inc. and Farfetch Ltd. and its overweight position in Twist Bioscience Corp. Shares of Enphase Energy, a provider of systems to the solar energy sector, rose amid better-than-expected earnings and investor expectations that the incoming Biden administration would seek increased investment in renewable energy. Shares of Farfetch, a U.K. online platform for luxury fashion retailers, rose amid consumer migration to online purchases. Shares of Twist Bioscience, a developer of synthetic DNA manufacturing processes, rose amid investor expectations for increased demand for the company’s technology in the fight against Covid-19 and its variants.

Leading individual detractors from relative performance included the Fund’s underweight position in Plug Power Inc. and its out-of-Benchmark positions in ADC Therapeutics SA and Ollie’s Bargain Outlet Holdings Inc. Shares of Plug Power, a developer of hydrogen fuel cell systems that was not held in the Fund, rose after reporting better-than-expected results for the third quarter amid increased industry adoption of fuel cell technology. Shares of ADC Therapeutics, a Swiss drug development company, fell following a run-up in the share price at the company’s initial public offering in May 2020. Shares of Ollie’s Bargain Outlets Holdings, a discount retailer, fell after a run-up in the company’s share price earlier in the year.

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 Drainage Systems, Inc.	1.7	%
	2.	Natera, Inc.	1.6
	3.	Halozyme Therapeutics, Inc.	1.4
	4.	Twist Bioscience Corp.	1.4
	5.	Freshpet, Inc.	1.4
	6.	Enphase Energy, Inc.	1.3
	7.	iRhythm Technologies, Inc.	1.3
	8.	National Vision Holdings, Inc.	1.3
	9.	Entegris, Inc.	1.3
	10.	Itron, Inc.	1.3

PORTFOLIO COMPOSITION BY SECTOR***
Health Care	28.4	%
Information Technology	25.6
Industrials	13.6
Consumer Discretionary	11.6
Consumer Staples	3.6
Financials	3.5
Communication Services	3.0
Real Estate	0.9
Short-Term Investments	9.8

* 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, 2020. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 9

JPMorgan Small Cap Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	July 1, 1991
With Sales Charge**			39.61	%		50.84	%		24.53	%		16.69	%
Without Sales Charge			47.37			59.21			25.88			17.32
CLASS C SHARES	November 4, 1997
With CDSC***			45.97			57.34			25.23			16.84
Without CDSC			46.97			58.34			25.23			16.84
CLASS I SHARES	March 26, 1996		47.52			59.60			26.19			17.61
CLASS L SHARES	February 19, 2005		47.61			59.78			26.37			17.78
CLASS R2 SHARES	November 3, 2008		47.14			58.80			25.55			17.01
CLASS R3 SHARES	July 31, 2017		47.40			59.17			25.87			17.32
CLASS R4 SHARES	July 31, 2017		47.52			59.55			26.19			17.61
CLASS R5 SHARES	September 9, 2016		47.62			59.78			26.37			17.78
CLASS R6 SHARES	November 30, 2010		47.72			59.96			26.50			17.90

* 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 (12/31/10 TO 12/31/20)

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 Shares prior to their inception date are based on the performance of Class L Shares. The actual returns for Class R5 Shares would have been different than those shown because Class R5 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 and the Russell 2000 Growth Index from December 31, 2010 to December 31, 2020. 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 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. 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 on gains resulting from redemptions of Fund shares.

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.

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, 2020

JPMorgan Small Cap Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		36.21%
Russell 2000 Value Index		36.77%
Net Assets as of 12/31/2020 (In Thousands)	$	1,219,112

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, 2020.

The Fund’s security selection and underweight position in the consumer discretionary sector and its security selection in the industrials sector were leading detractors from performance relative to the Benchmark, while the Fund’s security selection in the health care and communication services sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Now Inc. and Eastman Kodak Co., and its underweight position in Brookfield Renewable Corp. Shares of Now, a distributor of products and service to the energy sector, fell after the company reported a loss and lower-than-expected revenue for the second quarter of 2020. Shares of Eastman Kodak, a provider of printing and imaging products and services, fell after the company reported consecutive quarters of per-share losses as well as a decline in revenue and negative cash flow for the third quarter of 2020. Shares of Brookfield Renewable, an operator of hydroelectric, wind and solar power plants that was not held in the Fund, rose amid investor expectations for increased government investment in renewable energy projects in the U.S. and Europe.

Leading individual contributors to relative performance included the Fund’s overweight positions in Owens & Minor Inc., SunPower Corp. and Gogo Inc. Shares of Owens & Minor, a surgical products manufacturer, rose after the company raised its earnings forecast for the full year 2020. Shares of SunPower, a provider of solar energy equipment and services, rose amid investor expectations for increased government investment in renewable energy projects in the U.S. and Europe. Shares of Gogo, a provider of in-flight broadband services to the aviation industry, rose after the company announced it would sell its commercial aviation business to Intelsat SA for $400 million.

HOW WAS THE FUND POSITIONED?

In accordance 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.	CIT Group, Inc.	1.0	%
	2.	Cathay General Bancorp	0.9
	3.	EMCOR Group, Inc.	0.8
	4.	Stifel Financial Corp.	0.7
	5.	Builders FirstSource, Inc.	0.7
	6.	Darling Ingredients, Inc.	0.7
	7.	UMB Financial Corp.	0.7
	8.	Sunstone Hotel Investors, Inc.	0.7
	9.	CNO Financial Group, Inc.	0.7
	10.	TRI Pointe Group, Inc.	0.7

PORTFOLIO COMPOSITION BY SECTOR***
Financials	24.9	%
Industrials	17.5
Consumer Discretionary	11.2
Real Estate	7.2
Materials	6.3
Health Care	5.6
Information Technology	5.3
Energy	3.9
Utilities	3.6
Communication Services	3.0
Consumer Staples	2.2
Short-Term Investments	9.3

* 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, 2020. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 11

JPMorgan Small Cap Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020

	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		January 27, 1995
With Sales Charge**				28.90	%		0.23	%		6.41	%		7.45	%
Without Sales Charge				36.02			5.79			7.56			8.04
CLASS C SHARES		March 22, 1999
With CDSC***				34.66			4.28			7.00			7.52
Without CDSC				35.66			5.28			7.00			7.52
CLASS I SHARES		January 27, 1995		36.21			6.14			7.84			8.31
CLASS R2 SHARES		November 3, 2008		35.85			5.58			7.29			7.76
CLASS R3 SHARES		September 9, 2016		36.00			5.81			7.56			8.03
CLASS R4 SHARES		September 9, 2016		36.19			6.13			7.82			8.29
CLASS R5 SHARES		May 15, 2006		36.28			6.22			7.98			8.43
CLASS R6 SHARES		February 22, 2005		36.34			6.32			8.09			8.52

* 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 (12/31/10 TO 12/31/20)

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 and the Russell 2000 Value Index from December 31, 2010 to December 31, 2020. 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 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. 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 on gains resulting from redemptions of Fund shares.

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.

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, 2020

JPMorgan SMID Cap Equity Fund⁽¹⁾

(formerly known as JPMorgan Intrepid Mid Cap Fund)

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		25.83%
Russell 2500 Index		34.90%
Russell Midcap Index		28.86%
Net Assets as of 12/31/2020 (In Thousands)	$	403,045

INVESTMENT OBJECTIVE**

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

INVESTMENT PROCESS

The Fund implemented a new investment process effective November 1, 2020, and no longer uses an investment process based on behavioral finance principals. The new process employs a fundamental bottom-up investment process to invest in a diversified portfolio of small to mid-cap stocks — similar to those in the Russell 2500 Index — and seeks to invest in companies with leading competitive advantages, predictable and durable business models and sustainable free cash flows.

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

The Fund’s Class I Shares underperformed the Russell 2500 Index (the “Benchmark”) and the Russell Midcap Index for the six months ended December 31, 2020. As a result of the change in investment strategy and process, the turnover of securities held in the Fund during the period was high compared with previous reporting periods, on an annualized basis, but did not have a significant impact on performance.

Relative to the Benchmark, the Fund’s security selection in the industrials and health care sectors was a leading detractor from performance, while the Fund’s security selection in the financials sector was the sole sector contributor to performance.

Leading individual detractors from performance relative to the Benchmark included the Fund’s out-of-Benchmark positions in Centene Corp. and Waste Connections Inc., and its overweight position in Pool Corp. Shares of Centene, a provider of managed health care plans, fell after the company provided a lower-than-expected earnings forecast for its fiscal year 2021. Shares of Waste Connections, a waste collection, transport and recycling company, underperformed the broader market following a run-up in its stock price driven by better-than-expected quarterly earnings. Shares of Pool, a provider of swimming pools and related products, underperformed the market following a run-up in its stock price earlier in 2020.

Leading individual contributors to performance relative to the Benchmark included the Fund’s out-of-Benchmark position in

Unity Software Inc. and its overweight positions in Timken Co. and Wex Inc. Shares of Unity Software, a provider of software for video content development, rose after the company reported better-than-expected earnings and revenue for its first quarter following the company’s initial public offering in September 2020. Shares of Timken, a maker of industrial machinery and equipment, rose after the company reported better-than-expected earnings for the third quarter of 2020 and increased its quarterly dividend. Shares of Wex, a provider of payment processing systems, rose amid investor expectations that the company would benefit from pent-up demand during potential economic recovery in 2021.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers employ a fundamental bottom-up investment process that seeks to invest in companies that they believe are undervalued and have leading competitive positions and predictable and durable business models. As a result of this process, the Fund’s largest allocations during the period were to the information technology and industrials sectors and the smallest allocations were to the energy and communications services sectors.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Toro Co. (The)	2.3	%
	2.	Pool Corp.	2.2
	3.	SS&C Technologies Holdings, Inc.	2.0
	4.	Molina Healthcare, Inc.	1.8
	5.	Waste Connections, Inc.	1.8
	6.	AptarGroup, Inc.	1.7
	7.	Catalent, Inc.	1.6
	8.	Performance Food Group Co.	1.5
	9.	West Pharmaceutical Services, Inc.	1.5
	10.	Encompass Health Corp.	1.4

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 13

JPMorgan SMID Cap Equity Fund

(formerly known as JPMorgan Intrepid Mid Cap Fund)

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

PORTFOLIO COMPOSITION BY SECTOR***
Industrials	22.0	%
Financials	16.5
Information Technology	15.7
Health Care	13.5
Consumer Discretionary	10.7
Real Estate	6.3
Consumer Staples	5.6
Materials	4.1
Utilities	2.3
Short-Term Investments	3.3

⁽¹⁾  On November 1, 2020, the Intrepid Mid Cap Fund was renamed, its investment strategy, investment process and portfolio management team were changed and its benchmark equity index was changed to the Russell 2500 Index from the Russell Midcap Index.

* 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, 2020. The Fund’s portfolio composition is subject to change.

14 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 1, 1992
With Sales Charge**			19.04	%		4.16	%		8.55	%		10.03	%
Without Sales Charge			25.63			9.91			9.73			10.62
CLASS C SHARES	March 22, 1999
With CDSC***			24.27			8.34			9.13			10.09
Without CDSC			25.27			9.34			9.13			10.09
CLASS I SHARES	June 1, 1991		25.83			10.20			10.00			10.90
CLASS R3 SHARES	September 9, 2016		25.65			9.89			9.73			10.62
CLASS R4 SHARES	September 9, 2016		25.75			10.13			9.99			10.89
CLASS R6 SHARES	November 2, 2015		25.96			10.44			10.27			11.04

* 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 (12/31/10 TO 12/31/20)

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 SMID Cap Equity Fund, the Russell Midcap Index and the Russell 2500 Index from December 31, 2010 to December 31, 2020. 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 and the Russell 2500 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 Russell

Midcap Index is an unmanaged index which measures the performance of the 800 smallest companies of the Russell 1000 Index. The Russell 2500 Index measures the performance of the 2,500 smallest companies in the Russell 3000 Index. 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 on gains resulting from redemptions of Fund shares.

Effective November 1, 2020, the Fund changed its investment strategies. The Fund’s past performance would have been different if the Fund were managed using the current strategies. Past performance is not necessarily an indication of how any class of the Fund will perform in the future. Also on November 1, 2020, the Fund’s Benchmark changed from Russell Midcap Index to Russell 2500 Index because the adviser believes that the Russell 2500 Index is a more appropriate comparison in light of the Fund’s new name and investment strategies.

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.

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, 2020 J.P. MORGAN SMALL CAP FUNDS 15

JPMorgan U.S. Small Company Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class L Shares)*		37.91%
Russell 2000 Index		37.85%
Net Assets as of 12/31/2020 (In Thousands)	$	986,894

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 outperformed the Russell 2000 Index (the “Benchmark”) for the six months ended December 31, 2020. The Fund’s security selection in the health care and communication services sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the industrials and financials sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Seres Therapeutics Inc., Owens & Minor Inc. and MyoKardia Inc. Shares of Seres Therapeutics, a drug development company, rose after the company reported positive results from its Phase 3 clinical trial of its treatment for Clostridium difficile infection. Shares of Owens & Minor, a surgical products manufacturer, rose after the company raised its earnings forecast for the full year 2020. Shares of MyoKardia, a drug development company, rose ahead of Bristol Myers Squibb Co.’s planned $13.1 billion acquisition of the company.

Leading individual detractors from relative performance included the Fund’s underweight position in Plug Power Inc. and its overweight positions in Now Inc. and Tri Pointe Group Inc. Shares of Plug Power, a developer of hydrogen fuel cell systems that was not held in the Fund, rose after reporting better-than-expected results for the third quarter amid increased industry adoption of fuel cell technology. Shares of Now, a distributor of products and services to the energy sector, fell after the company reported a loss and lower-than-expected revenue for the second quarter of 2020. Shares of Tri Pointe Group, a home builder, underperformed the broader markets after a pullback in a key measure of U.S. consumer home buying sentiment.

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 performance relative to 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.	Cinemark Holdings, Inc.	1.0	%
	2.	TRI Pointe Group, Inc.	0.8
	3.	Darling Ingredients, Inc.	0.8
	4.	AdaptHealth Corp.	0.8
	5.	EMCOR Group, Inc.	0.7
	6.	Avaya Holdings Corp.	0.7
	7.	Builders FirstSource, Inc.	0.7
	8.	Wabash National Corp.	0.6
	9.	Allscripts Healthcare Solutions, Inc.	0.6
	10.	Perspecta, Inc.	0.6

PORTFOLIO COMPOSITION BY SECTOR***
Health Care	18.4	%
Industrials	14.6
Financials	13.7
Information Technology	12.7
Consumer Discretionary	10.8
Materials	4.6
Real Estate	4.3
Communication Services	3.7
Consumer Staples	2.5
Utilities	2.3
Energy	2.1
Short-Term Investments	10.3

* 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, 2020. The Fund’s portfolio composition is subject to change.

16 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	November 1, 2007
With Sales Charge**			30.40	%		11.53	%		9.16	%		10.15	%
Without Sales Charge			37.61			17.70			10.34			10.74
CLASS C SHARES	November 1, 2007
With CDSC***			36.22			16.09			9.77			10.30
Without CDSC			37.22			17.09			9.77			10.30
CLASS I SHARES	September 10, 2001		37.72			17.99			10.62			11.02
CLASS L SHARES	November 4, 1993		37.91			18.20			10.80			11.20
CLASS R2 SHARES	November 1, 2011		37.37			17.42			10.04			10.49
CLASS R3 SHARES	September 9, 2016		37.63			17.74			10.35			10.74
CLASS R4 SHARES	September 9, 2016		37.75			17.98			10.61			11.02
CLASS R5 SHARES	September 9, 2016		37.89			18.21			10.78			11.19
CLASS R6 SHARES	November 1, 2011		37.87			18.32			10.90			11.29

* 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 (12/31/10 TO 12/31/20)

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 similar to those shown because Class R5 Shares have similar expenses to 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 and the Russell 2000 Index from

December 31, 2010 to December 31, 2020. 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 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. 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 on gains resulting from redemptions of Fund shares.

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.

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, 2020 J.P. MORGAN SMALL CAP FUNDS 17

JPMorgan Small Cap Blend Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.7%
Aerospace & Defense — 0.5%
Curtiss-Wright Corp.		33		3,802
Airlines — 0.4%
Allegiant Travel Co.		17		3,232
Auto Components — 0.6%
Fox Factory Holding Corp. *		27		2,864
LCI Industries		15		1,891
				4,755
Automobiles — 0.4%
Winnebago Industries, Inc.		49		2,956
Banks — 8.7%
BancFirst Corp. (a)		77		4,515
Camden National Corp.		112		3,995
City Holding Co.		33		2,325
Columbia Banking System, Inc.		155		5,577
Community Trust Bancorp, Inc.		69		2,571
Cullen/Frost Bankers, Inc.		26		2,263
First Busey Corp.		229		4,938
First Commonwealth Financial Corp.		330		3,605
First Financial Bancorp		150		2,624
First Financial Bankshares, Inc.		60		2,155
First Hawaiian, Inc.		116		2,726
First Merchants Corp.		145		5,407
Heritage Commerce Corp. (a)		366		3,250
Heritage Financial Corp.		42		981
Independent Bank Corp.		226		4,167
Independent Bank Corp. (a)		60		4,378
Lakeland Bancorp, Inc.		323		4,108
Simmons First National Corp., Class A		232		5,003
Trustmark Corp.		84		2,285
				66,873
Beverages — 0.3%
Primo Water Corp.		168		2,642
Biotechnology — 7.9%
ACADIA Pharmaceuticals, Inc. *		24		1,284
ADC Therapeutics SA (Switzerland) *		62		1,999
Alector, Inc. *		54		819
Allogene Therapeutics, Inc. * (a)		26		655
Amicus Therapeutics, Inc. *		156		3,611
Arrowhead Pharmaceuticals, Inc. *		44		3,405
Atara Biotherapeutics, Inc. *		112		2,202
Avrobio, Inc. *		87		1,208
Biohaven Pharmaceutical Holding Co. Ltd. *		35		3,008
Blueprint Medicines Corp. *		31		3,423

INVESTMENTS	SHARES (000)		VALUE ($000)
Biotechnology — continued
Bridgebio Pharma, Inc. * (a)		38		2,685
Coherus Biosciences, Inc. * (a)		106		1,845
FibroGen, Inc. * (a)		43		1,583
G1 Therapeutics, Inc. * (a)		51		925
Generation Bio Co. * (a)		22		629
Global Blood Therapeutics, Inc. *		20		848
Halozyme Therapeutics, Inc. * (a)		113		4,836
Heron Therapeutics, Inc. * (a)		87		1,832
Homology Medicines, Inc. *		58		653
Intercept Pharmaceuticals, Inc. *		20		490
Kronos Bio, Inc. * (a)		39		1,172
Mirati Therapeutics, Inc. *		9		1,877
Natera, Inc. *		54		5,333
Orchard Therapeutics plc, ADR (United Kingdom) *		70		304
REGENXBIO, Inc. *		40		1,797
Relay Therapeutics, Inc. * (a)		40		1,644
REVOLUTION Medicines, Inc. *		34		1,328
Rubius Therapeutics, Inc. * (a)		71		542
Sage Therapeutics, Inc. *		26		2,287
Twist Bioscience Corp. *		33		4,680
Viela Bio, Inc. * (a)		34		1,207
				60,111
Building Products — 3.7%
Advanced Drainage Systems, Inc.		68		5,692
AZEK Co., Inc. (The) *		39		1,481
CSW Industrials, Inc.		35		3,946
Gibraltar Industries, Inc. *		56		4,038
Simpson Manufacturing Co., Inc.		65		6,048
Trex Co., Inc. *		37		3,106
UFP Industries, Inc.		75		4,161
				28,472
Capital Markets — 1.8%
Evercore, Inc., Class A		29		3,219
Focus Financial Partners, Inc., Class A *		48		2,087
LPL Financial Holdings, Inc.		55		5,690
Virtus Investment Partners, Inc.		12		2,553
				13,549
Chemicals — 2.2%
Hawkins, Inc.		67		3,506
Innospec, Inc.		52		4,692
Stepan Co.		33		3,953
Valvoline, Inc.		185		4,285
				16,436

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Commercial Services & Supplies — 2.5%
Brady Corp., Class A		107		5,632
Cimpress plc (Ireland) * (a)		34		2,997
Deluxe Corp.		70		2,037
Kimball International, Inc., Class B		191		2,282
McGrath RentCorp		51		3,437
MSA Safety, Inc.		21		3,089
				19,474
Communications Equipment — 0.5%
Ciena Corp. *		33		1,744
Viavi Solutions, Inc. *		151		2,260
				4,004
Construction & Engineering — 0.6%
Comfort Systems USA, Inc.		86		4,521
Consumer Finance — 0.2%
PROG Holdings Inc.		32		1,698
Containers & Packaging — 0.9%
Graphic Packaging Holding Co.		208		3,525
Pactiv Evergreen, Inc. *		51		920
Silgan Holdings, Inc.		58		2,161
				6,606
Diversified Consumer Services — 0.2%
Bright Horizons Family Solutions, Inc. *		11		1,822
Diversified Telecommunication Services — 1.0%
Bandwidth, Inc., Class A * (a)		20		3,074
Iridium Communications, Inc. *		110		4,345
				7,419
Electric Utilities — 0.3%
Portland General Electric Co.		49		2,083
Electrical Equipment — 0.2%
Vertiv Holdings Co. (a)		97		1,804
Electronic Equipment, Instruments & Components — 3.6%
CTS Corp.		106		3,632
ePlus, Inc. *		25		2,174
Fabrinet (Thailand) *		30		2,342
II-VI, Inc. * (a)		53		4,018
Insight Enterprises, Inc. *		57		4,339
Itron, Inc. *		45		4,332
Littelfuse, Inc.		14		3,590
Plexus Corp. *		37		2,887
				27,314

INVESTMENTS	SHARES (000)		VALUE ($000)
Equity Real Estate Investment Trusts (REITs) — 5.9%
American Campus Communities, Inc. (a)		84		3,596
American Homes 4 Rent, Class A		155		4,654
Brixmor Property Group, Inc.		214		3,541
CubeSmart		38		1,280
Equity Commonwealth		129		3,528
Highwoods Properties, Inc.		70		2,774
JBG SMITH Properties		88		2,745
Rayonier, Inc.		127		3,723
Rexford Industrial Realty, Inc.		94		4,622
RLJ Lodging Trust		216		3,053
Sunstone Hotel Investors, Inc.		399		4,522
Terreno Realty Corp.		81		4,752
Washington		101		2,191
				44,981
Food & Staples Retailing — 1.5%
BJ’s Wholesale Club Holdings, Inc. *		51		1,912
Grocery Outlet Holding Corp. * (a)		59		2,332
Performance Food Group Co. *		144		6,858
				11,102
Food Products — 1.4%
Flowers Foods, Inc.		136		3,068
Freshpet, Inc. *		32		4,597
J&J Snack Foods Corp.		21		3,288
				10,953
Gas Utilities — 1.4%
Chesapeake Utilities Corp.		29		3,098
ONE Gas, Inc.		57		4,366
Southwest Gas Holdings, Inc.		53		3,193
				10,657
Health Care Equipment & Supplies — 2.2%
iRhythm Technologies, Inc. *		19		4,460
Nevro Corp. *		22		3,835
Outset Medical, Inc. * (a)		23		1,284
Shockwave Medical, Inc. * (a)		36		3,742
Utah Medical Products, Inc.		39		3,271
				16,592
Health Care Providers & Services — 2.6%
Acadia Healthcare Co., Inc. *		45		2,274
Amedisys, Inc. *		13		3,673
Encompass Health Corp.		55		4,560
Ensign Group, Inc. (The)		59		4,320
Oak Street Health, Inc. * (a)		17		1,048

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 19

JPMorgan Small Cap Blend Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Health Care Providers & Services — continued
Providence Service Corp. (The) *		27		3,695
				19,570
Health Care Technology — 0.5%
Accolade, Inc. * (a)		55		2,409
Evolent Health, Inc., Class A *		98		1,566
				3,975
Hotels, Restaurants & Leisure — 2.3%
Boyd Gaming Corp. *		84		3,618
Cheesecake Factory, Inc. (The) (a)		47		1,746
Cracker Barrel Old Country Store, Inc.		21		2,792
Planet Fitness, Inc., Class A *		31		2,380
Texas Roadhouse, Inc.		89		6,947
				17,483
Household Durables — 2.1%
Helen of Troy Ltd. *		31		6,951
La-Z-Boy, Inc.		70		2,779
M/I Homes, Inc. *		47		2,085
MDC Holdings, Inc.		47		2,287
TRI Pointe Group, Inc. *		95		1,644
				15,746
Industrial Conglomerates — 0.4%
Carlisle Cos., Inc.		21		3,268
Insurance — 2.4%
James River Group Holdings Ltd.		33		1,626
Lemonade, Inc. * (a)		10		1,241
Old Republic International Corp.		157		3,096
Safety Insurance Group, Inc.		31		2,450
Selective Insurance Group, Inc.		66		4,438
Selectquote, Inc. *		64		1,334
Third Point Reinsurance Ltd. (Bermuda) *		244		2,326
Universal Insurance Holdings, Inc.		130		1,957
				18,468
Interactive Media & Services — 0.2%
MediaAlpha, Inc., Class A *		39		1,541
Internet & Direct Marketing Retail — 0.4%
Farfetch Ltd., Class A (United Kingdom) *		25		1,607
RealReal, Inc. (The) * (a)		76		1,487
				3,094
IT Services — 1.9%
Globant SA (Argentina) *		14		3,093
I3 Verticals, Inc., Class A *		60		1,979

INVESTMENTS	SHARES (000)		VALUE ($000)
IT Services — continued
LiveRamp Holdings, Inc. *		26		1,872
ManTech International Corp., Class A		41		3,629
Repay Holdings Corp. *		19		507
Science Applications International Corp.		34		3,261
				14,341
Leisure Products — 0.3%
Johnson Outdoors, Inc., Class A		20		2,254
Life Sciences Tools & Services — 0.8%
Adaptive Biotechnologies Corp. *		12		732
Berkeley Lights, Inc. * (a)		18		1,567
Personalis, Inc. *		64		2,327
Seer, Inc. *		23		1,275
				5,901
Machinery — 6.6%
Alamo Group, Inc.		31		4,228
Allison Transmission Holdings, Inc.		73		3,145
Blue Bird Corp. *		245		4,473
Graco, Inc.		41		2,947
Hillenbrand, Inc.		128		5,087
ITT, Inc.		110		8,481
John Bean Technologies Corp.		33		3,732
Kadant, Inc.		34		4,804
Lincoln Electric Holdings, Inc.		41		4,713
Mueller Industries, Inc.		102		3,582
Watts Water Technologies, Inc., Class A		44		5,395
				50,587
Media — 1.7%
Cardlytics, Inc. * (a)		15		2,200
Gray Television, Inc. *		139		2,488
New York Times Co. (The), Class A		65		3,358
Nexstar Media Group, Inc., Class A		44		4,798
				12,844
Metals & Mining — 0.3%
Warrior Met Coal, Inc.		112		2,395
Multiline Retail — 0.2%
Ollie’s Bargain Outlet Holdings, Inc. * (a)		18		1,439
Multi-Utilities — 0.3%
Unitil Corp.		58		2,574
Oil, Gas & Consumable Fuels — 2.3%
CNX Resources Corp. *		248		2,679
Delek US Holdings, Inc.		99		1,584

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Oil, Gas & Consumable Fuels — continued
EQT Corp.		182		2,308
Equitrans Midstream Corp.		236		1,899
Matador Resources Co. *		347		4,188
PDC Energy, Inc. *		236		4,845
				17,503
Personal Products — 0.4%
Inter Parfums, Inc.		53		3,201
Pharmaceuticals — 0.7%
Arvinas, Inc. * (a)		38		3,195
Revance Therapeutics, Inc. *		79		2,227
				5,422
Professional Services — 0.7%
ASGN, Inc. *		19		1,619
CBIZ, Inc. *		84		2,242
FTI Consulting, Inc. *		14		1,532
				5,393
Road & Rail — 0.9%
Marten Transport Ltd.		162		2,783
Saia, Inc. *		24		4,320
				7,103
Semiconductors & Semiconductor Equipment — 4.5%
CMC Materials, Inc.		16		2,492
Cree, Inc. *		29		3,025
Enphase Energy, Inc. *		26		4,526
Entegris, Inc.		45		4,364
Inphi Corp. *		23		3,664
MKS Instruments, Inc.		25		3,747
Onto Innovation, Inc. *		97		4,602
Rambus, Inc. *		111		1,943
Semtech Corp. *		38		2,704
SolarEdge Technologies, Inc. *		9		3,020
				34,087
Software — 5.6%
Anaplan, Inc. *		53		3,789
Avalara, Inc. *		7		1,175
Bill.Com Holdings, Inc. *		11		1,567
Blackline, Inc. *		31		4,115
CyberArk Software Ltd. *		17		2,801
Duck Creek Technologies, Inc. *		54		2,325
Elastic NV *		26		3,843
Envestnet, Inc. *		39		3,245

INVESTMENTS	SHARES (000)		VALUE ($000)
Software — continued
Everbridge, Inc. * (a)		20		2,999
Jamf Holding Corp. *		12		363
JFrog Ltd. (Israel) * (a)		28		1,759
Medallia, Inc. * (a)		53		1,754
nCino, Inc. *		9		675
Ping Identity Holding Corp. *		49		1,410
Q2 Holdings, Inc. *		16		2,078
Smartsheet, Inc., Class A *		47		3,267
Upland Software, Inc. *		88		4,045
Vertex, Inc., Class A * (a)		53		1,857
				43,067
Specialty Retail — 3.0%
Floor & Decor Holdings, Inc., Class A *		29		2,703
Leslie’s, Inc. * (a)		36		997
Lithia Motors, Inc., Class A		25		7,304
National Vision Holdings, Inc. *		101		4,556
Sleep Number Corp. *		24		1,927
Urban Outfitters, Inc. *		106		2,710
Williams-Sonoma, Inc. (a)		28		2,882
				23,079
Technology Hardware, Storage & Peripherals — 0.2%
Corsair Gaming, Inc. * (a)		39		1,417
Textiles, Apparel & Luxury Goods — 2.5%
Carter’s, Inc.		59		5,527
Columbia Sportswear Co.		12		1,054
Kontoor Brands, Inc. (a)		102		4,143
Oxford Industries, Inc.		67		4,404
Steven Madden Ltd.		108		3,811
				18,939
Thrifts & Mortgage Finance — 3.0%
Flagstar Bancorp, Inc.		71		2,877
PennyMac Financial Services, Inc.		53		3,491
Premier Financial Corp.		251		5,783
Radian Group, Inc.		212		4,299
WSFS Financial Corp.		152		6,838
				23,288
Trading Companies & Distributors — 2.2%
Applied Industrial Technologies, Inc.		92		7,194
GMS, Inc. *		79		2,397
Rush Enterprises, Inc., Class A		51		2,125
SiteOne Landscape Supply, Inc. *		23		3,611
Systemax, Inc.		46		1,637
				16,964

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 21

JPMorgan Small Cap Blend Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Water Utilities — 0.8%
American States Water Co.		33		2,606
Middlesex Water Co.		48		3,445
				6,051
Total Common Stocks (Cost $553,160)				754,852
	NO. OF RIGHTS (000)
Rights — 0.0% (b)
Biotechnology — 0.0% (b)
Clementia Pharmaceuticals, Inc. (France) * ‡ (Cost $— )		51		—	(c)
	SHARES (000)
Short-Term Investments — 7.3%
Investment Companies — 2.1%
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (d) (e) (Cost $16,092)		16,088		16,096
Investment of Cash Collateral from Securities Loaned — 5.2%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (d) (e)		30,005		30,008
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (d) (e)		10,145		10,145
Total Investment of Cash Collateral from Securities Loaned (Cost $40,154)				40,153
Total Short-Term Investments (Cost $56,246)				56,249
Total Investments — 106.0% (Cost $609,406)				811,101
Liabilities in Excess of Other Assets — (6.0)%				(46,116	)
NET ASSETS — 100.0%				764,985

Percentages indicated are based on net assets.

Abbreviations

ADR	American Depositary Receipt
(a)	The security or a portion of this security is on loan at December 31, 2020. The total value of securities on loan at December 31, 2020 is approximately $38,841,000.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Amount rounds to less than one thousand.
(d)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(e)	The rate shown is the current yield as of December 31, 2020.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

JPMorgan Small Cap Core Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.0%
Aerospace & Defense — 0.9%
AAR Corp.		37		1,326
Aerojet Rocketdyne Holdings, Inc. *		4		217
Astronics Corp. *		35		460
Ducommun, Inc. *		10		532
Moog, Inc., Class A		4		305
Park Aerospace Corp.		8		100
Triumph Group, Inc.		13		161
Vectrus, Inc. *		17		821
				3,922
Air Freight & Logistics — 0.6%
Atlas Air Worldwide Holdings, Inc. *		1		66
Echo Global Logistics, Inc. *		8		217
Hub Group, Inc., Class A *		36		2,052
				2,335
Airlines — 0.5%
Alaska Air Group, Inc.		11		567
Allegiant Travel Co.		7		1,343
				1,910
Auto Components — 1.5%
Adient plc *		51		1,777
American Axle & Manufacturing Holdings, Inc. *		102		854
Cooper Tire & Rubber Co.		32		1,296
Dana, Inc.		121		2,352
				6,279
Banks — 6.8%
Ameris Bancorp		12		470
Associated Banc-Corp.		19		322
Bancorp, Inc. (The) *		54		734
Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		52		1,629
Bar Harbor Bankshares (a)		8		183
Business First Bancshares, Inc.		11		220
California BanCorp *		3		53
Capital Bancorp, Inc. *		4		57
Capstar Financial Holdings, Inc.		9		134
Cathay General Bancorp		9		291
CB Financial Services, Inc.		2		40
Community Trust Bancorp, Inc.		2		66
ConnectOne Bancorp, Inc.		87		1,722
Customers Bancorp, Inc. *		40		727
Enterprise Financial Services Corp.		2		65
Financial Institutions, Inc.		20		460
First BanCorp (Puerto Rico)		200		1,841
First Bank		5		47

INVESTMENTS	SHARES (000)		VALUE ($000)
Banks — continued
First Business Financial Services, Inc.		5		96
First Choice Bancorp		2		33
First Community Bankshares, Inc.		4		83
First Horizon National Corp.		51		646
First Internet Bancorp		6		184
Great Southern Bancorp, Inc.		7		362
Hancock Whitney Corp.		27		915
Hanmi Financial Corp.		38		429
HBT Financial, Inc.		13		201
Hilltop Holdings, Inc.		31		845
Investar Holding Corp.		10		164
Investors Bancorp, Inc.		243		2,565
Meridian Corp.		3		67
Metropolitan Bank Holding Corp. *		4		152
Mid Penn Bancorp, Inc.		4		77
Northeast Bank		5		102
OceanFirst Financial Corp.		93		1,726
PacWest Bancorp		27		696
Peapack-Gladstone Financial Corp.		9		196
Popular, Inc. (Puerto Rico)		34		1,939
RBB Bancorp		5		83
Select Bancorp, Inc. *		41		387
Shore Bancshares, Inc.		7		100
Sierra Bancorp		3		78
Signature Bank		12		1,603
Sterling Bancorp		29		512
Synovus Financial Corp.		25		819
Umpqua Holdings Corp.		88		1,335
United Community Banks, Inc.		20		565
Wintrust Financial Corp.		9		548
Zions Bancorp NA		47		2,020
				28,589
Beverages — 0.1%
Coca-Cola Consolidated, Inc.		1		240
Biotechnology — 7.4%
Akebia Therapeutics, Inc. *		36		101
Alector, Inc. *		31		463
Allogene Therapeutics, Inc. * (a)		30		745
Amicus Therapeutics, Inc. *		62		1,422
AnaptysBio, Inc. *		52		1,128
Arrowhead Pharmaceuticals, Inc. *		32		2,486
Assembly Biosciences, Inc. *		28		169
Atara Biotherapeutics, Inc. *		6		109
Bluebird Bio, Inc. *		5		196

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 23

JPMorgan Small Cap Core Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Biotechnology — continued
Blueprint Medicines Corp. *		13		1,469
Bridgebio Pharma, Inc. * (a)		16		1,106
CareDx, Inc. *		18		1,275
Catalyst Pharmaceuticals, Inc. * (a)		129		431
Chinook Therapeutics, Inc. * (a)		39		626
Coherus Biosciences, Inc. * (a)		40		691
Concert Pharmaceuticals, Inc. * (a)		20		256
Dicerna Pharmaceuticals, Inc. *		46		1,011
Esperion Therapeutics, Inc. * (a)		15		396
FibroGen, Inc. *		13		488
Gritstone Oncology, Inc. *		9		34
Heron Therapeutics, Inc. * (a)		65		1,380
Homology Medicines, Inc. *		24		268
Insmed, Inc. *		28		929
Jounce Therapeutics, Inc. * (a)		25		175
Kronos Bio, Inc. * (a)		43		1,275
Kura Oncology, Inc. *		4		126
MeiraGTx Holdings plc * (a)		21		321
Mustang Bio, Inc. * (a)		371		1,405
Natera, Inc. *		14		1,433
Radius Health, Inc. *		3		58
REVOLUTION Medicines, Inc. *		10		376
Rhythm Pharmaceuticals, Inc. *		16		470
Sage Therapeutics, Inc. *		13		1,133
Sarepta Therapeutics, Inc. *		6		989
Spruce Biosciences, Inc. *		38		924
Sutro Biopharma, Inc. *		7		156
Syros Pharmaceuticals, Inc. * (a)		151		1,635
TCR2 Therapeutics, Inc. * (a)		15		459
Translate Bio, Inc. *		59		1,084
Viela Bio, Inc. * (a)		19		676
Vir Biotechnology, Inc. * (a)		21		549
Xencor, Inc. *		12		517
Y-mAbs Therapeutics, Inc. *		2		105
				31,045
Building Products — 1.1%
Advanced Drainage Systems, Inc.		5		410
Builders FirstSource, Inc. *		57		2,331
Cornerstone Building Brands, Inc. *		47		435
Gibraltar Industries, Inc. *		8		554
Quanex Building Products Corp.		22		492
UFP Industries, Inc.		6		340
				4,562

INVESTMENTS	SHARES (000)		VALUE ($000)
Capital Markets — 2.0%
Artisan Partners Asset Management, Inc., Class A		5		247
Blucora, Inc. *		76		1,209
Brightsphere Investment Group, Inc.		11		208
Cohen & Steers, Inc.		4		304
Cowen, Inc., Class A (a)		28		735
Federated Hermes, Inc.		56		1,607
Focus Financial Partners, Inc., Class A *		19		839
Piper Sandler Cos.		5		535
Stifel Financial Corp. (a)		32		1,610
Virtus Investment Partners, Inc.		4		966
				8,260
Chemicals — 1.9%
Avient Corp.		43		1,736
FutureFuel Corp.		20		258
Ingevity Corp. *		12		939
Koppers Holdings, Inc. *		46		1,421
Kraton Corp. *		5		130
Minerals Technologies, Inc.		8		509
Orion Engineered Carbons SA (Germany)		32		554
PQ Group Holdings, Inc.		18		262
Trinseo SA		16		802
Tronox Holdings plc, Class A		93		1,362
				7,973
Commercial Services & Supplies — 1.7%
ABM Industries, Inc.		54		2,032
ACCO Brands Corp. (a)		83		700
Brink’s Co. (The)		11		763
Herman Miller, Inc.		18		612
HNI Corp.		17		586
KAR Auction Services, Inc.		18		335
Knoll, Inc.		67		978
Quad/Graphics, Inc.		73		277
Steelcase, Inc., Class A		66		888
Team, Inc. *		15		162
				7,333
Communications Equipment — 0.4%
Ciena Corp. *		7		349
Extreme Networks, Inc. *		162		1,113
PCTEL, Inc. *		42		275
				1,737
Construction & Engineering — 2.8%
Argan, Inc.		62		2,745
Comfort Systems USA, Inc.		27		1,439

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Construction & Engineering — continued
EMCOR Group, Inc.		17		1,593
Great Lakes Dredge & Dock Corp. *		87		1,142
MasTec, Inc. * (a)		32		2,184
Primoris Services Corp.		40		1,104
Sterling Construction Co., Inc. *		54		1,011
Tutor Perini Corp. *		36		470
				11,688
Construction Materials — 0.2%
Summit Materials, Inc., Class A *		10		207
US Concrete, Inc. *		20		803
				1,010
Consumer Finance — 1.0%
Enova International, Inc. *		13		325
Green Dot Corp., Class A *		24		1,317
Nelnet, Inc., Class A		14		983
Oportun Financial Corp. *		20		391
PROG Holdings Inc.		19		1,045
				4,061
Containers & Packaging — 0.3%
Myers Industries, Inc.		14		281
O-I Glass, Inc.		59		702
Pactiv Evergreen, Inc. *		11		203
				1,186
Distributors — 0.3%
Core-Mark Holding Co., Inc.		42		1,219
Diversified Consumer Services — 0.4%
American Public Education, Inc. *		9		268
Houghton Mifflin Harcourt Co. *		285		947
WW International, Inc. *		19		459
				1,674
Diversified Telecommunication Services — 1.3%
ATN International, Inc.		3		142
Cogent Communications Holdings, Inc.		32		1,892
IDT Corp., Class B *		138		1,711
Liberty Latin America Ltd., Class A (Chile) *		60		671
Liberty Latin America Ltd., Class C (Chile) * (a)		55		608
Ooma, Inc. *		34		493
				5,517
Electric Utilities — 0.8%
ALLETE, Inc. (a)		15		904
Genie Energy Ltd., Class B		8		56

INVESTMENTS	SHARES (000)		VALUE ($000)
Electric Utilities — continued
IDACORP, Inc.		6		591
Portland General Electric Co.		25		1,087
Spark Energy, Inc., Class A (a)		95		910
				3,548
Electrical Equipment — 0.8%
Atkore International Group, Inc. *		61		2,492
Generac Holdings, Inc. *		4		819
Powell Industries, Inc.		6		171
				3,482
Electronic Equipment, Instruments & Components — 2.9%
Bel Fuse, Inc., Class B		39		580
Benchmark Electronics, Inc.		86		2,335
Fabrinet (Thailand) *		19		1,507
Itron, Inc. *		5		451
Kimball Electronics, Inc. *		7		111
Methode Electronics, Inc.		30		1,151
Sanmina Corp. *		91		2,913
ScanSource, Inc. *		44		1,148
Vishay Intertechnology, Inc.		47		968
Vishay Precision Group, Inc. *		32		1,020
				12,184
Energy Equipment & Services — 0.7%
Cactus, Inc., Class A		26		673
ChampionX Corp. * (a)		6		96
Helix Energy Solutions Group, Inc. *		18		77
National Energy Services Reunited Corp. *		25		244
NexTier Oilfield Solutions, Inc. *		68		233
Oil States International, Inc. *		46		230
Patterson-UTI Energy, Inc.		39		205
Select Energy Services, Inc., Class A *		129		530
Solaris Oilfield Infrastructure, Inc., Class A		55		450
				2,738
Entertainment — 0.7%
Cinemark Holdings, Inc. (a)		161		2,810
Equity Real Estate Investment Trusts (REITs) — 5.4%
Acadia Realty Trust		14		197
Agree Realty Corp. (a)		3		226
Alexander & Baldwin, Inc.		23		390
American Assets Trust, Inc.		7		199
American Finance Trust, Inc.		40		297
Armada Hoffler Properties, Inc.		77		862
Broadstone Net Lease, Inc., Class A		35		679

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 25

JPMorgan Small Cap Core Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Equity Real Estate Investment Trusts (REITs) — continued
BRT Apartments Corp. (a)		6		85
CareTrust REIT, Inc.		7		146
CatchMark Timber Trust, Inc., Class A		50		463
Centerspace		7		473
Chatham Lodging Trust		7		75
City Office REIT, Inc.		81		789
Columbia Property Trust, Inc.		18		254
Community Healthcare Trust, Inc.		2		80
CorePoint Lodging, Inc.		7		45
Cousins Properties, Inc.		20		683
DiamondRock Hospitality Co. *		51		419
Essential Properties Realty Trust, Inc.		24		509
First Industrial Realty Trust, Inc.		21		881
Four Corners Property Trust, Inc.		12		363
Getty Realty Corp.		4		113
Gladstone Commercial Corp.		44		785
Global Medical REIT, Inc.		5		64
Global Net Lease, Inc.		82		1,407
Healthcare Realty Trust, Inc.		32		941
Highwoods Properties, Inc.		3		121
Hudson Pacific Properties, Inc.		12		285
Innovative Industrial Properties, Inc. (a)		1		202
Kite Realty Group Trust		8		112
Monmouth Real Estate Investment Corp.		15		260
National Health Investors, Inc.		1		83
New Senior Investment Group, Inc.		81		419
Physicians Realty Trust		30		541
Piedmont Office Realty Trust, Inc., Class A		20		330
Plymouth Industrial REIT, Inc.		21		312
PotlatchDeltic Corp.		21		1,070
QTS Realty Trust, Inc., Class A (a)		7		446
Retail Properties of America, Inc., Class A		84		723
Retail Value, Inc.		12		184
Ryman Hospitality Properties, Inc.		2		156
Sabra Health Care REIT, Inc.		44		771
Service Properties Trust		12		139
SITE Centers Corp.		26		258
STAG Industrial, Inc.		51		1,610
Summit Hotel Properties, Inc.		14		123
Sunstone Hotel Investors, Inc.		110		1,252
Urban Edge Properties		29		375
Xenia Hotels & Resorts, Inc.		84		1,274
				22,471

INVESTMENTS	SHARES (000)		VALUE ($000)
Food & Staples Retailing — 0.9%
Andersons, Inc. (The)		4		86
BJ’s Wholesale Club Holdings, Inc. *		18		678
Performance Food Group Co. *		42		2,004
PriceSmart, Inc.		11		993
				3,761
Food Products — 0.3%
Bunge Ltd.		10		623
Sanderson Farms, Inc.		3		338
Seneca Foods Corp., Class A *		7		275
				1,236
Gas Utilities — 0.7%
Chesapeake Utilities Corp.		6		693
New Jersey Resources Corp.		13		465
Northwest Natural Holding Co.		7		340
Southwest Gas Holdings, Inc.		14		853
Spire, Inc.		11		698
				3,049
Health Care Equipment & Supplies — 3.2%
Accuray, Inc. * (a)		202		843
Alphatec Holdings, Inc. *		81		1,176
Apyx Medical Corp. *		90		647
Axogen, Inc. *		48		850
CONMED Corp.		1		143
Cutera, Inc. *		49		1,184
Inogen, Inc. *		26		1,162
Integer Holdings Corp. *		5		398
Invacare Corp.		92		826
Natus Medical, Inc. *		24		477
NuVasive, Inc. *		13		721
Orthofix Medical, Inc. *		51		2,205
Outset Medical, Inc. *		14		796
SI-BONE, Inc. *		39		1,151
Sientra, Inc. * (a)		56		219
Utah Medical Products, Inc.		5		388
				13,186
Health Care Providers & Services — 4.5%
AdaptHealth Corp. *		90		3,365
American Renal Associates Holdings, Inc. *		63		717
AMN Healthcare Services, Inc. *		19		1,311
Apollo Medical Holdings, Inc. * (a)		24		433
Cross Country Healthcare, Inc. *		97		860
Hanger, Inc. *		29		629
LHC Group, Inc. *		3		661

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Health Care Providers & Services — continued
Magellan Health, Inc. *		22		1,839
MEDNAX, Inc. *		12		302
National HealthCare Corp.		27		1,806
Owens & Minor, Inc.		68		1,840
Providence Service Corp. (The) *		6		790
Select Medical Holdings Corp. *		74		2,058
Surgery Partners, Inc. * (a)		39		1,140
Tivity Health, Inc. *		61		1,189
				18,940
Health Care Technology — 0.6%
NextGen Healthcare, Inc. * (a)		45		821
Omnicell, Inc. *		4		504
Schrodinger, Inc. *		16		1,251
				2,576
Hotels, Restaurants & Leisure — 2.5%
Bloomin’ Brands, Inc.		55		1,059
Boyd Gaming Corp. *		10		412
Brinker International, Inc.		27		1,505
Caesars Entertainment, Inc. * (a)		33		2,436
Dine Brands Global, Inc.		12		713
Marriott Vacations Worldwide Corp.		12		1,660
Penn National Gaming, Inc. * (a)		24		2,078
Scientific Games Corp. *		14		589
				10,452
Household Durables — 1.7%
Helen of Troy Ltd. *		4		863
Hooker Furniture Corp.		23		751
KB Home		25		840
Lifetime Brands, Inc.		60		915
Meritage Homes Corp. *		14		1,118
Taylor Morrison Home Corp. *		46		1,172
Tupperware Brands Corp. *		17		538
Universal Electronics, Inc. *		19		1,007
				7,204
Household Products — 0.3%
Central Garden & Pet Co., Class A *		36		1,321
Independent Power and Renewable Electricity Producers — 0.8%
Atlantic Power Corp. *		51		108
Clearway Energy, Inc.		51		1,492
Clearway Energy, Inc., Class C		45		1,443
Vistra Corp.		11		210
				3,253

INVESTMENTS	SHARES (000)		VALUE ($000)
Insurance — 0.9%
Ambac Financial Group, Inc. *		16		251
American Equity Investment Life Holding Co.		20		556
Argo Group International Holdings Ltd.		12		507
CNO Financial Group, Inc.		41		905
FedNat Holding Co.		10		60
Heritage Insurance Holdings, Inc. (a)		5		49
Horace Mann Educators Corp.		3		109
James River Group Holdings Ltd.		5		241
ProAssurance Corp.		16		283
ProSight Global, Inc. * (a)		22		286
Selective Insurance Group, Inc.		4		240
Stewart Information Services Corp.		4		203
United Insurance Holdings Corp. (a)		29		168
				3,858
Interactive Media & Services — 1.2%
Cars.com, Inc. *		51		573
Liberty TripAdvisor Holdings, Inc., Class A *		667		2,894
Yelp, Inc. *		43		1,418
				4,885
Internet & Direct Marketing Retail — 0.3%
Groupon, Inc. * (a)		19		713
Overstock.com, Inc. * (a)		8		364
				1,077
IT Services — 2.6%
Evo Payments, Inc., Class A *		41		1,105
KBR, Inc.		73		2,262
NIC, Inc.		29		739
Perspecta, Inc.		35		835
Science Applications International Corp.		15		1,429
StarTek, Inc. *		163		1,227
TTEC Holdings, Inc.		43		3,136
				10,733
Life Sciences Tools & Services — 1.2%
Adaptive Biotechnologies Corp. *		11		633
Berkeley Lights, Inc. * (a)		13		1,189
Personalis, Inc. *		57		2,101
Seer, Inc. *		21		1,170
				5,093
Machinery — 1.7%
Albany International Corp., Class A		2		162
Altra Industrial Motion Corp.		7		399
Barnes Group, Inc.		14		689

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 27

JPMorgan Small Cap Core Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Machinery — continued
CIRCOR International, Inc. *		4		161
Columbus McKinnon Corp.		21		821
Gencor Industries, Inc. *		6		76
Manitowoc Co., Inc. (The) *		31		412
Meritor, Inc. *		30		842
Mueller Industries, Inc.		9		306
Park-Ohio Holdings Corp.		4		136
Terex Corp.		76		2,652
Welbilt, Inc. *		24		317
				6,973
Marine — 0.2%
Costamare, Inc. (Monaco)		100		825
Media — 1.3%
Cardlytics, Inc. * (a)		5		671
EW Scripps Co. (The), Class A		55		833
Fluent, Inc. *		79		418
Gray Television, Inc. *		43		762
Meredith Corp.		83		1,588
Sinclair Broadcast Group, Inc., Class A (a)		32		1,032
				5,304
Metals & Mining — 1.9%
Alcoa Corp. *		21		491
Allegheny Technologies, Inc. *		45		750
Arconic Corp. *		23		676
Carpenter Technology Corp.		8		218
Cleveland-Cliffs, Inc. (a)		79		1,143
Commercial Metals Co.		101		2,080
Kaiser Aluminum Corp.		4		435
SunCoke Energy, Inc.		140		608
Warrior Met Coal, Inc.		51		1,085
Worthington Industries, Inc.		6		298
				7,784
Mortgage Real Estate Investment Trusts (REITs) — 1.1%
Apollo Commercial Real Estate Finance, Inc. (a)		23		255
Ares Commercial Real Estate Corp.		20		232
Blackstone Mortgage Trust, Inc., Class A (a)		16		438
Colony Credit Real Estate, Inc.		12		92
Ellington Financial, Inc.		2		33
Granite Point Mortgage Trust, Inc.		9		93
Great Ajax Corp. (a)		3		30
KKR Real Estate Finance Trust, Inc.		5		93
Ladder Capital Corp.		84		823
New York Mortgage Trust, Inc.		11		40

INVESTMENTS	SHARES (000)		VALUE ($000)
Mortgage Real Estate Investment Trusts (REITs) — continued
PennyMac Mortgage Investment Trust		67		1,173
Redwood Trust, Inc. (a)		79		695
TPG RE Finance Trust, Inc. (a)		30		313
Two Harbors Investment Corp.		43		275
				4,585
Multiline Retail — 0.4%
Big Lots, Inc. (a)		16		695
Dillard’s, Inc., Class A (a)		6		385
Macy’s, Inc.		38		429
				1,509
Multi-Utilities — 0.1%
Black Hills Corp.		9		539
Oil, Gas & Consumable Fuels — 2.1%
Arch Resources, Inc. *		14		598
Berry Corp.		87		320
Bonanza Creek Energy, Inc. *		9		172
CNX Resources Corp. *		26		275
CVR Energy, Inc.		23		339
Dorian LPG Ltd. *		44		534
Falcon Minerals Corp.		86		272
Green Plains, Inc. * (a)		18		241
Magnolia Oil & Gas Corp., Class A * (a)		100		707
Matador Resources Co. *		50		603
Par Pacific Holdings, Inc. *		33		464
PDC Energy, Inc. *		41		842
Renewable Energy Group, Inc. *		46		3,229
REX American Resources Corp. *		2		144
Talos Energy, Inc. *		7		61
				8,801
Paper & Forest Products — 1.4%
Boise Cascade Co.		19		908
Domtar Corp.		21		668
Glatfelter Corp.		7		115
Louisiana-Pacific Corp.		35		1,282
Neenah, Inc.		7		382
Schweitzer-Mauduit International, Inc.		58		2,314
Verso Corp., Class A		33		392
				6,061
Personal Products — 0.5%
Edgewell Personal Care Co.		36		1,255
Medifast, Inc.		4		786
				2,041

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Pharmaceuticals — 2.8%
Arvinas, Inc. * (a)		1		81
Cara Therapeutics, Inc. *		18		270
Endo International plc *		302		2,167
Horizon Therapeutics plc *		41		3,003
Intersect ENT, Inc. *		58		1,335
Lannett Co., Inc. * (a)		233		1,519
NGM Biopharmaceuticals, Inc. * (a)		41		1,236
Phibro Animal Health Corp., Class A		11		208
Revance Therapeutics, Inc. *		5		155
TherapeuticsMD, Inc. * (a)		104		125
VYNE Therapeutics, Inc. * (a)		55		87
WaVe Life Sciences Ltd. *		101		791
Zogenix, Inc. *		25		496
Zynerba Pharmaceuticals, Inc. * (a)		44		145
				11,618
Professional Services — 2.5%
Barrett Business Services, Inc.		29		1,953
CBIZ, Inc. *		21		569
Heidrick & Struggles International, Inc.		26		754
Insperity, Inc.		7		537
Kelly Services, Inc., Class A		32		653
Kforce, Inc.		18		770
Korn Ferry (a)		72		3,116
TriNet Group, Inc. *		17		1,402
TrueBlue, Inc. *		41		761
				10,515
Real Estate Management & Development — 0.5%
Jones Lang LaSalle, Inc. *		2		285
Realogy Holdings Corp. *		119		1,557
RMR Group, Inc. (The), Class A		4		147
				1,989
Road & Rail — 0.9%
ArcBest Corp.		88		3,756
Semiconductors & Semiconductor Equipment — 2.0%
Advanced Energy Industries, Inc. *		10		997
Alpha & Omega Semiconductor Ltd. *		53		1,246
Amkor Technology, Inc.		55		834
GSI Technology, Inc. *		51		377
Ichor Holdings Ltd. *		21		647
NVE Corp.		6		315
PDF Solutions, Inc. *		16		350
Photronics, Inc. *		130		1,455
Rambus, Inc. *		13		221

INVESTMENTS	SHARES (000)		VALUE ($000)
Semiconductors & Semiconductor Equipment — continued
SMART Global Holdings, Inc. * (a)		34		1,291
Ultra Clean Holdings, Inc. *		25		770
				8,503
Software — 4.9%
ACI Worldwide, Inc. *		5		203
American Software, Inc., Class A		31		536
Appian Corp. * (a)		6		940
Asana, Inc., Class A * (a)		21		617
Avaya Holdings Corp. *		77		1,476
Cerence, Inc. * (a)		10		1,005
Cornerstone OnDemand, Inc. *		72		3,151
Digital Turbine, Inc. *		21		1,188
eGain Corp. *		158		1,865
Envestnet, Inc. *		6		461
j2 Global, Inc. * (a)		20		1,993
JFrog Ltd. (Israel) * (a)		7		408
MicroStrategy, Inc., Class A * (a)		9		3,361
Model N, Inc. * (a)		6		207
PubMatic, Inc., Class A * (a)		20		564
Rimini Street, Inc. *		70		309
Verint Systems, Inc. *		24		1,599
Zuora, Inc., Class A *		49		687
				20,570
Specialty Retail — 2.3%
Aaron’s Co., Inc. (The) *		10		183
Bed Bath & Beyond, Inc. (a)		21		369
Genesco, Inc. * (a)		20		593
Guess?, Inc.		54		1,228
Hibbett Sports, Inc. * (a)		31		1,445
MarineMax, Inc. *		18		645
ODP Corp. (The) *		32		935
Rent-A-Center, Inc.		62		2,381
Signet Jewelers Ltd. (a)		38		1,025
Zumiez, Inc. *		24		883
				9,687
Technology Hardware, Storage & Peripherals — 0.2%
Diebold Nixdorf, Inc. *		80		852
Textiles, Apparel & Luxury Goods — 1.3%
Deckers Outdoor Corp. *		17		4,761
Movado Group, Inc. *		33		553
				5,314

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 29

JPMorgan Small Cap Core Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Thrifts & Mortgage Finance — 3.4%
ESSA Bancorp, Inc.		3		39
Essent Group Ltd.		41		1,754
Flagstar Bancorp, Inc.		51		2,063
FS Bancorp, Inc.		2		106
HomeStreet, Inc.		11		358
Kearny Financial Corp.		37		385
Luther Burbank Corp.		14		134
MGIC Investment Corp.		61		759
MMA Capital Holdings, Inc. *		2		47
Mr. Cooper Group, Inc. *		47		1,446
NMI Holdings, Inc., Class A *		13		301
OP Bancorp		15		118
PennyMac Financial Services, Inc.		15		1,006
Provident Bancorp, Inc.		29		347
Provident Financial Services, Inc.		88		1,582
Radian Group, Inc.		70		1,407
Standard AVB Financial Corp.		2		65
Walker & Dunlop, Inc.		25		2,331
				14,248
Trading Companies & Distributors — 2.2%
Applied Industrial Technologies, Inc.		12		897
Beacon Roofing Supply, Inc. *		20		788
BMC Stock Holdings, Inc. *		19		1,014
GMS, Inc. *		46		1,402
NOW, Inc. *		86		616
Veritiv Corp. *		14		292
WESCO International, Inc. *		54		4,200
				9,209
Water Utilities — 0.0% (b)
Consolidated Water Co. Ltd. (Cayman Islands)		2		29
Wireless Telecommunication Services — 0.1%
Spok Holdings, Inc.		54		601
Total Common Stocks (Cost $299,738)				409,710
	NO. OF RIGHTS (000)
Rights — 0.0% (b)
Biotechnology — 0.0% (b)
Contra Aduro Biotech I * ‡ (Cost $128)		43		—	(c)

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 10.2%
Investment Companies — 2.0%
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (d) (e) (Cost $8,366)		8,362		8,366
Investment of Cash Collateral from Securities Loaned — 8.2%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (d) (e)		24,997		25,000
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (d) (e)		9,131		9,131
Total Investment of Cash Collateral from Securities Loaned (Cost $34,132)				34,131
Total Short-Term Investments (Cost $42,498)				42,497
Total Investments — 108.2% (Cost $342,364)				452,207
Liabilities in Excess of Other Assets — (8.2)%				(34,418	)
NET ASSETS — 100.0%				417,789

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, 2020. The total value of securities on loan at December 31, 2020 is approximately $32,792,000.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Amount rounds to less than one thousand.
(d)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(e)	The rate shown is the current yield as of December 31, 2020.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

Futures contracts outstanding as of December 31, 2020 (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	18		03/2021		USD		1,780		(6	)

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 31

JPMorgan Small Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 95.6%
Auto Components — 1.3%
LCI Industries		836		108,393
Automobiles — 0.7%
Thor Industries, Inc.		595		55,321
Banks — 8.9%
BankUnited, Inc.		2,554		88,821
Commerce Bancshares, Inc. (a)		1,246		81,876
Cullen/Frost Bankers, Inc.		758		66,155
First Financial Bancorp		2,778		48,702
First Hawaiian, Inc.		3,040		71,679
First Horizon National Corp.		7,983		101,867
Signature Bank		657		88,819
Western Alliance Bancorp		1,724		103,330
Wintrust Financial Corp.		1,437		87,777
				739,026
Beverages — 0.9%
Primo Water Corp.		4,865		76,280
Biotechnology — 0.5%
Certara, Inc. *		1,204		40,583
Building Products — 0.5%
Fortune Brands Home & Security, Inc.		436		37,392
Capital Markets — 5.7%
Assetmark Financial Holdings, Inc. *		1,440		34,858
Eaton Vance Corp.		467		31,735
Focus Financial Partners, Inc., Class A *		1,841		80,068
Lazard Ltd., Class A		2,451		103,669
Moelis & Co., Class A		1,844		86,220
Morningstar, Inc.		426		98,688
StepStone Group, Inc., Class A *		886		35,274
				470,512
Chemicals — 2.5%
GCP Applied Technologies, Inc. *		2,336		55,236
PQ Group Holdings, Inc.		2,946		42,008
Quaker Chemical Corp. (a)		428		108,433
				205,677
Commercial Services & Supplies — 5.4%
Brady Corp., Class A		1,502		79,354
Casella Waste Systems, Inc., Class A *		948		58,727
IAA, Inc. *		1,882		122,298
MSA Safety, Inc. (a)		846		126,403
Stericycle, Inc. * (a)		899		62,361
				449,143

INVESTMENTS	SHARES (000)		VALUE ($000)
Construction & Engineering — 1.6%
WillScot Mobile Mini Holdings Corp. *		5,702		132,117
Containers & Packaging — 3.7%
AptarGroup, Inc.		1,445		197,802
Crown Holdings, Inc. *		774		77,592
Pactiv Evergreen, Inc. *		1,782		32,324
				307,718
Distributors — 0.9%
Pool Corp.		198		73,673
Diversified Consumer Services — 1.0%
Bright Horizons Family Solutions, Inc. *		456		78,892
Electric Utilities — 0.9%
Portland General Electric Co.		1,751		74,880
Electronic Equipment, Instruments & Components — 2.1%
Badger Meter, Inc.		570		53,608
nLight, Inc. * (a)		2,119		69,170
Novanta, Inc. * (a)		465		55,017
				177,795
Equity Real Estate Investment Trusts (REITs) — 5.5%
American Campus Communities, Inc. (a)		1,216		52,002
CubeSmart		2,850		95,802
EastGroup Properties, Inc.		900		124,311
National Retail Properties, Inc.		2,186		89,460
Outfront Media, Inc.		3,003		58,739
Ryman Hospitality Properties, Inc.		570		38,611
				458,925
Food & Staples Retailing — 4.2%
BJ’s Wholesale Club Holdings, Inc. *		2,858		106,553
Casey’s General Stores, Inc.		415		74,119
Performance Food Group Co. *		3,479		165,645
				346,317
Health Care Equipment & Supplies — 2.8%
Cantel Medical Corp.		1,010		79,679
Envista Holdings Corp. * (a)		1,812		61,113
ICU Medical, Inc. *		426		91,356
				232,148
Health Care Providers & Services — 6.8%
Chemed Corp.		136		72,645
Covetrus, Inc. * (a)		2,244		64,488
Encompass Health Corp.		1,741		143,969
HealthEquity, Inc. *		1,246		86,835
Molina Healthcare, Inc. *		595		126,604

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Health Care Providers & Services — continued
Premier, Inc., Class A		1,822		63,938
Progyny, Inc. *		184		7,793
				566,272
Health Care Technology — 1.1%
HMS Holdings Corp. *		2,381		87,489
Hotels, Restaurants & Leisure — 1.9%
Monarch Casino & Resort, Inc. *		509		31,191
Planet Fitness, Inc., Class A *		730		56,664
Wendy’s Co. (The)		3,116		68,298
				156,153
Insurance — 2.9%
Kinsale Capital Group, Inc.		427		85,420
RLI Corp.		1,057		110,114
Selectquote, Inc. * (a)		1,998		41,464
				236,998
IT Services — 1.5%
WEX, Inc. *		611		124,375
Leisure Products — 2.2%
Acushnet Holdings Corp. (a)		1,610		65,272
Brunswick Corp.		1,569		119,595
				184,867
Life Sciences Tools & Services — 1.2%
Syneos Health, Inc. *		1,470		100,130
Machinery — 10.1%
Altra Industrial Motion Corp.		1,578		87,489
Douglas Dynamics, Inc.		996		42,593
Gates Industrial Corp. plc *		2,917		37,225
Lincoln Electric Holdings, Inc.		1,119		130,048
Nordson Corp.		197		39,488
RBC Bearings, Inc. *		734		131,358
Toro Co. (The)		2,150		203,933
Welbilt, Inc. *		3,451		45,557
Woodward, Inc.		948		115,194
				832,885
Multi-Utilities — 1.1%
NorthWestern Corp.		1,491		86,930
Pharmaceuticals — 0.9%
Catalent, Inc. *		704		73,312
Professional Services — 0.7%
CoreLogic, Inc.		792		61,268
Real Estate Management & Development — 0.9%
Cushman & Wakefield plc * (a)		4,825		71,547

INVESTMENTS	SHARES (000)		VALUE ($000)
Road & Rail — 1.8%
Knight-Swift Transportation Holdings, Inc.		1,751		73,247
Landstar System, Inc.		561		75,483
				148,730
Semiconductors & Semiconductor Equipment — 3.1%
Allegro MicroSystems, Inc. (Japan) * (a)		1,187		31,653
CMC Materials, Inc.		720		108,948
Power Integrations, Inc. (a)		1,421		116,329
				256,930
Software — 7.8%
Aspen Technology, Inc. *		614		80,019
Bentley Systems, Inc., Class B		490		19,862
Bill.Com Holdings, Inc. * (a)		349		47,611
Duck Creek Technologies, Inc. *		395		17,082
Envestnet, Inc. *		910		74,855
Guidewire Software, Inc. * (a)		659		84,778
Medallia, Inc. * (a)		1,721		57,186
nCino, Inc. * (a)		233		16,884
Q2 Holdings, Inc. *		1,136		143,686
RealPage, Inc. *		1,227		107,067
				649,030
Specialty Retail — 0.8%
Leslie’s, Inc. * (a)		1,004		27,858
National Vision Holdings, Inc. *		921		41,697
				69,555
Textiles, Apparel & Luxury Goods — 0.8%
Carter’s, Inc.		673		63,328
Trading Companies & Distributors — 0.9%
Applied Industrial Technologies, Inc.		1,003		78,245
Total Common Stocks (Cost $4,894,560)				7,912,836
Exchange-Traded Funds — 0.8%
U.S. Equity — 0.8%
iShares Russell 2000 ETF (a) (Cost $48,510)		340		66,694
Short-Term Investments — 5.2%
Investment Companies — 3.6%
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (b) (c) (Cost $297,388)		297,275		297,424
Investment of Cash Collateral from Securities Loaned — 1.6%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (b) (c)		115,027		115,038

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 33

JPMorgan Small Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — continued
Investment of Cash Collateral from Securities Loaned — continued
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		18,233		18,233
Total Investment of Cash Collateral from Securities Loaned (Cost $133,271)				133,271
Total Short-Term Investments (Cost $430,659)				430,695
Total Investments — 101.6% (Cost $5,373,729)				8,410,225
Liabilities in Excess of Other Assets — (1.6)%				(128,694	)
NET ASSETS — 100.0%				8,281,531

Percentages indicated are based on net assets.

Abbreviations
ETF	Exchange-Traded Fund
(a)	The security or a portion of this security is on loan at December 31, 2020. The total value of securities on loan at December 31, 2020 is approximately $130,194,000.
(b)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of December 31, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

JPMorgan Small Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.3%
Auto Components — 0.9%
Fox Factory Holding Corp. *		561		59,352
Automobiles — 0.9%
Winnebago Industries, Inc.		1,009		60,480
Banks — 0.7%
First Financial Bankshares, Inc. (a)		1,219		44,115
Biotechnology — 19.4%
ACADIA Pharmaceuticals, Inc. *		493		26,342
ADC Therapeutics SA (Switzerland) * (a)		1,295		41,457
Alector, Inc. *		1,121		16,958
Allogene Therapeutics, Inc. * (a)		534		13,489
Amicus Therapeutics, Inc. *		3,210		74,111
Arrowhead Pharmaceuticals, Inc. *		907		69,587
Atara Biotherapeutics, Inc. *		2,295		45,043
Avrobio, Inc. * (a)		1,731		24,130
Biohaven Pharmaceutical Holding Co. Ltd. *		717		61,475
Blueprint Medicines Corp. *		624		69,958
Bridgebio Pharma, Inc. * (a)		773		54,971
Coherus Biosciences, Inc. * (a)		2,173		37,771
FibroGen, Inc. * (a)		874		32,427
G1 Therapeutics, Inc. * (a)		1,058		19,030
Generation Bio Co. * (a)		452		12,818
Global Blood Therapeutics, Inc. *		403		17,464
Halozyme Therapeutics, Inc. * (a)		2,312		98,755
Heron Therapeutics, Inc. * (a)		1,773		37,534
Homology Medicines, Inc. *		1,195		13,496
Intercept Pharmaceuticals, Inc. * (a)		410		10,115
Kronos Bio, Inc. * (a)		805		24,047
Mirati Therapeutics, Inc. *		175		38,420
Natera, Inc. *		1,100		109,459
Orchard Therapeutics plc, ADR (United Kingdom) *		1,471		6,356
REGENXBIO, Inc. *		806		36,574
Relay Therapeutics, Inc. * (a)		810		33,657
REVOLUTION Medicines, Inc. *		688		27,243
Rubius Therapeutics, Inc. * (a)		1,483		11,252
Sage Therapeutics, Inc. * (a)		541		46,790
Twist Bioscience Corp. *		677		95,631
Viela Bio, Inc. * (a)		688		24,764
				1,231,124
Building Products — 4.3%
Advanced Drainage Systems, Inc.		1,391		116,234
AZEK Co., Inc. (The) *		794		30,524
Simpson Manufacturing Co., Inc. (a)		674		63,031
Trex Co., Inc. * (a)		758		63,496
				273,285

INVESTMENTS	SHARES (000)		VALUE ($000)
Capital Markets — 1.7%
Evercore, Inc., Class A		594		65,159
Focus Financial Partners, Inc., Class A *		986		42,901
				108,060
Commercial Services & Supplies — 1.0%
MSA Safety, Inc. (a)		423		63,120
Communications Equipment — 0.6%
Ciena Corp. * (a)		676		35,738
Consumer Finance — 0.5%
PROG Holdings Inc.		653		35,184
Diversified Consumer Services — 0.6%
Bright Horizons Family Solutions, Inc. *		216		37,309
Diversified Telecommunication Services — 1.0%
Bandwidth, Inc., Class A * (a)		409		62,810
Electrical Equipment — 0.6%
Vertiv Holdings Co.		1,992		37,196
Electronic Equipment, Instruments & Components — 2.6%
Itron, Inc. * (a)		923		88,514
Littelfuse, Inc.		288		73,366
				161,880
Equity Real Estate Investment Trusts (REITs) — 0.9%
CubeSmart		781		26,256
Terreno Realty Corp.		581		33,988
				60,244
Food & Staples Retailing — 2.5%
BJ’s Wholesale Club Holdings, Inc. * (a)		1,050		39,143
Grocery Outlet Holding Corp. * (a)		1,215		47,702
Performance Food Group Co. *		1,502		71,502
				158,347
Food Products — 1.5%
Freshpet, Inc. *		661		93,879
Health Care Equipment & Supplies — 4.3%
iRhythm Technologies, Inc. *		384		91,109
Nevro Corp. *		453		78,363
Outset Medical, Inc. * (a)		467		26,525
Shockwave Medical, Inc. * (a)		732		75,932
				271,929
Health Care Providers & Services — 2.3%
Acadia Healthcare Co., Inc. *		926		46,549
Amedisys, Inc. *		256		75,050
Oak Street Health, Inc. * (a)		353		21,559
				143,158

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 35

JPMorgan Small Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Health Care Technology — 1.3%
Accolade, Inc. * (a)		1,140		49,587
Evolent Health, Inc., Class A * (a)		2,003		32,107
				81,694
Hotels, Restaurants & Leisure — 3.1%
Boyd Gaming Corp. *		1,723		73,933
Planet Fitness, Inc., Class A * (a)		636		49,409
Texas Roadhouse, Inc.		975		76,209
				199,551
Household Durables — 1.8%
Helen of Troy Ltd. *		367		81,602
TRI Pointe Group, Inc. *		1,942		33,496
				115,098
Industrial Conglomerates — 1.1%
Carlisle Cos., Inc.		431		67,279
Insurance — 0.8%
Lemonade, Inc. * (a)		208		25,482
Selectquote, Inc. * (a)		1,318		27,355
				52,837
Interactive Media & Services — 0.5%
MediaAlpha, Inc., Class A *		808		31,574
Internet & Direct Marketing Retail — 1.0%
Farfetch Ltd., Class A (United Kingdom) * (a)		511		32,611
RealReal, Inc. (The) * (a)		1,562		30,525
				63,136
IT Services — 3.6%
Globant SA (Argentina) *		291		63,310
I3 Verticals, Inc., Class A * (a)		1,230		40,845
LiveRamp Holdings, Inc. *		522		38,177
ManTech International Corp., Class A		828		73,609
Repay Holdings Corp. *		384		10,460
				226,401
Life Sciences Tools & Services — 1.9%
Adaptive Biotechnologies Corp. *		255		15,101
Berkeley Lights, Inc. * (a)		359		32,122
Personalis, Inc. *		1,300		47,590
Seer, Inc. *		464		26,035
				120,848
Machinery — 3.3%
Graco, Inc.		829		59,993
ITT, Inc.		963		74,145
John Bean Technologies Corp.		670		76,239
				210,377

INVESTMENTS	SHARES (000)		VALUE ($000)
Media — 1.8%
Cardlytics, Inc. * (a)		315		45,018
New York Times Co. (The), Class A		1,326		68,645
				113,663
Multiline Retail — 0.5%
Ollie’s Bargain Outlet Holdings, Inc. * (a)		357		29,204
Pharmaceuticals — 1.7%
Arvinas, Inc. * (a)		770		65,383
Revance Therapeutics, Inc. *		1,608		45,581
				110,964
Professional Services — 0.5%
FTI Consulting, Inc. *		281		31,393
Road & Rail — 1.4%
Saia, Inc. *		488		88,239
Semiconductors & Semiconductor Equipment — 8.1%
Cree, Inc. *		590		62,495
Enphase Energy, Inc. *		528		92,617
Entegris, Inc.		928		89,137
Inphi Corp. *		467		74,870
MKS Instruments, Inc.		509		76,551
Semtech Corp. *		767		55,291
SolarEdge Technologies, Inc. *		193		61,578
				512,539
Software — 12.6%
Anaplan, Inc. *		1,080		77,565
Avalara, Inc. *		146		24,047
Bill.Com Holdings, Inc. *		233		31,872
Blackline, Inc. * (a)		630		84,062
CyberArk Software Ltd. *		355		57,334
Duck Creek Technologies, Inc. *		1,110		48,047
Elastic NV *		537		78,526
Envestnet, Inc. *		806		66,320
Everbridge, Inc. * (a)		411		61,328
Jamf Holding Corp. * (a)		252		7,550
JFrog Ltd. (Israel) * (a)		573		36,009
Medallia, Inc. * (a)		1,082		35,936
nCino, Inc. * (a)		192		13,918
Ping Identity Holding Corp. *		1,010		28,931
Q2 Holdings, Inc. *		338		42,731
Smartsheet, Inc., Class A *		964		66,776
Vertex, Inc., Class A * (a)		1,103		38,436
				799,388

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Specialty Retail — 3.8%
Floor & Decor Holdings, Inc., Class A *		596		55,374
Leslie’s, Inc. * (a)		740		20,544
Lithia Motors, Inc., Class A		246		71,904
National Vision Holdings, Inc. *		1,990		90,134
				237,956
Technology Hardware, Storage & Peripherals — 0.5%
Corsair Gaming, Inc. * (a)		800		28,978
Trading Companies & Distributors — 2.7%
Applied Industrial Technologies, Inc.		687		53,551
Rush Enterprises, Inc., Class A		1,050		43,491
SiteOne Landscape Supply, Inc. *		464		73,616
				170,658
Total Common Stocks (Cost $3,688,769)				6,228,987
	NO. OF RIGHTS (000)
Rights — 0.0% (b)
Biotechnology — 0.0% (b)
Clementia Pharmaceuticals, Inc. (France) * ‡ (Cost $— )		927		—	(c)
	SHARES (000)
Short-Term Investments — 10.7%
Investment Companies — 2.1%
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (d) (e) (Cost $132,906)		132,849		132,915

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment of Cash Collateral from Securities Loaned — 8.6%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (d) (e)		468,165		468,212
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (d) (e)		75,663		75,663
Total Investment of Cash Collateral from Securities Loaned (Cost $543,882)				543,875
Total Short-Term Investments (Cost $676,788)				676,790
Total Investments — 109.0% (Cost $4,365,557)				6,905,777
Liabilities in Excess of Other Assets — (9.0)%				(572,789	)
NET ASSETS — 100.0%				6,332,988

Percentages indicated are based on net assets.

Abbreviations

ADR	American Depositary Receipt
(a)	The security or a portion of this security is on loan at December 31, 2020. The total value of securities on loan at December 31, 2020 is approximately $523,701,000.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Amount rounds to less than one thousand.
(d)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(e)	The rate shown is the current yield as of December 31, 2020.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 37

JPMorgan Small Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.9%
Aerospace & Defense — 1.3%
AAR Corp.		129		4,687
Astronics Corp. *		230		3,041
Maxar Technologies, Inc. (a)		120		4,631
Moog, Inc., Class A		36		2,863
Triumph Group, Inc.		50		627
				15,849
Air Freight & Logistics — 0.5%
Echo Global Logistics, Inc. *		193		5,168
Hub Group, Inc., Class A *		7		382
				5,550
Airlines — 0.6%
Allegiant Travel Co.		21		4,050
Hawaiian Holdings, Inc. (a)		91		1,616
SkyWest, Inc.		48		1,943
				7,609
Auto Components — 1.5%
Adient plc *		135		4,684
American Axle & Manufacturing Holdings, Inc. *		53		440
Cooper Tire & Rubber Co.		52		2,122
Cooper-Standard Holdings, Inc. *		5		163
Dana, Inc.		131		2,551
Gentherm, Inc. *		76		4,937
Goodyear Tire & Rubber Co. (The)		271		2,953
				17,850
Banks — 15.7%
1st Source Corp.		65		2,603
American National Bankshares, Inc.		4		97
Atlantic Capital Bancshares, Inc. *		46		728
Atlantic Union Bankshares Corp.		5		168
BancFirst Corp.		75		4,420
BancorpSouth Bank		47		1,279
BankFinancial Corp.		17		150
Banner Corp.		25		1,174
Brookline Bancorp, Inc.		139		1,670
Bryn Mawr Bank Corp.		19		566
Cadence BanCorp		427		7,008
Cathay General Bancorp		349		11,225
Central Pacific Financial Corp.		268		5,097
Central Valley Community Bancorp		15		216
Century Bancorp, Inc., Class A (a)		2		170
CIT Group, Inc.		355		12,752
Citizens & Northern Corp.		8		163
City Holding Co. (a)		39		2,678

INVESTMENTS	SHARES (000)		VALUE ($000)
Banks — continued
Columbia Banking System, Inc.		135		4,846
Community Bank System, Inc.		76		4,704
Community Trust Bancorp, Inc.		73		2,707
Customers Bancorp, Inc. *		67		1,224
East West Bancorp, Inc.		7		367
Enterprise Financial Services Corp.		127		4,432
Equity Bancshares, Inc., Class A *		58		1,259
Farmers National Banc Corp.		66		877
Financial Institutions, Inc.		42		934
First Bancorp		18		616
First BanCorp (Puerto Rico)		725		6,684
First Citizens BancShares, Inc., Class A (a)		4		2,297
First Commonwealth Financial Corp. (a)		577		6,310
First Community Bankshares, Inc.		36		779
First Financial Corp.		12		478
First Hawaiian, Inc.		57		1,337
First Interstate BancSystem, Inc., Class A		40		1,645
First Merchants Corp.		99		3,696
First Midwest Bancorp, Inc. (a)		109		1,740
First Northwest Bancorp		13		207
Flushing Financial Corp.		88		1,458
Fulton Financial Corp. (a)		224		2,852
Glacier Bancorp, Inc. (a)		35		1,629
Great Southern Bancorp, Inc.		22		1,071
Great Western Bancorp, Inc. (a)		298		6,232
Hancock Whitney Corp.		103		3,494
Home BancShares, Inc.		230		4,484
HomeTrust Bancshares, Inc.		95		1,836
Hope Bancorp, Inc.		514		5,605
Independent Bank Corp.		33		606
Investors Bancorp, Inc.		582		6,150
Mercantile Bank Corp.		11		310
OFG Bancorp (Puerto Rico)		62		1,155
Old National Bancorp		293		4,845
Pacific Premier Bancorp, Inc.		61		1,899
Pinnacle Financial Partners, Inc. (a)		30		1,906
Preferred Bank		11		530
RBB Bancorp		23		352
Renasant Corp. (a)		9		293
S&T Bancorp, Inc.		14		340
Sandy Spring Bancorp, Inc.		94		3,019
Select Bancorp, Inc. *		129		1,221
Tompkins Financial Corp. (a)		14		953
TriState Capital Holdings, Inc. *		15		264
Trustmark Corp.		309		8,450

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Banks — continued
UMB Financial Corp.		134		9,210
Umpqua Holdings Corp.		353		5,347
United Bankshares, Inc. (a)		184		5,945
Valley National Bancorp		27		268
Washington Trust Bancorp, Inc.		23		1,012
Webster Financial Corp.		67		2,811
West BanCorp, Inc.		8		150
Westamerica BanCorp		98		5,441
Western Alliance Bancorp		20		1,205
				191,646
Biotechnology — 2.7%
89bio, Inc. *		80		1,960
Arcus Biosciences, Inc. *		162		4,212
Enanta Pharmaceuticals, Inc. * (a)		17		724
Epizyme, Inc. * (a)		116		1,254
Fate Therapeutics, Inc. *		85		7,729
Five Prime Therapeutics, Inc. *		79		1,342
Iovance Biotherapeutics, Inc. * (a)		117		5,424
Myriad Genetics, Inc. *		48		947
Novavax, Inc. * (a)		29		3,267
Protagonist Therapeutics, Inc. *		280		5,635
				32,494
Building Products — 1.1%
Builders FirstSource, Inc. *		231		9,423
Caesarstone Ltd.		36		465
Cornerstone Building Brands, Inc. *		84		775
Quanex Building Products Corp.		81		1,796
Resideo Technologies, Inc. *		19		406
				12,865
Capital Markets — 2.0%
Artisan Partners Asset Management, Inc., Class A		19		941
Blucora, Inc. *		81		1,284
Cowen, Inc., Class A (a)		133		3,444
Donnelley Financial Solutions, Inc. *		108		1,833
Federated Hermes, Inc.		70		2,014
Oppenheimer Holdings, Inc., Class A		9		273
Piper Sandler Cos. (a)		23		2,280
Stifel Financial Corp.		195		9,815
Virtus Investment Partners, Inc.		12		2,647
				24,531
Chemicals — 2.0%
AdvanSix, Inc. *		18		352
Avient Corp.		119		4,797

INVESTMENTS	SHARES (000)		VALUE ($000)
Chemicals — continued
FutureFuel Corp.		132		1,680
HB Fuller Co.		6		311
Koppers Holdings, Inc. *		123		3,833
Kraton Corp. *		32		895
Minerals Technologies, Inc.		73		4,560
PQ Group Holdings, Inc.		69		987
Trinseo SA		82		4,220
Tronox Holdings plc, Class A		180		2,627
				24,262
Commercial Services & Supplies — 3.1%
ABM Industries, Inc.		197		7,435
ACCO Brands Corp.		674		5,695
Cimpress plc (Ireland) * (a)		6		553
Deluxe Corp.		69		2,024
Ennis, Inc.		50		891
Heritage-Crystal Clean, Inc. *		45		944
Herman Miller, Inc.		175		5,905
HNI Corp.		39		1,351
IBEX Holdings Ltd. *		173		3,235
Pitney Bowes, Inc.		132		812
Quad/Graphics, Inc.		400		1,528
SP Plus Corp. *		62		1,779
Steelcase, Inc., Class A		346		4,688
Team, Inc. *		89		969
				37,809
Communications Equipment — 0.7%
ADTRAN, Inc.		198		2,917
Comtech Telecommunications Corp.		21		439
Infinera Corp. * (a)		438		4,590
				7,946
Construction & Engineering — 3.5%
Aegion Corp. *		87		1,656
Arcosa, Inc.		105		5,757
Argan, Inc.		127		5,628
EMCOR Group, Inc.		109		9,960
Fluor Corp.		81		1,297
MasTec, Inc. * (a)		113		7,697
MYR Group, Inc. *		28		1,707
Primoris Services Corp.		121		3,352
Tutor Perini Corp. *		419		5,426
				42,480
Construction Materials — 0.1%
Summit Materials, Inc., Class A *		87		1,755

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 39

JPMorgan Small Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Consumer Finance — 1.0%
Enova International, Inc. *		77		1,900
EZCORP, Inc., Class A *		159		761
Navient Corp.		364		3,572
Nelnet, Inc., Class A		54		3,868
PROG Holdings Inc.		28		1,492
Regional Management Corp.		20		588
				12,181
Containers & Packaging — 0.3%
Myers Industries, Inc.		22		451
O-I Glass, Inc.		238		2,836
Pactiv Evergreen, Inc. *		18		330
Ranpak Holdings Corp. *		7		100
				3,717
Distributors — 0.3%
Core-Mark Holding Co., Inc.		130		3,806
Diversified Consumer Services — 0.5%
American Public Education, Inc. * (a)		109		3,332
Houghton Mifflin Harcourt Co. * (a)		735		2,446
Laureate Education, Inc., Class A *		34		499
				6,277
Diversified Financial Services — 0.0% (b)
Marlin Business Services Corp.		19		235
Diversified Telecommunication Services — 0.5%
Consolidated Communications Holdings, Inc. * (a)		466		2,277
Liberty Latin America Ltd., Class A (Chile) *		116		1,287
Liberty Latin America Ltd., Class C (Chile) *		223		2,478
				6,042
Electric Utilities — 0.8%
ALLETE, Inc.		19		1,158
IDACORP, Inc.		9		903
Portland General Electric Co.		155		6,616
Spark Energy, Inc., Class A (a)		56		538
				9,215
Electrical Equipment — 0.5%
AZZ, Inc. (a)		40		1,888
Bloom Energy Corp., Class A * (a)		8		235
LSI Industries, Inc.		35		300
Powell Industries, Inc.		118		3,489
Thermon Group Holdings, Inc. *		32		494
				6,406

INVESTMENTS	SHARES (000)		VALUE ($000)
Electronic Equipment, Instruments & Components — 1.3%
Benchmark Electronics, Inc.		265		7,155
Sanmina Corp. *		55		1,741
ScanSource, Inc. *		214		5,635
Vishay Intertechnology, Inc.		57		1,174
				15,705
Energy Equipment & Services — 1.3%
Bristow Group, Inc. * (a)		17		439
ChampionX Corp. * (a)		130		1,984
Helix Energy Solutions Group, Inc. *		141		594
Matrix Service Co. * (a)		421		4,644
NexTier Oilfield Solutions, Inc. *		668		2,296
Oceaneering International, Inc. *		229		1,818
Oil States International, Inc. *		191		961
Patterson-UTI Energy, Inc.		310		1,632
ProPetro Holding Corp. *		81		602
Select Energy Services, Inc., Class A *		138		567
Solaris Oilfield Infrastructure, Inc., Class A		90		732
				16,269
Entertainment — 0.5%
Cinemark Holdings, Inc. (a)		285		4,967
Eros STX Global Corp. (United Arab Emirates) * (a)		904		1,644
				6,611
Equity Real Estate Investment Trusts (REITs) — 7.5%
Acadia Realty Trust		86		1,213
Agree Realty Corp.		26		1,738
Alexander & Baldwin, Inc.		119		2,047
American Assets Trust, Inc.		138		3,974
American Finance Trust, Inc.		233		1,734
Broadstone Net Lease, Inc., Class A (a)		125		2,438
CareTrust REIT, Inc.		29		637
Centerspace		5		374
Chatham Lodging Trust		50		541
City Office REIT, Inc.		142		1,390
Columbia Property Trust, Inc.		33		469
CoreCivic, Inc. (a)		47		308
CorePoint Lodging, Inc.		33		230
DiamondRock Hospitality Co. *		698		5,762
Diversified Healthcare Trust		108		445
Easterly Government Properties, Inc. (a)		76		1,721
Essential Properties Realty Trust, Inc.		57		1,213
First Industrial Realty Trust, Inc.		52		2,203
Franklin Street Properties Corp.		35		155
Getty Realty Corp.		103		2,827

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Equity Real Estate Investment Trusts (REITs) — continued
Gladstone Commercial Corp.		137		2,466
Global Net Lease, Inc.		37		633
Hersha Hospitality Trust		15		122
Highwoods Properties, Inc.		18		705
Innovative Industrial Properties, Inc. (a)		5		934
Kite Realty Group Trust		116		1,740
Lexington Realty Trust (a)		175		1,859
Mack-Cali Realty Corp. (a)		120		1,496
Monmouth Real Estate Investment Corp.		13		230
National Health Investors, Inc.		3		228
New Senior Investment Group, Inc.		552		2,861
NexPoint Residential Trust, Inc.		7		277
Pebblebrook Hotel Trust		63		1,194
Physicians Realty Trust		200		3,562
Piedmont Office Realty Trust, Inc., Class A (a)		159		2,585
PotlatchDeltic Corp.		108		5,382
PS Business Parks, Inc.		7		970
QTS Realty Trust, Inc., Class A (a)		3		155
Retail Opportunity Investments Corp.		195		2,608
Retail Properties of America, Inc., Class A (a)		219		1,873
RLJ Lodging Trust		109		1,537
Ryman Hospitality Properties, Inc.		7		495
Sabra Health Care REIT, Inc.		200		3,478
Saul Centers, Inc.		7		222
Service Properties Trust		184		2,116
SITE Centers Corp.		211		2,130
STAG Industrial, Inc.		107		3,354
Summit Hotel Properties, Inc.		43		387
Sunstone Hotel Investors, Inc.		798		9,043
UMH Properties, Inc.		17		256
Urban Edge Properties		107		1,388
Urstadt Biddle Properties, Inc., Class A		46		656
Xenia Hotels & Resorts, Inc.		233		3,539
				91,900
Food & Staples Retailing — 0.2%
Andersons, Inc. (The)		19		461
Rite Aid Corp. * (a)		35		554
SpartanNash Co. (a)		30		522
United Natural Foods, Inc. * (a)		67		1,067
				2,604
Food Products — 1.1%
B&G Foods, Inc. (a)		59		1,639
Darling Ingredients, Inc. *		162		9,338
Farmer Bros Co. *		89		414

INVESTMENTS	SHARES (000)		VALUE ($000)
Food Products — continued
Fresh Del Monte Produce, Inc.		69		1,666
Seneca Foods Corp., Class A *		20		806
				13,863
Gas Utilities — 1.2%
New Jersey Resources Corp. (a)		47		1,653
Northwest Natural Holding Co.		19		856
ONE Gas, Inc.		60		4,576
Southwest Gas Holdings, Inc.		90		5,455
Spire, Inc.		30		1,940
				14,480
Health Care Equipment & Supplies — 0.3%
Invacare Corp.		155		1,388
LivaNova plc *		17		1,106
Varex Imaging Corp. * (a)		67		1,122
				3,616
Health Care Providers & Services — 1.4%
Cross Country Healthcare, Inc. *		226		2,007
Magellan Health, Inc. *		52		4,341
Patterson Cos., Inc. (a)		43		1,265
Tenet Healthcare Corp. *		158		6,293
Tivity Health, Inc. * (a)		158		3,103
				17,009
Health Care Technology — 0.7%
Allscripts Healthcare Solutions, Inc. *		545		7,862
Computer Programs and Systems, Inc. (a)		18		494
				8,356
Hotels, Restaurants & Leisure — 2.4%
BJ’s Restaurants, Inc.		85		3,272
Boyd Gaming Corp. * (a)		81		3,481
Brinker International, Inc. (a)		92		5,205
Caesars Entertainment, Inc. * (a)		98		7,241
Marriott Vacations Worldwide Corp.		38		5,214
Penn National Gaming, Inc. * (a)		51		4,422
				28,835
Household Durables — 1.9%
Hooker Furniture Corp.		48		1,554
KB Home		67		2,232
Lifetime Brands, Inc.		49		740
Meritage Homes Corp. *		37		3,081
Purple Innovation, Inc. *		147		4,826
Taylor Morrison Home Corp. *		27		693
TRI Pointe Group, Inc. *		494		8,528

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 41

JPMorgan Small Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Household Durables — continued
Tupperware Brands Corp. *		43		1,377
				23,031
Household Products — 0.5%
Central Garden & Pet Co., Class A *		108		3,931
Spectrum Brands Holdings, Inc.		25		1,990
				5,921
Independent Power and Renewable Electricity Producers — 1.0%
Atlantic Power Corp. *		1,234		2,591
Clearway Energy, Inc. (a)		154		4,554
Clearway Energy, Inc., Class C		154		4,901
				12,046
Insurance — 1.8%
Ambac Financial Group, Inc. *		78		1,198
American Equity Investment Life Holding Co.		125		3,460
Argo Group International Holdings Ltd.		49		2,159
CNO Financial Group, Inc.		395		8,770
FedNat Holding Co.		14		80
Heritage Insurance Holdings, Inc.		60		604
Horace Mann Educators Corp.		29		1,198
MBIA, Inc. *		96		630
ProAssurance Corp.		88		1,573
ProSight Global, Inc. *		27		340
Stewart Information Services Corp.		39		1,867
United Insurance Holdings Corp. (a)		68		388
				22,267
Interactive Media & Services — 0.7%
Cars.com, Inc. *		381		4,310
Yelp, Inc. *		113		3,705
				8,015
Internet & Direct Marketing Retail — 0.2%
Groupon, Inc. * (a)		59		2,253
IT Services — 0.8%
KBR, Inc.		142		4,386
Perspecta, Inc.		140		3,381
Sykes Enterprises, Inc. *		62		2,339
				10,106
Machinery — 3.6%
AGCO Corp.		57		5,866
Albany International Corp., Class A		5		396
Altra Industrial Motion Corp.		151		8,364
Astec Industries, Inc.		80		4,636

INVESTMENTS	SHARES (000)		VALUE ($000)
Machinery — continued
Barnes Group, Inc.		60		3,021
CIRCOR International, Inc. *		18		688
Douglas Dynamics, Inc.		25		1,069
EnPro Industries, Inc.		28		2,130
Graham Corp.		15		231
LB Foster Co., Class A *		20		300
Manitowoc Co., Inc. (The) *		76		1,016
Meritor, Inc. *		71		1,968
Navistar International Corp. *		15		637
Rexnord Corp.		66		2,595
Terex Corp.		120		4,173
TriMas Corp. *		21		662
Wabash National Corp.		331		5,710
				43,462
Media — 1.4%
AMC Networks, Inc., Class A * (a)		130		4,661
comScore, Inc. *		701		1,745
Gannett Co., Inc. * (a)		551		1,850
Hemisphere Media Group, Inc. *		179		1,859
National CineMedia, Inc.		362		1,348
Sinclair Broadcast Group, Inc., Class A (a)		112		3,573
WideOpenWest, Inc. * (a)		240		2,559
				17,595
Metals & Mining — 2.9%
Alcoa Corp. *		166		3,817
Allegheny Technologies, Inc. *		234		3,916
Arconic Corp. *		119		3,537
Carpenter Technology Corp.		49		1,418
Century Aluminum Co. *		52		571
Cleveland-Cliffs, Inc. (a)		372		5,418
Commercial Metals Co.		230		4,718
Kaiser Aluminum Corp.		36		3,511
SunCoke Energy, Inc.		594		2,583
Warrior Met Coal, Inc. (a)		206		4,396
Worthington Industries, Inc.		36		1,833
				35,718
Mortgage Real Estate Investment Trusts (REITs) — 2.5%
Apollo Commercial Real Estate Finance, Inc. (a)		97		1,086
Ares Commercial Real Estate Corp.		128		1,527
ARMOUR Residential REIT, Inc.		31		337
Blackstone Mortgage Trust, Inc., Class A		239		6,569
Cherry Hill Mortgage Investment Corp.		17		156
Ellington Financial, Inc.		22		329

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Mortgage Real Estate Investment Trusts (REITs) — continued
Granite Point Mortgage Trust, Inc.		121		1,208
Great Ajax Corp. (a)		20		210
Invesco Mortgage Capital, Inc. (a)		115		390
KKR Real Estate Finance Trust, Inc. (a)		127		2,276
Ladder Capital Corp.		371		3,627
New York Mortgage Trust, Inc. (a)		196		723
PennyMac Mortgage Investment Trust		168		2,952
Redwood Trust, Inc. (a)		284		2,493
TPG RE Finance Trust, Inc. (a)		176		1,870
Two Harbors Investment Corp. (a)		645		4,110
				29,863
Multiline Retail — 0.8%
Dillard’s, Inc., Class A (a)		75		4,735
Macy’s, Inc. (a)		476		5,355
				10,090
Multi-Utilities — 0.9%
Avista Corp.		80		3,223
Black Hills Corp.		96		5,911
Unitil Corp.		37		1,656
				10,790
Oil, Gas & Consumable Fuels — 2.9%
Arch Resources, Inc. *		69		3,003
Berry Corp.		606		2,231
Bonanza Creek Energy, Inc. *		26		508
CNX Resources Corp. *		112		1,214
CVR Energy, Inc.		131		1,956
Delek US Holdings, Inc.		140		2,247
Diamond S Shipping, Inc. *		102		680
Dorian LPG Ltd. *		138		1,685
Falcon Minerals Corp.		302		952
Green Plains, Inc. * (a)		176		2,317
International Seaways, Inc. (a)		48		782
Kosmos Energy Ltd. (Ghana)		203		476
Magnolia Oil & Gas Corp., Class A * (a)		303		2,142
Ovintiv, Inc.		192		2,760
PDC Energy, Inc. *		172		3,523
Range Resources Corp. *		157		1,054
Renewable Energy Group, Inc. *		55		3,881
REX American Resources Corp. *		30		2,219
Southwestern Energy Co. * (a)		235		701
Talos Energy, Inc. *		55		456
W&T Offshore, Inc. * (a)		329		714
				35,501

INVESTMENTS	SHARES (000)		VALUE ($000)
Paper & Forest Products — 1.4%
Boise Cascade Co.		59		2,806
Domtar Corp.		150		4,754
Glatfelter Corp. (a)		57		927
Louisiana-Pacific Corp.		31		1,156
Neenah, Inc.		30		1,643
Schweitzer-Mauduit International, Inc.		103		4,138
Verso Corp., Class A		156		1,877
				17,301
Personal Products — 0.6%
BellRing Brands, Inc., Class A *		214		5,205
Edgewell Personal Care Co.		52		1,808
				7,013
Pharmaceuticals — 1.0%
Endo International plc *		802		5,758
Intra-Cellular Therapies, Inc. *		65		2,067
Lannett Co., Inc. * (a)		648		4,225
				12,050
Professional Services — 2.1%
Barrett Business Services, Inc.		58		3,965
GP Strategies Corp. *		155		1,835
Heidrick & Struggles International, Inc.		83		2,436
Huron Consulting Group, Inc. *		75		4,409
Insperity, Inc.		6		521
Kelly Services, Inc., Class A		262		5,383
TrueBlue, Inc. *		358		6,685
				25,234
Real Estate Management & Development — 0.3%
Realogy Holdings Corp. *		242		3,170
Road & Rail — 0.6%
ArcBest Corp.		164		6,976
Covenant Logistics Group, Inc., Class A *		26		381
				7,357
Semiconductors & Semiconductor Equipment — 1.7%
Amkor Technology, Inc.		248		3,740
Cohu, Inc.		105		4,024
Maxeon Solar Technologies Ltd. * (a)		45		1,266
NeoPhotonics Corp. *		322		2,927
SMART Global Holdings, Inc. * (a)		56		2,092
SunPower Corp. * (a)		120		3,069
Veeco Instruments, Inc. *		213		3,701
				20,819

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 43

JPMorgan Small Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Software — 1.1%
ACI Worldwide, Inc. *		67		2,579
Asure Software, Inc. *		189		1,345
MicroStrategy, Inc., Class A * (a)		14		5,284
SecureWorks Corp., Class A * (a)		50		716
Synchronoss Technologies, Inc. * (a)		739		3,472
				13,396
Specialty Retail — 3.8%
Aaron’s Co., Inc. (The) *		14		263
Abercrombie & Fitch Co., Class A (a)		372		7,582
Bed Bath & Beyond, Inc. (a)		191		3,397
Caleres, Inc.		185		2,890
Children’s Place, Inc. (The) * (a)		27		1,338
Genesco, Inc. * (a)		96		2,901
Group 1 Automotive, Inc. (a)		33		4,341
Haverty Furniture Cos., Inc. (a)		80		2,205
Lithia Motors, Inc., Class A		14		4,097
Murphy USA, Inc.		10		1,361
ODP Corp. (The) *		168		4,922
Signet Jewelers Ltd. (a)		90		2,452
Sleep Number Corp. *		30		2,431
Sonic Automotive, Inc., Class A		78		3,020
Zumiez, Inc. *		82		3,031
				46,231
Technology Hardware, Storage & Peripherals — 0.1%
Diebold Nixdorf, Inc. *		166		1,767
Textiles, Apparel & Luxury Goods — 0.7%
Fossil Group, Inc. * (a)		57		497
G-III Apparel Group Ltd. * (a)		202		4,798
Movado Group, Inc. *		16		266
Wolverine World Wide, Inc. (a)		102		3,190
				8,751
Thrifts & Mortgage Finance — 3.8%
Axos Financial, Inc. *		136		5,089
ESSA Bancorp, Inc.		12		177
Essent Group Ltd.		119		5,119
Kearny Financial Corp. (a)		179		1,892
Luther Burbank Corp.		59		574
Meridian Bancorp, Inc.		185		2,763
MGIC Investment Corp.		303		3,803
Mr. Cooper Group, Inc. *		30		925
NMI Holdings, Inc., Class A *		53		1,203
Northfield Bancorp, Inc. (a)		372		4,589
PennyMac Financial Services, Inc.		63		4,160

INVESTMENTS	SHARES (000)		VALUE ($000)
Thrifts & Mortgage Finance — continued
Premier Financial Corp.		50		1,155
Radian Group, Inc.		371		7,511
Washington Federal, Inc.		207		5,333
Western New England Bancorp, Inc.		39		267
WSFS Financial Corp. (a)		50		2,259
				46,819
Trading Companies & Distributors — 2.1%
Applied Industrial Technologies, Inc.		54		4,188
BMC Stock Holdings, Inc. *		83		4,455
DXP Enterprises, Inc. *		69		1,529
Foundation Building Materials, Inc. *		71		1,366
GMS, Inc. *		72		2,204
H&E Equipment Services, Inc.		21		626
MRC Global, Inc. *		337		2,235
NOW, Inc. * (a)		783		5,623
Titan Machinery, Inc. *		61		1,187
Veritiv Corp. *		72		1,497
WESCO International, Inc. *		14		1,095
				26,005
Wireless Telecommunication Services — 0.1%
Gogo, Inc. * (a)		91		873
Total Common Stocks (Cost $926,256)				1,193,217
Short-Term Investments — 10.1%
Investment Companies — 2.5%
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (c) (d) (Cost $30,390)		30,379		30,395
Investment of Cash Collateral from Securities Loaned — 7.6%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (c) (d)		75,304		75,312
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (c) (d)		17,211		17,211
Total Investment of Cash Collateral from Securities Loaned (Cost $92,526)				92,523
Total Short-Term Investments (Cost $122,916)				122,918
Total Investments — 108.0% (Cost $1,049,172)				1,316,135
Liabilities in Excess of Other Assets — (8.0)%				(97,023	)
NET ASSETS — 100.0%				1,219,112

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

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, 2020. The total value of securities on loan at December 31, 2020 is approximately $89,318,000.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of December 31, 2020.
*	Non-income producing security.

Futures contracts outstanding as of December 31, 2020 (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	240		03/2021		USD		23,735		40

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 45

JPMorgan SMID Cap Equity Fund

(formerly known as JPMorgan Intrepid Mid Cap Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.6%
Automobiles — 0.9%
Thor Industries, Inc.		38		3,558
Banks — 7.8%
Commerce Bancshares, Inc.		56		3,666
Cullen/Frost Bankers, Inc.		46		4,026
First Hawaiian, Inc.		115		2,710
First Horizon National Corp.		371		4,729
ServisFirst Bancshares, Inc.		78		3,139
Signature Bank		33		4,444
SVB Financial Group *		12		4,827
Western Alliance Bancorp		66		3,944
				31,485
Biotechnology — 0.5%
Certara, Inc. * (a)		58		1,952
Building Products — 2.1%
Fortune Brands Home & Security, Inc.		46		3,960
Lennox International, Inc.		17		4,603
				8,563
Capital Markets — 6.7%
FactSet Research Systems, Inc.		11		3,712
Focus Financial Partners, Inc., Class A *		74		3,228
Lazard Ltd., Class A		111		4,706
LPL Financial Holdings, Inc.		46		4,784
Moelis & Co., Class A		65		3,037
Morningstar, Inc.		21		4,780
StepStone Group, Inc., Class A *		69		2,740
				26,987
Chemicals — 0.8%
Axalta Coating Systems Ltd. *		113		3,229
Commercial Services & Supplies — 4.9%
IAA, Inc. *		77		4,989
MSA Safety, Inc.		31		4,673
Stericycle, Inc. *		44		3,078
Waste Connections, Inc.		70		7,185
				19,925
Construction & Engineering — 1.1%
WillScot Mobile Mini Holdings Corp. *		186		4,315
Containers & Packaging — 3.3%
AptarGroup, Inc.		51		6,938
Crown Holdings, Inc. *		48		4,836
Pactiv Evergreen, Inc. *		82		1,480
				13,254

INVESTMENTS	SHARES (000)		VALUE ($000)
Distributors — 3.3%
LKQ Corp. *		118		4,158
Pool Corp.		24		9,091
				13,249
Diversified Consumer Services — 1.4%
Bright Horizons Family Solutions, Inc. *		33		5,708
Electric Utilities — 0.6%
Portland General Electric Co.		58		2,463
Electrical Equipment — 1.2%
Generac Holdings, Inc. *		21		4,755
Electronic Equipment, Instruments & Components — 1.0%
Cognex Corp.		51		4,075
Equity Real Estate Investment Trusts (REITs) — 5.6%
American Campus Communities, Inc.		65		2,779
CubeSmart		111		3,741
EastGroup Properties, Inc.		33		4,584
Mid-America Apartment Communities, Inc.		37		4,748
National Retail Properties, Inc.		107		4,378
Outfront Media, Inc.		127		2,487
				22,717
Food & Staples Retailing — 3.7%
BJ’s Wholesale Club Holdings, Inc. *		130		4,861
Casey’s General Stores, Inc.		20		3,514
Performance Food Group Co. *		133		6,337
				14,712
Food Products — 1.2%
Lamb Weston Holdings, Inc.		60		4,689
Gas Utilities — 1.1%
Atmos Energy Corp.		45		4,276
Health Care Equipment & Supplies — 4.6%
ICU Medical, Inc. *		17		3,549
IDEXX Laboratories, Inc. *		10		4,959
STERIS plc		21		3,968
West Pharmaceutical Services, Inc.		21		5,957
				18,433
Health Care Providers & Services — 5.7%
Centene Corp. *		57		3,424
Chemed Corp.		8		4,329
Encompass Health Corp.		71		5,834
Molina Healthcare, Inc. *		35		7,341
Premier, Inc., Class A		64		2,241
				23,169

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Hotels, Restaurants & Leisure — 2.4%
Planet Fitness, Inc., Class A *		34		2,649
Vail Resorts, Inc.		13		3,703
Wendy’s Co. (The)		147		3,219
				9,571
Household Products — 0.9%
Reynolds Consumer Products, Inc.		116		3,496
Insurance — 2.1%
Kinsale Capital Group, Inc.		18		3,513
RLI Corp.		49		5,141
				8,654
Internet & Direct Marketing Retail — 0.8%
Chewy, Inc., Class A * (a)		36		3,221
IT Services — 3.6%
Black Knight, Inc. *		40		3,541
Broadridge Financial Solutions, Inc.		35		5,329
WEX, Inc. *		28		5,732
				14,602
Leisure Products — 1.3%
Brunswick Corp.		71		5,435
Life Sciences Tools & Services — 1.2%
Syneos Health, Inc. *		69		4,689
Machinery — 9.4%
Douglas Dynamics, Inc.		50		2,137
IDEX Corp.		25		4,912
Lincoln Electric Holdings, Inc.		46		5,329
Nordson Corp.		19		3,797
RBC Bearings, Inc. *		27		4,753
Snap-on, Inc.		18		3,090
Toro Co. (The)		97		9,194
Woodward, Inc.		39		4,764
				37,976
Multi-Utilities — 0.7%
NorthWestern Corp.		45		2,650
Pharmaceuticals — 1.7%
Catalent, Inc. *		64		6,692
Professional Services — 1.7%
CoreLogic, Inc.		30		2,318
TransUnion		48		4,718
				7,036
Real Estate Management & Development — 0.7%
Cushman & Wakefield plc *		192		2,850

INVESTMENTS	SHARES (000)		VALUE ($000)
Road & Rail — 1.7%
Knight-Swift Transportation Holdings, Inc.		86		3,577
Landstar System, Inc.		26		3,459
				7,036
Semiconductors & Semiconductor Equipment — 2.0%
CMC Materials, Inc.		31		4,636
Monolithic Power Systems, Inc.		10		3,516
				8,152
Software — 9.2%
Aspen Technology, Inc. *		36		4,669
Envestnet, Inc. *		33		2,728
Guidewire Software, Inc. *		34		4,435
PTC, Inc. *		27		3,206
Q2 Holdings, Inc. *		45		5,670
RealPage, Inc. *		41		3,579
SS&C Technologies Holdings, Inc.		111		8,064
Tyler Technologies, Inc. *		11		4,719
				37,070
Textiles, Apparel & Luxury Goods — 0.7%
Carter’s, Inc.		28		2,642
Total Common Stocks (Cost $335,179)				393,286
Short-Term Investments — 3.3%
Investment Companies — 2.5%
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (b) (c) (Cost $10,089)		10,084		10,088
Investment of Cash Collateral from Securities Loaned — 0.8%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (b) (c)		1,100		1,100
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		2,033		2,033
Total Investment of Cash Collateral from Securities Loaned (Cost $3,133)				3,133
Total Short-Term Investments (Cost $13,222)				13,221
Total Investments — 100.9% (Cost $348,401)				406,507
Liabilities in Excess of Other Assets — (0.9)%				(3,462	)
NET ASSETS — 100.0%				403,045

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 47

JPMorgan SMID Cap Equity Fund

(formerly known as JPMorgan Intrepid Mid Cap Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

(a)	The security or a portion of this security is on loan at December 31, 2020. The total value of securities on loan at December 31, 2020 is approximately $2,971,000.
(b)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of December 31, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.8%
Aerospace & Defense — 1.2%
AAR Corp.		106		3,847
AeroVironment, Inc. *		16		1,408
Astronics Corp. *		164		2,174
Maxar Technologies, Inc.		80		3,083
Moog, Inc., Class A		14		1,098
Triumph Group, Inc.		33		412
				12,022
Air Freight & Logistics — 0.4%
Echo Global Logistics, Inc. *		81		2,171
Hub Group, Inc., Class A *		30		1,733
				3,904
Airlines — 0.3%
Allegiant Travel Co.		15		2,782
Auto Components — 0.9%
Adient plc *		28		984
Cooper Tire & Rubber Co.		22		903
Dana, Inc.		117		2,278
Gentherm, Inc. *		75		4,892
				9,057
Banks — 7.4%
1st Source Corp.		24		947
Atlantic Union Bankshares Corp.		19		624
BancFirst Corp. (a)		72		4,238
BancorpSouth Bank		97		2,662
BankFinancial Corp.		5		43
Banner Corp.		75		3,498
Brookline Bancorp, Inc.		96		1,158
Cadence BanCorp		315		5,176
Cathay General Bancorp		128		4,123
Central Pacific Financial Corp.		118		2,236
CIT Group, Inc.		70		2,513
Columbia Banking System, Inc.		123		4,418
CVB Financial Corp. (a)		157		3,052
Enterprise Financial Services Corp.		22		776
Equity Bancshares, Inc., Class A *		45		963
First Commonwealth Financial Corp.		158		1,731
First Community Bankshares, Inc.		11		227
First Hawaiian, Inc.		54		1,274
First Horizon National Corp.		65		825
First Merchants Corp.		79		2,967
Flushing Financial Corp.		32		535
Great Western Bancorp, Inc. (a)		124		2,598
HarborOne Bancorp, Inc.		42		457

INVESTMENTS	SHARES (000)		VALUE ($000)
Banks — continued
HomeTrust Bancshares, Inc.		54		1,045
Hope Bancorp, Inc.		165		1,798
Independent Bank Corp.		45		835
Investors Bancorp, Inc.		106		1,123
Old National Bancorp		272		4,501
People’s United Financial, Inc.		53		681
Pinnacle Financial Partners, Inc.		32		2,054
Trustmark Corp.		137		3,745
UMB Financial Corp.		23		1,616
United Bankshares, Inc.		30		957
Webster Financial Corp.		69		2,925
Westamerica BanCorp		45		2,484
Western Alliance Bancorp		33		1,972
				72,777
Biotechnology — 8.3%
ACADIA Pharmaceuticals, Inc. *		73		3,924
Akebia Therapeutics, Inc. * (a)		1,064		2,978
Alector, Inc. *		19		285
Amicus Therapeutics, Inc. *		153		3,527
Arena Pharmaceuticals, Inc. *		46		3,563
Atara Biotherapeutics, Inc. *		118		2,315
Athenex, Inc. * (a)		115		1,270
Biohaven Pharmaceutical Holding Co. Ltd. *		47		4,063
Black Diamond Therapeutics, Inc. * (a)		43		1,375
Bluebird Bio, Inc. *		8		348
Bridgebio Pharma, Inc. * (a)		38		2,695
Clovis Oncology, Inc. * (a)		151		723
CytomX Therapeutics, Inc. *		52		340
Dicerna Pharmaceuticals, Inc. *		97		2,133
Eagle Pharmaceuticals, Inc. *		29		1,328
Eiger BioPharmaceuticals, Inc. *		124		1,518
Emergent BioSolutions, Inc. *		9		798
Esperion Therapeutics, Inc. * (a)		16		421
Flexion Therapeutics, Inc. * (a)		162		1,872
Global Blood Therapeutics, Inc. *		39		1,693
Gritstone Oncology, Inc. * (a)		21		82
Harpoon Therapeutics, Inc. *		70		1,154
Homology Medicines, Inc. * (a)		32		359
Intercept Pharmaceuticals, Inc. * (a)		66		1,635
Kronos Bio, Inc. * (a)		103		3,068
La Jolla Pharmaceutical Co. *		46		177
Ligand Pharmaceuticals, Inc. * (a)		16		1,601
LogicBio Therapeutics, Inc. *		209		1,598
Mersana Therapeutics, Inc. *		130		3,447

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 49

JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Biotechnology — continued
Metacrine, Inc. *		44		346
Myriad Genetics, Inc. *		91		1,797
Protagonist Therapeutics, Inc. * (a)		121		2,435
Puma Biotechnology, Inc. * (a)		163		1,671
REGENXBIO, Inc. *		51		2,323
REVOLUTION Medicines, Inc. *		22		859
Sarepta Therapeutics, Inc. *		14		2,395
Seres Therapeutics, Inc. * (a)		105		2,573
Solid Biosciences, Inc. *		49		368
Sutro Biopharma, Inc. *		19		411
TCR2 Therapeutics, Inc. * (a)		39		1,211
TG Therapeutics, Inc. *		93		4,854
UroGen Pharma Ltd. * (a)		66		1,186
Vanda Pharmaceuticals, Inc. *		289		3,792
Viela Bio, Inc. * (a)		46		1,640
Voyager Therapeutics, Inc. * (a)		83		591
Xencor, Inc. * (a)		59		2,576
Y-mAbs Therapeutics, Inc. *		5		267
				81,585
Building Products — 1.1%
Advanced Drainage Systems, Inc.		11		886
Builders FirstSource, Inc. *		174		7,105
Cornerstone Building Brands, Inc. *		109		1,010
Quanex Building Products Corp.		54		1,202
UFP Industries, Inc.		16		872
				11,075
Capital Markets — 2.0%
Artisan Partners Asset Management, Inc., Class A		12		604
Blucora, Inc. *		192		3,056
Brightsphere Investment Group, Inc.		27		511
Cohen & Steers, Inc.		10		758
Cowen, Inc., Class A (a)		67		1,751
Donnelley Financial Solutions, Inc. *		52		888
Federated Hermes, Inc.		37		1,055
Focus Financial Partners, Inc., Class A *		55		2,384
Houlihan Lokey, Inc.		28		1,851
Piper Sandler Cos.		11		1,150
Stifel Financial Corp.		75		3,796
Virtus Investment Partners, Inc.		10		2,213
				20,017
Chemicals — 1.9%
Avient Corp.		97		3,908
FutureFuel Corp.		119		1,506

INVESTMENTS	SHARES (000)		VALUE ($000)
Chemicals — continued
Ingevity Corp. *		29		2,219
Koppers Holdings, Inc. *		76		2,365
Kraton Corp. *		12		328
Minerals Technologies, Inc.		43		2,645
PQ Group Holdings, Inc.		46		656
Trinseo SA		49		2,531
Tronox Holdings plc, Class A		186		2,719
				18,877
Commercial Services & Supplies — 2.4%
ABM Industries, Inc. (a)		81		3,077
ACCO Brands Corp.		279		2,353
Brink’s Co. (The)		19		1,361
Clean Harbors, Inc. *		26		1,964
Deluxe Corp.		47		1,365
Ennis, Inc.		132		2,361
Heritage-Crystal Clean, Inc. *		28		594
Herman Miller, Inc.		110		3,728
HNI Corp.		90		3,099
Quad/Graphics, Inc.		181		690
SP Plus Corp. *		41		1,182
Steelcase, Inc., Class A		94		1,270
Team, Inc. *		55		597
				23,641
Communications Equipment — 0.5%
ADTRAN, Inc.		61		896
Extreme Networks, Inc. *		479		3,302
PCTEL, Inc. *		56		367
				4,565
Construction & Engineering — 3.0%
Arcosa, Inc.		55		3,010
Argan, Inc.		109		4,863
Comfort Systems USA, Inc.		49		2,585
EMCOR Group, Inc.		82		7,536
MasTec, Inc. * (a)		90		6,157
MYR Group, Inc. *		33		1,973
Primoris Services Corp.		37		1,024
Tutor Perini Corp. *		165		2,143
				29,291
Construction Materials — 0.1%
Summit Materials, Inc., Class A *		25		504
US Concrete, Inc. *		12		476
				980

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Consumer Finance — 0.9%
Credit Acceptance Corp. * (a)		4		1,514
EZCORP, Inc., Class A *		50		241
FirstCash, Inc.		24		1,690
Green Dot Corp., Class A *		20		1,130
Navient Corp.		290		2,843
Nelnet, Inc., Class A		6		406
Regional Management Corp.		22		651
				8,475
Containers & Packaging — 0.4%
Graphic Packaging Holding Co.		52		872
Myers Industries, Inc.		48		992
O-I Glass, Inc.		141		1,679
Pactiv Evergreen, Inc. *		19		345
				3,888
Distributors—0.5%
Core-Mark Holding Co., Inc.		156		4,571
Diversified Consumer Services — 0.6%
American Public Education, Inc. *		116		3,545
Houghton Mifflin Harcourt Co. *		652		2,173
				5,718
Diversified Telecommunication Services — 0.4%
Consolidated Communications Holdings, Inc. *		559		2,736
ORBCOMM, Inc. *		174		1,288
				4,024
Electric Utilities — 0.8%
ALLETE, Inc.		22		1,344
IDACORP, Inc.		7		682
PNM Resources, Inc.		34		1,631
Portland General Electric Co.		74		3,157
Spark Energy, Inc., Class A (a)		119		1,142
				7,956
Electrical Equipment — 0.7%
AZZ, Inc.		21		982
Bloom Energy Corp., Class A * (a)		5		135
LSI Industries, Inc.		37		316
Powell Industries, Inc.		63		1,870
Sunrun, Inc. *		46		3,219
Thermon Group Holdings, Inc. *		43		675
				7,197
Electronic Equipment, Instruments & Components — 2.4%
Bel Fuse, Inc., Class B		248		3,724

INVESTMENTS	SHARES (000)		VALUE ($000)
Electronic Equipment, Instruments & Components — continued
Benchmark Electronics, Inc.		156		4,203
Fabrinet (Thailand) *		43		3,342
Insight Enterprises, Inc. *		10		761
Kimball Electronics, Inc. *		31		501
OSI Systems, Inc. *		26		2,403
Sanmina Corp. *		54		1,735
ScanSource, Inc. *		203		5,363
TTM Technologies, Inc. *		145		1,996
				24,028
Energy Equipment & Services — 0.8%
ChampionX Corp. *		35		537
Helix Energy Solutions Group, Inc. * (a)		158		663
Matrix Service Co. *		273		3,010
NexTier Oilfield Solutions, Inc. *		569		1,958
Oceaneering International, Inc. *		29		232
Oil States International, Inc. *		112		562
Patterson-UTI Energy, Inc.		177		930
Select Energy Services, Inc., Class A *		61		251
				8,143
Entertainment — 1.1%
Cinemark Holdings, Inc. (a)		640		11,138
Eros STX Global Corp. (United Arab Emirates) * (a)		55		100
				11,238
Equity Real Estate Investment Trusts (REITs) — 4.7%
Acadia Realty Trust		31		446
Agree Realty Corp.		11		726
Alexander & Baldwin, Inc.		26		439
American Assets Trust, Inc.		122		3,514
American Finance Trust, Inc.		104		774
Americold Realty Trust		49		1,836
Broadstone Net Lease, Inc., Class A (a)		80		1,565
CareTrust REIT, Inc.		16		348
Chatham Lodging Trust		16		177
City Office REIT, Inc.		42		412
Columbia Property Trust, Inc.		45		648
CoreSite Realty Corp.		7		886
DiamondRock Hospitality Co. *		327		2,701
Easterly Government Properties, Inc.		27		605
Equity LifeStyle Properties, Inc.		14		893
Essential Properties Realty Trust, Inc.		62		1,310
First Industrial Realty Trust, Inc.		50		2,098
Four Corners Property Trust, Inc.		30		896
Getty Realty Corp.		40		1,107

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 51

JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Equity Real Estate Investment Trusts (REITs) — continued
Gladstone Commercial Corp.		27		489
Global Net Lease, Inc.		13		221
Hersha Hospitality Trust		10		80
Highwoods Properties, Inc.		17		666
Innovative Industrial Properties, Inc. (a)		2		403
Kite Realty Group Trust		18		266
Lexington Realty Trust (a)		24		251
National Health Investors, Inc.		3		180
New Senior Investment Group, Inc.		204		1,056
Pebblebrook Hotel Trust		25		463
Physicians Realty Trust		101		1,796
Piedmont Office Realty Trust, Inc., Class A (a)		74		1,199
Plymouth Industrial REIT, Inc.		21		312
PotlatchDeltic Corp.		58		2,916
QTS Realty Trust, Inc., Class A (a)		30		1,881
Retail Opportunity Investments Corp.		47		632
Retail Properties of America, Inc., Class A		85		729
RLJ Lodging Trust		16		229
Ryman Hospitality Properties, Inc.		20		1,382
Sabra Health Care REIT, Inc. (a)		82		1,419
Saul Centers, Inc.		22		694
Service Properties Trust		64		731
SITE Centers Corp.		61		621
STAG Industrial, Inc.		35		1,090
Summit Hotel Properties, Inc.		33		301
Sunstone Hotel Investors, Inc.		302		3,416
Xenia Hotels & Resorts, Inc.		96		1,465
				46,269
Food & Staples Retailing — 0.0% (b)
Andersons, Inc. (The) (a)		8		206
SpartanNash Co. (a)		9		158
				364
Food Products — 1.6%
B&G Foods, Inc. (a)		60		1,656
Darling Ingredients, Inc. *		151		8,737
Farmer Bros Co. *		71		331
Fresh Del Monte Produce, Inc.		41		984
John B Sanfilippo & Son, Inc.		25		1,987
Seneca Foods Corp., Class A *		41		1,650
				15,345
Gas Utilities — 0.6%
New Jersey Resources Corp.		26		921
Northwest Natural Holding Co.		29		1,338

INVESTMENTS	SHARES (000)		VALUE ($000)
Gas Utilities — continued
ONE Gas, Inc.		33		2,541
Southwest Gas Holdings, Inc.		23		1,385
				6,185
Health Care Equipment & Supplies — 3.3%
Accuray, Inc. * (a)		578		2,410
AngioDynamics, Inc. * (a)		134		2,057
Cutera, Inc. *		74		1,786
Integer Holdings Corp. *		62		5,030
LivaNova plc *		43		2,814
Natus Medical, Inc. *		114		2,293
NuVasive, Inc. *		103		5,812
Orthofix Medical, Inc. *		43		1,861
Outset Medical, Inc. *		14		790
SeaSpine Holdings Corp. *		163		2,843
Sientra, Inc. * (a)		169		658
Varex Imaging Corp. * (a)		158		2,639
Zynex, Inc. *		148		1,988
				32,981
Health Care Providers & Services — 4.0%
AdaptHealth Corp. *		221		8,301
American Renal Associates Holdings, Inc. *		5		57
Brookdale Senior Living, Inc. *		1,124		4,981
Cross Country Healthcare, Inc. *		454		4,023
HealthEquity, Inc. *		30		2,064
Magellan Health, Inc. *		43		3,562
MEDNAX, Inc. *		60		1,465
Owens & Minor, Inc.		95		2,556
Patterson Cos., Inc.		102		3,017
Providence Service Corp. (The) *		3		430
Tenet Healthcare Corp. *		103		4,112
Tivity Health, Inc. * (a)		168		3,281
Triple-S Management Corp., Class B (Puerto Rico) * (a)		65		1,396
				39,245
Health Care Technology — 1.2%
Allscripts Healthcare Solutions, Inc. *		476		6,877
Computer Programs and Systems, Inc. (a)		36		964
Evolent Health, Inc., Class A * (a)		251		4,019
				11,860
Hotels, Restaurants & Leisure — 2.5%
BJ’s Restaurants, Inc.		56		2,148
Bloomin’ Brands, Inc.		236		4,576
Boyd Gaming Corp. *		63		2,718
Brinker International, Inc.		60		3,418

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Hotels, Restaurants & Leisure — continued
Caesars Entertainment, Inc. * (a)		79		5,830
Marriott Vacations Worldwide Corp.		33		4,528
Penn National Gaming, Inc. *		20		1,710
				24,928
Household Durables — 1.9%
Hamilton Beach Brands Holding Co., Class A		12		212
Hooker Furniture Corp.		27		877
KB Home		158		5,291
Meritage Homes Corp. *		13		1,035
Purple Innovation, Inc. *		55		1,822
TRI Pointe Group, Inc. *		531		9,168
				18,405
Household Products — 0.1%
Central Garden & Pet Co., Class A *		30		1,079
Independent Power and Renewable Electricity Producers — 0.5%
Atlantic Power Corp. *		1,593		3,344
Clearway Energy, Inc.		42		1,243
Clearway Energy, Inc., Class C		11		342
				4,929
Insurance — 1.1%
Ambac Financial Group, Inc. *		19		288
American Equity Investment Life Holding Co.		34		933
Argo Group International Holdings Ltd.		25		1,110
CNO Financial Group, Inc.		181		4,030
First American Financial Corp.		15		789
Heritage Insurance Holdings, Inc. (a)		11		112
Horace Mann Educators Corp.		6		261
MBIA, Inc. *		27		175
Primerica, Inc.		11		1,466
ProAssurance Corp.		36		642
ProSight Global, Inc. *		20		262
Stewart Information Services Corp.		11		513
				10,581
Interactive Media & Services — 0.4%
Yelp, Inc. *		130		4,250
Internet & Direct Marketing Retail — 0.3%
Groupon, Inc. * (a)		11		434
Stamps.com, Inc. *		14		2,766
				3,200
IT Services — 2.7%
CACI International, Inc., Class A *		12		3,029
CSG Systems International, Inc.		13		573

INVESTMENTS	SHARES (000)		VALUE ($000)
IT Services — continued
Euronet Worldwide, Inc. *		5		688
Evo Payments, Inc., Class A *		120		3,247
KBR, Inc.		36		1,107
NIC, Inc.		36		934
Perficient, Inc. *		124		5,887
Perspecta, Inc.		258		6,208
Sykes Enterprises, Inc. *		71		2,678
Verra Mobility Corp. *		136		1,821
				26,172
Life Sciences Tools & Services — 1.1%
Adaptive Biotechnologies Corp. *		27		1,585
Berkeley Lights, Inc. * (a)		30		2,655
Medpace Holdings, Inc. *		18		2,516
Personalis, Inc. *		30		1,113
Seer, Inc. * (a)		51		2,841
				10,710
Machinery — 3.0%
Albany International Corp., Class A		6		426
Altra Industrial Motion Corp.		85		4,711
Astec Industries, Inc.		68		3,942
Barnes Group, Inc.		29		1,480
Douglas Dynamics, Inc.		61		2,611
EnPro Industries, Inc.		29		2,152
Kadant, Inc.		17		2,337
LB Foster Co., Class A *		10		155
Manitowoc Co., Inc. (The) *		76		1,013
Meritor, Inc. *		78		2,174
Rexnord Corp.		11		450
Wabash National Corp.		409		7,053
Welbilt, Inc. * (a)		81		1,073
				29,577
Media — 1.9%
AMC Networks, Inc., Class A * (a)		118		4,207
comScore, Inc. *		253		631
Hemisphere Media Group, Inc. *		174		1,802
iHeartMedia, Inc., Class A * (a)		191		2,484
National CineMedia, Inc.		406		1,511
Sinclair Broadcast Group, Inc., Class A (a)		176		5,614
WideOpenWest, Inc. * (a)		199		2,122
				18,371
Metals & Mining — 1.7%
Alcoa Corp. *		51		1,176
Allegheny Technologies, Inc. *		107		1,788

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 53

JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Metals & Mining — continued
Arconic Corp. *		56		1,675
Carpenter Technology Corp.		18		524
Century Aluminum Co. *		19		213
Cleveland-Cliffs, Inc. (a)		194		2,825
Commercial Metals Co.		112		2,302
Kaiser Aluminum Corp.		10		1,009
SunCoke Energy, Inc.		331		1,438
Warrior Met Coal, Inc.		123		2,616
Worthington Industries, Inc.		14		712
				16,278
Mortgage Real Estate Investment Trusts (REITs) — 1.2%
Ares Commercial Real Estate Corp.		54		637
Blackstone Mortgage Trust, Inc., Class A		127		3,507
Ellington Financial, Inc.		6		86
Granite Point Mortgage Trust, Inc.		67		667
Great Ajax Corp. (a)		8		82
Invesco Mortgage Capital, Inc. (a)		27		92
KKR Real Estate Finance Trust, Inc.		59		1,059
Ladder Capital Corp.		190		1,855
New York Mortgage Trust, Inc. (a)		26		95
PennyMac Mortgage Investment Trust		98		1,715
Redwood Trust, Inc. (a)		133		1,166
TPG RE Finance Trust, Inc. (a)		65		686
Two Harbors Investment Corp. (a)		94		602
				12,249
Multiline Retail — 0.6%
Dillard’s, Inc., Class A (a)		42		2,661
Macy’s, Inc. (a)		268		3,011
				5,672
Multi-Utilities — 0.2%
Black Hills Corp.		31		1,923
Oil, Gas & Consumable Fuels — 1.4%
Arch Resources, Inc. * (a)		30		1,320
Berry Corp.		84		311
Bonanza Creek Energy, Inc. *		7		139
CNX Resources Corp. *		60		647
CVR Energy, Inc.		8		126
Delek US Holdings, Inc.		50		799
Diamond S Shipping, Inc. *		41		270
Dorian LPG Ltd. *		2		27
Green Plains, Inc. * (a)		46		600
Magnolia Oil & Gas Corp., Class A * (a)		217		1,533
Ovintiv, Inc.		74		1,067

INVESTMENTS	SHARES (000)		VALUE ($000)
Oil, Gas & Consumable Fuels — continued
PDC Energy, Inc. *		94		1,922
Range Resources Corp. *		57		380
Renewable Energy Group, Inc. * (a)		41		2,891
REX American Resources Corp. *		22		1,644
W&T Offshore, Inc. * (a)		256		555
				14,231
Paper & Forest Products — 1.0%
Boise Cascade Co.		47		2,249
Domtar Corp.		50		1,571
Glatfelter Corp.		28		454
Louisiana-Pacific Corp. (a)		82		3,052
Neenah, Inc.		17		962
Verso Corp., Class A (a)		111		1,337
				9,625
Personal Products — 1.1%
BellRing Brands, Inc., Class A *		226		5,484
Herbalife Nutrition Ltd. *		31		1,503
Medifast, Inc.		12		2,396
USANA Health Sciences, Inc. * (a)		13		1,029
				10,412
Pharmaceuticals — 2.3%
Amneal Pharmaceuticals, Inc. *		383		1,750
Arvinas, Inc. * (a)		2		138
Endo International plc *		846		6,077
Horizon Therapeutics plc *		56		4,100
Lannett Co., Inc. * (a)		448		2,919
Lyra Therapeutics, Inc. *		154		1,751
Marinus Pharmaceuticals, Inc. * (a)		130		1,587
Reata Pharmaceuticals, Inc., Class A * (a)		25		3,105
VYNE Therapeutics, Inc. * (a)		39		61
WaVe Life Sciences Ltd. *		208		1,639
				23,127
Professional Services — 2.2%
Barrett Business Services, Inc.		44		2,988
GP Strategies Corp. *		54		641
Heidrick & Struggles International, Inc.		10		306
Huron Consulting Group, Inc. *		83		4,897
Insperity, Inc.		14		1,107
Kelly Services, Inc., Class A		106		2,178
Kforce, Inc.		62		2,614
Korn Ferry		43		1,853
TrueBlue, Inc. *		260		4,855
				21,439

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Real Estate Management & Development — 0.1%
Realogy Holdings Corp. * (a)		83		1,085
Road & Rail — 0.6%
ArcBest Corp.		123		5,258
Schneider National, Inc., Class B		23		472
				5,730
Semiconductors & Semiconductor Equipment — 2.5%
Amkor Technology, Inc.		241		3,628
Cirrus Logic, Inc. *		21		1,706
Cohu, Inc.		46		1,768
MACOM Technology Solutions Holdings, Inc. *		20		1,079
Maxeon Solar Technologies Ltd. * (a)		32		912
NeoPhotonics Corp. *		367		3,338
Rambus, Inc. *		257		4,481
SMART Global Holdings, Inc. * (a)		49		1,855
SunPower Corp. * (a)		169		4,323
Veeco Instruments, Inc. *		118		2,049
				25,139
Software — 5.6%
ACI Worldwide, Inc. *		98		3,767
Asana, Inc., Class A * (a)		49		1,442
Asure Software, Inc. *		160		1,139
Avaya Holdings Corp. * (a)		377		7,210
CommVault Systems, Inc. *		74		4,072
Cornerstone OnDemand, Inc. *		136		6,003
Digital Turbine, Inc. *		33		1,850
eGain Corp. *		402		4,749
Envestnet, Inc. *		5		387
JFrog Ltd. (Israel) * (a)		15		955
McAfee Corp., Class A		176		2,944
MicroStrategy, Inc., Class A * (a)		6		2,156
Proofpoint, Inc. *		10		1,391
PubMatic, Inc., Class A * (a)		49		1,383
Qualys, Inc. *		33		4,006
Secure Works Corp., Class A * (a)		111		1,583
SVMK, Inc. *		37		948
Synchronoss Technologies, Inc. * (a)		834		3,921
Telenav, Inc. *		73		345
Workiva, Inc. *		43		3,912
Xperi Holding Corp.		35		734
				54,897
Specialty Retail — 3.6%
Abercrombie & Fitch Co., Class A (a)		224		4,567
Bed Bath & Beyond, Inc. (a)		94		1,662

INVESTMENTS	SHARES (000)		VALUE ($000)
Specialty Retail — continued
Children’s Place, Inc. (The) * (a)		21		1,057
Group 1 Automotive, Inc. (a)		11		1,469
Guess?, Inc.		94		2,115
Haverty Furniture Cos., Inc. (a)		38		1,049
Hibbett Sports, Inc. * (a)		30		1,368
Lithia Motors, Inc., Class A		4		1,229
MarineMax, Inc. *		22		771
Murphy USA, Inc.		30		3,864
ODP Corp. (The) *		135		3,970
Rent-A-Center, Inc.		31		1,179
Sleep Number Corp. *		62		5,100
Sonic Automotive, Inc., Class A		57		2,214
Winmark Corp. (a)		5		947
Zumiez, Inc. *		82		3,000
				35,561
Technology Hardware, Storage & Peripherals — 0.3%
Avid Technology, Inc. *		128		2,030
Diebold Nixdorf, Inc. *		86		917
				2,947
Textiles, Apparel & Luxury Goods — 1.0%
Deckers Outdoor Corp. *		16		4,653
Fossil Group, Inc. * (a)		43		374
G-III Apparel Group Ltd. * (a)		224		5,306
				10,333
Thrifts & Mortgage Finance — 2.5%
Axos Financial, Inc. *		65		2,447
Essent Group Ltd.		87		3,763
Meridian Bancorp, Inc.		232		3,459
MGIC Investment Corp.		173		2,177
NMI Holdings, Inc., Class A *		23		528
Northfield Bancorp, Inc.		219		2,696
PennyMac Financial Services, Inc.		48		3,117
Premier Financial Corp.		17		393
Radian Group, Inc.		159		3,215
Washington Federal, Inc.		129		3,326
				25,121
Trading Companies & Distributors — 1.2%
Applied Industrial Technologies, Inc.		41		3,190
BMC Stock Holdings, Inc. *		47		2,496
DXP Enterprises, Inc. *		52		1,155
MRC Global, Inc. *		189		1,254
NOW, Inc. * (a)		497		3,565
Veritiv Corp. *		32		667
				12,327

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 55

JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Water Utilities — 0.4%
American States Water Co.		46		3,669
Wireless Telecommunication Services — 0.3%
Gogo, Inc. * (a)		278		2,672
Total Common Stocks (Cost $722,195)				974,699
	NO. OF RIGHTS (000)
Rights — 0.0% (b)
Biotechnology — 0.0% (b)
Alder Biopharmaceuticals, Inc. * ‡ (Cost $—)		187		165
	SHARES (000)
Short-Term Investments — 11.3%
Investment Companies — 1.7%
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (c) (d) (Cost $16,351)		16,342		16,350
Investment of Cash Collateral from Securities Loaned — 9.6%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (c) (d)		77,106		77,114
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (c) (d)		18,046		18,046
Total Investment of Cash Collateral from Securities Loaned (Cost $95,161)				95,160
Total Short-Term Investments (Cost $111,512)				111,510
Total Investments — 110.1% (Cost $833,707)				1,086,374
Liabilities in Excess of Other Assets — (10.1)%				(99,480	)
NET ASSETS — 100.0%				986,894

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, 2020. The total value of securities on loan at December 31, 2020 is approximately $91,006,000.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of December 31, 2020.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

THIS PAGE IS INTENTIONALLY LEFT BLANK

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 57

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2020 (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	$	754,852		$	409,710		$	7,979,530
Investments in affiliates, at value		16,096			8,366			297,424
Investment of cash collateral received from securities loaned, at value (See Note 2.B.)		40,153			34,131			133,271
Cash		2			3			28
Deposits at broker for futures contracts		—			330			—
Receivables:
Due from custodian		—			301			—
Investment securities sold		—			638			7,798
Fund shares sold		1,749			379			4,014
Dividends from non-affiliates		365			399			6,077
Dividends from affiliates		—	(a)		—	(a)		1
Securities lending income (See Note 2.B.)		29			12			38
Total Assets		813,246			454,269			8,428,181
LIABILITIES:
Payables:
Investment securities purchased		6,578			1,519			1,742
Collateral received on securities loaned (See Note 2.B.)		40,153			34,131			133,271
Fund shares redeemed		863			449			4,900
Variation margin on futures contracts		—			1			—
Accrued liabilities:
Investment advisory fees		382			215			4,456
Administration fees		37			19			518
Distribution fees		51			4			231
Service fees		92			15			1,098
Custodian and accounting fees		11			6			35
Trustees’ and Chief Compliance Officer’s fees		2			1			1
Other		92			120			398
Total Liabilities		48,261			36,480			146,650
Net Assets	$	764,985		$	417,789		$	8,281,531

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

	JPMorgan Small Cap Blend Fund			JPMorgan Small Cap Core Fund			JPMorgan Small Cap Equity Fund
NET ASSETS:
Paid-in-Capital	$	562,564		$	325,314		$	4,977,405
Total distributable earnings (loss)		202,421			92,475			3,304,126
Total Net Assets	$	764,985		$	417,789		$	8,281,531
Net Assets:
Class A	$	203,932		$	5,472		$	813,718
Class C		9,059			1,943			91,257
Class I		249,101			18,599			4,172,745
Class R2		—			275			6,844
Class R3		—			4,476			4,586
Class R4		—			2,441			662
Class R5		—			166,447			1,176,000
Class R6		302,893			218,136			2,015,719
Total	$	764,985		$	417,789		$	8,281,531
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		8,051			95			13,903
Class C		568			34			2,229
Class I		8,110			320			60,423
Class R2		—			5			120
Class R3		—			77			79
Class R4		—			42			9
Class R5		—			2,854			16,978
Class R6		9,831			3,747			29,114
Net Asset Value (a):
Class A — Redemption price per share	$	25.33		$	57.83		$	58.53
Class C — Offering price per share (b)		15.96			57.01			40.94
Class I — Offering and redemption price per share		30.72			58.12			69.06
Class R2 — Offering and redemption price per share		—			57.78			57.18
Class R3 — Offering and redemption price per share		—			58.01			58.06
Class R4 — Offering and redemption price per share		—			58.15			68.96
Class R5 — Offering and redemption price per share		—			58.31			69.26
Class R6 — Offering and redemption price per share		30.81			58.21			69.24
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)]	$	26.73		$	61.03		$	61.77
Cost of investments in non-affiliates	$	553,160		$	299,866		$	4,943,070
Cost of investments in affiliates		16,092			8,366			297,388
Investment securities on loan, at value (See Note 2.B.)		38,841			32,792			130,194
Cost of investment of cash collateral (See Note 2.B.)		40,154			34,132			133,271

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 59

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)

	JPMorgan Small Cap Growth Fund			JPMorgan Small Cap Value Fund			JPMorgan SMID Cap Equity Fund (formerly known as JPMorgan Intrepid Mid Cap Fund)			JPMorgan U.S. Small Company Fund
ASSETS:
Investments in non-affiliates, at value	$	6,228,987		$	1,193,217		$	393,286		$	974,864
Investments in affiliates, at value		132,915			30,395			10,088			16,350
Investment of cash collateral received from securities loaned, at value (See Note 2.B.)		543,875			92,523			3,133			95,160
Cash		42			4			1			9
Deposits at broker for futures contracts		—			1,930			—			428
Receivables:
Investment securities sold		—			530			218			1,717
Fund shares sold		13,580			750			207			624
Dividends from non-affiliates		594			1,701			308			848
Dividends from affiliates		—	(a)		—	(a)		—	(a)		—	(a)
Securities lending income (See Note 2.B.)		596			103			2			80
Variation margin on futures contracts		—			10			—			—
Total Assets		6,920,589			1,321,163			407,243			1,090,080
LIABILITIES:
Payables:
Investment securities purchased		1,152			109			—			1,215
Collateral received on securities loaned (See Note 2.B.)		543,875			92,523			3,133			95,160
Fund shares redeemed		37,942			8,405			686			5,983
Variation margin on futures contracts		—			—			—			3
Accrued liabilities:
Investment advisory fees		3,355			669			170			508
Administration fees		378			77			15			64
Distribution fees		231			52			50			58
Service fees		434			75			65			108
Custodian and accounting fees		16			12			8			13
Trustees’ and Chief Compliance Officer’s fees		2			1			—	(a)		1
Other		216			128			71			73
Total Liabilities		587,601			102,051			4,198			103,186
Net Assets	$	6,332,988		$	1,219,112		$	403,045		$	986,894

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

	JPMorgan Small Cap Growth Fund			JPMorgan Small Cap Value Fund			JPMorgan SMID Cap Equity Fund (formerly known as JPMorgan Intrepid Mid Cap Fund)			JPMorgan U.S. Small Company Fund
NET ASSETS:
Paid-in-Capital	$	3,688,748		$	986,824		$	279,925		$	697,073
Total distributable earnings (loss)		2,644,240			232,288			123,120			289,821
Total Net Assets	$	6,332,988		$	1,219,112		$	403,045		$	986,894
Net Assets:
Class A	$	789,104		$	149,740		$	161,637		$	110,142
Class C		91,249			6,775			24,185			20,126
Class I		776,605			155,222			142,443			175,121
Class L		1,125,433			—			—			299,043
Class R2		31,657			31,493			—			38,245
Class R3		7,576			13,538			2,246			29,609
Class R4		4,157			18,325			582			10,348
Class R5		39,325			38,055			—			8,218
Class R6		3,467,882			805,964			71,952			296,042
Total	$	6,332,988		$	1,219,112		$	403,045		$	986,894
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		30,779			5,989			8,625			5,548
Class C		5,525			346			1,673			1,080
Class I		26,564			5,769			7,046			8,587
Class L		37,013			—			—			14,688
Class R2		1,299			1,276			—			1,976
Class R3		296			542			120			1,503
Class R4		161			681			29			511
Class R5		1,292			1,413			—			405
Class R6		112,510			29,890			3,559			14,537
Net Asset Value (a):
Class A — Redemption price per share	$	25.64		$	25.00		$	18.74		$	19.85
Class C — Offering price per share (b)		16.52			19.60			14.45			18.64
Class I — Offering and redemption price per share		29.24			26.91			20.22			20.39
Class L — Offering and redemption price per share		30.41			—			—			20.36
Class R2 — Offering and redemption price per share		24.36			24.68			—			19.35
Class R3 — Offering and redemption price per share		25.57			24.95			18.71			19.70
Class R4 — Offering and redemption price per share		25.82			26.90			20.13			20.26
Class R5 — Offering and redemption price per share		30.44			26.93			—			20.31
Class R6 — Offering and redemption price per share		30.82			26.96			20.21			20.37
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)]	$	27.06		$	26.39		$	19.78		$	20.95
Cost of investments in non-affiliates	$	3,688,769		$	926,256		$	335,179		$	722,195
Cost of investments in affiliates		132,906			30,390			10,089			16,351
Investment securities on loan, at value (See Note 2.B.)		523,701			89,318			2,971			91,006
Cost of investment of cash collateral (See Note 2.B.)		543,882			92,526			3,133			95,161

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 61

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

(Amounts in thousands)

	JPMorgan Small Cap Blend Fund			JPMorgan Small Cap Core Fund			JPMorgan Small Cap Equity Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	3,265		$	2,928		$	54,284
Dividend income from affiliates		14			6			274
Income from securities lending (net) (See Note 2.B.)		159			115			388
Total investment income		3,438			3,049			54,946
EXPENSES:
Investment advisory fees		1,872			1,175			23,696
Administration fees		216			136			2,734
Distribution fees:
Class A		194			6			904
Class C		83			7			315
Class R2		—			1			17
Class R3		—			5			5
Service fees:
Class A		194			6			904
Class C		28			2			105
Class I		234			18			4,512
Class R2		—			—	(a)		8
Class R3		—			5			5
Class R4		—			3			1
Class R5		—			73			530
Custodian and accounting fees		23			37			118
Interest expense to affiliates		—			—	(a)		—	(a)
Professional fees		30			29			60
Trustees’ and Chief Compliance Officer’s fees		15			14			24
Printing and mailing costs		21			3			229
Registration and filing fees		52			39			59
Transfer agency fees (See Note 2.F.)		13			7			181
Other		10			10			79
Total expenses		2,985			1,576			34,486
Less fees waived		(129	)		(144	)		(444	)
Less expense reimbursements		—			(1	)		—
Net expenses		2,856			1,431			34,042
Net investment income (loss)		582			1,618			20,904
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		25,130			21,253			715,135
Investments in affiliates		(2	)		(2	)		(44	)
Futures contracts		—			1,708			—
Net realized gain (loss)		25,128			22,959			715,091
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		153,734			94,817			1,333,584
Investments in affiliates		(6	)		(8	)		(74	)
Futures contracts		—			(100	)		—
Change in net unrealized appreciation/depreciation		153,728			94,709			1,333,510
Net realized/unrealized gains (losses)		178,856			117,668			2,048,601
Change in net assets resulting from operations	$	179,438		$	119,286		$	2,069,505

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

	JPMorgan Small Cap Growth Fund			JPMorgan Small Cap Value Fund			JPMorgan SMID Cap Equity Fund (formerly known as JPMorgan Intrepid Mid Cap Fund)			JPMorgan U.S. Small Company Fund
INVESTMENT INCOME:
Interest income from affiliates	$	—	(a)	$	—		$	—		$	—
Dividend income from non-affiliates		5,944			11,016			2,820			6,791
Dividend income from affiliates		86			20			7			16
Income from securities lending (net) (See Note 2.B.)		2,815			727			65			610
Total investment income		8,845			11,763			2,892			7,417
EXPENSES:
Investment advisory fees		16,178			3,433			1,096			2,818
Administration fees		1,867			396			149			352
Distribution fees:
Class A		771			165			199			130
Class C		275			29			97			71
Class R2		71			68			—			84
Class R3		7			15			16			32
Service fees:
Class A		771			165			199			130
Class C		92			10			32			24
Class I		738			174			154			218
Class L		448			—			—			144
Class R2		35			34			—			42
Class R3		7			15			16			32
Class R4		4			7			1			11
Class R5		13			17			—			4
Custodian and accounting fees		79			33			19			38
Interest expense to affiliates		—	(a)		—	(a)		—	(a)		—	(a)
Professional fees		45			32			34			33
Trustees’ and Chief Compliance Officer’s fees		20			15			13			14
Printing and mailing costs		193			52			31			40
Registration and filing fees		139			63			31			64
Transfer agency fees (See Note 2.F.)		83			53			27			33
Other		45			18			9			18
Total expenses		21,881			4,794			2,123			4,332
Less fees waived		(239	)		(57	)		(255	)		(10	)
Less expense reimbursements		(38	)		—			(1	)		—
Net expenses		21,604			4,737			1,867			4,322
Net investment income (loss)		(12,759	)		7,026			1,025			3,095
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		416,422			32,178			76,570			102,764
Investments in affiliates		(12	)		(5	)		—	(a)		(4	)
Futures contracts		—			7,620			553			4,748
Net realized gain (loss)		416,410			39,793			77,123			107,508
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		1,575,168			287,776			12,983			191,684
Investments in affiliates		(36	)		(11	)		(6	)		(13	)
Futures contracts		—			(239	)		(108	)		(53	)
Change in net unrealized appreciation/depreciation		1,575,132			287,526			12,869			191,618
Net realized/unrealized gains (losses)		1,991,542			327,319			89,992			299,126
Change in net assets resulting from operations	$	1,978,783		$	334,345		$	91,017		$	302,221

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 63

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, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	582		$	1,508		$	1,618		$	3,252
Net realized gain (loss)		25,128			(634	)		22,959			(28,853	)
Change in net unrealized appreciation/depreciation		153,728			(2,118	)		94,709			(31,313	)
Change in net assets resulting from operations		179,438			(1,244	)		119,286			(56,914	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(3,491	)		(4,206	)		(35	)		(207	)
Class C		(703	)		(1,643	)		(2	)		(85	)
Class I		(4,107	)		(3,897	)		(142	)		(765	)
Class R2		—			—			(1	)		(7	)
Class R3		—			—			(28	)		(227	)
Class R4		—			—			(22	)		(104	)
Class R5		—			—			(1,585	)		(9,535	)
Class R6		(4,922	)		(3,543	)		(2,200	)		(9,154	)
Total distributions to shareholders		(13,223	)		(13,289	)		(4,015	)		(20,084	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		125,911			139,135			(47,343	)		(22,685	)
NET ASSETS:
Change in net assets		292,126			124,602			67,928			(99,683	)
Beginning of period		472,859			348,257			349,861			449,544
End of period	$	764,985		$	472,859		$	417,789		$	349,861

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

	JPMorgan Small Cap Equity Fund						JPMorgan Small Cap Growth Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	20,904		$	37,847		$	(12,759	)	$	(8,294	)
Net realized gain (loss)		715,091			(144,466	)		416,410			185,416
Change in net unrealized appreciation/depreciation		1,333,510			(137,311	)		1,575,132			386,775
Change in net assets resulting from operations		2,069,505			(243,930	)		1,978,783			563,897
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(23,187	)		(40,838	)		(51,789	)		(25,608	)
Class C		(3,627	)		(6,716	)		(8,859	)		(5,161	)
Class I		(108,102	)		(145,648	)		(46,046	)		(17,200	)
Class L		—			—			(66,160	)		(32,083	)
Class R2		(200	)		(416	)		(2,275	)		(1,612	)
Class R3		(135	)		(144	)		(511	)		(220	)
Class R4		(17	)		(23	)		(280	)		(139	)
Class R5		(32,929	)		(54,434	)		(1,892	)		(807	)
Class R6		(56,367	)		(73,447	)		(204,601	)		(90,416	)
Total distributions to shareholders		(224,564	)		(321,666	)		(382,413	)		(173,246	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(158,896	)		885,158			776,465			692,836
NET ASSETS:
Change in net assets		1,686,045			319,562			2,372,835			1,083,487
Beginning of period		6,595,486			6,275,924			3,960,153			2,876,666
End of period	$	8,281,531		$	6,595,486		$	6,332,988		$	3,960,153

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 65

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Small Cap Value Fund						JPMorgan SMID Cap Equity Fund (formerly known as JPMorgan Intrepid Mid Cap Fund)
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	7,026		$	13,687		$	1,025		$	3,435
Net realized gain (loss)		39,793			(12,093	)		77,123			36,663
Change in net unrealized appreciation/depreciation		287,526			(200,038	)		12,869			(57,837	)
Change in net assets resulting from operations		334,345			(198,444	)		91,017			(17,739	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(744	)		(10,797	)		(6,204	)		(21,131	)
Class C		(36	)		(1,133	)		(1,102	)		(5,115	)
Class I		(891	)		(14,242	)		(5,432	)		(17,337	)
Class R2		(132	)		(2,111	)		—			—
Class R3		(71	)		(926	)		(80	)		(1,616	)
Class R4		(72	)		(6	)		(23	)		(132	)
Class R5		(242	)		(2,678	)		—			—
Class R6		(5,386	)		(51,882	)		(2,861	)		(9,366	)
Total distributions to shareholders		(7,574	)		(83,775	)		(15,702	)		(54,697	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(63,232	)		(315,490	)		(62,935	)		(66,132	)
NET ASSETS:
Change in net assets		263,539			(597,709	)		12,380			(138,568	)
Beginning of period		955,573			1,553,282			390,665			529,233
End of period	$	1,219,112		$	955,573		$	403,045		$	390,665

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

	JPMorgan U.S. Small Company Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	3,095		$	6,022
Net realized gain (loss)		107,508			(2,410	)
Change in net unrealized appreciation/depreciation		191,618			(106,057	)
Change in net assets resulting from operations		302,221			(102,445	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(3,058	)		(357	)
Class C		(541	)		(14	)
Class I		(5,378	)		(1,438	)
Class L		(9,176	)		(3,033	)
Class R2		(1,049	)		(20	)
Class R3		(854	)		(95	)
Class R4		(302	)		(52	)
Class R5		(260	)		(50	)
Class R6		(9,828	)		(3,261	)
Total distributions to shareholders		(30,446	)		(8,320	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(184,917	)		(382,146	)
NET ASSETS:
Change in net assets		86,858			(492,911	)
Beginning of period		900,036			1,392,947
End of period	$	986,894		$	900,036

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 67

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, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	41,185		$	54,866		$	774		$	1,151
Distributions reinvested		3,248			3,607			33			207
Cost of shares redeemed		(17,349	)		(37,184	)		(932	)		(2,401	)
Change in net assets resulting from Class A capital transactions		27,084			21,289			(125	)		(1,043	)
Class C
Proceeds from shares issued		2,134			10,538			146			545
Distributions reinvested		247			347			2			85
Cost of shares redeemed		(23,846	)		(22,645	)		(453	)		(813	)
Change in net assets resulting from Class C capital transactions		(21,465	)		(11,760	)		(305	)		(183	)
Class I
Proceeds from shares issued		63,319			102,711			4,273			13,956
Distributions reinvested		4,096			3,883			137			750
Cost of shares redeemed		(21,269	)		(62,751	)		(3,781	)		(11,751	)
Change in net assets resulting from Class I capital transactions		46,146			43,843			629			2,955
Class R2
Proceeds from shares issued		—			—			23			43
Distributions reinvested		—			—			1			7
Cost of shares redeemed		—			—			(2	)		(7	)
Change in net assets resulting from Class R2 capital transactions		—			—			22			43
Class R3
Proceeds from shares issued		—			—			411			2,958
Distributions reinvested		—			—			28			226
Cost of shares redeemed		—			—			(963	)		(2,501	)
Change in net assets resulting from Class R3 capital transactions		—			—			(524	)		683
Class R4
Proceeds from shares issued		—			—			91			1,260
Distributions reinvested		—			—			22			104
Cost of shares redeemed		—			—			(549	)		(780	)
Change in net assets resulting from Class R4 capital transactions		—			—			(436	)		584
Class R5
Proceeds from shares issued		—			—			7,491			34,515
Distributions reinvested		—			—			1,497			9,135
Cost of shares redeemed		—			—			(36,673	)		(80,632	)
Change in net assets resulting from Class R5 capital transactions		—			—			(27,685	)		(36,982	)
Class R6
Proceeds from shares issued		97,559			115,599			15,288			79,125
Distributions reinvested		4,922			3,542			2,200			9,153
Cost of shares redeemed		(28,335	)		(33,378	)		(36,407	)		(77,020	)
Change in net assets resulting from Class R6 capital transactions		74,146			85,763			(18,919	)		11,258
Total change in net assets resulting from capital transactions	$	125,911		$	139,135		$	(47,343	)	$	(22,685	)

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

	JPMorgan Small Cap Blend Fund						JPMorgan Small Cap Core Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		1,783			2,893			16			28
Reinvested		132			177			1			4
Redeemed		(807	)		(2,029	)		(20	)		(52	)
Change in Class A Shares		1,108			1,041			(3	)		(20	)
Class C
Issued		150			854			3			11
Reinvested		16			27			—	(a)		2
Redeemed		(1,593	)		(1,881	)		(10	)		(19	)
Change in Class C Shares		(1,427	)		(1,000	)		(7	)		(6	)
Class I
Issued		2,352			4,514			83			317
Reinvested		137			157			2			15
Redeemed		(807	)		(2,879	)		(78	)		(282	)
Change in Class I Shares		1,682			1,792			7			50
Class R2
Issued		—			—			1			1
Reinvested		—			—			—	(a)		—	(a)
Redeemed		—			—			—	(a)		—	(a)
Change in Class R2 Shares		—			—			1			1
Class R3
Issued		—			—			7			63
Reinvested		—			—			1			4
Redeemed		—			—			(19	)		(54	)
Change in Class R3 Shares		—			—			(11	)		13
Class R4
Issued		—			—			2			28
Reinvested		—			—			—	(a)		2
Redeemed		—			—			(10	)		(19	)
Change in Class R4 Shares		—			—			(8	)		11
Class R5
Issued		—			—			153			762
Reinvested		—			—			26			177
Redeemed		—			—			(811	)		(1,730	)
Change in Class R5 Shares		—			—			(632	)		(791	)
Class R6
Issued		3,524			5,128			313			1,648
Reinvested		164			143			38			177
Redeemed		(1,083	)		(1,520	)		(764	)		(1,769	)
Change in Class R6 Shares		2,605			3,751			(413	)		56

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 69

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, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	64,184		$	313,626		$	135,552		$	180,131
Distributions reinvested		21,887			38,275			49,234			24,237
Cost of shares redeemed		(106,985	)		(415,845	)		(87,309	)		(147,817	)
Change in net assets resulting from Class A capital transactions		(20,914	)		(63,944	)		97,477			56,551
Class C
Proceeds from shares issued		980			2,175			12,772			21,380
Distributions reinvested		3,552			6,552			8,216			4,812
Cost of shares redeemed		(13,110	)		(27,646	)		(11,962	)		(25,261	)
Change in net assets resulting from Class C capital transactions		(8,578	)		(18,919	)		9,026			931
Class I
Proceeds from shares issued		448,670			1,699,465			181,426			288,209
Distributions reinvested		103,830			138,087			36,354			13,161
Cost of shares redeemed		(541,816	)		(1,065,103	)		(95,957	)		(164,919	)
Change in net assets resulting from Class I capital transactions		10,684			772,449			121,823			136,451
Class L
Proceeds from shares issued		—			—			182,927			272,538
Distributions reinvested		—			—			60,559			28,396
Cost of shares redeemed		—			—			(143,768	)		(206,673	)
Change in net assets resulting from Class L capital transactions		—			—			99,718			94,261
Class R2
Proceeds from shares issued		635			3,031			3,794			4,229
Distributions reinvested		185			325			2,263			1,583
Cost of shares redeemed		(2,361	)		(5,397	)		(7,539	)		(9,363	)
Change in net assets resulting from Class R2 capital transactions		(1,541	)		(2,041	)		(1,482	)		(3,551	)
Class R3
Proceeds from shares issued		986			1,095			1,485			4,272
Distributions reinvested		121			125			511			220
Cost of shares redeemed		(404	)		(569	)		(1,446	)		(812	)
Change in net assets resulting from Class R3 capital transactions		703			651			550			3,680
Class R4
Proceeds from shares issued		71			51			514			1,777
Distributions reinvested		17			23			280			138
Cost of shares redeemed		(8	)		(60	)		(541	)		(653	)
Change in net assets resulting from Class R4 capital transactions		80			14			253			1,262
Class R5
Proceeds from shares issued		104,949			152,763			14,145			10,790
Distributions reinvested		29,974			49,703			1,891			807
Cost of shares redeemed		(209,792	)		(339,014	)		(7,374	)		(5,345	)
Change in net assets resulting from Class R5 capital transactions		(74,869	)		(136,548	)		8,662			6,252
Class R6
Proceeds from shares issued		184,473			640,649			745,377			925,190
Distributions reinvested		55,129			72,408			202,471			89,486
Cost of shares redeemed		(304,063	)		(379,561	)		(507,410	)		(617,677	)
Change in net assets resulting from Class R6 capital transactions		(64,461	)		333,496			440,438			396,999
Total change in net assets resulting from capital transactions	$	(158,896	)	$	885,158		$	776,465		$	692,836

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

	JPMorgan Small Cap Equity Fund						JPMorgan Small Cap Growth Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		1,278			6,782			5,919			10,856
Reinvested		386			760			2,008			1,419
Redeemed		(2,072	)		(9,053	)		(3,908	)		(9,052	)
Change in Class A Shares		(408	)		(1,511	)		4,019			3,223
Class C
Issued		26			64			829			1,896
Reinvested		90			184			521			419
Redeemed		(363	)		(847	)		(807	)		(2,281	)
Change in Class C Shares		(247	)		(599	)		543			34
Class I
Issued		7,380			31,752			7,019			15,402
Reinvested		1,546			2,334			1,297			682
Redeemed		(8,849	)		(20,362	)		(3,802	)		(9,213	)
Change in Class I Shares		77			13,724			4,514			6,871
Class L
Issued		—			—			6,829			14,183
Reinvested		—			—			2,077			1,419
Redeemed		—			—			(5,445	)		(10,894	)
Change in Class L Shares		—			—			3,461			4,708
Class R2
Issued		13			65			179			269
Reinvested		3			7			97			97
Redeemed		(47	)		(120	)		(350	)		(588	)
Change in Class R2 Shares		(31	)		(48	)		(74	)		(222	)
Class R3
Issued		20			25			66			253
Reinvested		2			2			21			13
Redeemed		(8	)		(14	)		(71	)		(49	)
Change in Class R3 Shares		14			13			16			217
Class R4
Issued		1			1			24			102
Reinvested		—	(a)		—	(a)		11			8
Redeemed		—	(a)		(1	)		(24	)		(38	)
Change in Class R4 Shares		1			—	(a)		11			72
Class R5
Issued		1,730			2,800			492			551
Reinvested		444			837			65			41
Redeemed		(3,474	)		(6,109	)		(279	)		(279	)
Change in Class R5 Shares		(1,300	)		(2,472	)		278			313
Class R6
Issued		3,078			11,645			27,919			47,492
Reinvested		816			1,219			6,844			4,411
Redeemed		(4,955	)		(7,061	)		(18,655	)		(31,625	)
Change in Class R6 Shares		(1,061	)		5,803			16,108			20,278

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 71

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Small Cap Value Fund						JPMorgan SMID Cap Equity Fund (formerly known as JPMorgan Intrepid Mid Cap Fund)
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	12,944		$	24,245		$	9,199		$	13,822
Distributions reinvested		712			10,115			5,947			19,511
Cost of shares redeemed		(28,038	)		(67,548	)		(36,985	)		(54,915	)
Change in net assets resulting from Class A capital transactions		(14,382	)		(33,188	)		(21,839	)		(21,582	)
Class C
Proceeds from shares issued		232			527			404			1,393
Distributions reinvested		36			1,043			1,087			4,865
Cost of shares redeemed		(5,021	)		(6,896	)		(9,439	)		(14,460	)
Change in net assets resulting from Class C capital transactions		(4,753	)		(5,326	)		(7,948	)		(8,202	)
Class I
Proceeds from shares issued		19,895			61,608			30,892			28,647
Distributions reinvested		889			14,229			4,871			15,360
Cost of shares redeemed		(39,732	)		(175,602	)		(36,700	)		(89,816	)
Change in net assets resulting from Class I capital transactions		(18,948	)		(99,765	)		(937	)		(45,809	)
Class R2
Proceeds from shares issued		3,228			8,711			—			—
Distributions reinvested		130			2,053			—			—
Cost of shares redeemed		(5,346	)		(14,418	)		—			—
Change in net assets resulting from Class R2 capital transactions		(1,988	)		(3,654	)		—			—
Class R3
Proceeds from shares issued		1,343			5,318			1,713			3,971
Distributions reinvested		71			926			67			1,599
Cost of shares redeemed		(1,931	)		(7,200	)		(14,920	)		(6,383	)
Change in net assets resulting from Class R3 capital transactions		(517	)		(956	)		(13,140	)		(813	)
Class R4
Proceeds from shares issued		15,739			767			44			296
Distributions reinvested		72			6			14			105
Cost of shares redeemed		(1,577	)		(740	)		(151	)		(966	)
Change in net assets resulting from Class R4 capital transactions		14,234			33			(93	)		(565	)
Class R5
Proceeds from shares issued		4,456			9,383			—			—
Distributions reinvested		236			2,524			—			—
Cost of shares redeemed		(7,422	)		(41,707	)		—			—
Change in net assets resulting from Class R5 capital transactions		(2,730	)		(29,800	)		—			—
Class R6
Proceeds from shares issued		70,288			151,215			9,117			27,441
Distributions reinvested		5,386			51,882			2,455			7,917
Cost of shares redeemed		(109,822	)		(345,931	)		(30,550	)		(24,519	)
Change in net assets resulting from Class R6 capital transactions		(34,148	)		(142,834	)		(18,978	)		10,839
Total change in net assets resulting from capital transactions	$	(63,232	)	$	(315,490	)	$	(62,935	)	$	(66,132	)

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

	JPMorgan Small Cap Value Fund						JPMorgan SMID Cap Equity Fund (formerly known as JPMorgan Intrepid Mid Cap Fund)
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		614			1,212			533			834
Reinvested		32			431			325			1,108
Redeemed		(1,339	)		(3,143	)		(2,157	)		(3,212	)
Change in Class A Shares		(693	)		(1,500	)		(1,299	)		(1,270	)
Class C
Issued		14			34			30			107
Reinvested		2			56			77			355
Redeemed		(313	)		(404	)		(704	)		(1,090	)
Change in Class C Shares		(297	)		(314	)		(597	)		(628	)
Class I
Issued		869			2,798			1,630			1,604
Reinvested		37			565			246			810
Redeemed		(1,777	)		(8,060	)		(2,005	)		(4,928	)
Change in Class I Shares		(871	)		(4,697	)		(129	)		(2,514	)
Class R2
Issued		156			442			—			—
Reinvested		6			88			—			—
Redeemed		(258	)		(711	)		—			—
Change in Class R2 Shares		(96	)		(181	)		—			—
Class R3
Issued		64			258			104			235
Reinvested		3			40			3			91
Redeemed		(88	)		(364	)		(806	)		(360	)
Change in Class R3 Shares		(21	)		(66	)		(699	)		(34	)
Class R4
Issued		719			39			2			18
Reinvested		3			—	(a)		1			6
Redeemed		(64	)		(33	)		(8	)		(52	)
Change in Class R4 Shares		658			6			(5	)		(28	)
Class R5
Issued		194			416			—			—
Reinvested		10			101			—			—
Redeemed		(331	)		(1,734	)		—			—
Change in Class R5 Shares		(127	)		(1,217	)		—			—
Class R6
Issued		3,106			7,059			489			1,545
Reinvested		225			2,072			124			416
Redeemed		(4,778	)		(14,571	)		(1,605	)		(1,377	)
Change in Class R6 Shares		(1,447	)		(5,440	)		(992	)		584

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 73

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan U.S. Small Company Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	34,746		$	19,360
Distributions reinvested		2,798			328
Cost of shares redeemed		(51,503	)		(53,824	)
Change in net assets resulting from Class A capital transactions		(13,959	)		(34,136	)
Class C
Proceeds from shares issued		465			1,325
Distributions reinvested		532			13
Cost of shares redeemed		(4,519	)		(9,632	)
Change in net assets resulting from Class C capital transactions		(3,522	)		(8,294	)
Class I
Proceeds from shares issued		42,320			54,409
Distributions reinvested		5,201			1,403
Cost of shares redeemed		(84,600	)		(148,125	)
Change in net assets resulting from Class I capital transactions		(37,079	)		(92,313	)
Class L
Proceeds from shares issued		15,683			180,077
Distributions reinvested		6,808			2,129
Cost of shares redeemed		(108,843	)		(262,774	)
Change in net assets resulting from Class L capital transactions		(86,352	)		(80,568	)
Class R2
Proceeds from shares issued		2,599			7,181
Distributions reinvested		1,022			18
Cost of shares redeemed		(5,592	)		(18,727	)
Change in net assets resulting from Class R2 capital transactions		(1,971	)		(11,528	)
Class R3
Proceeds from shares issued		3,214			7,420
Distributions reinvested		799			85
Cost of shares redeemed		(4,886	)		(6,924	)
Change in net assets resulting from Class R3 capital transactions		(873	)		581
Class R4
Proceeds from shares issued		484			3,577
Distributions reinvested		302			52
Cost of shares redeemed		(1,037	)		(1,334	)
Change in net assets resulting from Class R4 capital transactions		(251	)		2,295
Class R5
Proceeds from shares issued		847			2,217
Distributions reinvested		151			33
Cost of shares redeemed		(1,333	)		(7,177	)
Change in net assets resulting from Class R5 capital transactions		(335	)		(4,927	)
Class R6
Proceeds from shares issued		25,284			69,664
Distributions reinvested		9,563			3,215
Cost of shares redeemed		(75,422	)		(226,135	)
Change in net assets resulting from Class R6 capital transactions		(40,575	)		(153,256	)
Total change in net assets resulting from capital transactions	$	(184,917	)	$	(382,146	)

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

	JPMorgan U.S. Small Company Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		2,142			1,287
Reinvested		144			19
Redeemed		(3,130	)		(3,461	)
Change in Class A Shares		(844	)		(2,155	)
Class C
Issued		30			93
Reinvested		29			1
Redeemed		(289	)		(673	)
Change in Class C Shares		(230	)		(579	)
Class I
Issued		2,496			3,533
Reinvested		260			79
Redeemed		(4,720	)		(9,733	)
Change in Class I Shares		(1,964	)		(6,121	)
Class L
Issued		890			11,011
Reinvested		341			120
Redeemed		(6,394	)		(17,742	)
Change in Class L Shares		(5,163	)		(6,611	)
Class R2
Issued		156			493
Reinvested		54			1
Redeemed		(329	)		(1,228	)
Change in Class R2 Shares		(119	)		(734	)
Class R3
Issued		190			507
Reinvested		42			5
Redeemed		(286	)		(460	)
Change in Class R3 Shares		(54	)		52
Class R4
Issued		29			226
Reinvested		15			3
Redeemed		(63	)		(86	)
Change in Class R4 Shares		(19	)		143
Class R5
Issued		48			137
Reinvested		8			2
Redeemed		(78	)		(432	)
Change in Class R5 Shares		(22	)		(293	)
Class R6
Issued		1,420			4,527
Reinvested		478			181
Redeemed		(4,133	)		(14,475	)
Change in Class R6 Shares		(2,235	)		(9,767	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 75

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 Small Cap Blend Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	19.11	$	(0.01	)	$	6.72		$	6.71		$	(0.02	)	$	(0.47	)	$	(0.49	)
Year Ended June 30, 2020		19.78		0.04			(0.04	)		—	(f)		(0.02	)		(0.65	)		(0.67	)
Year Ended June 30, 2019		26.65		—	(f)		(0.63	)		(0.63	)		—			(6.24	)		(6.24	)
Year Ended June 30, 2018		22.03		(0.20	)		7.54			7.34			—			(2.72	)		(2.72	)
Year Ended June 30, 2017		19.14		(0.16	)		6.24			6.08			—			(3.19	)		(3.19	)
Year Ended June 30, 2016		26.04		(0.16	)		(3.52	)		(3.68	)		—			(3.22	)		(3.22	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		12.19		(0.04	)		4.28			4.24			—			(0.47	)		(0.47	)
Year Ended June 30, 2020		12.90		(0.04	)		(0.02	)		(0.06	)		—			(0.65	)		(0.65	)
Year Ended June 30, 2019		19.89		(0.08	)		(0.67	)		(0.75	)		—			(6.24	)		(6.24	)
Year Ended June 30, 2018		17.12		(0.24	)		5.73			5.49			—			(2.72	)		(2.72	)
Year Ended June 30, 2017		15.58		(0.21	)		4.94			4.73			—			(3.19	)		(3.19	)
Year Ended June 30, 2016		21.97		(0.22	)		(2.95	)		(3.17	)		—			(3.22	)		(3.22	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		23.09		0.03			8.12			8.15			(0.05	)		(0.47	)		(0.52	)
Year Ended June 30, 2020		23.75		0.10			(0.06	)		0.04			(0.05	)		(0.65	)		(0.70	)
Year Ended June 30, 2019		30.53		0.05			(0.59	)		(0.54	)		—			(6.24	)		(6.24	)
Year Ended June 30, 2018		24.83		(0.15	)		8.57			8.42			—			(2.72	)		(2.72	)
Year Ended June 30, 2017		21.17		(0.12	)		6.97			6.85			—			(3.19	)		(3.19	)
Year Ended June 30, 2016		28.34		(0.14	)		(3.81	)		(3.95	)		—			(3.22	)		(3.22	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		23.17		0.06			8.15			8.21			(0.10	)		(0.47	)		(0.57	)
Year Ended June 30, 2020		23.82		0.16			(0.06	)		0.10			(0.10	)		(0.65	)		(0.75	)
July 2, 2018 (g) through June 30, 2019		30.73		0.18			(0.85	)		(0.67	)		—			(6.24	)		(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) Amount rounds to less than $0.005.

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

		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)
$	25.33		35.16	%	$	203,932		1.23	%		(0.05	)%		1.28	%		21	%
	19.11		(0.24	)		132,674		1.24			0.19			1.32			48
	19.78		0.70			116,751		1.24			(0.01	)		1.37			75
	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
	15.96		34.89			9,059		1.73			(0.53	)		1.78			21
	12.19		(0.83	)		24,323		1.74			(0.31	)		1.80			48
	12.90		0.25			38,625		1.74			(0.53	)		1.85			75
	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
	30.72		35.37			249,101		0.98			0.21			1.02			21
	23.09		(0.02	)		148,443		0.99			0.44			1.05			48
	23.75		0.94			110,123		0.99			0.20			1.10			75
	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
	30.81		35.51			302,893		0.73			0.45			0.77			21
	23.17		0.22			167,419		0.74			0.69			0.80			48
	23.82		0.55			82,758		0.74			0.79			1.10			75

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP 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)			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, 2020 (Unaudited)	$	42.12	$	0.11		$	15.96		$	16.07		$	(0.36	)	$	—		$	(0.36	)
Year Ended June 30, 2020		49.98		0.15			(6.00	)		(5.85	)		(0.15	)		(1.86	)		(2.01	)
Year Ended June 30, 2019		57.16		0.11			(3.52	)		(3.41	)		(0.02	)		(3.75	)		(3.77	)
Year Ended June 30, 2018		52.32		0.04	(f)		9.19			9.23			(0.01	)		(4.38	)		(4.39	)
Year Ended June 30, 2017		45.88		(0.04	)		11.81			11.77			(0.20	)		(5.13	)		(5.33	)
May 31, 2016 (g) through June 30, 2016		45.81		0.02	(f)		0.05			0.07			—			—			—
Class C
Six Months Ended December 31, 2020 (Unaudited)		41.41		(0.01	)		15.68			15.67			(0.07	)		—			(0.07	)
Year Ended June 30, 2020		49.27		(0.07	)		(5.93	)		(6.00	)		—			(1.86	)		(1.86	)
Year Ended June 30, 2019		56.67		(0.15	)		(3.50	)		(3.65	)		—			(3.75	)		(3.75	)
Year Ended June 30, 2018		52.14		(0.24	)(f)		9.15			8.91			—			(4.38	)		(4.38	)
Year Ended June 30, 2017		45.86		(0.24	)		11.74			11.50			(0.09	)		(5.13	)		(5.22	)
May 31, 2016 (g) through June 30, 2016		45.81		—	(f)(h)		0.05			0.05			—			—			—
Class I
Six Months Ended December 31, 2020 (Unaudited)		42.35		0.17			16.07			16.24			(0.47	)		—			(0.47	)
Year Ended June 30, 2020		50.25		0.28			(6.03	)		(5.75	)		(0.29	)		(1.86	)		(2.15	)
Year Ended June 30, 2019		57.44		0.23			(3.55	)		(3.32	)		(0.12	)		(3.75	)		(3.87	)
Year Ended June 30, 2018		52.58		0.17	(f)		9.24			9.41			(0.17	)		(4.38	)		(4.55	)
January 3, 2017 (g) through June 30, 2017		50.44		0.07			2.07			2.14			—			—			—
Class R2
Six Months Ended December 31, 2020 (Unaudited)		42.07		0.05			15.94			15.99			(0.28	)		—			(0.28	)
Year Ended June 30, 2020		50.01		0.05			(6.02	)		(5.97	)		(0.11	)		(1.86	)		(1.97	)
Year Ended June 30, 2019		57.32		0.04			(3.60	)		(3.56	)		—			(3.75	)		(3.75	)
July 31, 2017 (g) through June 30, 2018		53.24		(0.08	)(f)		8.58			8.50			(0.04	)		(4.38	)		(4.42	)
Class R3
Six Months Ended December 31, 2020 (Unaudited)		42.23		0.11			16.01			16.12			(0.34	)		—			(0.34	)
Year Ended June 30, 2020		50.18		0.16			(6.02	)		(5.86	)		(0.23	)		(1.86	)		(2.09	)
Year Ended June 30, 2019		57.40		0.26			(3.71	)		(3.45	)		(0.02	)		(3.75	)		(3.77	)
July 31, 2017 (g) through June 30, 2018		53.24		0.05	(f)		8.58			8.63			(0.09	)		(4.38	)		(4.47	)
Class R4
Six Months Ended December 31, 2020 (Unaudited)		42.37		0.17			16.08			16.25			(0.47	)		—			(0.47	)
Year Ended June 30, 2020		50.28		0.28			(6.03	)		(5.75	)		(0.30	)		(1.86	)		(2.16	)
Year Ended June 30, 2019		57.48		0.23			(3.56	)		(3.33	)		(0.12	)		(3.75	)		(3.87	)
July 31, 2017 (g) through June 30, 2018		53.24		0.18	(f)		8.58			8.76			(0.14	)		(4.38	)		(4.52	)

(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.

(h) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

		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)
$	57.83		38.16	%	$	5,472		1.23	%		0.45	%		1.33	%		33	%
	42.12		(12.40	)		4,127		1.24			0.33			1.38			102
	49.98		(5.48	)		5,896		1.23			0.21			1.36			74
	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
	57.01		37.85			1,943		1.73			(0.06	)		1.83			33
	41.41		(12.84	)		1,690		1.74			(0.16	)		1.82			102
	49.27		(5.97	)		2,307		1.73			(0.30	)		1.86			74
	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
	58.12		38.35			18,599		0.98			0.71			1.05			33
	42.35		(12.18	)		13,264		0.99			0.61			1.06			102
	50.25		(5.24	)		13,211		0.98			0.45			1.09			74
	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
	57.78		38.01			275		1.48			0.21			1.80			33
	42.07		(12.62	)		180		1.49			0.11			1.69			102
	50.01		(5.73	)		166		1.48			0.08			2.08			74
	57.32		16.67			24		1.49			(0.15	)(f)		1.72			39
	58.01		38.18			4,476		1.23			0.45			1.29			33
	42.23		(12.40	)		3,692		1.24			0.36			1.30			102
	50.18		(5.51	)		3,768		1.23			0.53			1.59			74
	57.40		16.94			24		1.24			0.10	(f)		1.46			39
	58.15		38.36			2,441		0.98			0.69			1.06			33
	42.37		(12.17	)		2,125		0.99			0.61			1.06			102
	50.28		(5.26	)		1,941		0.98			0.45			1.10			74
	57.48		17.21			1,536		0.99			0.36	(f)		1.11			39

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP 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)			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 (continued)
Class R5
Six Months Ended December 31, 2020 (Unaudited)	$	42.51	$	0.21		$	16.15		$	16.36		$	(0.56	)	$	—		$	(0.56	)
Year Ended June 30, 2020		50.42		0.36			(6.04	)		(5.68	)		(0.37	)		(1.86	)		(2.23	)
Year Ended June 30, 2019		57.63		0.33			(3.58	)		(3.25	)		(0.21	)		(3.75	)		(3.96	)
Year Ended June 30, 2018		52.64		0.26	(f)		9.28			9.54			(0.17	)		(4.38	)		(4.55	)
Year Ended June 30, 2017		45.90		0.20			11.83			12.03			(0.16	)		(5.13	)		(5.29	)
Year Ended June 30, 2016		56.18		0.15	(f)		(5.25	)		(5.10	)		(0.32	)		(4.86	)		(5.18	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		42.45		0.23			16.12			16.35			(0.59	)		—			(0.59	)
Year Ended June 30, 2020		50.34		0.39			(6.02	)		(5.63	)		(0.40	)		(1.86	)		(2.26	)
Year Ended June 30, 2019		57.55		0.39			(3.61	)		(3.22	)		(0.24	)		(3.75	)		(3.99	)
Year Ended June 30, 2018		52.57		0.33	(f)		9.23			9.56			(0.20	)		(4.38	)		(4.58	)
Year Ended June 30, 2017		45.90		0.29			11.76			12.05			(0.25	)		(5.13	)		(5.38	)
May 31, 2016 (g) through June 30, 2016		45.81		0.04	(f)		0.05			0.09			—			—			—

(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.

80 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

		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)
$	58.31		38.49	%	$	166,447		0.79	%		0.88	%		0.90	%		33	%
	42.51		(12.02	)		148,185		0.80			0.78			0.90			102
	50.42		(5.07	)		215,630		0.79			0.63			0.93			74
	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
	58.21		38.52			218,136		0.73			0.95			0.80			33
	42.45		(11.95	)		176,598		0.74			0.84			0.80			102
	50.34		(5.02	)		206,625		0.73			0.75			0.83			74
	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, 2020 J.P. MORGAN SMALL CAP 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)			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, 2020 (Unaudited)	$	45.69	$	0.06		$	14.48		$	14.54		$	(0.07	)	$	(1.63	)	$	(1.70	)
Year Ended June 30, 2020		50.05		0.12			(1.95	)		(1.83	)		(0.15	)		(2.38	)		(2.53	)
Year Ended June 30, 2019		52.43		0.12			0.95			1.07			(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	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		32.42		(0.05	)		10.24			10.19			(0.04	)		(1.63	)		(1.67	)
Year Ended June 30, 2020		36.25		(0.08	)		(1.35	)		(1.43	)		(0.02	)		(2.38	)		(2.40	)
Year Ended June 30, 2019		39.12		(0.09	)		0.61			0.52			—			(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	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		53.70		0.16			17.04			17.20			(0.21	)		(1.63	)		(1.84	)
Year Ended June 30, 2020		58.34		0.30			(2.30	)		(2.00	)		(0.26	)		(2.38	)		(2.64	)
Year Ended June 30, 2019		60.52		0.29			1.12			1.41			(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	)
Class R2
Six Months Ended December 31, 2020 (Unaudited)		44.70		(0.01	)		14.16			14.15			(0.04	)		(1.63	)		(1.67	)
Year Ended June 30, 2020		48.98		0.01			(1.91	)		(1.90	)		—			(2.38	)		(2.38	)
Year Ended June 30, 2019		51.44		—	(g)		0.93			0.93			—			(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		—	(g)		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	)
Class R3
Six Months Ended December 31, 2020 (Unaudited)		45.38		0.08			14.37			14.45			(0.14	)		(1.63	)		(1.77	)
Year Ended June 30, 2020		49.73		0.13			(1.93	)		(1.80	)		(0.17	)		(2.38	)		(2.55	)
Year Ended June 30, 2019		52.13		0.13			0.92			1.05			(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 (i) through June 30, 2017		43.22		0.12			6.68			6.80			(0.23	)		(1.25	)		(1.48	)

(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) 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.

82 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

		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)
$	58.53		31.93	%	$	813,718		1.27	%		0.23	%		1.27	%		15	%
	45.69		(4.11	)		653,887		1.26			0.25			1.27			23
	50.05		2.82			791,846		1.23			0.24			1.25			23
	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
	40.94		31.60			91,257		1.73			(0.25	)		1.74			15
	32.42		(4.56	)		80,258		1.74			(0.24	)		1.75			23
	36.25		2.31			111,453		1.73			(0.25	)		1.75			23
	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
	69.06		32.13			4,172,745		0.98			0.53			0.99			15
	53.70		(3.83	)		3,240,725		0.98			0.54			0.99			23
	58.34		3.05			2,720,056		0.98			0.51			1.00			23
	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
	57.18		31.78			6,844		1.48			(0.02	)		1.51			15
	44.70		(4.32	)		6,746		1.49			0.02			1.52			23
	48.98		2.56			9,718		1.48			0.00	(h)		1.52			23
	51.44		14.02			12,133		1.49			(0.06	)		1.52			17
	47.81		19.85			13,078		1.53			0.00	(h)		1.73			21
	41.08		0.85			5,313		1.54			0.03	(f)		1.72			32
	58.06		31.95			4,586		1.23			0.30			1.24			15
	45.38		(4.08	)		2,948		1.24			0.28			1.24			23
	49.73		2.79			2,597		1.23			0.26			1.25			23
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP 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)			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 (continued)
Class R4
Six Months Ended December 31, 2020 (Unaudited)	$	53.63	$	0.17		$	17.01		$	17.18		$	(0.22	)	$	(1.63	)	$	(1.85	)
Year Ended June 30, 2020		58.26		0.29			(2.29	)		(2.00	)		(0.25	)		(2.38	)		(2.63	)
Year Ended June 30, 2019		60.42		0.29			1.12			1.41			(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 (i) 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, 2020 (Unaudited)		53.88		0.22			17.10			17.32			(0.31	)		(1.63	)		(1.94	)
Year Ended June 30, 2020		58.51		0.40			(2.30	)		(1.90	)		(0.35	)		(2.38	)		(2.73	)
Year Ended June 30, 2019		60.69		0.41			1.11			1.52			(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	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		53.87		0.23			17.11			17.34			(0.34	)		(1.63	)		(1.97	)
Year Ended June 30, 2020		58.50		0.44			(2.30	)		(1.86	)		(0.39	)		(2.38	)		(2.77	)
Year Ended June 30, 2019		60.68		0.44			1.11			1.55			(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 (i) 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) 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.

84 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

		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)
$	68.96		32.13	%	$	662		0.98	%		0.56	%		1.01	%		15	%
	53.63		(3.83	)		449		0.98			0.53			1.01			23
	58.26		3.05			475		0.98			0.50			1.03			23
	60.42		14.61			624		0.98			0.57			1.07			17
	55.64		16.14			60		0.99			0.55			1.14			21
	69.26		32.24			1,176,000		0.79			0.71			0.84			15
	53.88		(3.65	)		984,863		0.80			0.71			0.84			23
	58.51		3.26			1,214,075		0.79			0.70			0.85			23
	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
	69.24		32.30			2,015,719		0.73			0.76			0.74			15
	53.87		(3.60	)		1,625,610		0.74			0.78			0.74			23
	58.50		3.33			1,425,704		0.73			0.76			0.75			23
	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, 2020 J.P. MORGAN SMALL CAP 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)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Small Cap Growth Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	18.70	$	(0.10	)	$	8.87		$	8.77		$	(0.01	)	$	(1.82	)	$	(1.83	)
Year Ended June 30, 2020		17.00		(0.11	)		2.88			2.77			—			(1.07	)		(1.07	)
Year Ended June 30, 2019		18.45		(0.11	)		0.67			0.56			—			(2.01	)		(2.01	)
Year Ended June 30, 2018		14.81		(0.14	)(f)		5.11			4.97			—			(1.33	)		(1.33	)
Year Ended June 30, 2017		11.43		(0.10	)		3.94			3.84			—			(0.46	)		(0.46	)
Year Ended June 30, 2016		14.50		(0.09	)		(1.94	)		(2.03	)		—			(1.04	)		(1.04	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		12.53		(0.10	)		5.91			5.81			—			(1.82	)		(1.82	)
Year Ended June 30, 2020		11.78		(0.13	)		1.95			1.82			—			(1.07	)		(1.07	)
Year Ended June 30, 2019		13.55		(0.14	)		0.38			0.24			—			(2.01	)		(2.01	)
Year Ended June 30, 2018		11.23		(0.16	)(f)		3.81			3.65			—			(1.33	)		(1.33	)
Year Ended June 30, 2017		8.82		(0.13	)		3.00			2.87			—			(0.46	)		(0.46	)
Year Ended June 30, 2016		11.50		(0.12	)		(1.52	)		(1.64	)		—			(1.04	)		(1.04	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		21.14		(0.08	)		10.05			9.97			(0.05	)		(1.82	)		(1.87	)
Year Ended June 30, 2020		19.05		(0.07	)		3.24			3.17			(0.01	)		(1.07	)		(1.08	)
Year Ended June 30, 2019		20.35		(0.08	)		0.79			0.71			—			(2.01	)		(2.01	)
Year Ended June 30, 2018		16.18		(0.11	)(f)		5.61			5.50			—			(1.33	)		(1.33	)
Year Ended June 30, 2017		12.42		(0.07	)		4.29			4.22			—			(0.46	)		(0.46	)
Year Ended June 30, 2016		15.61		(0.07	)		(2.08	)		(2.15	)		—			(1.04	)		(1.04	)
Class L
Six Months Ended December 31, 2020 (Unaudited)		21.93		(0.06	)		10.43			10.37			(0.07	)		(1.82	)		(1.89	)
Year Ended June 30, 2020		19.71		(0.04	)		3.36			3.32			(0.03	)		(1.07	)		(1.10	)
Year Ended June 30, 2019		20.95		(0.05	)		0.82			0.77			—			(2.01	)		(2.01	)
Year Ended June 30, 2018		16.60		(0.08	)(f)		5.76			5.68			—			(1.33	)		(1.33	)
Year Ended June 30, 2017		12.72		(0.05	)		4.39			4.34			—			(0.46	)		(0.46	)
Year Ended June 30, 2016		15.93		(0.05	)		(2.12	)		(2.17	)		—			(1.04	)		(1.04	)
Class R2
Six Months Ended December 31, 2020 (Unaudited)		17.85		(0.12	)		8.45			8.33			—			(1.82	)		(1.82	)
Year Ended June 30, 2020		16.31		(0.14	)		2.75			2.61			—			(1.07	)		(1.07	)
Year Ended June 30, 2019		17.84		(0.15	)		0.63			0.48			—			(2.01	)		(2.01	)
Year Ended June 30, 2018		14.39		(0.17	)(f)		4.95			4.78			—			(1.33	)		(1.33	)
Year Ended June 30, 2017		11.15		(0.13	)		3.83			3.70			—			(0.46	)		(0.46	)
Year Ended June 30, 2016		14.20		(0.12	)		(1.89	)		(2.01	)		—			(1.04	)		(1.04	)

(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.

86 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

		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)
$	25.64		47.37	%	$	789,104		1.23	%		(0.88	)%		1.25	%		24	%
	18.70		16.92			500,357		1.24			(0.63	)		1.27			51
	17.00		5.08			400,127		1.24			(0.68	)		1.27			58
	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
	16.52		47.06			91,249		1.73			(1.38	)		1.75			24
	12.53		16.32			62,434		1.74			(1.13	)		1.77			51
	11.78		4.51			58,288		1.74			(1.17	)		1.77			58
	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
	29.24		47.57			776,605		0.98			(0.63	)		0.99			24
	21.14		17.19			466,094		0.99			(0.37	)		1.01			51
	19.05		5.36			289,094		0.99			(0.43	)		1.02			58
	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
	30.41		47.66			1,125,433		0.84			(0.48	)		0.84			24
	21.93		17.40			735,649		0.84			(0.23	)		0.86			51
	19.71		5.51			568,539		0.84			(0.27	)		0.86			58
	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
	24.36		47.14			31,657		1.48			(1.13	)		1.51			24
	17.85		16.64			24,496		1.49			(0.88	)		1.52			51
	16.31		4.79			26,011		1.49			(0.94	)		1.52			58
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP 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)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Small Cap Growth Fund (continued)
Class R3
Six Months Ended December 31, 2020 (Unaudited)	$	18.66	$	(0.10	)	$	8.86		$	8.76		$	(0.03	)	$	(1.82	)	$	(1.85	)
Year Ended June 30, 2020		17.00		(0.11	)		2.87			2.76			(0.03	)		(1.07	)		(1.10	)
Year Ended June 30, 2019		18.45		(0.10	)		0.66			0.56			—			(2.01	)		(2.01	)
July 31, 2017 (g) through June 30, 2018		15.17		(0.13	)(f)		4.74			4.61			—			(1.33	)		(1.33	)
Class R4
Six Months Ended December 31, 2020 (Unaudited)		18.83		(0.07	)		8.93			8.86			(0.05	)		(1.82	)		(1.87	)
Year Ended June 30, 2020		17.09		(0.06	)		2.90			2.84			(0.03	)		(1.07	)		(1.10	)
Year Ended June 30, 2019		18.50		(0.07	)		0.67			0.60			—			(2.01	)		(2.01	)
July 31, 2017 (g) through June 30, 2018		15.17		(0.09	)(f)		4.75			4.66			—			(1.33	)		(1.33	)
Class R5
Six Months Ended December 31, 2020 (Unaudited)		21.95		(0.06	)		10.44			10.38			(0.07	)		(1.82	)		(1.89	)
Year Ended June 30, 2020		19.72		(0.04	)		3.36			3.32			(0.02	)		(1.07	)		(1.09	)
Year Ended June 30, 2019		20.96		(0.07	)		0.84			0.77			—			(2.01	)		(2.01	)
Year Ended June 30, 2018		16.60		(0.07	)(f)		5.76			5.69			—			(1.33	)		(1.33	)
September 9, 2016 (g) through June 30, 2017		13.75		(0.04	)		3.35			3.31			—			(0.46	)		(0.46	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		22.21		(0.05	)		10.56			10.51			(0.08	)		(1.82	)		(1.90	)
Year Ended June 30, 2020		19.95		(0.02	)		3.40			3.38			(0.05	)		(1.07	)		(1.12	)
Year Ended June 30, 2019		21.16		(0.03	)		0.83			0.80			—			(2.01	)		(2.01	)
Year Ended June 30, 2018		16.73		(0.06	)(f)		5.82			5.76			—			(1.33	)		(1.33	)
Year Ended June 30, 2017		12.80		(0.04	)		4.43			4.39			—			(0.46	)		(0.46	)
Year Ended June 30, 2016		16.01		(0.03	)		(2.14	)		(2.17	)		—			(1.04	)		(1.04	)

(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.

88 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

		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)
$	25.57		47.40	%	$	7,576		1.23	%		(0.88	)%		1.27	%		24	%
	18.66		16.86			5,217		1.24			(0.63	)		1.29			51
	17.00		5.08			1,072		1.24			(0.63	)		1.37			58
	18.45		31.93			446		1.23			(0.80	)(f)		1.28			58
	25.82		47.52			4,157		0.98			(0.63	)		0.99			24
	18.83		17.25			2,821		0.99			(0.38	)		1.04			51
	17.09		5.30			1,336		0.99			(0.39	)		1.01			58
	18.50		32.28			726		0.99			(0.53	)(f)		1.17			58
	30.44		47.67			39,325		0.83			(0.48	)		0.85			24
	21.95		17.37			22,261		0.84			(0.23	)		0.86			51
	19.72		5.50			13,817		0.84			(0.34	)		0.86			58
	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
	30.82		47.72			3,467,882		0.73			(0.38	)		0.75			24
	22.21		17.49			2,140,824		0.74			(0.12	)		0.76			51
	19.95		5.60			1,518,382		0.74			(0.16	)		0.76			58
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP 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)			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, 2020 (Unaudited)	$	18.48	$	0.10		$	6.54		$	6.64		$	(0.12	)	$	—		$	(0.12	)
Year Ended June 30, 2020		23.65		0.16			(3.82	)		(3.66	)		(0.18	)		(1.33	)		(1.51	)
Year Ended June 30, 2019		30.42		0.21			(3.28	)		(3.07	)		(0.24	)		(3.46	)		(3.70	)
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	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		14.52		0.04			5.13			5.17			(0.09	)		—			(0.09	)
Year Ended June 30, 2020		18.90		0.04			(2.97	)		(2.93	)		(0.12	)		(1.33	)		(1.45	)
Year Ended June 30, 2019		25.21		0.07			(2.73	)		(2.66	)		(0.19	)		(3.46	)		(3.65	)
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	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		19.88		0.14			7.04			7.18			(0.15	)		—			(0.15	)
Year Ended June 30, 2020		25.32		0.23			(4.11	)		(3.88	)		(0.23	)		(1.33	)		(1.56	)
Year Ended June 30, 2019		32.25		0.31			(3.48	)		(3.17	)		(0.30	)		(3.46	)		(3.76	)
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	)
Class R2
Six Months Ended December 31, 2020 (Unaudited)		18.25		0.08			6.45			6.53			(0.10	)		—			(0.10	)
Year Ended June 30, 2020		23.37		0.11			(3.77	)		(3.66	)		(0.13	)		(1.33	)		(1.46	)
Year Ended June 30, 2019		30.13		0.15			(3.25	)		(3.10	)		(0.20	)		(3.46	)		(3.66	)
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	)
Class R3
Six Months Ended December 31, 2020 (Unaudited)		18.45		0.10			6.53			6.63			(0.13	)		—			(0.13	)
Year Ended June 30, 2020		23.61		0.16			(3.81	)		(3.65	)		(0.18	)		(1.33	)		(1.51	)
Year Ended June 30, 2019		30.38		0.23			(3.29	)		(3.06	)		(0.25	)		(3.46	)		(3.71	)
Year Ended June 30, 2018		29.14		0.20	(f)		3.01			3.21			(0.23	)		(1.74	)		(1.97	)
September 9, 2016 (g) through June 30, 2017		25.89		0.12	(f)		3.31			3.43			(0.16	)		(0.02	)		(0.18	)

(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.

90 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

		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)
$	25.00		36.02	%	$	149,740		1.27	%		0.94	%		1.27	%		32	%
	18.48		(16.78	)		123,496		1.25			0.74			1.27			42
	23.65		(9.73	)		193,505		1.24			0.80			1.26			60
	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
	19.60		35.66			6,775		1.73			0.45			1.79			32
	14.52		(17.14	)		9,340		1.74			0.23			1.78			42
	18.90		(10.18	)		18,088		1.74			0.33			1.77			60
	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
	26.91		36.21			155,222		0.98			1.23			1.02			32
	19.88		(16.55	)		131,992		0.99			0.98			1.01			42
	25.32		(9.49	)		287,014		0.99			1.10			1.01			60
	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
	24.68		35.85			31,493		1.48			0.73			1.60			32
	18.25		(16.96	)		25,034		1.49			0.51			1.57			42
	23.37		(9.94	)		36,276		1.49			0.60			1.58			60
	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
	24.95		36.00			13,538		1.23			0.99			1.30			32
	18.45		(16.77	)		10,384		1.24			0.76			1.29			42
	23.61		(9.72	)		14,854		1.24			0.89			1.28			60
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP 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)			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 (continued)
Class R4
Six Months Ended December 31, 2020 (Unaudited)	$	19.88	$	0.20		$	6.98		$	7.18		$	(0.16	)	$	—		$	(0.16	)
Year Ended June 30, 2020		25.28		0.19			(4.06	)		(3.87	)		(0.20	)		(1.33	)		(1.53	)
Year Ended June 30, 2019		32.21		0.30			(3.47	)		(3.17	)		(0.30	)		(3.46	)		(3.76	)
Year Ended June 30, 2018		30.77		0.32	(f)		3.14			3.46			(0.28	)		(1.74	)		(2.02	)
September 9, 2016 (g) 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, 2020 (Unaudited)		19.89		0.15			7.05			7.20			(0.16	)		—			(0.16	)
Year Ended June 30, 2020		25.34		0.26			(4.11	)		(3.85	)		(0.27	)		(1.33	)		(1.60	)
Year Ended June 30, 2019		32.26		0.34			(3.47	)		(3.13	)		(0.33	)		(3.46	)		(3.79	)
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	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		19.92		0.16			7.06			7.22			(0.18	)		—			(0.18	)
Year Ended June 30, 2020		25.38		0.29			(4.13	)		(3.84	)		(0.29	)		(1.33	)		(1.62	)
Year Ended June 30, 2019		32.30		0.38			(3.49	)		(3.11	)		(0.35	)		(3.46	)		(3.81	)
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	)

(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.

92 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

		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)
$	26.90		36.19	%	$	18,325		0.98	%		1.61			1.01	%		32	%
	19.88		(16.52	)		464		0.99			0.92			1.16			42
	25.28		(9.51	)		436		0.99			1.10			1.04			60
	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
	26.93		36.33			38,055		0.87			1.35			0.87			32
	19.89		(16.44	)		30,637		0.85			1.11			0.87			42
	25.34		(9.35	)		69,857		0.84			1.21			0.86			60
	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
	26.96		36.34			805,964		0.77			1.45			0.77			32
	19.92		(16.37	)		624,226		0.75			1.24			0.76			42
	25.38		(9.25	)		933,252		0.74			1.36			0.76			60
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP 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)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan SMID Cap Equity Fund (formerly known as JPMorgan Intrepid Mid Cap Fund)
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	15.52	$	0.03		$	3.92		$	3.95		$	(0.10	)	$	(0.63	)	$	(0.73	)
Year Ended June 30, 2020		18.24		0.11			(0.71	)		(0.60	)		(0.09	)		(2.03	)		(2.12	)
Year Ended June 30, 2019		22.76		0.10			(0.28	)		(0.18	)		(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	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		12.08		(0.01	)		3.04			3.03			(0.03	)		(0.63	)		(0.66	)
Year Ended June 30, 2020		14.64		0.01			(0.52	)		(0.51	)		(0.02	)		(2.03	)		(2.05	)
Year Ended June 30, 2019		19.23		—	(f)		(0.30	)		(0.30	)		(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	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		16.71		0.06			4.23			4.29			(0.15	)		(0.63	)		(0.78	)
Year Ended June 30, 2020		19.48		0.16			(0.78	)		(0.62	)		(0.12	)		(2.03	)		(2.15	)
Year Ended June 30, 2019		24.01		0.16			(0.29	)		(0.13	)		(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	)
Class R3
Six Months Ended December 31, 2020 (Unaudited)		15.41		0.03			3.90			3.93			—			(0.63	)		(0.63	)
Year Ended June 30, 2020		18.12		0.11			(0.70	)		(0.59	)		(0.09	)		(2.03	)		(2.12	)
Year Ended June 30, 2019		22.70		0.11			(0.31	)		(0.20	)		(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, 2020 (Unaudited)		16.64		0.06			4.21			4.27			(0.15	)		(0.63	)		(0.78	)
Year Ended June 30, 2020		19.41		0.15			(0.76	)		(0.61	)		(0.13	)		(2.03	)		(2.16	)
Year Ended June 30, 2019		23.95		0.16			(0.29	)		(0.13	)		(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, 2020 (Unaudited)		16.73		0.08			4.23			4.31			(0.20	)		(0.63	)		(0.83	)
Year Ended June 30, 2020		19.49		0.21			(0.76	)		(0.55	)		(0.18	)		(2.03	)		(2.21	)
Year Ended June 30, 2019		24.04		0.21			(0.30	)		(0.09	)		(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) Amount rounds to less than 0.005%.

(h) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

94 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

		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)
$	18.74		25.63	%	$	161,637		1.07	%		0.38	%		1.22	%		112	%
	15.52		(4.62	)		154,019		1.14			0.62			1.22			92
	18.24		0.81			204,131		1.14			0.49			1.31			82
	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
	14.45		25.27			24,185		1.57			(0.13	)		1.70			112
	12.08		(5.06	)		27,417		1.64			0.10			1.73			92
	14.64		0.24			42,429		1.64			0.00	(g)		1.79			82
	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
	20.22		25.83			142,443		0.83			0.62			0.95			112
	16.71		(4.40	)		119,926		0.89			0.85			0.96			92
	19.48		1.05			188,694		0.89			0.75			1.04			82
	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
	18.71		25.65			2,246		1.07			0.31			1.19			112
	15.41		(4.58	)		12,615		1.14			0.63			1.20			92
	18.12		0.76			15,456		1.14			0.55			1.29			82
	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
	20.13		25.81			582		0.83			0.63			0.94			112
	16.64		(4.38	)		562		0.89			0.82			0.98			92
	19.41		1.06			1,202		0.89			0.76			1.04			82
	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
	20.21		25.89			71,952		0.57			0.86			0.69			112
	16.73		(4.08	)		76,126		0.64			1.16			0.70			92
	19.49		1.28			77,321		0.64			0.98			0.80			82
	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, 2020 J.P. MORGAN SMALL CAP 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)			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, 2020 (Unaudited)	$	14.84	$	0.03		$	5.53		$	5.56		$	(0.04	)	$	(0.51	)	$	(0.55	)
Year Ended June 30, 2020		15.96		0.03			(1.10	)		(1.07	)		(0.04	)		(0.01	)		(0.05	)
Year Ended June 30, 2019		19.60		0.03			(1.81	)		(1.78	)		—			(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	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		13.96		(0.01	)		5.20			5.19			—			(0.51	)		(0.51	)
Year Ended June 30, 2020		15.06		(0.05	)		(1.04	)		(1.09	)		—			(0.01	)		(0.01	)
Year Ended June 30, 2019		18.70		(0.06	)		(1.72	)		(1.78	)		—			(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	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		15.25		0.05			5.68			5.73			(0.08	)		(0.51	)		(0.59	)
Year Ended June 30, 2020		16.40		0.07			(1.12	)		(1.05	)		(0.09	)		(0.01	)		(0.10	)
Year Ended June 30, 2019		20.05		0.07			(1.84	)		(1.77	)		(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	)
Class L
Six Months Ended December 31, 2020 (Unaudited)		15.23		0.07			5.69			5.76			(0.12	)		(0.51	)		(0.63	)
Year Ended June 30, 2020		16.38		0.10			(1.12	)		(1.02	)		(0.12	)		(0.01	)		(0.13	)
Year Ended June 30, 2019		20.05		0.10			(1.86	)		(1.76	)		(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	)
Class R2
Six Months Ended December 31, 2020 (Unaudited)		14.48		0.01			5.38			5.39			(0.01	)		(0.51	)		(0.52	)
Year Ended June 30, 2020		15.58		(0.01	)		(1.08	)		(1.09	)		—			(0.01	)		(0.01	)
Year Ended June 30, 2019		19.22		(0.01	)		(1.77	)		(1.78	)		—			(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	)

(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) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

96 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

		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)
$	19.85		37.61	%	$	110,142		1.23	%		0.37	%		1.23	%		39	%
	14.84		(6.76	)		94,883		1.22			0.18			1.23			52
	15.96		(8.77	)		136,432		1.22			0.16			1.22			64
	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
	18.64		37.29			20,126		1.74			(0.16	)		1.74			39
	13.96		(7.25	)		18,297		1.74			(0.34	)		1.74			52
	15.06		(9.22	)		28,451		1.72			(0.35	)		1.73			64
	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
	20.39		37.72			175,121		0.97			0.59			0.97			39
	15.25		(6.51	)		160,892		0.96			0.44			0.96			52
	16.40		(8.49	)		273,370		0.96			0.41			0.96			64
	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
	20.36		37.91			299,043		0.82			0.75			0.82			39
	15.23		(6.37	)		302,427		0.81			0.60			0.81			52
	16.38		(8.42	)		433,521		0.81			0.58			0.81			64
	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
	19.35		37.37			38,245		1.49			0.09			1.49			39
	14.48		(7.01	)		30,330		1.48			(0.09	)		1.49			52
	15.58		(8.95	)		44,064		1.47			(0.07	)		1.49			64
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP 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)			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 (continued)
Class R3
Six Months Ended December 31, 2020 (Unaudited)	$	14.74	$	0.03		$	5.50		$	5.53		$	(0.06	)	$	(0.51	)	$	(0.57	)
Year Ended June 30, 2020		15.87		0.03			(1.10	)		(1.07	)		(0.05	)		(0.01	)		(0.06	)
Year Ended June 30, 2019		19.50		0.04			(1.81	)		(1.77	)		—	(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 (i) 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, 2020 (Unaudited)		15.16		0.05			5.66			5.71			(0.10	)		(0.51	)		(0.61	)
Year Ended June 30, 2020		16.32		0.07			(1.12	)		(1.05	)		(0.10	)		(0.01	)		(0.11	)
Year Ended June 30, 2019		19.98		0.08			(1.85	)		(1.77	)		(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 (i) 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, 2020 (Unaudited)		15.20		0.07			5.67			5.74			(0.12	)		(0.51	)		(0.63	)
Year Ended June 30, 2020		16.34		0.09			(1.11	)		(1.02	)		(0.11	)		(0.01	)		(0.12	)
Year Ended June 30, 2019		20.01		0.11			(1.86	)		(1.75	)		(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 (i) 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, 2020 (Unaudited)		15.25		0.08			5.69			5.77			(0.14	)		(0.51	)		(0.65	)
Year Ended June 30, 2020		16.40		0.11			(1.12	)		(1.01	)		(0.13	)		(0.01	)		(0.14	)
Year Ended June 30, 2019		20.07		0.12			(1.86	)		(1.74	)		(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	)

(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) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

98 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

		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)
$	19.70		37.63	%	$	29,609		1.22	%		0.37	%		1.22	%		39	%
	14.74		(6.78	)		22,953		1.21			0.20			1.21			52
	15.87		(8.75	)		23,887		1.21			0.23			1.21			64
	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
	20.26		37.75			10,348		0.98			0.59			0.98			39
	15.16		(6.55	)		8,042		0.97			0.45			0.98			52
	16.32		(8.52	)		6,313		0.97			0.45			0.98			64
	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
	20.31		37.89			8,218		0.82			0.76			0.82			39
	15.20		(6.36	)		6,496		0.81			0.56			0.81			52
	16.34		(8.39	)		11,770		0.81			0.64			0.81			64
	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
	20.37		37.93			296,042		0.72			0.85			0.72			39
	15.25		(6.27	)		255,716		0.71			0.68			0.71			52
	16.40		(8.30	)		435,139		0.71			0.70			0.72			64
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 99

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (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 7 separate funds of the Trusts (each, a “Fund” and collectively, the “Funds”) covered by this report:

	Classes Offered	Trust	Diversification Classification
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 SMID Cap Equity Fund(1)	Class A, Class C, Class I, Class R3, Class R4 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

⁽¹⁾  Effective November 1, 2020, JPMorgan Intrepid Mid Cap Fund changed its name to JPMorgan SMID Cap Equity Fund.

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

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 of Small Cap Growth Fund and U.S. Small Company Fund are publicly offered on a limited basis. Investors are not eligible to purchase Class L Shares of the Funds unless they meet certain requirements as described in the Funds’ prospectuses.

All share classes of Small Cap Equity Fund are publicly offered on a limited basis. Effective as of the close of business on February 5, 2021, all share classes of Small Cap Growth 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.

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. Effective October 1, 2020, Class C Shares automatically convert to Class A Shares after eight years. Prior to October 1, 2020, Class C Shares automatically converted 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, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) 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 (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

100 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

A. Valuation of Investments — Investments are valued in accordance with GAAP and the Funds’ valuation policies set forth by, and under the supervision and responsibility of, the Boards of Trustees of the Trusts (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.

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/or 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 the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for 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, excluding exchange-traded funds (“ETFs”) (“Underlying Funds”), are valued at each Underlying Fund’s NAV per share as of the report date.

Futures contracts are generally valued on the basis of available market quotations.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the 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
Investments in Securities
Common Stocks	$	754,852	$	—	$	—		$	754,852
Rights		—		—		—	(a)		—	(a)
Short-Term Investments
Investment Companies		16,096		—		—			16,096
Investment of cash collateral from securities loaned		40,153		—		—			40,153
Total Short-Term Investments		56,249		—		—			56,249
Total Investments in Securities	$	811,101	$	—		$    —(a)		$	811,101

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 101

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

Small Cap Core Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks	$	409,710		$	—	$	—		$	409,710
Rights		—			—		—	(a)		—	(a)
Short-Term Investments
Investment Companies		8,366			—		—			8,366
Investment of cash collateral from securities loaned		34,131			—		—			34,131
Total Short-Term Investments		42,497			—		—			42,497
Total Investments in Securities	$	452,207		$	—	$	—	(a)	$	452,207
Depreciation in Other Financial Instruments
Futures Contracts	$	(6	)	$	—	$	—		$	(6	)
Small Cap Equity Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Total Investments in Securities (b)	$	8,410,225		$	—	$	—		$	8,410,225
Small Cap Growth Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks	$	6,228,987		$	—	$	—		$	6,228,987
Rights		—			—		—	(a)		—	(a)
Short-Term Investments
Investment Companies		132,915			—		—			132,915
Investment of cash collateral from securities loaned		543,875			—		—			543,875
Total Short-Term Investments		676,790			—		—			676,790
Total Investments in Securities	$	6,905,777		$	—	$	—	(a)	$	6,905,777
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)	$	1,316,135		$	—	$	—		$	1,316,135
Appreciation in Other Financial Instruments
Futures Contracts (b)	$	40		$	—	$	—		$	40
SMID Cap Equity Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Total Investments in Securities (b)	$	406,507		$	—	$	—		$	406,507

102 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

U.S. Small Company Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks	$	974,699	$	—	$	—	$	974,699
Rights		—		—		165		165
Short-Term Investments
Investment Companies		16,350		—		—		16,350
Investment of cash collateral from securities loaned		95,160		—		—		95,160
Total Short-Term Investments		111,510		—		—		111,510
Total Investments in Securities	$	1,086,209	$	—		$165	$	1,086,374

(a) Amount rounds to less than one thousand.

(b) Please refer to the SOIs for specifics of portfolio holdings.

B. Securities Lending — The Funds are 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 Class IM Shares of the JPMorgan U.S. Government Money Market Fund and the Agency SL Class 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.

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), subject to certain de minimis amounts.

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.

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. Securities lending activity is subject to master netting arrangements.

The following table presents for each lending Fund, the value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Funds as of December 31, 2020 (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)
Small Cap Blend Fund	$	38,841	$	(38,841	)	$	—
Small Cap Core Fund		32,792		(32,792	)		—
Small Cap Equity Fund		130,194		(130,194	)		—
Small Cap Growth Fund		523,701		(523,701	)		—
Small Cap Value Fund		89,318		(89,318	)		—
SMID Cap Equity Fund		2,971		(2,971	)		—
U.S. Small Company Fund		91,006		(91,006	)		—

* Collateral posted reflects the value of securities on loan and does not include any additional amounts received from the borrower.

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 103

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

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 cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.15% to 0.06%. For the six months ended December 31, 2020, JPMIM waived fees associated with the Funds’ investment in the 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		8
Small Cap Growth Fund		13
Small Cap Value Fund		3
SMID Cap Equity Fund		1
U.S. Small Company Fund		4

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. 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 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. Amounts in the tables below are in thousands.

Small Cap Blend Fund

For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	17,254	$	116,153	$	117,306	$	(2	)	$	(3	)	$	16,096		16,088	$	14		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a) (b)		28,015		48,000		45,999		(5	)*		(3	)		30,008		30,005		33	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		6,247		71,819		67,921		—			—			10,145		10,145		2	*		—
Total	$	51,516	$	235,972	$	231,226	$	(7	)	$	(6	)	$	56,249			$	49		$	—

Small Cap Core Fund

For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	9,177	$	64,456	$	65,264	$	(2	)	$	(1	)	$	8,366		8,362	$	6		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a) (b)		21,006		45,000		40,999		—	*(c)		(7	)		25,000		24,997		28	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		3,876		63,026		57,771		—			—			9,131		9,131		1	*		—
Total	$	34,059	$	172,482	$	164,034	$	(2	)	$	(8	)	$	42,497			$	35		$	—

104 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

Small Cap Equity Fund

For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	276,403	$	783,633	$	762,495	$	(44	)	$	(73	)	$	297,424		297,275	$	274		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a) (b)		253,095		428,500		566,499		(57	)*		(1	)		115,038		115,027		274	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		32,048		203,548		217,363		—			—			18,233		18,233		8	*		—
Total	$	561,546	$	1,415,681	$	1,546,357	$	(101	)	$	(74	)	$	430,695			$	556		$	—

Small Cap Growth Fund

For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	123,428	$	912,972	$	903,447	$	(12	)	$	(26	)	$	132,915		132,849	$	86		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a) (b)		284,105		875,000		690,800		(83	)*		(10	)		468,212		468,165		471	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		32,903		357,936		315,176		—			—			75,663		75,663		13	*		—
Total	$	440,436	$	2,145,908	$	1,909,423	$	(95	)	$	(36	)	$	676,790			$	570		$	—

Small Cap Value Fund

For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	14,798	$	230,527	$	214,924	$	(5	)	$	(1	)	$	30,395		30,379	$	20		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a) (b)		64,032		138,000		126,701		(9	)*		(10	)		75,312		75,304		90	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		5,596		123,824		112,209		—			—			17,211		17,211		3	*		—
Total	$	84,426	$	492,351	$	453,834	$	(14	)	$	(11	)	$	122,918			$	113		$	—

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 105

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

SMID Cap Equity Fund

For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	4,828	$	108,065	$	102,802	$	—	(c)	$	(3	)	$	10,088		10,084	$	7		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a) (b)		15,004		24,100		38,000		(1	)*		(3	)		1,100		1,100		12	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		5,757		57,571		61,295		—			—			2,033		2,033		1	*		—
Total	$	25,589	$	189,736	$	202,097	$	(1	)	$	(6	)	$	13,221			$	20		$	—

U.S. Small Company Fund

For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	14,420	$	282,734	$	280,799	$	(4	)	$	(1	)	$	16,350		16,342	$	16		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a) (b)		82,037		149,000		153,900		(11	)*		(12	)		77,114		77,106		112	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		9,849		135,068		126,871		—			—			18,046		18,046		4	*		—
Total	$	106,306	$	566,802	$	561,570	$	(15	)	$	(13	)	$	111,510			$	132		$	—

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

(b) The rate shown is the current yield as of December 31, 2020.

(c) Amount rounds to less than one thousand.

  * Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).

D. Futures Contracts — Small Cap Core Fund, Small Cap Value Fund, SMID Cap Equity Fund and U.S. Small Company Fund used index futures contracts to gain or reduce exposure to the stock market, or maintain liquidity or minimize transaction costs. The Funds also purchased 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 futures contracts 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, while 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.

106 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

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).

The table below discloses the volume of the Funds’ futures contracts activity during the six months ended December 31, 2020 (amounts in thousands):

	Small Cap Core Fund		Small Cap Value Fund		SMID Cap Equity Fund		U.S. Small Company Fund
Futures Contracts — Equity:
Average Notional Balance Long	$	4,833	$	16,591	$	3,544		14,778	(a)
Ending Notional Balance Long		1,780		23,735		—		—

(a) For the period July 1, 2020 through November 30, 2020.

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. Dividend income 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 applicable funds. 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 share class of the Funds for the six months ended December 31, 2020 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	$	10	$	1		$	2			n/a		n/a			n/a			n/a			n/a		$	—	(a)	$	13
Small Cap Core Fund
Transfer agency fees		1		—	(a)		—	(a)		n/a	$	—	(a)	$	—	(a)	$	—	(a)	$	4			2			7
Small Cap Equity Fund
Transfer agency fees		134		3			27			n/a		1			—	(a)		—	(a)		5			11			181
Small Cap Growth Fund
Transfer agency fees		29		3			5		$	4		2			1			—	(a)		1			38			83
Small Cap Value Fund
Transfer agency fees		8		1			4			n/a		13			3			—	(a)		2			22			53
SMID Cap Equity Fund
Transfer agency fees		22		1			3			n/a		n/a			—	(a)		—	(a)		n/a			1			27
U.S. Small Company Fund
Transfer agency fees		8		3			4			4		5			—	(a)		1			—	(a)		8			33

(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, 2020, no liability for Federal 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 Fund’s Federal tax returns for the prior three fiscal years remain 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, 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

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 107

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

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.

I. Recent Accounting Pronouncement — In March 2020, the FASB issued Accounting Standards Update No. 2020-04 (“ASU 2020-04”), Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 became effective upon the issuance and its optional relief can be applied through December 31, 2022. Management is currently evaluating the impact, if any, to the Funds’ financial statements of applying ASU 2020-04.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of each Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate 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
SMID Cap Equity Fund	0.55
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 an Administration Agreement, the Administrator provides certain administration services to each Fund. In consideration of these services, 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, plus 0.050% of each Fund’s respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund’s respective average daily net assets between $20 billion and $25 billion, plus 0.01% of each Fund’s respective average daily net assets in excess of $25 billion. For the six months ended December 31, 2020, the effective annualized rate was 0.07% 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.

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 each Fund’s 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, pursuant to Rule 12b-1 under the 1940 Act. Class I, Class L, Class R4, Class R5 and Class R6 Shares of the Funds do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay, with respect to the applicable share classes, 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
SMID Cap Equity Fund		0.25			0.75			n/a			0.25
U.S. Small Company Fund		0.25			0.75			0.50			0.25

108 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

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, 2020, JPMDS retained the following (amounts in thousands):

	Front-End Sales Charge		CDSC
Small Cap Blend Fund	$	25	$	—
Small Cap Core Fund		1		—
Small Cap Equity Fund		3		—	(a)
Small Cap Growth Fund		86		—	(a)
Small Cap Value Fund		2		—	(a)
SMID Cap Equity Fund		1		—	(a)
U.S. Small Company Fund		1		—	(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 fund shareholders. For performing these services, JPMDS receives a fee with respect to all share classes, except 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
SMID Cap Equity Fund		0.25			0.25			0.25			n/a			n/a			0.25			0.25			n/a
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. Pursuant to such contracts, 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.

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, expenses related to trustee elections 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		n/a			n/a			0.99			n/a		1.49			n/a			0.99			0.80			n/a
Small Cap Growth Fund		1.24			1.74			0.99			n/a		1.49			1.24			0.99			0.84			0.74
Small Cap Value Fund		n/a			1.74			0.99			n/a		1.49			1.24			0.99			n/a			n/a
SMID Cap Equity Fund		1.14	(1)		1.64	(1)		0.89	(1)		n/a		n/a			1.14	(1)		0.89	(1)		n/a			0.64	(1)
U.S. Small Company Fund		n/a			n/a			n/a			n/a		n/a			n/a			n/a			n/a			n/a

⁽¹⁾   Effective September 1, 2020, the contractual expense limitation were 0.99%, 1.49%, 0.74%, 0.99%, 0.74% and 0.49% for Class A, Class C, Class I, Class R3, Class R4 and Class R6 Shares, respectively and were in place until November 13, 2020.

Except as noted above, the expense limitation agreements were in effect for the six months ended December 31, 2020 and the contractual expense limitation percentages in the table above are in place until at least October 31, 2021 for Small Cap Blend Fund, Small Cap Core Fund, Small Cap Equity Fund, Small Cap Growth Fund and Small Cap Value Fund and are in place until at least October 31, 2022 for SMID Cap Equity Fund.

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 109

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

For the six months ended December 31, 2020, 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
Small Cap Blend Fund	$	65		$	43	$	12	$	120	$	—
Small Cap Core Fund		64			42		34		140		1
Small Cap Equity Fund		—			—		267		267		—
Small Cap Growth Fund		89			58		41		188		38
Small Cap Value Fund		—	(a)		—		45		45		—
SMID Cap Equity Fund		137			89		24		250		1

(a) Amount rounds to less than one thousand.

Additionally, the Funds may invest in one or more money market funds advised by the Adviser (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, except for investments of securities lending cash collateral. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

The amounts of these waivers resulting from investments in these money market funds for the six months ended December 31, 2020 were as follows (amounts in thousands):

Small Cap Blend Fund	$	9
Small Cap Core Fund		4
Small Cap Equity Fund		177
Small Cap Growth Fund		51
Small Cap Value Fund		12
SMID Cap Equity Fund		5
U.S. Small Company Fund		10

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 designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. Each Fund, along with 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, 2020, the Funds purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were 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 LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.

4. Investment Transactions

During the six months ended December 31, 2020, 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)
Small Cap Blend Fund	$	235,883	$	115,183
Small Cap Core Fund		115,761		163,180
Small Cap Equity Fund		1,022,044		1,390,648
Small Cap Growth Fund		1,572,828		1,185,889
Small Cap Value Fund		321,872		394,222
SMID Cap Equity Fund		430,040		508,865
U.S. Small Company Fund		351,854		559,405

110 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

During the six months ended December 31, 2020, 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, 2020 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Small Cap Blend Fund	$	609,406	$	214,204	$	12,509	$	201,695
Small Cap Core Fund		342,364		120,941		11,104		109,837
Small Cap Equity Fund		5,373,729		3,074,627		38,131		3,036,496
Small Cap Growth Fund		4,365,557		2,618,908		78,688		2,540,220
Small Cap Value Fund		1,049,172		324,115		57,112		267,003
SMID Cap Equity Fund		348,401		58,533		427		58,106
U.S. Small Company Fund		833,707		285,464		32,797		252,667

As of June 30, 2020, the Funds had net capital loss carryforwards as follows (amounts in thousands):

	Capital Loss Carryforward
	Short-Term		Long-Term
Small Cap Core Fund	$	2,830	$	—
Small Cap Value Fund		31,857		—
U.S. Small Company Fund		251		—

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, 2020, the following Funds deferred to July 1, 2020 late year ordinary losses and post-October capital losses of (amounts in thousands):

	Net Capital Losses				Late Year Ordinary Loss Deferral
	Short-Term		Long-Term
Small Cap Blend Fund	$	3,542	$	—	$	—
Small Cap Core Fund		20,567		5,235		—
Small Cap Equity Fund		63,340		195,533		—
Small Cap Growth Fund		—		—		5,268
Small Cap Value Fund		26,943		—		—
SMID Cap Equity Fund		11,113		—
U.S. Small Company Fund		15,756		—		—

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 Funds had no borrowings outstanding from another fund during the six months ended December 31, 2020.

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 1, 2021.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended December 31, 2020.

The Trusts, along with certain other trusts for J.P. Morgan Funds (“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

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 111

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

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%, which has increased to 1.25% pursuant to the amendment referenced below, 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 11, 2020, this agreement has been amended and restated for a term of 364 days, unless extended, and to include the change to the interest rate charged for borrowing from the Credit Facility to 1.25%, as noted above, and an upfront fee of 0.075% of the Credit Facility to be charged and paid by all participating funds of the Credit Facility.

The Funds did not utilize the Credit Facility during the six months ended December 31, 2020.

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, 2020, the following Funds had individual shareholder and/or omnibus accounts each owning more than 10% of the respective Fund’s outstanding shares as follows:

	Number of individual shareholder and/or Affiliated Omnibus Accounts		% of the Fund			Number of individual shareholder and/or Non-Affiliated Omnibus Accounts		% of the Fund
Small Cap Blend Fund		—		—			2		62.5	%
Small Cap Core Fund		—		—			2		55.5
Small Cap Equity Fund		—		—			3		47.2
Small Cap Growth Fund		—		—			1		18.3
Small Cap Value Fund		—		—			1		10.6
SMID Cap Equity Fund		1		21.9	%		1		14.4
U.S. Small Company Fund		—		—			2		32.3

As of December 31, 2020, the J.P. Morgan Investor Funds and 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 Funds as follows:

	J.P. Morgan Investor Funds			JPMorgan SmartRetirement Funds
Small Cap Value Fund		18.9	%		19.8	%

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

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. Many derivatives create leverage thereby causing the Funds to be more volatile than they would have been if they had not used derivatives. 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. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Funds to sell or otherwise close a derivatives position could expose the Funds to losses.

Because the Small Cap Value Fund may invest a significant portion of their assets in real estate investment trusts (“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.

The Funds invest in companies with relatively small market capitalizations. Investments in companies with relatively small market capitalizations may involve greater risk than is usually associated with stocks of larger companies. These securities may have limited marketability and may be subject to more abrupt or erratic movements in price than securities of companies with larger capitalizations.

LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. The regulatory authority that oversees financial services firms and financial markets in the U.K. has announced that, after the end of 2021, it would no longer persuade or compel contributing banks to make rate submissions for purposes of determining the LIBOR rate. As a result, it is

112 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

possible that commencing in 2022, LIBOR may no longer be available or no longer deemed an appropriate reference rate upon which to determine the interest rate on or impacting certain loans, notes, derivatives and other instruments or investments comprising some or all of a Fund’s portfolio. In light of this eventuality, public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of LIBOR. There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain investments of a Fund and result in costs incurred in connection with closing out positions and entering into new trades. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., Euribor) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.

The Funds are subject to infectious disease epidemics/pandemics risk. The worldwide outbreak of COVID-19, a novel coronavirus disease, has negatively affected economies, markets and individual companies throughout the world. The effects of this COVID-19 pandemic to public health, and business and market conditions, including exchange trading suspensions and closures may continue to have a significant negative impact on the performance of a Fund’s investments, increase a Fund’s volatility, exacerbate other pre-existing political, social and economic risks to the Funds and negatively impact broad segments of businesses and populations. The Funds’ operations may be interrupted as a result, which may have a significant negative impact on investment performance. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could also have a significant negative impact on a Fund’s investment performance. The full impact of this COVID-19 pandemic, or other future epidemics/pandemics, is currently unknown.

8. Subsequent Events

On February 10, 2021, the Board of Trustees of JPM I approved the following changes for Small Cap Core Fund, which are expected to become effective on or about May 1, 2021: (i) a change to the Fund’s name to JPMorgan Small Cap Sustainable Leaders Fund; (ii) a change to the Fund’s investment strategy so that the Fund will invest in companies that, on a combined basis, appear attractive when considering the adviser’s sustainability criteria and financial characteristics; (iii) a change to the Fund’s 80% investment policy so that, under normal circumstances, the Fund invests at least 80% of its assets in equity securities of small cap companies meeting the adviser’s sustainability criteria; and (iv) the contractual expense limitations for Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares will be reduced to 1.14%, 1.64%, 0.89%, 1.39%, 1.14%, 0.89%, 0.70% and 0.65%, respectively, and will be in place until at least April 30, 2023.

Effective as of the close of business on February 5, 2021, Small Cap Growth Fund is 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 prospectuses.

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 113

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, 2020, and continued to hold your shares at the end of the reporting period, December 31, 2020.

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 titled “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, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Small Cap Blend Fund
Class A
Actual	$	1,000.00	$	1,351.60	$	7.29		1.23	%
Hypothetical		1,000.00		1,019.00		6.26		1.23
Class C
Actual		1,000.00		1,348.90		10.24		1.73
Hypothetical		1,000.00		1,016.48		8.79		1.73
Class I
Actual		1,000.00		1,353.70		5.81		0.98
Hypothetical		1,000.00		1,020.27		4.99		0.98
Class R6
Actual		1,000.00		1,355.10		4.33		0.73
Hypothetical		1,000.00		1,021.53		3.72		0.73
JPMorgan Small Cap Core Fund
Class A
Actual		1,000.00		1,381.60		7.38		1.23
Hypothetical		1,000.00		1,019.00		6.26		1.23
Class C
Actual		1,000.00		1,378.50		10.37		1.73
Hypothetical		1,000.00		1,016.48		8.79		1.73
Class I
Actual		1,000.00		1,383.50		5.89		0.98
Hypothetical		1,000.00		1,020.27		4.99		0.98
Class R2
Actual		1,000.00		1,380.10		8.88		1.48
Hypothetical		1,000.00		1,017.74		7.53		1.48
Class R3
Actual		1,000.00		1,381.80		7.38		1.23
Hypothetical		1,000.00		1,019.00		6.26		1.23

114 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

	Beginning Account Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Small Cap Core Fund (continued)
Class R4
Actual	$	1,000.00	$	1,383.60	$	5.89		0.98	%
Hypothetical		1,000.00		1,020.27		4.99		0.98
Class R5
Actual		1,000.00		1,384.90		4.75		0.79
Hypothetical		1,000.00		1,021.22		4.02		0.79
Class R6
Actual		1,000.00		1,385.20		4.39		0.73
Hypothetical		1,000.00		1,021.53		3.72		0.73
JPMorgan Small Cap Equity Fund
Class A
Actual		1,000.00		1,319.30		7.42		1.27
Hypothetical		1,000.00		1,018.80		6.46		1.27
Class C
Actual		1,000.00		1,316.00		10.10		1.73
Hypothetical		1,000.00		1,016.48		8.79		1.73
Class I
Actual		1,000.00		1,321.30		5.73		0.98
Hypothetical		1,000.00		1,020.27		4.99		0.98
Class R2
Actual		1,000.00		1,317.80		8.65		1.48
Hypothetical		1,000.00		1,017.74		7.53		1.48
Class R3
Actual		1,000.00		1,319.50		7.19		1.23
Hypothetical		1,000.00		1,019.00		6.26		1.23
Class R4
Actual		1,000.00		1,321.30		5.73		0.98
Hypothetical		1,000.00		1,020.27		4.99		0.98
Class R5
Actual		1,000.00		1,322.40		4.62		0.79
Hypothetical		1,000.00		1,021.22		4.02		0.79
Class R6
Actual		1,000.00		1,323.00		4.27		0.73
Hypothetical		1,000.00		1,021.53		3.72		0.73
JPMorgan Small Cap Growth Fund
Class A
Actual		1,000.00		1,473.70		7.67		1.23
Hypothetical		1,000.00		1,019.00		6.26		1.23
Class C
Actual		1,000.00		1,470.60		10.77		1.73
Hypothetical		1,000.00		1,016.48		8.79		1.73
Class I
Actual		1,000.00		1,475.70		6.12		0.98
Hypothetical		1,000.00		1,020.27		4.99		0.98
Class L
Actual		1,000.00		1,476.60		5.24		0.84
Hypothetical		1,000.00		1,020.97		4.28		0.84
Class R2
Actual		1,000.00		1,471.40		9.22		1.48
Hypothetical		1,000.00		1,017.74		7.53		1.48
Class R3
Actual		1,000.00		1,474.00		7.67		1.23
Hypothetical		1,000.00		1,019.00		6.26		1.23

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 115

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Small Cap Growth Fund (continued)
Class R4
Actual	$	1,000.00	$	1,475.20	$	6.11		0.98	%
Hypothetical		1,000.00		1,020.27		4.99		0.98
Class R5
Actual		1,000.00		1,476.70		5.18		0.83
Hypothetical		1,000.00		1,021.02		4.23		0.83
Class R6
Actual		1,000.00		1,477.20		4.56		0.73
Hypothetical		1,000.00		1,021.53		3.72		0.73
JPMorgan Small Cap Value Fund
Class A
Actual		1,000.00		1,360.20		7.56		1.27
Hypothetical		1,000.00		1,018.80		6.46		1.27
Class C
Actual		1,000.00		1,356.60		10.28		1.73
Hypothetical		1,000.00		1,016.48		8.79		1.73
Class I
Actual		1,000.00		1,362.10		5.83		0.98
Hypothetical		1,000.00		1,020.27		4.99		0.98
Class R2
Actual		1,000.00		1,358.50		8.80		1.48
Hypothetical		1,000.00		1,017.74		7.53		1.48
Class R3
Actual		1,000.00		1,360.00		7.32		1.23
Hypothetical		1,000.00		1,019.00		6.26		1.23
Class R4
Actual		1,000.00		1,361.90		5.83		0.98
Hypothetical		1,000.00		1,020.27		4.99		0.98
Class R5
Actual		1,000.00		1,363.30		5.18		0.87
Hypothetical		1,000.00		1,020.82		4.43		0.87
Class R6
Actual		1,000.00		1,363.40		4.59		0.77
Hypothetical		1,000.00		1,021.32		3.92		0.77
JPMorgan SMID Cap Equity Fund (formerly known as JPMorgan Intrepid Mid Cap Fund)
Class A
Actual		1,000.00		1,256.30		6.09		1.07
Hypothetical		1,000.00		1,019.81		5.45		1.07
Class C
Actual		1,000.00		1,252.70		8.91		1.57
Hypothetical		1,000.00		1,017.29		7.98		1.57
Class I
Actual		1,000.00		1,258.30		4.72		0.83
Hypothetical		1,000.00		1,021.02		4.23		0.83
Class R3
Actual		1,000.00		1,256.50		6.09		1.07
Hypothetical		1,000.00		1,019.81		5.45		1.07
Class R4
Actual		1,000.00		1,258.10		4.72		0.83
Hypothetical		1,000.00		1,021.02		4.23		0.83
Class R6
Actual		1,000.00		1,258.90		3.25		0.57
Hypothetical		1,000.00		1,022.33		2.91		0.57

116 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

	Beginning Account Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan U.S. Small Company Fund
Class A
Actual	$	1,000.00	$	1,376.10	$	7.37		1.23	%
Hypothetical		1,000.00		1,019.00		6.26		1.23
Class C
Actual		1,000.00		1,372.90		10.41		1.74
Hypothetical		1,000.00		1,016.43		8.84		1.74
Class I
Actual		1,000.00		1,377.20		5.81		0.97
Hypothetical		1,000.00		1,020.32		4.94		0.97
Class L
Actual		1,000.00		1,379.10		4.92		0.82
Hypothetical		1,000.00		1,021.07		4.18		0.82
Class R2
Actual		1,000.00		1,373.70		8.91		1.49
Hypothetical		1,000.00		1,017.69		7.58		1.49
Class R3
Actual		1,000.00		1,376.30		7.31		1.22
Hypothetical		1,000.00		1,019.06		6.21		1.22
Class R4
Actual		1,000.00		1,377.50		5.87		0.98
Hypothetical		1,000.00		1,020.27		4.99		0.98
Class R5
Actual		1,000.00		1,378.90		4.92		0.82
Hypothetical		1,000.00		1,021.07		4.18		0.82
Class R6
Actual		1,000.00		1,379.30		4.32		0.72
Hypothetical		1,000.00		1,021.58		3.67		0.72

  * 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, 2020 J.P. MORGAN SMALL CAP FUNDS 117

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 June and August 2020, 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”). In accordance with SEC guidance, due to the COVID-19 pandemic, the meetings were conducted through video conference. 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 parties to an Advisory Agreement or “interested persons” (as defined in the 1940 Act) of any party to an Advisory Agreement or any of their affiliates, approved the continuation of each Advisory Agreement on August 11, 2020.

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, at each of their regular meetings throughout the year, the Trustees considered reports on the performance of certain J.P. Morgan Funds provided by an independent management consulting firm (“independent consultant”). 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. and/or Morningstar Inc., independent providers of investment company data (together, “Broadridge”). The Trustees’ independent consultant also provided additional analyses of the performance of the Funds, as well as a risk/return assessment of certain 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 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, including additional reporting and information provided in connection with the market volatility caused by the COVID-19 pandemic, 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 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, personnel changes, if any, 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, if any. In addition, the Board considered its discussions with the Adviser regarding the Adviser’s business continuity plan and steps the Adviser was taking to provide ongoing services to the Funds during the COVID-19 pandemic, and the Adviser’s success in continuing to provide services to the Funds and their shareholders throughout this period. 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 administration services provided by the Adviser in its role as administrator.

118 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

The Trustees also considered their knowledge of the nature and quality of 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.

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, and taking into consideration the factors noted above, 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 administration 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 (although they are retained by JPMDS in certain instances). 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 considered that the J.P. Morgan Funds’ operating accounts are held at JPMCB, which, as a result, will receive float benefits for certain J.P. Morgan Funds, as applicable. The Trustees also noted that the Adviser supports a diverse set of products and services, which benefits the Adviser by allowing it to leverage its infrastructure to serve additional clients, including benefits that may be received by the Adviser and its affiliates in connection with the Funds’ potential investments in other funds advised by the Adviser. 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. The Trustees noted certain Funds with contractual expense limitations and fee waivers (“Fee Caps”), which allow a Fund’s shareholders to share potential economies of scale from a Fund’s inception, prior to reaching scale. The Trustees also noted that other Funds which had achieved scale as asset levels had increased, no longer had Fee Caps in place for some or all of their share classes, but shared economies of scale through lower average expenses. The Trustees noted that the fees remain satisfactory relative to peer funds. The Trustees considered the benefits to the Funds of the use of an affiliated distributor and custodian, including the ability to rely on existing infrastructure supporting distribution, custodial and transfer agent services and the ability to negotiate competitive fees for the Funds. The Trustees further considered the Adviser’s and JPMDS’s ongoing investments in their business in support of the Funds, including the Adviser’s and/or JPMDS’s investments in trading systems, technology (including improvements to the J.P. Morgan Funds’ website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees concluded that the current fee structure for each Fund, including any Fee Caps the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels, was reasonable. The Trustees concluded that, for Funds with expense caps in place for some or all of their share classes, the relevant Fund’s shareholders received the benefits of potential

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 119

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

economies of scale through the Fee Caps and, for Funds that achieved scale and no longer had Fee Caps in place for some or all of their share classes, the relevant Fund’s shareholders benefited from lower average expenses resulting from increased assets. The Trustees also concluded that all Funds benefited from the Adviser’s reinvestment in its operations to serve the Funds and their shareholders. The Trustees noted that the Adviser’s reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Funds.

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, Small Cap Value Fund, and SMID Cap 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 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, collective investment trusts, ETFs 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, as applicable, 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. 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 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’s methodology for selecting mutual funds in each Fund’s Universe and Peer Group and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Broadridge 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 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 third, first and first quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the second, first and first quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the second quintile based upon the Universe for the one-year period ended December 31, 2019. 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 second quintile based upon the Peer Group for both the one- and three-year periods ended December 31, 2020, and in the third and second quintiles based upon the Universe for the one- and three-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R5 shares was in the second quintile based upon the Peer Group, for each of the one-, three-, and five-year periods ended December 31, 2019, and in the third, second and second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019,

120 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

respectively. The Trustees noted that the performance for Class R6 shares was in the third and first quintiles based upon the Peer Group and in the third and second quintiles based upon the Universe for the one- and three-year periods ended December 31, 2019, 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 third, fifth and third quintiles based upon both the Peer Group and Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the second, fifth and third quintiles based upon the Peer Group and in the third, fifth and third quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the fifth and fourth quintiles based upon the Peer Group and in the third and fourth quintiles based upon the Universe, for the one- and three-year periods ended December 31, 2019, 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 Small Cap Growth Fund’s performance for Class A, Class I and Class R6 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, 2019. 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 fourth, fourth and fifth quintiles based upon the Peer Group, and in the fourth, fifth and fourth quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the fourth quintile based upon the Universe for each of the one-, three-, and five-year periods ended December 31, 2019. The Trustees noted that the performance for Class R6 shares was in the third quintile based upon the Peer Group for the one-year period ended December 31, 2019, and in the fourth, fourth and third quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019,

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 SMID Cap Equity Fund’s performance for Class A shares was in the fifth, third and fourth quintiles based upon the Peer Group, and in the fourth, third and fourth quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the fourth, third and fourth quintiles based upon the Peer Group, and in the fourth, third, and third second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the fourth and first quintiles based upon the Peer Group, and in the fourth and third quintiles based upon the Universe, for the one- and three-year periods ended December 31, 20198, 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 U.S. Small Company Fund’s performance for Class A shares was in the fourth, fourth and third quintiles based upon the Peer Group for the one-, three-, and five-year periods ended December 31, 2019, respectively, and in the fourth quintile based upon the Universe, for each of the one-, three-, and five-year periods ended December 31, 2019. The Trustees noted that the performance for Class I shares was in the fourth quintile based upon both the Peer Group and Universe for each of the one-, three-, and five-year periods ended December 31, 2019. The Trustees noted that the performance for Class R6 shares was in the third quintile based upon the Peer Group for each of the one-, three-, and five-year periods ended December 31, 2019, and in the fourth, fourth and third quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, 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.

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 121

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

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 concerning management fee rates paid by other funds in the same Broadridge category as each Fund. The Trustees recognized that Broadridge 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 and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Groups did not meet a predetermined minimum. For each Fund that had a Fee Cap in place, the Trustees considered the net advisory fee rate and net expense ratio for each share class, as applicable, taking into account any waivers and/or reimbursements. The Trustees also considered any proposed changes to a Fee Cap, 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 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 for Class I shares were 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. The Trustees noted that the net advisory fee for Class R6 shares was in the third and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class R6 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 Core 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 for Class R5 shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class R5 shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class R6 shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class R6

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 second and third quintiles based upon the Peer Group and Universe, respectively, 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 first and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the third quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class R6 shares were in the second and first 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 the actual total expenses 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 second quintile based upon both the Peer Group and Universe, and that the actual total expenses were in the first and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the second quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class R6 shares were in the second and first 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 and third quintiles based upon the Peer Group and Universe, respectively, 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 and actual total expenses for Class I shares were in the third quintile based upon the Universe. The Trustees noted that the net advisory fee for Class R6 shares was in the third quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class R6 shares were in the third and first

122 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

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 SMID Cap Equity Fund’s net advisory fee for both Class A and Class I shares was in the first quintile based upon both the Peer Group and Universe, and 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. The Trustees noted that the net advisory fee and actual total expenses for Class R6 shares were in the second quintile based the Peer Group and 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.

The Trustees noted that the U.S. Small Company 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 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. The Trustees noted that the net advisory fee for Class R6 shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class R6 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, 2020 J.P. MORGAN SMALL CAP FUNDS 123

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 as an exhibit to its report on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC’s website at http://www.sec.gov. Each Fund’s quarterly holdings can be found 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 brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

^© JPMorgan Chase & Co., 2020. All rights reserved. December 2020. SAN-SC-1220

Semi-Annual Report

JPMorgan SmartRetirement^® Funds

December 31, 2020 (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

CONTENTS

Letter to Shareholders	1
Fund Facts	2
Funds Commentary	4
Schedules of Portfolio Investments	25
Financial Statements	46
Financial Highlights	70
Notes to Financial Statements	90
Schedule of Shareholder Expenses	118
Board Approval of Investment Advisory Agreements	124
Tax Letter	132

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.

LETTER TO SHAREHOLDERS

February 4, 2021 (Unaudited)

Dear Shareholders,

The year ahead holds the potential for a strong recovery in the global economy thanks to the massive efforts of central banks and governments and the development of multiple vaccines against Covid-19. While significant economic and health care challenges remain ahead, the uncertainty and turbulence of 2020 has abated.

  “Investors who remained fully invested over the second half of 2020, in the face of uncertainty over the pandemic, the economy and a contested U.S. presidential election, were likely rewarded for their perseverance.” — Andrea L. Lisher

The second half of 2020 was notable for an accelerating rebound in equity markets from the steep sell-off in the first quarter of the year when the pandemic was first declared by the World Health Organization. Positive news about clinical trials of new vaccines, followed by the first approvals of those vaccines in November 2020, bolstered investor expectations that the pandemic would be halted and that economic and social activity could begin to resume in the year ahead. As overall demand for equities increased in the final half of 2020, investors began to turn their focus from companies that could endure the pandemic to those that could benefit from a potential recovery in local, national and international economies. For the six months ended December 31, 2020, the S&P 500 Index generated a total return of 22.16%.

Investors who remained fully invested over the second half of 2020, in the face of uncertainty over the pandemic, the economy and a contested U.S. presidential election, were likely rewarded for their perseverance.

The implementation of mass vaccinations on the national and global scales is not without challenges and the rebuilding of economies at all levels is likely to depend on how successfully the pandemic is fought. However, the advances in the fight against Covid-19 provide policymakers and investors with the opportunity to plan for the future and meet those challenges. J.P. Morgan Asset Management has thrived amid the many challenges presented by the pandemic. Moreover, our deep experience in risk management enabled us to successfully navigate increased volatility in global financial markets. Throughout 2020, we continued to seek to operate under the same fundamental practices and principles that have driven our success for more than a century with an unwavering focus on putting our clients at the center of everything we do.

On behalf of J.P. Morgan Asset Management, thank you for entrusting us to manage your investment. 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,

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management

DECEMBER 31, 2020 J.P. MORGAN  SMARTRETIREMENT^® FUNDS 1

JPMorgan SmartRetirement^® Funds

FUND FACTS

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

Fund	Fund Return*		Broad Based Securities Market Index Return		Broad Based Securities Market Index Name	Fund Net Assets as of December 31, 2020 ($000)
JPMorgan SmartRetirement® Income Fund		11.15%		7.79%	S&P Target Date Retirement Income Index		2,445,380
JPMorgan SmartRetirement® 2020 Fund		11.83%		11.39%	S&P Target Date 2020 Index		4,253,442
JPMorgan SmartRetirement® 2025 Fund		14.95%		13.80%	S&P Target Date 2025 Index		6,178,069
JPMorgan SmartRetirement® 2030 Fund		17.60%		16.07%	S&P Target Date 2030 Index		7,015,289
JPMorgan SmartRetirement® 2035 Fund		20.69%		18.60%	S&P Target Date 2035 Index		5,733,380
JPMorgan SmartRetirement® 2040 Fund		22.79%		20.32%	S&P Target Date 2040 Index		5,672,840
JPMorgan SmartRetirement® 2045 Fund		24.31%		21.36%	S&P Target Date 2045 Index		4,168,182
JPMorgan SmartRetirement® 2050 Fund		24.33%		21.87%	S&P Target Date 2050 Index		3,769,350
JPMorgan SmartRetirement® 2055 Fund		24.23%		22.14%	S&P Target Date 2055 Index		1,907,901
JPMorgan SmartRetirement® 2060 Fund		24.15%		22.13%	S&P Target Date 2060+ Index		361,672

* 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 J.P. MORGAN  SMARTRETIREMENT^® FUNDS DECEMBER 31, 2020

Portfolio Composition by Asset Class*

JPMorgan SmartRetirement® Income Fund
Fixed Income	65.8	%
U.S. Equity	15.8
International Equity	13.8
Short-Term Investments	2.1
Alternative Assets	1.9
U.S. Treasury Obligations	0.6
JPMorgan SmartRetirement® 2020 Fund
Fixed Income	62.2	%
U.S. Equity	17.5
International Equity	14.6
Short-Term Investments	3.0
Alternative Assets	2.1
U.S. Treasury Obligations	0.6
JPMorgan SmartRetirement® 2025 Fund
Fixed Income	50.4	%
U.S. Equity	24.3
International Equity	20.9
Alternative Assets	2.7
Short-Term Investments	1.0
U.S. Treasury Obligations	0.7
JPMorgan SmartRetirement® 2030 Fund
Fixed Income	37.6	%
U.S. Equity	31.2
International Equity	25.6
Alternative Assets	3.5
Short-Term Investments	1.4
U.S. Treasury Obligations	0.7
JPMorgan SmartRetirement® 2035 Fund
U.S. Equity	37.9	%
International Equity	30.6
Fixed Income	25.5
Alternative Assets	3.8
Short-Term Investments	1.5
U.S. Treasury Obligations	0.7
JPMorgan SmartRetirement® 2040 Fund
U.S. Equity	42.3	%
International Equity	33.8
Fixed Income	16.2
Alternative Assets	4.7
Short-Term Investments	2.2
U.S. Treasury Obligations	0.8

JPMorgan SmartRetirement® 2045 Fund
U.S. Equity	46.6	%
International Equity	36.7
Fixed Income	9.1
Alternative Assets	5.0
Short-Term Investments	1.9
U.S. Treasury Obligations	0.7
JPMorgan SmartRetirement® 2050 Fund
U.S. Equity	46.3	%
International Equity	36.7
Fixed Income	9.1
Alternative Assets	4.9
Short-Term Investments	2.3
U.S. Treasury Obligations	0.7
JPMorgan SmartRetirement® 2055 Fund
U.S. Equity	47.1	%
International Equity	37.3
Fixed Income	9.0
Alternative Assets	5.2
Short-Term Investments	0.8
U.S. Treasury Obligations	0.6
JPMorgan SmartRetirement® 2060 Fund
U.S. Equity	47.2	%
International Equity	35.7
Fixed Income	9.3
Alternative Assets	4.8
Short-Term Investments	2.0
U.S. Treasury Obligations	1.0

* The percentages indicated are based on total investments as of December 31, 2020. Each Fund’s portfolio composition is subject to change.

DECEMBER 31, 2020 J.P. MORGAN  SMARTRETIREMENT^® FUNDS 3

JPMorgan SmartRetirement^® Funds

FUNDS COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (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?

Overall, the second half of 2020 was marked by U.S. equity market gains in the final months of the year amid the rollout of multiple vaccines against Covid-19, followed by the eventual approval of $900 billion in federal pandemic relief that was signed into law on December 27, 2020.

Globally, U.S. equity led a broad rebound in both developed markets and emerging markets equity at the start of the period. Leading U.S. equity indexes rose in July and August 2020, punctuated by five consecutive record high closings for the S&P 500 Index in late August – a stretch not seen since 2017. Notably, Apple Inc. issued a 4-for-1 stock split in August and became the first publicly listed company with a valuation surpassing $2 trillion. The U.S. Federal Reserve (the “Fed”) signaled its continued support for asset purchases and low benchmark interest rates. While the spread of Covid-19 accelerated in the U.S., multiple candidate vaccines were being developed around the world and the number of hospitalizations at the end of the summer was relatively small compared with what was to come at the end of the year.

Equity prices across the globe largely declined over September and October 2020. Re-closings across Asia and Europe in response to Covid-19 dented investor optimism. The inability of the U.S. Congress to adopt further spending for pandemic relief put acute pressure on the S&P 500 Index in the final week of October.

U.S. equity prices began to rebound in November and by mid-month the S&P 500 Index reached a closing high and crossed 3,600 points for the first time amid the U.S. Food and Drug Administration’s approval of the first Covid-19 vaccines. While the results of the U.S. presidential election were contested, President-elect Joe Biden’s early cabinet choices – including former Fed Chairwoman Janet Yellen – removed some investor uncertainty. The Fed kept interest rates and policies unchanged and Congressional negotiations over proposed relief and stimulus spending continued through the month.

Globally, equity markets maintained upward momentum through the end of December, largely driven by investor expectations that mass vaccinations and the reopening of economies would unleash pent up demand from consumers, businesses and governments. Notably, emerging markets equity outperformed developed markets equity, including U.S. equity in the second half of 2020 as China, Taiwan and South Korea appeared to have greater success in containing the pandemic.

In the U.S., growth stocks continued to outperform value stocks but the difference narrowed somewhat during the period as share price valuations rose. Additionally, shares of select companies that had seen their stock prices plummet in the first half of 2020 benefitted from increased investor appetite for bargains in the second half of

the year. At year’s end, the largest 10 companies in the S&P 500 Index made up 27.4% of the index’s value, compared with 22.7% at the end of 2019 and 21.0% at the end of 2018.

WHAT WERE THE MAIN DRIVERS OF THE FUNDS’ PERFORMANCE?

Each of the JPMorgan SmartRetirement^® Funds (Class I Shares or Class R5 Shares) outperformed their respective S&P Target Date Indexes (the “Benchmarks”) for the six months ended December 31, 2020.

In terms of manager selection, the Funds’ investments in the JPMorgan U.S. Equity Fund, the JPMorgan Emerging Markets Strategic Debt Fund, the JPMorgan Income Fund, the JPMorgan Emerging Markets Equity Fund and various JPMorgan U.S. core fixed income funds were leading contributors to relative performance. The Funds’ investments in the JPMorgan Equity Income Fund, the JPMorgan Small Cap Equity Fund, the JPMorgan International Advantage Fund and the JPMorgan High Yield Bond Fund detracted from performance.

From a strategic perspective, relative to their respective Benchmarks, the Funds’ higher allocations to emerging markets equity and extended credit were leading contributors to performance. The Fund’s lower allocations overall to equity, in particular small cap and mid cap equity, and their higher allocations to real estate investment trusts detracted from performance.

From a tactical perspective, the Funds’ allocations to equity were leading contributors to relative performance, while their allocations to 10-year U.S. Treasury bonds 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 invested in underlying J.P. Morgan Funds (“underlying 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 J.P. MORGAN  SMARTRETIREMENT^® FUNDS DECEMBER 31, 2020

JPMorgan SmartRetirement^® Income Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 15, 2006
With Sales Charge**			6.04	%		4.78	%		5.78	%		5.07	%
Without Sales Charge			11.01			9.71			6.76			5.55
CLASS C SHARES	May 15, 2006
With CDSC***			9.68			8.01			6.08			5.01
Without CDSC			10.68			9.01			6.08			5.01
CLASS I SHARES	May 15, 2006		11.12			9.81			6.87			5.67
CLASS R2 SHARES	November 3, 2008		10.80			9.24			6.34			5.22
CLASS R3 SHARES	September 9, 2016		10.90			9.49			6.57			5.46
CLASS R4 SHARES	September 9, 2016		11.06			9.72			6.81			5.64
CLASS R5 SHARES	May 15, 2006		11.15			9.97			6.99			5.80
CLASS R6 SHARES	November 3, 2014		11.15			10.02			7.08			5.85

* 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 (12/31/10 TO 12/31/20)

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 lower than those shown because Class R3 Shares have higher 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 lower than those shown because Class R4 Shares have higher 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 and the S&P Target Date Retirement Income Index from December 31, 2010 to December 31, 2020. 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. 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.

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 on gains resulting from redemptions of Fund shares.

DECEMBER 31, 2020 J.P. MORGAN  SMARTRETIREMENT^® FUNDS 5

JPMorgan SmartRetirement^® Income Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.

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  SMARTRETIREMENT^® FUNDS DECEMBER 31, 2020

JPMorgan SmartRetirement^® 2020 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 15, 2006
With Sales Charge**			6.63	%		5.09	%		6.59	%		6.44	%
Without Sales Charge			11.67			10.05			7.58			6.93
CLASS C SHARES	May 15, 2006
With CDSC***			10.36			8.38			6.93			6.38
Without CDSC			11.36			9.38			6.93			6.38
CLASS I SHARES	May 15, 2006		11.76			10.23			7.73			7.05
CLASS R2 SHARES	November 3, 2008		11.45			9.60			7.19			6.60
CLASS R3 SHARES	September 9, 2016		11.61			9.90			7.43			6.85
CLASS R4 SHARES	September 9, 2016		11.80			10.19			7.68			7.03
CLASS R5 SHARES	May 15, 2006		11.83			10.31			7.85			7.19
CLASS R6 SHARES	November 3, 2014		11.95			10.48			7.95			7.25

* 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 (12/31/10 TO 12/31/20)

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 lower than those shown because Class R3 Shares have higher 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 lower than those shown because Class R4 Shares have higher 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 and the S&P Target Date 2020 Index from December 31, 2010 to December 31, 2020. 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. 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. 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 on gains resulting from redemptions of Fund shares.

DECEMBER 31, 2020 J.P. MORGAN  SMARTRETIREMENT^® FUNDS 7

JPMorgan SmartRetirement^® 2020 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.

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  SMARTRETIREMENT^® FUNDS DECEMBER 31, 2020

JPMorgan SmartRetirement^® 2025 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020

	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		July 31, 2007
With Sales Charge**				9.66	%		6.45	%		7.56	%		7.23	%
Without Sales Charge				14.84			11.48			8.55			7.72
CLASS C SHARES		July 31, 2007
With CDSC***				13.51			9.86			7.90			7.16
Without CDSC				14.51			10.86			7.90			7.16
CLASS I SHARES		July 31, 2007		14.95			11.67			8.70			7.85
CLASS R2 SHARES		November 3, 2008		14.65			11.13			8.18			7.40
CLASS R3 SHARES		September 9, 2016		14.80			11.37			8.44			7.66
CLASS R4 SHARES		September 9, 2016		14.94			11.66			8.67			7.83
CLASS R5 SHARES		July 31, 2007		15.02			11.84			8.85			7.99
CLASS R6 SHARES		November 3, 2014		15.08			11.89			8.95			8.05

* 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 (12/31/10 TO 12/31/20)

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 lower than those shown because Class R3 Shares have higher 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 lower than those shown because Class R4 Shares have higher 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 and the S&P Target Date 2025 Index from December 31, 2010 to December 31, 2020. 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. 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. Investors cannot directly invest 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 on gains resulting from redemptions of Fund shares.

DECEMBER 31, 2020 J.P. MORGAN  SMARTRETIREMENT^® FUNDS 9

JPMorgan SmartRetirement^® 2025 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.

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  SMARTRETIREMENT^® FUNDS DECEMBER 31, 2020

JPMorgan SmartRetirement^® 2030 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 15, 2006
With Sales Charge**			12.05	%		7.19	%		8.36	%		7.79	%
Without Sales Charge			17.35			12.23			9.36			8.29
CLASS C SHARES	May 15, 2006
With CDSC***			16.04			10.57			8.70			7.73
Without CDSC			17.04			11.57			8.70			7.73
CLASS I SHARES	May 15, 2006		17.50			12.43			9.52			8.41
CLASS R2 SHARES	November 3, 2008		17.18			11.89			8.99			7.97
CLASS R3 SHARES	September 9, 2016		17.32			12.14			9.25			8.23
CLASS R4 SHARES	September 9, 2016		17.43			12.41			9.49			8.40
CLASS R5 SHARES	May 15, 2006		17.60			12.62			9.66			8.57
CLASS R6 SHARES	November 3, 2014		17.66			12.74			9.76			8.62

* 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 (12/31/10 TO 12/31/20)

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 lower than those shown because Class R3 Shares have higher 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 lower than those shown because Class R4 Shares have higher 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 and the S&P Target Date 2030 Index from December 31, 2010 to December 31, 2020. 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. 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. 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 on gains resulting from redemptions of Fund shares.

DECEMBER 31, 2020 J.P. MORGAN  SMARTRETIREMENT^® FUNDS 11

JPMorgan SmartRetirement^® 2030 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.

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  SMARTRETIREMENT^® FUNDS DECEMBER 31, 2020

JPMorgan SmartRetirement^® 2035 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	July 31, 2007
With Sales Charge**			15.21	%		8.83	%		9.06	%		8.34	%
Without Sales Charge			20.61			13.96			10.07			8.84
CLASS C SHARES	July 31, 2007
With CDSC***			19.27			12.33			9.42			8.29
Without CDSC			20.27			13.33			9.42			8.29
CLASS I SHARES	July 31, 2007		20.69			14.16			10.24			8.97
CLASS R2 SHARES	November 3, 2008		20.37			13.56			9.70			8.52
CLASS R3 SHARES	September 9, 2016		20.56			13.89			9.95			8.78
CLASS R4 SHARES	September 9, 2016		20.69			14.15			10.22			8.96
CLASS R5 SHARES	July 31, 2007		20.77			14.34			10.38			9.13
CLASS R6 SHARES	November 3, 2014		20.83			14.45			10.48			9.19

* 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.

TEN YEAR PERFORMANCE (12/31/10 TO 12/31/20)

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 lower than those shown because Class R3 Shares have higher 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 lower than those shown because Class R4 Shares have higher 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 and the S&P Target Date 2035 Index from December 31, 2010 to December 31, 2020. 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. 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 strategies as a result of the change. Investors cannot directly invest 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 on gains resulting from redemptions of Fund shares.

DECEMBER 31, 2020 J.P. MORGAN  SMARTRETIREMENT^® FUNDS 13

JPMorgan SmartRetirement^® 2035 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.

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  SMARTRETIREMENT^® FUNDS DECEMBER 31, 2020

JPMorgan SmartRetirement^® 2040 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 15, 2006
With Sales Charge**			17.06	%		9.58	%		9.64	%		8.69	%
Without Sales Charge			22.59			14.72			10.66			9.19
CLASS C SHARES	May 15, 2006
With CDSC***			21.21			13.06			9.98			8.63
Without CDSC			22.21			14.06			9.98			8.63
CLASS I SHARES	May 15, 2006		22.65			14.90			10.82			9.32
CLASS R2 SHARES	November 3, 2008		22.35			14.34			10.28			8.86
CLASS R3 SHARES	September 9, 2016		22.54			14.64			10.54			9.13
CLASS R4 SHARES	September 9, 2016		22.67			14.90			10.79			9.31
CLASS R5 SHARES	May 15, 2006		22.79			15.09			10.96			9.48
CLASS R6 SHARES	November 3, 2014		22.85			15.20			11.07			9.54

* 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 (12/31/10 TO 12/31/20)

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 lower than those shown because Class R3 Shares have higher 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 lower than those shown because Class R4 Shares have higher 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 and the S&P Target Date 2040 Index from December 31, 2010 to December 31, 2020. 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. 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.

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 on gains resulting from redemptions of Fund shares.

DECEMBER 31, 2020 J.P. MORGAN  SMARTRETIREMENT^® FUNDS 15

JPMorgan SmartRetirement^® 2040 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.

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  SMARTRETIREMENT^® FUNDS DECEMBER 31, 2020

JPMorgan SmartRetirement^® 2045 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	July 31, 2007
With Sales Charge**			18.57	%		9.98	%		9.83	%		8.80	%
Without Sales Charge			24.13			15.18			10.85			9.30
CLASS C SHARES	July 31, 2007
With CDSC***			22.82			13.51			10.18			8.74
Without CDSC			23.82			14.51			10.18			8.74
CLASS I SHARES	July 31, 2007		24.23			15.35			11.02			9.44
CLASS R2 SHARES	November 3, 2008		23.91			14.72			10.48			8.98
CLASS R3 SHARES	September 9, 2016		24.02			15.06			10.72			9.24
CLASS R4 SHARES	September 9, 2016		24.20			15.31			10.98			9.42
CLASS R5 SHARES	July 31, 2007		24.31			15.52			11.15			9.59
CLASS R6 SHARES	November 3, 2014		24.43			15.64			11.27			9.65

* 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 (12/31/10 TO 12/31/20)

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 lower than those shown because Class R3 Shares have higher 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 lower than those shown because Class R4 Shares have higher 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 and the S&P Target Date 2045 Index from December 31, 2010 to December 31, 2020. 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. 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.

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 on gains resulting from redemptions of Fund shares.

DECEMBER 31, 2020 J.P. MORGAN  SMARTRETIREMENT^® FUNDS 17

JPMorgan SmartRetirement^® 2045 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.

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  SMARTRETIREMENT^® FUNDS DECEMBER 31, 2020

JPMorgan SmartRetirement^® 2050 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	July 31, 2007
With Sales Charge**			18.49	%		9.95	%		9.82	%		8.78	%
Without Sales Charge			24.07			15.12			10.83			9.29
CLASS C SHARES	July 31, 2007
With CDSC***			22.75			13.49			10.17			8.72
Without CDSC			23.75			14.49			10.17			8.72
CLASS I SHARES	July 31, 2007		24.17			15.28			10.98			9.42
CLASS R2 SHARES	November 3, 2008		23.94			14.74			10.47			8.97
CLASS R3 SHARES	September 9, 2016		24.04			15.00			10.71			9.22
CLASS R4 SHARES	September 9, 2016		24.17			15.28			10.96			9.41
CLASS R5 SHARES	July 31, 2007		24.33			15.49			11.14			9.57
CLASS R6 SHARES	November 3, 2014		24.38			15.59			11.24			9.64

* 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 (12/31/10 TO 12/31/20)

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 lower than those shown because Class R3 Shares have higher 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 lower than those shown because Class R4 Shares have higher 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 and the S&P Target Date 2050 Index from December 31, 2010 to December 31, 2020. 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. 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.

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 on gains resulting from redemptions of Fund shares.

DECEMBER 31, 2020 J.P. MORGAN  SMARTRETIREMENT^® FUNDS 19

JPMorgan SmartRetirement^® 2050 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.

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 J.P. MORGAN  SMARTRETIREMENT^® FUNDS DECEMBER 31, 2020

JPMorgan SmartRetirement^® 2055 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	January 31, 2012
With Sales Charge**			18.57	%		9.92	%		9.83	%		9.84	%
Without Sales Charge			24.14			15.11			10.85			10.41
CLASS C SHARES	January 31, 2012
With CDSC***			22.74			13.43			10.18			9.79
Without CDSC			23.74			14.43			10.18			9.79
CLASS I SHARES	January 31, 2012		24.23			15.32			11.01			10.55
CLASS R2 SHARES	January 31, 2012		23.90			14.72			10.48			10.08
CLASS R3 SHARES	September 9, 2016		24.04			15.04			10.73			10.34
CLASS R4 SHARES	September 9, 2016		24.17			15.30			10.98			10.53
CLASS R5 SHARES	January 31, 2012		24.30			15.48			11.16			10.70
CLASS R6 SHARES	November 3, 2014		24.35			15.59			11.26			10.77

* 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 (1/31/12 TO 12/31/20)

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 lower than those shown because Class R3 Shares have higher 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 lower than those shown because Class R4 Shares have higher 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 and the S&P Target Date 2055 Index from January 31, 2012 to December 31, 2020. 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. 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.

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 applicable 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 on gains resulting from redemptions of Fund shares.

DECEMBER 31, 2020 J.P. MORGAN  SMARTRETIREMENT^® FUNDS 21

JPMorgan SmartRetirement^® 2055 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

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 J.P. MORGAN  SMARTRETIREMENT^® FUNDS DECEMBER 31, 2020

JPMorgan SmartRetirement^® 2060 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			SINCE INCEPTION
CLASS A SHARES	August 31, 2016
With Sales Charge**			18.43	%		9.80	%		10.24	%
Without Sales Charge			24.04			14.96			11.42
CLASS C SHARES	August 31, 2016
With CDSC***			22.72			13.34			10.76
Without CDSC			23.72			14.34			10.76
CLASS I SHARES	August 31, 2016		24.15			15.18			11.59
CLASS R2 SHARES	August 31, 2016		23.88			14.58			11.03
CLASS R3 SHARES	September 9, 2016		24.02			14.89			11.29
CLASS R4 SHARES	September 9, 2016		24.22			15.22			11.57
CLASS R5 SHARES	August 31, 2016		24.31			15.34			11.73
CLASS R6 SHARES	August 31, 2016		24.32			15.48			11.85

* 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 (8/31/16 TO 12/31/20)

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 lower than those shown because Class R3 Shares have higher 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 lower than those shown because Class R4 Shares have higher 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 and the S&P Target Date 2060+ Index from August 31, 2016 to December 31, 2020. 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. 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. Investors cannot directly invest 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 applicable 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 on gains resulting from redemptions of Fund shares.

DECEMBER 31, 2020 J.P. MORGAN  SMARTRETIREMENT^® FUNDS 23

JPMorgan SmartRetirement^® 2060 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

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 J.P. MORGAN  SMARTRETIREMENT^® FUNDS DECEMBER 31, 2020

JPMorgan SmartRetirement^® Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment Companies — 95.3%
Alternative Assets — 1.7%
JPMorgan Realty Income Fund Class R6 Shares (a)		3,129		41,456
Fixed Income — 65.9%
JPMorgan Core Bond Fund Class R6 Shares (a)		45,141		554,788
JPMorgan Corporate Bond Fund Class R6 Shares (a)		11,604		126,720
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		2,463		20,442
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		2,429		20,115
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		3,931		34,786
JPMorgan High Yield Fund Class R6 Shares (a)		31,653		225,367
JPMorgan Income Fund Class R6 Shares (a)		5,010		47,243
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		17,855		192,118
JPMorgan Managed Income Fund Class L Shares (a)		2,990		30,021
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		36,536		360,246
Total Fixed Income				1,611,846
International Equity — 13.8%
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		2,091		92,063
JPMorgan International Advantage Fund Class R6 Shares (a)		1,268		26,270
JPMorgan International Equity Fund Class R6 Shares (a)		6,404		128,406
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		4,821		91,591
Total International Equity				338,330
U.S. Equity — 13.9%
JPMorgan Equity Income Fund Class R6 Shares (a)		6,471		127,671
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		230		15,918
JPMorgan Small Cap Growth Fund Class R6 Shares (a)		276		8,493
JPMorgan Small Cap Value Fund Class R6 Shares (a)		238		6,416
JPMorgan U.S. Equity Fund Class R6 Shares (a)		9,440		180,677
Total U.S. Equity				339,175
Total Investment Companies (Cost $2,033,420)				2,330,807

INVESTMENTS	SHARES (000)		VALUE ($000)
Exchange-Traded Funds — 2.2%
Alternative Assets — 0.2%
JPMorgan BetaBuilders MSCI US REIT ETF (a)		50		3,979
U.S. Equity — 2.0%
JPMorgan BetaBuilders US Mid Cap Equity ETF (a)		622		49,039
Total Exchange-traded Funds (Cost $45,978)				53,018
	PRINCIPAL AMOUNT ($000)
U.S. Treasury Obligations — 0.6%
U.S. Treasury Notes 2.50%, 1/31/2021 (b) (Cost $14,680)		14,666		14,691
	SHARES (000)
Short-Term Investments — 2.1%
Investment Companies — 2.1%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (c) (Cost $51,007)		51,007		51,007
Total Investments — 100.2% (Cost $2,145,085)				2,449,523
Liabilities in Excess of Other Assets — (0.2)%				(4,143	)
NET ASSETS — 100.0%				2,445,380

Percentages indicated are based on net assets.

Abbreviations

ETF	Exchange-Traded Fund
REIT	Real Estate Investment Trust
(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)	All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(c)	The rate shown is the current yield as of December 31, 2020.

Detailed information about investment portfolios of the underlying funds and ETFs can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC’s as well as the 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, 2020 J.P. MORGAN  SMARTRETIREMENT^® FUNDS 25

JPMorgan SmartRetirement^® Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

Futures contracts outstanding as of December 31, 2020 (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		152			03/2021		EUR		6,592			127
MSCI Emerging Markets E-Mini Index		107			03/2021		USD		6,890			192
Russell 2000 E-Mini Index		141			03/2021		USD		13,944			409
S&P 500 E-Mini Index		303			03/2021		USD		56,741			1,277
TOPIX Index		38			03/2021		JPY		6,659			125
U.S. Treasury 10 Year Note		1,801			03/2021		USD		248,594			214
												2,344
Short Contracts
DJ US Real Estate Index		(252	)		03/2021		USD		(8,450	)		(286	)
Euro-Bund		(319	)		03/2021		EUR		(69,227	)		(355	)
MSCI EAFE E-Mini Index		(62	)		03/2021		USD		(6,614	)		(142	)
												(783	)
												1,561

Abbreviations

EAFE	Europe, Australasia and Far East
EUR	Euro
JPY	Japanese Yen
MSCI	Morgan Stanley Capital International
TOPIX	Tokyo Stock Price Index
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN  SMARTRETIREMENT^® FUNDS DECEMBER 31, 2020

JPMorgan SmartRetirement^® 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment Companies — 94.1%
Alternative Assets — 1.9%
JPMorgan Realty Income Fund Class R6 Shares (a)		5,986		79,309
Fixed Income — 62.3%
JPMorgan Core Bond Fund Class R6 Shares (a)		76,443		939,486
JPMorgan Corporate Bond Fund Class R6 Shares (a)		19,988		218,270
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		4,229		35,098
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		4,044		33,481
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		5,425		48,010
JPMorgan High Yield Fund Class R6 Shares (a)		54,106		385,238
JPMorgan Income Fund Class R6 Shares (a)		7,154		67,463
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		27,043		290,987
JPMorgan Managed Income Fund Class L Shares (a)		1,615		16,218
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		62,314		614,416
Total Fixed Income				2,648,667
International Equity — 14.6%
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		3,724		163,939
JPMorgan International Advantage Fund Class R6 Shares (a)		2,534		52,471
JPMorgan International Equity Fund Class R6 Shares (a)		12,078		242,154
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		8,568		162,793
Total International Equity				621,357
U.S. Equity — 15.3%
JPMorgan Equity Income Fund Class R6 Shares (a)		12,322		243,115
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		445		30,815
JPMorgan Small Cap Growth Fund Class R6 Shares (a)		482		14,845
JPMorgan Small Cap Value Fund Class R6 Shares (a)		683		18,400
JPMorgan U.S. Equity Fund Class R6 Shares (a)		18,034		345,169
Total U.S. Equity				652,344
Total Investment Companies (Cost $3,468,460)				4,001,677

INVESTMENTS	SHARES (000)		VALUE ($000)
Exchange-Traded Funds — 2.3%
Alternative Assets — 0.2%
JPMorgan BetaBuilders MSCI US REIT ETF (a)		113		8,953
U.S. Equity — 2.1%
JPMorgan BetaBuilders US Mid Cap Equity ETF (a)		1,159		91,277
Total Exchange-Traded Funds (Cost $87,307)				100,230
	PRINCIPAL AMOUNT ($000)
U.S. Treasury Obligations — 0.6%
U.S. Treasury Notes 2.50%, 1/31/2021 (b) (Cost $24,787)		24,763		24,805
	SHARES (000)
Short-Term Investments — 3.0%
Investment Companies — 3.0%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (c) (Cost $126,641)		126,641		126,641
Total Investments — 100.0% (Cost $3,707,195)				4,253,353
Other Assets Less Liabilities — 0.0% (d)				89
NET ASSETS — 100.0%				4,253,442

Percentages indicated are based on net assets.

Abbreviations

ETF	Exchange-Traded Fund
REIT	Real Estate Investment Trust
(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)	All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(c)	The rate shown is the current yield as of December 31, 2020.
(d)	Amount rounds to less than 0.1% of net assets.

Detailed information about investment portfolios of the underlying funds and ETFs can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC’s as well as the 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, 2020 J.P. MORGAN  SMARTRETIREMENT^® FUNDS 27

JPMorgan SmartRetirement^® 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

Futures contracts outstanding as of December 31, 2020 (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		261			03/2021		EUR		11,319			218
MSCI Emerging Markets E-Mini Index		329			03/2021		USD		21,184			587
Russell 2000 E-Mini Index		212			03/2021		USD		20,966			614
S&P 500 E-Mini Index		562			03/2021		USD		105,242			2,369
TOPIX Index		65			03/2021		JPY		11,391			214
U.S. Treasury 10 Year Note		3,121			03/2021		USD		430,796			335
												4,337
Short Contracts
DJ US Real Estate Index		(471	)		03/2021		USD		(15,793	)		(535	)
Euro-Bund		(551	)		03/2021		EUR		(119,575	)		(613	)
MSCI EAFE E-Mini Index		(12	)		03/2021		USD		(1,280	)		(27	)
												(1,175	)
												3,162

Abbreviations

EAFE	Europe, Australasia and Far East
EUR	Euro
JPY	Japanese Yen
MSCI	Morgan Stanley Capital International
TOPIX	Tokyo Stock Price Index
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN  SMARTRETIREMENT^® FUNDS DECEMBER 31, 2020

JPMorgan SmartRetirement^® 2025 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment Companies — 95.7%
Alternative Assets — 2.4%
JPMorgan Realty Income Fund Class R6 Shares (a)		11,413		151,225
Fixed Income — 50.4%
JPMorgan Core Bond Fund Class R6 Shares (a)		99,237		1,219,619
JPMorgan Corporate Bond Fund Class R6 Shares (a)		26,316		287,375
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		5,060		41,995
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		5,059		41,886
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		6,028		53,344
JPMorgan High Yield Fund Class R6 Shares (a)		59,853		426,155
JPMorgan Income Fund Class R6 Shares (a)		6,578		62,029
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		14,689		158,056
JPMorgan Managed Income Fund Class L Shares (a)		1,553		15,597
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		81,873		807,264
Total Fixed Income				3,113,320
International Equity — 20.9%
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		7,533		331,605
JPMorgan International Advantage Fund Class R6 Shares (a)		5,065		104,894
JPMorgan International Equity Fund Class R6 Shares (a)		25,104		503,328
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		18,424		350,048
Total International Equity				1,289,875
U.S. Equity — 22.0%
JPMorgan Equity Income Fund Class R6 Shares (a)		24,937		492,014
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		984		68,120
JPMorgan Small Cap Growth Fund Class R6 Shares (a)		1,152		35,514
JPMorgan Small Cap Value Fund Class R6 Shares (a)		1,364		36,769
JPMorgan U.S. Equity Fund Class R6 Shares (a)		37,910		725,596
Total U.S. Equity				1,358,013
Total Investment Companies (Cost $5,117,916)				5,912,433

INVESTMENTS	SHARES (000)		VALUE ($000)
Exchange-Traded Funds — 2.6%
Alternative Assets — 0.2%
JPMorgan BetaBuilders MSCI US REIT ETF (a)		198		15,690
U.S. Equity — 2.4%
JPMorgan BetaBuilders US Mid Cap Equity ETF (a)		1,851		145,858
Total Exchange-Traded Funds (Cost $141,060)				161,548
	PRINCIPAL AMOUNT ($000)
U.S. Treasury Obligations — 0.7%
U.S. Treasury Notes 2.50%, 1/31/2021 (b) (Cost $43,557)		43,525		43,600
	SHARES (000)
Short-Term Investments — 1.1%
Investment Companies — 1.1%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (c) (Cost $64,003)		64,003		64,003
Total Investments — 100.1% (Cost $5,366,536)				6,181,584
Liabilities in Excess of Other Assets — (0.1)%				(3,515	)
NET ASSETS — 100.0%				6,178,069

Percentages indicated are based on net assets.

Abbreviations

ETF	Exchange-Traded Fund
REIT	Real Estate Investment Trust
(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)	All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(c)	The rate shown is the current yield as of December 31, 2020.

Detailed information about investment portfolios of the underlying funds and ETFs can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC’s as well as the 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, 2020 J.P. MORGAN  SMARTRETIREMENT^® FUNDS 29

JPMorgan SmartRetirement^® 2025 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

Futures contracts outstanding as of December 31, 2020 (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		378			03/2021		EUR		16,393			315
MSCI Emerging Markets E-Mini Index		517			03/2021		USD		33,290			922
Russell 2000 E-Mini Index		371			03/2021		USD		36,690			1,075
S&P 500 E-Mini Index		1,155			03/2021		USD		216,288			4,869
S&P Midcap 400 E-Mini Index		115			03/2021		USD		26,509			723
TOPIX Index		94			03/2021		JPY		16,473			309
U.S. Treasury 10 Year Note		4,034			03/2021		USD		556,818			433
												8,646
Short Contracts
DJ US Real Estate Index		(139	)		03/2021		USD		(4,661	)		(158	)
Euro-Bund		(702	)		03/2021		EUR		(152,344	)		(781	)
MSCI EAFE E-Mini Index		(100	)		03/2021		USD		(10,668	)		(229	)
												(1,168	)
												7,478

Abbreviations

EAFE	Europe, Australasia and Far East
EUR	Euro
JPY	Japanese Yen
MSCI	Morgan Stanley Capital International
TOPIX	Tokyo Stock Price Index
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN  SMARTRETIREMENT^® FUNDS DECEMBER 31, 2020

JPMorgan SmartRetirement^® 2030 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment Companies — 93.0%
Alternative Assets — 2.9%
JPMorgan Realty Income Fund Class R6 Shares (a)		15,471		204,987
Fixed Income — 37.5%
JPMorgan Core Bond Fund Class R6 Shares (a)		87,426		1,074,466
JPMorgan Corporate Bond Fund Class R6 Shares (a)		22,972		250,859
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		4,814		39,954
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		4,832		40,006
JPMorgan High Yield Fund Class R6 Shares (a)		60,028		427,397
JPMorgan Income Fund Class R6 Shares (a)		4,125		38,896
JPMorgan Managed Income Fund Class L Shares (a)		3,464		34,782
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		73,185		721,604
Total Fixed Income				2,627,964
International Equity — 25.5%
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		10,241		450,827
JPMorgan International Advantage Fund Class R6 Shares (a)		7,692		159,312
JPMorgan International Equity Fund Class R6 Shares (a)		34,519		692,114
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		25,686		488,041
Total International Equity				1,790,294
U.S. Equity — 27.1%
JPMorgan Equity Income Fund Class R6 Shares (a)		35,840		707,129
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		1,411		97,709
JPMorgan Small Cap Growth Fund Class R6 Shares (a)		1,559		48,042
JPMorgan Small Cap Value Fund Class R6 Shares (a)		1,869		50,378
JPMorgan U.S. Equity Fund Class R6 Shares (a)		52,306		1,001,130
Total U.S. Equity				1,904,388
Total Investment Companies (Cost $5,464,052)				6,527,633
Exchange-Traded Funds — 4.5%
Alternative Assets — 0.6%
JPMorgan BetaBuilders MSCI US REIT ETF (a)		527		41,751

INVESTMENTS	SHARES (000)		VALUE ($000)
U.S. Equity — 3.9%
JPMorgan BetaBuilders US Mid Cap Equity ETF (a)		3,469		273,276
Total Exchange-Traded Funds (Cost $278,091)				315,027
	PRINCIPAL AMOUNT ($000)
U.S. Treasury Obligations — 0.7%
U.S. Treasury Notes 2.50%, 1/31/2021 (b) (Cost $45,834)		45,800		45,879
	SHARES (000)
Short-Term Investments — 1.4%
Investment Companies — 1.4%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (c) (Cost $96,541)		96,541		96,541
Total Investments — 99.6% (Cost $5,884,518)				6,985,080
Other Assets Less Liabilities — 0.4%				30,209
NET ASSETS — 100.0%				7,015,289

Percentages indicated are based on net assets.

Abbreviations

ETF	Exchange-Traded Fund
REIT	Real Estate Investment Trust
(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)	All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(c)	The rate shown is the current yield as of December 31, 2020.

Detailed information about investment portfolios of the underlying funds and ETFs can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC’s as well as the 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, 2020 J.P. MORGAN  SMARTRETIREMENT^® FUNDS 31

JPMorgan SmartRetirement^® 2030 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

Futures contracts outstanding as of December 31, 2020 (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		423			03/2021		EUR		18,345			353
MSCI EAFE E-Mini Index		2			03/2021		USD		214			4
MSCI Emerging Markets E-Mini Index		769			03/2021		USD		49,516			1,362
Russell 2000 E-Mini Index		150			03/2021		USD		14,834			435
S&P 500 E-Mini Index		1,700			03/2021		USD		318,346			7,166
TOPIX Index		105			03/2021		JPY		18,401			345
U.S. Treasury 10 Year Note		4,264			03/2021		USD		588,565			500
												10,165
Short Contracts
DJ US Real Estate Index		(345	)		03/2021		USD		(11,568	)		(392	)
Euro-Bund		(817	)		03/2021		EUR		(177,300	)		(909	)
												(1,301	)
												8,864

Abbreviations

EAFE	Europe, Australasia and Far East
EUR	Euro
JPY	Japanese Yen
MSCI	Morgan Stanley Capital International
TOPIX	Tokyo Stock Price Index
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN  SMARTRETIREMENT^® FUNDS DECEMBER 31, 2020

JPMorgan SmartRetirement^® 2035 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment Companies — 96.8%
Alternative Assets — 3.4%
JPMorgan Realty Income Fund Class R6 Shares (a)		14,734		195,221
Fixed Income — 25.4%
JPMorgan Core Bond Fund Class R6 Shares (a)		22,950		282,052
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		69,751		608,227
JPMorgan Corporate Bond Fund Class R6 Shares (a)		18,748		204,727
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		3,132		25,995
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		3,083		25,525
JPMorgan High Yield Fund Class R6 Shares (a)		43,093		306,819
JPMorgan Managed Income Fund Class L Shares (a)		314		3,155
Total Fixed Income				1,456,500
International Equity — 30.5%
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		21,886		458,294
JPMorgan International Advantage Fund Class R6 Shares (a)		12,974		268,698
JPMorgan International Focus Fund Class R6 Shares (a)		19,817		515,845
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		26,673		506,788
Total International Equity				1,749,625
U.S. Equity — 37.5%
JPMorgan Growth Advantage Fund Class R6 Shares (a)		19,827		647,367
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		806		55,783
JPMorgan Small Cap Growth Fund Class R6 Shares (a)		892		27,483
JPMorgan Small Cap Value Fund Class R6 Shares (a)		1,109		29,892
JPMorgan U.S. Equity Fund Class R6 Shares (a)		27,661		529,428
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		13,145		417,890
JPMorgan Value Advantage Fund Class R6 Shares (a)		12,459		442,284
Total U.S. Equity				2,150,127
Total Investment Companies (Cost $4,380,780)				5,551,473

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
U.S. Treasury Obligations — 0.8%
U.S. Treasury Notes 2.50%, 1/31/2021 (b) (Cost $41,788)		41,758		41,830
	SHARES (000)
Exchange-Traded funds — 0.6%
Alternative Assets — 0.3%
JPMorgan BetaBuilders MSCI US REIT ETF (a)		240		18,981
U.S. Equity — 0.3%
JPMorgan BetaBuilders US Mid Cap Equity ETF (a)		206		16,213
Total Exchange-Traded Funds (Cost $34,932)				35,194
Short-Term Investments — 1.5%
Investment Companies — 1.5%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (c) (Cost $85,821)		85,821		85,821
Total Investments — 99.7% (Cost $4,543,321)				5,714,318
Other Assets Less Liabilities — 0.3%				19,062
NET ASSETS — 100.0%				5,733,380

Percentages indicated are based on net assets.

Abbreviations

ETF	Exchange-Traded Fund
REIT	Real Estate Investment Trust
(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)	All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(c)	The rate shown is the current yield as of December 31, 2020.

Detailed information about investment portfolios of the underlying funds and ETFs can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC’s as well as the 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, 2020 J.P. MORGAN  SMARTRETIREMENT^® FUNDS 33

JPMorgan SmartRetirement^® 2035 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

Futures contracts outstanding as of December 31, 2020 (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		688			03/2021		EUR		29,837			574
MSCI Emerging Markets E-Mini Index		713			03/2021		USD		45,910			1,277
Russell 2000 E-Mini Index		623			03/2021		USD		61,612			1,805
S&P 500 E-Mini Index		716			03/2021		USD		134,080			3,018
S&P Midcap 400 E-Mini Index		364			03/2021		USD		83,906			2,288
TOPIX Index		172			03/2021		JPY		30,142			566
U.S. Treasury 10 Year Note		1,402			03/2021		USD		193,520			150
												9,678
Short Contracts
Euro-Bund		(816	)		03/2021		EUR		(177,083	)		(908	)
MSCI EAFE E-Mini Index		(10	)		03/2021		USD		(1,067	)		(23	)
												(931	)
												8,747

Abbreviations

EAFE	Europe, Australasia and Far East
EUR	Euro
JPY	Japanese Yen
MSCI	Morgan Stanley Capital International
TOPIX	Tokyo Stock Price Index
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN  SMARTRETIREMENT^® FUNDS DECEMBER 31, 2020

JPMorgan SmartRetirement^® 2040 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment Companies — 96.4%
Alternative Assets — 3.9%
JPMorgan Realty Income Fund Class R6 Shares (a)		16,640		220,475
Fixed Income — 16.4%
JPMorgan Core Bond Fund Class R6 Shares (a)		14,194		174,441
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		39,126		341,183
JPMorgan Corporate Bond Fund Class R6 Shares (a)		10,212		111,520
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		2,243		18,620
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		2,135		17,677
JPMorgan High Yield Fund Class R6 Shares (a)		36,823		262,182
JPMorgan Managed Income Fund Class L Shares (a)		306		3,073
Total Fixed Income				928,696
International Equity — 34.0%
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		23,371		489,399
JPMorgan International Advantage Fund Class R6 Shares (a)		14,780		306,099
JPMorgan International Focus Fund Class R6 Shares (a)		22,110		575,520
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		29,561		561,654
Total International Equity				1,932,672
U.S. Equity — 42.1%
JPMorgan Growth Advantage Fund Class R6 Shares (a)		21,616		705,779
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		896		62,035
JPMorgan Small Cap Growth Fund Class R6 Shares (a)		1,019		31,393
JPMorgan Small Cap Value Fund Class R6 Shares (a)		1,401		37,779
JPMorgan U.S. Equity Fund Class R6 Shares (a)		30,325		580,418
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		14,735		468,431
JPMorgan Value Advantage Fund Class R6 Shares (a)		14,145		502,162
Total U.S. Equity				2,387,997
Total Investment Companies (Cost $4,132,156)				5,469,840

INVESTMENTS	SHARES (000)		VALUE ($000)
Exchange-Traded Funds — 1.4%
Alternative Assets — 0.8%
JPMorgan BetaBuilders MSCI US REIT ETF (a)		599		47,393
U.S. Equity — 0.6%
JPMorgan BetaBuilders US Mid Cap Equity ETF (a)		404		31,837
Total Exchange-Traded Funds (Cost $79,904)				79,230
	PRINCIPAL AMOUNT ($000)
U.S. Treasury Obligations — 0.7%
U.S. Treasury Notes 2.50%, 1/31/2021 (b) (Cost $43,185)		43,150		43,225
	SHARES (000)
Short-Term Investments — 2.3%
Investment Companies — 2.3%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (c) (Cost $128,647)		128,647		128,647
Total Investments — 100.8% (Cost $4,383,892)				5,720,942
Liabilities in Excess of Other Assets — (0.8)%				(48,102	)
NET ASSETS — 100.0%				5,672,840

Percentages indicated are based on net assets.

Abbreviations

ETF	Exchange-Traded Fund
REIT	Real Estate Investment Trust
(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)	All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(c)	The rate shown is the current yield as of December 31, 2020.

Detailed information about investment portfolios of the underlying funds and ETFs can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC’s as well as the 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, 2020 J.P. MORGAN  SMARTRETIREMENT^® FUNDS 35

JPMorgan SmartRetirement^® 2040 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

Futures contracts outstanding as of December 31, 2020 (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		676			03/2021		EUR		29,317			564
MSCI Emerging Markets E-Mini Index		998			03/2021		USD		64,261			1,778
Russell 2000 E-Mini Index		530			03/2021		USD		52,414			1,536
S&P 500 E-Mini Index		815			03/2021		USD		152,619			3,435
S&P Midcap 400 E-Mini Index		371			03/2021		USD		85,519			2,332
TOPIX Index		168			03/2021		JPY		29,441			553
U.S. Treasury 10 Year Note		1,292			03/2021		USD		178,337			139
												10,337
Short Contracts
DJ US Real Estate Index		(754	)		03/2021		USD		(25,281	)		(856	)
Euro-Bund		(792	)		03/2021		EUR		(171,875	)		(881	)
												(1,737	)
												8,600

Abbreviations

EUR	Euro
JPY	Japanese Yen
MSCI	Morgan Stanley Capital International
TOPIX	Tokyo Stock Price Index
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN  SMARTRETIREMENT^® FUNDS DECEMBER 31, 2020

JPMorgan SmartRetirement^® 2045 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment Companies — 96.0%
Alternative Assets — 4.2%
JPMorgan Realty Income Fund Class R6 Shares (a)		13,132		174,000
Fixed Income — 9.2%
JPMorgan Core Bond Fund Class R6 Shares (a)		5,335		65,562
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		10,328		90,063
JPMorgan Corporate Bond Fund Class R6 Shares (a)		3,677		40,151
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		1,110		9,213
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		1,041		8,616
JPMorgan High Yield Fund Class R6 Shares (a)		23,033		163,995
JPMorgan Managed Income Fund Class L Shares (a)		312		3,130
Total Fixed Income				380,730
International Equity — 36.9%
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		18,664		390,816
JPMorgan International Advantage Fund Class R6 Shares (a)		11,605		240,338
JPMorgan International Focus Fund Class R6 Shares (a)		17,594		457,968
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		23,669		449,711
Total International Equity				1,538,833
U.S. Equity — 45.7%
JPMorgan Growth Advantage Fund Class R6 Shares (a)		17,389		567,746
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		699		48,382
JPMorgan Small Cap Growth Fund Class R6 Shares (a)		951		29,305
JPMorgan Small Cap Value Fund Class R6 Shares (a)		951		25,633
JPMorgan U.S. Equity Fund Class R6 Shares (a)		24,137		461,990
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		11,858		376,950
JPMorgan Value Advantage Fund Class R6 Shares (a)		11,152		395,908
Total U.S. Equity				1,905,914
Total Investment Companies (Cost $3,102,646)				3,999,477

INVESTMENTS	SHARES (000)		VALUE ($000)
Exchange-Traded Funds — 1.9%
Alternative Assets — 0.8%
JPMorgan BetaBuilders MSCI US REIT ETF (a)		427		33,817
U.S. Equity — 1.1%
JPMorgan BetaBuilders US Mid Cap Equity ETF (a)		595		46,865
Total Exchange-Traded Funds (Cost $77,467)				80,682
	PRINCIPAL AMOUNT ($000)
U.S. Treasury Obligations — 0.7%
U.S. Treasury Notes 2.50%, 1/31/2021 (b) (Cost $27,284)		27,263		27,310
	SHARES (000)
Short-Term Investments — 1.9%
Investment Companies — 1.9%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (c) (Cost $79,592)		79,592		79,592
Total Investments — 100.5% (Cost $3,286,989)				4,187,061
Liabilities in Excess of Other Assets — (0.5)%				(18,879	)
NET ASSETS — 100.0%				4,168,182

Percentages indicated are based on net assets.

Abbreviations

ETF	Exchange-Traded Fund
REIT	Real Estate Investment Trust
(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)	All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(c)	The rate shown is the current yield as of December 31, 2020.

Detailed information about investment portfolios of the underlying funds and ETFs can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC’s as well as the 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, 2020 J.P. MORGAN  SMARTRETIREMENT^® FUNDS 37

JPMorgan SmartRetirement^® 2045 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

Futures contracts outstanding as of December 31, 2020 (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		497			03/2021		EUR		21,554			415
MSCI Emerging Markets E-Mini Index		684			03/2021		USD		44,043			1,216
Russell 2000 E-Mini Index		374			03/2021		USD		36,987			1,084
S&P 500 E-Mini Index		619			03/2021		USD		115,915			2,749
S&P Midcap 400 E-Mini Index		211			03/2021		USD		48,638			1,326
TOPIX Index		124			03/2021		JPY		21,730			408
U.S. Treasury 10 Year Note		1,114			03/2021		USD		153,767			94
												7,292
Short Contracts
DJ US Real Estate Index		(225	)		03/2021		USD		(7,544	)		(255	)
Euro-Bund		(573	)		03/2021		EUR		(124,349	)		(638	)
MSCI EAFE E-Mini Index		(51	)		03/2021		USD		(5,441	)		(70	)
												(963	)
												6,329

Abbreviations

EAFE	Europe, Australasia and Far East
EUR	Euro
JPY	Japanese Yen
MSCI	Morgan Stanley Capital International
TOPIX	Tokyo Stock Price Index
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN  SMARTRETIREMENT^® FUNDS DECEMBER 31, 2020

JPMorgan SmartRetirement^® 2050 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment Companies — 96.5%
Alternative Assets — 4.2%
JPMorgan Realty Income Fund Class R6 Shares (a)		11,821		156,633
Fixed Income — 9.2%
JPMorgan Core Bond Fund Class R6 Shares (a)		4,801		59,003
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		9,315		81,225
JPMorgan Corporate Bond Fund Class R6 Shares (a)		3,294		35,975
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		997		8,278
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		935		7,740
JPMorgan High Yield Fund Class R6 Shares (a)		21,567		153,559
JPMorgan Managed Income Fund Class L Shares (a)		280		2,815
Total Fixed Income				348,595
International Equity — 37.2%
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		17,194		360,041
JPMorgan International Advantage Fund Class R6 Shares (a)		10,832		224,326
JPMorgan International Focus Fund Class R6 Shares (a)		16,046		417,677
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		21,153		401,904
Total International Equity				1,403,948
U.S. Equity — 45.9%
JPMorgan Growth Advantage Fund Class R6 Shares (a)		15,906		519,337
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		662		45,831
JPMorgan Small Cap Growth Fund Class R6 Shares (a)		701		21,609
JPMorgan Small Cap Value Fund Class R6 Shares (a)		896		24,148
JPMorgan U.S. Equity Fund Class R6 Shares (a)		22,216		425,219
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		10,630		337,940
JPMorgan Value Advantage Fund Class R6 Shares (a)		10,029		356,015
Total U.S. Equity				1,730,099
Total Investment Companies (Cost $2,839,024)				3,639,275

INVESTMENTS	SHARES (000)		VALUE ($000)
Exchange-Traded Funds — 1.9%
Alternative Assets — 0.8%
JPMorgan BetaBuilders MSCI US REIT ETF (a)		380		30,056
U.S. Equity — 1.1%
JPMorgan BetaBuilders US Mid Cap Equity ETF (a)		537		42,323
Total Exchange-Traded Funds (Cost $69,419)				72,379
	PRINCIPAL AMOUNT ($000)
U.S. Treasury Obligations — 0.7%
U.S. Treasury Notes 2.50%, 1/31/2021 (b) (Cost $24,860)		24,840		24,883
	SHARES (000)
Short-Term Investments — 2.4%
Investment Companies — 2.4%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (c) (Cost $88,654)		88,654		88,654
Total Investments — 101.5% (Cost $3,021,957)				3,825,191
Liabilities in Excess of Other Assets — (1.5)%				(55,841	)
NET ASSETS — 100.0%				3,769,350

Percentages indicated are based on net assets.

Abbreviations

ETF	Exchange-Traded Fund
REIT	Real Estate Investment Trust
(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)	All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(c)	The rate shown is the current yield as of December 31, 2020.

Detailed information about investment portfolios of the underlying funds and ETFs can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC’s as well as the 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, 2020 J.P. MORGAN  SMARTRETIREMENT^® FUNDS 39

JPMorgan SmartRetirement^® 2050 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

Futures contracts outstanding as of December 31, 2020 (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		448			03/2021		EUR		19,429			374
MSCI Emerging Markets E-Mini Index		547			03/2021		USD		35,221			978
Russell 2000 E-Mini Index		419			03/2021		USD		41,437			1,214
S&P 500 E-Mini Index		550			03/2021		USD		102,995			2,318
S&P Midcap 400 E-Mini Index		169			03/2021		USD		38,956			1,062
TOPIX Index		112			03/2021		JPY		19,628			369
U.S. Treasury 10 Year Note		994			03/2021		USD		137,203			83
												6,398
Short Contracts
DJ US Real Estate Index		(192	)		03/2021		USD		(6,438	)		(218	)
Euro-Bund		(515	)		03/2021		EUR		(111,762	)		(573	)
												(791	)
												5,607

Abbreviations

EUR	Euro
JPY	Japanese Yen
MSCI	Morgan Stanley Capital International
TOPIX	Tokyo Stock Price Index
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN  SMARTRETIREMENT^® FUNDS DECEMBER 31, 2020

JPMorgan SmartRetirement^® 2055 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment Companies — 96.2%
Alternative Assets — 4.1%
JPMorgan Realty Income Fund Class R6 Shares (a)		5,875		77,840
Fixed Income — 9.1%
JPMorgan Core Bond Fund Class R6 Shares (a)		2,379		29,236
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		4,678		40,795
JPMorgan Corporate Bond Fund Class R6 Shares (a)		1,587		17,325
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		480		3,988
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		451		3,731
JPMorgan High Yield Fund Class R6 Shares (a)		10,768		76,665
JPMorgan Managed Income Fund Class L Shares (a)		107		1,073
Total Fixed Income				172,813
International Equity — 37.4%
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		9,006		188,579
JPMorgan International Advantage Fund Class R6 Shares (a)		5,063		104,852
JPMorgan International Focus Fund Class R6 Shares (a)		8,053		209,626
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		11,093		210,759
Total International Equity				713,816
U.S. Equity — 45.6%
JPMorgan Growth Advantage Fund Class R6 Shares (a)		7,757		253,259
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		329		22,808
JPMorgan Small Cap Growth Fund Class R6 Shares (a)		404		12,465
JPMorgan Small Cap Value Fund Class R6 Shares (a)		385		10,375
JPMorgan U.S. Equity Fund Class R6 Shares (a)		11,113		212,706
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		5,400		171,671
JPMorgan Value Advantage Fund Class R6 Shares (a)		5,266		186,935
Total U.S. Equity				870,219
Total Investment Companies (Cost $1,498,239)				1,834,688

INVESTMENTS	SHARES (000)		VALUE ($000)
Exchange-Traded Funds — 2.8%
Alternative Assets — 1.1%
JPMorgan BetaBuilders MSCI US REIT ETF (a)		270		21,396
U.S. Equity — 1.7%
JPMorgan BetaBuilders US Mid Cap Equity ETF (a)		402		31,670
Total Exchange-Traded Funds (Cost $50,815)				53,066
	PRINCIPAL AMOUNT ($000)
U.S. Treasury Obligations — 0.6%
U.S. Treasury Notes 2.50%, 1/31/2021 (b) (Cost $12,476)		12,467		12,489
	SHARES (000)
Short-Term Investments — 0.8%
Investment Companies — 0.8%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (c) (Cost $15,749)		15,749		15,749
Total Investments — 100.4% (Cost $1,577,279)				1,915,992
Liabilities in Excess of Other Assets — (0.4)%				(8,091	)
NET ASSETS — 100.0%				1,907,901

Percentages indicated are based on net assets.

Abbreviations

ETF	Exchange-Traded Fund
REIT	Real Estate Investment Trust
(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)	All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(c)	The rate shown is the current yield as of December 31, 2020.

Detailed information about investment portfolios of the underlying funds and ETFs can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC’s as well as the 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, 2020 J.P. MORGAN  SMARTRETIREMENT^® FUNDS 41

JPMorgan SmartRetirement^® 2055 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

Futures contracts outstanding as of December 31, 2020 (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		225			03/2021		EUR		9,758			188
MSCI Emerging Markets E-Mini Index		160			03/2021		USD		10,302			288
Russell 2000 E-Mini Index		203			03/2021		USD		20,076			588
S&P 500 E-Mini Index		279			03/2021		USD		52,246			1,176
S&P Midcap 400 E-Mini Index		59			03/2021		USD		13,600			371
TOPIX Index		56			03/2021		JPY		9,814			184
U.S. Treasury 10 Year Note		495			03/2021		USD		68,325			41
												2,836
Short Contracts
DJ US Real Estate Index		(258	)		03/2021		USD		(8,651	)		(293	)
Euro-Bund		(249	)		03/2021		EUR		(54,036	)		(277	)
MSCI EAFE E-Mini Index		(22	)		03/2021		USD		(2,347	)		(50	)
												(620	)
												2,216

Abbreviations

EAFE	Europe, Australasia and Far East
EUR	Euro
JPY	Japanese Yen
MSCI	Morgan Stanley Capital International
TOPIX	Tokyo Stock Price Index
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN  SMARTRETIREMENT^® FUNDS DECEMBER 31, 2020

JPMorgan SmartRetirement^® 2060 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment Companies — 94.9%
Alternative Assets — 4.1%
JPMorgan Realty Income Fund Class R6 Shares (a)		1,109		14,689
Fixed Income — 9.4%
JPMorgan Core Bond Fund Class R6 Shares (a)		422		5,192
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		1,007		8,777
JPMorgan Corporate Bond Fund Class R6 Shares (a)		332		3,622
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		76		634
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		72		593
JPMorgan High Yield Fund Class R6 Shares (a)		2,036		14,493
JPMorgan Managed Income Fund Class L Shares (a)		82		822
Total Fixed Income				34,133
International Equity — 36.2%
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		1,656		34,672
JPMorgan International Advantage Fund Class R6 Shares (a)		817		16,927
JPMorgan International Focus Fund Class R6 Shares (a)		1,555		40,481
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		2,038		38,720
Total International Equity				130,800
U.S. Equity — 45.2%
JPMorgan Growth Advantage Fund Class R6 Shares (a)		1,480		48,308
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		64		4,428
JPMorgan Small Cap Growth Fund Class R6 Shares (a)		73		2,251
JPMorgan Small Cap Value Fund Class R6 Shares (a)		72		1,947
JPMorgan U.S. Equity Fund Class R6 Shares (a)		2,085		39,905
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		1,004		31,911
JPMorgan Value Advantage Fund Class R6 Shares (a)		981		34,843
Total U.S. Equity				163,593
Total Investment Companies (Cost $295,796)				343,215
Exchange-Traded funds — 3.3%
Alternative Assets — 0.8%
JPMorgan BetaBuilders MSCI US REIT ETF (a)		38		2,985

INVESTMENTS	SHARES (000)		VALUE ($000)
U.S. Equity — 2.5%
JPMorgan BetaBuilders US Mid Cap Equity ETF (a)		115		9,027
Total Exchange-Traded Funds (Cost $10,987)				12,012
	PRINCIPAL AMOUNT ($000)
U.S. Treasury Obligations — 1.0%
U.S. Treasury Notes 2.50%, 1/31/2021 (b) (Cost $3,430)		3,428		3,434
	SHARES (000)
Short-Term Investments — 2.0%
Investment Companies — 2.0%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (c) (Cost $7,357)		7,357		7,357
Total Investments — 101.2% (Cost $317,570)				366,018
Liabilities in Excess of Other Assets — (1.2)%				(4,346	)
NET ASSETS — 100.0%				361,672

Percentages indicated are based on net assets.

Abbreviations

ETF	Exchange-Traded Fund
REIT	Real Estate Investment Trust
(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)	All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(c)	The rate shown is the current yield as of December 31, 2020.

Detailed information about investment portfolios of the underlying funds and ETFs can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC’s as well as the 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, 2020 J.P. MORGAN  SMARTRETIREMENT^® FUNDS 43

JPMorgan SmartRetirement^® 2060 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

Futures contracts outstanding as of December 31, 2020 (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		42			03/2021		EUR		1,822			35
MSCI EAFE E-Mini Index		42			03/2021		USD		4,481			95
MSCI Emerging Markets E-Mini Index		66			03/2021		USD		4,250			118
Russell 2000 E-Mini Index		38			03/2021		USD		3,758			110
S&P 500 E-Mini Index		57			03/2021		USD		10,674			264
TOPIX Index		11			03/2021		JPY		1,928			36
U.S. Treasury 10 Year Note		73			03/2021		USD		10,076			8
												666
Short Contracts
DJ US Real Estate Index		(23	)		03/2021		USD		(771	)		(26	)
Euro-Bund		(47	)		03/2021		EUR		(10,200	)		(52	)
S&P Midcap 400 E-Mini Index		(3	)		03/2021		USD		(692	)		(13	)
												(91	)
												575

Abbreviations

EAFE	Europe, Australasia and Far East
EUR	Euro
JPY	Japanese Yen
MSCI	Morgan Stanley Capital International
TOPIX	Tokyo Stock Price Index
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN  SMARTRETIREMENT^® FUNDS DECEMBER 31, 2020

THIS PAGE IS INTENTIONALLY LEFT BLANK

DECEMBER 31, 2020 J.P. MORGAN  SMARTRETIREMENT^® FUNDS 45

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2020 (Unaudited)

(Amounts in thousands, except per share amounts)

	JPMorgan SmartRetirement® Income Fund		JPMorgan SmartRetirement® 2020 Fund		JPMorgan SmartRetirement® 2025 Fund
ASSETS:
Investments in non-affiliates, at value	$	14,691	$	24,805	$	43,600
Investments in affiliates, at value		2,434,832		4,228,548		6,137,984
Cash		2		4		3
Receivables:
Investment securities sold		19,753		24,432		42,366
Fund shares sold		2,224		3,837		6,563
Interest from non-affiliates		153		259		455
Dividends from affiliates		197		272		260
Variation margin on futures contracts		2,509		5,483		8,778
Due from adviser		44		45		73
Total Assets		2,474,405		4,287,685		6,240,082
LIABILITIES:
Payables:
Distributions		1,146		1,469		2,787
Investment securities purchased		189		256		235
Fund shares redeemed		27,227		31,685		57,900
Accrued liabilities:
Distribution fees		194		279		387
Service fees		156		333		496
Custodian and accounting fees		—		5		6
Other		113		216		202
Total Liabilities		29,025		34,243		62,013
Net Assets	$	2,445,380	$	4,253,442	$	6,178,069

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN  SMARTRETIREMENT^® FUNDS DECEMBER 31, 2020

	JPMorgan SmartRetirement® Income Fund			JPMorgan SmartRetirement® 2020 Fund			JPMorgan SmartRetirement® 2025 Fund
NET ASSETS:
Paid-in-Capital	$	2,116,487		$	3,660,723		$	5,266,189
Total distributable earnings (loss)		328,893			592,719			911,880
Total Net Assets	$	2,445,380		$	4,253,442		$	6,178,069
Net Assets:
Class A	$	664,934		$	896,173		$	1,260,925
Class C		13,606			18,142			27,939
Class I		194,058			347,865			469,871
Class R2		87,315			157,212			212,251
Class R3		18,312			38,911			42,424
Class R4		16,080			28,709			44,056
Class R5		644,493			1,279,571			1,756,770
Class R6		806,582			1,486,859			2,363,833
Total	$	2,445,380		$	4,253,442		$	6,178,069
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		38,336			48,675			65,754
Class C		788			990			1,463
Class I		11,162			18,812			24,431
Class R2		5,046			8,568			11,116
Class R3		1,061			2,124			2,222
Class R4		927			1,557			2,298
Class R5		36,994			69,104			91,242
Class R6		46,307			80,281			122,748
Net Asset Value (a):
Class A — Redemption price per share	$	17.34		$	18.41		$	19.18
Class C — Offering price per share (b)		17.27			18.32			19.09
Class I — Offering and redemption price per share		17.39			18.49			19.23
Class R2 — Offering and redemption price per share		17.30			18.35			19.09
Class R3 — Offering and redemption price per share		17.27			18.32			19.09
Class R4 — Offering and redemption price per share		17.35			18.44			19.18
Class R5 — Offering and redemption price per share		17.42			18.52			19.25
Class R6 — Offering and redemption price per share		17.42			18.52			19.26
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)]	$	18.16		$	19.28		$	20.08
Cost of investments in non-affiliates	$	14,680		$	24,787		$	43,557
Cost of investments in affiliates		2,130,405			3,682,408			5,322,979

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN  SMARTRETIREMENT^® FUNDS 47

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)

	JPMorgan SmartRetirement® 2030 Fund		JPMorgan SmartRetirement® 2035 Fund		JPMorgan SmartRetirement® 2040 Fund
ASSETS:
Investments in non-affiliates, at value	$	45,879	$	41,830	$	43,225
Investments in affiliates, at value		6,939,201		5,672,488		5,677,717
Cash		3		3		3
Receivables:
Investment securities sold		93,409		62,472		26,753
Fund shares sold		7,403		6,537		6,402
Interest from non-affiliates		479		437		451
Dividends from affiliates		209		4		7
Variation margin on futures contracts		11,267		5,193		4,751
Due from adviser		79		72		71
Total Assets		7,097,929		5,789,036		5,759,380
LIABILITIES:
Payables:
Distributions		2,996		3,362		3,502
Investment securities purchased		161		2		2
Fund shares redeemed		78,223		51,280		82,016
Accrued liabilities:
Distribution fees		453		361		342
Service fees		578		450		451
Custodian and accounting fees		7		5		6
Trustees’ and Chief Compliance Officer’s fees		1		—		1
Other		221		196		220
Total Liabilities		82,640		55,656		86,540
Net Assets	$	7,015,289	$	5,733,380	$	5,672,840

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN  SMARTRETIREMENT^® FUNDS DECEMBER 31, 2020

	JPMorgan SmartRetirement® 2030 Fund			JPMorgan SmartRetirement® 2035 Fund			JPMorgan SmartRetirement® 2040 Fund
NET ASSETS:
Paid-in-Capital	$	5,794,911		$	4,409,121		$	4,166,829
Total distributable earnings (loss)		1,220,378			1,324,259			1,506,011
Total Net Assets	$	7,015,289		$	5,733,380		$	5,672,840
Net Assets:
Class A	$	1,411,772		$	1,149,942		$	1,079,747
Class C		25,254			14,558			15,828
Class I		529,402			405,052			432,793
Class R2		278,546			229,588			200,791
Class R3		72,911			47,980			64,642
Class R4		53,291			51,900			42,831
Class R5		2,095,812			1,565,917			1,693,542
Class R6		2,548,301			2,268,443			2,142,666
Total	$	7,015,289		$	5,733,380		$	5,672,840
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		68,572			52,990			46,276
Class C		1,241			678			691
Class I		25,629			18,552			18,479
Class R2		13,590			10,617			8,660
Class R3		3,556			2,222			2,781
Class R4		2,586			2,383			1,833
Class R5		101,146			71,669			72,100
Class R6		123,021			103,817			91,232
Net Asset Value (a):
Class A — Redemption price per share	$	20.59		$	21.70		$	23.33
Class C — Offering price per share (b)		20.35			21.48			22.91
Class I — Offering and redemption price per share		20.66			21.83			23.42
Class R2 — Offering and redemption price per share		20.50			21.62			23.19
Class R3 — Offering and redemption price per share		20.50			21.60			23.24
Class R4 — Offering and redemption price per share		20.61			21.78			23.36
Class R5 — Offering and redemption price per share		20.72			21.85			23.49
Class R6 — Offering and redemption price per share		20.71			21.85			23.49
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)]	$	21.56		$	22.72		$	24.43
Cost of investments in non-affiliates	$	45,834		$	41,788		$	43,185
Cost of investments in affiliates		5,838,684			4,501,533			4,340,707

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN  SMARTRETIREMENT^® FUNDS 49

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)

	JPMorgan SmartRetirement® 2045 Fund			JPMorgan SmartRetirement® 2050 Fund		JPMorgan SmartRetirement® 2055 Fund		JPMorgan SmartRetirement® 2060 Fund
ASSETS:
Investments in non-affiliates, at value	$	27,310		$	24,883	$	12,489	$	3,434
Investments in affiliates, at value		4,159,751			3,800,308		1,903,503		362,584
Cash		2			2		1		—	(a)
Receivables:
Investment securities sold		25,177			5,741		12,735		—
Fund shares sold		5,368			6,701		3,705		1,397
Interest from non-affiliates		285			260		130		36
Dividends from affiliates		10			9		6		2
Variation margin on futures contracts		5,303			3,463		1,816		527
Due from adviser		65			63		47		25
Total Assets		4,223,271			3,841,430		1,934,432		368,005
LIABILITIES:
Payables:
Distributions		2,827			3,415		1,104		302
Investment securities purchased		2			2		1		—	(a)
Fund shares redeemed		51,500			67,944		25,009		5,957
Accrued liabilities:
Distribution fees		255			220		128		18
Service fees		326			308		157		22
Custodian and accounting fees		5			4		3		10
Trustee’ and Chief Compliance Officer’s fees		—	(a)		1		1		1
Other		174			186		128		23
Total Liabilities		55,089			72,080		26,531		6,333
Net Assets	$	4,168,182		$	3,769,350	$	1,907,901	$	361,672

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN  SMARTRETIREMENT^® FUNDS DECEMBER 31, 2020

	JPMorgan SmartRetirement® 2045 Fund			JPMorgan SmartRetirement® 2050 Fund			JPMorgan SmartRetirement® 2055 Fund			JPMorgan SmartRetirement® 2060 Fund
NET ASSETS:
Paid-in-Capital	$	3,149,546		$	2,858,693		$	1,515,115		$	303,428
Total distributable earnings (loss)		1,018,636			910,657			392,786			58,244
Total Net Assets	$	4,168,182		$	3,769,350		$	1,907,901		$	361,672
Net Assets:
Class A	$	809,884		$	668,201		$	369,085		$	51,105
Class C		10,692			9,220			6,066			1,533
Class I		329,804			342,054			163,501			36,847
Class R2		163,056			141,322			103,718			8,003
Class R3		31,542			31,678			13,475			6,348
Class R4		28,480			27,481			11,351			1,691
Class R5		1,161,947			1,179,109			541,033			73,097
Class R6		1,632,777			1,370,285			699,672			183,048
Total	$	4,168,182		$	3,769,350		$	1,907,901		$	361,672
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		35,444			29,098			13,912			2,429
Class C		474			408			231			73
Class I		14,373			14,831			6,149			1,748
Class R2		7,175			6,191			3,923			381
Class R3		1,386			1,385			510			302
Class R4		1,245			1,194			428			80
Class R5		50,582			51,030			20,331			3,468
Class R6		71,096			59,280			26,281			8,670
Net Asset Value (a):
Class A — Redemption price per share	$	22.85		$	22.96		$	26.53		$	21.04
Class C — Offering price per share (b)		22.54			22.62			26.28			20.90
Class I — Offering and redemption price per share		22.95			23.06			26.59			21.08
Class R2 — Offering and redemption price per share		22.72			22.83			26.44			20.99
Class R3 — Offering and redemption price per share		22.75			22.87			26.44			21.04
Class R4 — Offering and redemption price per share		22.88			23.01			26.54			21.08
Class R5 — Offering and redemption price per share		22.97			23.11			26.61			21.08
Class R6 — Offering and redemption price per share		22.97			23.12			26.62			21.11
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)]	$	23.93		$	24.04		$	27.78		$	22.03
Cost of investments in non-affiliates	$	27,284		$	24,860		$	12,476		$	3,430
Cost of investments in affiliates		3,259,705			2,997,097			1,564,803			314,140

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN  SMARTRETIREMENT^® FUNDS 51

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

(Amounts in thousands)

	JPMorgan SmartRetirement® Income Fund			JPMorgan SmartRetirement® 2020 Fund			JPMorgan SmartRetirement® 2025 Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	176		$	296		$	521
Dividend income from affiliates		29,791			51,012			70,480
Total investment income		29,967			51,308			71,001
EXPENSES:
Distribution fees:
Class A		882			1,216			1,649
Class C		62			82			110
Class R2		237			404			549
Class R3		25			52			57
Service fees:
Class A		882			1,216			1,649
Class C		21			27			37
Class I		288			522			668
Class R2		119			202			274
Class R3		25			52			57
Class R4		20			34			52
Class R5		330			649			886
Custodian and accounting fees		43			80			112
Interest expense to affiliates		—	(a)		—	(a)		—	(a)
Professional fees		29			40			47
Trustees’ and Chief Compliance Officer’s fees		16			19			21
Printing and mailing costs		34			26			48
Registration and filing fees		69			33			54
Transfer agency fees (See Note 2.G.)		72			64			80
Other		54			85			104
Total expenses		3,208			4,803			6,454
Less fees waived		(780	)		(715	)		(704	)
Less expense reimbursements		(231	)		(258	)		(363	)
Net expenses		2,197			3,830			5,387
Net investment income (loss)		27,770			47,478			65,614
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		43			72			80
Investments in affiliates		26,461			56,430			43,773
Futures contracts		26,333			48,322			105,219
Foreign currency transactions		261			179			972
Net realized gain (loss)		53,098			105,003			150,044
Distributions of capital gains received from investment company affiliates		23,950			43,003			73,452
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(200	)		(337	)		(549	)
Investments in affiliates		168,491			302,708			594,608
Futures contracts		(1,920	)		(3,329	)		(3,849	)
Foreign currency translations		(10	)		25			(223	)
Change in net unrealized appreciation/depreciation		166,361			299,067			589,987
Net realized/unrealized gains (losses)		243,409			447,073			813,483
Change in net assets resulting from operations	$	271,179		$	494,551		$	879,097

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN  SMARTRETIREMENT^® FUNDS DECEMBER 31, 2020

	JPMorgan SmartRetirement® 2030 Fund			JPMorgan SmartRetirement® 2035 Fund			JPMorgan SmartRetirement® 2040 Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	560		$	444		$	418
Dividend income from affiliates		75,461			69,210			67,187
Total investment income		76,021			69,654			67,605
EXPENSES:
Distribution fees:
Class A		1,852			1,449			1,376
Class C		96			56			62
Class R2		710			575			513
Class R3		91			59			78
Service fees:
Class A		1,852			1,449			1,376
Class C		32			19			21
Class I		745			558			572
Class R2		355			288			256
Class R3		91			59			78
Class R4		61			59			48
Class R5		1,025			768			809
Custodian and accounting fees		126			99			96
Interest expense to affiliates		—	(a)		—	(a)		—	(a)
Professional fees		51			44			43
Trustees’ and Chief Compliance Officer’s fees		23			20			21
Printing and mailing costs		51			63			69
Registration and filing fees		64			62			55
Transfer agency fees (See Note 2.G.)		92			80			81
Other		105			88			87
Total expenses		7,422			5,795			5,641
Less fees waived		(803	)		(585	)		(562	)
Less expense reimbursements		(401	)		(361	)		(355	)
Net expenses		6,218			4,849			4,724
Net investment income (loss)		69,803			64,805			62,881
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		90			39			32
Investments in affiliates		46,971			27,725			39,425
Futures contracts		118,151			106,758			106,708
Foreign currency transactions		440			213			227
Net realized gain (loss)		165,652			134,735			146,392
Distributions of capital gains received from investment company affiliates		91,044			130,425			132,765
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(590	)		(427	)		(393	)
Investments in affiliates		809,662			740,644			795,074
Futures contracts		(3,804	)		(2,991	)		(2,859	)
Foreign currency translations		234			(5	)		6
Change in net unrealized appreciation/depreciation		805,502			737,221			791,828
Net realized/unrealized gains (losses)		1,062,198			1,002,381			1,070,985
Change in net assets resulting from operations	$	1,132,001		$	1,067,186		$	1,133,866

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN  SMARTRETIREMENT^® FUNDS 53

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

(Amounts in thousands)

	JPMorgan SmartRetirement® 2045 Fund			JPMorgan SmartRetirement® 2050 Fund			JPMorgan SmartRetirement® 2055 Fund			JPMorgan SmartRetirement® 2060 Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	294		$	268		$	132		$	29
Dividend income from affiliates		48,625			43,775			22,309			4,004
Total investment income		48,919			44,043			22,441			4,033
EXPENSES:
Distribution fees:
Class A		1,004			864			447			61
Class C		39			37			22			5
Class R2		408			362			251			18
Class R3		39			40			17			7
Service fees:
Class A		1,004			864			447			61
Class C		13			12			7			2
Class I		428			430			204			39
Class R2		204			181			126			9
Class R3		39			40			17			7
Class R4		31			30			12			2
Class R5		558			559			254			33
Custodian and accounting fees		69			68			28			13
Interest expense to affiliates		—	(a)		—	(a)		—	(a)		—
Professional fees		35			33			24			18
Trustees’ and Chief Compliance Officer’s fees		18			18			16			14
Printing and mailing costs		71			74			82			21
Registration and filing fees		76			72			69			62
Transfer agency fees (See Note 2.G.)		67			60			39			16
Other		67			89			50			14
Total expenses		4,170			3,833			2,112			402
Less fees waived		(416	)		(361	)		(192	)		(33	)
Less expense reimbursements		(324	)		(316	)		(251	)		(143	)
Net expenses		3,430			3,156			1,669			226
Net investment income (loss)		45,489			40,887			20,772			3,807
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		29			29			12			—	(a)
Investments in affiliates		21,843			18,800			5,137			(410	)
Futures contracts		74,517			69,565			34,420			6,841
Foreign currency transactions		240			406			148			31
Net realized gain (loss)		96,629			88,800			39,717			6,462
Distributions of capital gains received from investment company affiliates		101,830			91,880			45,525			8,653
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(281	)		(258	)		(124	)		(25	)
Investments in affiliates		637,139			573,468			289,751			52,185
Futures contracts		(2,045	)		(2,581	)		(1,758	)		(248	)
Foreign currency translations		59			(52	)		(21	)		22
Change in net unrealized appreciation/depreciation		634,872			570,577			287,848			51,934
Net realized/unrealized gains (losses)		833,331			751,257			373,090			67,049
Change in net assets resulting from operations	$	878,820		$	792,144		$	393,862		$	70,856

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN  SMARTRETIREMENT^® FUNDS DECEMBER 31, 2020

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan  SmartRetirement® Income Fund						JPMorgan SmartRetirement® 2020 Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	27,770		$	76,842		$	47,478		$	132,702
Net realized gain (loss)		53,098			208,066			105,003			370,644
Distributions of capital gains received from investment company affiliates		23,950			46,528			43,003			88,320
Change in net unrealized appreciation/depreciation		166,361			(251,843	)		299,067			(448,947	)
Change in net assets resulting from operations		271,179			79,593			494,551			142,719
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(24,505	)		(111,955	)		(34,625	)		(165,886	)
Class C		(455	)		(2,945	)		(638	)		(4,311	)
Class I		(7,379	)		(48,034	)		(14,056	)		(85,239	)
Class R2		(3,123	)		(16,048	)		(5,742	)		(28,620	)
Class R3		(712	)		(2,943	)		(1,523	)		(6,853	)
Class R4		(589	)		(2,172	)		(1,101	)		(4,267	)
Class R5		(24,135	)		(106,657	)		(50,203	)		(217,110	)
Class R6		(30,789	)		(118,771	)		(59,404	)		(224,900	)
Total distributions to shareholders		(91,687	)		(409,525	)		(167,292	)		(737,186	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(404,798	)		(330,514	)		(667,878	)		(614,693	)
NET ASSETS:
Change in net assets		(225,306	)		(660,446	)		(340,619	)		(1,209,160	)
Beginning of period		2,670,686			3,331,132			4,594,061			5,803,221
End of period	$	2,445,380		$	2,670,686		$	4,253,442		$	4,594,061

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN  SMARTRETIREMENT^® FUNDS 55

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan SmartRetirement® 2025 Fund						JPMorgan  SmartRetirement® 2030 Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	65,614		$	165,120		$	69,803		$	170,306
Net realized gain (loss)		150,044			423,970			165,652			617,683
Distributions of capital gains received from investment company affiliates		73,452			133,279			91,044			176,040
Change in net unrealized appreciation/depreciation		589,987			(583,405	)		805,502			(865,414	)
Change in net assets resulting from operations		879,097			138,964			1,132,001			98,615
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(47,253	)		(187,049	)		(49,460	)		(257,531	)
Class C		(956	)		(3,931	)		(801	)		(5,167	)
Class I		(18,423	)		(89,575	)		(19,370	)		(124,204	)
Class R2		(7,597	)		(31,329	)		(9,389	)		(52,701	)
Class R3		(1,679	)		(5,711	)		(2,633	)		(11,306	)
Class R4		(1,662	)		(5,057	)		(1,866	)		(7,156	)
Class R5		(68,219	)		(241,336	)		(75,042	)		(333,290	)
Class R6		(92,575	)		(281,012	)		(92,657	)		(359,566	)
Total distributions to shareholders		(238,364	)		(845,000	)		(251,218	)		(1,150,921	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(773,848	)		(223,807	)		(799,132	)		12,161
NET ASSETS:
Change in net assets		(133,115	)		(929,843	)		81,651			(1,040,145	)
Beginning of period		6,311,184			7,241,027			6,933,638			7,973,783
End of period	$	6,178,069		$	6,311,184		$	7,015,289		$	6,933,638

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN  SMARTRETIREMENT^® FUNDS DECEMBER 31, 2020

	JPMorgan  SmartRetirement® 2035 Fund						JPMorgan  SmartRetirement® 2040 Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	64,805		$	109,074		$	62,881		$	97,655
Net realized gain (loss)		134,735			182,599			146,392			240,172
Distributions of capital gains received from investment company affiliates		130,425			181,426			132,765			196,389
Change in net unrealized appreciation/depreciation		737,221			(409,182	)		791,828			(492,881	)
Change in net assets resulting from operations		1,067,186			63,917			1,133,866			41,335
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(47,757	)		(120,166	)		(48,124	)		(129,959	)
Class C		(570	)		(1,842	)		(679	)		(2,213	)
Class I		(17,397	)		(57,779	)		(19,584	)		(65,720	)
Class R2		(9,159	)		(24,603	)		(8,971	)		(26,373	)
Class R3		(2,030	)		(4,340	)		(2,989	)		(6,822	)
Class R4		(2,161	)		(4,287	)		(1,916	)		(4,084	)
Class R5		(67,318	)		(153,002	)		(76,879	)		(180,731	)
Class R6		(97,598	)		(195,782	)		(98,263	)		(203,029	)
Total distributions to shareholders		(243,990	)		(561,801	)		(257,405	)		(618,931	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(569,364	)		(245,388	)		(512,716	)		(252,685	)
NET ASSETS:
Change in net assets		253,832			(743,272	)		363,745			(830,281	)
Beginning of period		5,479,548			6,222,820			5,309,095			6,139,376
End of period	$	5,733,380		$	5,479,548		$	5,672,840		$	5,309,095

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN  SMARTRETIREMENT^® FUNDS 57

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan  SmartRetirement® 2045 Fund						JPMorgan  SmartRetirement® 2050 Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	45,489		$	65,438		$	40,887		$	58,062
Net realized gain (loss)		96,629			118,424			88,800			105,853
Distributions of capital gains received from investment company affiliates		101,830			149,386			91,880			132,380
Change in net unrealized appreciation/depreciation		634,872			(325,764	)		570,577			(283,458	)
Change in net assets resulting from operations		878,820			7,484			792,144			12,837
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(33,637	)		(80,852	)		(28,754	)		(66,937	)
Class C		(424	)		(1,214	)		(373	)		(1,202	)
Class I		(13,850	)		(41,796	)		(14,440	)		(38,967	)
Class R2		(6,601	)		(17,050	)		(5,911	)		(15,845	)
Class R3		(1,346	)		(2,796	)		(1,456	)		(3,049	)
Class R4		(1,172	)		(2,176	)		(1,142	)		(1,956	)
Class R5		(49,701	)		(109,110	)		(50,357	)		(101,396	)
Class R6		(70,005	)		(138,680	)		(59,031	)		(106,247	)
Total distributions to shareholders		(176,736	)		(393,674	)		(161,464	)		(335,599	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(361,312	)		(160,107	)		(308,615	)		(166,141	)
NET ASSETS:
Change in net assets		340,772			(546,297	)		322,065			(488,903	)
Beginning of period		3,827,410			4,373,707			3,447,285			3,936,188
End of period	$	4,168,182		$	3,827,410		$	3,769,350		$	3,447,285

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN  SMARTRETIREMENT^® FUNDS DECEMBER 31, 2020

	JPMorgan  SmartRetirement® 2055 Fund						JPMorgan  SmartRetirement® 2060 Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	20,772		$	27,034		$	3,807		$	3,714
Net realized gain (loss)		39,717			13,938			6,462			(2,491	)
Distributions of capital gains received from investment company affiliates		45,525			60,689			8,653			7,236
Change in net unrealized appreciation/depreciation		287,848			(94,676	)		51,934			(6,842	)
Change in net assets resulting from operations		393,862			6,985			70,856			1,617
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(13,227	)		(24,959	)		(1,615	)		(1,233	)
Class C		(208	)		(380	)		(46	)		(30	)
Class I		(5,967	)		(12,737	)		(1,201	)		(690	)
Class R2		(3,637	)		(6,950	)		(261	)		(167	)
Class R3		(506	)		(1,020	)		(208	)		(145	)
Class R4		(413	)		(614	)		(57	)		(43	)
Class R5		(20,355	)		(35,359	)		(2,471	)		(1,734	)
Class R6		(26,210	)		(42,278	)		(6,090	)		(4,475	)
Total distributions to shareholders		(70,523	)		(124,297	)		(11,949	)		(8,517	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(91,455	)		(7,605	)		24,143			115,793
NET ASSETS:
Change in net assets		231,884			(124,917	)		83,050			108,893
Beginning of period		1,676,017			1,800,934			278,622			169,729
End of period	$	1,907,901		$	1,676,017		$	361,672		$	278,622

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN  SMARTRETIREMENT^® FUNDS 59

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan SmartRetirement® Income Fund						JPMorgan  SmartRetirement® 2020 Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	35,267		$	88,315		$	62,817		$	164,814
Distributions reinvested		23,646			108,194			33,476			159,419
Cost of shares redeemed		(167,967	)		(294,229	)		(288,655	)		(499,951	)
Change in net assets resulting from Class A capital transactions		(109,054	)		(97,720	)		(192,362	)		(175,718	)
Class C
Proceeds from shares issued		566			2,690			882			5,638
Distributions reinvested		445			2,373			611			3,418
Cost of shares redeemed		(7,872	)		(8,418	)		(11,187	)		(11,878	)
Change in net assets resulting from Class C capital transactions		(6,861	)		(3,355	)		(9,694	)		(2,822	)
Class I
Proceeds from shares issued		14,228			38,589			20,343			69,367
Distributions reinvested		7,312			47,742			13,972			84,927
Cost of shares redeemed		(120,793	)		(147,215	)		(219,810	)		(241,215	)
Change in net assets resulting from Class I capital transactions		(99,253	)		(60,884	)		(185,495	)		(86,921	)
Class R2
Proceeds from shares issued		5,079			16,394			8,874			30,168
Distributions reinvested		3,035			15,013			5,646			26,718
Cost of shares redeemed		(23,924	)		(56,706	)		(33,535	)		(103,410	)
Change in net assets resulting from Class R2 capital transactions		(15,810	)		(25,299	)		(19,015	)		(46,524	)
Class R3
Proceeds from shares issued		1,673			8,536			5,811			19,691
Distributions reinvested		553			2,413			1,328			6,188
Cost of shares redeemed		(6,363	)		(8,334	)		(14,708	)		(22,568	)
Change in net assets resulting from Class R3 capital transactions		(4,137	)		2,615			(7,569	)		3,311
Class R4
Proceeds from shares issued		1,598			6,339			3,409			10,790
Distributions reinvested		588			2,172			1,101			4,267
Cost of shares redeemed		(3,634	)		(8,753	)		(5,122	)		(23,622	)
Change in net assets resulting from Class R4 capital transactions		(1,448	)		(242	)		(612	)		(8,565	)
Class R5
Proceeds from shares issued		23,279			74,779			51,621			158,475
Distributions reinvested		23,589			104,610			49,584			214,370
Cost of shares redeemed		(110,707	)		(367,231	)		(215,513	)		(712,189	)
Change in net assets resulting from Class R5 capital transactions		(63,839	)		(187,842	)		(114,308	)		(339,344	)
Class R6
Proceeds from shares issued		84,368			272,876			159,730			452,220
Distributions reinvested		28,158			109,681			55,287			210,208
Cost of shares redeemed		(216,922	)		(340,344	)		(353,840	)		(620,538	)
Change in net assets resulting from Class R6 capital transactions		(104,396	)		42,213			(138,823	)		41,890
Total change in net assets resulting from capital transactions	$	(404,798	)	$	(330,514	)	$	(667,878	)	$	(614,693	)

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN  SMARTRETIREMENT^® FUNDS DECEMBER 31, 2020

	JPMorgan SmartRetirement® Income Fund						JPMorgan SmartRetirement® 2020 Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		2,076			5,209			3,497			9,191
Reinvested		1,371			6,505			1,829			9,048
Redeemed		(9,860	)		(17,334	)		(15,999	)		(27,967	)
Change in Class A Shares		(6,413	)		(5,620	)		(10,673	)		(9,728	)
Class C
Issued		34			159			49			317
Reinvested		26			143			34			195
Redeemed		(469	)		(500	)		(626	)		(687	)
Change in Class C Shares		(409	)		(198	)		(543	)		(175	)
Class I
Issued		832			2,251			1,128			3,851
Reinvested		423			2,863			760			4,799
Redeemed		(7,081	)		(8,851	)		(12,143	)		(13,598	)
Change in Class I Shares		(5,826	)		(3,737	)		(10,255	)		(4,948	)
Class R2
Issued		301			953			494			1,675
Reinvested		176			905			309			1,522
Redeemed		(1,405	)		(3,381	)		(1,867	)		(5,821	)
Change in Class R2 Shares		(928	)		(1,523	)		(1,064	)		(2,624	)
Class R3
Issued		99			498			325			1,081
Reinvested		32			146			73			353
Redeemed		(375	)		(495	)		(822	)		(1,283	)
Change in Class R3 Shares		(244	)		149			(424	)		151
Class R4
Issued		94			367			186			581
Reinvested		34			130			60			242
Redeemed		(214	)		(494	)		(284	)		(1,265	)
Change in Class R4 Shares		(86	)		3			(38	)		(442	)
Class R5
Issued		1,359			4,409			2,860			8,791
Reinvested		1,361			6,263			2,693			12,095
Redeemed		(6,487	)		(21,401	)		(11,916	)		(39,280	)
Change in Class R5 Shares		(3,767	)		(10,729	)		(6,363	)		(18,394	)
Class R6
Issued		4,941			16,070			8,822			25,167
Reinvested		1,626			6,567			3,003			11,862
Redeemed		(12,642	)		(19,819	)		(19,451	)		(34,318	)
Change in Class R6 Shares		(6,075	)		2,818			(7,626	)		2,711

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN  SMARTRETIREMENT^® FUNDS 61

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan SmartRetirement® 2025 Fund						JPMorgan  SmartRetirement® 2030 Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	85,266		$	240,725		$	87,036		$	259,541
Distributions reinvested		45,631			179,437			47,723			247,770
Cost of shares redeemed		(351,767	)		(530,971	)		(411,111	)		(581,603	)
Change in net assets resulting from Class A capital transactions		(220,870	)		(110,809	)		(276,352	)		(74,292	)
Class C
Proceeds from shares issued		2,319			4,525			1,506			7,028
Distributions reinvested		904			3,312			749			3,783
Cost of shares redeemed		(9,092	)		(9,284	)		(7,392	)		(13,047	)
Change in net assets resulting from Class C capital transactions		(5,869	)		(1,447	)		(5,137	)		(2,236	)
Class I
Proceeds from shares issued		39,387			95,733			37,483			113,533
Distributions reinvested		18,066			88,461			19,130			123,600
Cost of shares redeemed		(253,503	)		(260,950	)		(272,526	)		(295,924	)
Change in net assets resulting from Class I capital transactions		(196,050	)		(76,756	)		(215,913	)		(58,791	)
Class R2
Proceeds from shares issued		15,257			42,455			15,770			49,506
Distributions reinvested		7,464			28,922			9,246			49,166
Cost of shares redeemed		(53,040	)		(105,885	)		(61,582	)		(145,117	)
Change in net assets resulting from Class R2 capital transactions		(30,319	)		(34,508	)		(36,566	)		(46,445	)
Class R3
Proceeds from shares issued		5,941			21,561			10,021			26,251
Distributions reinvested		1,261			4,600			2,300			10,333
Cost of shares redeemed		(13,230	)		(19,170	)		(17,177	)		(22,874	)
Change in net assets resulting from Class R3 capital transactions		(6,028	)		6,991			(4,856	)		13,710
Class R4
Proceeds from shares issued		6,032			11,471			8,928			15,085
Distributions reinvested		1,662			5,057			1,866			7,156
Cost of shares redeemed		(7,118	)		(9,154	)		(9,024	)		(31,406	)
Change in net assets resulting from Class R4 capital transactions		576			7,374			1,770			(9,165	)
Class R5
Proceeds from shares issued		82,579			257,660			84,190			283,455
Distributions reinvested		66,798			236,548			73,164			325,010
Cost of shares redeemed		(311,880	)		(734,565	)		(294,150	)		(712,095	)
Change in net assets resulting from Class R5 capital transactions		(162,503	)		(240,357	)		(136,796	)		(103,630	)
Class R6
Proceeds from shares issued		243,041			651,964			257,729			709,634
Distributions reinvested		85,346			260,026			85,895			333,818
Cost of shares redeemed		(481,172	)		(686,285	)		(468,906	)		(750,442	)
Change in net assets resulting from Class R6 capital transactions		(152,785	)		225,705			(125,282	)		293,010
Total change in net assets resulting from capital transactions	$	(773,848	)	$	(223,807	)	$	(799,132	)	$	12,161

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN  SMARTRETIREMENT^® FUNDS DECEMBER 31, 2020

	JPMorgan SmartRetirement® 2025 Fund						JPMorgan SmartRetirement® 2030 Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		4,618			13,252			4,443			13,404
Reinvested		2,400			9,959			2,341			12,933
Redeemed		(19,027	)		(29,655	)		(20,940	)		(30,180	)
Change in Class A Shares		(12,009	)		(6,444	)		(14,156	)		(3,843	)
Class C
Issued		124			245			78			357
Reinvested		48			185			37			200
Redeemed		(494	)		(514	)		(388	)		(707	)
Change in Class C Shares		(322	)		(84	)		(273	)		(150	)
Class I
Issued		2,125			5,259			1,915			5,902
Reinvested		947			4,895			936			6,433
Redeemed		(13,650	)		(14,630	)		(13,861	)		(15,722	)
Change in Class I Shares		(10,578	)		(4,476	)		(11,010	)		(3,387	)
Class R2
Issued		831			2,336			810			2,543
Reinvested		394			1,612			455			2,577
Redeemed		(2,871	)		(5,959	)		(3,138	)		(7,650	)
Change in Class R2 Shares		(1,646	)		(2,011	)		(1,873	)		(2,530	)
Class R3
Issued		324			1,174			518			1,331
Reinvested		67			256			113			541
Redeemed		(711	)		(1,073	)		(877	)		(1,200	)
Change in Class R3 Shares		(320	)		357			(246	)		672
Class R4
Issued		325			623			452			764
Reinvested		87			281			91			373
Redeemed		(384	)		(520	)		(461	)		(1,550	)
Change in Class R4 Shares		28			384			82			(413	)
Class R5
Issued		4,451			14,186			4,259			14,635
Reinvested		3,500			13,083			3,568			16,866
Redeemed		(16,761	)		(40,420	)		(14,914	)		(36,365	)
Change in Class R5 Shares		(8,810	)		(13,151	)		(7,087	)		(4,864	)
Class R6
Issued		13,084			35,896			13,050			36,917
Reinvested		4,472			14,386			4,191			17,336
Redeemed		(25,652	)		(37,653	)		(23,564	)		(38,023	)
Change in Class R6 Shares		(8,096	)		12,629			(6,323	)		16,230

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN  SMARTRETIREMENT^® FUNDS 63

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan SmartRetirement® 2035 Fund						JPMorgan  SmartRetirement® 2040 Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	73,494		$	209,889		$	71,576		$	202,314
Distributions reinvested		45,943			115,252			46,268			124,789
Cost of shares redeemed		(278,812	)		(425,088	)		(301,235	)		(437,805	)
Change in net assets resulting from Class A capital transactions		(159,375	)		(99,947	)		(183,391	)		(110,702	)
Class C
Proceeds from shares issued		1,333			3,206			1,217			3,920
Distributions reinvested		534			1,299			648			1,599
Cost of shares redeemed		(5,862	)		(8,291	)		(5,371	)		(8,524	)
Change in net assets resulting from Class C capital transactions		(3,995	)		(3,786	)		(3,506	)		(3,005	)
Class I
Proceeds from shares issued		31,228			79,585			28,607			98,035
Distributions reinvested		17,261			57,402			19,520			65,561
Cost of shares redeemed		(203,840	)		(196,452	)		(179,036	)		(226,754	)
Change in net assets resulting from Class I capital transactions		(155,351	)		(59,465	)		(130,909	)		(63,158	)
Class R2
Proceeds from shares issued		15,572			40,197			11,690			38,236
Distributions reinvested		8,997			22,710			8,659			24,321
Cost of shares redeemed		(53,336	)		(98,615	)		(52,620	)		(104,998	)
Change in net assets resulting from Class R2 capital transactions		(28,767	)		(35,708	)		(32,271	)		(42,441	)
Class R3
Proceeds from shares issued		8,682			19,460			8,358			23,781
Distributions reinvested		1,567			3,510			2,636			6,177
Cost of shares redeemed		(13,116	)		(14,184	)		(13,959	)		(20,195	)
Change in net assets resulting from Class R3 capital transactions		(2,867	)		8,786			(2,965	)		9,763
Class R4
Proceeds from shares issued		4,686			11,987			4,636			16,356
Distributions reinvested		2,160			4,287			1,916			4,084
Cost of shares redeemed		(4,997	)		(9,326	)		(4,900	)		(23,909	)
Change in net assets resulting from Class R4 capital transactions		1,849			6,948			1,652			(3,469	)
Class R5
Proceeds from shares issued		75,661			240,300			71,787			230,669
Distributions reinvested		64,983			147,959			74,132			174,486
Cost of shares redeemed		(244,273	)		(553,540	)		(227,664	)		(517,456	)
Change in net assets resulting from Class R5 capital transactions		(103,629	)		(165,281	)		(81,745	)		(112,301	)
Class R6
Proceeds from shares issued		217,352			597,554			201,105			592,329
Distributions reinvested		91,106			182,501			91,022			188,053
Cost of shares redeemed		(425,687	)		(676,990	)		(371,708	)		(707,754	)
Change in net assets resulting from Class R6 capital transactions		(117,229	)		103,065			(79,581	)		72,628
Total change in net assets resulting from capital transactions	$	(569,364	)	$	(245,388	)	$	(512,716	)	$	(252,685	)

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN  SMARTRETIREMENT^® FUNDS DECEMBER 31, 2020

	JPMorgan SmartRetirement® 2035 Fund						JPMorgan SmartRetirement® 2040 Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		3,590			10,822			3,261			9,756
Reinvested		2,128			5,798			1,995			5,861
Redeemed		(13,556	)		(21,963	)		(13,675	)		(21,042	)
Change in Class A Shares		(7,838	)		(5,343	)		(8,419	)		(5,425	)
Class C
Issued		66			164			56			190
Reinvested		25			66			28			76
Redeemed		(294	)		(435	)		(249	)		(428	)
Change in Class C Shares		(203	)		(205	)		(165	)		(162	)
Class I
Issued		1,524			4,086			1,302			4,709
Reinvested		795			2,873			839			3,069
Redeemed		(9,860	)		(10,362	)		(8,116	)		(11,217	)
Change in Class I Shares		(7,541	)		(3,403	)		(5,975	)		(3,439	)
Class R2
Issued		762			2,071			537			1,848
Reinvested		418			1,144			375			1,147
Redeemed		(2,599	)		(5,134	)		(2,391	)		(5,136	)
Change in Class R2 Shares		(1,419	)		(1,919	)		(1,479	)		(2,141	)
Class R3
Issued		427			986			384			1,117
Reinvested		73			177			114			291
Redeemed		(639	)		(742	)		(636	)		(967	)
Change in Class R3 Shares		(139	)		421			(138	)		441
Class R4
Issued		227			606			204			778
Reinvested		100			215			83			192
Redeemed		(245	)		(490	)		(223	)		(1,141	)
Change in Class R4 Shares		82			331			64			(171	)
Class R5
Issued		3,656			12,422			3,241			11,099
Reinvested		2,993			7,405			3,178			8,156
Redeemed		(11,736	)		(28,416	)		(10,296	)		(24,670	)
Change in Class R5 Shares		(5,087	)		(8,589	)		(3,877	)		(5,415	)
Class R6
Issued		10,511			30,724			9,099			28,639
Reinvested		4,197			9,143			3,903			8,794
Redeemed		(20,323	)		(34,227	)		(16,609	)		(33,142	)
Change in Class R6 Shares		(5,615	)		5,640			(3,607	)		4,291

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN  SMARTRETIREMENT^® FUNDS 65

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan SmartRetirement® 2045 Fund						JPMorgan  SmartRetirement® 2050 Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	63,764		$	168,885		$	65,350		$	179,061
Distributions reinvested		32,374			77,363			27,133			63,519
Cost of shares redeemed		(194,677	)		(274,073	)		(212,294	)		(282,166	)
Change in net assets resulting from Class A capital transactions		(98,539	)		(27,825	)		(119,811	)		(39,586	)
Class C
Proceeds from shares issued		764			2,962			875			2,393
Distributions reinvested		399			910			355			874
Cost of shares redeemed		(3,408	)		(4,773	)		(4,555	)		(5,615	)
Change in net assets resulting from Class C capital transactions		(2,245	)		(901	)		(3,325	)		(2,348	)
Class I
Proceeds from shares issued		23,251			72,481			29,418			93,279
Distributions reinvested		13,730			41,436			14,409			38,872
Cost of shares redeemed		(126,932	)		(129,514	)		(114,157	)		(153,619	)
Change in net assets resulting from Class I capital transactions		(89,951	)		(15,597	)		(70,330	)		(21,468	)
Class R2
Proceeds from shares issued		11,678			35,694			12,661			36,120
Distributions reinvested		6,428			15,781			5,731			14,873
Cost of shares redeemed		(41,166	)		(67,834	)		(43,544	)		(79,613	)
Change in net assets resulting from Class R2 capital transactions		(23,060	)		(16,359	)		(25,152	)		(28,620	)
Class R3
Proceeds from shares issued		4,563			14,717			6,038			14,267
Distributions reinvested		1,085			2,361			1,218			2,735
Cost of shares redeemed		(8,182	)		(10,388	)		(9,616	)		(15,402	)
Change in net assets resulting from Class R3 capital transactions		(2,534	)		6,690			(2,360	)		1,600
Class R4
Proceeds from shares issued		3,998			10,858			3,146			10,277
Distributions reinvested		1,172			2,176			1,141			1,956
Cost of shares redeemed		(3,512	)		(7,057	)		(2,787	)		(20,254	)
Change in net assets resulting from Class R4 capital transactions		1,658			5,977			1,500			(8,021	)
Class R5
Proceeds from shares issued		65,874			196,533			72,624			216,841
Distributions reinvested		47,596			104,530			47,176			95,443
Cost of shares redeemed		(179,135	)		(387,875	)		(172,349	)		(326,150	)
Change in net assets resulting from Class R5 capital transactions		(65,665	)		(86,812	)		(52,549	)		(13,866	)
Class R6
Proceeds from shares issued		167,531			461,930			169,689			429,984
Distributions reinvested		64,481			127,414			52,948			95,443
Cost of shares redeemed		(312,988	)		(614,624	)		(259,225	)		(579,259	)
Change in net assets resulting from Class R6 capital transactions		(80,976	)		(25,280	)		(36,588	)		(53,832	)
Total change in net assets resulting from capital transactions	$	(361,312	)	$	(160,107	)	$	(308,615	)	$	(166,141	)

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN  SMARTRETIREMENT^® FUNDS DECEMBER 31, 2020

	JPMorgan SmartRetirement® 2045 Fund						JPMorgan SmartRetirement® 2050 Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		2,994			8,490			3,059			8,948
Reinvested		1,425			3,738			1,188			3,052
Redeemed		(9,104	)		(13,773	)		(9,818	)		(14,061	)
Change in Class A Shares		(4,685	)		(1,545	)		(5,571	)		(2,061	)
Class C
Issued		36			152			41			120
Reinvested		18			44			16			42
Redeemed		(167	)		(250	)		(220	)		(287	)
Change in Class C Shares		(113	)		(54	)		(163	)		(125	)
Class I
Issued		1,091			3,636			1,373			4,672
Reinvested		602			1,996			628			1,862
Redeemed		(5,911	)		(6,717	)		(5,302	)		(7,852	)
Change in Class I Shares		(4,218	)		(1,085	)		(3,301	)		(1,318	)
Class R2
Issued		555			1,792			596			1,812
Reinvested		284			764			253			716
Redeemed		(1,927	)		(3,427	)		(2,024	)		(3,997	)
Change in Class R2 Shares		(1,088	)		(871	)		(1,175	)		(1,469	)
Class R3
Issued		217			726			285			701
Reinvested		48			115			54			132
Redeemed		(382	)		(522	)		(443	)		(750	)
Change in Class R3 Shares		(117	)		319			(104	)		83
Class R4
Issued		185			550			144			507
Reinvested		52			105			50			94
Redeemed		(167	)		(364	)		(132	)		(985	)
Change in Class R4 Shares		70			291			62			(384	)
Class R5
Issued		3,078			9,932			3,379			10,935
Reinvested		2,087			5,035			2,055			4,568
Redeemed		(8,306	)		(19,272	)		(8,004	)		(16,088	)
Change in Class R5 Shares		(3,141	)		(4,305	)		(2,570	)		(585	)
Class R6
Issued		7,824			23,180			7,893			21,596
Reinvested		2,829			6,144			2,306			4,571
Redeemed		(14,362	)		(29,920	)		(11,872	)		(27,924	)
Change in Class R6 Shares		(3,709	)		(596	)		(1,673	)		(1,757	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN  SMARTRETIREMENT^® FUNDS 67

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan SmartRetirement® 2055 Fund						JPMorgan SmartRetirement® 2060 Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	52,335		$	135,184		$	13,838		$	32,838
Distributions reinvested		12,534			23,497			1,590			1,218
Cost of shares redeemed		(92,634	)		(138,175	)		(18,574	)		(14,474	)
Change in net assets resulting from Class A capital transactions		(27,765	)		20,506			(3,146	)		19,582
Class C
Proceeds from shares issued		364			1,682			174			514
Distributions reinvested		208			346			38			30
Cost of shares redeemed		(903	)		(1,163	)		(195	)		(71	)
Change in net assets resulting from Class C capital transactions		(331	)		865			17			473
Class I
Proceeds from shares issued		20,324			55,723			10,756			17,908
Distributions reinvested		5,955			12,713			1,200			690
Cost of shares redeemed		(56,804	)		(45,109	)		(5,852	)		(6,117	)
Change in net assets resulting from Class I capital transactions		(30,525	)		23,327			6,104			12,481
Class R2
Proceeds from shares issued		10,814			30,941			1,788			3,508
Distributions reinvested		3,518			6,369			258			167
Cost of shares redeemed		(21,563	)		(35,853	)		(1,048	)		(1,587	)
Change in net assets resulting from Class R2 capital transactions		(7,231	)		1,457			998			2,088
Class R3
Proceeds from shares issued		2,881			8,419			2,281			3,136
Distributions reinvested		436			934			195			136
Cost of shares redeemed		(4,925	)		(7,223	)		(1,502	)		(2,045	)
Change in net assets resulting from Class R3 capital transactions		(1,608	)		2,130			974			1,227
Class R4
Proceeds from shares issued		1,613			3,844			435			1,300
Distributions reinvested		412			613			57			44
Cost of shares redeemed		(1,183	)		(1,757	)		(342	)		(1,811	)
Change in net assets resulting from Class R4 capital transactions		842			2,700			150			(467	)
Class R5
Proceeds from shares issued		57,461			150,765			16,003			34,718
Distributions reinvested		20,210			35,026			2,465			1,721
Cost of shares redeemed		(84,980	)		(186,341	)		(13,172	)		(14,226	)
Change in net assets resulting from Class R5 capital transactions		(7,309	)		(550	)		5,296			22,213
Class R6
Proceeds from shares issued		105,933			257,099			50,257			91,926
Distributions reinvested		23,978			39,049			5,334			4,044
Cost of shares redeemed		(147,439	)		(354,188	)		(41,841	)		(37,774	)
Change in net assets resulting from Class R6 capital transactions		(17,528	)		(58,040	)		13,750			58,196
Total change in net assets resulting from capital transactions	$	(91,455	)	$	(7,605	)	$	24,143		$	115,793

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN  SMARTRETIREMENT^® FUNDS DECEMBER 31, 2020

	JPMorgan SmartRetirement® 2055 Fund						JPMorgan SmartRetirement® 2060 Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		2,130			5,954			712			1,854
Reinvested		475			984			76			65
Redeemed		(3,747	)		(6,080	)		(950	)		(824	)
Change in Class A Shares		(1,142	)		858			(162	)		1,095
Class C
Issued		15			75			8			32
Reinvested		8			14			2			2
Redeemed		(37	)		(51	)		(10	)		(4	)
Change in Class C Shares		(14	)		38			—	(a)		30
Class I
Issued		825			2,462			553			1,019
Reinvested		225			532			57			37
Redeemed		(2,289	)		(2,023	)		(297	)		(351	)
Change in Class I Shares		(1,239	)		971			313			705
Class R2
Issued		442			1,371			92			198
Reinvested		134			266			12			9
Redeemed		(869	)		(1,577	)		(52	)		(89	)
Change in Class R2 Shares		(293	)		60			52			118
Class R3
Issued		120			365			119			176
Reinvested		16			39			9			7
Redeemed		(200	)		(314	)		(76	)		(118	)
Change in Class R3 Shares		(64	)		90			52			65
Class R4
Issued		65			167			22			73
Reinvested		16			26			3			2
Redeemed		(48	)		(78	)		(17	)		(103	)
Change in Class R4 Shares		33			115			8			(28	)
Class R5
Issued		2,333			6,642			827			1,970
Reinvested		765			1,467			118			92
Redeemed		(3,396	)		(8,140	)		(667	)		(801	)
Change in Class R5 Shares		(298	)		(31	)		278			1,261
Class R6
Issued		4,285			11,299			2,577			5,239
Reinvested		907			1,637			255			217
Redeemed		(5,879	)		(15,098	)		(2,099	)		(2,150	)
Change in Class R6 Shares		(687	)		(2,162	)		733			3,306

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN  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, 2020 (Unaudited)	$	16.21	$	0.17		$	1.60		$	1.77	$	(0.23	)	$	(0.41	)	$	(0.64	)
Year Ended June 30, 2020		18.14		0.42			0.10			0.52		(0.43	)		(2.02	)		(2.45	)
Year Ended June 30, 2019		18.19		0.47			0.49			0.96		(0.51	)		(0.50	)		(1.01	)
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	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		16.13		0.11			1.61			1.72		(0.17	)		(0.41	)		(0.58	)
Year Ended June 30, 2020		18.07		0.31			0.09			0.40		(0.32	)		(2.02	)		(2.34	)
Year Ended June 30, 2019		18.12		0.35			0.50			0.85		(0.40	)		(0.50	)		(0.90	)
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	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		16.24		0.17			1.62			1.79		(0.23	)		(0.41	)		(0.64	)
Year Ended June 30, 2020		18.18		0.44			0.09			0.53		(0.45	)		(2.02	)		(2.47	)
Year Ended June 30, 2019		18.22		0.49			0.50			0.99		(0.53	)		(0.50	)		(1.03	)
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	)
Class R2
Six Months Ended December 31, 2020 (Unaudited)		16.17		0.13			1.60			1.73		(0.19	)		(0.41	)		(0.60	)
Year Ended June 30, 2020		18.11		0.35			0.08			0.43		(0.35	)		(2.02	)		(2.37	)
Year Ended June 30, 2019		18.15		0.39			0.50			0.89		(0.43	)		(0.50	)		(0.93	)
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	)
Class R3
Six Months Ended December 31, 2020 (Unaudited)		16.14		0.16			1.59			1.75		(0.21	)		(0.41	)		(0.62	)
Year Ended June 30, 2020		18.08		0.38			0.10			0.48		(0.40	)		(2.02	)		(2.42	)
Year Ended June 30, 2019		18.13		0.45			0.48			0.93		(0.48	)		(0.50	)		(0.98	)
Year Ended June 30, 2018		18.10		0.38			0.31			0.69		(0.39	)		(0.27	)		(0.66	)
September 9, 2016 (i) through June 30, 2017		17.56		0.35	(h)		0.58			0.93		(0.39	)		—			(0.39	)
Class R4
Six Months Ended December 31, 2020 (Unaudited)		16.21		0.18			1.60			1.78		(0.23	)		(0.41	)		(0.64	)
Year Ended June 30, 2020		18.15		0.43			0.09			0.52		(0.44	)		(2.02	)		(2.46	)
Year Ended June 30, 2019		18.19		0.48			0.50			0.98		(0.52	)		(0.50	)		(1.02	)
Year Ended June 30, 2018		18.17		0.50			0.23			0.73		(0.44	)		(0.27	)		(0.71	)
September 9, 2016 (i) through June 30, 2017		17.59		0.33	(h)		0.64			0.97		(0.39	)		—			(0.39	)
Class R5
Six Months Ended December 31, 2020 (Unaudited)		16.28		0.19			1.60			1.79		(0.24	)		(0.41	)		(0.65	)
Year Ended June 30, 2020		18.21		0.46			0.10			0.56		(0.47	)		(2.02	)		(2.49	)
Year Ended June 30, 2019		18.25		0.50			0.51			1.01		(0.55	)		(0.50	)		(1.05	)
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	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		16.28		0.20			1.60			1.80		(0.25	)		(0.41	)		(0.66	)
Year Ended June 30, 2020		18.21		0.47			0.10			0.57		(0.48	)		(2.02	)		(2.50	)
Year Ended June 30, 2019		18.25		0.53			0.50			1.03		(0.57	)		(0.50	)		(1.07	)
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	)

(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) 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.

(i) Commencement of offering of class of shares.

(j) Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN  SMARTRETIREMENT^® FUNDS DECEMBER 31, 2020

		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)
$	17.34		10.95	%	$	664,934		0.32	%		1.99	%		0.53	%		9	%
	16.21		2.80			725,302		0.31			2.46			0.53			44
	18.14		5.65			913,902		0.31			2.62			0.53			22
	18.19		4.02			1,109,062		0.30			2.07			0.53			23
	18.14		7.14			1,272,207		0.29			2.20	(h)		0.56			21
	17.30		0.81			619,793		0.28			1.86			0.58			29
	17.27		10.68			13,606		0.94			1.29			1.02			9
	16.13		2.10			19,316		0.94			1.82			1.03			44
	18.07		5.02			25,211		0.94			2.00			1.02			22
	18.12		3.34			27,229		0.94			1.36			1.02			23
	18.07		6.44			43,742		0.94			1.54	(h)		1.05			21
	17.23		0.16			24,970		0.94			1.22			1.08			29
	17.39		11.12			194,058		0.20			2.01			0.27			9
	16.24		2.86			275,968		0.19			2.59			0.27			44
	18.18		5.83			376,751		0.19			2.74			0.27			22
	18.22		4.13			459,288		0.19			2.18			0.26			23
	18.17		7.22			556,179		0.19			2.28	(h)		0.30			21
	17.33		0.90			298,323		0.18			1.97			0.32			29
	17.30		10.73			87,315		0.75			1.56			0.77			9
	16.17		2.29			96,609		0.75			2.03			0.77			44
	18.11		5.24			135,758		0.75			2.17			0.77			22
	18.15		3.55			188,266		0.75			1.62			0.77			23
	18.10		6.82			229,706		0.59			1.90	(h)		0.84			21
	17.26		0.50			110,807		0.53			1.61			0.87			29
	17.27		10.90			18,312		0.50			1.82			0.52			9
	16.14		2.57			21,053		0.50			2.26			0.52			44
	18.08		5.51			20,882		0.50			2.51			0.52			22
	18.13		3.80			13,282		0.50			2.06			0.53			23
	18.10		5.35			2,508		0.50			2.41	(h)		0.58			21
	17.35		11.06			16,080		0.25			2.07			0.27			9
	16.21		2.81			16,424		0.25			2.50			0.27			44
	18.15		5.78			18,329		0.25			2.70			0.26			22
	18.19		4.00			17,266		0.25			2.71			0.37			23
	18.17		5.61			21		0.25			2.28	(h)		0.35			21
	17.42		11.09			644,493		0.10			2.23			0.12			9
	16.28		3.01			663,490		0.10			2.66			0.12			44
	18.21		5.91			937,765		0.10			2.80			0.12			22
	18.25		4.21			1,273,234		0.10			2.25			0.11			23
	18.20		7.32			1,883,558		0.09			2.40	(h)		0.15			21
	17.36		1.03			1,005,529		0.05			2.09			0.16			29
	17.42		11.15			806,582		0.00			2.31			0.02			9
	16.28		3.12			852,524		0.00			2.77			0.02			44
	18.21		6.02			902,534		0.00			2.95			0.02			22
	18.25		4.32			853,005		0.00			2.44			0.01			23
	18.20		7.42			476,563		0.00			2.63	(h)		0.01			21
	17.36		1.09			101,641		0.00			2.15			0.00	(j)		29

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN  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® 2020 Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	17.14	$	0.17		$	1.81		$	1.98		$	(0.23	)	$	(0.48	)	$	(0.71	)
Year Ended June 30, 2020		19.25		0.43			0.13			0.56			(0.44	)		(2.23	)		(2.67	)
Year Ended June 30, 2019		19.34		0.47			0.55			1.02			(0.52	)		(0.59	)		(1.11	)
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	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		17.05		0.11			1.81			1.92			(0.17	)		(0.48	)		(0.65	)
Year Ended June 30, 2020		19.16		0.32			0.13			0.45			(0.33	)		(2.23	)		(2.56	)
Year Ended June 30, 2019		19.26		0.35			0.55			0.90			(0.41	)		(0.59	)		(1.00	)
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	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		17.21		0.18			1.82			2.00			(0.24	)		(0.48	)		(0.72	)
Year Ended June 30, 2020		19.32		0.46			0.13			0.59			(0.47	)		(2.23	)		(2.70	)
Year Ended June 30, 2019		19.41		0.50			0.55			1.05			(0.55	)		(0.59	)		(1.14	)
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	)
Class R2
Six Months Ended December 31, 2020 (Unaudited)		17.08		0.14			1.81			1.95			(0.20	)		(0.48	)		(0.68	)
Year Ended June 30, 2020		19.19		0.36			0.13			0.49			(0.37	)		(2.23	)		(2.60	)
Year Ended June 30, 2019		19.29		0.39			0.55			0.94			(0.45	)		(0.59	)		(1.04	)
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	)
Class R3
Six Months Ended December 31, 2020 (Unaudited)		17.06		0.16			1.80			1.96			(0.22	)		(0.48	)		(0.70	)
Year Ended June 30, 2020		19.17		0.41			0.13			0.54			(0.42	)		(2.23	)		(2.65	)
Year Ended June 30, 2019		19.29		0.46			0.52			0.98			(0.51	)		(0.59	)		(1.10	)
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, 2020 (Unaudited)		17.16		0.19			1.81			2.00			(0.24	)		(0.48	)		(0.72	)
Year Ended June 30, 2020		19.28		0.45			0.12			0.57			(0.46	)		(2.23	)		(2.69	)
Year Ended June 30, 2019		19.37		0.50			0.55			1.05			(0.55	)		(0.59	)		(1.14	)
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, 2020 (Unaudited)		17.23		0.20			1.83			2.03			(0.26	)		(0.48	)		(0.74	)
Year Ended June 30, 2020		19.34		0.48			0.13			0.61			(0.49	)		(2.23	)		(2.72	)
Year Ended June 30, 2019		19.43		0.52			0.55			1.07			(0.57	)		(0.59	)		(1.16	)
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	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		17.23		0.21			1.83			2.04			(0.27	)		(0.48	)		(0.75	)
Year Ended June 30, 2020		19.34		0.50			0.13			0.63			(0.51	)		(2.23	)		(2.74	)
Year Ended June 30, 2019		19.44		0.55			0.53			1.08			(0.59	)		(0.59	)		(1.18	)
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	)

(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) 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.

(i) Commencement of offering of class of shares.

(j) Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN  SMARTRETIREMENT^® FUNDS DECEMBER 31, 2020

		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)
$	18.41		11.61	%	$	896,173		0.38	%		1.90	%		0.52	%		10	%
	17.14		2.87			1,016,969		0.37			2.39			0.52			45
	19.25		5.74			1,329,583		0.36			2.49			0.52			23
	19.34		5.24			1,575,073		0.34			1.97			0.52			23
	19.14		9.55			1,698,639		0.31			2.03	(h)		0.54			20
	17.95		0.22			1,574,361		0.30			1.82			0.57			19
	18.32		11.30			18,142		0.97			1.20			1.02			10
	17.05		2.26			26,138		0.97			1.80			1.03			45
	19.16		5.08			32,725		0.96			1.87			1.02			23
	19.26		4.60			35,803		0.96			1.31			1.02			23
	19.06		8.86			47,920		0.96			1.37	(h)		1.06			20
	17.87		(0.43	)		55,337		0.95			1.17			1.08			19
	18.49		11.70			347,865		0.23			1.97			0.26			10
	17.21		3.01			500,145		0.22			2.54			0.26			45
	19.32		5.88			657,042		0.21			2.64			0.27			23
	19.41		5.41			794,082		0.21			2.11			0.26			23
	19.20		9.68			894,064		0.21			2.15	(h)		0.29			20
	18.00		0.31			943,673		0.20			1.92			0.31			19
	18.35		11.45			157,212		0.75			1.55			0.77			10
	17.08		2.47			164,523		0.75			2.01			0.77			45
	19.19		5.27			235,222		0.75			2.08			0.77			23
	19.29		4.82			336,321		0.75			1.57			0.76			23
	19.09		9.24			379,082		0.60			1.75	(h)		0.81			20
	17.90		(0.02	)		383,079		0.55			1.57			0.83			19
	18.32		11.55			38,911		0.50			1.79			0.52			10
	17.06		2.75			43,462		0.50			2.28			0.52			45
	19.17		5.51			45,957		0.50			2.45			0.52			23
	19.29		5.10			18,588		0.50			1.90			0.52			23
	19.10		7.31			4,816		0.50			1.82	(h)		0.54			20
	18.44		11.74			28,709		0.25			2.09			0.26			10
	17.16		2.94			27,376		0.25			2.48			0.26			45
	19.28		5.86			39,275		0.25			2.65			0.26			23
	19.37		5.31			33,799		0.25			2.26			0.29			23
	19.19		7.54			27		0.25			2.35	(h)		0.35			20
	18.52		11.83			1,279,571		0.10			2.21			0.11			10
	17.23		3.13			1,300,373		0.10			2.64			0.11			45
	19.34		5.99			1,815,333		0.10			2.73			0.11			23
	19.43		5.52			2,456,985		0.10			2.19			0.11			23
	19.22		9.80			3,406,307		0.09			2.26	(h)		0.13			20
	18.02		0.44			3,514,258		0.07			2.04			0.14			19
	18.52		11.89			1,486,859		0.00			2.30			0.01			10
	17.23		3.23			1,515,075		0.00			2.76			0.01			45
	19.34		6.04			1,648,084		0.00			2.87			0.01			23
	19.44		5.63			1,508,100		0.00			2.39			0.01			23
	19.23		9.90			644,742		0.00			2.39	(h)		0.00	(j)		20
	18.03		0.51			309,811		0.00			2.22			0.00	(j)		19

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN  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® 2025 Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	17.34	$	0.17		$	2.39		$	2.56		$	(0.23	)	$	(0.49	)	$	(0.72	)
Year Ended June 30, 2020		19.22		0.41			0.06			0.47			(0.42	)		(1.93	)		(2.35	)
Year Ended June 30, 2019		19.18		0.43			0.59			1.02			(0.49	)		(0.49	)		(0.98	)
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	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		17.27		0.11			2.38			2.49			(0.18	)		(0.49	)		(0.67	)
Year Ended June 30, 2020		19.15		0.30			0.06			0.36			(0.31	)		(1.93	)		(2.24	)
Year Ended June 30, 2019		19.11		0.32			0.59			0.91			(0.38	)		(0.49	)		(0.87	)
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	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		17.39		0.18			2.40			2.58			(0.25	)		(0.49	)		(0.74	)
Year Ended June 30, 2020		19.27		0.44			0.06			0.50			(0.45	)		(1.93	)		(2.38	)
Year Ended June 30, 2019		19.22		0.46			0.60			1.06			(0.52	)		(0.49	)		(1.01	)
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	)
Class R2
Six Months Ended December 31, 2020 (Unaudited)		17.27		0.14			2.37			2.51			(0.20	)		(0.49	)		(0.69	)
Year Ended June 30, 2020		19.15		0.34			0.06			0.40			(0.35	)		(1.93	)		(2.28	)
Year Ended June 30, 2019		19.11		0.35			0.60			0.95			(0.42	)		(0.49	)		(0.91	)
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	)
Class R3
Six Months Ended December 31, 2020 (Unaudited)		17.27		0.16			2.37			2.53			(0.22	)		(0.49	)		(0.71	)
Year Ended June 30, 2020		19.16		0.39			0.05			0.44			(0.40	)		(1.93	)		(2.33	)
Year Ended June 30, 2019		19.12		0.41			0.59			1.00			(0.47	)		(0.49	)		(0.96	)
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, 2020 (Unaudited)		17.34		0.19			2.39			2.58			(0.25	)		(0.49	)		(0.74	)
Year Ended June 30, 2020		19.22		0.44			0.05			0.49			(0.44	)		(1.93	)		(2.37	)
Year Ended June 30, 2019		19.18		0.46			0.59			1.05			(0.52	)		(0.49	)		(1.01	)
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, 2020 (Unaudited)		17.41		0.20			2.39			2.59			(0.26	)		(0.49	)		(0.75	)
Year Ended June 30, 2020		19.29		0.46			0.06			0.52			(0.47	)		(1.93	)		(2.40	)
Year Ended June 30, 2019		19.24		0.48			0.60			1.08			(0.54	)		(0.49	)		(1.03	)
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	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		17.41		0.21			2.40			2.61			(0.27	)		(0.49	)		(0.76	)
Year Ended June 30, 2020		19.29		0.48			0.06			0.54			(0.49	)		(1.93	)		(2.42	)
Year Ended June 30, 2019		19.24		0.50			0.60			1.10			(0.56	)		(0.49	)		(1.05	)
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	)

(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) 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.

(i) Commencement of offering of class of shares.

(j) Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN  SMARTRETIREMENT^® FUNDS DECEMBER 31, 2020

		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)
$	19.18		14.84	%	$	1,260,925		0.41	%		1.81	%		0.52	%		11	%
	17.34		2.22			1,348,331		0.40			2.25			0.52			51
	19.22		5.80			1,618,745		0.38			2.28			0.52			24
	19.18		6.33			1,802,572		0.36			1.78			0.52			26
	18.75		11.42			1,839,098		0.32			1.88	(h)		0.54			16
	17.31		(0.59	)		1,581,782		0.31			1.65			0.56			17
	19.09		14.45			27,939		0.99			1.19			1.02			11
	17.27		1.62			30,825		0.99			1.64			1.03			51
	19.15		5.20			35,802		0.97			1.69			1.02			24
	19.11		5.65			39,725		0.97			1.13			1.03			26
	18.69		10.79			50,948		0.97			1.22	(h)		1.05			16
	17.24		(1.30	)		53,255		0.96			0.99			1.09			17
	19.23		14.89			469,871		0.24			1.90			0.26			11
	17.39		2.37			608,686		0.24			2.40			0.26			51
	19.27		6.01			760,817		0.22			2.45			0.26			24
	19.22		6.47			870,554		0.22			1.93			0.26			26
	18.79		11.56			928,710		0.22			1.97	(h)		0.29			16
	17.34		(0.55	)		855,591		0.21			1.75			0.31			17
	19.09		14.59			212,251		0.75			1.48			0.76			11
	17.27		1.86			220,376		0.75			1.90			0.77			51
	19.15		5.42			282,956		0.75			1.90			0.77			24
	19.11		5.89			360,270		0.75			1.39			0.76			26
	18.69		11.13			384,486		0.61			1.60	(h)		0.81			16
	17.25		(0.88	)		345,519		0.56			1.41			0.84			17
	19.09		4.74			42,424		0.50			1.74			0.52			11
	17.27		2.07			43,901		0.50			2.17			0.52			51
	19.16		5.72			41,862		0.50			2.21			0.52			24
	19.12		6.15			26,624		0.50			1.83			0.52			26
	18.72		8.92			3,645		0.50			1.56	(h)		0.56			16
	19.18		14.94			44,056		0.25			2.03			0.26			11
	17.34		2.37			39,366		0.25			2.40			0.26			51
	19.22		5.95			36,267		0.25			2.47			0.26			24
	19.18		6.39			23,227		0.25			2.33			0.27			26
	18.78		9.09			185		0.25			1.95	(h)		0.34			16
	19.25		14.96			1,756,770		0.10			2.15			0.11			11
	17.41		2.51			1,741,634		0.10			2.52			0.11			51
	19.29		6.13			2,183,769		0.10			2.54			0.11			24
	19.24		6.59			2,693,857		0.10			2.02			0.11			26
	18.81		11.69			3,347,239		0.09			2.12	(h)		0.13			16
	17.36		(0.41	)		3,245,943		0.07			1.88			0.15			17
	19.26		15.08			2,363,833		0.00			2.24			0.01			11
	17.41		2.61			2,278,065		0.00			2.64			0.01			51
	19.29		6.24			2,280,809		0.00			2.68			0.01			24
	19.24		6.64			1,875,060		0.00			2.20			0.01			26
	18.82		11.85			796,239		0.00			2.26	(h)		0.00	(j)		16
	17.36		(0.34	)		292,823		0.00			2.05			0.00	(j)		17

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN  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® 2030 Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	18.17	$	0.17		$	2.97		$	3.14		$	(0.23	)	$	(0.49	)	$	(0.72	)
Year Ended June 30, 2020		21.00		0.41			(0.01	)		0.40			(0.42	)		(2.81	)		(3.23	)
Year Ended June 30, 2019		21.03		0.43			0.67			1.10			(0.50	)		(0.63	)		(1.13	)
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	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		17.96		0.11			2.94			3.05			(0.17	)		(0.49	)		(0.66	)
Year Ended June 30, 2020		20.80		0.30			(0.02	)		0.28			(0.31	)		(2.81	)		(3.12	)
Year Ended June 30, 2019		20.84		0.30			0.67			0.97			(0.38	)		(0.63	)		(1.01	)
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	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		18.22		0.18			3.00			3.18			(0.25	)		(0.49	)		(0.74	)
Year Ended June 30, 2020		21.06		0.45			(0.03	)		0.42			(0.45	)		(2.81	)		(3.26	)
Year Ended June 30, 2019		21.08		0.46			0.68			1.14			(0.53	)		(0.63	)		(1.16	)
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	)
Class R2
Six Months Ended December 31, 2020 (Unaudited)		18.09		0.14			2.96			3.10			(0.20	)		(0.49	)		(0.69	)
Year Ended June 30, 2020		20.92		0.35			(0.02	)		0.33			(0.35	)		(2.81	)		(3.16	)
Year Ended June 30, 2019		20.96		0.35			0.66			1.01			(0.42	)		(0.63	)		(1.05	)
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	)
Class R3
Six Months Ended December 31, 2020 (Unaudited)		18.10		0.17			2.94			3.11			(0.22	)		(0.49	)		(0.71	)
Year Ended June 30, 2020		20.94		0.40			(0.03	)		0.37			(0.40	)		(2.81	)		(3.21	)
Year Ended June 30, 2019		20.98		0.42			0.66			1.08			(0.49	)		(0.63	)		(1.12	)
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, 2020 (Unaudited)		18.18		0.20			2.97			3.17			(0.25	)		(0.49	)		(0.74	)
Year Ended June 30, 2020		21.02		0.43			(0.01	)		0.42			(0.45	)		(2.81	)		(3.26	)
Year Ended June 30, 2019		21.05		0.46			0.67			1.13			(0.53	)		(0.63	)		(1.16	)
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, 2020 (Unaudited)		18.28		0.21			2.98			3.19			(0.26	)		(0.49	)		(0.75	)
Year Ended June 30, 2020		21.11		0.47			(0.01	)		0.46			(0.48	)		(2.81	)		(3.29	)
Year Ended June 30, 2019		21.14		0.49			0.67			1.16			(0.56	)		(0.63	)		(1.19	)
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	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		18.27		0.22			2.98			3.20			(0.27	)		(0.49	)		(0.76	)
Year Ended June 30, 2020		21.11		0.49			(0.02	)		0.47			(0.50	)		(2.81	)		(3.31	)
Year Ended June 30, 2019		21.13		0.51			0.68			1.19			(0.58	)		(0.63	)		(1.21	)
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	)

(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) 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.

(i) Commencement of offering of class of shares.

(j) Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN  SMARTRETIREMENT^® FUNDS DECEMBER 31, 2020

		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)
$	20.59		17.35	%	$	1,411,772		0.41	%		1.71	%		0.52	%		15	%
	18.17		1.39			1,502,785		0.40			2.13			0.52			51
	21.00		5.82			1,817,991		0.38			2.09			0.52			19
	21.03		7.74			1,996,352		0.36			1.61			0.52			30
	20.33		13.21			1,989,716		0.32			1.77	(h)		0.55			26
	18.45		(1.71	)		1,719,386		0.31			1.53			0.58			22
	20.35		17.04			25,254		0.99			1.12			1.03			15
	17.96		0.73			27,199		0.99			1.56			1.03			51
	20.80		5.21			34,612		0.97			1.48			1.02			19
	20.84		7.10			37,658		0.97			0.95			1.03			30
	20.15		12.48			46,298		0.97			1.12	(h)		1.07			26
	18.29		(2.36	)		47,961		0.96			0.87			1.11			22
	20.66		17.50			529,402		0.24			1.81			0.26			15
	18.22		1.49			667,687		0.24			2.29			0.26			51
	21.06		6.02			842,817		0.22			2.25			0.26			19
	21.08		7.87			941,298		0.22			1.76			0.26			30
	20.38		13.34			999,965		0.22			1.88	(h)		0.30			26
	18.49		(1.62	)		997,684		0.21			1.63			0.32			22
	20.50		17.18			278,546		0.75			1.40			0.76			15
	18.09		1.03			279,698		0.75			1.79			0.76			51
	20.92		5.39			376,464		0.75			1.70			0.77			19
	20.96		7.35			481,236		0.75			1.22			0.76			30
	20.26		12.87			492,666		0.61			1.48	(h)		0.82			26
	18.39		(1.95	)		444,975		0.56			1.28			0.84			22
	20.50		17.27			72,911		0.50			1.70			0.51			15
	18.10		1.25			68,796		0.50			2.06			0.51			51
	20.94		5.72			65,515		0.50			2.04			0.52			19
	20.98		7.57			26,714		0.50			1.54			0.52			30
	20.30		10.44			5,048		0.50			1.28	(h)		0.53			26
	20.61		17.50			53,291		0.25			1.97			0.26			15
	18.18		1.49			45,528		0.25			2.19			0.26			51
	21.02		5.97			61,313		0.25			2.26			0.26			19
	21.05		7.90			41,513		0.25			1.81			0.29			30
	20.36		10.62			35		0.25			2.13	(h)		0.35			26
	20.72		17.54			2,095,812		0.10			2.07			0.11			15
	18.28		1.68			1,978,378		0.10			2.41			0.11			51
	21.11		6.09			2,387,637		0.10			2.36			0.11			19
	21.14		8.03			2,869,583		0.10			1.86			0.11			30
	20.43		13.51			3,803,505		0.09			2.01	(h)		0.14			26
	18.53		(1.48	)		3,512,043		0.07			1.77			0.15			22
	20.71		17.61			2,548,301		0.00			2.17			0.01			15
	18.27		1.73			2,363,567		0.00			2.52			0.01			51
	21.11		6.24			2,387,434		0.00			2.48			0.01			19
	21.13		8.14			1,970,018		0.00			2.02			0.01			30
	20.42		13.56			706,065		0.00			2.12	(h)		0.00	(j)		26
	18.53		(1.41	)		304,092		0.00			1.93			0.00	(j)		22

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN  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® 2035 Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	18.76	$	0.21		$	3.64		$	3.85		$	(0.27	)	$	(0.64	)	$	(0.91	)
Year Ended June 30, 2020		20.40		0.33			(0.02	)		0.31			(0.35	)		(1.60	)		(1.95	)
Year Ended June 30, 2019		20.43		0.38			0.58			0.96			(0.46	)		(0.53	)		(0.99	)
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	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		18.59		0.14			3.62			3.76			(0.23	)		(0.64	)		(0.87	)
Year Ended June 30, 2020		20.23		0.22			(0.02	)		0.20			(0.24	)		(1.60	)		(1.84	)
Year Ended June 30, 2019		20.26		0.26			0.59			0.85			(0.35	)		(0.53	)		(0.88	)
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	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		18.87		0.21			3.68			3.89			(0.29	)		(0.64	)		(0.93	)
Year Ended June 30, 2020		20.51		0.37			(0.02	)		0.35			(0.39	)		(1.60	)		(1.99	)
Year Ended June 30, 2019		20.53		0.42			0.59			1.01			(0.50	)		(0.53	)		(1.03	)
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	(h)		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	)
Class R2
Six Months Ended December 31, 2020 (Unaudited)		18.70		0.17			3.63			3.80			(0.24	)		(0.64	)		(0.88	)
Year Ended June 30, 2020		20.34		0.27			(0.02	)		0.25			(0.29	)		(1.60	)		(1.89	)
Year Ended June 30, 2019		20.37		0.30			0.59			0.89			(0.39	)		(0.53	)		(0.92	)
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	)
Class R3
Six Months Ended December 31, 2020 (Unaudited)		18.68		0.20			3.63			3.83			(0.27	)		(0.64	)		(0.91	)
Year Ended June 30, 2020		20.32		0.32			(0.02	)		0.30			(0.34	)		(1.60	)		(1.94	)
Year Ended June 30, 2019		20.36		0.37			0.57			0.94			(0.45	)		(0.53	)		(0.98	)
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, 2020 (Unaudited)		18.83		0.24			3.64			3.88			(0.29	)		(0.64	)		(0.93	)
Year Ended June 30, 2020		20.47		0.36			(0.02	)		0.34			(0.38	)		(1.60	)		(1.98	)
Year Ended June 30, 2019		20.50		0.41			0.58			0.99			(0.49	)		(0.53	)		(1.02	)
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, 2020 (Unaudited)		18.89		0.25			3.66			3.91			(0.31	)		(0.64	)		(0.95	)
Year Ended June 30, 2020		20.53		0.39			(0.02	)		0.37			(0.41	)		(1.60	)		(2.01	)
Year Ended June 30, 2019		20.54		0.44			0.60			1.04			(0.52	)		(0.53	)		(1.05	)
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	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		18.89		0.26			3.66			3.92			(0.32	)		(0.64	)		(0.96	)
Year Ended June 30, 2020		20.53		0.41			(0.02	)		0.39			(0.43	)		(1.60	)		(2.03	)
Year Ended June 30, 2019		20.55		0.46			0.59			1.05			(0.54	)		(0.53	)		(1.07	)
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	)

(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) 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.

(i) Commencement of offering of class of shares.

(j) Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN  SMARTRETIREMENT^® FUNDS DECEMBER 31, 2020

		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)
$	21.70		20.61	%	$	1,149,942		0.41	%		2.00	%		0.52	%		8	%
	18.76		1.14			1,141,434		0.41			1.70			0.52			52
	20.40		5.27			1,350,107		0.39			1.91			0.52			15
	20.43		8.18			1,477,096		0.37			1.46			0.52			28
	19.62		14.58			1,438,787		0.32			1.67	(h)		0.56			22
	17.59		(2.40	)		1,219,559		0.31			1.42			0.59			17
	21.48		20.27			14,558		0.99			1.35			1.03			8
	18.59		0.56			16,378		0.99			1.14			1.04			52
	20.23		4.71			21,967		0.97			1.32			1.03			15
	20.26		7.48			23,602		0.97			0.82			1.04			28
	19.47		13.89			29,551		0.97			1.02	(h)		1.08			22
	17.45		(3.08	)		30,327		0.96			0.73			1.08			17
	21.83		20.69			405,052		0.24			2.05			0.26			8
	18.87		1.31			492,445		0.24			1.88			0.27			52
	20.51		5.47			604,947		0.22			2.08			0.27			15
	20.53		8.35			679,086		0.22			1.63			0.26			28
	19.71		14.68			743,740		0.22			1.75	(h)		0.30			22
	17.67		(2.30	)		655,305		0.21			1.52			0.33			17
	21.62		20.37			229,588		0.75			1.67			0.77			8
	18.70		0.79			225,092		0.76			1.37			0.77			52
	20.34		4.89			283,852		0.75			1.53			0.77			15
	20.37		7.74			351,337		0.75			1.08			0.76			28
	19.57		14.29			350,593		0.62			1.38	(h)		0.83			22
	17.54		(2.64	)		292,088		0.56			1.18			0.86			17
	21.60		20.56			47,980		0.50			1.99			0.52			85
	18.68		1.07			44,104		0.51			1.63			0.52			52
	20.32		5.14			39,417		0.50			1.85			0.52			15
	20.36		8.05			25,728		0.50			1.54			0.52			28
	19.57		11.49			5,007		0.50			1.16	(h)		0.54			22
	21.78		20.69			51,900		0.25			2.29			0.26			8
	18.83		1.30			43,341		0.25			1.87			0.26			52
	20.47		5.41			40,332		0.25			2.07			0.26			15
	20.50		8.33			26,845		0.25			1.79			0.29			28
	19.70		11.74			43		0.25			2.03	(h)		0.35			22
	21.85		20.77			1,565,917		0.10			2.38			0.11			8
	18.89		1.45			1,449,763		0.10			1.98			0.11			52
	20.53		5.64			1,751,724		0.10			2.20			0.11			15
	20.54		8.41			2,137,155		0.10			1.72			0.11			28
	19.73		14.87			2,727,057		0.09			1.90	(h)		0.14			22
	17.68		(2.17	)		2,488,224		0.07			1.65			0.16			17
	21.85		20.83			2,268,443		0.00			2.46			0.01			8
	18.89		1.55			2,066,991		0.00			2.09			0.01			52
	20.53		5.70			2,130,474		0.00			2.30			0.02			15
	20.55		8.58			1,721,936		0.00			1.86			0.01			28
	19.73		14.97			638,799		0.00			2.02	(h)		0.00	(j)		22
	17.68		(2.10	)		235,742		0.00			1.83			0.00	(j)		17

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN  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® 2040 Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	19.90	$	0.22		$	4.26		$	4.48		$	(0.29	)	$	(0.76	)	$	(1.05	)
Year Ended June 30, 2020		22.03		0.32			(0.05	)		0.27			(0.35	)		(2.05	)		(2.40	)
Year Ended June 30, 2019		22.17		0.38			0.62			1.00			(0.47	)		(0.67	)		(1.14	)
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	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		19.58		0.14			4.19			4.33			(0.24	)		(0.76	)		(1.00	)
Year Ended June 30, 2020		21.72		0.20			(0.05	)		0.15			(0.24	)		(2.05	)		(2.29	)
Year Ended June 30, 2019		21.87		0.25			0.62			0.87			(0.35	)		(0.67	)		(1.02	)
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	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		19.97		0.23			4.28			4.51			(0.30	)		(0.76	)		(1.06	)
Year Ended June 30, 2020		22.10		0.36			(0.06	)		0.30			(0.38	)		(2.05	)		(2.43	)
Year Ended June 30, 2019		22.23		0.42			0.63			1.05			(0.51	)		(0.67	)		(1.18	)
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	)
Class R2
Six Months Ended December 31, 2020 (Unaudited)		19.79		0.18			4.23			4.41			(0.25	)		(0.76	)		(1.01	)
Year Ended June 30, 2020		21.92		0.25			(0.05	)		0.20			(0.28	)		(2.05	)		(2.33	)
Year Ended June 30, 2019		22.06		0.30			0.62			0.92			(0.39	)		(0.67	)		(1.06	)
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	)
Class R3
Six Months Ended December 31, 2020 (Unaudited)		19.83		0.22			4.23			4.45			(0.28	)		(0.76	)		(1.04	)
Year Ended June 30, 2020		21.96		0.31			(0.06	)		0.25			(0.33	)		(2.05	)		(2.38	)
Year Ended June 30, 2019		22.12		0.37			0.60			0.97			(0.46	)		(0.67	)		(1.13	)
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, 2020 (Unaudited)		19.93		0.26			4.24			4.50			(0.31	)		(0.76	)		(1.07	)
Year Ended June 30, 2020		22.06		0.34			(0.04	)		0.30			(0.38	)		(2.05	)		(2.43	)
Year Ended June 30, 2019		22.19		0.41			0.64			1.05			(0.51	)		(0.67	)		(1.18	)
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, 2020 (Unaudited)		20.03		0.26			4.28			4.54			(0.32	)		(0.76	)		(1.08	)
Year Ended June 30, 2020		22.16		0.39			(0.06	)		0.33			(0.41	)		(2.05	)		(2.46	)
Year Ended June 30, 2019		22.29		0.44			0.64			1.08			(0.54	)		(0.67	)		(1.21	)
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	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		20.03		0.27			4.28			4.55			(0.33	)		(0.76	)		(1.09	)
Year Ended June 30, 2020		22.16		0.41			(0.06	)		0.35			(0.43	)		(2.05	)		(2.48	)
Year Ended June 30, 2019		22.29		0.47			0.63			1.10			(0.56	)		(0.67	)		(1.23	)
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	)

(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) 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.

(i) Commencement of offering of class of shares.

(j) Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.

80 J.P. MORGAN  SMARTRETIREMENT^® FUNDS DECEMBER 31, 2020

		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)
$	23.33		22.59	%	$	1,079,747		0.41	%		1.95	%		0.52	%		7	%
	19.90		0.66			1,088,646		0.41			1.54			0.52			50
	22.03		5.15			1,324,589		0.39			1.76			0.52			14
	22.17		8.91			1,431,801		0.37			1.35			0.52			29
	21.18		15.94			1,405,514		0.32			1.56	(h)		0.58			24
	18.77		(2.97	)		1,218,455		0.31			1.32			0.62			16
	22.91		22.21			15,828		0.99			1.32			1.03			7
	19.58		0.08			16,763		0.99			0.98			1.04			50
	21.72		4.59			22,117		0.97			1.17			1.03			14
	21.87		8.25			23,744		0.97			0.69			1.04			29
	20.91		15.18			28,920		0.97			0.94	(h)		1.11			24
	18.54		(3.64	)		29,275		0.96			0.65			1.16			16
	23.42		22.71			432,793		0.24			2.05			0.26			7
	19.97		0.82			488,471		0.24			1.73			0.27			50
	22.10		5.36			616,461		0.22			1.93			0.27			14
	22.23		9.05			701,619		0.22			1.51			0.26			29
	21.24		16.05			738,940		0.22			1.67	(h)		0.32			24
	18.82		(2.87	)		698,515		0.21			1.41			0.36			16
	23.19		22.40			200,791		0.75			1.66			0.77			7
	19.79		0.30			200,654		0.76			1.22			0.77			50
	21.92		4.79			269,143		0.75			1.38			0.77			14
	22.06		8.50			352,348		0.75			0.97			0.77			29
	21.08		15.62			358,746		0.62			1.28	(h)		0.85			24
	18.68		(3.22	)		303,226		0.56			1.05			0.90			16
	23.24		22.54			64,642		0.50			2.04			0.52			7
	19.83		0.57			57,891		0.51			1.51			0.52			50
	21.96		5.02			54,428		0.50			1.72			0.52			14
	22.12		8.77			20,650		0.50			1.26			0.52			29
	21.14		12.58			9,292		0.50			0.79	(h)		0.54			24
	23.36		22.67			42,831		0.25			2.32			0.26			7
	19.93		0.82			35,248		0.26			1.65			0.27			50
	22.06		5.36			42,792		0.25			1.91			0.26			14
	22.19		9.04			32,538		0.25			1.34			0.28			29
	21.22		12.80			45		0.25			1.93	(h)		0.35			24
	23.49		22.79			1,693,542		0.10			2.36			0.11			7
	20.03		0.96			1,521,908		0.11			1.84			0.12			50
	22.16		5.48			1,803,566		0.10			2.06			0.12			14
	22.29		9.20			2,173,497		0.10			1.62			0.11			29
	21.29		16.22			2,933,133		0.09			1.80	(h)		0.15			24
	18.86		(2.78	)		2,573,249		0.07			1.56			0.17			16
	23.49		22.85			2,142,666		0.00			2.45			0.01			7
	20.03		1.06			1,899,514		0.01			1.94			0.02			50
	22.16		5.58			2,006,280		0.00			2.16			0.02			14
	22.29		9.31			1,639,250		0.00			1.71			0.01			29
	21.29		16.33			549,101		0.00			1.87	(h)		0.00	(j)		24
	18.86		(2.71	)		233,181		0.00			1.73			0.00	(j)		16

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN  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® 2045 Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	19.19	$	0.21		$	4.41		$	4.62		$	(0.28	)	$	(0.68	)	$	(0.96	)
Year Ended June 30, 2020		21.10		0.29			(0.14	)		0.15			(0.32	)		(1.74	)		(2.06	)
Year Ended June 30, 2019		21.09		0.35			0.61			0.96			(0.44	)		(0.51	)		(0.95	)
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	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		18.96		0.14			4.36			4.50			(0.24	)		(0.68	)		(0.92	)
Year Ended June 30, 2020		20.91		0.17			(0.15	)		0.02			(0.23	)		(1.74	)		(1.97	)
Year Ended June 30, 2019		20.92		0.22			0.62			0.84			(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	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		19.27		0.22			4.43			4.65			(0.29	)		(0.68	)		(0.97	)
Year Ended June 30, 2020		21.18		0.33			(0.15	)		0.18			(0.35	)		(1.74	)		(2.09	)
Year Ended June 30, 2019		21.17		0.38			0.62			1.00			(0.48	)		(0.51	)		(0.99	)
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	)
Class R2
Six Months Ended December 31, 2020 (Unaudited)		19.10		0.17			4.38			4.55			(0.25	)		(0.68	)		(0.93	)
Year Ended June 30, 2020		21.02		0.22			(0.14	)		0.08			(0.26	)		(1.74	)		(2.00	)
Year Ended June 30, 2019		21.02		0.27			0.61			0.88			(0.37	)		(0.51	)		(0.88	)
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	)
Class R3
Six Months Ended December 31, 2020 (Unaudited)		19.12		0.21			4.37			4.58			(0.27	)		(0.68	)		(0.95	)
Year Ended June 30, 2020		21.03		0.28			(0.15	)		0.13			(0.30	)		(1.74	)		(2.04	)
Year Ended June 30, 2019		21.03		0.33			0.61			0.94			(0.43	)		(0.51	)		(0.94	)
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, 2020 (Unaudited)		19.22		0.25			4.38			4.63			(0.29	)		(0.68	)		(0.97	)
Year Ended June 30, 2020		21.13		0.32			(0.14	)		0.18			(0.35	)		(1.74	)		(2.09	)
Year Ended June 30, 2019		21.13		0.37			0.61			0.98			(0.47	)		(0.51	)		(0.98	)
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, 2020 (Unaudited)		19.29		0.25			4.42			4.67			(0.31	)		(0.68	)		(0.99	)
Year Ended June 30, 2020		21.20		0.35			(0.14	)		0.21			(0.38	)		(1.74	)		(2.12	)
Year Ended June 30, 2019		21.19		0.41			0.61			1.02			(0.50	)		(0.51	)		(1.01	)
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	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		19.28		0.26			4.43			4.69			(0.32	)		(0.68	)		(1.00	)
Year Ended June 30, 2020		21.20		0.37			(0.15	)		0.22			(0.40	)		(1.74	)		(2.14	)
Year Ended June 30, 2019		21.18		0.43			0.62			1.05			(0.52	)		(0.51	)		(1.03	)
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	)

(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) 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.

(i) Commencement of offering of class of shares.

(j) Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.

82 J.P. MORGAN  SMARTRETIREMENT^® FUNDS DECEMBER 31, 2020

		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)
$	22.85		24.13	%	$	809,884		0.41	%		1.96	%		0.52	%		8	%
	19.19		0.12			770,111		0.41			1.45			0.53			51
	21.10		5.17			879,444		0.39			1.70			0.52			16
	21.09		9.03			947,727		0.37			1.29			0.53			26
	20.08		16.06			886,621		0.32			1.55	(h)		0.60			20
	17.78		(2.99	)		727,578		0.31			1.32			0.66			13
	22.54		23.82			10,692		0.99			1.35			1.05			8
	18.96		(0.50	)		11,130		0.99			0.88			1.05			51
	20.91		4.58			13,398		0.97			1.07			1.04			16
	20.92		8.38			14,190		0.97			0.65			1.06			26
	19.93		15.27			17,075		0.97			0.90	(h)		1.12			20
	17.66		(3.60	)		17,321		0.96			0.66			1.21			13
	22.95		24.23			329,804		0.24			2.03			0.27			8
	19.27		0.29			358,214		0.24			1.65			0.27			51
	21.18		5.32			416,712		0.22			1.84			0.27			16
	21.17		9.20			460,024		0.22			1.47			0.27			26
	20.15		16.17			497,881		0.22			1.62	(h)		0.34			20
	17.84		(2.89	)		408,474		0.21			1.40			0.39			13
	22.72		23.91			163,056		0.75			1.59			0.77			8
	19.10		(0.24	)		157,856		0.76			1.12			0.77			51
	21.02		4.75			192,013		0.75			1.32			0.77			16
	21.02		8.65			232,508		0.75			0.92			0.77			26
	20.01		15.73			234,513		0.62			1.26	(h)		0.88			20
	17.72		(3.25	)		182,691		0.56			1.06			0.94			13
	22.75		24.02			31,542		0.50			1.94			0.52			8
	19.12		0.04			28,735		0.51			1.39			0.53			51
	21.03		5.05			24,908		0.50			1.61			0.53			16
	21.03		8.90			15,215		0.50			1.30			0.53			26
	20.04		12.70			3,040		0.50			0.84	(h)		0.53			20
	22.88		24.20			28,480		0.25			2.31			0.27			8
	19.22		0.28			22,576		0.26			1.62			0.27			51
	21.13		5.28			18,666		0.25			1.81			0.27			16
	21.13		9.20			10,785		0.25			1.56			0.30			26
	20.13		12.92			35		0.25			1.91	(h)		0.35			20
	22.97		24.31			1,161,947		0.10			2.35			0.12			8
	19.29		0.43			1,036,265		0.10			1.73			0.12			51
	21.20		5.45			1,230,281		0.10			1.99			0.12			16
	21.19		9.32			1,418,444		0.10			1.58			0.11			26
	20.17		16.36			1,826,905		0.09			1.78	(h)		0.16			20
	17.85		(2.76	)		1,587,368		0.07			1.56			0.19			13
	22.97		24.43			1,632,777		0.00			2.41			0.02			8
	19.28		0.48			1,442,523		0.00			1.84			0.02			51
	21.20		5.60			1,598,285		0.00			2.08			0.02			16
	21.18		9.44			1,238,000		0.00			1.65			0.02			26
	20.16		16.41			438,343		0.00			1.89	(h)		0.00	(j)		20
	17.85		(2.69	)		161,559		0.00			1.71			0.01			13

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN  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® 2050 Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	19.30	$	0.21		$	4.42		$	4.63		$	(0.27	)	$	(0.70	)	$	(0.97	)
Year Ended June 30, 2020		21.14		0.29			(0.15	)		0.14			(0.32	)		(1.66	)		(1.98	)
Year Ended June 30, 2019		21.06		0.35			0.62			0.97			(0.44	)		(0.45	)		(0.89	)
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	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		19.05		0.12			4.39			4.51			(0.24	)		(0.70	)		(0.94	)
Year Ended June 30, 2020		20.92		0.17			(0.15	)		0.02			(0.23	)		(1.66	)		(1.89	)
Year Ended June 30, 2019		20.87		0.23			0.61			0.84			(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	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		19.38		0.22			4.45			4.67			(0.29	)		(0.70	)		(0.99	)
Year Ended June 30, 2020		21.22		0.33			(0.16	)		0.17			(0.35	)		(1.66	)		(2.01	)
Year Ended June 30, 2019		21.14		0.38			0.63			1.01			(0.48	)		(0.45	)		(0.93	)
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	)
Class R2
Six Months Ended December 31, 2020 (Unaudited)		19.20		0.17			4.41			4.58			(0.25	)		(0.70	)		(0.95	)
Year Ended June 30, 2020		21.05		0.23			(0.16	)		0.07			(0.26	)		(1.66	)		(1.92	)
Year Ended June 30, 2019		20.98		0.27			0.62			0.89			(0.37	)		(0.45	)		(0.82	)
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	)
Class R3
Six Months Ended December 31, 2020 (Unaudited)		19.23		0.22			4.39			4.61			(0.27	)		(0.70	)		(0.97	)
Year Ended June 30, 2020		21.07		0.29			(0.17	)		0.12			(0.30	)		(1.66	)		(1.96	)
Year Ended June 30, 2019		21.00		0.32			0.63			0.95			(0.43	)		(0.45	)		(0.88	)
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, 2020 (Unaudited)		19.34		0.25			4.41			4.66			(0.29	)		(0.70	)		(0.99	)
Year Ended June 30, 2020		21.18		0.30			(0.13	)		0.17			(0.35	)		(1.66	)		(2.01	)
Year Ended June 30, 2019		21.11		0.37			0.62			0.99			(0.47	)		(0.45	)		(0.92	)
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, 2020 (Unaudited)		19.41		0.25			4.45			4.70			(0.30	)		(0.70	)		(1.00	)
Year Ended June 30, 2020		21.25		0.35			(0.15	)		0.20			(0.38	)		(1.66	)		(2.04	)
Year Ended June 30, 2019		21.17		0.41			0.62			1.03			(0.50	)		(0.45	)		(0.95	)
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	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		19.42		0.26			4.45			4.71			(0.31	)		(0.70	)		(1.01	)
Year Ended June 30, 2020		21.26		0.37			(0.15	)		0.22			(0.40	)		(1.66	)		(2.06	)
Year Ended June 30, 2019		21.18		0.43			0.62			1.05			(0.52	)		(0.45	)		(0.97	)
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	)

(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) 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.

(i) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

84 J.P. MORGAN  SMARTRETIREMENT^® FUNDS DECEMBER 31, 2020

		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)
$	22.96		24.07	%	$	668,201		0.41	%		1.92	%		0.53	%		9	%
	19.30		0.11			669,044		0.41			1.44			0.53			50
	21.14		5.17			776,437		0.39			1.70			0.53			15
	21.06		9.04			795,191		0.37			1.30			0.53			25
	20.04		16.01			721,383		0.32			1.55	(h)		0.66			20
	17.76		(2.94	)		580,689		0.31			1.32			0.73			16
	22.62		23.75			9,220		0.99			1.17			1.06			9
	19.05		(0.47	)		10,868		0.99			0.88			1.06			50
	20.92		4.54			14,549		0.97			1.11			1.05			15
	20.87		8.41			14,612		0.97			0.68			1.07			25
	19.87		15.23			16,782		0.97			0.90	(h)		1.16			20
	17.62		(3.56	)		15,792		0.96			0.65			1.28			16
	23.06		24.17			342,054		0.24			2.07			0.27			9
	19.38		0.27			351,331		0.24			1.63			0.27			50
	21.22		5.33			412,675		0.22			1.84			0.27			15
	21.14		9.27			439,081		0.22			1.48			0.27			25
	20.10		16.06			437,690		0.22			1.67	(h)		0.41			20
	17.82		(2.84	)		385,203		0.21			1.42			0.46			16
	22.83		23.94			141,322		0.75			1.57			0.77			9
	19.20		(0.25	)		141,456		0.76			1.14			0.78			50
	21.05		4.76			185,990		0.75			1.33			0.77			15
	20.98		8.66			211,291		0.75			0.92			0.77			25
	19.96		15.62			204,684		0.62			1.26	(h)		0.93			20
	17.70		(3.20	)		152,861		0.56			1.07			1.01			16
	22.87		24.04			31,678		0.50			2.02			0.52			9
	19.23		0.02			28,624		0.51			1.44			0.53			50
	21.07		5.06			29,624		0.50			1.58			0.53			15
	21.00		8.91			16,637		0.50			1.21			0.52			25
	19.99		12.59			6,021		0.50			0.72	(h)		0.58			20
	23.01		24.17			27,481		0.25			2.29			0.27			9
	19.34		0.27			21,884		0.25			1.46			0.27			50
	21.18		5.27			32,117		0.25			1.82			0.27			15
	21.11		9.19			22,930		0.25			1.14			0.28			25
	20.10		12.86			48		0.25			1.90	(h)		0.35			20
	23.11		24.33			1,179,109		0.10			2.33			0.12			9
	19.41		0.41			1,040,450		0.10			1.74			0.12			50
	21.25		5.45			1,151,555		0.10			1.99			0.12			15
	21.17		9.39			1,270,105		0.10			1.61			0.12			25
	20.13		16.18			1,572,471		0.09			1.78	(h)		0.18			20
	17.85		(2.70	)		1,267,607		0.07			1.58			0.21			16
	23.12		24.38			1,370,285		0.00			2.42			0.02			9
	19.42		0.51			1,183,628		0.00			1.83			0.02			50
	21.26		5.55			1,333,241		0.00			2.09			0.02			15
	21.18		9.49			993,416		0.00			1.60			0.02			25
	20.14		16.34			279,122		0.00			1.84	(h)		0.01			20
	17.85		(2.64	)		126,618		0.00			1.72			0.01			16

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN  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® 2055 Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	22.16	$	0.25		$	5.08		$	5.33		$	(0.31	)	$	(0.65	)	$	(0.96	)
Year Ended June 30, 2020		23.80		0.33			(0.19	)		0.14			(0.37	)		(1.41	)		(1.78	)
Year Ended June 30, 2019		23.52		0.39			0.72			1.11			(0.49	)		(0.34	)		(0.83	)
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	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		21.99		0.18			5.04			5.22			(0.28	)		(0.65	)		(0.93	)
Year Ended June 30, 2020		23.66		0.21			(0.20	)		0.01			(0.27	)		(1.41	)		(1.68	)
Year Ended June 30, 2019		23.40		0.24			0.73			0.97			(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	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		22.21		0.26			5.11			5.37			(0.34	)		(0.65	)		(0.99	)
Year Ended June 30, 2020		23.84		0.38			(0.20	)		0.18			(0.40	)		(1.41	)		(1.81	)
Year Ended June 30, 2019		23.56		0.42			0.73			1.15			(0.53	)		(0.34	)		(0.87	)
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	)
Class R2
Six Months Ended December 31, 2020 (Unaudited)		22.11		0.21			5.06			5.27			(0.29	)		(0.65	)		(0.94	)
Year Ended June 30, 2020		23.75		0.25			(0.18	)		0.07			(0.30	)		(1.41	)		(1.71	)
Year Ended June 30, 2019		23.47		0.31			0.72			1.03			(0.41	)		(0.34	)		(0.75	)
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	)
Class R3
Six Months Ended December 31, 2020 (Unaudited)		22.10		0.24			5.06			5.30			(0.31	)		(0.65	)		(0.96	)
Year Ended June 30, 2020		23.73		0.33			(0.20	)		0.13			(0.35	)		(1.41	)		(1.76	)
Year Ended June 30, 2019		23.46		0.36			0.73			1.09			(0.48	)		(0.34	)		(0.82	)
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, 2020 (Unaudited)		22.18		0.29			5.06			5.35			(0.34	)		(0.65	)		(0.99	)
Year Ended June 30, 2020		23.81		0.37			(0.19	)		0.18			(0.40	)		(1.41	)		(1.81	)
Year Ended June 30, 2019		23.53		0.43			0.72			1.15			(0.53	)		(0.34	)		(0.87	)
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, 2020 (Unaudited)		22.23		0.30			5.08			5.38			(0.35	)		(0.65	)		(1.00	)
Year Ended June 30, 2020		23.86		0.40			(0.19	)		0.21			(0.43	)		(1.41	)		(1.84	)
Year Ended June 30, 2019		23.58		0.46			0.72			1.18			(0.56	)		(0.34	)		(0.90	)
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	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		22.24		0.30			5.10			5.40			(0.37	)		(0.65	)		(1.02	)
Year Ended June 30, 2020		23.87		0.42			(0.18	)		0.24			(0.46	)		(1.41	)		(1.87	)
Year Ended June 30, 2019		23.58		0.48			0.73			1.21			(0.58	)		(0.34	)		(0.92	)
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	)

(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) 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.

(i) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

86 J.P. MORGAN  SMARTRETIREMENT^® FUNDS DECEMBER 31, 2020

		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)
$	26.53		24.14	%	$	369,085		0.41	%		2.01	%		0.54	%		10	%
	22.16		0.13			333,643		0.41			1.46			0.54			59
	23.80		5.17			337,832		0.39			1.70			0.54			11
	23.52		9.01			308,278		0.37			1.30			0.55			21
	22.30		15.96			230,869		0.32			1.53	(h)		0.70			17
	19.73		(2.85	)		149,209		0.31			1.34			0.77			10
	26.28		23.79			6,066		0.99			1.45			1.09			10
	21.99		(0.42	)		5,393		0.99			0.91			1.12			59
	23.66		4.56			4,894		0.97			1.06			1.09			11
	23.40		8.36			4,206		0.97			0.70			1.17			21
	22.20		15.20			3,626		0.97			0.89	(h)		1.31			17
	19.65		(3.51	)		3,130		0.96			0.65			1.53			10
	26.59		24.23			163,501		0.25			2.11			0.28			10
	22.21		0.34			164,090		0.24			1.66			0.28			59
	23.84		5.33			153,011		0.22			1.81			0.28			11
	23.56		9.20			153,796		0.22			1.49			0.28			21
	22.33		16.05			140,666		0.22			1.60	(h)		0.42			17
	19.76		(2.76	)		85,997		0.21			1.41			0.48			10
	26.44		23.90			103,718		0.75			1.66			0.78			10
	22.11		(0.18	)		93,217		0.76			1.11			0.79			59
	23.75		4.80			98,714		0.75			1.33			0.79			11
	23.47		8.57			100,046		0.75			0.92			0.79			21
	22.26		15.62			83,587		0.62			1.24	(h)		0.99			17
	19.70		(3.08	)		48,658		0.56			1.10			1.09			10
	26.44		24.04			13,475		0.50			1.95			0.54			10
	22.10		0.09			12,681		0.50			1.46			0.55			59
	23.73		5.06			11,479		0.50			1.58			0.55			11
	23.46		8.86			5,694		0.50			1.24			0.57			21
	22.26		12.59			1,304		0.50			0.80	(h)		0.74			17
	26.54		24.17			11,351		0.25			2.36			0.29			10
	22.18		0.33			8,754		0.25			1.63			0.29			59
	23.81		5.33			6,657		0.25			1.89			0.29			11
	23.53		9.12			4,320		0.25			1.21			0.33			21
	22.33		12.84			23		0.25			1.93	(h)		0.35			17
	26.61		24.30			541,033		0.10			2.42			0.13			10
	22.23		0.48			458,536		0.10			1.75			0.13			59
	23.86		5.46			492,994		0.10			2.00			0.13			11
	23.58		9.32			466,450		0.10			1.62			0.13			21
	22.35		16.23			464,633		0.09			1.77	(h)		0.20			17
	19.77		(2.63	)		326,762		0.07			1.57			0.23			10
	26.62		24.35			699,672		0.00			2.45			0.03			10
	22.24		0.58			599,703		0.00			1.82			0.03			59
	23.87		5.60			695,353		0.00			2.09			0.03			11
	23.58		9.37			439,087		0.00			1.62			0.04			21
	22.36		16.32			124,562		0.00			1.85	(h)		0.01			17
	19.78		(2.52	)		33,075		0.00			1.76			0.02			10

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN  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® 2060 Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	17.52	$	0.19		$	4.01		$	4.20		$	(0.24	)	$	(0.44	)	$	(0.68	)
Year Ended June 30, 2020		18.17		0.25			(0.21	)		0.04			(0.29	)		(0.40	)		(0.69	)
Year Ended June 30, 2019		17.74		0.30			0.58			0.88			(0.38	)		(0.07	)		(0.45	)
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, 2020 (Unaudited)		17.43		0.14			3.98			4.12			(0.21	)		(0.44	)		(0.65	)
Year Ended June 30, 2020		18.11		0.15			(0.21	)		(0.06	)		(0.22	)		(0.40	)		(0.62	)
Year Ended June 30, 2019		17.70		0.17			0.60			0.77			(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, 2020 (Unaudited)		17.55		0.23			3.99			4.22			(0.25	)		(0.44	)		(0.69	)
Year Ended June 30, 2020		18.20		0.29			(0.22	)		0.07			(0.32	)		(0.40	)		(0.72	)
Year Ended June 30, 2019		17.76		0.33			0.58			0.91			(0.40	)		(0.07	)		(0.47	)
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, 2020 (Unaudited)		17.49		0.18			3.98			4.16			(0.22	)		(0.44	)		(0.66	)
Year Ended June 30, 2020		18.16		0.21			(0.24	)		(0.03	)		(0.24	)		(0.40	)		(0.64	)
Year Ended June 30, 2019		17.73		0.24			0.58			0.82			(0.32	)		(0.07	)		(0.39	)
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, 2020 (Unaudited)		17.52		0.20			4.00			4.20			(0.24	)		(0.44	)		(0.68	)
Year Ended June 30, 2020		18.17		0.26			(0.23	)		0.03			(0.28	)		(0.40	)		(0.68	)
Year Ended June 30, 2019		17.74		0.28			0.58			0.86			(0.36	)		(0.07	)		(0.43	)
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, 2020 (Unaudited)		17.54		0.23			4.00			4.23			(0.25	)		(0.44	)		(0.69	)
Year Ended June 30, 2020		18.20		0.26			(0.20	)		0.06			(0.32	)		(0.40	)		(0.72	)
Year Ended June 30, 2019		17.76		0.33			0.58			0.91			(0.40	)		(0.07	)		(0.47	)
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, 2020 (Unaudited)		17.54		0.24			4.01			4.25			(0.27	)		(0.44	)		(0.71	)
Year Ended June 30, 2020		18.20		0.31			(0.23	)		0.08			(0.34	)		(0.40	)		(0.74	)
Year Ended June 30, 2019		17.76		0.35			0.58			0.93			(0.42	)		(0.07	)		(0.49	)
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, 2020 (Unaudited)		17.57		0.24			4.02			4.26			(0.28	)		(0.44	)		(0.72	)
Year Ended June 30, 2020		18.22		0.33			(0.22	)		0.11			(0.36	)		(0.40	)		(0.76	)
Year Ended June 30, 2019		17.78		0.37			0.58			0.95			(0.44	)		(0.07	)		(0.51	)
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 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 operations.

(i) 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.

(j) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

88 J.P. MORGAN  SMARTRETIREMENT^® FUNDS DECEMBER 31, 2020

		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)
$	21.04		24.04	%	$	51,105		0.41	%		1.92	%		0.61	%		7	%
	17.52		0.03			45,390		0.41			1.42			0.66			41
	18.17		5.27			27,198		0.39			1.71			0.67			12
	17.74		9.14			13,161		0.38			1.31			1.27			39
	16.57		12.09			2,106		0.32			0.70	(i)		1.09			116
	20.90		23.72			1,533		0.99			1.42			1.16			7
	17.43		(0.56	)		1,267		0.99			0.87			1.22			41
	18.11		4.65			780		0.97			0.99			1.25			12
	17.70		8.45			356		0.97			0.58			1.90			39
	16.57		11.54			32		0.97			0.93	(i)		2.66			116
	21.08		24.15			36,847		0.25			2.36			0.34			7
	17.55		0.20			25,175		0.24			1.64			0.39			41
	18.20		5.48			13,277		0.22			1.88			0.39			12
	17.76		9.24			6,673		0.22			1.42			0.94			39
	16.59		12.22			2,932		0.22			1.58	(i)		1.26			116
	20.99		23.88			8,003		0.75			1.84			0.86			7
	17.49		(0.39	)		5,747		0.75			1.17			0.93			41
	18.16		4.91			3,816		0.75			1.38			0.91			12
	17.73		8.69			2,321		0.75			0.78			1.50			39
	16.58		11.84			256		0.70			0.64	(i)		1.61			116
	21.04		24.02			6,348		0.50			2.08			0.62			7
	17.52		(0.07	)		4,378		0.50			1.47			0.68			41
	18.17		5.18			3,361		0.50			1.58			0.71			12
	17.74		8.93			1,012		0.50			1.16			1.40			39
	16.58		13.32			177		0.50			1.00	(i)		1.30			116
	21.08		24.22			1,691		0.25			2.33			0.38			7
	17.54		0.12			1,262		0.25			1.46			0.42			41
	18.20		5.47			1,818		0.25			1.87			0.41			12
	17.76		9.20			351		0.25			1.54			1.15			39
	16.60		13.59			23		0.25			1.82	(i)		1.57			116
	21.08		24.31			73,097		0.10			2.40			0.19			7
	17.54		0.26			55,957		0.10			1.77			0.24			41
	18.20		5.60			35,100		0.10			1.99			0.23			12
	17.76		9.37			16,799		0.10			1.51			0.79			39
	16.59		12.34			4,073		0.10			1.06	(i)		0.73			116
	21.11		24.32			183,048		0.00			2.44			0.09			7
	17.57		0.41			139,446		0.00			1.89			0.14			41
	18.22		5.69			84,379		0.00			2.12			0.13			12
	17.78		9.52			34,676		0.00			1.56			0.67			39
	16.60		12.46			1,599		0.00			1.08	(i)		0.59			116

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN  SMARTRETIREMENT^® FUNDS 89

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (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	Diversification Classification
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

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. Effective October 1, 2020, Class C Shares automatically convert to Class A Shares after eight years. Prior to October 1, 2020, Class C Shares automatically converted 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, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) 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 (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) 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 — Investments are valued in accordance with GAAP and the Funds’ valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

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.

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.

90 J.P. MORGAN  SMARTRETIREMENT^® FUNDS DECEMBER 31, 2020

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 foreign 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”) (“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):

JPMorgan SmartRetirement^® Income Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Exchange-Traded Funds	$	53,018		$	—	$	—	$	53,018
Investment Companies		2,330,807			—		—		2,330,807
U.S. Treasury Obligations		—			14,691		—		14,691
Short-Term Investments
Investment Companies		51,007			—		—		51,007
Total Investments in Securities	$	2,434,832		$	14,691	$	—	$	2,449,523
Appreciation in Other Financial Instruments
Futures Contracts	$	2,344		$	—	$	—	$	2,344
Depreciation in Other Financial Instruments
Futures Contracts	$	(783	)	$	—	$	—	$	(783	)

JPMorgan SmartRetirement^® 2020 Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Exchange-Traded Funds	$	100,230		$	—	$	—	$	100,230
Investment Companies		4,001,677			—		—		4,001,677
U.S. Treasury Obligations		—			24,805		—		24,805
Short-Term Investments
Investment Companies		126,641			—		—		126,641
Total Investments in Securities	$	4,228,548		$	24,805	$	—	$	4,253,353
Appreciation in Other Financial Instruments
Futures Contracts	$	4,337		$	—	$	—	$	4,337
Depreciation in Other Financial Instruments
Futures Contracts	$	(1,175	)	$	—	$	—	$	(1,175	)

DECEMBER 31, 2020 J.P. MORGAN  SMARTRETIREMENT^® FUNDS 91

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

JPMorgan SmartRetirement^® 2025 Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Exchange-Traded Funds	$	161,548		$	—	$	—	$	161,548
Investment Companies		5,912,433			—		—		5,912,433
U.S. Treasury Obligations		—			43,600		—		43,600
Short-Term Investments
Investment Companies		64,003			—		—		64,003
Total Investments in Securities	$	6,137,984		$	43,600	$	—	$	6,181,584
Appreciation in Other Financial Instruments
Futures Contracts	$	8,646		$	—	$	—	$	8,646
Depreciation in Other Financial Instruments
Futures Contracts	$	(1,168	)	$	—	$	—	$	(1,168	)

JPMorgan SmartRetirement^® 2030 Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Exchange-Traded Funds	$	315,027		$	—	$	—	$	315,027
Investment Companies		6,527,633			—		—		6,527,633
U.S. Treasury Obligations		—			45,879		—		45,879
Short-Term Investments
Investment Companies		96,541			—		—		96,541
Total Investments in Securities	$	6,939,201		$	45,879	$	—	$	6,985,080
Appreciation in Other Financial Instruments
Futures Contracts	$	10,165		$	—	$	—	$	10,165
Depreciation in Other Financial Instruments
Futures Contracts	$	(1,301	)	$	—	$	—	$	(1,301	)

JPMorgan SmartRetirement^® 2035 Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Exchange-Traded Funds	$	35,194		$	—	$	—	$	35,194
Investment Companies		5,551,473			—		—		5,551,473
U.S. Treasury Obligations		—			41,830		—		41,830
Short-Term Investments
Investment Companies		85,821			—		—		85,821
Total Investments in Securities	$	5,672,488		$	41,830	$	—	$	5,714,318
Appreciation in Other Financial Instruments
Futures Contracts	$	9,678		$	—	$	—	$	9,678
Depreciation in Other Financial Instruments
Futures Contracts	$	(931	)	$	—	$	—	$	(931	)

92 J.P. MORGAN  SMARTRETIREMENT^® FUNDS DECEMBER 31, 2020

JPMorgan SmartRetirement^® 2040 Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Exchange-Traded Funds	$	79,230		$	—	$	—	$	79,230
Investment Companies		5,469,840			—		—		5,469,840
U.S. Treasury Obligations		—			43,225		—		43,225
Short-Term Investments
Investment Companies		128,647			—		—		128,647
Total Investments in Securities	$	5,677,717		$	43,225	$	—	$	5,720,942
Appreciation in Other Financial Instruments
Futures Contracts	$	10,337		$	—	$	—	$	10,337
Depreciation in Other Financial Instruments
Futures Contracts	$	(1,737	)	$	—	$	—	$	(1,737	)

JPMorgan SmartRetirement^® 2045 Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Exchange-Traded Funds	$	80,682		$	—	$	—	$	80,682
Investment Companies		3,999,477			—		—		3,999,477
U.S. Treasury Obligations		—			27,310		—		27,310
Short-Term Investments
Investment Companies		79,592			—		—		79,592
Total Investments in Securities	$	4,159,751		$	27,310	$	—	$	4,187,061
Appreciation in Other Financial Instruments
Futures Contracts	$	7,292		$	—	$	—	$	7,292
Depreciation in Other Financial Instruments
Futures Contracts	$	(963	)	$	—	$	—	$	(963	)

JPMorgan SmartRetirement^® 2050 Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Exchange-Traded Funds	$	72,379		$	—	$	—	$	72,379
Investment Companies		3,639,275			—		—		3,639,275
U.S. Treasury Obligations		—			24,883		—		24,883
Short-Term Investments
Investment Companies		88,654			—		—		88,654
Total Investments in Securities	$	3,800,308		$	24,883	$	—	$	3,825,191
Appreciation in Other Financial Instruments
Futures Contracts	$	6,398		$	—	$	—	$	6,398
Depreciation in Other Financial Instruments
Futures Contracts	$	(791	)	$	—	$	—	$	(791	)

DECEMBER 31, 2020 J.P. MORGAN  SMARTRETIREMENT^® FUNDS 93

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

JPMorgan SmartRetirement^® 2055 Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Exchange-Traded Funds	$	53,066		$	—	$	—	$	53,066
Investment Companies		1,834,688			—		—		1,834,688
U.S. Treasury Obligations		—			12,489		—		12,489
Short-Term Investments
Investment Companies		15,749			—		—		15,749
Total Investments in Securities	$	1,903,503		$	12,489	$	—	$	1,915,992
Appreciation in Other Financial Instruments
Futures Contracts	$	2,836		$	—	$	—	$	2,836
Depreciation in Other Financial Instruments
Futures Contracts	$	(620	)	$	—	$	—	$	(620	)
JPMorgan SmartRetirement® 2060 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Exchange-Traded Funds	$	12,012		$	—	$	—	$	12,012
Investment Companies		343,215			—		—		343,215
U.S. Treasury Obligations		—			3,434		—		3,434
Short-Term Investments
Investment Companies		7,357			—		—		7,357
Total Investments in Securities	$	362,584		$	3,434	$	—	$	366,018
Appreciation in Other Financial Instruments
Futures Contracts	$	666		$	—	$	—	$	666
Depreciation in Other Financial Instruments
Futures Contracts	$	(91	)	$	—	$	—	$	(91	)

B. Investment Transactions with Affiliates — The Funds invested in Underlying Funds and ETFs which are advised by the Adviser. 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 tables below to be affiliated issuers. Underlying Funds’ and ETFs’ distributions may be reinvested into the Underlying Funds and ETFs. Reinvestment amounts are included in the purchase cost amounts in the tables below. Amounts in the tables below are in thousands.

94 J.P. MORGAN  SMARTRETIREMENT^® FUNDS DECEMBER 31, 2020

JPMorgan SmartRetirement^®Income Fund

For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders MSCI US REIT ETF (a)	$	11,658	$	—	$	8,289	$	(1,717	)	$	2,327		$	3,979		50	$	103	$	—
JPMorgan BetaBuilders US Mid Cap Equity ETF (a)		—		51,263		10,948		1,219			7,505			49,039		622		167		—
JPMorgan Core Bond Fund Class R6 Shares (a)		635,226		31,598		108,435		6,729			(10,330	)		554,788		45,141		7,039		8,933
JPMorgan Corporate Bond Fund Class R6 Shares (a)		133,654		3,511		13,193		500			2,248			126,720		11,604		1,634		1,877
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		23,247		385		5,084		79			1,815			20,442		2,463		385		—
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		97,342		176		36,618		4,745			26,418			92,063		2,091		176		—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		22,733		335		4,687		(201	)		1,935			20,115		2,429		335		—
JPMorgan Equity Income Fund Class R6 Shares (a)		191,890		1,389		91,909		(5,238	)		31,539			127,671		6,471		1,389		—
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		32,571		578		—		—			1,637			34,786		3,931		578		—
JPMorgan High Yield Fund Class R6 Shares (a)		194,679		21,192		6,314		(199	)		16,009			225,367		31,653		5,134		—
JPMorgan Income Fund Class R6 Shares (a)		48,085		1,181		3,976		(159	)		2,112			47,243		5,010		1,126		55
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		203,344		2,232		19,882		384			6,040			192,118		17,855		2,232		—
JPMorgan International Advantage Fund Class R6 Shares (a)		40,533		826		21,520		1,813			4,618			26,270		1,268		826		—
JPMorgan International Equity Fund Class R6 Shares (a)		134,392		1,646		34,225		5,627			20,966			128,406		6,404		1,646		—
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		93,692		1,752		18,374		(1,438	)		15,959			91,591		4,821		1,752		—
JPMorgan Managed Income Fund Class L Shares (a)		2,427		78,233		50,609		—	(c)		(30	)		30,021		2,990		181		8
JPMorgan Realty Income Fund Class R6 Shares (a)		36,912		1,493		—		—			3,051			41,456		3,129		263		1,229
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		385,244		21,837		52,968		749			5,384			360,246		36,536		3,780		650
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		19,323		442		8,504		662			3,995			15,918		230		78		363
JPMorgan Small Cap Growth Fund Class R6 Shares (a)		12,266		724		8,037		4,104			(564	)		8,493		276		33		691
JPMorgan Small Cap Value Fund Class R6 Shares (a)		9,305		56		5,767		761			2,061			6,416		238		57		—
JPMorgan U.S. Equity Fund Class R6 Shares (a)		200,594		10,989		62,743		8,041			23,796			180,677		9,440		846		10,144
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a)(b)		88,744		486,920		524,657		—			—			51,007		51,007		31		—
Total	$	2,617,861	$	718,758	$	1,096,739	$	26,461		$	168,491		$	2,434,832			$	29,791	$	23,950

DECEMBER 31, 2020 J.P. MORGAN  SMARTRETIREMENT^® FUNDS 95

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

JPMorgan SmartRetirement^® 2020 Fund

For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders MSCI US REIT ETF (a)	$	22,437	$	—	$	14,778	$	(3,033	)	$	4,327		$	8,953		113	$	219	$	—
JPMorgan BetaBuilders US Mid Cap Equity ETF (a)		—		102,325		28,000		2,983			13,969			91,277		1,159		332		—
JPMorgan Core Bond Fund Class R6 Shares (a)		1,084,532		63,867		202,882		11,121			(17,152	)		939,486		76,443		11,877		15,126
JPMorgan Corporate Bond Fund Class R6 Shares (a)		238,464		6,057		31,179		1,301			3,627			218,270		19,988		2,825		3,232
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		31,620		628		—		—			2,850			35,098		4,229		628		—
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		186,517		316		81,112		15,848			42,370			163,939		3,724		316		—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		38,263		559		8,246		(352	)		3,257			33,481		4,044		559		—
JPMorgan Equity Income Fund Class R6 Shares (a)		361,756		11,368		180,236		(9,568	)		59,795			243,115		12,322		2,642		—
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		51,656		845		6,886		(632	)		3,027			48,010		5,425		845		—
JPMorgan High Yield Fund Class R6 Shares (a)		325,485		43,726		10,896		(477	)		27,400			385,238		54,106		8,774		—
JPMorgan Income Fund Class R6 Shares (a)		70,721		1,747		7,851		(297	)		3,143			67,463		7,154		1,668		79
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		308,223		3,398		30,372		550			9,188			290,987		27,043		3,398		—
JPMorgan International Advantage Fund Class R6 Shares (a)		74,211		1,571		34,885		4,200			7,374			52,471		2,534		1,571		—
JPMorgan International Equity Fund Class R6 Shares (a)		246,780		3,103		57,453		11,950			37,774			242,154		12,078		3,103		—
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		172,223		3,113		40,176		(1,615	)		29,248			162,793		8,568		3,113		—
JPMorgan Managed Income Fund Class L Shares (a)		4,423		130,554		118,743		—	(c)		(16	)		16,218		1,615		259		4
JPMorgan Realty Income Fund Class R6 Shares (a)		70,617		2,855		—		—			5,837			79,309		5,986		503		2,352
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		653,028		37,745		86,760		1,279			9,124			614,416		62,314		6,436		1,109
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		40,104		855		19,894		2,046			7,704			30,815		445		152		704
JPMorgan Small Cap Growth Fund Class R6 Shares (a)		14,570		1,234		6,413		3,258			2,196			14,845		482		40		1,194
JPMorgan Small Cap Value Fund Class R6 Shares (a)		13,496		120		—		—			4,784			18,400		683		120		—
JPMorgan U.S. Equity Fund Class R6 Shares (a)		378,881		31,257		125,719		17,868			42,882			345,169		18,034		1,582		19,203
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a)(b)		147,454		845,211		866,024		—			—			126,641		126,641		50		—
Total	$	4,535,461	$	1,292,454	$	1,958,505	$	56,430		$	302,708		$	4,228,548			$	51,012	$	43,003

96 J.P. MORGAN  SMARTRETIREMENT^® FUNDS DECEMBER 31, 2020

JPMorgan SmartRetirement^® 2025 Fund

For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders MSCI US REIT ETF (a)	$	42,047	$	—	$	29,274	$	(5,321	)	$	8,238		$	15,690		198	$	447	$	—
JPMorgan BetaBuilders US Mid Cap Equity ETF (a)		—		123,537		—		—			22,321			145,858		1,851		495		—
JPMorgan Core Bond Fund Class R6 Shares (a)		1,320,649		116,348		208,564		9,521			(18,335	)		1,219,619		99,237		15,088		19,637
JPMorgan Corporate Bond Fund Class R6 Shares (a)		289,642		19,699		27,842		1,077			4,799			287,375		26,316		3,614		4,255
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		44,780		791		7,414		155			3,683			41,995		5,060		791		—
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		344,049		644		126,235		23,228			89,919			331,605		7,533		644		—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		44,333		689		6,718		(232	)		3,814			41,886		5,059		689		—
JPMorgan Equity Income Fund Class R6 Shares (a)		698,446		5,341		311,518		(16,452	)		116,197			492,014		24,937		5,341		—
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		49,947		887		—		—			2,510			53,344		6,028		887		—
JPMorgan High Yield Fund Class R6 Shares (a)		324,874		82,237		9,455		(348	)		28,847			426,155		59,853		9,418		—
JPMorgan Income Fund Class R6 Shares (a)		67,054		1,635		9,322		(360	)		3,022			62,029		6,578		1,563		72
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		151,333		1,758		—		—			4,965			158,056		14,689		1,758		—
JPMorgan International Advantage Fund Class R6 Shares (a)		143,121		3,237		65,515		2,127			21,924			104,894		5,065		3,237		—
JPMorgan International Equity Fund Class R6 Shares (a)		484,363		6,450		87,425		7,032			92,908			503,328		25,104		6,450		—
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		338,078		6,694		50,171		(2,444	)		57,891			350,048		18,424		6,694		—
JPMorgan Managed Income Fund Class L Shares (a)		5,914		65,404		55,705		—	(c)		(16	)		15,597		1,553		120		4
JPMorgan Realty Income Fund Class R6 Shares (a)		134,650		5,445		—		—			11,130			151,225		11,413		960		4,485
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		809,527		71,985		87,268		898			12,122			807,264		81,873		8,242		1,456
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		70,505		1,891		22,260		1,433			16,551			68,120		984		335		1,555
JPMorgan Small Cap Growth Fund Class R6 Shares (a)		43,966		2,066		22,083		10,336			1,229			35,514		1,152		95		1,971
JPMorgan Small Cap Value Fund Class R6 Shares (a)		26,968		240		—		—			9,561			36,769		1,364		240		—
JPMorgan U.S. Equity Fund Class R6 Shares (a)		634,512		125,119		148,486		13,123			101,328			725,596		37,910		3,308		40,017
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a)(b)		114,172		907,771		957,940		—			—			64,003		64,003		64		—
Total	$	6,182,930	$	1,549,868	$	2,233,195	$	43,773		$	594,608		$	6,137,984			$	70,480	$	73,452

DECEMBER 31, 2020 J.P. MORGAN  SMARTRETIREMENT^® FUNDS 97

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

JPMorgan SmartRetirement^® 2030 Fund

For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders MSCI US REIT ETF (a)	$	57,448	$	—	$	20,860	$	(3,713	)	$	8,876		$	41,751		527	$	880	$	—
JPMorgan BetaBuilders US Mid Cap Equity ETF (a)		—		240,437		10,593		1,611			41,821			273,276		3,469		964		—
JPMorgan Core Bond Fund Class R6 Shares (a)		1,180,819		97,347		196,104		10,173			(17,769	)		1,074,466		87,426		13,360		17,300
JPMorgan Corporate Bond Fund Class R6 Shares (a)		244,915		21,883		20,766		686			4,141			250,859		22,972		3,104		3,714
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		41,307		765		5,479		(211	)		3,572			39,954		4,814		765		—
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		474,287		892		178,637		34,303			119,982			450,827		10,241		892		—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		40,878		668		4,677		(331	)		3,468			40,006		4,832		668		—
JPMorgan Equity Income Fund Class R6 Shares (a)		968,519		35,435		434,627		(26,730	)		164,532			707,129		35,840		7,390		—
JPMorgan High Yield Fund Class R6 Shares (a)		305,188		94,741		—		—			27,468			427,397		60,028		9,159		—
JPMorgan Income Fund Class R6 Shares (a)		36,408		944		—		—			1,544			38,896		4,125		899		45
JPMorgan International Advantage Fund Class R6 Shares (a)		196,099		4,529		73,868		4,532			28,020			159,312		7,692		4,529		—
JPMorgan International Equity Fund Class R6 Shares (a)		659,700		8,870		114,445		7,705			130,284			692,114		34,519		8,870		—
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		461,290		9,333		57,610		(4,124	)		79,152			488,041		25,686		9,333		—
JPMorgan Managed Income Fund Class L Shares (a)		6,075		196,854		168,112		—	(c)		(35	)		34,782		3,464		410		9
JPMorgan Realty Income Fund Class R6 Shares (a)		182,520		7,380		—		—			15,087			204,987		15,471		1,301		6,079
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		713,255		95,701		98,814		880			10,582			721,604		73,185		7,299		1,302
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		94,386		2,712		23,560		956			23,215			97,709		1,411		481		2,231
JPMorgan Small Cap Growth Fund Class R6 Shares (a)		48,390		3,412		20,915		10,289			6,866			48,042		1,559		157		3,255
JPMorgan Small Cap Value Fund Class R6 Shares (a)		34,970		11,245		10,527		169			14,521			50,378		1,869		354		—
JPMorgan U.S. Equity Fund Class R6 Shares (a)		874,658		167,041		195,680		10,776			144,335			1,001,130		52,306		4,574		57,109
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a)(b)		187,689		1,204,430		1,295,578		—			—			96,541		96,541		72		—
Total	$	6,808,801	$	2,204,619	$	2,930,852	$	46,971		$	809,662		$	6,939,201			$	75,461	$	91,044

98 J.P. MORGAN  SMARTRETIREMENT^® FUNDS DECEMBER 31, 2020

JPMorgan SmartRetirement^® 2035 Fund

For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders MSCI US REIT ETF (a)	$	44,437	$	—	$	27,043	$	(6,837	)	$	8,424		$	18,981		240	$	579	$	—
JPMorgan BetaBuilders US Mid Cap Equity ETF (a)		—		13,732		—		—			2,481			16,213		206		55		—
JPMorgan Core Bond Fund Class R6 Shares (a)		272,451		39,033		27,183		(41	)		(2,208	)		282,052		22,950		3,319		4,541
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		659,267		101,981		153,352		4,196			(3,865	)		608,227		69,751		8,526		9,728
JPMorgan Corporate Bond Fund Class R6 Shares (a)		192,990		28,571		20,629		327			3,468			204,727		18,748		2,496		3,031
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		23,419		466		—		—			2,110			25,995		3,132		465		—
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		431,456		6,950		100,016		3,054			116,850			458,294		21,886		6,950		—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		23,168		402		—		—			1,955			25,525		3,083		402		—
JPMorgan Growth Advantage Fund Class R6 Shares (a)		519,891		59,348		36,347		4,003			100,472			647,367		19,827		2,081		57,266
JPMorgan High Yield Fund Class R6 Shares (a)		206,047		81,068		—		—			19,704			306,819		43,093		6,656		—
JPMorgan International Advantage Fund Class R6 Shares (a)		269,370		6,272		52,038		(1,183	)		46,277			268,698		12,974		6,272		—
JPMorgan International Focus Fund Class R6 Shares (a)		490,383		5,792		85,809		9,927			95,552			515,845		19,817		5,792		—
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		466,891		9,692		47,785		(2,324	)		80,314			506,788		26,673		9,693		—
JPMorgan Managed Income Fund Class L Shares (a)		3,145		13		—		—			(3	)		3,155		314		12		1
JPMorgan Realty Income Fund Class R6 Shares (a)		168,632		21,671		8,675		(526	)		14,119			195,221		14,734		1,218		5,790
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		53,411		1,548		12,808		708			12,924			55,783		806		275		1,274
JPMorgan Small Cap Growth Fund Class R6 Shares (a)		26,661		2,291		11,900		6,081			4,350			27,483		892		105		2,186
JPMorgan Small Cap Value Fund Class R6 Shares (a)		21,925		195		—		—			7,772			29,892		1,109		195		—
JPMorgan U.S. Equity Fund Class R6 Shares (a)		504,930		31,894		90,717		13,709			69,612			529,428		27,661		2,390		29,504
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a)(b)		89,153		715,964		719,296		—			—			85,821		85,821		35		—
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		386,180		14,100		52,273		14,613			55,270			417,890		13,145		3,537		10,563
JPMorgan Value Advantage Fund Class R6 Shares (a)		515,862		14,698		175,360		(17,982	)		105,066			442,284		12,459		8,157		6,541
Total	$	5,369,669	$	1,155,681	$	1,621,231	$	27,725		$	740,644		$	5,672,488			$	69,210	$	130,425

DECEMBER 31, 2020 J.P. MORGAN  SMARTRETIREMENT^® FUNDS 99

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

JPMorgan SmartRetirement^® 2040 Fund

For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders MSCI US REIT ETF (a)	$	50,434	$	—	$	8,484	$	(1,092	)	$	6,535		$	47,393		599	$	974	$	—
JPMorgan BetaBuilders US Mid Cap Equity ETF (a)		—		26,965		—		—			4,872			31,837		404		108		—
JPMorgan Core Bond Fund Class R6 Shares (a)		160,838		14,955		—		—			(1,352	)		174,441		14,194		1,966		2,809
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		409,854		45,701		114,967		4,151			(3,556	)		341,183		39,126		5,001		5,457
JPMorgan Corporate Bond Fund Class R6 Shares (a)		106,190		3,031		—		—			2,299			111,520		10,212		1,380		1,651
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		16,775		334		—		—			1,511			18,620		2,243		333		—
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		458,770		7,345		103,158		2,911			123,531			489,399		23,371		7,345		—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		16,044		278		—		—			1,355			17,677		2,135		278		—
JPMorgan Growth Advantage Fund Class R6 Shares(a)		563,885		64,114		35,359		4,888			108,251			705,779		21,616		2,249		61,866
JPMorgan High Yield Fund Class R6 Shares (a)		165,083		80,598		—		—			16,501			262,182		36,823		5,627		—
JPMorgan International Advantage Fund Class R6 Shares (a)		292,104		7,097		42,261		(583	)		49,742			306,099		14,780		7,097		—
JPMorgan International Focus Fund Class R6 Shares (a)		532,464		6,251		77,750		7,915			106,640			575,520		22,110		6,250		—
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		503,059		22,946		50,097		(4,726	)		90,472			561,654		29,561		10,742		—
JPMorgan Managed Income Fund Class L Shares (a)		3,063		13		—		—			(3	)		3,073		306		12		1
JPMorgan Realty Income Fund Class R6 Shares (a)		187,340		17,899		—		—			15,236			220,475		16,640		1,364		6,539
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		58,532		1,722		12,910		669			14,022			62,035		896		305		1,416
JPMorgan Small Cap Growth Fund Class R6 Shares (a)		30,866		1,827		11,233		5,651			4,282			31,393		1,019		84		1,742
JPMorgan Small Cap Value Fund Class R6 Shares (a)		27,709		246		—		—			9,824			37,779		1,401		246		—
JPMorgan U.S. Equity Fund Class R6 Shares (a)		552,700		34,686		97,780		15,298			75,514			580,418		30,325		2,614		32,072
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a)(b)		96,435		621,987		589,775		—			—			128,647		128,647		35		—
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		448,409		15,756		72,698		19,003			57,961			468,431		14,735		3,915		11,841
JPMorgan Value Advantage Fund Class R6 Shares (a)		558,702		16,633		169,950		(14,660	)		111,437			502,162		14,145		9,262		7,371
Total	$	5,239,256	$	990,384	$	1,386,422	$	39,425		$	795,074		$	5,677,717			$	67,187	$	132,765

100 J.P. MORGAN  SMARTRETIREMENT^® FUNDS DECEMBER 31, 2020

JPMorgan SmartRetirement^® 2045 Fund

For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders MSCI US REIT ETF (a)	$	43,775	$	—	$	13,641	$	(2,927	)	$	6,610		$	33,817		427	$	698	$	—
JPMorgan BetaBuilders US Mid Cap Equity ETF (a)		—		39,693		—		—			7,172			46,865		595		159		—
JPMorgan Core Bond Fund Class R6 Shares (a)		58,042		8,050		—		—			(530	)		65,562		5,335		715		1,056
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		148,310		21,216		79,949		3,738			(3,252	)		90,063		10,328		1,594		1,440
JPMorgan Corporate Bond Fund Class R6 Shares (a)		38,232		1,091		—		—			828			40,151		3,677		497		594
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		8,301		164		—		—			748			9,213		1,110		165		—
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		346,564		5,928		61,158		2,958			96,524			390,816		18,664		5,928		—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		7,820		136		—		—			660			8,616		1,041		136		—
JPMorgan Growth Advantage Fund Class R6 Shares (a)		440,645		60,591		22,899		2,611			86,798			567,746		17,389		1,810		49,787
JPMorgan High Yield Fund Class R6 Shares (a)		93,165		60,830		—		—			10,000			163,995		23,033		3,462		—
JPMorgan International Advantage Fund Class R6 Shares (a)		225,330		5,593		28,756		(891	)		39,062			240,338		11,605		5,593		—
JPMorgan International Focus Fund Class R6 Shares (a)		415,885		5,030		53,952		5,931			85,074			457,968		17,594		5,030		—
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		388,012		21,884		27,714		(2,825	)		70,354			449,711		23,669		8,601		—
JPMorgan Managed Income Fund Class L Shares (a)		3,120		13		—		—			(3	)		3,130		312		12		1
JPMorgan Realty Income Fund Class R6 Shares (a)		141,870		20,304		—		—			11,826			174,000		13,132		1,082		5,160
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		41,581		1,343		5,706		449			10,715			48,382		699		238		1,105
JPMorgan Small Cap Growth Fund Class R6 Shares (a)		25,111		1,706		6,161		3,091			5,558			29,305		951		78		1,626
JPMorgan Small Cap Value Fund Class R6 Shares (a)		18,801		166		—		—			6,666			25,633		951		167		—
JPMorgan U.S. Equity Fund Class R6 Shares (a)		437,851		27,588		76,863		10,653			62,761			461,990		24,137		2,084		25,504
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a)(b)		90,659		479,363		490,430		—			—			79,592		79,592		29		—
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		362,812		12,970		62,868		13,448			50,588			376,950		11,858		3,245		9,724
JPMorgan Value Advantage Fund Class R6 Shares (a)		437,179		13,134		128,992		(14,393	)		88,980			395,908		11,152		7,302		5,833
Total	$	3,773,065	$	786,793	$	1,059,089	$	21,843		$	637,139		$	4,159,751			$	48,625	$	101,830

DECEMBER 31, 2020 J.P. MORGAN  SMARTRETIREMENT^® FUNDS 101

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

JPMorgan SmartRetirement^® 2050 Fund

For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders MSCI US REIT ETF (a)	$	39,127	$	—	$	12,214	$	(2,785	)	$	5,928		$	30,056		380	$	621	$	—
JPMorgan BetaBuilders US Mid Cap Equity ETF (a)		—		35,846		—		—			6,477			42,323		537		144		—
JPMorgan Core Bond Fund Class R6 Shares (a)		52,224		7,256		—		—			(477	)		59,003		4,801		643		950
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		134,848		19,094		73,170		3,308			(2,855	)		81,225		9,315		1,441		1,299
JPMorgan Corporate Bond Fund Class R6 Shares (a)		34,256		978		—		—			741			35,975		3,294		445		533
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		7,458		148		—		—			672			8,278		997		148		—
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		306,777		5,312		41,309		2,171			87,090			360,041		17,194		5,313		—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		7,025		122		—		—			593			7,740		935		122		—
JPMorgan Growth Advantage Fund Class R6 Shares (a)		397,921		57,512		16,726		2,948			77,682			519,337		15,906		1,633		44,939
JPMorgan High Yield Fund Class R6 Shares (a)		83,823		60,643		—		—			9,093			153,559		21,567		3,145		—
JPMorgan International Advantage Fund Class R6 Shares (a)		192,402		18,500		20,943		(847	)		35,214			224,326		10,832		5,069		—
JPMorgan International Focus Fund Class R6 Shares (a)		375,389		4,547		44,203		4,190			77,754			417,677		16,046		4,548		—
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		349,654		16,376		25,398		(1,450	)		62,722			401,904		21,153		7,685		—
JPMorgan Managed Income Fund Class L Shares (a)		2,806		12		—		—			(3	)		2,815		280		11		1
JPMorgan Realty Income Fund Class R6 Shares (a)		125,630		20,587		—		—			10,416			156,633		11,821		966		4,645
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		34,643		1,273		—		—			9,915			45,831		662		226		1,046
JPMorgan Small Cap Growth Fund Class R6 Shares (a)		23,340		1,581		11,172		4,918			2,942			21,609		701		58		1,524
JPMorgan Small Cap Value Fund Class R6 Shares (a)		16,853		5,763		5,741		(5	)		7,278			24,148		896		195		—
JPMorgan U.S. Equity Fund Class R6 Shares (a)		382,232		25,026		46,617		6,742			57,836			425,219		22,216		1,877		23,150
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a)(b)		112,213		406,522		430,081		—			—			88,654		88,654		29		—
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		325,935		22,372		67,924		13,267			44,290			337,940		10,630		2,890		8,542
JPMorgan Value Advantage Fund Class R6 Shares (a)		394,603		11,817		116,908		(13,657	)		80,160			356,015		10,029		6,566		5,251
Total	$	3,399,159	$	721,287	$	912,406	$	18,800		$	573,468		$	3,800,308			$	43,775	$	91,880

102 J.P. MORGAN  SMARTRETIREMENT^® FUNDS DECEMBER 31, 2020

JPMorgan SmartRetirement^® 2055 Fund

For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders MSCI US REIT ETF (a)	$	19,282	$	—	$	—	$	—		$	2,114		$	21,396		270	$	413	$	—
JPMorgan BetaBuilders US Mid Cap Equity ETF (a)		—		26,823		—		—			4,847			31,670		402		108		—
JPMorgan Core Bond Fund Class R6 Shares (a)		25,207		4,271		—		—			(242	)		29,236		2,379		312		471
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		67,971		6,976		34,396		1,295			(1,051	)		40,795		4,678		737		652
JPMorgan Corporate Bond Fund Class R6 Shares (a)		16,497		471		—		—			357			17,325		1,587		214		257
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		3,593		71		—		—			324			3,988		480		71		—
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		144,775		12,379		13,492		487			44,430			188,579		9,006		2,783		—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		3,387		58		—		—			286			3,731		451		59		—
JPMorgan Growth Advantage Fund Class R6 Shares (a)		193,473		22,711		2,570		436			39,209			253,259		7,757		796		21,914
JPMorgan High Yield Fund Class R6 Shares (a)		40,702		31,471		—		—			4,492			76,665		10,768		1,561		—
JPMorgan International Advantage Fund Class R6 Shares (a)		93,792		2,424		7,708		7			16,337			104,852		5,063		2,424		—
JPMorgan International Focus Fund Class R6 Shares (a)		182,498		6,091		19,721		1,660			39,098			209,626		8,053		2,253		—
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		175,511		7,364		2,675		(375	)		30,934			210,759		11,093		4,030		—
JPMorgan Managed Income Fund Class L Shares (a)		1,337		18,367		18,630		—	(c)		(1	)		1,073		107		29		—	(c)
JPMorgan Realty Income Fund Class R6 Shares (a)		60,210		12,907		—		—			4,723			77,840		5,875		458		2,309
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		19,448		700		2,823		172			5,311			22,808		329		112		587
JPMorgan Small Cap Growth Fund Class R6 Shares (a)		12,986		725		5,426		2,173			2,007			12,465		404		33		692
JPMorgan Small Cap Value Fund Class R6 Shares (a)		7,610		67		—		—			2,698			10,375		385		68		—
JPMorgan U.S. Equity Fund Class R6 Shares (a)		183,940		16,529		19,267		2,058			29,446			212,706		11,113		927		11,572
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a)(b)		59,168		207,869		251,288		—			—			15,749		15,749		15		—
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		149,036		5,797		10,470		1,624			25,684			171,671		5,400		1,458		4,339
JPMorgan Value Advantage Fund Class R6 Shares (a)		191,845		6,180		45,438		(4,400	)		38,748			186,935		5,266		3,448		2,732
Total	$	1,652,268	$	390,251	$	433,904	$	5,137		$	289,751		$	1,903,503			$	22,309	$	45,525

DECEMBER 31, 2020 J.P. MORGAN  SMARTRETIREMENT^® FUNDS 103

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

JPMorgan SmartRetirement^® 2060 Fund

For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders MSCI US REIT ETF (a)	$	2,690	$	—	$	—	$	—		$	295		$	2,985		38	$	58	$	—
JPMorgan BetaBuilders US Mid Cap Equity ETF (a)		—		7,645		—		—			1,382			9,027		115		31		—
JPMorgan Core Bond Fund Class R6 Shares (a)		4,089		1,152		—		—			(49	)		5,192		422		55		84
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		11,025		274		2,548		69			(43	)		8,777		1,007		134		140
JPMorgan Corporate Bond Fund Class R6 Shares (a)		2,594		982		—		—			46			3,622		332		36		54
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		571		12		—		—			51			634		76		11		—
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		22,739		4,253		—		—			7,680			34,672		1,656		501		—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		538		9		—		—			46			593		72		9		—
JPMorgan Growth Advantage Fund Class R6 Shares (a)		32,020		9,449		—		—			6,839			48,308		1,480		152		4,179
JPMorgan High Yield Fund Class R6 Shares (a)		6,688		7,011		—		—			794			14,493		2,036		280		—
JPMorgan International Advantage Fund Class R6 Shares (a)		13,392		1,083		—		—			2,452			16,927		817		365		—
JPMorgan International Focus Fund Class R6 Shares (a)		30,222		5,547		2,534		44			7,202			40,481		1,555		426		—
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		27,654		6,310		788		(31	)		5,575			38,720		2,038		740		—
JPMorgan Managed Income Fund Class L Shares (a)		196		4,308		3,681		—	(c)		(1	)		822		82		11		—	(c)
JPMorgan Realty Income Fund Class R6 Shares (a)		10,702		3,088		—		—			899			14,689		1,109		89		436
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		2,920		588		—		—			920			4,428		64		22		101
JPMorgan Small Cap Growth Fund Class R6 Shares (a)		1,497		600		537		98			593			2,251		73		6		125
JPMorgan Small Cap Value Fund Class R6 Shares (a)		1,852		14		537		(140	)		758			1,947		72		14		—
JPMorgan U.S. Equity Fund Class R6 Shares (a)		30,314		7,238		3,082		39			5,396			39,905		2,085		171		2,181
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a)(b)		15,995		59,181		67,819		—			—			7,357		7,357		4		—
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		24,846		4,679		2,434		49			4,771			31,911		1,004		261		829
JPMorgan Value Advantage Fund Class R6 Shares (a)		31,775		2,703		5,676		(538	)		6,579			34,843		981		628		524
Total	$	274,319	$	126,126	$	89,636	$	(410	)	$	52,185		$	362,584			$	4,004	$	8,653

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

(b) The rate shown is the current yield as of December 31, 2020.

(c) Amount rounds to less than one thousand.

104 J.P. MORGAN  SMARTRETIREMENT^® FUNDS DECEMBER 31, 2020

C. 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 in non-affiliates 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 year end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

D. Futures Contracts — The Funds used index and treasury futures contracts to gain exposure to or to overweight or underweight allocations among various sectors or markets, or maintain liquidity or minimize transaction costs. The Funds also purchased 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 futures contracts 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, while 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.

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).

The table below discloses the volume of the Funds’ futures contracts activity during the six months ended December 31, 2020 (amounts in thousands):

	JPMorgan SmartRetirement® Income Fund		JPMorgan SmartRetirement® 2020 Fund		JPMorgan SmartRetirement® 2025 Fund		JPMorgan SmartRetirement® 2030 Fund		JPMorgan SmartRetirement® 2035 Fund
Futures Contracts — Equity:
Average Notional Balance Long	$	150,312	$	272,688	$	524,400	$	635,860	$	508,592
Average Notional Balance Short		36,479		54,279		69,207		66,067		101,879
Ending Notional Balance Long		90,826		170,102		345,643		419,656		385,487
Ending Notional Balance Short		15,064		17,073		15,329		11,568		1,067
Futures Contracts — Interest Rate:
Average Notional Balance Long		263,963		454,348		588,926		570,468		190,656
Average Notional Balance Short		70,143		121,180		161,399		179,447		179,239
Ending Notional Balance Long		248,594		430,796		556,818		588,565		193,520
Ending Notional Balance Short		69,227		119,575		152,344		177,300		177,083

DECEMBER 31, 2020 J.P. MORGAN  SMARTRETIREMENT^® FUNDS 105

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

	JPMorgan SmartRetirement® 2040 Fund		JPMorgan SmartRetirement® 2045 Fund		JPMorgan SmartRetirement® 2050 Fund		JPMorgan SmartRetirement® 2055 Fund		JPMorgan SmartRetirement® 2060 Fund
Futures Contracts — Equity:
Average Notional Balance Long	$	513,290	$	371,558	$	337,677	$	169,055	$	33,981
Average Notional Balance Short		110,923		73,001		63,248		32,699		5,583
Ending Notional Balance Long		413,571		288,867		257,666		115,796		26,913
Ending Notional Balance Short		25,281		12,985		6,438		10,998		1,463
Futures Contracts — Interest Rate:
Average Notional Balance Long		187,267		140,928		126,273		61,245		10,235
Average Notional Balance Short		174,173		125,920		113,271		54,740		9,283
Ending Notional Balance Long		178,337		153,767		137,203		68,325		10,076
Ending Notional Balance Short		171,875		124,349		111,762		54,036		10,200

E. Summary of Derivatives Information

The following tables present the value of derivatives held as of December 31, 2020 by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):

JPMorgan SmartRetirement^® Income Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	2,130
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		214
Total		$	2,344
Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(428	)
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation		(355	)
Total		$	(783	)

JPMorgan SmartRetirement^® 2020 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	4,002
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		335
Total		$	4,337
Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(562	)
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation		(613	)
Total		$	(1,175	)

JPMorgan SmartRetirement^® 2025 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	8,213
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		433
Total		$	8,646
Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(387	)
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation		(781	)
Total		$	(1,168	)

106 J.P. MORGAN  SMARTRETIREMENT^® FUNDS DECEMBER 31, 2020

JPMorgan SmartRetirement^® 2030 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	9,665
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		500
Total		$	10,165
Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(392	)
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation		(909	)
Total		$	(1,301	)

JPMorgan SmartRetirement^® 2035 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	9,528
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		150
Total		$	9,678
Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(23	)
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation		(908	)
Total		$	(931	)

JPMorgan SmartRetirement^® 2040 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	10,198
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		139
Total		$	10,337
Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(856	)
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation		(881	)
Total		$	(1,737	)

JPMorgan SmartRetirement^® 2045 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	7,198
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		94
Total		$	7,292
Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(325	)
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation		(638	)
Total		$	(963	)

DECEMBER 31, 2020 J.P. MORGAN  SMARTRETIREMENT^® FUNDS 107

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

JPMorgan SmartRetirement^® 2050 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	6,315
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		83
Total		$	6,398
Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(218	)
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation		(573	)
Total		$	(791	)

JPMorgan SmartRetirement^® 2055 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	2,795
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		41
Total		$	2,836
Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(343	)
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation		(277	)
Total		$	(620	)

JPMorgan SmartRetirement^® 2060 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	658
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		8
Total		$	666
Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(39	)
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation		(52	)
Total		$	(91	)

(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, 2020, by primary underlying risk exposure (amounts in thousands):

JPMorgan SmartRetirement^® Income Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	27,742
Interest rate contracts		(1,409	)
Total	$	26,333
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(1,181	)
Interest rate contracts		(739	)
Total	$	(1,920	)

108 J.P. MORGAN  SMARTRETIREMENT^® FUNDS DECEMBER 31, 2020

JPMorgan SmartRetirement^® 2020 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	50,524
Interest rate contracts		(2,202	)
Total	$	48,322
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(1,850	)
Interest rate contracts		(1,479	)
Total	$	(3,329	)

JPMorgan SmartRetirement^® 2025 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	108,315
Interest rate contracts		(3,096	)
Total	$	105,219
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(2,245	)
Interest rate contracts		(1,604	)
Total	$	(3,849	)

JPMorgan SmartRetirement^® 2030 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	121,380
Interest rate contracts		(3,229	)
Total	$	118,151
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(2,281	)
Interest rate contracts		(1,523	)
Total	$	(3,804	)

JPMorgan SmartRetirement^® 2035 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	109,678
Interest rate contracts		(2,920	)
Total	$	106,758
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(2,834	)
Interest rate contracts		(157	)
Total	$	(2,991	)

DECEMBER 31, 2020 J.P. MORGAN  SMARTRETIREMENT^® FUNDS 109

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

JPMorgan SmartRetirement^® 2040 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	109,407
Interest rate contracts		(2,699	)
Total	$	106,708
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(2,703	)
Interest rate contracts		(156	)
Total	$	(2,859	)

JPMorgan SmartRetirement^® 2045 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	76,563
Interest rate contracts		(2,046	)
Total	$	74,517
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(1,944	)
Interest rate contracts		(101	)
Total	$	(2,045	)

JPMorgan SmartRetirement^® 2050 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	71,459
Interest rate contracts		(1,894	)
Total	$	69,565
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(2,497	)
Interest rate contracts		(84	)
Total	$	(2,581	)

JPMorgan SmartRetirement^® 2055 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	35,334
Interest rate contracts		(914	)
Total	$	34,420
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(1,723	)
Interest rate contracts		(35	)
Total	$	(1,758	)

110 J.P. MORGAN  SMARTRETIREMENT^® FUNDS DECEMBER 31, 2020

JPMorgan SmartRetirement^® 2060 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	7,005
Interest rate contracts		(164	)
Total	$	6,841
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(244	)
Interest rate contracts		(4	)
Total	$	(248	)

The Funds’ derivative contracts held at December 31, 2020 are not accounted for as hedging instruments under GAAP.

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 or when a Fund first learns of the dividend.

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 applicable funds. 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 share class of the Funds for the six months ended December 31, 2020 are as follows (amounts in thousands):

	Class A		Class C		Class I		Class R2		Class R3		Class R4			Class R5		Class R6		Total
JPMorgan SmartRetirement® Income Fund
Transfer agency fees	$	50	$	1	$	2	$	4	$	1	$	—	(a)	$	6	$	8	$	72
JPMorgan SmartRetirement® 2020 Fund
Transfer agency fees		36		1		3		5		1		—	(a)		8		10		64
JPMorgan SmartRetirement® 2025 Fund
Transfer agency fees		45		2		3		5		1		—	(a)		10		14		80
JPMorgan SmartRetirement® 2030 Fund
Transfer agency fees		53		2		4		6		1		1			11		14		92
JPMorgan SmartRetirement® 2035 Fund
Transfer agency fees		46		2		3		5		1		1			9		13		80
JPMorgan SmartRetirement® 2040 Fund
Transfer agency fees		46		2		4		6		1		—	(a)		9		13		81
JPMorgan SmartRetirement® 2045 Fund
Transfer agency fees		37		2		3		5		1		—	(a)		8		11		67
JPMorgan SmartRetirement® 2050 Fund
Transfer agency fees		30		2		3		5		1		1			8		10		60
JPMorgan SmartRetirement® 2055 Fund
Transfer agency fees		17		2		2		4		1		—	(a)		5		8		39
JPMorgan SmartRetirement® 2060 Fund
Transfer agency fees		5		1		1		1		1		—	(a)		2		5		16

(a) Amount rounds to less than one thousand.

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 in 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.

DECEMBER 31, 2020 J.P. MORGAN  SMARTRETIREMENT^® FUNDS 111

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of December 31, 2020, no liability for Federal 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 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 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.

J. Recent Accounting Pronouncement — In March 2020, the FASB issued Accounting Standards Update No. 2020-04 (“ASU 2020-04”), Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 became effective upon the issuance and its optional relief can be applied through December 31, 2022. Management is currently evaluating the impact, if any, to the Funds’ financial statements of applying ASU 2020-04.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser manages 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 each Fund. 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.

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as each Fund’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, as applicable, pursuant to Rule 12b-1 under the 1940 Act. Class I, Class R4, Class R5 and Class R6 Shares of the Funds do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay, with respect to the applicable share classes, 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, 2020, JPMDS retained the following:

	Front-End Sales Charge			CDSC
JPMorgan SmartRetirement® Income Fund	$	—	(a)	$	—
JPMorgan SmartRetirement® 2020 Fund		1			—	(a)
JPMorgan SmartRetirement® 2025 Fund		5			—
JPMorgan SmartRetirement® 2030 Fund		4			—	(a)
JPMorgan SmartRetirement® 2035 Fund		3			—	(a)
JPMorgan SmartRetirement® 2040 Fund		4			—	(a)
JPMorgan SmartRetirement® 2045 Fund		3			—	(a)
JPMorgan SmartRetirement® 2050 Fund		3			—	(a)
JPMorgan SmartRetirement® 2055 Fund		3			—	(a)
JPMorgan SmartRetirement® 2060 Fund		1			—

(a) Amount rounds to less than one thousand.

112 J.P. MORGAN  SMARTRETIREMENT^® FUNDS DECEMBER 31, 2020

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 fund shareholders. For performing these services, JPMDS receives a fee with respect to all share classes, except 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. Pursuant to such contracts, 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, expenses related to trustee elections 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		0.33	%(1)		0.96	%(2)		0.21	%(3)		0.75	%		0.50	%		0.25	%		0.10	%		0.00	%
JPMorgan SmartRetirement® 2020 Fund		0.39	(1)		0.99	(2)		0.24	(3)		0.75			0.50			0.25			0.10			0.00
JPMorgan SmartRetirement®2025 Fund		0.42	(1)		1.00	(2)		0.25	(3)		0.75			0.50			0.25			0.10			0.00
JPMorgan SmartRetirement® 2030 Fund		0.42	(1)		1.00	(2)		0.25	(3)		0.75			0.50			0.25			0.10			0.00
JPMorgan SmartRetirement® 2035 Fund		0.42	(1)		1.00	(2)		0.25	(3)		0.75			0.50			0.25			0.10			0.00
JPMorgan SmartRetirement® 2040 Fund		0.42	(1)		1.00	(2)		0.25	(3)		0.75			0.50			0.25			0.10			0.00
JPMorgan SmartRetirement® 2045 Fund		0.42	(1)		1.00	(2)		0.25	(3)		0.75			0.50			0.25			0.10			0.00
JPMorgan SmartRetirement® 2050 Fund		0.42	(1)		1.00	(2)		0.25	(3)		0.75			0.50			0.25			0.10			0.00
JPMorgan SmartRetirement® 2055 Fund		0.42	(1)		1.00	(2)		0.25	(3)		0.75			0.50			0.25			0.10			0.00
JPMorgan SmartRetirement® 2060 Fund		0.42	(1)		1.00	(2)		0.25	(3)		0.75			0.50			0.25			0.10			0.00

(1) Prior to November 1, 2020, the contractual expense limitations for Class A Shares of 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 and JPMorgan SmartRetirement^® 2060 Fund, were 0.31%, 0.37%, 0.40%, 0.40%, 0.41%, 0.41%, 0.41%, 0.41%, 0.41% and 0.41%, respectively.

(2) Prior to November 1, 2020, the contractual expense limitations for Class C Shares of 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 and JPMorgan SmartRetirement^® 2060 Fund, were 0.94%, 0.97%, 0.99%, 0.99%, 0.99%, 0.99%, 0.99%, 0.99%, 0.99% and 0.99%, respectively.

(3) Prior to November 1, 2020, the contractual expense limitations for Class I Shares of 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 and JPMorgan SmartRetirement^® 2060 Fund, were 0.19%, 0.22%, 0.24%, 0.24%, 0.24%, 0.24%, 0.24%, 0.24%, 0.24% and 0.24%, respectively.

The expense limitation agreements were in effect for the six months ended December 31, 2020 and the contractual expense limitation percentages in the table above are in place until at least October 31, 2021.

The Underlying Funds and ETFs 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 and ETFs 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

DECEMBER 31, 2020 J.P. MORGAN  SMARTRETIREMENT^® FUNDS 113

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

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, 2020, 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
	Service Fees		Contractual Reimbursements
JPMorgan SmartRetirement® Income Fund	$	780	$	231
JPMorgan SmartRetirement® 2020 Fund		715		258
JPMorgan SmartRetirement® 2025 Fund		704		363
JPMorgan SmartRetirement® 2030 Fund		803		401
JPMorgan SmartRetirement® 2035 Fund		585		361
JPMorgan SmartRetirement® 2040 Fund		562		355
JPMorgan SmartRetirement® 2045 Fund		416		324
JPMorgan SmartRetirement® 2050 Fund		361		316
JPMorgan SmartRetirement® 2055 Fund		192		251
JPMorgan SmartRetirement® 2060 Fund		33		143

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 designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. Each Fund, along with 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.

During the six months ended December 31, 2020, JPMorgan SmartRetirement^® 2020 Fund, JPMorgan SmartRetirement^® 2025 Fund and JPMorgan SmartRetirement^® 2030 Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were 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 LLC, 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, 2020, 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)		Sales of U.S. Government
JPMorgan SmartRetirement® Income Fund	$	231,839	$	572,083	$	13,244
JPMorgan SmartRetirement® 2020 Fund		447,243		1,092,480		23,102
JPMorgan SmartRetirement® 2025 Fund		642,096		1,275,254		27,309
JPMorgan SmartRetirement® 2030 Fund		1,000,189		1,635,273		30,536
JPMorgan SmartRetirement® 2035 Fund		439,717		901,933		13,762
JPMorgan SmartRetirement® 2040 Fund		368,397		796,647		11,151
JPMorgan SmartRetirement® 2045 Fund		307,429		568,660		10,268
JPMorgan SmartRetirement® 2050 Fund		314,768		482,325		10,210
JPMorgan SmartRetirement® 2055 Fund		182,381		182,616		3,901
JPMorgan SmartRetirement® 2060 Fund		66,943		21,816		–

During the six months ended December 31, 2020, there were no purchases of U.S. Government securities.

114 J.P. MORGAN  SMARTRETIREMENT^® FUNDS DECEMBER 31, 2020

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, 2020 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
JPMorgan SmartRetirement® Income Fund	$	2,145,085	$	308,430	$	2,431	$	305,999
JPMorgan SmartRetirement® 2020 Fund		3,707,195		553,608		4,288		549,320
JPMorgan SmartRetirement® 2025 Fund		5,366,536		827,588		5,062		822,526
JPMorgan SmartRetirement® 2030 Fund		5,884,518		1,116,237		6,811		1,109,426
JPMorgan SmartRetirement® 2035 Fund		4,543,321		1,182,894		3,150		1,179,744
JPMorgan SmartRetirement® 2040 Fund		4,383,892		1,352,933		7,283		1,345,650
JPMorgan SmartRetirement® 2045 Fund		3,286,989		911,322		4,921		906,401
JPMorgan SmartRetirement® 2050 Fund		3,021,957		813,149		4,308		808,841
JPMorgan SmartRetirement® 2055 Fund		1,577,279		344,145		3,216		340,929
JPMorgan SmartRetirement® 2060 Fund		317,570		49,471		448		49,023

As of June 30, 2020, the Funds did not have any net capital loss carryforwards.

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, 2020, the Funds deferred to July 1, 2020 the following net capital losses of (amounts in thousands):

	Net Capital Losses				Specified Ordinary Losses
	Short-Term		Long-Term
JPMorgan SmartRetirement® Income Fund	$	21,359	$	—	$	174
JPMorgan SmartRetirement® 2020 Fund		33,483		—		—
JPMorgan SmartRetirement® 2025 Fund		40,751		—		—
JPMorgan SmartRetirement® 2030 Fund		47,429		—		1,851
JPMorgan SmartRetirement® 2035 Fund		64,019		—		4,974
JPMorgan SmartRetirement® 2040 Fund		66,671		—		3,708
JPMorgan SmartRetirement® 2045 Fund		50,068		—		2,504
JPMorgan SmartRetirement® 2050 Fund		40,546		—		3,103
JPMorgan SmartRetirement® 2055 Fund		18,144		—		1,354
JPMorgan SmartRetirement® 2060 Fund		1,036		—		290

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 Funds had no borrowings outstanding from another fund during the six months ended December 31, 2020.

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 1, 2021.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended December 31, 2020.

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 for J.P. Morgan Funds (“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 borrow-

DECEMBER 31, 2020 J.P. MORGAN  SMARTRETIREMENT^® FUNDS 115

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

ings 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%, which has increased to 1.25% pursuant to the amendment referenced below, 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 11, 2020, this agreement has been amended and restated for a term of 364 days, unless extended, and to include the change to the interest rate charged for borrowing from the Credit Facility to 1.25%, as noted above, and an upfront fee of 0.075% of the Credit Facility to be charged and paid by all participating funds of the Credit Facility.

The Funds did not utilize the Credit Facility during the six months ended December 31, 2020.

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, 2020, the following Funds had individual shareholder and/or omnibus accounts each owning more than 10% of the respective Fund’s outstanding shares as follows:

	Number of individual shareholder and/or Non-Affiliated Omnibus Accounts		% of the Fund
JPMorgan SmartRetirement® Income Fund		2		41.7	%
JPMorgan SmartRetirement® 2020 Fund		2		45.0
JPMorgan SmartRetirement® 2025 Fund		2		46.4
JPMorgan SmartRetirement® 2030 Fund		2		44.4
JPMorgan SmartRetirement® 2035 Fund		2		45.2
JPMorgan SmartRetirement® 2040 Fund		2		45.6
JPMorgan SmartRetirement® 2045 Fund		2		47.4
JPMorgan SmartRetirement® 2050 Fund		2		47.9
JPMorgan SmartRetirement® 2055 Fund		2		48.8
JPMorgan SmartRetirement® 2060 Fund		1		38.6

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

As of December 31, 2020, the Funds owned in the aggregate, shares representing more than 10% of the net assets of the following Underlying Funds:

	% of Net Assets
JPMorgan International Advantage Fund		97.1	%
JPMorgan International Focus Fund		68.0
JPMorgan Emerging Markets Strategic Debt Fund		67.5
JPMorgan Realty Income Fund		66.5
JPMorgan International Research Enhanced Equity Fund		58.4
JPMorgan Emerging Markets Research Enhanced Equity Fund		56.7
JPMorgan BetaBuilders US Mid Cap Equity ETF		55.7
JPMorgan Inflation Managed Bond Fund		47.3
JPMorgan Corporate Bond Fund		47.1
JPMorgan International Equity Fund		45.5
JPMorgan Short Duration Core Plus Fund		45.2
JPMorgan U.S. Research Enhanced Equity Fund		36.6
JPMorgan High Yield Fund		24.9
JPMorgan U.S. Equity Fund		24.1
JPMorgan Emerging Markets Debt Fund		23.8
JPMorgan Floating Rate Income Fund		23.3
JPMorgan BetaBuilders MSCI US REIT ETF		22.8
JPMorgan Value Advantage Fund		20.7
JPMorgan Small Cap Value Fund		19.8
JPMorgan Growth Advantage Fund		19.2
JPMorgan Core Bond Fund		12.5

116 J.P. MORGAN  SMARTRETIREMENT^® FUNDS DECEMBER 31, 2020

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. Many derivatives create leverage thereby causing the Funds to be more volatile than they would have been if they had not used derivatives. 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. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Funds to sell or otherwise close a derivatives position could expose the Funds to losses.

Each Fund invests in 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 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).

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.

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.

LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. The regulatory authority that oversees financial services firms and financial markets in the U.K. has announced that, after the end of 2021, it would no longer persuade or compel contributing banks to make rate submissions for purposes of determining the LIBOR rate. As a result, it is possible that commencing in 2022, LIBOR may no longer be available or no longer deemed an appropriate reference rate upon which to determine the interest rate on or impacting certain loans, notes, derivatives and other instruments or investments comprising some or all of a Fund’s portfolio. In light of this eventuality, public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of LIBOR. There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain investments of a Fund and result in costs incurred in connection with closing out positions and entering into new trades. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., Euribor) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.

The Funds are subject to infectious disease epidemics/pandemics risk. The worldwide outbreak of COVID-19, a novel coronavirus disease, has negatively affected economies, markets and individual companies throughout the world. The effects of this COVID-19 pandemic to public health, and business and market conditions, including exchange trading suspensions and closures may continue to have a significant negative impact on the performance of a Fund’s investments, increase a Fund’s volatility, exacerbate other pre-existing political, social and economic risks to the Funds and negatively impact broad segments of businesses and populations. The Funds’ operations may be interrupted as a result, which may have a significant negative impact on investment performance. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could also have a significant negative impact on a Fund’s investment performance. The full impact of this COVID-19 pandemic, or other future epidemics/pandemics, is currently unknown.

DECEMBER 31, 2020 J.P. MORGAN  SMARTRETIREMENT^® FUNDS 117

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, 2020, and continued to hold your shares at the end of the reporting period, December 31, 2020.

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 titled “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 and ETFs. 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, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan SmartRetirement® Income Fund
Class A
Actual	$	1,000.00	$	1,109.50	$	1.70		0.32	%
Hypothetical		1,000.00		1,023.59		1.63		0.32
Class C
Actual		1,000.00		1,106.80		4.99		0.94
Hypothetical		1,000.00		1,020.47		4.79		0.94
Class I
Actual		1,000.00		1,111.20		1.06		0.20
Hypothetical		1,000.00		1,024.20		1.02		0.20
Class R2
Actual		1,000.00		1,107.30		3.98		0.75
Hypothetical		1,000.00		1,021.42		3.82		0.75
Class R3
Actual		1,000.00		1,109.00		2.66		0.50
Hypothetical		1,000.00		1,022.68		2.55		0.50
Class R4
Actual		1,000.00		1,110.60		1.33		0.25
Hypothetical		1,000.00		1,023.95		1.28		0.25
Class R5
Actual		1,000.00		1,110.90		0.53		0.10
Hypothetical		1,000.00		1,024.70		0.51		0.10
Class R6
Actual		1,000.00		1,111.50		0.00		0.00
Hypothetical		1,000.00		1,025.21		0.00		0.00

118 J.P. MORGAN  SMARTRETIREMENT^® FUNDS DECEMBER 31, 2020

	Beginning Account Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan SmartRetirement® 2020 Fund
Class A
Actual	$	1,000.00	$	1,116.10	$	2.03		0.38	%
Hypothetical		1,000.00		1,023.29		1.94		0.38
Class C
Actual		1,000.00		1,113.00		5.17		0.97
Hypothetical		1,000.00		1,020.32		4.94		0.97
Class I
Actual		1,000.00		1,117.00		1.23		0.23
Hypothetical		1,000.00		1,024.05		1.17		0.23
Class R2
Actual		1,000.00		1,114.50		4.00		0.75
Hypothetical		1,000.00		1,021.42		3.82		0.75
Class R3
Actual		1,000.00		1,115.50		2.67		0.50
Hypothetical		1,000.00		1,022.68		2.55		0.50
Class R4
Actual		1,000.00		1,117.40		1.33		0.25
Hypothetical		1,000.00		1,023.95		1.28		0.25
Class R5
Actual		1,000.00		1,118.30		0.53		0.10
Hypothetical		1,000.00		1,024.70		0.51		0.10
Class R6
Actual		1,000.00		1,118.90		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		1,148.40		2.22		0.41
Hypothetical		1,000.00		1,023.14		2.09		0.41
Class C
Actual		1,000.00		1,144.50		5.35		0.99
Hypothetical		1,000.00		1,020.21		5.04		0.99
Class I
Actual		1,000.00		1,148.90		1.30		0.24
Hypothetical		1,000.00		1,024.00		1.22		0.24
Class R2
Actual		1,000.00		1,145.90		4.06		0.75
Hypothetical		1,000.00		1,021.42		3.82		0.75
Class R3
Actual		1,000.00		1,147.40		2.71		0.50
Hypothetical		1,000.00		1,022.68		2.55		0.50
Class R4
Actual		1,000.00		1,149.40		1.35		0.25
Hypothetical		1,000.00		1,023.95		1.28		0.25
Class R5
Actual		1,000.00		1,149.60		0.54		0.10
Hypothetical		1,000.00		1,024.70		0.51		0.10
Class R6
Actual		1,000.00		1,150.80		0.00		0.00
Hypothetical		1,000.00		1,025.21		0.00		0.00

DECEMBER 31, 2020 J.P. MORGAN  SMARTRETIREMENT^® FUNDS 119

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan SmartRetirement® 2030 Fund
Class A
Actual	$	1,000.00	$	1,173.50	$	2.25		0.41	%
Hypothetical		1,000.00		1,023.14		2.09		0.41
Class C
Actual		1,000.00		1,170.40		5.42		0.99
Hypothetical		1,000.00		1,020.21		5.04		0.99
Class I
Actual		1,000.00		1,175.00		1.32		0.24
Hypothetical		1,000.00		1,024.00		1.22		0.24
Class R2
Actual		1,000.00		1,171.80		4.11		0.75
Hypothetical		1,000.00		1,021.42		3.82		0.75
Class R3
Actual		1,000.00		1,172.70		2.74		0.50
Hypothetical		1,000.00		1,022.68		2.55		0.50
Class R4
Actual		1,000.00		1,175.00		1.37		0.25
Hypothetical		1,000.00		1,023.95		1.28		0.25
Class R5
Actual		1,000.00		1,175.40		0.55		0.10
Hypothetical		1,000.00		1,024.70		0.51		0.10
Class R6
Actual		1,000.00		1,176.10		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		1,206.10		2.28		0.41
Hypothetical		1,000.00		1,023.14		2.09		0.41
Class C
Actual		1,000.00		1,202.70		5.50		0.99
Hypothetical		1,000.00		1,020.21		5.04		0.99
Class I
Actual		1,000.00		1,206.90		1.34		0.24
Hypothetical		1,000.00		1,024.00		1.22		0.24
Class R2
Actual		1,000.00		1,203.70		4.17		0.75
Hypothetical		1,000.00		1,021.42		3.82		0.75
Class R3
Actual		1,000.00		1,205.60		2.78		0.50
Hypothetical		1,000.00		1,022.68		2.55		0.50
Class R4
Actual		1,000.00		1,206.90		1.39		0.25
Hypothetical		1,000.00		1,023.95		1.28		0.25
Class R5
Actual		1,000.00		1,207.70		0.56		0.10
Hypothetical		1,000.00		1,024.70		0.51		0.10
Class R6
Actual		1,000.00		1,208.30		0.00		0.00
Hypothetical		1,000.00		1,025.21		0.00		0.00

120 J.P. MORGAN  SMARTRETIREMENT^® FUNDS DECEMBER 31, 2020

	Beginning Account Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan SmartRetirement® 2040 Fund
Class A
Actual	$	1,000.00	$	1,225.90	$	2.30		0.41	%
Hypothetical		1,000.00		1,023.14		2.09		0.41
Class C
Actual		1,000.00		1,222.10		5.54		0.99
Hypothetical		1,000.00		1,020.21		5.04		0.99
Class I
Actual		1,000.00		1,227.10		1.35		0.24
Hypothetical		1,000.00		1,024.00		1.22		0.24
Class R2
Actual		1,000.00		1,224.00		4.20		0.75
Hypothetical		1,000.00		1,021.42		3.82		0.75
Class R3
Actual		1,000.00		1,225.40		2.80		0.50
Hypothetical		1,000.00		1,022.68		2.55		0.50
Class R4
Actual		1,000.00		1,226.70		1.40		0.25
Hypothetical		1,000.00		1,023.95		1.28		0.25
Class R5
Actual		1,000.00		1,227.90		0.56		0.10
Hypothetical		1,000.00		1,024.70		0.51		0.10
Class R6
Actual		1,000.00		1,228.50		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		1,241.30		2.32		0.41
Hypothetical		1,000.00		1,023.14		2.09		0.41
Class C
Actual		1,000.00		1,238.20		5.59		0.99
Hypothetical		1,000.00		1,020.21		5.04		0.99
Class I
Actual		1,000.00		1,242.30		1.36		0.24
Hypothetical		1,000.00		1,024.00		1.22		0.24
Class R2
Actual		1,000.00		1,239.10		4.23		0.75
Hypothetical		1,000.00		1,021.42		3.82		0.75
Class R3
Actual		1,000.00		1,240.20		2.82		0.50
Hypothetical		1,000.00		1,022.68		2.55		0.50
Class R4
Actual		1,000.00		1,242.00		1.41		0.25
Hypothetical		1,000.00		1,023.95		1.28		0.25
Class R5
Actual		1,000.00		1,243.10		0.57		0.10
Hypothetical		1,000.00		1,024.70		0.51		0.10
Class R6
Actual		1,000.00		1,244.30		0.00		0.00
Hypothetical		1,000.00		1,025.21		0.00		0.00

DECEMBER 31, 2020 J.P. MORGAN  SMARTRETIREMENT^® FUNDS 121

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan SmartRetirement® 2050 Fund
Class A
Actual	$	1,000.00	$	1,240.70	$	2.32		0.41	%
Hypothetical		1,000.00		1,023.14		2.09		0.41
Class C
Actual		1,000.00		1,237.50		5.58		0.99
Hypothetical		1,000.00		1,020.21		5.04		0.99
Class I
Actual		1,000.00		1,241.70		1.36		0.24
Hypothetical		1,000.00		1,024.00		1.22		0.24
Class R2
Actual		1,000.00		1,239.40		4.23		0.75
Hypothetical		1,000.00		1,021.42		3.82		0.75
Class R3
Actual		1,000.00		1,240.40		2.82		0.50
Hypothetical		1,000.00		1,022.68		2.55		0.50
Class R4
Actual		1,000.00		1,241.70		1.41		0.25
Hypothetical		1,000.00		1,023.95		1.28		0.25
Class R5
Actual		1,000.00		1,243.30		0.57		0.10
Hypothetical		1,000.00		1,024.70		0.51		0.10
Class R6
Actual		1,000.00		1,243.80		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		1,241.40		2.32		0.41
Hypothetical		1,000.00		1,023.14		2.09		0.41
Class C
Actual		1,000.00		1,237.90		5.58		0.99
Hypothetical		1,000.00		1,020.21		5.04		0.99
Class I
Actual		1,000.00		1,242.30		1.41		0.25
Hypothetical		1,000.00		1,023.95		1.28		0.25
Class R2
Actual		1,000.00		1,239.00		4.23		0.75
Hypothetical		1,000.00		1,021.42		3.82		0.75
Class R3
Actual		1,000.00		1,240.40		2.82		0.50
Hypothetical		1,000.00		1,022.68		2.55		0.50
Class R4
Actual		1,000.00		1,241.70		1.41		0.25
Hypothetical		1,000.00		1,023.95		1.28		0.25
Class R5
Actual		1,000.00		1,243.00		0.57		0.10
Hypothetical		1,000.00		1,024.70		0.51		0.10
Class R6
Actual		1,000.00		1,243.50		0.00		0.00
Hypothetical		1,000.00		1,025.21		0.00		0.00

122 J.P. MORGAN  SMARTRETIREMENT^® FUNDS DECEMBER 31, 2020

	Beginning Account Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan SmartRetirement® 2060 Fund
Class A
Actual	$	1,000.00	$	1,240.40	$	2.32		0.41	%
Hypothetical		1,000.00		1,023.14		2.09		0.41
Class C
Actual		1,000.00		1,237.20		5.58		0.99
Hypothetical		1,000.00		1,020.21		5.04		0.99
Class I
Actual		1,000.00		1,241.50		1.41		0.25
Hypothetical		1,000.00		1,023.95		1.28		0.25
Class R2
Actual		1,000.00		1,238.80		4.23		0.75
Hypothetical		1,000.00		1,021.42		3.82		0.75
Class R3
Actual		1,000.00		1,240.20		2.82		0.50
Hypothetical		1,000.00		1,022.68		2.55		0.50
Class R4
Actual		1,000.00		1,242.20		1.41		0.25
Hypothetical		1,000.00		1,023.95		1.28		0.25
Class R5
Actual		1,000.00		1,243.10		0.57		0.10
Hypothetical		1,000.00		1,024.70		0.51		0.10
Class R6
Actual		1,000.00		1,243.20		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, 2020 J.P. MORGAN  SMARTRETIREMENT^® FUNDS 123

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 June and August 2020, 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”). In accordance with SEC guidance, due to the COVID-19 pandemic, the meetings were conducted through video conference. 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 parties to an Advisory Agreement or “interested persons” (as defined in the 1940 Act) of any party to an Advisory Agreement or any of their affiliates, approved the continuation of each Advisory Agreement on August 11, 2020.

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, at each of their regular meetings throughout the year, the Trustees considered reports on the performance of certain J.P. Morgan Funds provided by an independent management consulting firm (“independent consultant”). 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. and/or Morningstar Inc., independent providers of investment company data (together “Broadridge”). 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, including additional reporting and information provided in connection with the market volatility caused by the COVID-19 pandemic, 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 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, personnel changes, if any, 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, if any. In addition, the Board considered its discussions with the Adviser regarding the Adviser’s business continuity plan and steps the Adviser was taking to provide ongoing services to the Funds during the COVID-19 pandemic, and the Adviser’s success in continuing to provide services to the Funds and their shareholders throughout this period. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the

124 J.P. MORGAN  SMARTRETIREMENT^® FUNDS DECEMBER 31, 2020

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 administration services provided by the Adviser in its role as administrator.

The Trustees also considered their knowledge of the nature and quality of 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, 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, and taking into consideration the factors noted above, 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 administration 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 (although they are retained by JPMDS in certain instances). 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 “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds. The Trustees considered that the J.P. Morgan Funds’ operating accounts are held at JPMCB, which, as a result, will receive float benefits for certain J.P. Morgan Funds, as applicable. The Trustees also noted that the Adviser supports a diverse set of products and services, which benefits the Adviser by allowing it to leverage its infrastructure to serve additional clients, 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 the Funds were priced to scale and whether it would be appropriate to add advisory fee breakpoints. The Trustees noted certain Funds with contractual expense limitations and fee waivers (“Fee Caps”) which allow a Fund’s shareholders to share potential economies of scale from a Fund’s inception, prior to reaching scale. The Trustees also noted that other Funds which had achieved scale as asset levels had increased, no longer had Fee Caps in place for some or all of their share classes, but shared economies of scale through lower average expenses. The Trustees noted that the fees remain satisfactory relative to peer funds. The Trustees considered the benefits to the Funds of the use of an affiliated distributor and custodian, including the ability to rely on existing infrastructure supporting distribution, custodial and transfer agent services and the ability to negotiate competitive fees for the Funds. The Trustees further considered the Adviser’s and JPMDS’s ongoing investments in their business in support of the Funds, including

DECEMBER 31, 2020 J.P. MORGAN  SMARTRETIREMENT^® FUNDS 125

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

the Adviser’s and/or JPMDS’s investments in trading systems, technology (including improvements to the J.P. Morgan Funds’ website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees concluded that the current fee structure for each Fund, including any Fee Caps the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels, was reasonable. The Trustees concluded that, for Funds with expense caps in place for some or all of their share classes, the relevant Fund’s shareholders received the benefits of potential economies of scale through the Fee Caps and, for Funds that achieved scale and no longer had Fee Caps in place for some or all of their share classes, the relevant Fund’s shareholders benefited from lower average expenses resulting from increased assets. The Trustees also concluded that all Funds benefited from the Adviser’s reinvestment in its operations to serve the Funds and their shareholders. The Trustees noted that the Adviser’s reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Funds.

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 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, collective investment trusts, ETFs 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, as applicable, 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. 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 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’s methodology for selecting mutual funds in each Fund’s Universe and Peer Group and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Broadridge 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 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 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, 2019. 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, 2019. The Trustees noted that the performance for Class R6 shares was in the third quintile based upon the Peer Group for each of the one- and three-year periods ended December 31, 2019, and in the second quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2019. 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 SmartRetirement^® 2020 Fund’s performance for Class A shares was in the third quintile based upon the Peer Group for each of the one-, three, and five-year periods ended December 31, 2019, and in the fourth, third and

126 J.P. MORGAN  SMARTRETIREMENT^® FUNDS DECEMBER 31, 2020

third quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the second quintile based upon the Peer Group for each of the one-, three- and five-year periods ended December 31, 2019, and in the third quintile based upon the Universe, for each of the one-, three- and five-year periods ended December 31, 2019. The Trustees noted that the performance for Class R6 shares was in the third and second quintiles based upon the Peer Group for the one-, and three year periods ended December 31, 2019, respectively, and in the third, second and second quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2019, 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 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 SmartRetirement^® 2025 Fund’s performance for Class A shares was in the first, second and third quintiles based upon the Peer Group for the one-, three-, and five-year periods ended December 31, 2019, respectively, and in the third quintile based upon the Universe, for each of the one-, three-, and five-year periods ended December 31, 2019. The Trustees noted that the performance for 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, 2019. The Trustees noted that the performance for Class R6 shares was in the third and second quintiles based upon the Peer Group for the one- and three- year periods ended December 31, 2019, respectively, and in the third, second and second quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2019, 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 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 SmartRetirement^® 2030 Fund’s performance for Class A shares was in the third quintile based

upon both the Peer Group and Universe, for each of the one-, three-, and five-year periods ended December 31, 2019. 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, 2019, and in the third, second and third quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the third quintile based upon the Peer Group for each of the one- and three-year periods ended December 31, 2019, and in the second quintile based upon the Universe, for each of the one-, three- and five-year periods ended December 31, 2019. 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 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 SmartRetirement^® 2035 Fund’s performance for Class A shares was in the third quintile based upon the Peer Group for each of the one-, three- and five-year periods ended December 31, 2019, and in the third, third and fourth quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the third, third and fourth quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the third quintile based upon the Peer Group for both of the one-and three-year periods ended December 31, 2019, and in the second, second and third quintiles based upon the Universe for the one-, three- and five-year periods ended December 31, 2019, 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 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 SmartRetirement^® 2040 Fund’s performance for Class A shares was in the third quintile based

DECEMBER 31, 2020 J.P. MORGAN  SMARTRETIREMENT^® FUNDS 127

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

upon the Peer Group for each of the one-, three-, and five-year periods ended December 31, 2019, and in the third, third and fourth quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2019, 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, 2019, and in the second, third, and third quintiles based upon Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the third quintile based upon the Peer Group for both of the one- and three-year periods ended December 31, 2019, and in the second, second and third quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2019, 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 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 SmartRetirement^® 2045 Fund’s performance for Class A shares was in the second, third and third quintiles based upon the Peer Group for the one-, three-, and five-year periods ended December 31, 2019, respectively and in the third, third and fourth quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the third, third and fourth quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the fourth quintile based upon the Peer Group for both of the one- and three-year periods ended December 31, 2019, and in the second, second and third quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2019, 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 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 SmartRetirement^® 2050 Fund’s performance for Class A and 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, 2019, and in the third, third and fourth quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the third quintile based upon the Peer Group for both of the one- and three-year periods ended December 31, 2019, and in the second, third and third quintiles based upon the Universe for the one-, three- and five-year periods ended December 31, 2019, 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 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 SmartRetirement^® 2055 Fund’s performance for Class A shares was in the third quintile based upon the Peer Group for both of the one- and three-year periods ended December 31, 2019, and in the third, fourth and fifth quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the third, third and fourth quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the fourth quintile based upon the Peer Group for both of the one- and three-year periods ended December 31, 2019, and in the third, third and fourth quintiles based upon the Universe for the one-, three- and five-year periods ended December 31, 2019, 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 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 SmartRetirement^® 2060 Fund’s performance for Class A and Class I shares was in the fourth quintile based upon the Universe for both of the one- and

128 J.P. MORGAN  SMARTRETIREMENT^® FUNDS DECEMBER 31, 2020

three-year periods ended December 31, 2019. The Trustees noted that the performance for Class R6 shares was in the fifth quintile based upon the Peer Group for both of the one- and three-year periods ended December 31, 2019, and in the third quintile based upon the Universe, for both of the one- and three-year periods ended December 31, 2019. 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 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 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 concerning management fee rates paid by other funds in the same Broadridge category as each Underlying Fund. The Trustees recognized that Broadridge reported each Underlying Fund’s management fee rate as the combined contractual advisory fee rate and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Groups did not meet a predetermined minimum. For each Fund that had a Fee Cap in place, the Trustees considered the net advisory fee rate and net expense ratio for each share class, as applicable, taking into account waivers and/or reimbursements. The Trustees also considered any proposed changes to a Fee Cap, 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^® 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 first quintile, and that the actual total expenses for Class I shares were in the third quintile based upon the Universe. The Trustees noted that the net advisory fee for Class R6 shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for

Class R6 shares were in the fourth and second quintiles based upon the Peer Group and Universe, respectively. 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 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^® 2020 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 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 third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares were in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class R6 shares were in the third and second quintiles based upon the Peer Group and Universe, respectively. 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 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^® 2025 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 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 quintile based upon the Universe, and that the actual total expenses for Class I shares were in the fourth quintile based upon the Universe. The Trustees noted that the net advisory fee for Class R6 shares was in the first quintile, based upon both the Peer Group and Universe, and that the actual total expenses for Class R6 shares were in the fourth and second quintiles based upon the Peer Group and Universe, respectively. 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 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^® 2030 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 third and second

DECEMBER 31, 2020 J.P. MORGAN  SMARTRETIREMENT^® FUNDS 129

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

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 first and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class R6 shares were in the third and second quintiles based upon the Peer Group and Universe, respectively. 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 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^® 2035 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 third 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 the Universe, and that the actual total expenses for Class I shares were in the fourth quintile based upon the Universe. The Trustees noted that the net advisory fee for Class R6 shares were in the first quintile based upon both the Peer Group and Universe and that the actual total expenses for Class R6 shares were in the third and second quintiles based upon the Peer Group and Universe, respectively. 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 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^® 2040 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 third 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 third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class R6 shares were in the third and second quintiles based upon the Peer Group and Universe, respectively. 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 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^® 2045 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 third 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 the Universe, and that the actual total expenses for Class I shares were in the fourth quintile based upon the Universe. The Trustees noted that the net advisory fee for Class R6 shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class R6 shares were in the third and second quintiles based upon the Peer Group and Universe, respectively. 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 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^® 2050 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 third 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 third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class R6 shares were in the third and second quintiles based upon the Peer Group and Universe, respectively. 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 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^® 2055 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 third quintile based upon both the Peer Group and Universe. The Trustees noted the net advisory fee for Class I shares was in the first quintile based upon the Universe, and that the actual total expenses for Class I shares were in the fourth quintile based upon the Universe. The Trustees noted that the net advisory fee

130 J.P. MORGAN  SMARTRETIREMENT^® FUNDS DECEMBER 31, 2020

for Class R6 shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class R6 shares were in the third and second quintiles based upon the Peer Group and Universe, respectively. 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 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^® 2060 Fund’s net advisory fee for Class A shares were in the first quintile based upon the Universe, and that the actual total expenses were in the second quintile based upon the Universe. The Trustees

noted that the net advisory fee for Class I shares was in the first quintile based upon the Universe, and that the actual total expenses for Class I shares were in the third quintile based upon the Universe. The Trustees noted that the net advisory fee for Class R6 shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class R6 shares were in the third and second quintiles based upon the Peer Group and Universe, respectively. 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 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, 2020 J.P. MORGAN  SMARTRETIREMENT^® FUNDS 131

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, 2020. 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, 2020. The information necessary to complete your income tax returns for the calendar year ending December 31, 2020 will be provided under separate cover.

Foreign Source Income and Foreign Tax Credit Pass Through

For the fiscal year ended June 30, 2020, the Funds elected to pass through to shareholders taxes paid to foreign countries.

Income and foreign tax expenses were as follows or amounts as finally determined (amounts in thousands):

	Total Foreign Source Income		Total Foreign Tax Credit
JPMorgan SmartRetirement® Income Fund	$	9,874	$	823
JPMorgan SmartRetirement® 2020 Fund		20,933		1,751
JPMorgan SmartRetirement® 2025 Fund		37,071		3,139
JPMorgan SmartRetirement® 2030 Fund		50,109		4,275
JPMorgan SmartRetirement® 2035 Fund		31,863		2,366
JPMorgan SmartRetirement® 2040 Fund		34,744		2,598
JPMorgan SmartRetirement® 2045 Fund		26,637		1,986
JPMorgan SmartRetirement® 2050 Fund		23,552		1,763
JPMorgan SmartRetirement® 2055 Fund		10,775		807
JPMorgan SmartRetirement® 2060 Fund		1,439		105

132 J.P. MORGAN  SMARTRETIREMENT^® FUNDS DECEMBER 31, 2020

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 as an exhibit to its report on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC’s website at http://www.sec.gov. Each Fund’s quarterly holdings can be found 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 brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

^© JPMorgan Chase & Co., 2020.  All rights reserved. December 2020. SAN-SR-1220

Semi-Annual Report

JPMorgan SmartRetirement^® Blend Funds

December 31, 2020 (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

CONTENTS

Letter to Shareholders	1
Fund Facts	2
Funds Commentary	4
Schedules of Portfolio Investments	15
Financial Statements	68
Financial Highlights	92
Notes to Financial Statements	112
Schedule of Shareholder Expenses	136
Board Approval of Investment Advisory Agreements	141

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.

LETTER TO SHAREHOLDERS

February 4, 2021 (Unaudited)

Dear Shareholders,

The year ahead holds the potential for a strong recovery in the global economy thanks to the massive efforts of central banks and governments and the development of multiple vaccines against Covid-19. While significant economic and health care challenges remain ahead, the uncertainty and turbulence of 2020 has abated.

  “Investors who remained fully invested over the second half of 2020, in the face of uncertainty over the pandemic, the economy and a contested U.S. presidential election, were likely rewarded for their perseverance.” — Andrea L. Lisher

The second half of 2020 was notable for an accelerating rebound in equity markets from the steep sell-off in the first quarter of the year when the pandemic was first declared by the World Health Organization. Positive news about clinical trials of new vaccines, followed by the first approvals of those vaccines in November 2020, bolstered investor expectations that the pandemic would be halted and that economic and social activity could begin to resume in the year ahead. As overall demand for equities increased in the final half of 2020, investors began to turn their focus from companies that could endure the pandemic to those that could benefit from a potential recovery in local, national and international economies. For the six months ended December 31, 2020, the S&P 500 Index generated a total return of 22.16%.

investors who remained fully invested over the second half of 2020, in the face of uncertainty over the pandemic, the economy and a contested U.S. presidential election, were likely rewarded for their perseverance.

The implementation of mass vaccinations on the national and global scales is not without challenges and the rebuilding of economies at all levels is likely to depend on how successfully the pandemic is fought. However, the advances in the fight against Covid-19 provide policymakers and investors with the opportunity to plan for the future and meet those challenges. J.P. Morgan Asset Management has thrived amid the many challenges presented by the pandemic. Moreover, our deep experience in risk management enabled us to successfully navigate increased volatility in global financial markets. Throughout 2020, we continued to seek to operate under the same fundamental practices and principles that have driven our success for more than a century with an unwavering focus on putting our clients at the center of everything we do.

On behalf of J.P. Morgan Asset Management, thank you for entrusting us to manage your investment. 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,

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management

DECEMBER 31, 2020 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 1

JPMorgan SmartRetirement^® Blend Funds

FUND FACTS

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

Fund	Fund Return*		Broad Based Securities Market Index Return		Broad Based Securities Market Index Name	Fund Net Assets as of December 31, 2020 ($000)
JPMorgan SmartRetirement® Blend Income Fund		10.67%		7.79%	S&P Target Date Retirement Income Index		747,953
JPMorgan SmartRetirement® Blend 2020 Fund		11.36%		11.39%	S&P Target Date 2020 Index		1,501,742
JPMorgan SmartRetirement® Blend 2025 Fund		14.47%		13.80%	S&P Target Date 2025 Index		2,104,349
JPMorgan SmartRetirement® Blend 2030 Fund		16.89%		16.07%	S&P Target Date 2030 Index		2,339,675
JPMorgan SmartRetirement® Blend 2035 Fund		19.35%		18.60%	S&P Target Date 2035 Index		2,043,117
JPMorgan SmartRetirement® Blend 2040 Fund		21.20%		20.32%	S&P Target Date 2040 Index		1,874,070
JPMorgan SmartRetirement® Blend 2045 Fund		22.63%		21.36%	S&P Target Date 2045 Index		1,424,754
JPMorgan SmartRetirement® Blend 2050 Fund		22.63%		21.87%	S&P Target Date 2050 Index		1,091,398
JPMorgan SmartRetirement® Blend 2055 Fund		22.63%		22.14%	S&P Target Date 2055 Index		560,286
JPMorgan SmartRetirement® Blend 2060 Fund		22.53%		22.13%	S&P Target Date 2060+ Index		139,746

* 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, 2020

PORTFOLIO COMPOSITION*

JPMorgan SmartRetirement® Blend Income Fund
Investment Companies	41.4	%
Exchange-Traded Funds	23.8
Mortgage-Backed Securities	9.3
Corporate Bonds	7.2
U.S. Treasury Obligations	5.6
Asset-Backed Securities	1.0
Others (each less than 1.0%)	0.3
Short-Term Investments	11.4
JPMorgan SmartRetirement® Blend 2020 Fund
Investment Companies	41.1	%
Exchange-Traded Funds	25.3
Mortgage-Backed Securities	8.8
Corporate Bonds	7.6
U.S. Treasury Obligations	5.1
Asset-Backed Securities	1.2
Others (each less than 1.0%)	0.4
Short-Term Investments	10.5
JPMorgan SmartRetirement® Blend 2025 Fund
Investment Companies	43.3	%
Exchange-Traded Funds	27.2
Mortgage-Backed Securities	7.8
Corporate Bonds	6.9
U.S. Treasury Obligations	4.8
Asset-Backed Securities	1.1
Others (each less than 1.0%)	0.4
Short-Term Investments	8.5
JPMorgan SmartRetirement® Blend 2030 Fund
Investment Companies	44.0	%
Exchange-Traded Funds	31.9
Mortgage-Backed Securities	6.3
Corporate Bonds	5.5
U.S. Treasury Obligations	3.9
Others (each less than 1.0%)	1.3
Short-Term Investments	7.1

Portfolio Composition By Asset Class*

JPMorgan SmartRetirement® Blend 2035 Fund
U.S. Equity	38.6	%
International Equity	29.8
Fixed Income	25.1
Alternative Assets	3.9
Short-Term Investments	2.2
U.S. Treasury Obligations	0.4

JPMorgan SmartRetirement® Blend 2040 Fund
U.S. Equity	43.6	%
International Equity	33.5
Fixed Income	16.3
Alternative Assets	4.6
Short-Term Investments	1.6
U.S. Treasury Obligations	0.4
JPMorgan SmartRetirement® Blend 2045 Fund
U.S. Equity	47.4	%
International Equity	36.3
Fixed Income	8.8
Alternative Assets	4.9
Short-Term Investments	2.2
U.S. Treasury Obligations	0.4
JPMorgan SmartRetirement® Blend 2050 Fund
U.S. Equity	47.6	%
International Equity	36.2
Fixed Income	9.0
Alternative Assets	4.8
Short-Term Investments	2.0
U.S. Treasury Obligations	0.4
JPMorgan SmartRetirement® Blend 2055 Fund
U.S. Equity	47.4	%
International Equity	36.4
Fixed Income	8.8
Alternative Assets	4.9
Short-Term Investments	2.0
U.S. Treasury Obligations	0.5
JPMorgan SmartRetirement® Blend 2060 Fund
U.S. Equity	47.3	%
International Equity	36.2
Fixed Income	8.6
Alternative Assets	4.9
Short-Term Investments	2.2
U.S. Treasury Obligations	0.8

* The percentages indicated are based on total investments as of December 31, 2020. Each Fund’s portfolio composition is subject to change.

DECEMBER 31, 2020 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 3

JPMorgan SmartRetirement^® Blend Funds

FUNDS COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (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?

Overall, the second half of 2020 was marked by U.S. equity market gains in the final months of the year amid the rollout of multiple vaccines against Covid-19, followed by the eventual approval of $900 billion in federal pandemic relief that was signed into law on December 27, 2020.

Globally, U.S. equity led a broad rebound in both developed markets and emerging markets equity at the start of the period. Leading U.S. equity indexes rose in July and August 2020, punctuated by five consecutive record high closings for the S&P 500 Index in late August — a stretch not seen since 2017. Notably, Apple Inc. issued a 4-for-1 stock split in August and became the first publicly listed company with a valuation surpassing $2 trillion. The U.S. Federal Reserve (the “Fed”) signaled its continued support for asset purchases and low benchmark interest rates. While the spread of Covid-19 accelerated in the U.S., multiple candidate vaccines were being developed around the world and the number of hospitalizations at the end of the summer was relatively small compared with what was to come at the end of the year.

Equity prices across the globe largely declined over September and October 2020. Re-closings across Asia and Europe in response to Covid-19 dented investor optimism. The inability of the U.S. Congress to adopt further spending for pandemic relief put acute pressure on the S&P 500 Index in the final week of October.

U.S. equity prices began to rebound in November and by mid-month the S&P 500 Index reached a closing high and crossed 3,600 points for the first time amid the U.S. Food and Drug Administration’s approval of the first Covid-19 vaccines. While the results of the U.S. presidential election were contested, President-elect Joe Biden’s early cabinet choices — including former Fed Chairwoman Janet Yellen — removed some investor uncertainty. The Fed kept interest rates and policies unchanged and Congressional negotiations over proposed relief and stimulus spending continued through the month.

Globally, equity markets maintained upward momentum through the end of December, largely driven by investor expectations that mass vaccinations and the reopening of economies would unleash pent up demand from consumers, businesses and governments. Notably, emerging markets equity outperformed developed markets equity, including U.S. equity in the second half of 2020 as China, Taiwan and South Korea appeared to have greater success in containing the pandemic.

In the U.S., growth stocks continued to outperform value stocks but the difference narrowed somewhat during the period as share price valuations rose. Additionally, shares of select companies that

had seen their stock prices plummet in the first half of 2020 benefitted from increased investor appetite for bargains in the second half of the year. At year’s end, the largest 10 companies in the S&P 500 Index made up 27.4% of the index’s value, compared with 22.7% at the end of 2019 and 21.0% at the end of 2018.

WHAT WERE THE MAIN DRIVERS OF THE FUNDS’ PERFORMANCE?

The Class R6 Shares of the SmartRetirement^® Blend Income Fund and eight of the nine SmartRetirement^® Blend Funds outperformed their respective S&P Target Date Indexes (the “Benchmarks”) for the six months ended December 31, 2020. The Class R6 Shares of the SmartRetirement^® Blend 2020 Fund underperformed its Benchmark.

In terms of manager selection, the Funds’ investments in the JPMorgan Emerging Markets Debt Fund, the JPMorgan Emerging Markets Strategic Debt Fund, the JPMorgan Income Fund, and various JPMorgan U.S. core fixed income funds were leading contributors to relative performance. The Funds’ investments in the JPMorgan Floating Rate Income Fund and the JPMorgan High Yield Bond Fund detracted from performance.

From a strategic perspective, the Funds’ overweight allocations to emerging markets equity and extended credit contributed to relative performance. The Funds’ allocations to equity, particularly their underweight allocations to small cap and mid cap equity, and their overweight allocations to real estate investment trusts detracted from relative performance.

From a tactical perspective, the Funds’ overweight allocations to equity contributed to performance, while their overweight allocation to 10-year U.S. Treasury bonds 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 invested in underlying J.P. Morgan Funds (the “underlying 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 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, 2020

JPMorgan SmartRetirement^® Blend Income Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS I SHARES	July 2, 2012		10.54	%		9.38	%		6.83	%		5.74	%
CLASS R2 SHARES	July 2, 2012		10.22			8.80			6.29			5.25
CLASS R3 SHARES	May 31, 2017		10.41			9.06			6.57			5.54
CLASS R4 SHARES	May 31, 2017		10.53			9.36			6.84			5.80
CLASS R5 SHARES	July 2, 2012		10.62			9.55			6.99			5.92
CLASS R6 SHARES	July 2, 2012		10.67			9.60			7.10			6.00

* Not annualized.

LIFE OF FUND PERFORMANCE (7/2/12 TO 12/31/20)

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 and the S&P Target Date Retirement Income Index from July 2, 2012 to December 31, 2020. 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. 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.

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 applicable 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 on gains resulting from 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, 2020 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 5

JPMorgan SmartRetirement^® Blend 2020 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS I SHARES	July 2, 2012		11.28	%		9.86	%		7.75	%		7.30	%
CLASS R2 SHARES	July 2, 2012		10.94			9.31			7.22			6.81
CLASS R3 SHARES	May 31, 2017		11.11			9.60			7.50			7.11
CLASS R4 SHARES	May 31, 2017		11.29			9.93			7.77			7.38
CLASS R5 SHARES	July 2, 2012		11.35			10.07			7.92			7.49
CLASS R6 SHARES	July 2, 2012		11.36			10.14			8.02			7.56

* Not annualized.

LIFE OF FUND PERFORMANCE (7/2/12 TO 12/31/20)

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 and the S&P Target Date 2020 Index from July 2, 2012 to December 31, 2020. 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. 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. 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 applicable 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 on gains resulting from 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, 2020

JPMorgan SmartRetirement^® Blend 2025 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS I SHARES	July 2, 2012		14.34	%		11.04	%		8.73	%		8.26	%
CLASS R2 SHARES	July 2, 2012		13.98			10.46			8.19			7.77
CLASS R3 SHARES	May 31, 2017		14.17			10.78			8.47			8.07
CLASS R4 SHARES	May 31, 2017		14.32			11.07			8.75			8.34
CLASS R5 SHARES	July 2, 2012		14.42			11.19			8.89			8.45
CLASS R6 SHARES	July 2, 2012		14.47			11.31			9.00			8.53

* Not annualized.

LIFE OF FUND PERFORMANCE (7/2/12 TO 12/31/20)

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 and the S&P Target Date 2025 Index from July 2, 2012 to December 31, 2020. 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. 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. 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 applicable 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 on gains resulting from 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, 2020 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 7

JPMorgan SmartRetirement^® Blend 2030 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS I SHARES	July 2, 2012		16.71	%		11.89	%		9.56	%		9.06	%
CLASS R2 SHARES	July 2, 2012		16.43			11.34			9.01			8.57
CLASS R3 SHARES	May 31, 2017		16.61			11.64			9.30			8.86
CLASS R4 SHARES	May 31, 2017		16.74			11.87			9.57			9.13
CLASS R5 SHARES	July 2, 2012		16.84			12.10			9.74			9.25
CLASS R6 SHARES	July 2, 2012		16.89			12.17			9.83			9.33

* Not annualized.

LIFE OF FUND PERFORMANCE (7/2/12 TO 12/31/20)

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 and the S&P Target Date 2030 Index from July 2, 2012 to December 31, 2020. 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. 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. 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 applicable 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 on gains resulting from 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, 2020

JPMorgan SmartRetirement^® Blend 2035 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS I SHARES	July 2, 2012		19.22	%		12.34	%		10.16	%		9.67	%
CLASS R2 SHARES	July 2, 2012		18.90			11.77			9.62			9.17
CLASS R3 SHARES	May 31, 2017		19.02			12.04			9.90			9.47
CLASS R4 SHARES	May 31, 2017		19.19			12.36			10.18			9.75
CLASS R5 SHARES	July 2, 2012		19.29			12.55			10.34			9.87
CLASS R6 SHARES	July 2, 2012		19.35			12.62			10.44			9.94

* Not annualized.

LIFE OF FUND PERFORMANCE (7/2/12 TO 12/31/20)

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 and the S&P Target Date 2035 Index from July 2, 2012 to December 31, 2020. 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. 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. 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 applicable 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 on gains resulting from 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, 2020 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 9

JPMorgan SmartRetirement^® Blend 2040 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS I SHARES	July 2, 2012		21.09	%		12.75	%		10.73	%		10.11	%
CLASS R2 SHARES	July 2, 2012		20.75			12.18			10.18			9.61
CLASS R3 SHARES	May 31, 2017		20.92			12.44			10.46			9.91
CLASS R4 SHARES	May 31, 2017		21.08			12.75			10.74			10.19
CLASS R5 SHARES	July 2, 2012		21.14			12.88			10.90			10.31
CLASS R6 SHARES	July 2, 2012		21.20			13.01			11.00			10.38

* Not annualized.

LIFE OF FUND PERFORMANCE (7/2/12 TO 12/31/20)

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 and the S&P Target Date 2040 Index from July 2, 2012 to December 31, 2020. 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. 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.

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 applicable 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 on gains resulting from 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, 2020

JPMorgan SmartRetirement^® Blend 2045 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS I SHARES	July 2, 2012		22.51	%		12.91	%		10.84	%		10.17	%
CLASS R2 SHARES	July 2, 2012		22.14			12.29			10.30			9.67
CLASS R3 SHARES	May 31, 2017		22.33			12.59			10.58			9.97
CLASS R4 SHARES	May 31, 2017		22.44			12.85			10.86			10.24
CLASS R5 SHARES	July 2, 2012		22.58			13.07			11.03			10.37
CLASS R6 SHARES	July 2, 2012		22.63			13.14			11.12			10.45

* Not annualized.

LIFE OF FUND PERFORMANCE (7/2/12 TO 12/31/20)

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 and the S&P Target Date 2045 Index from July 2, 2012 to December 31, 2020. 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. 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.

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 applicable 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 on gains resulting from 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, 2020 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 11

JPMorgan SmartRetirement^® Blend 2050 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS I SHARES	July 2, 2012		22.53	%		13.10	%		10.91	%		10.22	%
CLASS R2 SHARES	July 2, 2012		22.20			12.51			10.37			9.71
CLASS R3 SHARES	May 31, 2017		22.30			12.82			10.65			10.02
CLASS R4 SHARES	May 31, 2017		22.49			13.10			10.93			10.29
CLASS R5 SHARES	July 2, 2012		22.59			13.28			11.08			10.40
CLASS R6 SHARES	July 2, 2012		22.63			13.39			11.19			10.49

* Not annualized.

LIFE OF FUND PERFORMANCE (7/2/12 TO 12/31/20)

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 and the S&P Target Date 2050 Index from July 2, 2012 to December 31, 2020. 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. 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. 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 applicable 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 on gains resulting from 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, 2020

JPMorgan SmartRetirement^® Blend 2055 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS I SHARES	July 2, 2012		22.50	%		12.93	%		10.86	%		10.14	%
CLASS R2 SHARES	July 2, 2012		22.17			12.33			10.31			9.64
CLASS R3 SHARES	May 31, 2017		22.34			12.64			10.60			9.94
CLASS R4 SHARES	May 31, 2017		22.51			12.95			10.88			10.22
CLASS R5 SHARES	July 2, 2012		22.59			13.11			11.03			10.33
CLASS R6 SHARES	July 2, 2012		22.63			13.22			11.13			10.42

* Not annualized.

LIFE OF FUND PERFORMANCE (7/2/12 TO 12/31/20)

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 and the S&P Target Date 2055 Index from July 2, 2012 to December 31, 2020. 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. 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.

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 applicable 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 on gains resulting from 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, 2020 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 13

JPMorgan SmartRetirement^® Blend 2060 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			SINCE INCEPTION
CLASS I SHARES	August 31, 2016		22.36	%		12.82	%		10.98	%
CLASS R2 SHARES	August 31, 2016		22.07			12.18			10.41
CLASS R3 SHARES	May 31, 2017		22.28			12.51			10.70
CLASS R4 SHARES	May 31, 2017		22.31			12.76			10.97
CLASS R5 SHARES	August 31, 2016		22.48			12.94			11.15
CLASS R6 SHARES	August 31, 2016		22.53			13.04			11.25

* Not annualized.

LIFE OF FUND PERFORMANCE (8/31/16 TO 12/31/20)

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 and the S&P Target Date 2060+ Index from August 31, 2016 to December 31, 2020. 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. 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. 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 applicable 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 on gains resulting from 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, 2020

JPMorgan SmartRetirement^® Blend Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment Companies — 44.6%
Fixed Income — 30.2%
JPMorgan Corporate Bond Fund Class R6 Shares (a)		3,461		37,797
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		691		5,735
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		684		5,661
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		1,066		9,431
JPMorgan High Yield Fund Class R6 Shares (a)		4,664		33,210
JPMorgan Income Fund Class R6 Shares (a)		1,405		13,246
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		5,247		56,460
JPMorgan Managed Income Fund Class L Shares (a)		539		5,413
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		6,014		59,300
Total Fixed Income				226,253
U.S. Equity — 14.4%
JPMorgan Equity Index Fund Class R6 Shares (a)		1,881		107,365
Total Investment Companies (Cost $302,595)				333,618
Exchange-Traded Funds — 25.6%
Alternative Assets — 1.5%
JPMorgan BetaBuilders MSCI US REIT ETF (a)		139		11,009
Fixed Income — 7.9%
JPMorgan High Yield Research Enhanced ETF (a)		636		33,027
JPMorgan U.S. Aggregate Bond ETF (a)		941		26,203
Total Fixed Income				59,230
International Equity — 12.9%
iShares Core MSCI Emerging Markets ETF		390		24,198
JPMorgan BetaBuilders International Equity ETF (a)		1,312		72,515
Total International Equity				96,713
U.S. Equity — 3.3%
iShares Russell 2000 ETF		45		8,757
JPMorgan BetaBuilders US Mid Cap Equity ETF (a)		201		15,851
Total U.S. Equity				24,608
Total Exchange-Traded Funds (Cost $173,031)				191,560

INVESTMENTS	Principal Amount ($000)		VALUE ($000)
Mortgage-Backed Securities — 10.0%
FHLMC UMBS, 20 Year
Pool # RB5085, 2.00%, 11/1/2040		119		124
FHLMC UMBS, 30 Year
Pool # QB4026, 2.50%, 10/1/2050		785		843
Pool # QB4045, 2.50%, 10/1/2050		521		551
Pool # QB4484, 2.50%, 10/1/2050		274		294
Pool # QB4542, 2.50%, 10/1/2050		269		289
FNMA UMBS, 30 Year
Pool # CA2826, 5.50%, 12/1/2048		821		930
Pool # BQ2894, 3.00%, 9/1/2050		458		481
Pool # BQ3996, 2.50%, 10/1/2050		408		433
Pool # BQ5243, 3.50%, 10/1/2050		149		160
Pool # CA7398, 3.50%, 10/1/2050		565		610
FNMA, Other
Pool # BL8639, 1.09%, 4/1/2028		238		238
Pool # BL5457, 2.57%, 7/1/2029		270		297
Pool # BS0448, 1.27%, 12/1/2029 (b)		460		460
Pool # BL9748, 1.60%, 12/1/2029		140		144
Pool # AM8544, 3.08%, 4/1/2030		62		70
Pool # BL9045, 1.58%, 7/1/2030		370		379
Pool # BL9251, 1.45%, 10/1/2030 (c)		360		360
Pool # AN0068, 3.26%, 10/1/2030		91		103
Pool # BL9891, 1.37%, 12/1/2030 (b)		255		256
Pool # BL1187, 3.92%, 1/1/2031		120		144
Pool # BL1237, 4.15%, 1/1/2031		178		216
Pool # AN0550, 3.63%, 2/1/2031		262		308
Pool # BM3226, 3.44%, 10/1/2032 (b)		597		695
Pool # AN4430, 3.61%, 1/1/2037		235		273
FNMA/FHLMC UMBS, Single Family, 30 Year
TBA, 2.00%, 1/25/2051 (c)		52,898		54,942
TBA, 2.00%, 2/25/2051 (c)		6,590		6,833
GNMA II, 30 Year
Pool # BY3432, 3.50%, 9/20/2050		454		495
Pool # BR3929, 3.50%, 10/20/2050		260		288
Pool # BW1726, 3.50%, 10/20/2050		394		432
Pool # BR3928, 3.00%, 12/20/2050		410		448
Pool # BU7538, 3.00%, 12/20/2050		340		372
GNMA II, Other
Pool # 785183, 2.93%, 10/20/2070 (b)		455		500
GNMA II, Single Family, 30 Year
TBA, 2.00%, 1/15/2051 (c)		1,678		1,755
Total Mortgage-Backed Securities (Cost $74,419)				74,723
Corporate Bonds — 7.8%
Aerospace & Defense — 0.3%
BAE Systems plc (United Kingdom) 3.40%, 4/15/2030 (d)		400		453

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 15

JPMorgan SmartRetirement^® Blend Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	Principal Amount ($000)		VALUE ($000)
Corporate Bonds — continued
Aerospace & Defense — continued
Boeing Co. (The)
1.95%, 2/1/2024		35		36
2.50%, 3/1/2025		85		89
2.75%, 2/1/2026		30		31
2.70%, 2/1/2027		765		795
3.45%, 11/1/2028		63		68
L3Harris Technologies, Inc. 1.80%, 1/15/2031		71		72
Leidos, Inc. 2.30%, 2/15/2031 (d)		26		27
Lockheed Martin Corp. 2.80%, 6/15/2050		116		125
Northrop Grumman Corp.
5.15%, 5/1/2040		95		131
3.85%, 4/15/2045		179		218
Raytheon Technologies Corp.
2.25%, 7/1/2030		143		152
3.75%, 11/1/2046		78		92
				2,289
Automobiles — 0.3%
General Motors Co. 6.80%, 10/1/2027		330		424
Hyundai Capital America
1.15%, 11/10/2022 (d)		363		365
2.65%, 2/10/2025 (d)		270		284
2.38%, 10/15/2027 (d)		350		361
Nissan Motor Acceptance Corp. 2.80%, 1/13/2022 (d)		166		169
Nissan Motor Co. Ltd. (Japan) 4.35%, 9/17/2027 (d)		400		441
				2,044
Banks — 1.4%
AIB Group plc (Ireland) 4.75%, 10/12/2023 (d)		400		440
Australia & New Zealand Banking Group Ltd. (Australia) 4.40%, 5/19/2026 (d)		400		460
Banco Santander SA (Spain) 2.75%, 12/3/2030		200		206
Bank of America Corp.
4.00%, 1/22/2025		589		662
(SOFR + 1.01%), 1.20%, 10/24/2026 (e)		199		201
(ICE LIBOR USD 3 Month + 1.51%), 3.71%, 4/24/2028 (e)		484		551
(SOFR + 1.93%), 2.68%, 6/19/2041 (e)		419		436
Bank of Montreal (Canada)
(USD Swap Semi 5 Year + 1.28%), 4.34%, 10/5/2028 (e)		182		199
Barclays plc (United Kingdom)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.80%), 1.01%, 12/10/2024 (e)		200		201

INVESTMENTS	Principal Amount ($000)		VALUE ($000)
Banks — continued
3.65%, 3/16/2025		400		440
4.34%, 1/10/2028		200		230
BNP Paribas SA (France)
(SOFR + 1.61%), 1.90%, 9/30/2028 (d) (e)		600		612
Citigroup, Inc.
3.88%, 3/26/2025		697		778
(ICE LIBOR USD 3 Month + 1.15%), 3.52%, 10/27/2028 (e)		183		207
(ICE LIBOR USD 3 Month + 1.17%), 3.88%, 1/24/2039 (e)		145		172
Credit Agricole SA (France) 4.38%, 3/17/2025 (d)		400		449
Discover Bank 3.45%, 7/27/2026		250		280
HSBC Holdings plc (United Kingdom)
(SOFR + 1.29%), 1.59%, 5/24/2027 (e)		400		407
(SOFR + 1.73%), 2.01%, 9/22/2028 (e)		745		762
KeyCorp 2.25%, 4/6/2027		141		151
Mitsubishi UFJ Financial Group, Inc. (Japan) 3.74%, 3/7/2029		322		379
Societe Generale SA (France) 4.25%, 4/14/2025 (d)		400		441
Standard Chartered plc (United Kingdom)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.17%), 1.32%, 10/14/2023 (d) (e)		620		626
Wells Fargo & Co.
4.10%, 6/3/2026		185		212
4.30%, 7/22/2027		580		679
(SOFR + 2.10%), 2.39%, 6/2/2028 (e)		181		193
(SOFR + 2.53%), 3.07%, 4/30/2041 (e)		155		169
Westpac Banking Corp. (Australia) 2.96%, 11/16/2040		15		16
				10,559
Beverages — 0.2%
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
3.50%, 6/1/2030		275		318
3.75%, 7/15/2042		565		642
Keurig Dr Pepper, Inc.
3.20%, 5/1/2030		104		118
3.80%, 5/1/2050		98		117
PepsiCo, Inc. 1.40%, 2/25/2031		69		69
				1,264

SEE NOTES TO FINANCIAL STATEMENTS.

16 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2020

INVESTMENTS	Principal Amount ($000)		VALUE ($000)
Corporate Bonds — continued
Biotechnology — 0.2%
AbbVie, Inc.
2.95%, 11/21/2026		95		105
3.20%, 11/21/2029		251		281
4.05%, 11/21/2039		445		537
4.25%, 11/21/2049		75		94
Amgen, Inc. 3.15%, 2/21/2040		175		193
Biogen, Inc.
2.25%, 5/1/2030		85		89
3.15%, 5/1/2050		77		80
Gilead Sciences, Inc.
1.65%, 10/1/2030		167		167
2.60%, 10/1/2040		108		109
Regeneron Pharmaceuticals, Inc. 1.75%, 9/15/2030		166		163
				1,818
Building Products — 0.0% (f)
Masco Corp. 2.00%, 10/1/2030		167		170
Capital Markets — 0.6%
Brookfield Finance, Inc. (Canada) 3.50%, 3/30/2051		201		214
Charles Schwab Corp. (The)
0.90%, 3/11/2026		55		56
Series H, (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 3.08%), 4.00%, 12/1/2030 (e) (g) (h)		75		79
Credit Suisse Group AG (Switzerland) 4.28%, 1/9/2028 (d)		500		578
Deutsche Bank AG (Germany) (SOFR + 1.87%), 2.13%, 11/24/2026 (e)		450		460
Goldman Sachs Group, Inc. (The)
4.25%, 10/21/2025		688		789
(SOFR + 0.79%), 1.09%, 12/9/2026 (e)		527		532
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028 (e)		177		204
4.75%, 10/21/2045		85		118
Morgan Stanley
5.00%, 11/24/2025		722		863
(SOFR + 0.72%), 0.99%, 12/10/2026 (e)		140		141
3.95%, 4/23/2027		195		226
(ICE LIBOR USD 3 Month + 1.43%), 4.46%, 4/22/2039 (e)		105		136
				4,396
Chemicals — 0.1%
DuPont de Nemours, Inc. 5.32%, 11/15/2038		84		114

INVESTMENTS	Principal Amount ($000)		VALUE ($000)
Chemicals — continued
LYB International Finance III LLC
1.25%, 10/1/2025		52		53
3.38%, 5/1/2030		85		95
Nutrien Ltd. (Canada) 5.00%, 4/1/2049		46		64
Nutrition & Biosciences, Inc.
2.30%, 11/1/2030 (d)		222		228
3.47%, 12/1/2050 (d)		117		127
				681
Commercial Services & Supplies — 0.0% (f)
Republic Services, Inc. 3.05%, 3/1/2050		153		167
Construction Materials — 0.0% (f)
Martin Marietta Materials, Inc. Series CB, 2.50%, 3/15/2030		169		181
Consumer Finance — 0.2%
AerCap Ireland Capital DAC (Ireland)
3.15%, 2/15/2024		150		157
4.63%, 10/15/2027		450		510
Avolon Holdings Funding Ltd. (Ireland)
5.50%, 1/15/2023 (d)		90		96
5.50%, 1/15/2026 (d)		290		328
4.25%, 4/15/2026 (d)		10		11
Capital One Financial Corp. 3.80%, 1/31/2028		177		204
Park Aerospace Holdings Ltd. (Ireland)
5.25%, 8/15/2022 (d)		195		205
4.50%, 3/15/2023 (d)		65		68
5.50%, 2/15/2024 (d)		70		76
Toyota Motor Credit Corp. 0.80%, 10/16/2025		101		102
				1,757
Diversified Financial Services — 0.2%
GE Capital International Funding Co. Unlimited Co. 4.42%, 11/15/2035		600		715
Hutchison Whampoa International 14 Ltd. (United Kingdom) 3.63%, 10/31/2024 (d)		404		444
National Rural Utilities Cooperative Finance Corp. 1.35%, 3/15/2031		76		75
Shell International Finance BV (Netherlands)
2.38%, 11/7/2029		169		182
3.13%, 11/7/2049		86		95
				1,511
Diversified Telecommunication Services — 0.2%
AT&T, Inc.
2.30%, 6/1/2027		233		248
2.75%, 6/1/2031		302		323
3.50%, 6/1/2041		227		244

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 17

JPMorgan SmartRetirement^® Blend Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	Principal Amount ($000)		VALUE ($000)
Corporate Bonds — continued
Diversified Telecommunication Services — continued
Verizon Communications, Inc.
3.15%, 3/22/2030		215		241
2.65%, 11/20/2040		79		80
3.85%, 11/1/2042		282		334
				1,470
Electric Utilities — 0.4%
Appalachian Power Co. Series Y, 4.50%, 3/1/2049		60		78
Baltimore Gas and Electric Co. 2.90%, 6/15/2050		57		61
Duke Energy Corp. 3.40%, 6/15/2029		158		179
Duke Energy Indiana LLC Series YYY, 3.25%, 10/1/2049		43		49
Edison International 5.75%, 6/15/2027		140		168
Emera US Finance LP (Canada) 4.75%, 6/15/2046		92		117
Enel Finance International NV (Italy) 3.63%, 5/25/2027 (d)		400		454
Entergy Arkansas LLC 2.65%, 6/15/2051		36		37
Entergy Louisiana LLC
4.00%, 3/15/2033		67		84
2.90%, 3/15/2051		20		21
Evergy, Inc. 2.90%, 9/15/2029		175		192
FirstEnergy Transmission LLC 4.55%, 4/1/2049 (d)		80		93
Fortis, Inc. (Canada) 3.06%, 10/4/2026		110		121
ITC Holdings Corp. 2.95%, 5/14/2030 (d)		53		58
Jersey Central Power & Light Co. 4.30%, 1/15/2026 (d)		78		87
Massachusetts Electric Co. 4.00%, 8/15/2046 (d)		34		41
New England Power Co. (United Kingdom) 2.81%, 10/6/2050 (d)		111		112
NRG Energy, Inc.
2.00%, 12/2/2025 (d)		40		41
2.45%, 12/2/2027 (d)		165		174
Pacific Gas and Electric Co.
(ICE LIBOR USD 3 Month + 1.38%), 1.60%, 11/15/2021 (e)		194		194
3.45%, 7/1/2025		75		81
2.95%, 3/1/2026		45		48
3.75%, 8/15/2042(i)		41		41
4.30%, 3/15/2045		25		27
PacifiCorp 4.15%, 2/15/2050		53		69
PPL Capital Funding, Inc. 4.00%, 9/15/2047		81		94
Southern California Edison Co.
Series 20C, 1.20%, 2/1/2026		77		78
Series C, 4.13%, 3/1/2048		54		64

INVESTMENTS	Principal Amount ($000)		VALUE ($000)
Electric Utilities — continued
Union Electric Co. 2.63%, 3/15/2051		70		73
				2,936
Electrical Equipment — 0.0% (f)
Eaton Corp. 4.15%, 11/2/2042		123		156
Emerson Electric Co. 2.75%, 10/15/2050		89		93
				249
Energy Equipment & Services — 0.0% (f)
Baker Hughes a GE Co. LLC 3.34%, 12/15/2027		115		129
Schlumberger Holdings Corp. 4.00%, 12/21/2025 (d)		115		130
				259
Entertainment — 0.1%
Walt Disney Co. (The)
2.65%, 1/13/2031		152		167
3.50%, 5/13/2040		150		176
				343
Equity Real Estate Investment Trusts (REITs) — 0.4%
Alexandria Real Estate Equities, Inc. 3.38%, 8/15/2031		177		202
American Tower Corp.
1.50%, 1/31/2028		65		65
1.88%, 10/15/2030		421		425
2.95%, 1/15/2051		84		84
Crown Castle International Corp. 3.10%, 11/15/2029		175		193
CubeSmart LP 2.00%, 2/15/2031		193		193
Digital Realty Trust LP 3.70%, 8/15/2027		161		185
Equinix, Inc. 1.55%, 3/15/2028		122		124
Federal Realty Investment Trust 1.25%, 2/15/2026		90		92
Healthcare Trust of America Holdings LP
3.75%, 7/1/2027		65		74
2.00%, 3/15/2031		166		166
Healthpeak Properties, Inc. 2.88%, 1/15/2031		175		189
Mid-America Apartments LP 3.60%, 6/1/2027		135		153
Realty Income Corp. 1.80%, 3/15/2033		115		115
Scentre Group Trust 1 (Australia) 3.63%, 1/28/2026 (d)		272		299
UDR, Inc.
2.10%, 8/1/2032		167		170
1.90%, 3/15/2033		40		40

SEE NOTES TO FINANCIAL STATEMENTS.

18 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2020

INVESTMENTS	Principal Amount ($000)		VALUE ($000)
Corporate Bonds — continued
Equity Real Estate Investment Trusts (REITs) — continued
WP Carey, Inc.
4.25%, 10/1/2026		45		52
2.40%, 2/1/2031		71		73
				2,894
Food & Staples Retailing — 0.1%
Alimentation Couche-Tard, Inc. (Canada) 2.95%, 1/25/2030 (d)		175		191
CVS Pass-Through Trust Series 2014, 4.16%, 8/11/2036 (d)		40		44
Kroger Co. (The) 3.95%, 1/15/2050		99		120
Sysco Corp. 2.40%, 2/15/2030		234		244
				599
Food Products — 0.1%
Conagra Brands, Inc. 1.38%, 11/1/2027		237		239
Mondelez International, Inc. 1.88%, 10/15/2032		109		111
Smithfield Foods, Inc. 3.00%, 10/15/2030 (d)		179		189
Tyson Foods, Inc. 3.55%, 6/2/2027		129		147
				686
Gas Utilities — 0.0% (f)
Atmos Energy Corp. 1.50%, 1/15/2031		111		111
CenterPoint Energy Resources Corp. 1.75%, 10/1/2030		174		176
				287
Health Care Equipment & Supplies — 0.1%
Abbott Laboratories 1.40%, 6/30/2030		35		36
Becton Dickinson and Co.
4.67%, 6/6/2047		30		39
3.79%, 5/20/2050		98		116
Boston Scientific Corp.
4.00%, 3/1/2029		54		64
4.55%, 3/1/2039		55		70
Danaher Corp. 2.60%, 10/1/2050		84		87
DH Europe Finance II SARL 3.25%, 11/15/2039		46		52
Zimmer Biomet Holdings, Inc. 3.55%, 3/20/2030		177		200
				664
Health Care Providers & Services — 0.3%
Anthem, Inc. 2.25%, 5/15/2030		168		178
Banner Health 1.90%, 1/1/2031		100		102
Bon Secours Mercy Health, Inc. Series 20-2, 3.21%, 6/1/2050		65		69
CommonSpirit Health
1.55%, 10/1/2025		30		31
2.78%, 10/1/2030		65		69
3.91%, 10/1/2050		25		28

INVESTMENTS	Principal Amount ($000)		VALUE ($000)
Health Care Providers & Services — continued
CVS Health Corp.
3.25%, 8/15/2029		149		168
1.88%, 2/28/2031		348		351
4.88%, 7/20/2035		70		91
2.70%, 8/21/2040		173		175
HCA, Inc. 5.25%, 6/15/2026		378		447
MedStar Health, Inc. Series 20A, 3.63%, 8/15/2049		70		80
MidMichigan Health
Series 2020, 3.41%, 6/1/2050		15		17
MultiCare Health System 2.80%, 8/15/2050		46		48
PeaceHealth Obligated Group Series 2020, 3.22%, 11/15/2050		55		60
Quest Diagnostics, Inc. 2.80%, 6/30/2031		137		150
UnitedHealth Group, Inc. 2.75%, 5/15/2040		134		145
West Virginia United Health System Obligated Group Series 2020, 3.13%, 6/1/2050		160		165
				2,374
Hotels, Restaurants & Leisure — 0.0% (f)
Starbucks Corp. 3.35%, 3/12/2050		86		96
Household Durables — 0.0% (f)
DR Horton, Inc. 1.40%, 10/15/2027		194		194
Household Products — 0.0% (f)
Kimberly-Clark Corp. 3.70%, 6/1/2043		122		152
Independent Power and Renewable Electricity Producers — 0.1%
Alexander Funding Trust 1.84%, 11/15/2023 (d)		370		374
Exelon Generation Co. LLC 3.25%, 6/1/2025		345		377
Southern Power Co. 5.15%, 9/15/2041		115		141
				892
Industrial Conglomerates — 0.1%
General Electric Co. 3.45%, 5/1/2027		175		198
Roper Technologies, Inc. 1.75%, 2/15/2031		167		166
				364
Insurance — 0.2%
American International Group, Inc.
3.40%, 6/30/2030		121		139
4.38%, 6/30/2050		95		124
Athene Global Funding 2.75%, 6/25/2024 (d)		134		142
Berkshire Hathaway Finance Corp.
1.45%, 10/15/2030		105		106
2.85%, 10/15/2050		88		94
Brown & Brown, Inc. 2.38%, 3/15/2031		168		176

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 19

JPMorgan SmartRetirement^® Blend Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	Principal Amount ($000)		VALUE ($000)
Corporate Bonds — continued
Insurance — continued
Empower Finance 2020 LP (Canada) 3.08%, 9/17/2051 (d)		136		150
MassMutual Global Funding II 1.55%, 10/9/2030 (d)		220		220
New York Life Insurance Co. 3.75%, 5/15/2050 (d)		178		212
Teachers Insurance & Annuity Association of America 3.30%, 5/15/2050 (d)		169		184
				1,547
IT Services — 0.1%
Global Payments, Inc. 3.20%, 8/15/2029		53		59
International Business Machines Corp. 4.00%, 6/20/2042		287		355
				414
Leisure Products — 0.0% (f)
Hasbro, Inc. 3.90%, 11/19/2029		118		134
Machinery — 0.0% (f)
Otis Worldwide Corp. 3.11%, 2/15/2040		115		125
Media — 0.3%
Charter Communications Operating LLC
2.80%, 4/1/2031		304		321
3.70%, 4/1/2051		174		180
Comcast Corp.
1.50%, 2/15/2031		474		471
3.25%, 11/1/2039		149		169
2.80%, 1/15/2051		184		191
Cox Communications, Inc.
1.80%, 10/1/2030 (d)		90		90
2.95%, 10/1/2050 (d)		80		81
Discovery Communications LLC 3.63%, 5/15/2030		150		172
ViacomCBS, Inc.
4.00%, 1/15/2026		84		96
4.38%, 3/15/2043		97		115
				1,886
Metals & Mining — 0.1%
Anglo American Capital plc (South Africa) 3.63%, 9/11/2024 (d)		200		218
Glencore Funding LLC (Australia) 2.50%, 9/1/2030 (d)		158		161
Steel Dynamics, Inc. 1.65%, 10/15/2027		122		126
Vale Overseas Ltd. (Brazil) 3.75%, 7/8/2030		140		155
				660

INVESTMENTS	Principal Amount ($000)		VALUE ($000)
Multiline Retail — 0.0% (f)
Dollar General Corp. 4.13%, 4/3/2050		94		119
Multi-Utilities — 0.0% (f)
Berkshire Hathaway Energy Co. 2.85%, 5/15/2051 (d)		78		80
Consumers Energy Co. 3.25%, 8/15/2046		34		39
WEC Energy Group, Inc. 1.38%, 10/15/2027		84		85
				204
Oil, Gas & Consumable Fuels — 0.6%
Boardwalk Pipelines LP 4.45%, 7/15/2027		85		95
BP Capital Markets America, Inc.
3.63%, 4/6/2030		275		320
2.77%, 11/10/2050		77		76
Chevron Corp. 2.98%, 5/11/2040		175		193
Cimarex Energy Co. 3.90%, 5/15/2027		65		72
Concho Resources, Inc. 3.75%, 10/1/2027		90		103
Diamondback Energy, Inc. 3.25%, 12/1/2026		158		169
Enbridge, Inc. (Canada) 3.13%, 11/15/2029		175		192
Enterprise Products Operating LLC 4.45%, 2/15/2043		137		166
Exxon Mobil Corp. 3.00%, 8/16/2039		265		286
Gray Oak Pipeline LLC 2.60%, 10/15/2025 (d)		245		252
HollyFrontier Corp. 2.63%, 10/1/2023		92		94
Magellan Midstream Partners LP 3.95%, 3/1/2050		71		80
MPLX LP
2.65%, 8/15/2030		160		168
4.50%, 4/15/2038		86		98
Noble Energy, Inc. 3.25%, 10/15/2029		115		132
ONEOK, Inc. 2.20%, 9/15/2025		95		99
Phillips 66 Partners LP 3.55%, 10/1/2026		85		93
Pioneer Natural Resources Co. 1.90%, 8/15/2030		112		111
Plains All American Pipeline LP 4.65%, 10/15/2025		235		263
Sabine Pass Liquefaction LLC 5.63%, 3/1/2025		178		208
Suncor Energy, Inc. (Canada) 4.00%, 11/15/2047		85		95
Sunoco Logistics Partners Operations LP 3.90%, 7/15/2026		264		289
Tennessee Gas Pipeline Co. LLC 2.90%, 3/1/2030 (d)		155		166
Total Capital International SA (France) 2.99%, 6/29/2041		175		191

SEE NOTES TO FINANCIAL STATEMENTS.

20 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2020

INVESTMENTS	Principal Amount ($000)		VALUE ($000)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
TransCanada PipeLines Ltd. (Canada) 4.10%, 4/15/2030		178		210
				4,221
Pharmaceuticals — 0.3%
AstraZeneca plc (United Kingdom)
1.38%, 8/6/2030		45		45
6.45%, 9/15/2037		20		31
2.13%, 8/6/2050		98		91
Bristol-Myers Squibb Co.
1.13%, 11/13/2027		30		30
3.40%, 7/26/2029		108		126
4.13%, 6/15/2039		90		114
2.35%, 11/13/2040		244		251
Merck & Co., Inc. 2.35%, 6/24/2040		133		137
Pfizer, Inc. 3.90%, 3/15/2039		67		84
Royalty Pharma plc
1.75%, 9/2/2027 (d)		33		34
3.30%, 9/2/2040 (d)		78		82
3.55%, 9/2/2050 (d)		45		48
Takeda Pharmaceutical Co. Ltd. (Japan) 3.03%, 7/9/2040		600		632
Utah Acquisition Sub, Inc. 3.95%, 6/15/2026		80		91
Viatris, Inc.
3.85%, 6/22/2040 (d)		111		125
4.00%, 6/22/2050 (d)		63		72
Zoetis, Inc. 3.00%, 5/15/2050		35		39
				2,032
Road & Rail — 0.1%
Burlington Northern Santa Fe LLC 3.05%, 2/15/2051		91		103
CSX Corp. 3.80%, 11/1/2046		93		111
Norfolk Southern Corp. 3.05%, 5/15/2050		90		98
Penske Truck Leasing Co. LP 1.20%, 11/15/2025 (d)		195		197
Union Pacific Corp. 3.55%, 8/15/2039		121		140
				649
Semiconductors & Semiconductor Equipment — 0.1%
Broadcom, Inc. 4.15%, 11/15/2030		528		611
Microchip Technology, Inc. 0.97%, 2/15/2024 (d)		110		110
				721

INVESTMENTS	Principal Amount ($000)		VALUE ($000)
Software — 0.1%
Oracle Corp.
2.95%, 4/1/2030		222		248
3.80%, 11/15/2037		216		261
VMware, Inc. 4.70%, 5/15/2030		143		172
				681
Specialty Retail — 0.1%
AutoZone, Inc. 3.63%, 4/15/2025		122		136
Lowe’s Cos., Inc. 3.70%, 4/15/2046		178		211
O’Reilly Automotive, Inc. 3.90%, 6/1/2029		178		209
Tractor Supply Co. 1.75%, 11/1/2030		169		170
				726
Technology Hardware, Storage & Peripherals — 0.1%
Apple, Inc.
3.45%, 2/9/2045		219		265
2.55%, 8/20/2060		124		127
Dell International LLC 6.20%, 7/15/2030 (d)		370		481
				873
Thrifts & Mortgage Finance — 0.1%
BPCE SA (France) (SOFR + 1.52%), 1.65%, 10/6/2026 (d) (e)		750		767
Tobacco — 0.1%
BAT Capital Corp. (United Kingdom)
2.26%, 3/25/2028		168		174
3.73%, 9/25/2040		143		149
				323
Wireless Telecommunication Services — 0.1%
Rogers Communications, Inc. (Canada) 3.70%, 11/15/2049		122		144
T-Mobile USA, Inc.
2.55%, 2/15/2031 (d)		381		400
3.00%, 2/15/2041 (d)		237		246
				790
Total Corporate Bonds (Cost $57,177)				58,168
U.S. Treasury Obligations — 6.0%
U.S. Treasury Bonds
1.13%, 8/15/2040		4,806		4,543
1.38%, 8/15/2050		2,404		2,246
1.63%, 11/15/2050		2,720		2,704
U.S. Treasury Notes
2.50%, 1/31/2021(j)		3,136		3,141
0.13%, 9/30/2022		5,792		5,792

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 21

JPMorgan SmartRetirement^® Blend Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	Principal Amount ($000)		VALUE ($000)
U.S. Treasury Obligations — continued
0.13%, 9/15/2023		7,081		7,076
0.25%, 8/31/2025		8,599		8,569
0.38%, 11/30/2025		3,534		3,538
0.50%, 8/31/2027		4,527		4,498
0.63%, 11/30/2027		420		420
0.63%, 8/15/2030		1,387		1,351
0.88%, 11/15/2030		1,205		1,200
Total U.S. Treasury Obligations (Cost $45,277)				45,078
Asset-Backed Securities — 1.1%
American Credit Acceptance Receivables Trust Series 2020-4, Class C, 1.31%, 12/14/2026 (d)		285		286
AmeriCredit Automobile Receivables Trust
Series 2020-3, Class B, 0.76%, 12/18/2025		255		256
Series 2020-3, Class C, 1.06%, 8/18/2026		120		120
AMSR Trust Series 2020-SFR4, Class D, 2.01%, 11/17/2037 (d)		335		336
Aqua Finance Trust Series 2020-AA, Class C, 3.97%, 7/17/2046 (d)		100		104
Business Jet Securities LLC Series 2020-1A, Class A, 2.98%, 11/15/2035 (d)		126		128
BXG Receivables Note Trust Series 2020-A, Class A, 1.55%, 2/28/2036 (d)		198		199
CarMax Auto Owner Trust Series 2020-4, Class C, 1.30%, 8/17/2026		110		111
Carvana Auto Receivables Trust Series 2020-P1, Class C, 1.61%, 11/9/2026		200		201
Credit Acceptance Auto Loan Trust
Series 2020-3A, Class A, 1.24%, 10/15/2029 (d)		570		576
Series 2020-2A, Class C, 2.73%, 11/15/2029 (d)		260		267
Flagship Credit Auto Trust Series 2020-4, Class C, 1.28%, 2/16/2027 (d)		210		212
Genesis Sales Finance Master Trust Series 2020-AA, Class A, 1.65%, 9/22/2025 (d)		231		232
GLS Auto Receivables Issuer Trust Series 2020-4A, Class B, 1.18%, 12/16/2024 (d)		130		130
LendingPoint Asset Securitization Trust Series 2020-REV1, Class A, 2.73%, 10/15/2028 (d)		437		442
Mariner Finance Issuance Trust Series 2019-AA, Class A, 2.96%, 7/20/2032 (d)		365		373
NRZ Excess Spread-Collateralized Notes Series 2020-PLS1, Class A, 3.84%, 12/25/2025 (d)		465		465

INVESTMENTS	Principal Amount ($000)		VALUE ($000)
Asset-Backed Securities — continued
Octane Receivables Trust Series 2020-1A, Class A, 1.71%, 2/20/2025 (d)		336		337
Oportun Funding LLC
Series 2020-1, Class A, 2.20%, 5/15/2024 (d)		280		281
Orange Lake Timeshare Trust Series 2016-A, Class A, 2.61%, 3/8/2029 (d)		93		94
Prestige Auto Receivables Trust Series 2020-1A, Class C, 1.31%, 11/16/2026 (d)		265		266
Pretium Mortgage Credit Partners I LLC Series 2020-NPL3, Class A1, 3.10%, 6/27/2060 ‡ (d) (i)		315		315
Progress Residential Trust
Series 2020-SFR3, Class A, 1.29%, 10/17/2027 (d)		180		182
Series 2020-SFR3, Class B, 1.50%, 10/17/2027 ‡ (d)		130		129
Republic Finance Issuance Trust Series 2020-A, Class A, 2.47%, 11/20/2030 (d)		210		214
Santander Drive Auto Receivables Trust Series 2020-4, Class C, 1.01%, 1/15/2026		170		171
Upstart Securitization Trust Series 2020-3, Class A, 1.70%, 11/20/2030 (d)		531		534
Vericrest Opportunity Loan Trust Series 2020-NPL2, Class A1B, 3.67%, 2/25/2050 (d) (i)		350		350
VOLT XCI LLC Series 2020-NPL7, Class A1, 3.10%, 11/25/2050 ‡ (d) (i)		392		392
Westlake Automobile Receivables Trust
Series 2020-3A, Class C, 1.24%, 11/17/2025 (d)		100		100
Series 2020-3A, Class D, 1.65%, 2/17/2026 (d)		140		142
Total Asset-Backed Securities (Cost $7,905)				7,945
Collateralized Mortgage Obligations — 0.3%
CFMT LLC Series 2020-HB4, Class A, 0.95%, 12/26/2030 (b) (d)		178		178
GNMA Series 2015-H11, Class FC, 0.69%, 5/20/2065 (b)		251		253
PRPM LLC Series 2020-5, Class A1, 3.10%, 11/25/2025 (d) (i)		259		261
Seasoned Credit Risk Transfer Trust Series 2020-3, Class M5TW, 3.00%, 5/25/2060 ‡		684		732
Toorak Mortgage Corp. Ltd. Series 2020-1, Class A1, 2.73%, 3/25/2023 (d) (i)		130		130
Total Collateralized Mortgage Obligations (Cost $1,553)				1,554

SEE NOTES TO FINANCIAL STATEMENTS.

22 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2020

INVESTMENTS	Principal Amount ($000)		VALUE ($000)
Foreign Government Securities — 0.1%
Republic of Colombia (Colombia)
4.00%, 2/26/2024		200		216
3.13%, 4/15/2031		200		212
Republic of Panama (Panama) 3.16%, 1/23/2030		200		222
Republic of Peru (Peru) 2.78%, 12/1/2060		49		49
United Mexican States (Mexico) 2.66%, 5/24/2031		400		411
Total Foreign Government Securities (Cost $1,096)				1,110
Commercial Mortgage-Backed Securities — 0.0% (f)
FHLMC, Multi-Family Structured Pass-Through Certificates Series K-1511, Class A1, 3.28%, 10/25/2030		334		379
FREMF Mortgage Trust
Series 2015-K48, Class C, 3.64%, 8/25/2048 (b) (d)		15		16
Series 2017-K728, Class C, 3.65%, 11/25/2050 (b) (d)		75		78
Total Commercial Mortgage-Backed Securities (Cost $472)				473
	Shares (000)
Short-Term Investments — 12.3%
Investment Companies — 12.3%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (k) (Cost $91,737)		91,737		91,737
Total Investments — 107.8% (Cost $755,261)				805,966
Liabilities in Excess of Other Assets — (7.8)%				(58,013	)
NET ASSETS — 100.0%				747,953

Percentages indicated are based on net assets.

Abbreviations

ETF	Exchange-Traded Fund
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
REIT	Real Estate Investment Trust
SOFR	Secured Overnight Financing Rate
TBA	To Be Announced; Security is subject to delayed delivery.
UMBS	Uniform Mortgage-Backed Securities
USD	United States Dollar
(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)	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, 2020.
(c)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(d)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(e)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of December 31, 2020.
(f)	Amount rounds to less than 0.1% of net assets.
(g)	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, 2020.
(h)	Security is an interest bearing note with preferred security characteristics.
(i)	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, 2020.
(j)	All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(k)	The rate shown is the current yield as of December 31, 2020.
‡	Value determined using significant unobservable inputs.

Detailed information about investment portfolios of the underlying funds and ETFs can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC’s as well as the 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, 2020 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 23

JPMorgan SmartRetirement^® Blend Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

Futures contracts outstanding as of December 31, 2020 (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		45			03/2021		EUR		1,952			35
MSCI Emerging Markets E-Mini Index		90			03/2021		USD		5,795			157
Russell 2000 E-Mini Index		39			03/2021		USD		3,857			107
S&P 500 E-Mini Index		21			03/2021		USD		3,932			86
TOPIX Index		11			03/2021		JPY		1,928			36
U.S. Treasury 10 Year Note		402			03/2021		USD		55,488			68
												489
Short Contracts
Euro-Bund		(87	)		03/2021		EUR		(18,880	)		(57	)
												432

Abbreviations

EUR	Euro
JPY	Japanese Yen
MSCI	Morgan Stanley Capital International
TOPIX	Tokyo Stock Price Index
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

24 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2020

JPMorgan SmartRetirement^® Blend 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment Companies — 44.2%
Fixed Income — 28.3%
JPMorgan Corporate Bond Fund Class R6 Shares (a)		6,937		75,751
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		1,333		11,066
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		1,337		11,069
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		1,707		15,111
JPMorgan High Yield Fund Class R6 Shares (a)		9,264		65,961
JPMorgan Income Fund Class R6 Shares (a)		2,411		22,739
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		9,249		99,515
JPMorgan Managed Income Fund Class L Shares (a)		487		4,893
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		12,088		119,193
Total Fixed Income				425,298
U.S. Equity — 15.9%
JPMorgan Equity Index Fund Class R6 Shares (a)		4,180		238,603
Total Investment Companies (Cost $603,648)				663,901
Exchange-Traded Funds — 27.1%
Alternative Assets — 1.6%
JPMorgan BetaBuilders MSCI US REIT ETF (a)		315		24,933
Fixed Income — 7.7%
JPMorgan High Yield Research Enhanced ETF (a)		1,265		65,663
JPMorgan U.S. Aggregate Bond ETF (a)		1,785		49,721
Total Fixed Income				115,384
International Equity — 14.2%
iShares Core MSCI Emerging Markets ETF		862		53,507
JPMorgan BetaBuilders International Equity ETF (a)		2,898		160,210
Total International Equity				213,717
U.S. Equity — 3.6%
iShares Russell 2000 ETF		108		21,129
JPMorgan BetaBuilders US Mid Cap Equity ETF (a)		413		32,532
Total U.S. Equity				53,661
Total Exchange-Traded Funds (Cost $369,657)				407,695
Mortgage-Backed Securities — 9.4%
FHLMC UMBS, 20 Year Pool # RB5085, 2.00%, 11/1/2040		288		299

INVESTMENTS	SHARES (000)		VALUE ($000)
Mortgage-Backed Securities — continued
FHLMC UMBS, 30 Year
Pool # QB4026, 2.50%, 10/1/2050		1,931		2,074
Pool # QB4045, 2.50%, 10/1/2050		1,281		1,354
Pool # QB4484, 2.50%, 10/1/2050		683		733
Pool # QB4542, 2.50%, 10/1/2050		663		712
FNMA UMBS, 30 Year
Pool # CA2826, 5.50%, 12/1/2048		2,020		2,290
Pool # BQ2894, 3.00%, 9/1/2050		1,135		1,193
Pool # BQ3996, 2.50%, 10/1/2050		1,006		1,067
Pool # BQ5243, 3.50%, 10/1/2050		373		398
Pool # CA7398, 3.50%, 10/1/2050		1,392		1,503
FNMA, Other
Pool # BL8639, 1.09%, 4/1/2028		590		590
Pool # BS0448, 1.27%, 12/1/2029 (b)		890		890
Pool # BL5457, 2.57%, 7/1/2029		670		737
Pool # BL9748, 1.60%, 12/1/2029		344		354
Pool # AM8544, 3.08%, 4/1/2030		119		135
Pool # BL9045, 1.58%, 7/1/2030		919		943
Pool # BL9251, 1.45%, 10/1/2030 (c)		680		680
Pool # AN0068, 3.26%, 10/1/2030		172		197
Pool # BL9891, 1.37%, 12/1/2030 (b)		500		501
Pool # BL1187, 3.92%, 1/1/2031		225		269
Pool # BL1237, 4.15%, 1/1/2031		331		402
Pool # AN0550, 3.63%, 2/1/2031		647		762
Pool # BM3226, 3.44%, 10/1/2032 (b)		1,124		1,309
Pool # AN4430, 3.61%, 1/1/2037		574		668
FNMA/FHLMC UMBS, Single Family, 30 Year
TBA, 2.00%, 1/25/2051 (c)		90,327		93,815
TBA, 2.00%, 2/25/2051 (c)		16,770		17,387
GNMA II, 30 Year
Pool # BY3432, 3.50%, 9/20/2050		1,117		1,218
Pool # BR3929, 3.50%, 10/20/2050		520		576
Pool # BW1726, 3.50%, 10/20/2050		743		816
Pool # BR3928, 3.00%, 12/20/2050		805		880
Pool # BU7538, 3.00%, 12/20/2050		665		727
GNMA II, Other Pool # 785183, 2.93%, 10/20/2070 (b)		854		940
GNMA II, Single Family, 30 Year TBA, 2.00%, 1/15/2051 (c)		4,678		4,891
Total Mortgage-Backed Securities (Cost $140,765)				141,310
	PRINCIPAL AMOUNT ($000)
Corporate Bonds — 8.1%
Aerospace & Defense — 0.3%
BAE Systems plc (United Kingdom) 3.40%, 4/15/2030 (d)		845		957

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 25

JPMorgan SmartRetirement^® Blend 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Aerospace & Defense — continued
Boeing Co. (The)
1.95%, 2/1/2024		75		77
2.50%, 3/1/2025		210		219
2.75%, 2/1/2026		70		74
2.70%, 2/1/2027		1,403		1,459
3.45%, 11/1/2028		155		166
L3Harris Technologies, Inc. 1.80%, 1/15/2031		159		162
Leidos, Inc. 2.30%, 2/15/2031 (d)		63		64
Lockheed Martin Corp. 2.80%, 6/15/2050		237		256
Northrop Grumman Corp.
5.15%, 5/1/2040		191		263
3.85%, 4/15/2045		409		498
Raytheon Technologies Corp.
2.25%, 7/1/2030		322		342
3.75%, 11/1/2046		192		227
				4,764
Automobiles — 0.3%
General Motors Co. 6.80%, 10/1/2027		640		822
Hyundai Capital America
1.15%, 11/10/2022 (d)		834		838
2.65%, 2/10/2025 (d)		530		558
2.38%, 10/15/2027 (d)		680		702
Kia Motors Corp. (South Korea) 3.25%, 4/21/2026 (d)		235		255
Nissan Motor Acceptance Corp. 2.80%, 1/13/2022 (d)		322		327
Nissan Motor Co. Ltd. (Japan)
3.52%, 9/17/2025 (d)		253		271
4.35%, 9/17/2027 (d)		655		723
Volkswagen Group of America Finance LLC (Germany) 1.25%, 11/24/2025 (d)		310		313
				4,809
Banks — 1.4%
AIB Group plc (Ireland) 4.75%, 10/12/2023 (d)		645		709
Australia & New Zealand Banking Group Ltd. (Australia) 4.40%, 5/19/2026 (d)		880		1,012
Banco Santander SA (Spain) 2.75%, 12/3/2030		200		206
Bank of America Corp.
4.00%, 1/22/2025		1,345		1,512
(SOFR + 1.01%), 1.20%, 10/24/2026 (e)		454		460
(ICE LIBOR USD 3 Month + 1.51%), 3.71%, 4/24/2028 (e)		1,094		1,245
(SOFR + 1.93%), 2.68%, 6/19/2041 (e)		950		988

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Banks — continued
Bank of Montreal (Canada) (USD Swap Semi 5 Year + 1.28%), 4.34%, 10/5/2028 (e)		257		281
Barclays plc (United Kingdom)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.80%), 1.01%, 12/10/2024 (e)		338		340
3.65%, 3/16/2025		845		930
4.34%, 1/10/2028		235		270
BNP Paribas SA (France) (SOFR + 1.61%), 1.90%, 9/30/2028 (d) (e)		845		862
Citigroup, Inc.
3.88%, 3/26/2025		1,165		1,300
(ICE LIBOR USD 3 Month + 1.15%), 3.52%, 10/27/2028 (e)		389		440
(ICE LIBOR USD 3 Month + 1.17%), 3.88%, 1/24/2039 (e)		328		390
Credit Agricole SA (France) 4.38%, 3/17/2025 (d)		880		988
Discover Bank 3.45%, 7/27/2026		500		559
HSBC Holdings plc (United Kingdom)
(SOFR + 1.29%), 1.59%, 5/24/2027 (e)		1,000		1,017
(ICE LIBOR USD 3 Month + 1.55%), 4.04%, 3/13/2028 (e)		200		228
(SOFR + 1.73%), 2.01%, 9/22/2028 (e)		1,495		1,530
Mitsubishi UFJ Financial Group, Inc. (Japan) 3.74%, 3/7/2029		724		852
Societe Generale SA (France)
4.25%, 4/14/2025 (d)		700		771
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 1.49%, 12/14/2026 (d) (e)		260		262
Standard Chartered plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.17%), 1.32%, 10/14/2023 (d) (e)		1,020		1,030
UniCredit SpA (Italy) 6.57%, 1/14/2022 (d)		350		369
Wells Fargo & Co.
4.30%, 7/22/2027		1,327		1,554
(SOFR + 2.10%), 2.39%, 6/2/2028 (e)		410		437
(SOFR + 2.53%), 3.07%, 4/30/2041 (e)		353		384
Westpac Banking Corp. (Australia) 2.96%, 11/16/2040		50		53
				20,979

SEE NOTES TO FINANCIAL STATEMENTS.

26 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Beverages — 0.2%
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
3.50%, 6/1/2030		620		718
3.75%, 7/15/2042		1,200		1,363
Keurig Dr Pepper, Inc.
3.20%, 5/1/2030		223		252
3.80%, 5/1/2050		217		260
PepsiCo, Inc. 1.40%, 2/25/2031		149		150
				2,743
Biotechnology — 0.3%
AbbVie, Inc.
2.95%, 11/21/2026		235		260
3.20%, 11/21/2029		566		634
4.05%, 11/21/2039		870		1,050
4.25%, 11/21/2049		180		225
Amgen, Inc. 3.15%, 2/21/2040		394		433
Biogen, Inc.
2.25%, 5/1/2030		215		225
3.15%, 5/1/2050		176		182
Gilead Sciences, Inc.
1.65%, 10/1/2030		380		381
2.60%, 10/1/2040		227		229
Regeneron Pharmaceuticals, Inc. 1.75%, 9/15/2030		379		373
				3,992
Building Products — 0.0% (f)
Masco Corp. 2.00%, 10/1/2030		380		387
Capital Markets — 0.6%
Brookfield Finance, Inc. (Canada) 3.50%, 3/30/2051		456		486
Charles Schwab Corp. (The)
0.90%, 3/11/2026		105		107
Series H, (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 3.08%), 4.00%, 12/1/2030 (e) (g) (h)		135		142
Credit Suisse Group AG (Switzerland) 4.28%, 1/9/2028 (d)		995		1,149
Deutsche Bank AG (Germany) (SOFR + 1.87%), 2.13%, 11/24/2026 (e)		735		752
Goldman Sachs Group, Inc. (The)
4.25%, 10/21/2025		1,147		1,315
(SOFR + 0.79%), 1.09%, 12/9/2026 (e)		1,037		1,047
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028 (e)		396		457
4.75%, 10/21/2045		177		246

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Capital Markets — continued
Morgan Stanley
5.00%, 11/24/2025		1,625		1,943
(SOFR + 0.72%), 0.99%, 12/10/2026 (e)		270		272
(ICE LIBOR USD 3 Month + 1.43%), 4.46%, 4/22/2039 (e)		219		284
				8,200
Chemicals — 0.1%
DuPont de Nemours, Inc. 5.32%, 11/15/2038		170		230
LYB International Finance III LLC
1.25%, 10/1/2025		113		115
3.38%, 5/1/2030		165		185
Nutrien Ltd. (Canada) 5.00%, 4/1/2049		95		131
Nutrition & Biosciences, Inc.
2.30%, 11/1/2030 (d)		513		528
3.47%, 12/1/2050 (d)		269		292
				1,481
Commercial Services & Supplies — 0.0% (f)
Republic Services, Inc. 3.05%, 3/1/2050		308		336
Construction Materials—0.0% (f)
Martin Marietta Materials, Inc. Series CB, 2.50%, 3/15/2030		387		414
Consumer Finance — 0.2%
AerCap Ireland Capital DAC (Ireland)
3.15%, 2/15/2024		300		314
4.63%, 10/15/2027		810		917
Avolon Holdings Funding Ltd. (Ireland)
5.50%, 1/15/2023 (d)		220		234
5.50%, 1/15/2026 (d)		530		600
4.25%, 4/15/2026 (d)		20		22
Capital One Financial Corp. 3.80%, 1/31/2028		402		465
Park Aerospace Holdings Ltd. (Ireland)
5.25%, 8/15/2022 (d)		490		514
4.50%, 3/15/2023 (d)		30		32
5.50%, 2/15/2024 (d)		170		185
Toyota Motor Credit Corp. 0.80%, 10/16/2025		214		215
				3,498
Diversified Financial Services — 0.2%
GE Capital International Funding Co. Unlimited Co. 4.42%, 11/15/2035		895		1,067
Hutchison Whampoa International 14 Ltd. (United Kingdom) 3.63%, 10/31/2024 (d)		946		1,040
National Rural Utilities Cooperative Finance Corp. 1.35%, 3/15/2031		155		153

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 27

JPMorgan SmartRetirement^® Blend 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Diversified Financial Services — continued
Shell International Finance BV (Netherlands)
2.38%, 11/7/2029		393		422
3.13%, 11/7/2049		205		226
				2,908
Diversified Telecommunication Services — 0.2%
AT&T, Inc.
2.30%, 6/1/2027		522		556
2.75%, 6/1/2031		690		737
3.50%, 6/1/2041		518		558
Verizon Communications, Inc.
3.15%, 3/22/2030		496		556
2.65%, 11/20/2040		185		187
3.85%, 11/1/2042		634		751
				3,345
Electric Utilities — 0.4%
Appalachian Power Co. Series Y, 4.50%, 3/1/2049		125		163
Baltimore Gas and Electric Co. 2.90%, 6/15/2050		127		136
Duke Energy Corp. 3.40%, 6/15/2029		361		410
Duke Energy Indiana LLC Series YYY, 3.25%, 10/1/2049		97		110
Edison International 5.75%, 6/15/2027		265		317
Emera US Finance LP (Canada) 4.75%, 6/15/2046		197		252
Enel Finance International NV (Italy) 3.63%, 5/25/2027 (d)		845		958
Entergy Arkansas LLC 2.65%, 6/15/2051		72		74
Entergy Louisiana LLC
4.00%, 3/15/2033		150		186
2.90%, 3/15/2051		60		64
Evergy, Inc. 2.90%, 9/15/2029		394		432
FirstEnergy Transmission LLC 4.55%, 4/1/2049 (d)		179		209
Fortis, Inc. (Canada) 3.06%, 10/4/2026		251		276
ITC Holdings Corp. 2.95%, 5/14/2030 (d)		126		138
Jersey Central Power & Light Co. 4.30%, 1/15/2026 (d)		182		203
Massachusetts Electric Co. 4.00%, 8/15/2046 (d)		98		118
New England Power Co. (United Kingdom) 2.81%, 10/6/2050 (d)		253		256
NRG Energy, Inc.
2.00%, 12/2/2025 (d)		90		93
2.45%, 12/2/2027 (d)		305		321

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Electric Utilities — continued
Pacific Gas and Electric Co.
(ICE LIBOR USD 3 Month + 1.38%), 1.60%, 11/15/2021 (e)		426		426
3.45%, 7/1/2025		120		130
2.95%, 3/1/2026		75		80
3.75%, 8/15/2042 (i)		71		71
4.30%, 3/15/2045		65		69
PacifiCorp 4.15%, 2/15/2050		113		147
PPL Capital Funding, Inc. 4.00%, 9/15/2047		195		227
Southern California Edison Co.
Series 20C, 1.20%, 2/1/2026		176		178
Series C, 4.13%, 3/1/2048		121		144
Union Electric Co. 2.63%, 3/15/2051		150		157
				6,345
Electrical Equipment — 0.0% (f)
Eaton Corp. 4.15%, 11/2/2042		272		344
Emerson Electric Co. 2.75%, 10/15/2050		187		197
				541
Energy Equipment & Services — 0.1%
Baker Hughes a GE Co. LLC 3.34%, 12/15/2027		263		294
Schlumberger Holdings Corp. 4.00%, 12/21/2025 (d)		264		300
				594
Entertainment — 0.1%
Walt Disney Co. (The)
2.65%, 1/13/2031		338		370
3.50%, 5/13/2040		327		384
				754
Equity Real Estate Investment Trusts (REITs) — 0.4%
Alexandria Real Estate Equities, Inc. 3.38%, 8/15/2031		401		459
American Tower Corp.
1.50%, 1/31/2028		155		156
1.88%, 10/15/2030		928		935
2.95%, 1/15/2051		193		193
Crown Castle International Corp. 3.10%, 11/15/2029		394		434
CubeSmart LP 2.00%, 2/15/2031		441		442
Digital Realty Trust LP 3.70%, 8/15/2027		344		395
Equinix, Inc. 1.55%, 3/15/2028		284		289
Federal Realty Investment Trust 1.25%, 2/15/2026		191		194

SEE NOTES TO FINANCIAL STATEMENTS.

28 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Equity Real Estate Investment Trusts (REITs) — continued
Healthcare Trust of America Holdings LP 2.00%, 3/15/2031		379		379
Healthpeak Properties, Inc. 2.88%, 1/15/2031		394		424
Mid-America Apartments LP 3.60%, 6/1/2027		350		396
Realty Income Corp. 1.80%, 3/15/2033		220		221
Scentre Group Trust 1 (Australia) 3.63%, 1/28/2026 (d)		510		561
UDR, Inc.
2.10%, 8/1/2032		380		387
1.90%, 3/15/2033		50		50
WP Carey, Inc.
4.25%, 10/1/2026		115		132
2.40%, 2/1/2031		148		154
				6,201
Food & Staples Retailing — 0.1%
Alimentation Couche-Tard, Inc. (Canada) 2.95%, 1/25/2030 (d)		394		430
CVS Pass-Through Trust Series 2014, 4.16%, 8/11/2036 (d)		104		115
Kroger Co. (The) 3.95%, 1/15/2050		213		258
Sysco Corp. 2.40%, 2/15/2030		546		568
				1,371
Food Products — 0.1%
Conagra Brands, Inc. 1.38%, 11/1/2027		357		360
Mondelez International, Inc. 1.88%, 10/15/2032		244		248
Smithfield Foods, Inc. 3.00%, 10/15/2030 (d)		403		426
Tyson Foods, Inc. 3.55%, 6/2/2027		269		307
				1,341
Gas Utilities — 0.0% (f)
Atmos Energy Corp. 1.50%, 1/15/2031		250		250
CenterPoint Energy Resources Corp. 1.75%, 10/1/2030		176		178
				428
Health Care Equipment & Supplies — 0.1%
Abbott Laboratories 1.40%, 6/30/2030		78		79
Becton Dickinson and Co.
4.67%, 6/6/2047		63		83
3.79%, 5/20/2050		207		245
Boston Scientific Corp.
4.00%, 3/1/2029		132		155
4.55%, 3/1/2039		127		162
Danaher Corp. 2.60%, 10/1/2050		176		183

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Health Care Equipment & Supplies — continued
DH Europe Finance II SARL 3.25%, 11/15/2039		103		117
Zimmer Biomet Holdings, Inc. 3.55%, 3/20/2030		401		454
				1,478
Health Care Providers & Services — 0.4%
Anthem, Inc. 2.25%, 5/15/2030		387		411
Banner Health 1.90%, 1/1/2031		246		250
Bon Secours Mercy Health, Inc. Series 20-2, 3.21%, 6/1/2050		150		160
Children’s Hospital of Philadelphia (The) Series 2020, 2.70%, 7/1/2050		185		194
CommonSpirit Health
1.55%, 10/1/2025		65		67
2.78%, 10/1/2030		150		159
3.91%, 10/1/2050		65		72
CVS Health Corp.
3.25%, 8/15/2029		343		387
1.88%, 2/28/2031		653		660
4.88%, 7/20/2035		170		220
2.70%, 8/21/2040		368		372
HCA, Inc. 5.25%, 6/15/2026		858		1,015
MedStar Health, Inc. Series 20A, 3.63%, 8/15/2049		130		148
MidMichigan Health Series 2020, 3.41%, 6/1/2050		40		45
MultiCare Health System 2.80%, 8/15/2050		113		117
PeaceHealth Obligated Group Series 2020, 3.22%, 11/15/2050		135		146
Quest Diagnostics, Inc. 2.80%, 6/30/2031		286		313
UnitedHealth Group, Inc. 2.75%, 5/15/2040		283		306
West Virginia United Health System Obligated Group Series 2020, 3.13%, 6/1/2050		300		310
				5,352
Hotels, Restaurants & Leisure — 0.0% (f)
Starbucks Corp. 3.35%, 3/12/2050		205		229
Household Durables — 0.0% (f)
DR Horton, Inc. 1.40%, 10/15/2027		441		442
Household Products — 0.0% (f)
Kimberly-Clark Corp. 3.70%, 6/1/2043		270		337
Independent Power and Renewable Electricity Producers — 0.1%
Alexander Funding Trust 1.84%, 11/15/2023 (d)		650		657
Exelon Generation Co. LLC 3.25%, 6/1/2025		788		861

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 29

JPMorgan SmartRetirement^® Blend 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Independent Power and Renewable Electricity Producers — continued
Southern Power Co. 5.15%, 9/15/2041		205		252
				1,770
Industrial Conglomerates — 0.1%
General Electric Co. 3.45%, 5/1/2027		394		445
Roper Technologies, Inc. 1.75%, 2/15/2031		380		378
				823
Insurance — 0.2%
American International Group, Inc.
3.40%, 6/30/2030		264		302
4.38%, 6/30/2050		194		254
Athene Global Funding 2.75%, 6/25/2024 (d)		282		298
Berkshire Hathaway Finance Corp.
1.45%, 10/15/2030		222		225
2.85%, 10/15/2050		186		199
Brown & Brown, Inc. 2.38%, 3/15/2031		386		404
Empower Finance 2020 LP (Canada) 3.08%, 9/17/2051 (d)		285		315
MassMutual Global Funding II 1.55%, 10/9/2030 (d)		220		220
New York Life Insurance Co. 3.75%, 5/15/2050 (d)		408		487
Teachers Insurance & Annuity Association of America 3.30%, 5/15/2050 (d)		393		427
				3,131
IT Services — 0.1%
Global Payments, Inc. 3.20%, 8/15/2029		120		133
International Business Machines Corp. 4.00%, 6/20/2042		642		795
				928
Leisure Products — 0.0% (f)
Hasbro, Inc. 3.90%, 11/19/2029		232		262
Machinery — 0.0% (f)
Otis Worldwide Corp. 3.11%, 2/15/2040		263		286
Media — 0.3%
Charter Communications Operating LLC
2.80%, 4/1/2031		686		724
3.70%, 4/1/2051		403		418
Comcast Corp.
1.50%, 2/15/2031		1,081		1,073
3.25%, 11/1/2039		332		376
2.80%, 1/15/2051		391		407

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Media — continued
Cox Communications, Inc.
1.80%, 10/1/2030 (d)		220		220
2.95%, 10/1/2050 (d)		185		189
Discovery Communications LLC 3.63%, 5/15/2030		342		392
ViacomCBS, Inc.
4.00%, 1/15/2026		203		232
4.38%, 3/15/2043		210		248
				4,279
Metals & Mining — 0.1%
Anglo American Capital plc (South Africa) 3.63%, 9/11/2024 (d)		235		256
Glencore Funding LLC (Australia) 2.50%, 9/1/2030 (d)		315		321
Steel Dynamics, Inc. 1.65%, 10/15/2027		244		251
Vale Overseas Ltd. (Brazil) 3.75%, 7/8/2030		265		294
				1,122
Multiline Retail — 0.0% (f)
Dollar General Corp. 4.13%, 4/3/2050		193		244
Multi-Utilities — 0.0% (f)
Berkshire Hathaway Energy Co. 2.85%, 5/15/2051 (d)		184		189
Consumers Energy Co. 3.25%, 8/15/2046		97		110
WEC Energy Group, Inc. 1.38%, 10/15/2027		199		202
				501
Oil, Gas & Consumable Fuels — 0.6%
Boardwalk Pipelines LP 4.45%, 7/15/2027		165		185
BP Capital Markets America, Inc.
3.63%, 4/6/2030		614		714
2.77%, 11/10/2050		187		185
Chevron Corp. 2.98%, 5/11/2040		394		436
Cimarex Energy Co. 3.90%, 5/15/2027		125		138
Concho Resources, Inc. 3.75%, 10/1/2027		189		216
Diamondback Energy, Inc. 3.25%, 12/1/2026		315		336
Enbridge, Inc. (Canada) 3.13%, 11/15/2029		394		433
Enterprise Products Operating LLC 4.45%, 2/15/2043		287		347
Exxon Mobil Corp. 3.00%, 8/16/2039		593		641
Gray Oak Pipeline LLC 2.60%, 10/15/2025 (d)		455		469
HollyFrontier Corp. 2.63%, 10/1/2023		182		186
Magellan Midstream Partners LP 3.95%, 3/1/2050		145		163

SEE NOTES TO FINANCIAL STATEMENTS.

30 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
MPLX LP
2.65%, 8/15/2030		368		386
4.50%, 4/15/2038		205		234
Noble Energy, Inc. 3.25%, 10/15/2029		220		252
ONEOK, Inc. 2.20%, 9/15/2025		235		245
Phillips 66 Partners LP 3.55%, 10/1/2026		194		212
Pioneer Natural Resources Co. 1.90%, 8/15/2030		249		246
Plains All American Pipeline LP 4.65%, 10/15/2025		511		571
Sabine Pass Liquefaction LLC 5.63%, 3/1/2025		402		469
Suncor Energy, Inc. (Canada) 4.00%, 11/15/2047		194		217
Sunoco Logistics Partners Operations LP 3.90%, 7/15/2026		592		648
Tennessee Gas Pipeline Co. LLC 2.90%, 3/1/2030 (d)		358		383
Total Capital International SA (France) 2.99%, 6/29/2041		394		430
TransCanada PipeLines Ltd. (Canada) 4.10%, 4/15/2030		402		475
				9,217
Pharmaceuticals — 0.3%
AstraZeneca plc (United Kingdom)
1.38%, 8/6/2030		113		112
6.45%, 9/15/2037		45		69
2.13%, 8/6/2050		196		183
Bristol-Myers Squibb Co.
1.13%, 11/13/2027		75		76
3.40%, 7/26/2029		270		314
4.13%, 6/15/2039		225		286
2.35%, 11/13/2040		426		438
Merck & Co., Inc. 2.35%, 6/24/2040		282		291
Pfizer, Inc. 3.90%, 3/15/2039		156		196
Royalty Pharma plc
1.75%, 9/2/2027 (d)		69		71
3.30%, 9/2/2040 (d)		171		180
3.55%, 9/2/2050 (d)		114		121
Takeda Pharmaceutical Co. Ltd. (Japan) 3.03%, 7/9/2040		990		1,043
Utah Acquisition Sub, Inc. 3.95%, 6/15/2026		200		229
Viatris, Inc.
3.85%, 6/22/2040 (d)		229		258
4.00%, 6/22/2050 (d)		155		177

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pharmaceuticals — continued
Zoetis, Inc. 3.00%, 5/15/2050		72		79
				4,123
Road & Rail — 0.1%
Burlington Northern Santa Fe LLC 3.05%, 2/15/2051		189		213
CSX Corp. 3.80%, 11/1/2046		191		229
Norfolk Southern Corp. 3.05%, 5/15/2050		187		204
Penske Truck Leasing Co. LP 1.20%, 11/15/2025 (d)		451		455
Union Pacific Corp. 3.55%, 8/15/2039		270		312
				1,413
Semiconductors & Semiconductor Equipment — 0.1%
Broadcom, Inc. 4.15%, 11/15/2030		1,161		1,342
Microchip Technology, Inc. 0.97%, 2/15/2024 (d)		205		206
TSMC Global Ltd. (Taiwan) 1.38%, 9/28/2030 (d)		280		275
				1,823
Software — 0.1%
Oracle Corp.
2.95%, 4/1/2030		498		556
3.80%, 11/15/2037		479		578
VMware, Inc. 4.70%, 5/15/2030		320		385
				1,519
Specialty Retail — 0.1%
AutoZone, Inc. 3.63%, 4/15/2025		237		265
Lowe’s Cos., Inc.
1.30%, 4/15/2028		159		160
3.70%, 4/15/2046		402		476
O’Reilly Automotive, Inc. 3.90%, 6/1/2029		408		480
Tractor Supply Co. 1.75%, 11/1/2030		390		392
				1,773
Technology Hardware, Storage & Peripherals — 0.1%
Apple, Inc.
3.45%, 2/9/2045		489		592
2.55%, 8/20/2060		262		269
Dell International LLC 6.20%, 7/15/2030 (d)		762		990
				1,851
Thrifts & Mortgage Finance — 0.1%
BPCE SA (France) (SOFR + 1.52%), 1.65%, 10/6/2026 (d) (e)		1,045		1,069

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 31

JPMorgan SmartRetirement^® Blend 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Tobacco — 0.1%
BAT Capital Corp. (United Kingdom)
2.26%, 3/25/2028		386		401
3.73%, 9/25/2040		315		328
				729
Wireless Telecommunication Services — 0.1%
America Movil SAB de CV (Mexico) 2.88%, 5/7/2030		200		217
Rogers Communications, Inc. (Canada) 3.70%, 11/15/2049		270		319
T-Mobile USA, Inc.
2.55%, 2/15/2031 (d)		876		920
3.00%, 2/15/2041 (d)		543		563
				2,019
Total Corporate Bonds (Cost $119,899)				122,151
U.S. Treasury Obligations — 5.5%
U.S. Treasury Bonds
1.13%, 8/15/2040		8,726		8,248
1.38%, 8/15/2050		5,423		5,067
1.63%, 11/15/2050		4,187		4,162
U.S. Treasury Notes
2.50%, 1/31/2021 (j)		6,507		6,518
0.13%, 9/30/2022		11,753		11,753
0.13%, 9/15/2023		13,137		13,127
0.25%, 8/31/2025		14,240		14,191
0.38%, 11/30/2025		8,002		8,011
0.50%, 8/31/2027		8,504		8,449
0.63%, 8/15/2030		2,977		2,901
Total U.S. Treasury Obligations (Cost $82,863)				82,427
Asset-Backed Securities — 1.3%
American Credit Acceptance Receivables Trust Series 2020-4, Class C, 1.31%, 12/14/2026 (d)		705		708
AmeriCredit Automobile Receivables Trust
Series 2020-3, Class B, 0.76%, 12/18/2025		625		627
Series 2020-3, Class C, 1.06%, 8/18/2026		295		296
AMSR Trust Series 2020-SFR4, Class D, 2.01%, 11/17/2037 (d)		645		647
Aqua Finance Trust Series 2020-AA, Class C, 3.97%, 7/17/2046 (d)		250		259
Business Jet Securities LLC Series 2020-1A, Class A, 2.98%, 11/15/2035 (d)		301		305

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
BXG Receivables Note Trust Series 2020-A, Class A, 1.55%, 2/28/2036 (d)		486		487
CarMax Auto Owner Trust Series 2020-4, Class C, 1.30%, 8/17/2026		270		272
Carvana Auto Receivables Trust Series 2020-P1, Class C, 1.61%, 11/9/2026		375		376
Continental Finance Credit Card ABS Master Trust Series 2020-1A, Class A, 3.04%, 12/15/2028 (d)		170		171
Credit Acceptance Auto Loan Trust
Series 2020-3A, Class A, 1.24%, 10/15/20290 (d)		1,405		1,421
Series 2020-2A, Class C, 2.73%, 11/15/2029 (d)		645		662
Flagship Credit Auto Trust Series 2020-4, Class C, 1.28%, 2/16/2027 (d)		525		530
Genesis Sales Finance Master Trust Series 2020-AA, Class A, 1.65%, 9/22/2025 (d)		572		573
GLS Auto Receivables Issuer Trust Series 2020-4A, Class B, 1.18%, 12/16/2024 (d)		250		250
LendingPoint Asset Securitization Trust Series 2020-REV1, Class A, 2.73%, 10/15/2028 (d)		1,079		1,090
Mariner Finance Issuance Trust Series 2019-AA, Class A, 2.96%, 7/20/2032 (d)		900		920
NRZ Excess Spread-Collateralized Notes Series 2020-PLS1, Class A, 3.84%, 12/25/2025 (d)		900		900
Octane Receivables Trust Series 2020-1A, Class A, 1.71%, 2/20/2025 (d)		827		829
Oportun Funding LLC Series 2020-1, Class A, 2.20%, 5/15/2024 (d)		685		687
Orange Lake Timeshare Trust Series 2016-A, Class A, 2.61%, 3/8/2029 (d)		229		232
Prestige Auto Receivables Trust Series 2020-1A, Class C, 1.31%, 11/16/2026 (d)		660		663
Pretium Mortgage Credit Partners I LLC Series 2020-NPL3, Class A1, 3.10%, 6/27/2060 ‡ (d) (i)		779		781
Progress Residential Trust
Series 2020-SFR3, Class A, 1.29%, 10/17/2027 (d)		440		444
Series 2020-SFR3, Class B, 1.50%, 10/17/2027 ‡ (d)		310		309
Republic Finance Issuance Trust Series 2020-A, Class A, 2.47%, 11/20/2030 (d)		515		525

SEE NOTES TO FINANCIAL STATEMENTS.

32 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Santander Drive Auto Receivables Trust Series 2020-4, Class C, 1.01%, 1/15/2026		420		422
Upstart Securitization Trust Series 2020-3, Class A, 1.70%, 11/20/2030 (d)		1,308		1,314
Vericrest Opportunity Loan Trust Series 2020-NPL2, Class A1B, 3.67%, 2/25/2050 (d) (i)		700		700
VOLT XCI LLC Series 2020-NPL7, Class A1, 3.10%, 11/25/2050 ‡ (d) (i)		970		971
Westlake Automobile Receivables Trust
Series 2020-3A, Class C, 1.24%, 11/17/2025 (d)		245		246
Series 2020-3A, Class D, 1.65%, 2/17/2026 (d)		340		344
Total Asset-Backed Securities (Cost $18,862)				18,961
Collateralized Mortgage Obligations — 0.4%
CFMT LLC Series 2020-HB4, Class A, 0.95%, 12/26/2030 (b) (d)		345		345
GNMA Series 2015-H11, Class FC, 0.69%, 5/20/2065 (b)		620		623
PRPM LLC Series 2020-5, Class A1, 3.10%, 11/25/2025 (d) (i)		636		640
Seasoned Credit Risk Transfer Trust
Series 2020-3, Class M5TW, 3.00%, 5/25/2060 ‡		1,465		1,568
Series 2020-3, Class TTW, 3.00%, 5/25/2060		1,708		1,819
Toorak Mortgage Corp. Ltd. Series 2020-1, Class A1, 2.73%, 3/25/2023 (d) (i)		250		251
Total Collateralized Mortgage Obligations (Cost $5,238)				5,246
Foreign Government Securities — 0.1%
Republic of Colombia (Colombia)
4.00%, 2/26/2024		250		270
3.13%, 4/15/2031		250		265
Republic of Panama (Panama) 3.16%, 1/23/2030		250		277
Republic of Peru (Peru) 2.78%, 12/1/2060		125		126
United Mexican States (Mexico) 2.66%, 5/24/2031		848		872
Total Foreign Government Securities (COST $1,782)				1,810

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — 0.1%
FHLMC, Multi-Family Structured Pass-Through Certificates Series K-1511, Class A1, 3.28%, 10/25/2030		663		754
FREMF Mortgage Trust
Series 2015-K48, Class C, 3.64%, 8/25/2048 (b) (d)		35		36
Series 2017-K728, Class C, 3.65%, 11/25/2050 (b) (d)		185		193
Total Commercial Mortgage-Backed Securities (Cost $980)				983
	SHARES (000)
Short-Term Investments — 11.3%
Investment Companies — 11.3%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (k) (Cost $169,816)		169,816		169,816
Total Investments — 107.5% (Cost $1,513,510)				1,614,300
Liabilities in Excess of Other Assets — (7.5)%				(112,558	)
NET ASSETS — 100.0%				1,501,742

Percentages indicated are based on net assets.

Abbreviations

ABS	Asset-Backed Securities
ETF	Exchange-Traded Fund
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
REIT	Real Estate Investment Trust
SOFR	Secured Overnight Financing Rate
TBA	To Be Announced; Security is subject to delayed delivery.
UMBS	Uniform Mortgage-Backed Securities
USD	United States Dollar
(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)	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, 2020.
(c)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(d)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(e)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of December 31, 2020.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 33

JPMorgan SmartRetirement^® Blend 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

(f)	Amount rounds to less than 0.1% of net assets.
(g)	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, 2020.
(h)	Security is an interest bearing note with preferred security characteristics.
(i)	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, 2020.

(j)	All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(k)	The rate shown is the current yield as of December 31, 2020.
‡	Value determined using significant unobservable inputs.

Detailed information about investment portfolios of the underlying funds and ETFs can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC’s as well as the respective underlying fund’s website. Detailed information about underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

Futures contracts outstanding as of December 31, 2020 (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		89			03/2021		EUR		3,860			69
MSCI Emerging Markets E-Mini Index		180			03/2021		USD		11,590			313
Russell 2000 E-Mini Index		79			03/2021		USD		7,813			213
S&P 500 E-Mini Index		41			03/2021		USD		7,678			167
TOPIX Index		22			03/2021		JPY		3,855			72
U.S. Treasury 10 Year Note		797			03/2021		USD		110,011			146
												980
Short Contracts
Euro-Bund		(174	)		03/2021		EUR		(37,761	)		(99	)
												881

Abbreviations

EUR	Euro
JPY	Japanese Yen
MSCI	Morgan Stanley Capital International
TOPIX	Tokyo Stock Price Index
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

34 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2020

JPMorgan SmartRetirement^® Blend 2025 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

Investments	Shares (000)		Value ($000)
Investment Companies — 46.2%
Fixed Income — 20.5%
JPMorgan Corporate Bond Fund Class R6 Shares (a)		8,664		94,608
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		1,575		13,069
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		1,579		13,072
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		1,772		15,683
JPMorgan High Yield Fund Class R6 Shares (a)		9,910		70,561
JPMorgan Income Fund Class R6 Shares (a)		2,224		20,976
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		4,654		50,073
JPMorgan Managed Income Fund Class L Shares (a)		82		821
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		15,412		151,958
Total Fixed Income				430,821
International Equity — 5.1%
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		5,187		108,623
U.S. Equity — 20.6%
JPMorgan Equity Index Fund Class R6 Shares (a)		7,589		433,198
Total Investment Companies (Cost $854,428)				972,642
Exchange-Traded Funds — 29.0%
Alternative Assets — 2.6%
JPMorgan BetaBuilders MSCI US REIT ETF (a)		677		53,611
Fixed Income — 6.1%
JPMorgan High Yield Research Enhanced ETF (a)		1,359		70,545
JPMorgan U.S. Aggregate Bond ETF (a)		2,057		57,283
Total Fixed Income				127,828
International Equity — 15.2%
JPMorgan BetaBuilders International Equity ETF (a)		5,792		320,245
U.S. Equity — 5.1%
iShares Russell 2000 ETF		218		42,817
JPMorgan BetaBuilders US Mid Cap Equity ETF (a)		827		65,183
Total U.S. Equity				108,000
Total Exchange-Traded Funds (Cost $556,965)				609,684

Investments	Principal Amount ($000)		Value ($000)
Mortgage-Backed Securities — 8.3%
FHLMC UMBS, 20 Year Pool # RB5085, 2.00%, 11/1/2040		377		392
FHLMC UMBS, 30 Year
Pool # QB4026, 2.50%, 10/1/2050		2,535		2,723
Pool # QB4045, 2.50%, 10/1/2050		1,680		1,776
Pool # QB4484, 2.50%, 10/1/2050		903		969
Pool # QB4542, 2.50%, 10/1/2050		866		930
FNMA UMBS, 30 Year
Pool # CA2826, 5.50%, 12/1/2048		2,652		3,006
Pool # BQ2894, 3.00%, 9/1/2050		1,494		1,569
Pool # BQ3996, 2.50%, 10/1/2050		1,317		1,397
Pool # BQ5243, 3.50%, 10/1/2050		490		523
Pool # CA7398, 3.50%, 10/1/2050		1,832		1,979
FNMA, Other
Pool # BL8639, 1.09%, 4/1/2028		773		773
Pool # BL5457, 2.57%, 7/1/2029		875		962
Pool # BS0448, 1.27%, 12/1/2029 (b)		1,110		1,110
Pool # BL9748, 1.60%, 12/1/2029		448		461
Pool # AM8544, 3.08%, 4/1/2030		148		168
Pool # BL9045, 1.58%, 7/1/2030		1,198		1,230
Pool # BL9251, 1.45%, 10/1/2030 (c)		850		850
Pool # AN0068, 3.26%, 10/1/2030		213		243
Pool # BL9891, 1.37%, 12/1/2030 (b)		620		622
Pool # BL1187, 3.92%, 1/1/2031		285		341
Pool # BL1237, 4.15%, 1/1/2031		411		499
Pool # AN0550, 3.63%, 2/1/2031		840		989
Pool # BM3226, 3.44%, 10/1/2032 (b)		1,407		1,639
Pool # AN4430, 3.61%, 1/1/2037		756		880
FNMA/FHLMC UMBS, Single Family, 30 Year
TBA, 2.00%, 1/25/2051 (c)		111,934		116,258
TBA, 2.00%, 2/25/2051 (c)		19,230		19,938
GNMA II, 30 Year
Pool # BY3432, 3.50%, 9/20/2050		1,470		1,603
Pool # BR3929, 3.50%, 10/20/2050		650		720
Pool # BW1726, 3.50%, 10/20/2050		932		1,024
Pool # BR3928, 3.00%, 12/20/2050		999		1,093
Pool # BU7538, 3.00%, 12/20/2050		834		912
GNMA II, Other Pool # 785183, 2.93%, 10/20/2070 (b)		1,078		1,186
GNMA II, Single Family, 30 Year TBA, 2.00%, 1/15/2051 (c)		6,248		6,533
Total Mortgage-Backed Securities (Cost $174,625)				175,298
Corporate Bonds — 7.3%
Aerospace & Defense — 0.3%
BAE Systems plc (United Kingdom) 3.40%, 4/15/2030 (d)		1,020		1,155

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 35

JPMorgan SmartRetirement^® Blend 2025 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Corporate Bonds — continued
Aerospace & Defense — continued
Boeing Co. (The)
1.95%, 2/1/2024		100		103
2.50%, 3/1/2025		276		288
2.75%, 2/1/2026		95		100
2.70%, 2/1/2027		1,722		1,790
3.45%, 11/1/2028		200		214
L3Harris Technologies, Inc. 1.80%, 1/15/2031		210		213
Leidos, Inc. 2.30%, 2/15/2031 (d)		83		85
Lockheed Martin Corp. 2.80%, 6/15/2050		300		324
Northrop Grumman Corp.
5.15%, 5/1/2040		242		334
3.85%, 4/15/2045		521		634
Raytheon Technologies Corp.
2.25%, 7/1/2030		422		448
3.75%, 11/1/2046		241		286
				5,974
Automobiles — 0.3%
General Motors Co. 6.80%, 10/1/2027		810		1,041
Hyundai Capital America
1.15%, 11/10/2022 (d)		1,074		1,080
2.65%, 2/10/2025 (d)		700		737
2.38%, 10/15/2027 (d)		835		861
Kia Motors Corp. (South Korea) 3.25%, 4/21/2026 (d)		250		271
Nissan Motor Acceptance Corp. 2.80%, 1/13/2022 (d)		404		411
Nissan Motor Co. Ltd. (Japan)
3.52%, 9/17/2025 (d)		318		341
4.35%, 9/17/2027 (d)		770		850
Volkswagen Group of America Finance LLC (Germany) 1.25%, 11/24/2025 (d)		405		408
				6,000
Banks — 1.2%
AIB Group plc (Ireland) 4.75%, 10/12/2023 (d)		770		847
Australia & New Zealand Banking Group Ltd. (Australia) 4.40%, 5/19/2026 (d)		1,070		1,230
Banco Santander SA (Spain) 2.75%, 12/3/2030		200		206
Bank of America Corp.
4.00%, 1/22/2025		1,674		1,881
(SOFR + 1.01%), 1.20%, 10/24/2026 (e)		592		600
(ICE LIBOR USD 3 Month + 1.51%), 3.71%, 4/24/2028 (e)		1,407		1,601
(SOFR + 1.93%), 2.68%, 6/19/2041 (e)		1,243		1,293

Investments	Principal Amount ($000)		Value ($000)
Banks — continued
Bank of Montreal (Canada) (USD Swap Semi 5 Year + 1.28%), 4.34%, 10/5/2028 (e)		328		359
Barclays plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.80%), 1.01%, 12/10/2024 (e)		424		427
3.65%, 3/16/2025		970		1,067
4.34%, 1/10/2028		300		344
BNP Paribas SA (France) (SOFR + 1.61%), 1.90%, 9/30/2028 (d) (e)		970		990
Citigroup, Inc.
3.88%, 3/26/2025		1,510		1,685
(ICE LIBOR USD 3 Month + 1.15%), 3.52%, 10/27/2028 (e)		502		567
(ICE LIBOR USD 3 Month + 1.17%), 3.88%, 1/24/2039 (e)		418		498
Credit Agricole SA (France) 4.38%, 3/17/2025 (d)		1,070		1,201
Discover Bank 3.45%, 7/27/2026		500		559
HSBC Holdings plc (United Kingdom)
(SOFR + 1.29%), 1.59%, 5/24/2027 (e)		1,240		1,261
(ICE LIBOR USD 3 Month + 1.55%), 4.04%, 3/13/2028 (e)		200		228
(SOFR + 1.73%), 2.01%, 9/22/2028 (e)		1,885		1,929
Mitsubishi UFJ Financial Group, Inc. (Japan) 3.74%, 3/7/2029		934		1,099
Societe Generale SA (France)
4.25%, 4/14/2025 (d)		850		936
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 1.49%, 12/14/2026 (d) (e)		320		323
Standard Chartered plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.17%), 1.32%, 10/14/2023 (d) (e)		1,260		1,273
UniCredit SpA (Italy) 6.57%, 1/14/2022 (d)		350		369
Wells Fargo & Co.
4.30%, 7/22/2027		1,701		1,992
(SOFR + 2.10%), 2.39%, 6/2/2028 (e)		566		603
(SOFR + 2.53%), 3.07%, 4/30/2041 (e)		456		496
Westpac Banking Corp. (Australia) 2.96%, 11/16/2040		70		74
				25,938
Beverages — 0.2%
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
3.50%, 6/1/2030		806		933
3.75%, 7/15/2042		1,530		1,738

SEE NOTES TO FINANCIAL STATEMENTS.

36 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2020

Investments	Principal Amount ($000)		Value ($000)
Corporate Bonds — continued
Beverages — continued
Keurig Dr Pepper, Inc.
3.20%, 5/1/2030		287		325
3.80%, 5/1/2050		276		330
PepsiCo, Inc. 1.40%, 2/25/2031		191		192
				3,518
Biotechnology — 0.2%
AbbVie, Inc.
2.95%, 11/21/2026		300		332
3.20%, 11/21/2029		720		806
4.05%, 11/21/2039		1,065		1,285
4.25%, 11/21/2049		240		301
Amgen, Inc. 3.15%, 2/21/2040		496		545
Biogen, Inc.
2.25%, 5/1/2030		272		284
3.15%, 5/1/2050		232		240
Gilead Sciences, Inc.
1.65%, 10/1/2030		481		482
2.60%, 10/1/2040		288		291
Regeneron Pharmaceuticals, Inc. 1.75%, 9/15/2030		481		473
				5,039
Building Products — 0.0% (f)
Masco Corp. 2.00%, 10/1/2030		482		490
Capital Markets — 0.5%
Brookfield Finance, Inc. (Canada) 3.50%, 3/30/2051		523		557
Charles Schwab Corp. (The)
0.90%, 3/11/2026		130		132
Series H, (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 3.08%), 4.00%, 12/1/2030 (e) (g) (h)		170		179
Credit Suisse Group AG (Switzerland) 4.28%, 1/9/2028 (d)		1,120		1,294
Deutsche Bank AG (Germany) (SOFR + 1.87%), 2.13%, 11/24/2026 (e)		905		926
Goldman Sachs Group, Inc. (The)
4.25%, 10/21/2025		1,486		1,704
(SOFR + 0.79%), 1.09%, 12/9/2026 (e)		1,295		1,308
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028 (e)		503		580
4.75%, 10/21/2045		219		304
Morgan Stanley
5.00%, 11/24/2025		2,097		2,508
(SOFR + 0.72%), 0.99%, 12/10/2026 (e)		340		342

Investments	Principal Amount ($000)		Value ($000)
Corporate Bonds — continued
Capital Markets — continued
(ICE LIBOR USD 3 Month + 1.43%), 4.46%, 4/22/2039 (e)		270		350
				10,184
Chemicals — 0.1%
DuPont de Nemours, Inc. 5.32%, 11/15/2038		218		295
LYB International Finance III LLC
1.25%, 10/1/2025		144		146
3.38%, 5/1/2030		205		230
Nutrien Ltd. (Canada) 5.00%, 4/1/2049		121		167
Nutrition & Biosciences, Inc.
2.30%, 11/1/2030 (d)		658		677
3.47%, 12/1/2050 (d)		351		381
				1,896
Commercial Services & Supplies — 0.0% (f)
Republic Services, Inc. 3.05%, 3/1/2050		385		420
Construction Materials — 0.0% (f)
Martin Marietta Materials, Inc. Series CB, 2.50%, 3/15/2030		489		523
Consumer Finance — 0.2%
AerCap Ireland Capital DAC (Ireland)
3.15%, 2/15/2024		500		524
4.63%, 10/15/2027		1,005		1,138
Avolon Holdings Funding Ltd. (Ireland)
5.50%, 1/15/2023 (d)		290		308
5.50%, 1/15/2026 (d)		665		753
4.25%, 4/15/2026 (d)		25		27
Capital One Financial Corp. 3.80%, 1/31/2028		503		581
Park Aerospace Holdings Ltd. (Ireland)
5.25%, 8/15/2022 (d)		640		672
4.50%, 3/15/2023 (d)		20		21
5.50%, 2/15/2024 (d)		220		240
Toyota Motor Credit Corp. 0.80%, 10/16/2025		272		274
				4,538
Diversified Financial Services — 0.2%
GE Capital International Funding Co. Unlimited Co. 4.42%, 11/15/2035		1,070		1,276
Hutchison Whampoa International 14 Ltd. (United Kingdom) 3.63%, 10/31/2024 (d)		1,228		1,350
National Rural Utilities Cooperative Finance Corp. 1.35%, 3/15/2031		190		187

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 37

JPMorgan SmartRetirement^® Blend 2025 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Corporate Bonds — continued
Diversified Financial Services — continued
Shell International Finance BV (Netherlands)
2.38%, 11/7/2029		489		526
3.13%, 11/7/2049		251		277
				3,616
Diversified Telecommunication Services — 0.2%
AT&T, Inc.
2.30%, 6/1/2027		668		712
2.75%, 6/1/2031		886		946
3.50%, 6/1/2041		664		715
Verizon Communications, Inc.
3.15%, 3/22/2030		641		718
2.65%, 11/20/2040		236		239
3.85%, 11/1/2042		822		974
				4,304
Electric Utilities — 0.4%
Appalachian Power Co. Series Y, 4.50%, 3/1/2049		156		203
Baltimore Gas and Electric Co. 2.90%, 6/15/2050		157		169
Duke Energy Corp. 3.40%, 6/15/2029		464		526
Duke Energy Indiana LLC Series YYY, 3.25%, 10/1/2049		123		139
Edison International 5.75%, 6/15/2027		335		401
Emera US Finance LP (Canada) 4.75%, 6/15/2046		253		323
Enel Finance International NV (Italy) 3.63%, 5/25/2027 (d)		985		1,117
Entergy Arkansas LLC 2.65%, 6/15/2051		88		90
Entergy Louisiana LLC
4.00%, 3/15/2033		202		251
2.90%, 3/15/2051		80		85
Evergy, Inc. 2.90%, 9/15/2029		512		561
FirstEnergy Transmission LLC 4.55%, 4/1/2049 (d)		235		274
Fortis, Inc. (Canada) 3.06%, 10/4/2026		334		368
ITC Holdings Corp. 2.95%, 5/14/2030 (d)		156		170
Jersey Central Power & Light Co. 4.30%, 1/15/2026 (d)		236		264
Massachusetts Electric Co. 4.00%, 8/15/2046 (d)		118		143
New England Power Co. (United Kingdom) 2.81%, 10/6/2050 (d)		328		331
NRG Energy, Inc.
2.00%, 12/2/2025 (d)		115		119
2.45%, 12/2/2027 (d)		410		432

Investments	Principal Amount ($000)		Value ($000)
Electric Utilities — continued
Pacific Gas and Electric Co.
(ICE LIBOR USD 3 Month + 1.38%), 1.60%, 11/15/2021 (e)		554		554
3.45%, 7/1/2025		140		152
2.95%, 3/1/2026		90		95
3.75%, 8/15/2042 (i)		86		86
4.30%, 3/15/2045		90		96
PacifiCorp 4.15%, 2/15/2050		144		188
PPL Capital Funding, Inc. 4.00%, 9/15/2047		247		287
Southern California Edison Co.
Series 20C, 1.20%, 2/1/2026		232		235
Series C, 4.13%, 3/1/2048		152		181
Union Electric Co. 2.63%, 3/15/2051		191		200
				8,040
Electrical Equipment — 0.0% (f)
Eaton Corp. 4.15%, 11/2/2042		349		441
Emerson Electric Co. 2.75%, 10/15/2050		233		245
				686
Energy Equipment & Services — 0.0% (f)
Baker Hughes a GE Co. LLC 3.34%, 12/15/2027		338		379
Schlumberger Holdings Corp. 4.00%, 12/21/2025 (d)		338		384
				763
Entertainment — 0.0% (f)
Walt Disney Co. (The)
2.65%, 1/13/2031		440		482
3.50%, 5/13/2040		424		498
				980
Equity Real Estate Investment Trusts (REITs) — 0.4%
Alexandria Real Estate Equities, Inc. 3.38%, 8/15/2031		503		575
American Tower Corp.
1.50%, 1/31/2028		205		206
1.88%, 10/15/2030		1,190		1,200
2.95%, 1/15/2051		249		249
Crown Castle International Corp. 3.10%, 11/15/2029		495		545
CubeSmart LP 2.00%, 2/15/2031		570		571
Digital Realty Trust LP 3.70%, 8/15/2027		458		526
Equinix, Inc. 1.55%, 3/15/2028		360		366
Federal Realty Investment Trust 1.25%, 2/15/2026		242		246

SEE NOTES TO FINANCIAL STATEMENTS.

38 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2020

Investments	Principal Amount ($000)		Value ($000)
Corporate Bonds — continued
Equity Real Estate Investment Trusts (REITs) — continued
Healthcare Trust of America Holdings LP 2.00%, 3/15/2031		475		475
Healthpeak Properties, Inc. 2.88%, 1/15/2031		495		533
Mid-America Apartments LP 3.60%, 6/1/2027		450		509
Realty Income Corp. 1.80%, 3/15/2033		275		276
Scentre Group Trust 1 (Australia) 3.63%, 1/28/2026 (d)		630		693
UDR, Inc.
2.10%, 8/1/2032		482		491
1.90%, 3/15/2033		65		65
WP Carey, Inc.
4.25%, 10/1/2026		150		173
2.40%, 2/1/2031		183		190
				7,889
Food & Staples Retailing — 0.1%
Alimentation Couche-Tard, Inc. (Canada) 2.95%, 1/25/2030 (d)		495		541
CVS Pass-Through Trust Series 2014, 4.16%, 8/11/2036 (d)		136		150
Kroger Co. (The) 3.95%, 1/15/2050		258		313
Sysco Corp. 2.40%, 2/15/2030		699		727
				1,731
Food Products — 0.1%
Conagra Brands, Inc. 1.38%, 11/1/2027		465		469
Mondelez International, Inc. 1.88%, 10/15/2032		316		321
Smithfield Foods, Inc. 3.00%, 10/15/2030 (d)		508		537
Tyson Foods, Inc. 3.55%, 6/2/2027		342		391
				1,718
Gas Utilities — 0.0% (f)
Atmos Energy Corp. 1.50%, 1/15/2031		312		312
CenterPoint Energy Resources Corp. 1.75%, 10/1/2030		238		240
				552
Health Care Equipment & Supplies — 0.1%
Abbott Laboratories 1.40%, 6/30/2030		98		100
Becton Dickinson and Co.
4.67%, 6/6/2047		84		110
3.79%, 5/20/2050		252		299
Boston Scientific Corp.
4.00%, 3/1/2029		168		198
4.55%, 3/1/2039		158		201
Danaher Corp. 2.60%, 10/1/2050		224		232

Investments	Principal Amount ($000)		Value ($000)
Health Care Equipment & Supplies — continued
DH Europe Finance II SARL 3.25%, 11/15/2039		123		140
Zimmer Biomet Holdings, Inc. 3.55%, 3/20/2030		503		569
				1,849
Health Care Providers & Services — 0.3%
Anthem, Inc. 2.25%, 5/15/2030		488		518
Banner Health 1.90%, 1/1/2031		323		329
Bon Secours Mercy Health, Inc. Series 20-2, 3.21%, 6/1/2050		195		208
Children’s Hospital of Philadelphia (The) Series 2020, 2.70%, 7/1/2050		240		251
CommonSpirit Health
1.55%, 10/1/2025		85		87
2.78%, 10/1/2030		195		207
3.91%, 10/1/2050		80		89
CVS Health Corp.
3.25%, 8/15/2029		435		491
1.88%, 2/28/2031		819		827
4.88%, 7/20/2035		225		291
2.70%, 8/21/2040		479		484
HCA, Inc. 5.25%, 6/15/2026		1,104		1,306
MedStar Health, Inc. Series 20A, 3.63%, 8/15/2049		165		188
MidMichigan Health Series 2020, 3.41%, 6/1/2050		50		56
MultiCare Health System 2.80%, 8/15/2050		149		155
PeaceHealth Obligated Group Series 2020, 3.22%, 11/15/2050		175		190
Quest Diagnostics, Inc. 2.80%, 6/30/2031		379		415
UnitedHealth Group, Inc. 2.75%, 5/15/2040		350		379
West Virginia United Health System Obligated Group Series 2020, 3.13%, 6/1/2050		375		387
				6,858
Hotels, Restaurants & Leisure — 0.0% (f)
Starbucks Corp. 3.35%, 3/12/2050		251		280
Household Durables — 0.0% (f)
DR Horton, Inc. 1.40%, 10/15/2027		570		572
Household Products — 0.0% (f)
Kimberly-Clark Corp. 3.70%, 6/1/2043		345		430
Independent Power and Renewable Electricity Producers — 0.1%
Alexander Funding Trust 1.84%, 11/15/2023 (d)		840		849
Exelon Generation Co. LLC 3.25%, 6/1/2025		1,014		1,107

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 39

JPMorgan SmartRetirement^® Blend 2025 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Corporate Bonds — continued
Independent Power and Renewable Electricity Producers — continued
Southern Power Co. 5.15%, 9/15/2041		260		320
				2,276
Industrial Conglomerates — 0.1%
General Electric Co. 3.45%, 5/1/2027		495		559
Roper Technologies, Inc. 1.75%, 2/15/2031		481		479
				1,038
Insurance — 0.2%
American International Group, Inc.
3.40%, 6/30/2030		344		394
4.38%, 6/30/2050		244		319
Athene Global Funding 2.75%, 6/25/2024 (d)		349		369
Berkshire Hathaway Finance Corp.
1.45%, 10/15/2030		283		286
2.85%, 10/15/2050		237		254
Brown & Brown, Inc. 2.38%, 3/15/2031		488		510
Empower Finance 2020 LP (Canada) 3.08%, 9/17/2051 (d)		352		389
MassMutual Global Funding II 1.55%, 10/9/2030 (d)		300		300
New York Life Insurance Co. 3.75%, 5/15/2050 (d)		510		609
Teachers Insurance & Annuity Association of America 3.30%, 5/15/2050 (d)		495		538
				3,968
IT Services — 0.1%
Global Payments, Inc. 3.20%, 8/15/2029		156		173
International Business Machines Corp. 4.00%, 6/20/2042		824		1,020
				1,193
Leisure Products — 0.0% (f)
Hasbro, Inc. 3.90%, 11/19/2029		291		329
Machinery — 0.0% (f)
Otis Worldwide Corp. 3.11%, 2/15/2040		334		363
Media — 0.3%
Charter Communications Operating LLC
2.80%, 4/1/2031		892		942
3.70%, 4/1/2051		532		552
Comcast Corp.
1.50%, 2/15/2031		1,399		1,389
3.25%, 11/1/2039		431		488
2.80%, 1/15/2051		496		516

Investments	Principal Amount ($000)		Value ($000)
Corporate Bonds — continued
Media — continued
Cox Communications, Inc.
1.80%, 10/1/2030 (d)		278		277
2.95%, 10/1/2050 (d)		236		241
Discovery Communications LLC 3.63%, 5/15/2030		433		496
ViacomCBS, Inc.
4.00%, 1/15/2026		255		292
4.38%, 3/15/2043		280		330
				5,523
Metals & Mining — 0.1%
Anglo American Capital plc (South Africa) 3.63%, 9/11/2024 (d)		320		348
Glencore Funding LLC (Australia) 2.50%, 9/1/2030 (d)		398		406
Steel Dynamics, Inc. 1.65%, 10/15/2027		316		325
Vale Overseas Ltd. (Brazil) 3.75%, 7/8/2030		335		372
				1,451
Multiline Retail — 0.0% (f)
Dollar General Corp. 4.13%, 4/3/2050		243		307
Multi-Utilities — 0.0% (f)
Berkshire Hathaway Energy Co. 2.85%, 5/15/2051 (d)		241		248
Consumers Energy Co. 3.25%, 8/15/2046		117		133
WEC Energy Group, Inc. 1.38%, 10/15/2027		266		270
				651
Oil, Gas & Consumable Fuels — 0.6%
Boardwalk Pipelines LP 4.45%, 7/15/2027		205		229
BP Capital Markets America, Inc.
3.63%, 4/6/2030		755		878
2.77%, 11/10/2050		238		235
Chevron Corp. 2.98%, 5/11/2040		496		548
Cimarex Energy Co. 3.90%, 5/15/2027		155		171
Concho Resources, Inc. 3.75%, 10/1/2027		238		272
Diamondback Energy, Inc. 3.25%, 12/1/2026		398		425
Enbridge, Inc. (Canada) 3.13%, 11/15/2029		495		544
Enterprise Products Operating LLC 4.45%, 2/15/2043		354		428
Exxon Mobil Corp. 3.00%, 8/16/2039		734		793
Gray Oak Pipeline LLC 2.60%, 10/15/2025 (d)		550		567
HollyFrontier Corp. 2.63%, 10/1/2023		232		237
Magellan Midstream Partners LP 3.95%, 3/1/2050		175		197

SEE NOTES TO FINANCIAL STATEMENTS.

40 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2020

Investments	Principal Amount ($000)		Value ($000)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
MPLX LP
2.65%, 8/15/2030		476		499
4.50%, 4/15/2038		256		292
Noble Energy, Inc. 3.25%, 10/15/2029		275		315
ONEOK, Inc. 2.20%, 9/15/2025		300		313
Phillips 66 Partners LP 3.55%, 10/1/2026		245		268
Pioneer Natural Resources Co. 1.90%, 8/15/2030		319		316
Plains All American Pipeline LP 4.65%, 10/15/2025		629		703
Sabine Pass Liquefaction LLC 5.63%, 3/1/2025		509		594
Suncor Energy, Inc. (Canada) 4.00%, 11/15/2047		244		273
Sunoco Logistics Partners Operations LP 3.90%, 7/15/2026		734		804
Tennessee Gas Pipeline Co. LLC 2.90%, 3/1/2030 (d)		461		493
Total Capital International SA (France) 2.99%, 6/29/2041		495		541
TransCanada PipeLines Ltd. (Canada) 4.10%, 4/15/2030		509		601
				11,536
Pharmaceuticals — 0.3%
AstraZeneca plc (United Kingdom)
1.38%, 8/6/2030		144		142
6.45%, 9/15/2037		55		85
2.13%, 8/6/2050		245		228
Bristol-Myers Squibb Co.
1.13%, 11/13/2027		100		101
3.40%, 7/26/2029		353		411
4.13%, 6/15/2039		295		376
2.35%, 11/13/2040		533		547
Merck & Co., Inc. 2.35%, 6/24/2040		348		360
Pfizer, Inc. 3.90%, 3/15/2039		208		261
Royalty Pharma plc
1.75%, 9/2/2027 (d)		94		97
3.30%, 9/2/2040 (d)		261		274
3.55%, 9/2/2050 (d)		144		153
Takeda Pharmaceutical Co. Ltd. (Japan) 3.03%, 7/9/2040		1,220		1,285
Utah Acquisition Sub, Inc. 3.95%, 6/15/2026		263		301
Viatris, Inc.
3.85%, 6/22/2040 (d)		292		329
4.00%, 6/22/2050 (d)		203		232

Investments	Principal Amount ($000)		Value ($000)
Pharmaceuticals — continued
Zoetis, Inc. 3.00%, 5/15/2050		93		103
				5,285
Road & Rail — 0.1%
Burlington Northern Santa Fe LLC 3.05%, 2/15/2051		239		270
CSX Corp. 3.80%, 11/1/2046		241		288
Norfolk Southern Corp. 3.05%, 5/15/2050		237		259
Penske Truck Leasing Co. LP 1.20%, 11/15/2025 (d)		586		591
Union Pacific Corp. 3.55%, 8/15/2039		345		399
				1,807
Semiconductors & Semiconductor Equipment — 0.1%
Broadcom, Inc. 4.15%, 11/15/2030		1,526		1,764
Microchip Technology, Inc. 0.97%, 2/15/2024 (d)		260		261
TSMC Global Ltd. (Taiwan) 1.38%, 9/28/2030 (d)		370		364
				2,389
Software — 0.1%
Oracle Corp.
2.95%, 4/1/2030		643		718
3.80%, 11/15/2037		619		747
VMware, Inc. 4.70%, 5/15/2030		415		499
				1,964
Specialty Retail — 0.1%
AutoZone, Inc. 3.63%, 4/15/2025		316		354
Lowe’s Cos., Inc.
1.30%, 4/15/2028		238		240
3.70%, 4/15/2046		509		603
O’Reilly Automotive, Inc. 3.90%, 6/1/2029		510		599
Tractor Supply Co. 1.75%, 11/1/2030		501		503
				2,299
Technology Hardware, Storage & Peripherals — 0.1%
Apple, Inc.
3.45%, 2/9/2045		634		768
2.55%, 8/20/2060		334		343
Dell International LLC 6.20%, 7/15/2030 (d)		970		1,260
				2,371
Thrifts & Mortgage Finance — 0.1%
BPCE SA (France) (SOFR + 1.52%), 1.65%, 10/6/2026 (d) (e)		1,267		1,296

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 41

JPMorgan SmartRetirement^® Blend 2025 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Corporate Bonds — continued
Tobacco — 0.0% (f)
BAT Capital Corp. (United Kingdom)
2.26%, 3/25/2028		482		500
3.73%, 9/25/2040		398		415
				915
Wireless Telecommunication Services — 0.1%
America Movil SAB de CV (Mexico) 2.88%, 5/7/2030		250		272
Rogers Communications, Inc. (Canada) 3.70%, 11/15/2049		345		407
T-Mobile USA, Inc.
2.55%, 2/15/2031 (d)		1,127		1,183
3.00%, 2/15/2041 (d)		704		730
				2,592
Total Corporate Bonds (Cost $151,448)				154,341
U.S. Treasury Obligations — 5.1%
U.S. Treasury Bonds
1.13%, 8/15/2040		10,627		10,044
1.38%, 11/15/2040		1,600		1,579
1.38%, 8/15/2050		7,000		6,541
1.63%, 11/15/2050		4,712		4,684
U.S. Treasury Notes
2.50%, 1/31/2021 (j)		9,190		9,206
0.13%, 9/30/2022		14,868		14,868
0.13%, 9/15/2023		17,627		17,613
0.25%, 8/31/2025		19,475		19,408
0.38%, 11/30/2025		7,952		7,961
0.50%, 8/31/2027		11,176		11,104
0.63%, 8/15/2030		3,828		3,730
Total U.S. Treasury Obligations (Cost $107,306)				106,738
Asset-Backed Securities — 1.2%
American Credit Acceptance Receivables Trust Series 2020-4, Class C, 1.31%, 12/14/2026 (d)		920		924
AmeriCredit Automobile Receivables Trust
Series 2020-3, Class B, 0.76%, 12/18/2025		825		827
Series 2020-3, Class C, 1.06%, 8/18/2026		385		387
AMSR Trust Series 2020-SFR4, Class D, 2.01%, 11/17/2037 (d)		810		813
Aqua Finance Trust Series 2020-AA, Class C, 3.97%, 7/17/2046 (d)		325		336
Business Jet Securities LLC Series 2020-1A, Class A, 2.98%, 11/15/2035 (d)		398		403

Investments	Principal Amount ($000)		Value ($000)
Asset-Backed Securities — continued
BXG Receivables Note Trust Series 2020-A, Class A, 1.55%, 2/28/2036 (d)		637		639
CarMax Auto Owner Trust Series 2020-4, Class C, 1.30%, 8/17/2026		350		352
Carvana Auto Receivables Trust Series 2020-P1, Class C, 1.61%, 11/9/2026		470		472
Continental Finance Credit Card ABS Master Trust Series 2020-1A, Class A, 3.04%, 12/15/2028 (d)		210		211
Credit Acceptance Auto Loan Trust
Series 2020-3A, Class A, 1.24%, 10/15/2029 (d)		1,845		1,866
Series 2020-2A, Class C, 2.73%, 11/15/2029 (d)		845		867
Flagship Credit Auto Trust Series 2020-4, Class C, 1.28%, 2/16/2027 (d)		690		696
Genesis Sales Finance Master Trust Series 2020-AA, Class A, 1.65%, 9/22/2025 (d)		750		752
GLS Auto Receivables Issuer Trust Series 2020-4A, Class B, 1.18%, 12/16/2024 (d)		315		315
LendingPoint Asset Securitization Trust Series 2020-REV1, Class A, 2.73%, 10/15/2028 (d)		1,420		1,435
Mariner Finance Issuance Trust Series 2019-AA, Class A, 2.96%, 7/20/2032 (d)		1,180		1,206
NRZ Excess Spread-Collateralized Notes Series 2020-PLS1, Class A, 3.84%, 12/25/2025 (d)		1,125		1,125
Octane Receivables Trust Series 2020-1A, Class A, 1.71%, 2/20/2025 (d)		1,119		1,122
Oportun Funding LLC Series 2020-1, Class A, 2.20%, 5/15/2024 (d)		903		905
Orange Lake Timeshare Trust Series 2016-A, Class A, 2.61%, 3/8/2029 (d)		304		308
Prestige Auto Receivables Trust Series 2020-1A, Class C, 1.31%, 11/16/2026 (d)		865		869
Pretium Mortgage Credit Partners I LLC Series 2020-NPL3, Class A1, 3.10%, 6/27/2060 ‡ (d) (i)		1,024		1,026
Progress Residential Trust
Series 2020-SFR3, Class A, 1.29%, 10/17/2027 (d)		570		576
Series 2020-SFR3, Class B, 1.50%, 10/17/2027 ‡ (d)		420		418
Republic Finance Issuance Trust Series 2020-A, Class A, 2.47%, 11/20/2030 (d)		675		688
Santander Drive Auto Receivables Trust Series 2020-4, Class C, 1.01%, 1/15/2026		550		552

SEE NOTES TO FINANCIAL STATEMENTS.

42 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2020

Investments	Principal Amount ($000)		Value ($000)
Asset-Backed Securities — continued
Upstart Securitization Trust Series 2020-3, Class A, 1.70%, 11/20/2030 (d)		1,714		1,723
Vericrest Opportunity Loan Trust Series 2020-NPL2, Class A1B, 3.67%, 2/25/2050 (d) (i)		875		875
VOLT XCI LLC Series 2020-NPL7, Class A1, 3.10%, 11/25/2050 ‡ (d) (i)		1,272		1,274
Westlake Automobile Receivables Trust
Series 2020-3A, Class C, 1.24%, 11/17/2025 (d)		325		327
Series 2020-3A, Class D, 1.65%, 2/17/2026 (d)		445		450
Total Asset-Backed Securities (Cost $24,611)				24,739
Collateralized Mortgage Obligations — 0.4%
CFMT LLC Series 2020-HB4, Class A, 0.95%, 12/26/2030 (b) (d)		432		432
GNMA Series 2015-H11, Class FC, 0.69%, 5/20/2065 (b)		813		818
PRPM LLC Series 2020-5, Class A1, 3.10%, 11/25/2025 (d) (i)		837		842
Seasoned Credit Risk Transfer Trust
Series 2020-3, Class M5TW, 3.00%, 5/25/2060 ‡		1,953		2,091
Series 2020-3, Class TTW, 3.00%, 5/25/2060		2,182		2,324
Toorak Mortgage Corp. Ltd. Series 2020-1, Class A1, 2.73%, 3/25/2023 (d) (i)		330		331
Total Collateralized Mortgage Obligations (Cost $6,827)				6,838
Foreign Government Securities — 0.1%
Republic of Colombia (Colombia)
4.00%, 2/26/2024		300		324
3.13%, 4/15/2031		300		318
Republic of Panama (Panama) 3.16%, 1/23/2030		300		332
Republic of Peru (Peru) 2.78%, 12/1/2060		162		163
United Mexican States (Mexico) 2.66%, 5/24/2031		1,035		1,065
Total Foreign Government Securities (Cost $2,168)				2,202

Investments	Principal Amount ($000)		Value ($000)
Commercial Mortgage-Backed Securities — 0.0% (f)
FHLMC, Multi-Family Structured Pass-Through Certificates Series K-1511, Class A1, 3.28%, 10/25/2030		828		941
FREMF Mortgage Trust
Series 2015-K48, Class C, 3.64%, 8/25/2048 (b) (d)		50		52
Series 2017-K728, Class C, 3.65%, 11/25/2050 (b) (d)		230		240
Total Commercial Mortgage-Backed Securities (Cost $1,229)				1,233
	SHARES (000)
Short-Term Investments — 9.0%
Investment Companies — 9.0%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (k) (Cost $189,674)		189,674		189,674
Total Investments — 106.6% (Cost $2,069,280)				2,243,389
Liabilities in Excess of Other Assets — (6.6)%				(139,040	)
NET ASSETS — 100.0%				2,104,349

Percentages indicated are based on net assets.

Abbreviations
ABS	Asset-Backed Securities
ETF	Exchange-Traded Fund
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
REIT	Real Estate Investment Trust
SOFR	Secured Overnight Financing Rate
TBA	To Be Announced; Security is subject to delayed delivery.
UMBS	Uniform Mortgage-Backed Securities
USD	United States Dollar
(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)	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, 2020.
(c)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(d)	Securities exempt from registration under Rule 144A or section 4 (a)(2), of the Securities Act of 1933, as amended.
(e)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of December 31, 2020.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 43

JPMorgan SmartRetirement^® Blend 2025 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

(f)	Amount rounds to less than 0.1% of net assets.
(g)	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, 2020.
(h)	Security is an interest bearing note with preferred security characteristics.
(i)	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, 2020.

(j)	All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(k)	The rate shown is the current yield as of December 31, 2020.
‡	Value determined using significant unobservable inputs.

Detailed information about investment portfolios of the underlying funds and ETFs can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC’s as well as the respective underlying fund’s website. Detailed information about underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

Futures contracts outstanding as of December 31, 2020 (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		124			03/2021		EUR		5,378			97
MSCI Emerging Markets E-Mini Index		250			03/2021		USD		16,097			435
Russell 2000 E-Mini Index		109			03/2021		USD		10,779			296
S&P 500 E-Mini Index		286			03/2021		USD		53,557			1,163
TOPIX Index		31			03/2021		JPY		5,433			101
U.S. Treasury 10 Year Note		1,046			03/2021		USD		144,381			183
												2,275
Short Contracts
Euro-Bund		(241	)		03/2021		EUR		(52,300	)		(134	)
												2,141

Abbreviations

EUR	Euro
JPY	Japanese Yen
MSCI	Morgan Stanley Capital International
TOPIX	Tokyo Stock Price Index
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

44 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2020

JPMorgan SmartRetirement^® Blend 2030 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment Companies — 46.5%
Fixed Income — 13.8%
JPMorgan Corporate Bond Fund Class R6 Shares (a)		7,553		82,479
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		1,484		12,320
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		1,488		12,323
JPMorgan High Yield Fund Class R6 Shares (a)		9,771		69,567
JPMorgan Income Fund Class R6 Shares (a)		1,243		11,726
JPMorgan Managed Income Fund Class L Shares (a)		77		775
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		13,644		134,527
Total Fixed Income				323,717
International Equity — 6.4%
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		7,120		149,087
U.S. Equity — 26.3%
JPMorgan Equity Index Fund Class R6 Shares (a)		10,772		614,859
Total Investment Companies (Cost $926,437)				1,087,663
Exchange-Traded Funds — 33.7%
Alternative Assets — 3.3%
JPMorgan BetaBuilders MSCI US REIT ETF (a)		977		77,322
Fixed Income — 5.0%
JPMorgan High Yield Research Enhanced ETF (a)		1,344		69,777
JPMorgan U.S. Aggregate Bond ETF (a)		1,686		46,968
Total Fixed Income				116,745
International Equity — 19.0%
JPMorgan BetaBuilders International Equity ETF (a)		8,034		444,197
U.S. Equity — 6.4%
iShares Russell 2000 ETF		296		58,010
JPMorgan BetaBuilders US Mid Cap Equity ETF (a)		1,156		91,046
Total U.S. Equity				149,056
Total Exchange-Traded Funds (Cost $711,567)				787,320
	PRINCIPAL AMOUNT ($000)
Mortgage-Backed Securities — 6.7%
FHLMC UMBS, 20 Year Pool # RB5085, 2.00%, 11/1/2040		337		351

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
FHLMC UMBS, 30 Year
Pool # QB4026, 2.50%, 10/1/2050		2,267		2,435
Pool # QB4045, 2.50%, 10/1/2050		1,500		1,586
Pool # QB4484, 2.50%, 10/1/2050		797		856
Pool # QB4542, 2.50%, 10/1/2050		772		829
FNMA UMBS, 30 Year
Pool # CA2826, 5.50%, 12/1/2048		2,368		2,684
Pool # BQ2894, 3.00%, 9/1/2050		1,332		1,399
Pool # BQ3996, 2.50%, 10/1/2050		1,175		1,247
Pool # BQ5243, 3.50%, 10/1/2050		438		468
Pool # CA7398, 3.50%, 10/1/2050		1,630		1,761
FNMA, Other
Pool # BL8639, 1.09%, 4/1/2028		689		689
Pool # BL5457, 2.57%, 7/1/2029		780		858
Pool # BS0448, 1.27%, 12/1/2029 (b)		1,000		1,000
Pool # BL9748, 1.60%, 12/1/2029		398		409
Pool # AM8544, 3.08%, 4/1/2030		138		157
Pool # BL9045, 1.58%, 7/1/2030		1,072		1,099
Pool # BL9251, 1.45%, 10/1/2030 (c)		775		775
Pool # AN0068, 3.26%, 10/1/2030		195		222
Pool # BL9891, 1.37%, 12/1/2030 (b)		555		556
Pool # BL1187, 3.92%, 1/1/2031		260		311
Pool # BL1237, 4.15%, 1/1/2031		375		456
Pool # AN0550, 3.63%, 2/1/2031		753		887
Pool # BM3226, 3.44%, 10/1/2032 (b)		1,282		1,493
Pool # AN4430, 3.61%, 1/1/2037		674		784
FNMA/FHLMC UMBS, Single Family, 30 Year
TBA, 2.00%, 1/25/2051 (c)		100,451		104,332
TBA, 2.00%, 2/25/2051 (c)		16,125		16,718
GNMA II, 30 Year
Pool # BY3432, 3.50%, 9/20/2050		1,306		1,424
Pool # BR3929, 3.50%, 10/20/2050		575		637
Pool # BW1726, 3.50%, 10/20/2050		847		931
Pool # BR3928, 3.00%, 12/20/2050		895		979
Pool # BU7538, 3.00%, 12/20/2050		745		814
GNMA II, Other Pool # 785183, 2.93%, 10/20/2070 (b)		974		1,072
GNMA II, Single Family, 30 Year TBA, 2.00%, 1/15/2051 (c)		5,540		5,793
Total Mortgage-Backed Securities (Cost $155,410)				156,012
Corporate Bonds — 5.8%
Aerospace & Defense — 0.2%
BAE Systems plc (United Kingdom) 3.40%, 4/15/2030 (d)		885		1,002
Boeing Co. (The)
1.95%, 2/1/2024		85		88
2.50%, 3/1/2025		249		259

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 45

JPMorgan SmartRetirement^® Blend 2030 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Aerospace & Defense — continued
2.75%, 2/1/2026		85		89
2.70%, 2/1/2027		1,496		1,556
3.45%, 11/1/2028		180		193
L3Harris Technologies, Inc. 1.80%, 1/15/2031		174		177
Leidos, Inc. 2.30%, 2/15/2031 (d)		68		69
Lockheed Martin Corp. 2.80%, 6/15/2050		273		295
Northrop Grumman Corp.
5.15%, 5/1/2040		220		304
3.85%, 4/15/2045		449		546
Raytheon Technologies Corp.
2.25%, 7/1/2030		373		396
3.75%, 11/1/2046		211		250
				5,224
Automobiles — 0.2%
General Motors Co. 6.80%, 10/1/2027		722		928
Hyundai Capital America
1.15%, 11/10/2022 (d)		945		950
2.65%, 2/10/2025 (d)		596		627
2.38%, 10/15/2027 (d)		730		753
Kia Motors Corp. (South Korea) 3.25%, 4/21/2026 (d)		250		271
Nissan Motor Acceptance Corp. 2.80%, 1/13/2022 (d)		361		367
Nissan Motor Co. Ltd. (Japan)
3.52%, 9/17/2025 (d)		289		310
4.35%, 9/17/2027 (d)		710		784
Volkswagen Group of America Finance LLC (Germany) 1.25%, 11/24/2025 (d)		360		363
				5,353
Banks — 1.0%
AIB Group plc (Ireland) 4.75%, 10/12/2023 (d)		665		731
Australia & New Zealand Banking Group Ltd. (Australia) 4.40%, 5/19/2026 (d)		930		1,070
Banco Santander SA (Spain) 2.75%, 12/3/2030		200		206
Bank of America Corp.
4.00%, 1/22/2025		1,524		1,712
(SOFR + 1.01%), 1.20%, 10/24/2026 (e)		511		518
(ICE LIBOR USD 3 Month + 1.51%), 3.71%, 4/24/2028 (e)		1,230		1,400
(SOFR + 1.93%), 2.68%, 6/19/2041 (e)		1,081		1,125
Bank of Montreal (Canada) (USD Swap Semi 5 Year + 1.28%), 4.34%, 10/5/2028 (e)		288		315
Barclays plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.80%), 1.01%, 12/10/2024 (e)		385		388

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Banks — continued
3.65%, 3/16/2025		865		952
4.34%, 1/10/2028		265		304
BNP Paribas SA (France) (SOFR + 1.61%), 1.90%, 9/30/2028 (d) (e)		865		883
Citigroup, Inc.
3.88%, 3/26/2025		1,316		1,469
(ICE LIBOR USD 3 Month + 1.15%), 3.52%, 10/27/2028 (e)		442		499
(ICE LIBOR USD 3 Month + 1.17%), 3.88%, 1/24/2039 (e)		367		437
Credit Agricole SA (France) 4.38%, 3/17/2025 (d)		930		1,044
Discover Bank 3.45%, 7/27/2026		500		559
HSBC Holdings plc (United Kingdom)
(SOFR + 1.29%), 1.59%, 5/24/2027 (e)		1,080		1,098
(ICE LIBOR USD 3 Month + 1.55%), 4.04%, 3/13/2028 (e)		200		228
(SOFR + 1.73%), 2.01%, 9/22/2028 (e)		1,660		1,699
Mitsubishi UFJ Financial Group, Inc. (Japan) 3.74%, 3/7/2029		813		956
Societe Generale SA (France)
4.25%, 4/14/2025 (d)		780		859
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 1.49%, 12/14/2026 (d) (e)		300		302
Standard Chartered plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.17%), 1.32%, 10/14/2023 (d) (e)		1,105		1,116
UniCredit SpA (Italy) 6.57%, 1/14/2022 (d)		350		369
Wells Fargo & Co.
4.30%, 7/22/2027		1,500		1,757
(SOFR + 2.10%), 2.39%, 6/2/2028 (e)		484		515
(SOFR + 2.53%), 3.07%, 4/30/2041 (e)		395		430
Westpac Banking Corp. (Australia) 2.96%, 11/16/2040		50		53
				22,994
Beverages — 0.1%
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
3.50%, 6/1/2030		694		804
3.75%, 7/15/2042		1,340		1,522
Keurig Dr Pepper, Inc.
3.20%, 5/1/2030		249		282
3.80%, 5/1/2050		244		291
PepsiCo, Inc. 1.40%, 2/25/2031		176		177
				3,076
Biotechnology — 0.2%
AbbVie, Inc.
2.95%, 11/21/2026		265		293

SEE NOTES TO FINANCIAL STATEMENTS.

46 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Biotechnology — continued
3.20%, 11/21/2029		624		699
4.05%, 11/21/2039		930		1,122
4.25%, 11/21/2049		210		263
Amgen, Inc. 3.15%, 2/21/2040		429		472
Biogen, Inc.
2.25%, 5/1/2030		236		246
3.15%, 5/1/2050		202		209
Gilead Sciences, Inc.
1.65%, 10/1/2030		415		416
2.60%, 10/1/2040		253		255
Regeneron Pharmaceuticals, Inc. 1.75%, 9/15/2030		415		409
				4,384
Building Products — 0.0% (f)
Masco Corp. 2.00%, 10/1/2030		416		423
Capital Markets — 0.4%
Brookfield Finance, Inc. (Canada) 3.50%, 3/30/2051		485		517
Charles Schwab Corp. (The)
0.90%, 3/11/2026		120		122
Series H, (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 3.08%), 4.00%, 12/1/2030 (e) (g) (h)		155		163
Credit Suisse Group AG (Switzerland) 4.28%, 1/9/2028 (d)		1,015		1,173
Deutsche Bank AG (Germany) (SOFR + 1.87%), 2.13%, 11/24/2026 (e)		795		813
Goldman Sachs Group, Inc. (The)
4.25%, 10/21/2025		1,293		1,483
(SOFR + 0.79%), 1.09%, 12/9/2026 (e)		1,149		1,160
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028 (e)		443		511
4.75%, 10/21/2045		198		275
Morgan Stanley
5.00%, 11/24/2025		1,852		2,215
(SOFR + 0.72%), 0.99%, 12/10/2026 (e)		310		312
(ICE LIBOR USD 3 Month + 1.43%), 4.46%, 4/22/2039 (e)		244		316
				9,060
Chemicals — 0.1%
DuPont de Nemours, Inc. 5.32%, 11/15/2038		197		267
LYB International Finance III LLC
1.25%, 10/1/2025		129		131
3.38%, 5/1/2030		185		207

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Chemicals  — continued
Nutrien Ltd. (Canada) 5.00%, 4/1/2049		111		153
Nutrition & Biosciences, Inc.
2.30%, 11/1/2030 (d)		574		591
3.47%, 12/1/2050 (d)		300		325
				1,674
Commercial Services & Supplies — 0.0% (f)
Republic Services, Inc. 3.05%, 3/1/2050		350		382
Construction Materials — 0.0% (f)
Martin Marietta Materials, Inc. Series CB, 2.50%, 3/15/2030		423		453
Consumer Finance — 0.2%
AerCap Ireland Capital DAC (Ireland)
3.15%, 2/15/2024		400		420
4.63%, 10/15/2027		880		996
Avolon Holdings Funding Ltd. (Ireland)
5.50%, 1/15/2023 (d)		260		276
5.50%, 1/15/2026 (d)		605		685
4.25%, 4/15/2026 (d)		20		22
Capital One Financial Corp. 3.80%, 1/31/2028		437		505
Park Aerospace Holdings Ltd. (Ireland)
5.25%, 8/15/2022 (d)		575		603
4.50%, 3/15/2023 (d)		25		26
5.50%, 2/15/2024 (d)		195		213
Toyota Motor Credit Corp. 0.80%, 10/16/2025		246		248
				3,994
Diversified Financial Services — 0.1%
GE Capital International Funding Co. Unlimited Co. 4.42%, 11/15/2035		965		1,151
Hutchison Whampoa International 14 Ltd. (United Kingdom) 3.63%, 10/31/2024 (d)		1,052		1,156
National Rural Utilities Cooperative Finance Corp. 1.35%, 3/15/2031		170		167
Shell International Finance BV (Netherlands)
2.38%, 11/7/2029		423		455
3.13%, 11/7/2049		215		237
				3,166
Diversified Telecommunication Services — 0.2%
AT&T, Inc.
2.30%, 6/1/2027		582		620
2.75%, 6/1/2031		777		830
3.50%, 6/1/2041		584		629
Verizon Communications, Inc.
3.15%, 3/22/2030		561		629

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 47

JPMorgan SmartRetirement^® Blend 2030 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Diversified Telecommunication Services — continued
2.65%, 11/20/2040		204		206
3.85%, 11/1/2042		719		852
				3,766
Electric Utilities — 0.3%
Appalachian Power Co. Series Y, 4.50%, 3/1/2049		140		182
Baltimore Gas and Electric Co. 2.90%, 6/15/2050		142		153
Duke Energy Corp. 3.40%, 6/15/2029		403		457
Duke Energy Indiana LLC Series YYY, 3.25%, 10/1/2049		113		128
Edison International 5.75%, 6/15/2027		290		347
Emera US Finance LP (Canada) 4.75%, 6/15/2046		223		285
Enel Finance International NV (Italy) 3.63%, 5/25/2027 (d)		865		981
Entergy Arkansas LLC 2.65%, 6/15/2051		84		86
Entergy Louisiana LLC
4.00%, 3/15/2033		166		206
2.90%, 3/15/2051		70		75
Evergy, Inc. 2.90%, 9/15/2029		441		483
FirstEnergy Transmission LLC 4.55%, 4/1/2049 (d)		210		245
Fortis, Inc. (Canada) 3.06%, 10/4/2026		283		311
ITC Holdings Corp. 2.95%, 5/14/2030 (d)		136		149
Jersey Central Power & Light Co. 4.30%, 1/15/2026 (d)		212		237
Massachusetts Electric Co. 4.00%, 8/15/2046 (d)		103		125
New England Power Co. (United Kingdom) 2.81%, 10/6/2050 (d)		280		283
NRG Energy, Inc.
2.00%, 12/2/2025 (d)		105		109
2.45%, 12/2/2027 (d)		365		384
Pacific Gas and Electric Co.
(ICE LIBOR USD 3 Month + 1.38%), 1.60%, 11/15/2021 (e)		498		498
3.45%, 7/1/2025		130		141
2.95%, 3/1/2026		80		85
3.75%, 8/15/2042 (i)		79		79
4.30%, 3/15/2045		80		85
PacifiCorp 4.15%, 2/15/2050		135		176
PPL Capital Funding, Inc. 4.00%, 9/15/2047		216		251
Southern California Edison Co.
Series 20C, 1.20%, 2/1/2026		202		204
Series C, 4.13%, 3/1/2048		131		156

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Electric Utilities — continued
Union Electric Co. 2.63%, 3/15/2051		165		172
				7,073
Electrical Equipment — 0.0% (f)
Eaton Corp. 4.15%, 11/2/2042		303		383
Emerson Electric Co. 2.75%, 10/15/2050		213		224
				607
Energy Equipment & Services — 0.0% (f)
Baker Hughes a GE Co. LLC 3.34%, 12/15/2027		295		331
Schlumberger Holdings Corp. 4.00%, 12/21/2025 (d)		296		336
				667
Entertainment — 0.0% (f)
Walt Disney Co. (The)
2.65%, 1/13/2031		386		423
3.50%, 5/13/2040		371		435
				858
Equity Real Estate Investment Trusts (REITs) — 0.3%
Alexandria Real Estate Equities, Inc. 3.38%, 8/15/2031		437		500
American Tower Corp.
1.50%, 1/31/2028		185		186
1.88%, 10/15/2030		1,039		1,048
2.95%, 1/15/2051		224		224
Crown Castle International Corp. 3.10%, 11/15/2029		429		472
CubeSmart LP 2.00%, 2/15/2031		505		506
Digital Realty Trust LP 3.70%, 8/15/2027		397		456
Equinix, Inc. 1.55%, 3/15/2028		314		319
Federal Realty Investment Trust 1.25%, 2/15/2026		222		226
Healthcare Trust of America Holdings LP 2.00%, 3/15/2031		414		414
Healthpeak Properties, Inc. 2.88%, 1/15/2031		429		462
Mid-America Apartments LP 3.60%, 6/1/2027		380		430
Realty Income Corp. 1.80%, 3/15/2033		275		276
Scentre Group Trust 1 (Australia) 3.63%, 1/28/2026 (d)		565		622
UDR, Inc.
2.10%, 8/1/2032		416		424
1.90%, 3/15/2033		65		65
WP Carey, Inc.
4.25%, 10/1/2026		135		155
2.40%, 2/1/2031		163		169
				6,954

SEE NOTES TO FINANCIAL STATEMENTS.

48 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Food & Staples Retailing — 0.1%
Alimentation Couche-Tard, Inc. (Canada) 2.95%, 1/25/2030 (d)		429		469
CVS Pass-Through Trust Series 2014, 4.16%, 8/11/2036 (d)		120		132
Kroger Co. (The) 3.95%, 1/15/2050		222		269
Sysco Corp. 2.40%, 2/15/2030		603		627
				1,497
Food Products — 0.1%
Conagra Brands, Inc. 1.38%, 11/1/2027		404		407
Mondelez International, Inc. 1.88%, 10/15/2032		281		285
Smithfield Foods, Inc. 3.00%, 10/15/2030 (d)		443		469
Tyson Foods, Inc. 3.55%, 6/2/2027		309		353
				1,514
Gas Utilities — 0.0% (f)
Atmos Energy Corp. 1.50%, 1/15/2031		269		269
CenterPoint Energy Resources Corp. 1.75%, 10/1/2030		202		204
				473
Health Care Equipment & Supplies — 0.1%
Abbott Laboratories 1.40%, 6/30/2030		88		90
Becton Dickinson and Co.
4.67%, 6/6/2047		73		96
3.79%, 5/20/2050		216		256
Boston Scientific Corp.
4.00%, 3/1/2029		148		174
4.55%, 3/1/2039		137		175
Danaher Corp. 2.60%, 10/1/2050		203		210
DH Europe Finance II SARL 3.25%, 11/15/2039		119		135
Zimmer Biomet Holdings, Inc. 3.55%, 3/20/2030		431		488
				1,624
Health Care Providers & Services — 0.3%
Anthem, Inc. 2.25%, 5/15/2030		422		448
Banner Health 1.90%, 1/1/2031		288		293
Bon Secours Mercy Health, Inc. Series 20-2, 3.21%, 6/1/2050		175		187
Children’s Hospital of Philadelphia (The) Series 2020, 2.70%, 7/1/2050		215		225
CommonSpirit Health
1.55%, 10/1/2025		75		77
2.78%, 10/1/2030		170		180
3.91%, 10/1/2050		75		83
CVS Health Corp.
3.25%, 8/15/2029		385		434

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Health Care Providers & Services — continued
1.88%, 2/28/2031		744		752
4.88%, 7/20/2035		205		266
2.70%, 8/21/2040		414		418
HCA, Inc. 5.25%, 6/15/2026		968		1,145
MedStar Health, Inc. Series 20A, 3.63%, 8/15/2049		150		171
MidMichigan Health Series 2020, 3.41%, 6/1/2050		45		50
MultiCare Health System 2.80%, 8/15/2050		132		137
PeaceHealth Obligated Group Series 2020, 3.22%, 11/15/2050		160		173
Quest Diagnostics, Inc. 2.80%, 6/30/2031		339		372
UnitedHealth Group, Inc. 2.75%, 5/15/2040		314		340
West Virginia United Health System Obligated Group Series 2020, 3.13%, 6/1/2050		340		351
				6,102
Hotels, Restaurants & Leisure — 0.0% (f)
Starbucks Corp. 3.35%, 3/12/2050		214		239
Household Durables — 0.0% (f)
DR Horton, Inc. 1.40%, 10/15/2027		506		507
Household Products — 0.0% (f)
Kimberly-Clark Corp. 3.70%, 6/1/2043		297		370
Independent Power and Renewable Electricity Producers — 0.1%
Alexander Funding Trust 1.84%, 11/15/2023 (d)		670		677
Exelon Generation Co. LLC 3.25%, 6/1/2025		892		974
Southern Power Co. 5.15%, 9/15/2041		230		283
				1,934
Industrial Conglomerates — 0.0% (f)
General Electric Co. 3.45%, 5/1/2027		429		484
Roper Technologies, Inc. 1.75%, 2/15/2031		415		413
				897
Insurance — 0.2%
American International Group, Inc.
3.40%, 6/30/2030		296		339
4.38%, 6/30/2050		222		290
Athene Global Funding 2.75%, 6/25/2024 (d)		313		331
Berkshire Hathaway Finance Corp.
1.45%, 10/15/2030		255		258
2.85%, 10/15/2050		214		229
Brown & Brown, Inc. 2.38%, 3/15/2031		422		441
Empower Finance 2020 LP (Canada) 3.08%, 9/17/2051 (d)		316		349

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 49

JPMorgan SmartRetirement^® Blend 2030 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Insurance — continued
MassMutual Global Funding II 1.55%, 10/9/2030 (d)		260		260
New York Life Insurance Co. 3.75%, 5/15/2050 (d)		438		523
Teachers Insurance & Annuity Association of America 3.30%, 5/15/2050 (d)		429		467
				3,487
IT Services — 0.0% (f)
Global Payments, Inc. 3.20%, 8/15/2029		136		151
International Business Machines Corp. 4.00%, 6/20/2042		725		897
				1,048
Leisure Products — 0.0% (f)
Hasbro, Inc. 3.90%, 11/19/2029		259		293
Machinery — 0.0% (f)
Otis Worldwide Corp. 3.11%, 2/15/2040		294		319
Media — 0.2%
Charter Communications Operating LLC
2.80%, 4/1/2031		782		826
3.70%, 4/1/2051		467		484
Comcast Corp.
1.50%, 2/15/2031		1,226		1,217
3.25%, 11/1/2039		380		431
2.80%, 1/15/2051		449		467
Cox Communications, Inc.
1.80%, 10/1/2030 (d)		248		248
2.95%, 10/1/2050 (d)		205		209
Discovery Communications LLC 3.63%, 5/15/2030		379		434
ViacomCBS, Inc.
4.00%, 1/15/2026		229		262
4.38%, 3/15/2043		243		286
				4,864
Metals & Mining — 0.1%
Anglo American Capital plc (South Africa) 3.63%, 9/11/2024 (d)		295		321
Glencore Funding LLC (Australia) 2.50%, 9/1/2030 (d)		346		353
Steel Dynamics, Inc. 1.65%, 10/15/2027		275		283
Vale Overseas Ltd. (Brazil) 3.75%, 7/8/2030		290		322
				1,279
Multiline Retail — 0.0% (f)
Dollar General Corp. 4.13%, 4/3/2050		220		278

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Multi-Utilities — 0.0% (f)
Berkshire Hathaway Energy Co. 2.85%, 5/15/2051 (d)		204		209
Consumers Energy Co. 3.25%, 8/15/2046		102		116
WEC Energy Group, Inc. 1.38%, 10/15/2027		236		240
				565
Oil, Gas & Consumable Fuels — 0.4%
Boardwalk Pipelines LP 4.45%, 7/15/2027		185		207
BP Capital Markets America, Inc.
3.63%, 4/6/2030		659		766
2.77%, 11/10/2050		208		206
Chevron Corp. 2.98%, 5/11/2040		430		475
Cimarex Energy Co. 3.90%, 5/15/2027		140		154
Concho Resources, Inc. 3.75%, 10/1/2027		216		247
Diamondback Energy, Inc. 3.25%, 12/1/2026		346		369
Enbridge, Inc. (Canada) 3.13%, 11/15/2029		429		471
Enterprise Products Operating LLC 4.45%, 2/15/2043		317		384
Exxon Mobil Corp. 3.00%, 8/16/2039		643		695
Gray Oak Pipeline LLC 2.60%, 10/15/2025 (d)		500		515
HollyFrontier Corp. 2.63%, 10/1/2023		202		206
Magellan Midstream Partners LP 3.95%, 3/1/2050		154		174
MPLX LP
2.65%, 8/15/2030		410		430
4.50%, 4/15/2038		226		258
Noble Energy, Inc. 3.25%, 10/15/2029		250		287
ONEOK, Inc. 2.20%, 9/15/2025		265		276
Phillips 66 Partners LP 3.55%, 10/1/2026		214		234
Pioneer Natural Resources Co. 1.90%, 8/15/2030		281		278
Plains All American Pipeline LP 4.65%, 10/15/2025		556		622
Sabine Pass Liquefaction LLC 5.63%, 3/1/2025		438		511
Suncor Energy, Inc. (Canada) 4.00%, 11/15/2047		203		227
Sunoco Logistics Partners Operations LP 3.90%, 7/15/2026		643		704
Tennessee Gas Pipeline Co. LLC 2.90%, 3/1/2030 (d)		400		428
Total Capital International SA (France) 2.99%, 6/29/2041		429		469
TransCanada PipeLines Ltd. (Canada) 4.10%, 4/15/2030		438		517
				10,110

SEE NOTES TO FINANCIAL STATEMENTS.

50 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Pharmaceuticals — 0.2%
AstraZeneca plc (United Kingdom)
1.38%, 8/6/2030		129		127
6.45%, 9/15/2037		50		77
2.13%, 8/6/2050		223		208
Bristol-Myers Squibb Co.
1.13%, 11/13/2027		85		86
3.40%, 7/26/2029		316		368
4.13%, 6/15/2039		265		337
2.35%, 11/13/2040		457		470
Merck & Co., Inc. 2.35%, 6/24/2040		312		323
Pfizer, Inc. 3.90%, 3/15/2039		177		222
Royalty Pharma plc
1.75%, 9/2/2027 (d)		84		86
3.30%, 9/2/2040 (d)		225		236
3.55%, 9/2/2050 (d)		129		138
Takeda Pharmaceutical Co. Ltd. (Japan) 3.03%, 7/9/2040		1,065		1,122
Utah Acquisition Sub, Inc. 3.95%, 6/15/2026		227		260
Viatris, Inc.
3.85%, 6/22/2040 (d)		252		284
4.00%, 6/22/2050 (d)		181		207
Zoetis, Inc. 3.00%, 5/15/2050		83		91
				4,642
Road & Rail — 0.1%
Burlington Northern Santa Fe LLC 3.05%, 2/15/2051		217		245
CSX Corp. 3.80%, 11/1/2046		219		262
Norfolk Southern Corp. 3.05%, 5/15/2050		215		235
Penske Truck Leasing Co. LP 1.20%, 11/15/2025 (d)		510		514
Union Pacific Corp. 3.55%, 8/15/2039		297		344
				1,600
Semiconductors & Semiconductor Equipment — 0.1%
Broadcom, Inc. 4.15%, 11/15/2030		1,340		1,549
Microchip Technology, Inc. 0.97%, 2/15/2024 (d)		235		236
TSMC Global Ltd. (Taiwan) 1.38%, 9/28/2030 (d)		350		344
				2,129
Software — 0.1%
Oracle Corp.
2.95%, 4/1/2030		560		626
3.80%, 11/15/2037		540		651

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Software — continued
VMware, Inc. 4.70%, 5/15/2030		364		438
				1,715
Specialty Retail — 0.1%
AutoZone, Inc. 3.63%, 4/15/2025		288		323
Lowe’s Cos., Inc.
1.30%, 4/15/2028		236		238
3.70%, 4/15/2046		438		518
O’Reilly Automotive, Inc. 3.90%, 6/1/2029		449		528
Tractor Supply Co. 1.75%, 11/1/2030		436		438
				2,045
Technology Hardware, Storage & Peripherals — 0.1%
Apple, Inc.
3.45%, 2/9/2045		548		664
2.55%, 8/20/2060		301		309
Dell International LLC 6.20%, 7/15/2030 (d)		850		1,104
				2,077
Thrifts & Mortgage Finance — 0.1%
BPCE SA (France) (SOFR + 1.52%), 1.65%, 10/6/2026 (d) (e)		1,114		1,140
Tobacco — 0.0% (f)
BAT Capital Corp. (United Kingdom)
2.26%, 3/25/2028		416		432
3.73%, 9/25/2040		346		360
				792
Wireless Telecommunication Services — 0.1%
America Movil SAB de CV (Mexico) 2.88%, 5/7/2030		220		239
Rogers Communications, Inc. (Canada) 3.70%, 11/15/2049		303		358
T-Mobile USA, Inc.
2.55%, 2/15/2031 (d)		988		1,037
3.00%, 2/15/2041 (d)		613		636
				2,270
Total Corporate Bonds (Cost $133,356)				135,918
U.S. Treasury Obligations — 4.1%
U.S. Treasury Bonds
1.13%, 8/15/2040		9,492		8,971
1.38%, 11/15/2040		1,400		1,382
1.38%, 8/15/2050		6,145		5,742
1.63%, 11/15/2050		4,678		4,650

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 51

JPMorgan SmartRetirement^® Blend 2030 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
U.S. Treasury Obligations — continued
U.S. Treasury Notes
2.50%, 1/31/2021 (j)		10,208		10,225
0.13%, 9/30/2022		12,699		12,699
0.13%, 9/15/2023		15,560		15,548
0.25%, 8/31/2025		17,482		17,422
0.38%, 11/30/2025		7,103		7,111
0.50%, 8/31/2027		9,974		9,909
0.63%, 8/15/2030		3,445		3,357
Total U.S. Treasury Obligations (Cost $97,531)				97,016
Asset-Backed Securities — 0.9%
American Credit Acceptance Receivables Trust Series 2020-4, Class C, 1.31%, 12/14/2026 (d)		820		823
AmeriCredit Automobile Receivables Trust
Series 2020-3, Class B, 0.76%, 12/18/2025		735		737
Series 2020-3, Class C, 1.06%, 8/18/2026		340		341
AMSR Trust Series 2020-SFR4, Class D, 2.01%, 11/17/2037 (d)		725		727
Aqua Finance Trust Series 2020-AA, Class C, 3.97%, 7/17/2046 (d)		290		300
Business Jet Securities LLC Series 2020-1A, Class A, 2.98%, 11/15/2035 (d)		354		359
BXG Receivables Note Trust Series 2020-A, Class A, 1.55%, 2/28/2036 (d)		566		568
CarMax Auto Owner Trust Series 2020-4, Class C, 1.30%, 8/17/2026		315		317
Carvana Auto Receivables Trust Series 2020-P1, Class C, 1.61%, 11/9/2026		430		432
Continental Finance Credit Card ABS Master Trust Series 2020-1A, Class A, 3.04%, 12/15/2028 (d)		190		191
Credit Acceptance Auto Loan Trust
Series 2020-3A, Class A, 1.24%, 10/15/2029 (d)		1,645		1,663
Series 2020-2A, Class C, 2.73%, 11/15/2029 (d)		750		770
Flagship Credit Auto Trust Series 2020-4, Class C, 1.28%, 2/16/2027 (d)		610		615
Genesis Sales Finance Master Trust Series 2020-AA, Class A, 1.65%, 9/22/2025 (d)		670		672
GLS Auto Receivables Issuer Trust Series 2020-4A, Class B, 1.18%, 12/16/2024 (d)		285		285
LendingPoint Asset Securitization Trust Series 2020-REV1, Class A, 2.73%, 10/15/2028 (d)		1,264		1,277

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mariner Finance Issuance Trust Series 2019-AA, Class A, 2.96%, 7/20/2032 (d)		1,055		1,079
NRZ Excess Spread-Collateralized Notes Series 2020-PLS1, Class A, 3.84%, 12/25/2025 (d)		1,010		1,010
Octane Receivables Trust Series 2020-1A, Class A, 1.71%, 2/20/2025 (d)		1,017		1,019
Oportun Funding LLC Series 2020-1, Class A, 2.20%, 5/15/2024 (d)		801		803
Orange Lake Timeshare Trust Series 2016-A, Class A, 2.61%, 3/8/2029 (d)		269		272
Prestige Auto Receivables Trust Series 2020-1A, Class C, 1.31%, 11/16/2026 (d)		765		769
Pretium Mortgage Credit Partners I LLC Series 2020-NPL3, Class A1, 3.10%, 6/27/2060 ‡ (d) (i)		914		916
Progress Residential Trust
Series 2020-SFR3, Class A, 1.29%, 10/17/2027 (d)		515		520
Series 2020-SFR3, Class B, 1.50%, 10/17/2027 ‡ (d)		380		379
Republic Finance Issuance Trust Series 2020-A, Class A, 2.47%, 11/20/2030 (d)		600		612
Santander Drive Auto Receivables Trust Series 2020-4, Class C, 1.01%, 1/15/2026		485		487
Upstart Securitization Trust Series 2020-3, Class A, 1.70%, 11/20/2030 (d)		1,530		1,537
Vericrest Opportunity Loan Trust Series 2020-NPL2, Class A1B, 3.67%, 2/25/2050 (d) (i)		775		775
VOLT XCI LLC Series 2020-NPL7, Class A1, 3.10%, 11/25/2050 ‡ (d) (i)		1,134		1,136
Westlake Automobile Receivables Trust
Series 2020-3A, Class C, 1.24%, 11/17/2025 (d)		285		286
Series 2020-3A, Class D, 1.65%, 2/17/2026 (d)		400		405
Total Asset-Backed Securities (Cost $21,967)				22,082
Collateralized Mortgage Obligations — 0.3%
CFMT LLC Series 2020-HB4, Class A, 0.95%, 12/26/2030 (b) (d)		386		386
GNMA Series 2015-H11, Class FC, 0.69%, 5/20/2065 (b)		722		727
PRPM LLC Series 2020-5, Class A1, 3.10%, 11/25/2025 (d) (i)		744		748

SEE NOTES TO FINANCIAL STATEMENTS.

52 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Collateralized Mortgage Obligations — continued
Seasoned Credit Risk Transfer Trust
Series 2020-3, Class M5TW, 3.00%, 5/25/2060 ‡		1,758		1,882
Series 2020-3, Class TTW, 3.00%, 5/25/2060		1,945		2,072
Toorak Mortgage Corp. Ltd. Series 2020-1, Class A1, 2.73%, 3/25/2023 (d) (i)		290		291
Total Collateralized Mortgage Obligations (Cost $6,095)				6,106
Foreign Government Securities — 0.1%
Republic of Colombia (Colombia)
4.00%, 2/26/2024		300		324
3.13%, 4/15/2031		300		318
Republic of Panama (Panama) 3.16%, 1/23/2030		300		332
Republic of Peru (Peru) 2.78%, 12/1/2060		147		148
United Mexican States (Mexico) 2.66%, 5/24/2031		905		931
Total Foreign Government Securities (Cost $2,023)				2,053
Commercial Mortgage-Backed Securities — 0.0% (f)
FHLMC, Multi-Family Structured Pass-Through Certificates Series K-1511, Class A1, 3.28%, 10/25/2030		736		836
FREMF Mortgage Trust
Series 2015-K48, Class C, 3.64%, 8/25/2048 (b) (d)		40		42
Series 2017-K728, Class C, 3.65%, 11/25/2050 (b) (d)		215		224
Total Commercial Mortgage-Backed Securities (Cost $1,099)				1,102
	SHARES (000)
Short-Term Investments — 7.5%
Investment Companies — 7.5%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (k) (Cost $175,124)		175,124		175,124
Total Investments — 105.6% (Cost $2,230,609)				2,470,396
Liabilities in Excess of Other Assets — (5.6)%				(130,721	)
NET ASSETS — 100.0%				2,339,675

Percentages indicated are based on net assets.

Abbreviations
ABS	Asset-Backed Securities
ETF	Exchange-Traded Fund
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
REIT	Real Estate Investment Trust
SOFR	Secured Overnight Financing Rate
TBA	To Be Announced; Security is subject to delayed delivery.
UMBS	Uniform Mortgage-Backed Securities
USD	United States Dollar
(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)	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, 2020.
(c)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(d)	Securities exempt from registration under Rule 144A or section 4 (a)(2), of the Securities Act of 1933, as amended.
(e)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of December 31, 2020.
(f)	Amount rounds to less than 0.1% of net assets.
(g)	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, 2020.
(h)	Security is an interest bearing note with preferred security characteristics.
(i)	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, 2020.
(j)	All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(k)	The rate shown is the current yield as of December 31, 2020.
‡	Value determined using significant unobservable inputs.

Detailed information about investment portfolios of the underlying funds and ETFs can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC’s as well as the 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, 2020 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 53

JPMorgan SmartRetirement^® Blend 2030 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

Futures contracts outstanding as of December 31, 2020 (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		139			03/2021		EUR		6,028			108
MSCI Emerging Markets E-Mini Index		281			03/2021		USD		18,094			489
Russell 2000 E-Mini Index		122			03/2021		USD		12,065			334
S&P 500 E-Mini Index		320			03/2021		USD		59,924			1,304
TOPIX Index		34			03/2021		JPY		5,959			111
U.S. Treasury 10 Year Note		1,032			03/2021		USD		142,448			155
												2,501
Short Contracts
Euro-Bund		(270	)		03/2021		EUR		(58,594	)		(154	)
												2,347

Abbreviations

EUR	Euro
JPY	Japanese Yen
MSCI	Morgan Stanley Capital International
TOPIX	Tokyo Stock Price Index
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

54 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2020

JPMorgan SmartRetirement^® Blend 2035 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment Companies — 63.6%
Fixed Income — 24.8%
JPMorgan Core Bond Fund Class R6 Shares (a)		8,354		102,665
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		24,645		214,904
JPMorgan Corporate Bond Fund Class R6 Shares (a)		6,509		71,074
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		915		7,597
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		918		7,599
JPMorgan High Yield Fund Class R6 Shares (a)		14,315		101,920
JPMorgan Managed Income Fund Class L Shares (a)		60		606
Total Fixed Income				506,365
International Equity — 7.6%
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		7,442		155,833
U.S. Equity — 31.2%
JPMorgan Equity Index Fund Class R6 Shares (a)		11,185		638,466
Total Investment Companies (Cost $1,141,390)				1,300,664
Exchange-Traded Funds — 34.3%
Alternative Assets — 3.9%
JPMorgan BetaBuilders MSCI US REIT ETF (a)		1,013		80,209
Fixed Income — 0.5%
JPMorgan U.S. Aggregate Bond ETF (a)		361		10,055
International Equity — 22.3%
JPMorgan BetaBuilders International Equity ETF (a)		8,236		455,391
U.S. Equity — 7.6%
iShares Russell 2000 ETF		315		61,696
JPMorgan BetaBuilders US Mid Cap Equity ETF (a)		1,177		92,699
Total U.S. Equity				154,395
Total Exchange-Traded Funds (cost $630,190)				700,050
	PRINCIPAL AMOUNT ($000)
U.S. Treasury Obligations — 0.4%
U.S. Treasury Notes 2.50%, 1/31/2021 (b) (Cost $7,445)		7,439		7,452

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 2.2%
Investment Companies — 2.2%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (c) (Cost $44,898)		44,898		44,898
Total Investments — 100.5% (Cost $1,823,923)				2,053,064
Liabilities in Excess of Other Assets — (0.5)%				(9,947	)
NET ASSETS — 100.0%				2,043,117

Percentages indicated are based on net assets.

Abbreviations
ETF	Exchange-Traded Fund
REIT	Real Estate Investment Trust
(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)	All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(c)	The rate shown is the current yield as of December 31, 2020.

Detailed information about investment portfolios of the underlying funds and ETFs can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC’s as well as the 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, 2020 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 55

JPMorgan SmartRetirement^® Blend 2035 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

Futures contracts outstanding as of December 31, 2020 (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		120			03/2021		EUR		5,204			92
MSCI Emerging Markets E-Mini Index		242			03/2021		USD		15,582			420
Russell 2000 E-Mini Index		106			03/2021		USD		10,483			284
S&P 500 E-Mini Index		276			03/2021		USD		51,685			1,117
TOPIX Index		30			03/2021		JPY		5,257			96
U.S. Treasury 10 Year Note		434			03/2021		USD		59,906			79
												2,088
Short Contracts
Euro-Bund		(233	)		03/2021		EUR		(50,564	)		(111	)
												1,977

Abbreviations
EUR	Euro
JPY	Japanese Yen
MSCI	Morgan Stanley Capital International
TOPIX	Tokyo Stock Price Index
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

56 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2020

JPMorgan SmartRetirement^® Blend 2040 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment Companies — 59.5%
Fixed Income — 15.9%
JPMorgan Core Bond Fund Class R6 Shares (a)		4,579		56,279
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		11,947		104,174
JPMorgan Corporate Bond Fund Class R6 Shares (a)		3,467		37,857
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		632		5,249
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		611		5,062
JPMorgan High Yield Fund Class R6 Shares (a)		11,609		82,658
JPMorgan Managed Income Fund Class L Shares (a)		618		6,209
Total Fixed Income				297,488
International Equity — 8.4%
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		7,576		158,634
U.S. Equity — 35.2%
JPMorgan Equity Index Fund Class R6 Shares (a)		11,555		659,532
Total Investment Companies (Cost $954,863)				1,115,654
Exchange-Traded Funds — 38.7%
Alternative Assets — 4.6%
JPMorgan BetaBuilders MSCI US REIT ETF (a)		1,080		85,510
Fixed Income — 0.5%
JPMorgan U.S. Aggregate Bond ETF (a)		337		9,373
International Equity — 25.1%
JPMorgan BetaBuilders International Equity ETF (a)		8,504		470,196
U.S. Equity — 8.5%
iShares Russell 2000 ETF		331		64,831
JPMorgan BetaBuilders US Mid Cap Equity ETF (a)		1,205		94,970
Total U.S. Equity				159,801
Total Exchange-Traded Funds (Cost $649,024)				724,880
	PRINCIPAL AMOUNT ($000)
U.S. Treasury Obligations — 0.4%
U.S. Treasury Notes 2.50%, 1/31/2021 (b) (Cost $6,934)		6,929		6,941

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 1.6%
Investment Companies — 1.6%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (c) (Cost $30,956)		30,956		30,956
Total Investments — 100.2% (Cost $1,641,777)				1,878,431
Liabilities in Excess of Other Assets — (0.2)%				(4,361	)
NET ASSETS — 100.0%				1,874,070

Percentages indicated are based on net assets.

Abbreviations
ETF	Exchange-Traded Fund
REIT	Real Estate Investment Trust
(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)	All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(c)	The rate shown is the current yield as of December 31, 2020.

Detailed information about investment portfolios of the underlying funds and ETFs can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC’s as well as the 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, 2020 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 57

JPMorgan SmartRetirement^® Blend 2040 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

Futures contracts outstanding as of December 31, 2020 (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		112			03/2021		EUR		4,857			86
MSCI Emerging Markets E-Mini Index		225			03/2021		USD		14,488			391
Russell 2000 E-Mini Index		98			03/2021		USD		9,692			264
S&P 500 E-Mini Index		257			03/2021		USD		48,126			1,042
TOPIX Index		28			03/2021		JPY		4,907			92
U.S. Treasury 10 Year Note		407			03/2021		USD		56,179			59
												1,934
Short Contracts
Euro-Bund		(217	)		03/2021		EUR		(47,092	)		(93	)
												1,841

Abbreviations
EUR	Euro
JPY	Japanese Yen
MSCI	Morgan Stanley Capital International
TOPIX	Tokyo Stock Price Index
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

58 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2020

JPMorgan SmartRetirement^® Blend 2045 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment Companies — 56.2%
Fixed Income — 8.4%
JPMorgan Core Bond Fund Class R6 Shares (a)		1,736		21,336
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		2,929		25,544
JPMorgan Corporate Bond Fund Class R6 Shares (a)		1,312		14,327
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		329		2,727
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		312		2,586
JPMorgan High Yield Fund Class R6 Shares (a)		7,422		52,844
JPMorgan Managed Income Fund Class L Shares (a)		42		424
Total Fixed Income				119,788
International Equity — 9.2%
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		6,291		131,739
U.S. Equity — 38.6%
JPMorgan Equity Index Fund Class R6 Shares (a)		9,627		549,496
Total Investment Companies (Cost $673,048)				801,023
Exchange-Traded Funds — 42.0%
Alternative Assets — 4.9%
JPMorgan BetaBuilders MSCI US REIT ETF (a)		888		70,300
Fixed Income — 0.5%
JPMorgan U.S. Aggregate Bond ETF (a)		255		7,094
International Equity — 27.3%
JPMorgan BetaBuilders International Equity ETF (a)		7,037		389,050
U.S. Equity — 9.3%
iShares Russell 2000 ETF		270		52,936
JPMorgan BetaBuilders US Mid Cap Equity ETF (a)		1,003		79,056
Total U.S. Equity				131,992
Total Exchange-Traded Funds (Cost $538,652)				598,436
	PRINCIPAL AMOUNT ($000)
U.S. Treasury Obligations — 0.4%
U.S. Treasury Notes 2.50%, 1/31/2021 (b) (Cost $5,261)		5,257		5,266

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 2.2%
Investment Companies — 2.2%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (c) (Cost $31,064)		31,064		31,064
Total Investments — 100.8% (Cost $1,248,025)				1,435,789
Liabilities in Excess of Other Assets — (0.8)%				(11,035	)
NET ASSETS — 100.0%				1,424,754

Percentages indicated are based on net assets.

Abbreviations
ETF	Exchange-Traded Fund
REIT	Real Estate Investment Trust
(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)	All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(c)	The rate shown is the current yield as of December 31, 2020.

Detailed information about investment portfolios of the underlying funds and ETFs can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC’s as well as the 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, 2020 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 59

JPMorgan SmartRetirement^® Blend 2045 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

Futures contracts outstanding as of December 31, 2020 (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		85			03/2021		EUR		3,686			65
MSCI Emerging Markets E-Mini Index		171			03/2021		USD		11,011			297
Russell 2000 E-Mini Index		74			03/2021		USD		7,318			199
S&P 500 E-Mini Index		195			03/2021		USD		36,516			789
TOPIX Index		21			03/2021		JPY		3,680			69
U.S. Treasury 10 Year Note		307			03/2021		USD		42,376			61
												1,480
Short Contracts
Euro-Bund		(164	)		03/2021		EUR		(35,590	)		(63	)
												1,417

Abbreviations
EUR	Euro
JPY	Japanese Yen
MSCI	Morgan Stanley Capital International
TOPIX	Tokyo Stock Price Index
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

60 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2020

JPMorgan SmartRetirement^® Blend 2050 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment Companies — 56.5%
Fixed Income — 8.7%
JPMorgan Core Bond Fund Class R6 Shares (a)		1,340		16,464
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		2,260		19,711
JPMorgan Corporate Bond Fund Class R6 Shares (a)		1,012		11,055
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		254		2,105
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		241		1,995
JPMorgan High Yield Fund Class R6 Shares (a)		5,727		40,777
JPMorgan Managed Income Fund Class L Shares (a)		198		1,990
Total Fixed Income				94,097
International Equity — 9.2%
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		4,798		100,470
U.S. Equity — 38.6%
JPMorgan Equity Index Fund Class R6 Shares (a)		7,385		421,511
Total Investment Companies (Cost $513,855)				616,078
Exchange-Traded Funds — 42.2%
Alternative Assets — 4.8%
JPMorgan BetaBuilders MSCI US REIT ETF (a)		665		52,597
Fixed Income — 0.5%
JPMorgan U.S. Aggregate Bond ETF (a)		197		5,474
International Equity — 27.4%
JPMorgan BetaBuilders International Equity ETF (a)		5,403		298,723
U.S. Equity — 9.5%
iShares Russell 2000 ETF		219		42,842
JPMorgan BetaBuilders US Mid Cap Equity ETF (a)		773		60,913
Total U.S. Equity				103,755
Total Exchange-Traded Funds (Cost $413,042)				460,549
	PRINCIPAL AMOUNT ($000)
U.S. Treasury Obligations — 0.4%
U.S. Treasury Notes 2.50%, 1/31/2021 (b) (Cost $4,795)		4,791		4,799

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 2.0%
Investment Companies — 2.0%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (c) (Cost $22,213)		22,213		22,213
Total Investments — 101.1% (Cost $953,905)				1,103,639
Liabilities in Excess of Other Assets — (1.1)%				(12,241	)
NET ASSETS — 100.0%				1,091,398

Percentages indicated are based on net assets.

Abbreviations
ETF	Exchange-Traded Fund
REIT	Real Estate Investment Trust
(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)	All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(c)	The rate shown is the current yield as of December 31, 2020.

Detailed information about investment portfolios of the underlying funds and ETFs can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC’s as well as the 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, 2020 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 61

JPMorgan SmartRetirement^® Blend 2050 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

Futures contracts outstanding as of December 31, 2020 (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		65			03/2021		EUR		2,819			51
MSCI Emerging Markets E-Mini Index		132			03/2021		USD		8,500			230
Russell 2000 E-Mini Index		57			03/2021		USD		5,637			155
S&P 500 E-Mini Index		150			03/2021		USD		28,089			611
TOPIX Index		16			03/2021		JPY		2,804			54
U.S. Treasury 10 Year Note		242			03/2021		USD		33,404			47
												1,148
Short Contracts
Euro-Bund		(127	)		03/2021		EUR		(27,561	)		(56	)
												1,092

Abbreviations
EUR	Euro
JPY	Japanese Yen
MSCI	Morgan Stanley Capital International
TOPIX	Tokyo Stock Price Index
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

62 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2020

JPMorgan SmartRetirement^® Blend 2055 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment Companies — 57.1%
Fixed Income — 8.5%
JPMorgan Core Bond Fund Class R6 Shares (a)		691		8,488
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		1,165		10,162
JPMorgan Corporate Bond Fund Class R6 Shares (a)		522		5,699
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		131		1,085
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		124		1,029
JPMorgan High Yield Fund Class R6 Shares (a)		2,953		21,023
JPMorgan Managed Income Fund Class L Shares (a)		18		179
Total Fixed Income				47,665
International Equity — 9.5%
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		2,544		53,279
U.S. Equity — 39.1%
JPMorgan Equity Index Fund Class R6 Shares (a)		3,840		219,209
Total Investment Companies (cost $265,304)				320,153
Exchange-Traded Funds — 42.6%
Alternative Assets — 5.0%
JPMorgan BetaBuilders MSCI US REIT ETF (a)		353		27,966
Fixed Income — 0.5%
JPMorgan U.S. Aggregate Bond ETF (a)		101		2,822
International Equity — 27.7%
JPMorgan BetaBuilders International Equity ETF (a)		2,811		155,431
U.S. Equity — 9.4%
iShares Russell 2000 ETF		107		20,994
JPMorgan BetaBuilders US Mid Cap Equity ETF (a)		402		31,681
Total U.S. Equity				52,675
Total Exchange-Traded Funds (cost $211,980)				238,894
	PRINCIPAL AMOUNT ($000)
U.S. Treasury Obligations — 0.5%
U.S. Treasury Notes 2.50%, 1/31/2021 (b) (Cost $2,718)		2,715		2,719

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 2.1%
Investment Companies — 2.1%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (c) (Cost $11,608)		11,608		11,608
Total Investments — 102.3% (Cost $491,610)				573,374
Liabilities in Excess of Other Assets — (2.3)%				(13,088	)
NET ASSETS — 100.0%				560,286

Percentages indicated are based on net assets.

Abbreviations
ETF	Exchange-Traded Fund
REIT	Real Estate Investment Trust
(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)	All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(c)	The rate shown is the current yield as of December 31, 2020.

Detailed information about investment portfolios of the underlying funds and ETFs can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC’s as well as the 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, 2020 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 63

JPMorgan SmartRetirement^® Blend 2055 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

Futures contracts outstanding as of December 31, 2020 (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		34			03/2021		EUR		1,475			27
MSCI Emerging Markets E-Mini Index		68			03/2021		USD		4,378			119
Russell 2000 E-Mini Index		30			03/2021		USD		2,967			83
S&P 500 E-Mini Index		77			03/2021		USD		14,419			317
TOPIX Index		8			03/2021		JPY		1,402			27
U.S. Treasury 10 Year Note		121			03/2021		USD		16,702			24
												597
Short Contracts
Euro-Bund		(65	)		03/2021		EUR		(14,106	)		(35	)
												562

Abbreviations
EUR	Euro
JPY	Japanese Yen
MSCI	Morgan Stanley Capital International
TOPIX	Tokyo Stock Price Index
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

64 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2020

JPMorgan SmartRetirement^® Blend 2060 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment Companies — 56.1%
Fixed Income — 8.3%
JPMorgan Core Bond Fund Class R6 Shares (a)		166		2,037
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		280		2,438
JPMorgan Corporate Bond Fund Class R6 Shares (a)		125		1,368
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		31		260
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		30		247
JPMorgan High Yield Fund Class R6 Shares (a)		709		5,045
JPMorgan Managed Income Fund Class L Shares (a)		16		160
Total Fixed Income				11,555
International Equity — 9.2%
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		615		12,882
U.S. Equity — 38.6%
JPMorgan Equity Index Fund Class R6 Shares (a)		945		53,921
Total Investment Companies (cost $66,812)				78,358
Exchange-Traded Funds — 42.1%
Alternative Assets — 4.9%
JPMorgan BetaBuilders MSCI US REIT ETF (a)		87		6,922
Fixed Income — 0.5%
JPMorgan U.S. Aggregate Bond ETF (a)		24		677
International Equity — 27.4%
JPMorgan BetaBuilders International Equity ETF (a)		693		38,317
U.S. Equity — 9.3%
iShares Russell 2000 ETF		26		5,075
JPMorgan BetaBuilders US Mid Cap Equity ETF (a)		100		7,902
Total U.S. Equity				12,977
Total Exchange-Traded Funds (cost $52,874)				58,893
	PRINCIPAL AMOUNT ($000)
U.S. Treasury Obligations — 0.8%
U.S. Treasury Notes 2.50%, 1/31/2021 (b) (Cost $1,073)		1,071		1,072

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 2.2%
Investment Companies — 2.2%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (c) (Cost $3,163)		3,163		3,163
Total Investments — 101.2% (Cost $123,922)				141,486
Liabilities in Excess of Other Assets — (1.2)%				(1,740	)
NET ASSETS — 100.0%				139,746

Percentages indicated are based on net assets.

Abbreviations
ETF	Exchange-Traded Fund
REIT	Real Estate Investment Trust
(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)	All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(c)	The rate shown is the current yield as of December 31, 2020.

Detailed information about investment portfolios of the underlying funds and ETFs can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC’s as well as the 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, 2020 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 65

JPMorgan SmartRetirement^® Blend 2060 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

Futures contracts outstanding as of December 31, 2020 (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		8			03/2021		EUR		347			6
MSCI Emerging Markets E-Mini Index		16			03/2021		USD		1,030			28
Russell 2000 E-Mini Index		7			03/2021		USD		692			20
S&P 500 E-Mini Index		19			03/2021		USD		3,558			76
TOPIX Index		2			03/2021		JPY		351			7
U.S. Treasury 10 Year Note		31			03/2021		USD		4,279			6
												143
Short Contracts
Euro-Bund		(16	)		03/2021		EUR		(3,472	)		(5	)
												138

Abbreviations
EUR	Euro
JPY	Japanese Yen
MSCI	Morgan Stanley Capital International
TOPIX	Tokyo Stock Price Index
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

66 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2020

THIS PAGE IS INTENTIONALLY LEFT BLANK

DECEMBER 31, 2020 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 67

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2020 (Unaudited)

(Amounts in thousands, except per share amounts)

	JPMorgan SmartRetirement® Blend Income Fund		JPMorgan SmartRetirement® Blend 2020 Fund		JPMorgan SmartRetirement® Blend 2025 Fund
ASSETS:
Investments in non-affiliates, at value	$	222,006	$	447,524	$	514,206
Investments in affiliates, at value		583,960		1,166,776		1,729,183
Cash		1		—		2
Receivables:
Investment securities sold		8,823		16,572		21,676
Investment securities sold — delayed delivery securities		2,055		4,017		5,026
Fund shares sold		964		473		1,240
Interest from non-affiliates		549		1,144		1,454
Dividends from affiliates		217		418		485
Variation margin on futures contracts		368		792		1,285
Due from adviser		41		49		43
Total Assets		818,984		1,637,765		2,274,600
LIABILITIES:
Payables:
Due to custodian		—		42		—
Distributions		38		71		123
Investment securities purchased		49		3,537		9,136
Investment securities purchased — delayed delivery securities		66,373		121,678		149,717
Fund shares redeemed		4,447		10,534		11,052
Accrued liabilities:
Administration fees		29		62		88
Distribution fees		2		9		10
Service fees		5		15		21
Custodian and accounting fees		4		3		1
Trustees’ and Chief Compliance Officer’s fees		1		1		1
Other		83		71		102
Total Liabilities		71,031		136,023		170,251
Net Assets	$	747,953	$	1,501,742	$	2,104,349

SEE NOTES TO FINANCIAL STATEMENTS.

68 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2020

	JPMorgan SmartRetirement® Blend Income Fund		JPMorgan SmartRetirement® Blend 2020 Fund		JPMorgan SmartRetirement® Blend 2025 Fund
NET ASSETS:
Paid-in-Capital	$	695,513	$	1,397,573	$	1,917,308
Total distributable earnings (loss)		52,440		104,169		187,041
Total Net Assets	$	747,953	$	1,501,742	$	2,104,349
Net Assets:
Class I	$	6,411	$	12,460	$	21,324
Class R2		58		28		1,310
Class R3		8,061		40,036		43,177
Class R4		1,609		3,017		8,306
Class R5		23,462		38,225		71,801
Class R6		708,352		1,407,976		1,958,431
Total	$	747,953	$	1,501,742	$	2,104,349
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class I		339		586		918
Class R2		3		1		56
Class R3		427		1,887		1,860
Class R4		85		142		357
Class R5		1,243		1,798		3,088
Class R6		37,499		66,220		84,215
Net Asset Value (a):
Class I — Offering and redemption price per share	$	18.88	$	21.25	$	23.24
Class R2 — Offering and redemption price per share		18.87		21.28		23.22
Class R3 — Offering and redemption price per share		18.88		21.22		23.21
Class R4 — Offering and redemption price per share		18.89		21.27		23.27
Class R5 — Offering and redemption price per share		18.88		21.26		23.25
Class R6 — Offering and redemption price per share		18.89		21.26		23.26
Cost of investments in non-affiliates	$	214,173	$	431,362	$	501,994
Cost of investments in affiliates		541,088		1,082,148		1,567,286

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 69

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)

	JPMorgan SmartRetirement® Blend 2030 Fund		JPMorgan SmartRetirement® Blend 2035 Fund		JPMorgan SmartRetirement® Blend 2040 Fund
ASSETS:
Investments in non-affiliates, at value	$	478,299	$	69,148	$	71,772
Investments in affiliates, at value		1,992,097		1,983,916		1,806,659
Cash		44		1		1
Receivables:
Investment securities sold		21,841		17,206		12,780
Investment securities sold — delayed delivery securities		4,493		—		—
Fund shares sold		1,018		1,757		920
Interest from non-affiliates		1,310		78		72
Dividends from affiliates		475		152		157
Variation margin on futures contracts		1,191		1,251		956
Due from adviser		15		75		36
Total Assets		2,500,783		2,073,584		1,893,353
LIABILITIES:
Payables:
Distributions		104		201		90
Investment securities purchased		7,526		17,456		3,779
Investment securities purchased — delayed delivery securities		133,111		—		—
Fund shares redeemed		20,145		12,584		15,229
Accrued liabilities:
Administration fees		100		84		78
Distribution fees		13		8		7
Service fees		27		18		15
Custodian and accounting fees		—		3		3
Trustees’ and Chief Compliance Officer’s fees		1		1		1
Other		81		112		81
Total Liabilities		161,108		30,467		19,283
Net Assets	$	2,339,675	$	2,043,117	$	1,874,070

SEE NOTES TO FINANCIAL STATEMENTS.

70 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2020

	JPMorgan SmartRetirement® Blend 2030 Fund		JPMorgan SmartRetirement® Blend 2035 Fund		JPMorgan SmartRetirement® Blend 2040 Fund
NET ASSETS:
Paid-in-Capital	$	2,085,307	$	1,797,727	$	1,627,149
Total distributable earnings (loss)		254,368		245,390		246,921
Total Net Assets	$	2,339,675	$	2,043,117	$	1,874,070
Net Assets:
Class I	$	19,777	$	13,714	$	7,331
Class R2		383		696		118
Class R3		61,384		35,484		35,710
Class R4		10,378		8,794		8,024
Class R5		91,577		64,688		51,353
Class R6		2,156,176		1,919,741		1,771,534
Total	$	2,339,675	$	2,043,117	$	1,874,070
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class I		792		515		267
Class R2		15		26		4
Class R3		2,466		1,336		1,302
Class R4		416		330		292
Class R5		3,670		2,430		1,868
Class R6		86,365		72,092		64,433
Net Asset Value (a):
Class I — Offering and redemption price per share	$	24.96	$	26.61	$	27.50
Class R2 — Offering and redemption price per share		25.02		26.61		27.49
Class R3 — Offering and redemption price per share		24.89		26.56		27.42
Class R4 — Offering and redemption price per share		24.98		26.64		27.50
Class R5 — Offering and redemption price per share		24.95		26.63		27.49
Class R6 — Offering and redemption price per share		24.97		26.63		27.49
Cost of investments in non-affiliates	$	461,612	$	57,692	$	58,219
Cost of investments in affiliates		1,768,997		1,766,231		1,583,558

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 71

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)

	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	$	58,202	$	47,641	$	23,713		$	6,147
Investments in affiliates, at value		1,377,587		1,055,998		549,661			135,339
Cash		1		1		—	(a)		—	(a)
Receivables:
Investment securities sold		7,835		5,315		3,425			550
Fund shares sold		876		833		750			396
Interest from non-affiliates		55		50		28			11
Dividends from affiliates		127		99		51			13
Variation margin on futures contracts		926		629		288			108
Due from adviser		7		9		9			11
Total Assets		1,445,616		1,110,575		577,925			142,575
LIABILITIES:
Payables:
Distributions		113		73		57			9
Investment securities purchased		5,466		4,641		2,241			918
Fund shares redeemed		15,130		14,320		15,218			1,862
Accrued liabilities:
Administration fees		57		43		20			—	(a)
Distribution fees		4		3		1			—	(a)
Service fees		11		8		5			1
Custodian and accounting fees		5		6		5			6
Trustees’ and Chief Compliance Officer’s fees		1		1		2			2
Other		75		82		90			31
Total Liabilities		20,862		19,177		17,639			2,829
Net Assets	$	1,424,754	$	1,091,398	$	560,286		$	139,746

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

72 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2020

	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	$	1,230,198	$	937,489	$	475,941	$	121,196
Total distributable earnings (loss)		194,556		153,909		84,345		18,550
Total Net Assets	$	1,424,754	$	1,091,398	$	560,286	$	139,746
Net Assets:
Class I	$	7,945	$	3,982	$	2,653	$	367
Class R2		50		142		206		35
Class R3		19,535		13,463		5,177		1,675
Class R4		6,103		6,717		4,379		200
Class R5		43,907		37,091		26,864		5,415
Class R6		1,347,214		1,030,003		521,007		132,054
Total	$	1,424,754	$	1,091,398	$	560,286	$	139,746
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class I		285		143		96		17
Class R2		2		5		7		2
Class R3		702		484		188		78
Class R4		219		241		158		9
Class R5		1,574		1,332		972		254
Class R6		48,252		36,957		18,835		6,182
Net Asset Value (a):
Class I — Offering and redemption price per share	$	27.89	$	27.88	$	27.65	$	21.38
Class R2 — Offering and redemption price per share		27.88		27.85		27.64		21.37
Class R3 — Offering and redemption price per share		27.82		27.82		27.57		21.33
Class R4 — Offering and redemption price per share		27.89		27.86		27.63		21.40
Class R5 — Offering and redemption price per share		27.90		27.85		27.64		21.35
Class R6 — Offering and redemption price per share		27.92		27.87		27.66		21.36
Cost of investments in non-affiliates	$	48,155	$	39,686	$	19,316	$	5,333
Cost of investments in affiliates		1,199,870		914,219		472,294		118,589

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 73

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

(Amounts in thousands)

	JPMorgan SmartRetirement® Blend Income Fund			JPMorgan SmartRetirement® Blend 2020 Fund			JPMorgan SmartRetirement® Blend 2025 Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	319		$	706		$	923
Dividend income from non-affiliates		358			779			365
Dividend income from affiliates		5,791			11,118			16,615
Total investment income		6,468			12,603			17,903
EXPENSES:
Investment advisory fees		610			1,169			1,607
Administration fees		214			412			568
Distribution fees:
Class R2		—	(a)		—	(a)		3
Class R3		10			49			51
Service fees:
Class I		8			15			25
Class R2		—	(a)		—	(a)		1
Class R3		10			49			51
Class R4		2			6			11
Class R5		12			20			38
Custodian and accounting fees		14			19			25
Interest expense to affiliates		—	(a)		—	(a)		—	(a)
Professional fees		22			24			26
Trustees’ and Chief Compliance Officer’s fees		14			15			16
Printing and mailing costs		6			10			13
Registration and filing fees		59			54			71
Transfer agency fees (See Note 2.I.)		7			8			11
Other		14			23			30
Total expenses		1,002			1,873			2,547
Less fees waived		(702	)		(1,302	)		(1,785	)
Less expense reimbursements		(179	)		(274	)		(201	)
Net expenses		121			297			561
Net investment income (loss)		6,347			12,306			17,342
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		2,927			6,087			6,972
Investments in affiliates		7,746			15,762			21,817
Futures contracts		4,782			10,389			19,151
Foreign currency transactions		35			37			106
Net realized gain (loss)		15,490			32,275			48,046
Distributions of capital gains received from investment company non-affiliates		—	(a)		—			—	(a)
Distributions of capital gains received from investment company affiliates		727			1,414			1,739
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		6,033			13,091			10,987
Investments in affiliates		28,450			58,311			123,027
Futures contracts		(264	)		(691	)		(165	)
Foreign currency translations		5			(6	)		(5	)
Change in net unrealized appreciation/depreciation		34,224			70,705			133,844
Net realized/unrealized gains (losses)		50,441			104,394			183,629
Change in net assets resulting from operations	$	56,788		$	116,700		$	200,971

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

74 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2020

	JPMorgan SmartRetirement® Blend 2030 Fund			JPMorgan SmartRetirement® Blend 2035 Fund			JPMorgan SmartRetirement® Blend 2040 Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	840		$	73		$	71
Dividend income from non-affiliates		508			505			528
Dividend income from affiliates		19,057			17,892			16,555
Total investment income		20,405			18,470			17,154
EXPENSES:
Investment advisory fees		1,821			1,466			1,389
Administration fees		643			520			492
Distribution fees:
Class R2		1			1			—	(a)
Class R3		72			40			39
Service fees:
Class I		23			16			8
Class R2		—	(a)		—	(a)		—	(a)
Class R3		72			40			39
Class R4		15			13			12
Class R5		44			32			24
Custodian and accounting fees		28			23			22
Interest expense to affiliates		—	(a)		—	(a)		—	(a)
Professional fees		27			25			25
Trustees’ and Chief Compliance Officer’s fees		16			15			15
Printing and mailing costs		15			12			16
Registration and filing fees		51			67			53
Transfer agency fees (See Note 2.I.)		11			10			10
Other		31			27			25
Total expenses		2,870			2,307			2,169
Less fees waived		(1,962	)		(1,628	)		(1,383	)
Less expense reimbursements		(8	)		(24	)		(6	)
Net expenses		900			655			780
Net investment income (loss)		19,505			17,815			16,374
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		11,475			8,786			10,953
Investments in affiliates		18,410			473			869
Futures contracts		21,361			18,394			18,204
Foreign currency transactions		108			97			48
Net realized gain (loss)		51,354			27,750			30,074
Distributions of capital gains received from investment company non-affiliates		—	(a)		—	(a)		—
Distributions of capital gains received from investment company affiliates		1,516			5,265			2,812
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		10,720			9,811			8,840
Investments in affiliates		180,252			180,490			190,693
Futures contracts		(133	)		197			(60	)
Foreign currency translations		(42	)		8			(4	)
Change in net unrealized appreciation/depreciation		190,797			190,506			199,469
Net realized/unrealized gains (losses)		243,667			223,521			232,355
Change in net assets resulting from operations	$	263,172		$	241,336		$	248,729

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 75

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

(Amounts in thousands)

	JPMorgan SmartRetirement® Blend 2045 Fund			JPMorgan SmartRetirement® Blend 2050 Fund			JPMorgan SmartRetirement® Blend 2055 Fund			JPMorgan SmartRetirement® Blend 2060 Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	52		$	48		$	23		$	7
Dividend income from non-affiliates		444			320			188			41
Dividend income from affiliates		12,261			9,672			5,137			1,204
Total investment income		12,757			10,040			5,348			1,252
EXPENSES:
Investment advisory fees		1,023			832			455			103
Administration fees		363			295			161			37
Distribution fees:
Class R2		—	(a)		—	(a)		—	(a)		—	(a)
Class R3		22			15			5			2
Service fees:
Class I		9			5			3			—	(a)
Class R2		—	(a)		—	(a)		—	(a)		—	(a)
Class R3		22			15			5			2
Class R4		9			9			5			—	(a)
Class R5		21			17			12			2
Custodian and accounting fees		16			15			14			15
Interest expense to affiliates		—	(a)		—	(a)		—	(a)		—
Professional fees		23			23			22			20
Trustees’ and Chief Compliance Officer’s fees		15			15			14			14
Printing and mailing costs		15			16			13			4
Registration and filing fees		51			51			58			47
Transfer agency fees (See Note 2.I.)		8			8			6			4
Other		20			16			11			7
Total expenses		1,617			1,332			784			257
Less fees waived		(943	)		(792	)		(490	)		(139	)
Less expense reimbursements		(6	)		(5	)		(4	)		(52	)
Net expenses		668			535			290			66
Net investment income (loss)		12,089			9,505			5,058			1,186
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		7,718			6,202			3,062			543
Investments in affiliates		502			121			197			1
Futures contracts		13,053			13,221			6,106			1,565
Foreign currency transactions		33			45			18			4
Net realized gain (loss)		21,306			19,589			9,383			2,113
Distributions of capital gains received from investment company non-affiliates		—			—			—			—	(a)
Distributions of capital gains received from investment company affiliates		871			688			364			87
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		8,591			5,314			3,910			901
Investments in affiliates		151,754			123,224			67,897			15,455
Futures contracts		202			(85	)		(11	)		(15	)
Foreign currency translations		12			1			3			2
Change in net unrealized appreciation/depreciation		160,559			128,454			71,799			16,343
Net realized/unrealized gains (losses)		182,736			148,731			81,546			18,543
Change in net assets resulting from operations	$	194,825		$	158,236		$	86,604		$	19,729

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

76 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2020

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan SmartRetirement® Blend Income Fund						JPMorgan SmartRetirement® Blend 2020 Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	6,347		$	12,739		$	12,306		$	24,794
Net realized gain (loss)		15,490			5,851			32,275			5,556
Distributions of capital gains received from investment company non-affiliates		—	(a)		—			—			—
Distributions of capital gains received from investment company affiliates		727			643			1,414			1,495
Change in net unrealized appreciation/depreciation		34,224			(4,753	)		70,705			(3,801	)
Change in net assets resulting from operations		56,788			14,480			116,700			28,044
DISTRIBUTIONS TO SHAREHOLDERS:
Class I		(200	)		(155	)		(379	)		(340	)
Class R2		(3	)		(1	)		(1	)		—	(a)
Class R3		(245	)		(51	)		(1,176	)		(677	)
Class R4		(53	)		(48	)		(98	)		(125	)
Class R5		(765	)		(1,419	)		(1,185	)		(3,905	)
Class R6		(21,188	)		(11,151	)		(39,783	)		(20,963	)
Total distributions to shareholders		(22,454	)		(12,825	)		(42,622	)		(26,010	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		222,867			64,126			479,769			92,161
NET ASSETS:
Change in net assets		257,201			65,781			553,847			94,195
Beginning of period		490,752			424,971			947,895			853,700
End of period	$	747,953		$	490,752		$	1,501,742		$	947,895

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 77

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan SmartRetirement® Blend 2025 Fund						JPMorgan SmartRetirement® Blend 2030 Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	17,342		$	29,826		$	19,505		$	29,692
Net realized gain (loss)		48,046			3,282			51,354			(11,154	)
Distributions of capital gains received from investment company non-affiliates		—	(a)		—			—	(a)		—
Distributions of capital gains received from investment company affiliates		1,739			2,156			1,516			2,093
Change in net unrealized appreciation/depreciation		133,844			(3,807	)		190,797			971
Change in net assets resulting from operations		200,971			31,457			263,172			21,602
DISTRIBUTIONS TO SHAREHOLDERS:
Class I		(559	)		(456	)		(374	)		(575	)
Class R2		(32	)		(20	)		(7	)		—	(a)
Class R3		(1,091	)		(542	)		(1,122	)		(642	)
Class R4		(229	)		(180	)		(211	)		(241	)
Class R5		(1,965	)		(4,843	)		(1,811	)		(5,591	)
Class R6		(47,908	)		(28,949	)		(39,337	)		(29,459	)
Total distributions to shareholders		(51,784	)		(34,990	)		(42,862	)		(36,508	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		667,947			177,280			664,612			286,981
NET ASSETS:
Change in net assets		817,134			173,747			884,922			272,075
Beginning of period		1,287,215			1,113,468			1,454,753			1,182,678
End of period	$	2,104,349		$	1,287,215		$	2,339,675		$	1,454,753

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

78 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2020

	JPMorgan SmartRetirement® Blend 2035 Fund						JPMorgan SmartRetirement® Blend 2040 Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	17,815		$	22,588		$	16,374		$	19,281
Net realized gain (loss)		27,750			(11,390	)		30,074			(20,717	)
Distributions of capital gains received from investment company non-affiliates		—	(a)		—			—			—
Distributions of capital gains received from investment company affiliates		5,265			1,141			2,812			1,050
Change in net unrealized appreciation/depreciation		190,506			(1,289	)		199,469			(2,567	)
Change in net assets resulting from operations		241,336			11,050			248,729			(2,953	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class I		(141	)		(268	)		(64	)		(277	)
Class R2		(4	)		—	(a)		(1	)		—	(a)
Class R3		(323	)		(320	)		(274	)		(200	)
Class R4		(106	)		(246	)		(84	)		(191	)
Class R5		(721	)		(3,312	)		(481	)		(3,396	)
Class R6		(19,359	)		(23,444	)		(15,808	)		(20,095	)
Total distributions to shareholders		(20,654	)		(27,590	)		(16,712	)		(24,159	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		675,778			205,721			544,283			239,864
NET ASSETS:
Change in net assets		896,460			189,181			776,300			212,752
Beginning of period		1,146,657			957,476			1,097,770			885,018
End of period	$	2,043,117		$	1,146,657		$	1,874,070		$	1,097,770

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 79

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan SmartRetirement® Blend 2045 Fund						JPMorgan SmartRetirement® Blend 2050 Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	12,089		$	13,957		$	9,505		$	10,707
Net realized gain (loss)		21,306			(12,709	)		19,589			(14,397	)
Distributions of capital gains received from investment company affiliates		871			845			688			633
Change in net unrealized appreciation/depreciation		160,559			(3,784	)		128,454			(1,521	)
Change in net assets resulting from operations		194,825			(1,691	)		158,236			(4,578	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class I		(67	)		(129	)		(34	)		(116	)
Class R2		—	(a)		—	(a)		(1	)		—	(a)
Class R3		(143	)		(115	)		(100	)		(75	)
Class R4		(61	)		(135	)		(62	)		(117	)
Class R5		(405	)		(1,979	)		(338	)		(1,903	)
Class R6		(11,466	)		(13,617	)		(9,070	)		(10,542	)
Total distributions to shareholders		(12,142	)		(15,975	)		(9,605	)		(12,753	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		450,240			117,972			297,509			148,834
NET ASSETS:
Change in net assets		632,923			100,306			446,140			131,503
Beginning of period		791,831			691,525			645,258			513,755
End of period	$	1,424,754		$	791,831		$	1,091,398		$	645,258

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

80 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2020

	JPMorgan SmartRetirement® Blend 2055 Fund						JPMorgan SmartRetirement® Blend 2060 Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	5,058		$	5,721		$	1,186		$	1,049
Net realized gain (loss)		9,383			(6,398	)		2,113			(1,097	)
Distributions of capital gains received from investment company non-affiliates		—			—			—	(a)		—
Distributions of capital gains received from investment company affiliates		364			342			87			60
Change in net unrealized appreciation/depreciation		71,799			(594	)		16,343			(208	)
Change in net assets resulting from operations		86,604			(929	)		19,729			(196	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class I		(21	)		(49	)		(3	)		(4	)
Class R2		(1	)		—	(a)		—	(a)		—	(a)
Class R3		(37	)		(27	)		(12	)		(15	)
Class R4		(37	)		(56	)		(2	)		(6	)
Class R5		(238	)		(825	)		(49	)		(97	)
Class R6		(4,615	)		(5,431	)		(1,139	)		(1,062	)
Total distributions to shareholders		(4,949	)		(6,388	)		(1,205	)		(1,184	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		124,892			100,329			44,613			36,878
NET ASSETS:
Change in net assets		206,547			93,012			63,137			35,498
Beginning of period		353,739			260,727			76,609			41,111
End of period	$	560,286		$	353,739		$	139,746		$	76,609

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 81

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan SmartRetirement® Blend Income Fund						JPMorgan SmartRetirement® Blend 2020 Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class I
Proceeds from shares issued	$	351		$	486		$	389		$	2,294
Distributions reinvested		200			155			379			341
Cost of shares redeemed		(287	)		(2,344	)		(1,292	)		(7,897	)
Change in net assets resulting from Class I capital transactions		264			(1,703	)		(524	)		(5,262	)
Class R2
Proceeds from shares issued		4			—	(a)		—			3
Distributions reinvested		3			1			1			—	(a)
Cost of shares redeemed		—	(a)		—			—			(49	)
Change in net assets resulting from Class R2 capital transactions		7			1			1			(46	)
Class R3
Proceeds from shares issued		1,163			6,219			5,316			13,083
Distributions reinvested		239			47			1,169			674
Cost of shares redeemed		(622	)		(522	)		(5,637	)		(9,477	)
Change in net assets resulting from Class R3 capital transactions		780			5,744			848			4,280
Class R4
Proceeds from shares issued		244			1,050			520			2,670
Distributions reinvested		53			48			98			125
Cost of shares redeemed		(506	)		(1,641	)		(3,365	)		(1,904	)
Change in net assets resulting from Class R4 capital transactions		(209	)		(543	)		(2,747	)		891
Class R5
Proceeds from shares issued		2,261			16,173			8,502			18,567
Distributions reinvested		755			1,412			1,185			3,905
Cost of shares redeemed		(6,793	)		(53,603	)		(16,144	)		(158,349	)
Change in net assets resulting from Class R5 capital transactions		(3,777	)		(36,018	)		(6,457	)		(135,877	)
Class R6
Proceeds from shares issued		290,344			228,472			605,642			416,213
Distributions reinvested		20,946			11,027			39,302			20,673
Cost of shares redeemed		(85,488	)		(142,854	)		(156,296	)		(208,711	)
Change in net assets resulting from Class R6 capital transactions		225,802			96,645			488,648			228,175
Total change in net assets resulting from capital transactions	$	222,867		$	64,126		$	479,769		$	92,161

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

82 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2020

	JPMorgan SmartRetirement® Blend Income Fund						JPMorgan SmartRetirement® Blend 2020 Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class I
Issued		17			28			18			120
Reinvested		11			9			18			17
Redeemed		(15	)		(137	)		(63	)		(400	)
Change in Class I Shares		13			(100	)		(27	)		(263	)
Class R2
Issued		—	(a)		—	(a)		—			—	(a)
Reinvested		—	(a)		—	(a)		—	(a)		—	(a)
Redeemed		—	(a)		—			—			(2	)
Change in Class R2 Shares		—	(a)		—	(a)		—	(a)		(2	)
Class R3
Issued		64			380			261			714
Reinvested		13			2			56			34
Redeemed		(34	)		(30	)		(275	)		(492	)
Change in Class R3 Shares		43			352			42			256
Class R4
Issued		13			59			25			133
Reinvested		3			3			5			6
Redeemed		(28	)		(96	)		(165	)		(99	)
Change in Class R4 Shares		(12	)		(34	)		(135	)		40
Class R5
Issued		123			924			413			948
Reinvested		40			81			56			200
Redeemed		(368	)		(3,139	)		(783	)		(8,390	)
Change in Class R5 Shares		(205	)		(2,134	)		(314	)		(7,242	)
Class R6
Issued		15,441			12,969			28,626			21,277
Reinvested		1,116			632			1,863			1,060
Redeemed		(4,603	)		(8,136	)		(7,504	)		(10,727	)
Change in Class R6 Shares		11,954			5,465			22,985			11,610

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 83

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan SmartRetirement® Blend 2025 Fund						JPMorgan SmartRetirement® Blend 2030 Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class I
Proceeds from shares issued	$	864		$	6,910		$	464		$	3,811
Distributions reinvested		559			431			372			574
Cost of shares redeemed		(1,330	)		(6,539	)		(137	)		(16,150	)
Change in net assets resulting from Class I capital transactions		93			802			699			(11,765	)
Class R2
Proceeds from shares issued		178			33			305			17
Distributions reinvested		31			19			7			—	(a)
Cost of shares redeemed		—	(a)		(31	)		(1	)		(564	)
Change in net assets resulting from Class R2 capital transactions		209			21			311			(547	)
Class R3
Proceeds from shares issued		6,211			17,963			7,684			24,389
Distributions reinvested		1,078			533			1,048			551
Cost of shares redeemed		(3,537	)		(8,600	)		(4,147	)		(5,222	)
Change in net assets resulting from Class R3 capital transactions		3,752			9,896			4,585			19,718
Class R4
Proceeds from shares issued		3,022			3,545			3,344			5,151
Distributions reinvested		229			180			211			241
Cost of shares redeemed		(3,194	)		(4,154	)		(4,438	)		(4,221	)
Change in net assets resulting from Class R4 capital transactions		57			(429	)		(883	)		1,171
Class R5
Proceeds from shares issued		6,346			36,253			8,509			31,846
Distributions reinvested		1,965			4,843			1,811			5,591
Cost of shares redeemed		(22,828	)		(150,614	)		(14,865	)		(176,138	)
Change in net assets resulting from Class R5 capital transactions		(14,517	)		(109,518	)		(4,545	)		(138,701	)
Class R6
Proceeds from shares issued		832,970			580,097			843,824			607,932
Distributions reinvested		47,256			28,558			38,974			29,150
Cost of shares redeemed		(201,873	)		(332,147	)		(218,353	)		(219,977	)
Change in net assets resulting from Class R6 capital transactions		678,353			276,508			664,445			417,105
Total change in net assets resulting from capital transactions	$	667,947		$	177,280		$	664,612		$	286,981

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

84 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2020

	JPMorgan SmartRetirement® Blend 2025 Fund						JPMorgan SmartRetirement® Blend 2030 Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class I
Issued		39			323			20			175
Reinvested		24			21			15			26
Redeemed		(59	)		(312	)		(6	)		(762	)
Change in Class I Shares		4			32			29			(561	)
Class R2
Issued		8			2			12			1
Reinvested		1			1			1			—	(a)
Redeemed		—	(a)		(2	)		—	(a)		(26	)
Change in Class R2 Shares		9			1			13			(25	)
Class R3
Issued		284			933			337			1,245
Reinvested		47			26			43			25
Redeemed		(160	)		(414	)		(174	)		(246	)
Change in Class R3 Shares		171			545			206			1,024
Class R4
Issued		140			165			148			229
Reinvested		10			9			9			11
Redeemed		(147	)		(198	)		(196	)		(199	)
Change in Class R4 Shares		3			(24	)		(39	)		41
Class R5
Issued		286			1,729			365			1,442
Reinvested		86			232			74			255
Redeemed		(1,027	)		(7,640	)		(633	)		(8,671	)
Change in Class R5 Shares		(655	)		(5,679	)		(194	)		(6,974	)
Class R6
Issued		36,325			27,791			34,564			27,957
Reinvested		2,057			1,369			1,591			1,332
Redeemed		(9,021	)		(15,813	)		(9,153	)		(10,173	)
Change in Class R6 Shares		29,361			13,347			27,002			19,116

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 85

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan SmartRetirement® Blend 2035 Fund						JPMorgan SmartRetirement® Blend 2040 Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class I
Proceeds from shares issued	$	568		$	3,691		$	422		$	2,303
Distributions reinvested		123			258			62			274
Cost of shares redeemed		(727	)		(4,923	)		(394	)		(11,880	)
Change in net assets resulting from Class I capital transactions		(36	)		(974	)		90			(9,303	)
Class R2
Proceeds from shares issued		597			6			68			12
Distributions reinvested		4			—	(a)		1			—	(a)
Cost of shares redeemed		—	(a)		(47	)		—	(a)		(97	)
Change in net assets resulting from Class R2 capital transactions		601			(41	)		69			(85	)
Class R3
Proceeds from shares issued		4,602			14,707			6,814			15,784
Distributions reinvested		301			284			250			153
Cost of shares redeemed		(2,076	)		(3,129	)		(2,007	)		(884	)
Change in net assets resulting from Class R3 capital transactions		2,827			11,862			5,057			15,053
Class R4
Proceeds from shares issued		2,100			3,232			1,673			3,437
Distributions reinvested		106			246			84			191
Cost of shares redeemed		(5,254	)		(3,919	)		(4,589	)		(3,126	)
Change in net assets resulting from Class R4 capital transactions		(3,048	)		(441	)		(2,832	)		502
Class R5
Proceeds from shares issued		6,312			32,338			5,874			24,230
Distributions reinvested		720			3,311			481			3,395
Cost of shares redeemed		(13,037	)		(107,928	)		(10,077	)		(128,254	)
Change in net assets resulting from Class R5 capital transactions		(6,005	)		(72,279	)		(3,722	)		(100,629	)
Class R6
Proceeds from shares issued		820,780			490,190			708,700			463,256
Distributions reinvested		19,039			23,114			15,684			19,906
Cost of shares redeemed		(158,380	)		(245,710	)		(178,763	)		(148,836	)
Change in net assets resulting from Class R6 capital transactions		681,439			267,594			545,621			334,326
Total change in net assets resulting from capital transactions	$	675,778		$	205,721		$	544,283		$	239,864

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

86 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2020

	JPMorgan SmartRetirement® Blend 2035 Fund						JPMorgan SmartRetirement® Blend 2040 Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class I
Issued		23			159			18			97
Reinvested		5			11			2			12
Redeemed		(29	)		(223	)		(16	)		(537	)
Change in Class I Shares		(1	)		(53	)		4			(428	)
Class R2
Issued		25			—	(a)		3			1
Reinvested		—	(a)		—	(a)		—	(a)		—	(a)
Redeemed		—	(a)		(2	)		—	(a)		(5	)
Change in Class R2 Shares		25			(2	)		3			(4	)
Class R3
Issued		193			726			281			781
Reinvested		12			12			10			6
Redeemed		(87	)		(140	)		(81	)		(39	)
Change in Class R3 Shares		118			598			210			748
Class R4
Issued		88			140			70			145
Reinvested		4			11			3			8
Redeemed		(222	)		(178	)		(191	)		(138	)
Change in Class R4 Shares		(130	)		(27	)		(118	)		15
Class R5
Issued		261			1,417			235			1,031
Reinvested		28			145			18			144
Redeemed		(532	)		(5,156	)		(406	)		(6,092	)
Change in Class R5 Shares		(243	)		(3,594	)		(153	)		(4,917	)
Class R6
Issued		31,770			21,651			26,638			20,156
Reinvested		739			1,009			594			851
Redeemed		(6,334	)		(10,754	)		(6,912	)		(6,524	)
Change in Class R6 Shares		26,175			11,906			20,320			14,483

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 87

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan SmartRetirement® Blend 2045 Fund						JPMorgan SmartRetirement® Blend 2050 Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class I
Proceeds from shares issued	$	331		$	2,819		$	462		$	1,337
Distributions reinvested		57			125			34			116
Cost of shares redeemed		(326	)		(3,638	)		(395	)		(5,433	)
Change in net assets resulting from Class I capital transactions		62			(694	)		101			(3,980	)
Class R2
Proceeds from shares issued		14			3			90			8
Distributions reinvested		—	(a)		—	(a)		1			—	(a)
Cost of shares redeemed		—	(a)		(26	)		—	(a)		(52	)
Change in net assets resulting from Class R2 capital transactions		14			(23	)		91			(44	)
Class R3
Proceeds from shares issued		2,838			8,789			3,650			5,551
Distributions reinvested		126			91			80			48
Cost of shares redeemed		(1,197	)		(847	)		(987	)		(631	)
Change in net assets resulting from Class R3 capital transactions		1,767			8,033			2,743			4,968
Class R4
Proceeds from shares issued		1,174			2,195			1,113			2,101
Distributions reinvested		61			135			62			117
Cost of shares redeemed		(3,405	)		(2,892	)		(2,066	)		(1,532	)
Change in net assets resulting from Class R4 capital transactions		(2,170	)		(562	)		(891	)		686
Class R5
Proceeds from shares issued		4,593			24,450			4,718			20,813
Distributions reinvested		404			1,978			338			1,902
Cost of shares redeemed		(9,643	)		(81,624	)		(6,027	)		(81,022	)
Change in net assets resulting from Class R5 capital transactions		(4,646	)		(55,196	)		(971	)		(58,307	)
Class R6
Proceeds from shares issued		580,572			343,670			404,900			289,250
Distributions reinvested		11,306			13,450			8,968			10,425
Cost of shares redeemed		(136,665	)		(190,706	)		(117,432	)		(94,164	)
Change in net assets resulting from Class R6 capital transactions		455,213			166,414			296,436			205,511
Total change in net assets resulting from capital transactions	$	450,240		$	117,972		$	297,509		$	148,834

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

88 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2020

	JPMorgan SmartRetirement® Blend 2045 Fund						JPMorgan SmartRetirement® Blend 2050 Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class I
Issued		14			128			19			57
Reinvested		2			5			1			5
Redeemed		(13	)		(164	)		(16	)		(248	)
Change in Class I Shares		3			(31	)		4			(186	)
Class R2
Issued		1			—	(a)		4			—
Reinvested		—	(a)		—	(a)		—	(a)		—
Redeemed		—	(a)		(1	)		—	(a)		(2	)
Change in Class R2 Shares		1			(1	)		4			(2	)
Class R3
Issued		115			421			149			267
Reinvested		5			4			3			2
Redeemed		(48	)		(36	)		(38	)		(29	)
Change in Class R3 Shares		72			389			114			240
Class R4
Issued		48			94			45			90
Reinvested		3			6			3			5
Redeemed		(140	)		(126	)		(86	)		(69	)
Change in Class R4 Shares		(89	)		(26	)		(38	)		26
Class R5
Issued		183			1,032			187			881
Reinvested		15			84			13			80
Redeemed		(381	)		(3,870	)		(239	)		(3,866	)
Change in Class R5 Shares		(183	)		(2,754	)		(39	)		(2,905	)
Class R6
Issued		21,601			14,824			15,169			12,618
Reinvested		423			569			337			443
Redeemed		(5,224	)		(8,027	)		(4,500	)		(4,097	)
Change in Class R6 Shares		16,800			7,366			11,006			8,964

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 89

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan SmartRetirement® Blend 2055 Fund						JPMorgan SmartRetirement® Blend 2060 Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class I
Proceeds from shares issued	$	577		$	1,487		$	83		$	110
Distributions reinvested		21			49			3			4
Cost of shares redeemed		(153	)		(2,461	)		(27	)		(405	)
Change in net assets resulting from Class I capital transactions		445			(925	)		59			(291	)
Class R2
Proceeds from shares issued		140			14			6			2
Distributions reinvested		1			—	(a)		—	(a)		1
Cost of shares redeemed		(1	)		(51	)		(4	)		(16	)
Change in net assets resulting from Class R2 capital transactions		140			(37	)		2			(13	)
Class R3
Proceeds from shares issued		2,494			1,545			317			569
Distributions reinvested		28			15			12			15
Cost of shares redeemed		(630	)		(265	)		(132	)		(207	)
Change in net assets resulting from Class R3 capital transactions		1,892			1,295			197			377
Class R4
Proceeds from shares issued		795			2,017			93			268
Distributions reinvested		37			56			2			6
Cost of shares redeemed		(764	)		(1,354	)		(190	)		(363	)
Change in net assets resulting from Class R4 capital transactions		68			719			(95	)		(89	)
Class R5
Proceeds from shares issued		3,906			15,463			1,597			3,915
Distributions reinvested		238			825			49			97
Cost of shares redeemed		(5,077	)		(33,384	)		(913	)		(3,913	)
Change in net assets resulting from Class R5 capital transactions		(933	)		(17,096	)		733			99
Class R6
Proceeds from shares issued		190,807			186,346			61,911			51,677
Distributions reinvested		4,530			5,363			1,125			1,047
Cost of shares redeemed		(72,057	)		(75,336	)		(19,319	)		(15,929	)
Change in net assets resulting from Class R6 capital transactions		123,280			116,373			43,717			36,795
Total change in net assets resulting from capital transactions	$	124,892		$	100,329		$	44,613		$	36,878

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

90 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2020

	JPMorgan SmartRetirement® Blend 2055 Fund						JPMorgan SmartRetirement® Blend 2060 Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class I
Issued		22			64			4			6
Reinvested		1			2			—	(a)		—	(a)
Redeemed		(6	)		(112	)		(1	)		(22	)
Change in Class I Shares		17			(46	)		3			(16	)
Class R2
Issued		5			—	(a)		—	(a)		—	(a)
Reinvested		—	(a)		—	(a)		—	(a)		—	(a)
Redeemed		—	(a)		(2	)		—	(a)		(1	)
Change in Class R2 Shares		5			(2	)		—	(a)		(1	)
Class R3
Issued		103			68			15			33
Reinvested		1			—			1			1
Redeemed		(25	)		(11	)		(7	)		(12	)
Change in Class R3 Shares		79			57			9			22
Class R4
Issued		32			86			5			15
Reinvested		1			2			—	(a)		—	(a)
Redeemed		(32	)		(59	)		(10	)		(21	)
Change in Class R4 Shares		1			29			(5	)		(6	)
Class R5
Issued		157			663			84			220
Reinvested		9			35			2			6
Redeemed		(204	)		(1,586	)		(47	)		(241	)
Change in Class R5 Shares		(38	)		(888	)		39			(15	)
Class R6
Issued		7,282			8,117			3,062			2,915
Reinvested		172			230			55			58
Redeemed		(2,794	)		(3,205	)		(972	)		(898	)
Change in Class R6 Shares		4,660			5,142			2,145			2,075

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 91

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® Blend Income Fund
Class I
Six Months Ended December 31, 2020 (Unaudited)	$	17.65	$	0.17		$	1.67		$	1.84	$	(0.17	)	$	(0.44	)	$	(0.61	)
Year Ended June 30, 2020		17.52		0.42			0.13			0.55		(0.42	)		—			(0.42	)
Year Ended June 30, 2019		17.53		0.45			0.49			0.94		(0.45	)		(0.50	)		(0.95	)
Year Ended June 30, 2018		17.25		0.42			0.29			0.71		(0.43	)		—			(0.43	)
Year Ended June 30, 2017		16.50		0.37	(h)		0.72			1.09		(0.34	)		—			(0.34	)
Year Ended June 30, 2016		16.47		0.33			0.06			0.39		(0.34	)		(0.02	)		(0.36	)
Class R2
Six Months Ended December 31, 2020 (Unaudited)		17.64		0.13			1.67			1.80		(0.13	)		(0.44	)		(0.57	)
Year Ended June 30, 2020		17.51		0.34			0.12			0.46		(0.33	)		—			(0.33	)
Year Ended June 30, 2019		17.53		0.39			0.46			0.85		(0.37	)		(0.50	)		(0.87	)
Year Ended June 30, 2018		17.25		0.34			0.28			0.62		(0.34	)		—			(0.34	)
Year Ended June 30, 2017		16.50		0.29	(h)		0.72			1.01		(0.26	)		—			(0.26	)
Year Ended June 30, 2016		16.47		0.27			0.05			0.32		(0.27	)		(0.02	)		(0.29	)
Class R3
Six Months Ended December 31, 2020 (Unaudited)		17.64		0.15			1.68			1.83		(0.15	)		(0.44	)		(0.59	)
Year Ended June 30, 2020		17.52		0.35			0.15			0.50		(0.38	)		—			(0.38	)
Year Ended June 30, 2019		17.54		0.43			0.46			0.89		(0.41	)		(0.50	)		(0.91	)
Year Ended June 30, 2018		17.24		0.31			0.35			0.66		(0.36	)		—			(0.36	)
May 31, 2017 (i) through June 30, 2017		17.28		0.06	(h)		(0.02	)		0.04		(0.08	)		—			(0.08	)
Class R4
Six Months Ended December 31, 2020 (Unaudited)		17.65		0.17			1.68			1.85		(0.17	)		(0.44	)		(0.61	)
Year Ended June 30, 2020		17.52		0.42			0.13			0.55		(0.42	)		—			(0.42	)
Year Ended June 30, 2019		17.52		0.49			0.45			0.94		(0.44	)		(0.50	)		(0.94	)
Year Ended June 30, 2018		17.24		0.46			0.25			0.71		(0.43	)		—			(0.43	)
May 31, 2017 (i) through June 30, 2017		17.28		0.06	(h)		(0.01	)		0.05		(0.09	)		—			(0.09	)
Class R5
Six Months Ended December 31, 2020 (Unaudited)		17.64		0.18			1.69			1.87		(0.19	)		(0.44	)		(0.63	)
Year Ended June 30, 2020		17.51		0.45			0.13			0.58		(0.45	)		—			(0.45	)
Year Ended June 30, 2019		17.53		0.50			0.46			0.96		(0.48	)		(0.50	)		(0.98	)
Year Ended June 30, 2018		17.26		0.50			0.23			0.73		(0.46	)		—			(0.46	)
Year Ended June 30, 2017		16.50		0.40	(h)		0.73			1.13		(0.37	)		—			(0.37	)
Year Ended June 30, 2016		16.47		0.35			0.07			0.42		(0.37	)		(0.02	)		(0.39	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		17.65		0.21			1.67			1.88		(0.20	)		(0.44	)		(0.64	)
Year Ended June 30, 2020		17.52		0.47			0.13			0.60		(0.47	)		—			(0.47	)
Year Ended June 30, 2019		17.54		0.52			0.46			0.98		(0.50	)		(0.50	)		(1.00	)
Year Ended June 30, 2018		17.26		0.48			0.27			0.75		(0.47	)		—			(0.47	)
Year Ended June 30, 2017		16.51		0.44	(h)		0.70			1.14		(0.39	)		—			(0.39	)
Year Ended June 30, 2016		16.48		0.37			0.06			0.43		(0.38	)		(0.02	)		(0.40	)

(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) 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.

(i) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

92 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2020

		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)
$	18.88		10.48	%	$	6,411		0.28	%		1.87	%		0.62	%		55	%
	17.65		3.19			5,745		0.28			2.41			0.66			66
	17.52		5.67			7,450		0.27			2.62			0.65			57
	17.53		4.09			13,663		0.28			2.37			0.70			51
	17.25		6.70			14,965		0.29			2.19	(h)		0.90			35
	16.50		2.39			7,797		0.42			2.03			0.98			52
	18.87		10.22			58		0.78			1.39			1.11			55
	17.64		2.68			49		0.78			1.93			2.67			66
	17.51		5.13			48		0.77			2.28			1.16			57
	17.53		3.57			46		0.78			1.90			1.47			51
	17.25		6.18			44		0.79			1.73	(h)		2.06			35
	16.50		1.97			21		0.82			1.65			3.39			52
	18.88		10.41			8,061		0.53			1.62			0.83			55
	17.64		2.91			6,778		0.53			2.01			0.87			66
	17.52		5.38			566		0.52			2.51			0.91			57
	17.54		3.81			598		0.52			1.72			0.92			51
	17.24		0.25			20		0.55			4.09	(h)		0.99			35
	18.89		10.53			1,609		0.28			1.85			0.60			55
	17.65		3.18			1,705		0.28			2.40			0.63			66
	17.52		5.66			2,290		0.27			2.86			0.65			57
	17.52		4.10			4,716		0.28			2.61			0.67			51
	17.24		0.28			20		0.30			4.35	(h)		0.74			35
	18.88		10.62			23,462		0.13			1.98			0.44			55
	17.64		3.35			25,547		0.13			2.56			0.48			66
	17.51		5.80			62,732		0.12			2.88			0.50			57
	17.53		4.21			83,274		0.13			2.80			0.53			51
	17.26		6.94			28,747		0.13			2.35	(h)		0.69			35
	16.50		2.58			19,315		0.22			2.19			0.80			52
	18.89		10.67			708,352		0.03			2.24			0.33			55
	17.65		3.46			450,928		0.03			2.69			0.38			66
	17.52		5.90			351,885		0.02			3.00			0.40			57
	17.54		4.35			284,279		0.03			2.71			0.44			51
	17.26		6.97			155,019		0.04			2.59	(h)		0.60			35
	16.51		2.64			31,351		0.17			2.29			0.69			52

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN SMARTRETIREMENT^® BLEND 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® Blend 2020 Fund
Class I
Six Months Ended December 31, 2020 (Unaudited)	$	19.70	$	0.19		$	2.02		$	2.21	$	(0.19	)	$	(0.47	)	$	(0.66	)
Year Ended June 30, 2020		19.53		0.47			0.19			0.66		(0.47	)		(0.02	)		(0.49	)
Year Ended June 30, 2019		19.63		0.50			0.53			1.03		(0.51	)		(0.62	)		(1.13	)
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	)
Class R2
Six Months Ended December 31, 2020 (Unaudited)		19.74		0.14			2.01			2.15		(0.14	)		(0.47	)		(0.61	)
Year Ended June 30, 2020		19.52		0.32			0.25			0.57		(0.33	)		(0.02	)		(0.35	)
Year Ended June 30, 2019		19.64		0.46			0.47			0.93		(0.43	)		(0.62	)		(1.05	)
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	)
Class R3
Six Months Ended December 31, 2020 (Unaudited)		19.68		0.17			2.01			2.18		(0.17	)		(0.47	)		(0.64	)
Year Ended June 30, 2020		19.51		0.41			0.20			0.61		(0.42	)		(0.02	)		(0.44	)
Year Ended June 30, 2019		19.62		0.58			0.40			0.98		(0.47	)		(0.62	)		(1.09	)
Year Ended June 30, 2018		19.08		0.45			0.52			0.97		(0.43	)		—			(0.43	)
May 31, 2017 (j) through June 30, 2017		19.12		0.08	(h)		—	(i)		0.08		(0.12	)		—			(0.12	)
Class R4
Six Months Ended December 31, 2020 (Unaudited)		19.72		0.18			2.03			2.21		(0.19	)		(0.47	)		(0.66	)
Year Ended June 30, 2020		19.55		0.47			0.19			0.66		(0.47	)		(0.02	)		(0.49	)
Year Ended June 30, 2019		19.62		0.56			0.47			1.03		(0.48	)		(0.62	)		(1.10	)
Year Ended June 30, 2018		19.08		0.53			0.49			1.02		(0.48	)		—			(0.48	)
May 31, 2017 (j) through June 30, 2017		19.12		0.08	(h)		—	(i)		0.08		(0.12	)		—			(0.12	)
Class R5
Six Months Ended December 31, 2020 (Unaudited)		19.71		0.21			2.02			2.23		(0.21	)		(0.47	)		(0.68	)
Year Ended June 30, 2020		19.54		0.50			0.19			0.69		(0.50	)		(0.02	)		(0.52	)
Year Ended June 30, 2019		19.64		0.55			0.51			1.06		(0.54	)		(0.62	)		(1.16	)
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	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		19.72		0.24			1.99			2.23		(0.22	)		(0.47	)		(0.69	)
Year Ended June 30, 2020		19.55		0.53			0.18			0.71		(0.52	)		(0.02	)		(0.54	)
Year Ended June 30, 2019		19.64		0.58			0.51			1.09		(0.56	)		(0.62	)		(1.18	)
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	)

(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) 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.

(i) Amount rounds to less than $0.005.

(j) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

94 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2020

		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)
$	21.25		11.28	%	$	12,460		0.28	%		1.86	%		0.57	%		60	%
	19.70		3.43			12,068		0.27			2.38			0.61			58
	19.53		5.66			17,098		0.28			2.61			0.62			33
	19.63		5.32			26,229		0.30			2.41			0.64			55
	19.09		9.05			24,528		0.31			2.24	(h)		0.71			33
	17.89		2.16			20,197		0.44			2.18			0.79			48
	21.28		10.94			28		0.78			1.38			1.13			60
	19.74		2.95			26		0.77			1.64			1.48			58
	19.52		5.12			71		0.78			2.40			1.19			33
	19.64		4.79			24		0.80			1.90			1.42			55
	19.10		8.57			23		0.81			1.73	(h)		1.88			33
	17.89		1.74			21		0.84			1.76			3.20			48
	21.22		11.11			40,036		0.53			1.62			0.82			60
	19.68		3.17			36,312		0.52			2.12			0.86			58
	19.51		5.42			30,988		0.52			3.03			0.87			33
	19.62		5.07			2,387		0.53			2.23			0.89			55
	19.08		0.39			20		0.57			4.85	(h)		0.89			33
	21.27		11.24			3,017		0.28			1.76			0.58			60
	19.72		3.44			5,461		0.27			2.41			0.61			58
	19.55		5.67			4,631		0.28			2.88			0.63			33
	19.62		5.32			10,857		0.29			2.66			0.64			55
	19.08		0.41			20		0.31			5.11	(h)		0.63			33
	21.26		11.35			38,225		0.13			1.98			0.42			60
	19.71		3.58			41,625		0.12			2.53			0.46			58
	19.54		5.83			182,770		0.13			2.84			0.47			33
	19.64		5.49			214,924		0.14			2.95			0.49			55
	19.10		9.22			51,332		0.14			2.39	(h)		0.51			33
	17.90		2.41			53,660		0.24			2.33			0.60			48
	21.26		11.36			1,407,976		0.03			2.27			0.31			60
	19.72		3.70			852,403		0.02			2.68			0.36			58
	19.55		5.99			618,142		0.03			2.99			0.37			33
	19.64		5.57			492,601		0.05			2.74			0.39			55
	19.10		9.31			295,437		0.06			2.62	(h)		0.43			33
	17.90		2.41			97,199		0.19			2.40			0.51			48

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN SMARTRETIREMENT^® BLEND 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® Blend 2025 Fund
Class I
Six Months Ended December 31, 2020 (Unaudited)	$	20.88	$	0.21		$	2.77		$	2.98	$	(0.21	)	$	(0.41	)	$	(0.62	)
Year Ended June 30, 2020		20.85		0.45			0.10			0.55		(0.44	)		(0.08	)		(0.52	)
Year Ended June 30, 2019		20.77		0.51			0.63			1.14		(0.51	)		(0.55	)		(1.06	)
Year Ended June 30, 2018		20.00		0.47			0.78			1.25		(0.48	)		—			(0.48	)
Year Ended June 30, 2017		18.42		0.41	(h)		1.58			1.99		(0.41	)		—			(0.41	)
Year Ended June 30, 2016		18.51		0.40			(0.09	)		0.31		(0.39	)		(0.01	)		(0.40	)
Class R2
Six Months Ended December 31, 2020 (Unaudited)		20.88		0.16			2.74			2.90		(0.15	)		(0.41	)		(0.56	)
Year Ended June 30, 2020		20.84		0.34			0.12			0.46		(0.34	)		(0.08	)		(0.42	)
Year Ended June 30, 2019		20.76		0.43			0.62			1.05		(0.42	)		(0.55	)		(0.97	)
Year Ended June 30, 2018		20.00		0.43			0.71			1.14		(0.38	)		—			(0.38	)
Year Ended June 30, 2017		18.42		0.32	(h)		1.57			1.89		(0.31	)		—			(0.31	)
Year Ended June 30, 2016		18.51		0.30			(0.07	)		0.23		(0.31	)		(0.01	)		(0.32	)
Class R3
Six Months Ended December 31, 2020 (Unaudited)		20.86		0.18			2.76			2.94		(0.18	)		(0.41	)		(0.59	)
Year Ended June 30, 2020		20.82		0.38			0.13			0.51		(0.39	)		(0.08	)		(0.47	)
Year Ended June 30, 2019		20.75		0.61			0.48			1.09		(0.47	)		(0.55	)		(1.02	)
Year Ended June 30, 2018		20.00		0.46			0.73			1.19		(0.44	)		—			(0.44	)
May 31, 2017 (i) through June 30, 2017		20.01		0.09	(h)		0.02			0.11		(0.12	)		—			(0.12	)
Class R4
Six Months Ended December 31, 2020 (Unaudited)		20.91		0.21			2.77			2.98		(0.21	)		(0.41	)		(0.62	)
Year Ended June 30, 2020		20.87		0.45			0.11			0.56		(0.44	)		(0.08	)		(0.52	)
Year Ended June 30, 2019		20.76		0.55			0.60			1.15		(0.49	)		(0.55	)		(1.04	)
Year Ended June 30, 2018		20.00		0.53			0.72			1.25		(0.49	)		—			(0.49	)
May 31, 2017 (i) through June 30, 2017		20.01		0.09	(h)		0.02			0.11		(0.12	)		—			(0.12	)
Class R5
Six Months Ended December 31, 2020 (Unaudited)		20.89		0.22			2.77			2.99		(0.22	)		(0.41	)		(0.63	)
Year Ended June 30, 2020		20.86		0.48			0.10			0.58		(0.47	)		(0.08	)		(0.55	)
Year Ended June 30, 2019		20.78		0.56			0.61			1.17		(0.54	)		(0.55	)		(1.09	)
Year Ended June 30, 2018		20.01		0.58			0.71			1.29		(0.52	)		—			(0.52	)
Year Ended June 30, 2017		18.43		0.44	(h)		1.58			2.02		(0.44	)		—			(0.44	)
Year Ended June 30, 2016		18.52		0.41			(0.07	)		0.34		(0.42	)		(0.01	)		(0.43	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		20.90		0.26			2.75			3.01		(0.24	)		(0.41	)		(0.65	)
Year Ended June 30, 2020		20.86		0.51			0.10			0.61		(0.49	)		(0.08	)		(0.57	)
Year Ended June 30, 2019		20.78		0.59			0.61			1.20		(0.57	)		(0.55	)		(1.12	)
Year Ended June 30, 2018		20.01		0.56			0.75			1.31		(0.54	)		—			(0.54	)
Year Ended June 30, 2017		18.43		0.50	(h)		1.54			2.04		(0.46	)		—			(0.46	)
Year Ended June 30, 2016		18.52		0.43			(0.08	)		0.35		(0.43	)		(0.01	)		(0.44	)

(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) 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.

(i) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

96 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2020

		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)
$	23.24		14.34	%	$	21,324		0.30	%		1.86	%		0.57	%		57	%
	20.88		2.67			19,084		0.30			2.15			0.61			61
	20.85		5.89			18,384		0.29			2.52			0.62			25
	20.77		6.27			23,668		0.31			2.27			0.64			57
	20.00		10.90			25,138		0.32			2.16	(h)		0.74			21
	18.42		1.73			21,966		0.45			2.19			0.82			45
	23.22		13.98			1,310		0.80			1.41			1.06			57
	20.88		2.21			980		0.80			1.64			1.12			61
	20.84		5.38			958		0.79			2.10			1.12			25
	20.76		5.72			816		0.80			2.02			1.14			57
	20.00		10.35			23		0.82			1.65	(h)		1.89			21
	18.42		1.31			21		0.85			1.68			3.22			45
	23.21		14.17			43,177		0.55			1.63			0.82			57
	20.86		2.46			35,243		0.55			1.83			0.86			61
	20.82		5.64			23,836		0.54			3.01			0.87			25
	20.75		5.94			1,925		0.54			2.20			0.87			57
	20.00		0.55			20		0.58			5.34	(h)		0.94			21
	23.27		14.32			8,306		0.30			1.86			0.57			57
	20.91		2.71			7,401		0.30			2.13			0.61			61
	20.87		5.90			7,896		0.29			2.71			0.62			25
	20.76		6.23			18,420		0.30			2.54			0.63			57
	20.00		0.57			20		0.33			5.60	(h)		0.69			21
	23.25		14.42			71,801		0.15			1.93			0.42			57
	20.89		2.82			78,200		0.15			2.29			0.46			61
	20.86		6.05			196,513		0.14			2.74			0.47			25
	20.78		6.45			197,524		0.16			2.76			0.48			57
	20.01		11.07			55,476		0.16			2.31	(h)		0.53			21
	18.43		1.92			51,576		0.25			2.25			0.62			45
	23.26		14.47			1,958,431		0.05			2.33			0.31			57
	20.90		2.98			1,146,307		0.05			2.43			0.36			61
	20.86		6.15			865,881		0.04			2.88			0.37			25
	20.78		6.54			627,031		0.06			2.67			0.38			57
	20.01		11.16			274,383		0.07			2.57	(h)		0.44			21
	18.43		1.97			84,809		0.20			2.37			0.52			45

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN SMARTRETIREMENT^® BLEND 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® Blend 2030 Fund
Class I
Six Months Ended December 31, 2020 (Unaudited)	$	21.81	$	0.22		$	3.41		$	3.63	$	(0.22	)	$	(0.26	)	$	(0.48	)
Year Ended June 30, 2020		21.85		0.42			0.06			0.48		(0.41	)		(0.11	)		(0.52	)
Year Ended June 30, 2019		21.89		0.50			0.66			1.16		(0.51	)		(0.69	)		(1.20	)
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	)
Class R2
Six Months Ended December 31, 2020 (Unaudited)		21.87		0.19			3.39			3.58		(0.17	)		(0.26	)		(0.43	)
Year Ended June 30, 2020		21.86		0.07			0.30			0.37		(0.25	)		(0.11	)		(0.36	)
Year Ended June 30, 2019		21.90		0.41			0.64			1.05		(0.40	)		(0.69	)		(1.09	)
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	)
Class R3
Six Months Ended December 31, 2020 (Unaudited)		21.75		0.19			3.40			3.59		(0.19	)		(0.26	)		(0.45	)
Year Ended June 30, 2020		21.81		0.35			0.07			0.42		(0.37	)		(0.11	)		(0.48	)
Year Ended June 30, 2019		21.87		0.58			0.52			1.10		(0.47	)		(0.69	)		(1.16	)
Year Ended June 30, 2018		20.85		0.50			0.97			1.47		(0.45	)		—			(0.45	)
May 31, 2017 (i) through June 30, 2017		20.85		0.10	(h)		0.03			0.13		(0.13	)		—			(0.13	)
Class R4
Six Months Ended December 31, 2020 (Unaudited)		21.82		0.21			3.42			3.63		(0.21	)		(0.26	)		(0.47	)
Year Ended June 30, 2020		21.88		0.42			0.05			0.47		(0.42	)		(0.11	)		(0.53	)
Year Ended June 30, 2019		21.88		0.56			0.60			1.16		(0.47	)		(0.69	)		(1.16	)
Year Ended June 30, 2018		20.85		0.53			1.00			1.53		(0.50	)		—			(0.50	)
May 31, 2017 (i) through June 30, 2017		20.85		0.10	(h)		0.03			0.13		(0.13	)		—			(0.13	)
Class R5
Six Months Ended December 31, 2020 (Unaudited)		21.80		0.23			3.41			3.64		(0.23	)		(0.26	)		(0.49	)
Year Ended June 30, 2020		21.86		0.46			0.04			0.50		(0.45	)		(0.11	)		(0.56	)
Year Ended June 30, 2019		21.90		0.55			0.64			1.19		(0.54	)		(0.69	)		(1.23	)
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	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		21.81		0.28			3.39			3.67		(0.25	)		(0.26	)		(0.51	)
Year Ended June 30, 2020		21.87		0.48			0.05			0.53		(0.48	)		(0.11	)		(0.59	)
Year Ended June 30, 2019		21.91		0.59			0.62			1.21		(0.56	)		(0.69	)		(1.25	)
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	)

(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) 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.

(i) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

98 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2020

		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)
$	24.96		16.71	%	$	19,777		0.33	%		1.83	%		0.56	%		47	%
	21.81		2.19			16,640		0.34			1.92			0.60			51
	21.85		5.76			28,932		0.32			2.35			0.62			17
	21.89		7.32			32,534		0.33			2.17			0.64			54
	20.86		12.77			28,168		0.33			2.07	(h)		0.73			22
	18.88		1.04			20,673		0.45			2.09			0.81			52
	25.02		16.43			383		0.83			1.57			1.09			47
	21.87		1.64			37		0.83			0.30			1.21			51
	21.86		5.24			591		0.82			1.93			1.13			17
	21.90		6.78			25		0.83			1.66			1.39			54
	20.87		12.20			23		0.83			1.56	(h)		1.88			22
	18.89		0.62			21		0.85			1.61			3.21			52
	24.89		16.56			61,384		0.58			1.60			0.81			47
	21.75		1.89			49,156		0.59			1.62			0.85			51
	21.81		5.50			26,950		0.57			2.73			0.87			17
	21.87		7.05			5,862		0.57			2.26			0.88			54
	20.85		0.61			20		0.59			5.80	(h)		0.89			22
	24.98		16.74			10,378		0.33			1.78			0.57			47
	21.82		2.14			9,940		0.34			1.93			0.60			51
	21.88		5.75			9,072		0.32			2.62			0.62			17
	21.88		7.33			26,233		0.33			2.39			0.63			54
	20.85		0.63			20		0.33			6.06	(h)		0.64			22
	24.95		16.80			91,577		0.18			1.94			0.41			47
	21.80		2.29			84,230		0.19			2.11			0.45			51
	21.86		5.93			236,899		0.17			2.57			0.47			17
	21.90		7.50			251,868		0.18			2.71			0.48			54
	20.87		12.94			67,784		0.17			2.24	(h)		0.52			22
	18.89		1.23			59,159		0.25			2.19			0.62			52
	24.97		16.89			2,156,176		0.08			2.32			0.31			47
	21.81		2.40			1,294,750		0.09			2.22			0.35			51
	21.87		6.03			880,234		0.07			2.76			0.37			17
	21.91		7.58			593,600		0.08			2.56			0.38			54
	20.88		13.03			290,131		0.08			2.54	(h)		0.44			22
	18.90		1.28			77,474		0.20			2.30			0.52			52

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN SMARTRETIREMENT^® BLEND 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® Blend 2035 Fund
Class I
Six Months Ended December 31, 2020 (Unaudited)	$	22.56	$	0.25		$	4.07		$	4.32	$	(0.25	)	$	(0.02	)	$	(0.27	)
Year Ended June 30, 2020		22.80		0.40			(0.13	)		0.27		(0.41	)		(0.10	)		(0.51	)
Year Ended June 30, 2019		22.78		0.48			0.72			1.20		(0.50	)		(0.68	)		(1.18	)
Year Ended June 30, 2018		21.54		0.48			1.26			1.74		(0.50	)		—			(0.50	)
Year Ended June 30, 2017		19.28		0.42	(h)		2.25			2.67		(0.41	)		—			(0.41	)
Year Ended June 30, 2016		19.57		0.38			(0.27	)		0.11		(0.39	)		(0.01	)		(0.40	)
Class R2
Six Months Ended December 31, 2020 (Unaudited)		22.58		0.28			3.98			4.26		(0.21	)		(0.02	)		(0.23	)
Year Ended June 30, 2020		22.78		0.22			(0.07	)		0.15		(0.25	)		(0.10	)		(0.35	)
Year Ended June 30, 2019		22.79		0.42			0.67			1.09		(0.42	)		(0.68	)		(1.10	)
Year Ended June 30, 2018		21.55		0.36			1.27			1.63		(0.39	)		—			(0.39	)
Year Ended June 30, 2017		19.28		0.31	(h)		2.27			2.58		(0.31	)		—			(0.31	)
Year Ended June 30, 2016		19.57		0.29			(0.26	)		0.03		(0.31	)		(0.01	)		(0.32	)
Class R3
Six Months Ended December 31, 2020 (Unaudited)		22.53		0.22			4.05			4.27		(0.22	)		(0.02	)		(0.24	)
Year Ended June 30, 2020		22.77		0.33			(0.12	)		0.21		(0.35	)		(0.10	)		(0.45	)
Year Ended June 30, 2019		22.77		0.62			0.52			1.14		(0.46	)		(0.68	)		(1.14	)
Year Ended June 30, 2018		21.54		0.44			1.24			1.68		(0.45	)		—			(0.45	)
May 31, 2017 (i) through June 30, 2017		21.52		0.11	(h)		0.04			0.15		(0.13	)		—			(0.13	)
Class R4
Six Months Ended December 31, 2020 (Unaudited)		22.59		0.23			4.09			4.32		(0.25	)		(0.02	)		(0.27	)
Year Ended June 30, 2020		22.83		0.41			(0.14	)		0.27		(0.41	)		(0.10	)		(0.51	)
Year Ended June 30, 2019		22.78		0.56			0.64			1.20		(0.47	)		(0.68	)		(1.15	)
Year Ended June 30, 2018		21.54		0.54			1.20			1.74		(0.50	)		—			(0.50	)
May 31, 2017 (i) through June 30, 2017		21.52		0.12	(h)		0.03			0.15		(0.13	)		—			(0.13	)
Class R5
Six Months Ended December 31, 2020 (Unaudited)		22.58		0.26			4.08			4.34		(0.27	)		(0.02	)		(0.29	)
Year Ended June 30, 2020		22.82		0.46			(0.16	)		0.30		(0.44	)		(0.10	)		(0.54	)
Year Ended June 30, 2019		22.80		0.55			0.68			1.23		(0.53	)		(0.68	)		(1.21	)
Year Ended June 30, 2018		21.56		0.60			1.18			1.78		(0.54	)		—			(0.54	)
Year Ended June 30, 2017		19.29		0.45	(h)		2.27			2.72		(0.45	)		—			(0.45	)
Year Ended June 30, 2016		19.58		0.41			(0.26	)		0.15		(0.43	)		(0.01	)		(0.44	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		22.58		0.33			4.02			4.35		(0.28	)		(0.02	)		(0.30	)
Year Ended June 30, 2020		22.82		0.48			(0.15	)		0.33		(0.47	)		(0.10	)		(0.57	)
Year Ended June 30, 2019		22.80		0.58			0.68			1.26		(0.56	)		(0.68	)		(1.24	)
Year Ended June 30, 2018		21.56		0.57			1.23			1.80		(0.56	)		—			(0.56	)
Year Ended June 30, 2017		19.29		0.51	(h)		2.22			2.73		(0.46	)		—			(0.46	)
Year Ended June 30, 2016		19.58		0.43			(0.27	)		0.16		(0.44	)		(0.01	)		(0.45	)

(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) 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.

(i) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

100 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2020

		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)
$	26.61		19.22	%	$	13,714		0.33	%		1.99	%		0.57	%		8	%
	22.56		1.14			11,645		0.36			1.77			0.62			55
	22.80		5.73			12,979		0.35			2.16			0.63			16
	22.78		8.09			16,393		0.34			2.08			0.65			52
	21.54		13.99			14,353		0.34			2.05	(h)		0.80			24
	19.28		0.62			10,230		0.45			2.00			0.89			53
	26.61		18.90			696		0.79			2.16			1.03			8
	22.58		0.62			32		0.86			0.98			1.52			55
	22.78		5.20			73		0.85			1.90			1.19			16
	22.79		7.55			25		0.85			1.56			1.40			52
	21.55		13.48			23		0.84			1.52	(h)		1.91			24
	19.28		0.21			20		0.85			1.56			3.26			53
	26.56		19.02			35,484		0.57			1.77			0.81			8
	22.53		0.89			27,429		0.61			1.49			0.86			55
	22.77		5.47			14,104		0.60			2.81			0.88			16
	22.77		7.79			808		0.59			1.91			0.88			52
	21.54		0.69			20		0.60			6.15	(h)		0.94			24
	26.64		19.19			8,794		0.33			1.88			0.57			8
	22.59		1.14			10,389		0.36			1.81			0.61			55
	22.83		5.74			11,118		0.35			2.52			0.62			16
	22.78		8.09			22,824		0.35			2.32			0.64			52
	21.54		0.71			20		0.35			6.40	(h)		0.69			24
	26.63		19.29			64,688		0.18			2.08			0.42			8
	22.58		1.30			60,357		0.21			2.00			0.46			55
	22.82		5.89			143,007		0.20			2.45			0.47			16
	22.80		8.26			149,445		0.20			2.60			0.49			52
	21.56		14.21			45,299		0.18			2.19	(h)		0.57			24
	19.29		0.81			38,010		0.25			2.18			0.67			53
	26.63		19.35			1,919,741		0.07			2.62			0.31			8
	22.58		1.41			1,036,805		0.11			2.11			0.36			55
	22.82		5.99			776,195		0.10			2.61			0.37			16
	22.80		8.35			537,095		0.09			2.47			0.39			52
	21.56		14.31			218,257		0.09			2.49	(h)		0.47			24
	19.29		0.86			67,700		0.20			2.29			0.56			53

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN SMARTRETIREMENT^® BLEND 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® Blend 2040 Fund
Class I
Six Months Ended December 31, 2020 (Unaudited)	$	22.92	$	0.25		$	4.57		$	4.82		$	(0.24	)	$	—		$	(0.24	)
Year Ended June 30, 2020		23.27		0.38			(0.25	)		0.13			(0.37	)		(0.11	)		(0.48	)
Year Ended June 30, 2019		23.43		0.47			0.72			1.19			(0.49	)		(0.86	)		(1.35	)
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	)
Class R2
Six Months Ended December 31, 2020 (Unaudited)		22.93		0.21			4.54			4.75			(0.19	)		—			(0.19	)
Year Ended June 30, 2020		23.25		0.14			(0.13	)		0.01			(0.22	)		(0.11	)		(0.33	)
Year Ended June 30, 2019		23.43		0.45			0.63			1.08			(0.40	)		(0.86	)		(1.26	)
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	)
Class R3
Six Months Ended December 31, 2020 (Unaudited)		22.86		0.22			4.55			4.77			(0.21	)		—			(0.21	)
Year Ended June 30, 2020		23.24		0.29			(0.23	)		0.06			(0.33	)		(0.11	)		(0.44	)
Year Ended June 30, 2019		23.42		0.63			0.50			1.13			(0.45	)		(0.86	)		(1.31	)
Year Ended June 30, 2018		21.98		0.43			1.46			1.89			(0.45	)		—			(0.45	)
May 31, 2017 (i) through June 30, 2017		21.95		0.12	(h)		0.04			0.16			(0.13	)		—			(0.13	)
Class R4
Six Months Ended December 31, 2020 (Unaudited)		22.92		0.22			4.60			4.82			(0.24	)		—			(0.24	)
Year Ended June 30, 2020		23.29		0.38			(0.26	)		0.12			(0.38	)		(0.11	)		(0.49	)
Year Ended June 30, 2019		23.42		0.55			0.64			1.19			(0.46	)		(0.86	)		(1.32	)
Year Ended June 30, 2018		21.98		0.54			1.41			1.95			(0.51	)		—			(0.51	)
May 31, 2017 (i) through June 30, 2017		21.95		0.12	(h)		0.05			0.17			(0.14	)		—			(0.14	)
Class R5
Six Months Ended December 31, 2020 (Unaudited)		22.92		0.26			4.57			4.83			(0.26	)		—			(0.26	)
Year Ended June 30, 2020		23.28		0.43			(0.26	)		0.17			(0.42	)		(0.11	)		(0.53	)
Year Ended June 30, 2019		23.44		0.54			0.68			1.22			(0.52	)		(0.86	)		(1.38	)
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	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		22.92		0.32			4.52			4.84			(0.27	)		—			(0.27	)
Year Ended June 30, 2020		23.29		0.44			(0.26	)		0.18			(0.44	)		(0.11	)		(0.55	)
Year Ended June 30, 2019		23.44		0.58			0.68			1.26			(0.55	)		(0.86	)		(1.41	)
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	)

(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) 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.

(i) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

102 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2020

		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)
$	27.50		21.09	%	$	7,331		0.35	%		1.95	%		0.58	%		10	%
	22.92		0.48			6,039		0.39			1.62			0.62			45
	23.27		5.62			16,102		0.37			2.04			0.63			18
	23.43		8.87			22,132		0.36			2.02			0.65			52
	21.99		15.35			18,130		0.34			1.97	(h)		0.78			19
	19.44		0.18			14,121		0.45			1.99			0.88			56
	27.49		20.75			118		0.85			1.67			1.09			10
	22.93		(0.01	)		34		0.89			0.58			1.43			45
	23.25		5.12			122		0.87			1.98			1.17			18
	23.43		8.33			25		0.86			1.49			1.40			52
	21.99		14.78			24		0.84			1.45	(h)		1.91			19
	19.44		(0.23	)		21		0.85			1.51			3.28			56
	27.42		20.92			35,710		0.60			1.74			0.81			10
	22.86		0.19			24,977		0.64			1.28			0.85			45
	23.24		5.38			7,996		0.62			2.79			0.88			18
	23.42		8.62			987		0.61			1.81			0.88			52
	21.98		0.73			20		0.60			6.48	(h)		0.89			19
	27.50		21.08			8,024		0.36			1.77			0.57			10
	22.92		0.48			9,393		0.39			1.63			0.61			45
	23.29		5.63			9,186		0.36			2.40			0.63			18
	23.42		8.88			18,927		0.36			2.28			0.64			52
	21.98		0.75			20		0.35			6.73	(h)		0.64			19
	27.49		21.14			51,353		0.20			2.02			0.42			10
	22.92		0.67			46,316		0.24			1.84			0.46			45
	23.28		5.79			161,533		0.22			2.36			0.48			18
	23.44		9.04			164,943		0.21			2.62			0.49			52
	22.00		15.52			43,882		0.19			2.12	(h)		0.57			19
	19.45		0.37			36,208		0.25			2.14			0.69			56
	27.49		21.20			1,771,534		0.10			2.54			0.31			10
	22.92		0.74			1,011,011		0.14			1.93			0.36			45
	23.29		5.94			690,079		0.12			2.52			0.38			18
	23.44		9.13			461,883		0.11			2.40			0.39			52
	22.00		15.62			237,134		0.09			2.50	(h)		0.46			19
	19.45		0.42			59,799		0.20			2.27			0.57			56

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN SMARTRETIREMENT^® BLEND 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® Blend 2045 Fund
Class I
Six Months Ended December 31, 2020 (Unaudited)	$	22.97	$	0.24		$	4.92		$	5.16		$	(0.24	)	$	—		$	(0.24	)
Year Ended June 30, 2020		23.43		0.36			(0.41	)		(0.05	)		(0.36	)		(0.05	)		(0.41	)
Year Ended June 30, 2019		23.39		0.41			0.79			1.20			(0.48	)		(0.68	)		(1.16	)
Year Ended June 30, 2018		21.92		0.46			1.51			1.97			(0.50	)		—			(0.50	)
Year Ended June 30, 2017		19.38		0.41	(h)		2.54			2.95			(0.41	)		—			(0.41	)
Year Ended June 30, 2016		19.74		0.39			(0.35	)		0.04			(0.39	)		(0.01	)		(0.40	)
Class R2
Six Months Ended December 31, 2020 (Unaudited)		22.98		0.19			4.89			5.08			(0.18	)		—			(0.18	)
Year Ended June 30, 2020		23.41		0.19			(0.35	)		(0.16	)		(0.22	)		(0.05	)		(0.27	)
Year Ended June 30, 2019		23.39		0.43			0.65			1.08			(0.38	)		(0.68	)		(1.06	)
Year Ended June 30, 2018		21.93		0.34			1.51			1.85			(0.39	)		—			(0.39	)
Year Ended June 30, 2017		19.38		0.30	(h)		2.55			2.85			(0.30	)		—			(0.30	)
Year Ended June 30, 2016		19.74		0.29			(0.33	)		(0.04	)		(0.31	)		(0.01	)		(0.32	)
Class R3
Six Months Ended December 31, 2020 (Unaudited)		22.92		0.21			4.90			5.11			(0.21	)		—			(0.21	)
Year Ended June 30, 2020		23.38		0.28			(0.38	)		(0.10	)		(0.31	)		(0.05	)		(0.36	)
Year Ended June 30, 2019		23.37		0.62			0.51			1.13			(0.44	)		(0.68	)		(1.12	)
Year Ended June 30, 2018		21.91		0.45			1.47			1.92			(0.46	)		—			(0.46	)
May 31, 2017 (i) through June 30, 2017		21.88		0.12	(h)		0.04			0.16			(0.13	)		—			(0.13	)
Class R4
Six Months Ended December 31, 2020 (Unaudited)		22.98		0.22			4.92			5.14			(0.23	)		—			(0.23	)
Year Ended June 30, 2020		23.43		0.36			(0.40	)		(0.04	)		(0.36	)		(0.05	)		(0.41	)
Year Ended June 30, 2019		23.37		0.54			0.66			1.20			(0.46	)		(0.68	)		(1.14	)
Year Ended June 30, 2018		21.91		0.54			1.43			1.97			(0.51	)		—			(0.51	)
May 31, 2017 (i) through June 30, 2017		21.88		0.12	(h)		0.04			0.16			(0.13	)		—			(0.13	)
Class R5
Six Months Ended December 31, 2020 (Unaudited)		22.98		0.25			4.92			5.17			(0.25	)		—			(0.25	)
Year Ended June 30, 2020		23.43		0.41			(0.42	)		(0.01	)		(0.39	)		(0.05	)		(0.44	)
Year Ended June 30, 2019		23.40		0.53			0.70			1.23			(0.52	)		(0.68	)		(1.20	)
Year Ended June 30, 2018		21.93		0.60			1.41			2.01			(0.54	)		—			(0.54	)
Year Ended June 30, 2017		19.39		0.44	(h)		2.54			2.98			(0.44	)		—			(0.44	)
Year Ended June 30, 2016		19.75		0.41			(0.33	)		0.08			(0.43	)		(0.01	)		(0.44	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		23.00		0.33			4.86			5.19			(0.27	)		—			(0.27	)
Year Ended June 30, 2020		23.46		0.43			(0.42	)		0.01			(0.42	)		(0.05	)		(0.47	)
Year Ended June 30, 2019		23.42		0.57			0.69			1.26			(0.54	)		(0.68	)		(1.22	)
Year Ended June 30, 2018		21.95		0.56			1.47			2.03			(0.56	)		—			(0.56	)
Year Ended June 30, 2017		19.40		0.54	(h)		2.47			3.01			(0.46	)		—			(0.46	)
Year Ended June 30, 2016		19.76		0.44			(0.35	)		0.09			(0.44	)		(0.01	)		(0.45	)

(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) 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.

(i) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

104 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2020

		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)
$	27.89		22.51	%	$	7,945		0.37	%		1.88	%		0.58	%		10	%
	22.97		(0.24	)		6,487		0.41			1.56			0.62			56
	23.43		5.58			7,330		0.38			1.80			0.64			21
	23.39		9.01			13,361		0.36			1.97			0.67			49
	21.92		15.33			12,838		0.34			1.99	(h)		0.90			17
	19.38		0.27			7,930		0.45			2.06			1.05			54
	27.88		22.14			50		0.87			1.50			1.11			10
	22.98		(0.73	)		28		0.91			0.83			1.57			56
	23.41		5.08			52		0.88			1.88			1.23			21
	23.39		8.42			26		0.86			1.47			1.42			49
	21.93		14.81			24		0.84			1.46	(h)		1.99			17
	19.38		(0.15	)		21		0.85			1.51			3.39			54
	27.82		22.33			19,535		0.62			1.66			0.82			10
	22.92		(0.47	)		14,447		0.66			1.21			0.86			56
	23.38		5.31			5,652		0.63			2.74			0.91			21
	23.37		8.75			369		0.62			1.89			0.90			49
	21.91		0.72			20		0.60			6.56	(h)		0.94			17
	27.89		22.44			6,103		0.38			1.70			0.58			10
	22.98		(0.20	)		7,088		0.41			1.56			0.61			56
	23.43		5.61			7,840		0.38			2.37			0.64			21
	23.37		8.98			12,209		0.36			2.27			0.65			49
	21.91		0.75			20		0.35			6.82	(h)		0.69			17
	27.90		22.58			43,907		0.22			1.94			0.42			10
	22.98		(0.05	)		40,370		0.26			1.75			0.46			56
	23.43		5.72			105,708		0.23			2.32			0.49			21
	23.40		9.19			105,034		0.21			2.54			0.50			49
	21.93		15.49			30,788		0.19			2.14	(h)		0.66			17
	19.39		0.46			23,904		0.25			2.16			0.83			54
	27.92		22.63			1,347,214		0.12			2.54			0.32			10
	23.00		0.02			723,411		0.16			1.85			0.36			56
	23.46		5.87			564,943		0.13			2.49			0.39			21
	23.42		9.27			379,003		0.11			2.37			0.41			49
	21.95		15.65			149,787		0.09			2.56	(h)		0.54			17
	19.40		0.51			35,979		0.20			2.31			0.68			54

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN SMARTRETIREMENT^® BLEND 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® Blend 2050 Fund
Class I
Six Months Ended December 31, 2020 (Unaudited)	$	22.96	$	0.24		$	4.92		$	5.16		$	(0.24	)	$	—		$	(0.24	)
Year Ended June 30, 2020		23.37		0.36			(0.36	)		—	(h)		(0.34	)		(0.07	)		(0.41	)
Year Ended June 30, 2019		23.40		0.40			0.79			1.19			(0.47	)		(0.75	)		(1.22	)
Year Ended June 30, 2018		21.93		0.47			1.50			1.97			(0.50	)		—			(0.50	)
Year Ended June 30, 2017		19.37		0.41	(i)		2.55			2.96			(0.40	)		—			(0.40	)
Year Ended June 30, 2016		19.73		0.38			(0.33	)		0.05			(0.39	)		(0.02	)		(0.41	)
Class R2
Six Months Ended December 31, 2020 (Unaudited)		22.95		0.21			4.87			5.08			(0.18	)		—			(0.18	)
Year Ended June 30, 2020		23.34		0.16			(0.28	)		(0.12	)		(0.20	)		(0.07	)		(0.27	)
Year Ended June 30, 2019		23.40		0.44			0.64			1.08			(0.39	)		(0.75	)		(1.14	)
Year Ended June 30, 2018		21.93		0.34			1.51			1.85			(0.38	)		—			(0.38	)
Year Ended June 30, 2017		19.38		0.30	(i)		2.55			2.85			(0.30	)		—			(0.30	)
Year Ended June 30, 2016		19.74		0.29			(0.32	)		(0.03	)		(0.31	)		(0.02	)		(0.33	)
Class R3
Six Months Ended December 31, 2020 (Unaudited)		22.92		0.22			4.89			5.11			(0.21	)		—			(0.21	)
Year Ended June 30, 2020		23.35		0.28			(0.33	)		(0.05	)		(0.31	)		(0.07	)		(0.38	)
Year Ended June 30, 2019		23.39		0.54			0.60			1.14			(0.43	)		(0.75	)		(1.18	)
Year Ended June 30, 2018		21.92		0.41			1.50			1.91			(0.44	)		—			(0.44	)
May 31, 2017 (j) through June 30, 2017		21.89		0.12	(i)		0.04			0.16			(0.13	)		—			(0.13	)
Class R4
Six Months Ended December 31, 2020 (Unaudited)		22.95		0.23			4.92			5.15			(0.24	)		—			(0.24	)
Year Ended June 30, 2020		23.38		0.36			(0.36	)		—	(h)		(0.36	)		(0.07	)		(0.43	)
Year Ended June 30, 2019		23.39		0.53			0.67			1.20			(0.46	)		(0.75	)		(1.21	)
Year Ended June 30, 2018		21.92		0.53			1.44			1.97			(0.50	)		—			(0.50	)
May 31, 2017 (j) through June 30, 2017		21.89		0.12	(i)		0.04			0.16			(0.13	)		—			(0.13	)
Class R5
Six Months Ended December 31, 2020 (Unaudited)		22.94		0.25			4.92			5.17			(0.26	)		—			(0.26	)
Year Ended June 30, 2020		23.37		0.41			(0.38	)		0.03			(0.39	)		(0.07	)		(0.46	)
Year Ended June 30, 2019		23.40		0.53			0.70			1.23			(0.51	)		(0.75	)		(1.26	)
Year Ended June 30, 2018		21.94		0.63			1.37			2.00			(0.54	)		—			(0.54	)
Year Ended June 30, 2017		19.38		0.43	(i)		2.56			2.99			(0.43	)		—			(0.43	)
Year Ended June 30, 2016		19.74		0.41			(0.33	)		0.08			(0.42	)		(0.02	)		(0.44	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		22.96		0.31			4.87			5.18			(0.27	)		—			(0.27	)
Year Ended June 30, 2020		23.38		0.42			(0.35	)		0.07			(0.42	)		(0.07	)		(0.49	)
Year Ended June 30, 2019		23.42		0.57			0.68			1.25			(0.54	)		(0.75	)		(1.29	)
Year Ended June 30, 2018		21.95		0.56			1.47			2.03			(0.56	)		—			(0.56	)
Year Ended June 30, 2017		19.39		0.54	(i)		2.47			3.01			(0.45	)		—			(0.45	)
Year Ended June 30, 2016		19.75		0.46			(0.37	)		0.09			(0.43	)		(0.02	)		(0.45	)

(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) Amount rounds to less than $0.005.

(i) 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.

(j) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

106 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2020

		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)
$	27.88		22.53	%	$	3,982		0.37	%		1.89	%		0.59	%		10	%
	22.96		(0.03	)		3,183		0.41			1.51			0.64			46
	23.37		5.60			7,583		0.37			1.72			0.66			21
	23.40		9.00			16,339		0.36			2.00			0.70			50
	21.93		15.43			13,338		0.34			1.99	(i)		0.96			17
	19.37		0.27			8,769		0.45			2.01			1.18			60
	27.85		22.20			142		0.87			1.60			1.11			10
	22.95		(0.54	)		31		0.91			0.69			1.60			46
	23.34		5.12			77		0.88			1.95			1.22			21
	23.40		8.46			25		0.86			1.46			1.45			50
	21.93		14.80			24		0.84			1.44	(i)		2.05			17
	19.38		(0.15	)		21		0.85			1.51			3.54			60
	27.82		22.34			13,463		0.62			1.71			0.82			10
	22.92		(0.26	)		8,489		0.66			1.24			0.87			46
	23.35		5.37			3,040		0.63			2.41			0.94			21
	23.39		8.74			444		0.62			1.72			0.92			50
	21.92		0.73			20		0.60			6.57	(i)		0.92			17
	27.86		22.49			6,717		0.38			1.79			0.58			10
	22.95		(0.03	)		6,401		0.41			1.55			0.62			46
	23.38		5.62			5,910		0.38			2.32			0.65			21
	23.39		9.01			10,425		0.36			2.25			0.68			50
	21.92		0.75			20		0.35			6.82	(i)		0.67			17
	27.85		22.59			37,091		0.22			1.99			0.43			10
	22.94		0.11			31,456		0.26			1.74			0.47			46
	23.37		5.80			99,930		0.23			2.33			0.50			21
	23.40		9.13			94,636		0.21			2.66			0.52			50
	21.94		15.58			20,970		0.19			2.10	(i)		0.72			17
	19.38		0.46			17,568		0.25			2.17			0.99			60
	27.87		22.63			1,030,003		0.12			2.45			0.32			10
	22.96		0.27			595,698		0.16			1.82			0.37			46
	23.38		5.85			397,215		0.13			2.50			0.41			21
	23.42		9.26			246,132		0.11			2.39			0.44			50
	21.95		15.69			118,550		0.09			2.57	(i)		0.58			17
	19.39		0.51			22,544		0.21			2.41			0.83			60

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 107

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 2055 Fund
Class I
Six Months Ended December 31, 2020 (Unaudited)	$	22.77	$	0.26		$	4.85		$	5.11		$	(0.23	)	$	—		$	(0.23	)
Year Ended June 30, 2020		23.18		0.36			(0.39	)		(0.03	)		(0.34	)		(0.04	)		(0.38	)
Year Ended June 30, 2019		23.01		0.39			0.80			1.19			(0.47	)		(0.55	)		(1.02	)
Year Ended June 30, 2018		21.58		0.46			1.46			1.92			(0.49	)		—	(h)		(0.49	)
Year Ended June 30, 2017		19.09		0.41	(i)		2.48			2.89			(0.40	)		—			(0.40	)
Year Ended June 30, 2016		19.40		0.37			(0.30	)		0.07			(0.37	)		(0.01	)		(0.38	)
Class R2
Six Months Ended December 31, 2020 (Unaudited)		22.77		0.22			4.83			5.05			(0.18	)		—			(0.18	)
Year Ended June 30, 2020		23.16		0.16			(0.31	)		(0.15	)		(0.20	)		(0.04	)		(0.24	)
Year Ended June 30, 2019		23.01		0.44			0.64			1.08			(0.38	)		(0.55	)		(0.93	)
Year Ended June 30, 2018		21.58		0.34			1.46			1.80			(0.37	)		—	(h)		(0.37	)
Year Ended June 30, 2017		19.09		0.30	(i)		2.49			2.79			(0.30	)		—			(0.30	)
Year Ended June 30, 2016		19.40		0.28			(0.29	)		(0.01	)		(0.29	)		(0.01	)		(0.30	)
Class R3
Six Months Ended December 31, 2020 (Unaudited)		22.71		0.23			4.83			5.06			(0.20	)		—			(0.20	)
Year Ended June 30, 2020		23.14		0.31			(0.40	)		(0.09	)		(0.30	)		(0.04	)		(0.34	)
Year Ended June 30, 2019		22.99		0.62			0.52			1.14			(0.44	)		(0.55	)		(0.99	)
Year Ended June 30, 2018		21.57		0.42			1.43			1.85			(0.43	)		—	(h)		(0.43	)
May 31, 2017 (k) through June 30, 2017		21.54		0.12	(i)		0.04			0.16			(0.13	)		—			(0.13	)
Class R4
Six Months Ended December 31, 2020 (Unaudited)		22.75		0.24			4.87			5.11			(0.23	)		—			(0.23	)
Year Ended June 30, 2020		23.17		0.35			(0.38	)		(0.03	)		(0.35	)		(0.04	)		(0.39	)
Year Ended June 30, 2019		22.99		0.54			0.66			1.20			(0.47	)		(0.55	)		(1.02	)
Year Ended June 30, 2018		21.57		0.55			1.36			1.91			(0.49	)		—	(h)		(0.49	)
May 31, 2017 (k) through June 30, 2017		21.54		0.12	(i)		0.04			0.16			(0.13	)		—			(0.13	)
Class R5
Six Months Ended December 31, 2020 (Unaudited)		22.76		0.25			4.88			5.13			(0.25	)		—			(0.25	)
Year Ended June 30, 2020		23.18		0.40			(0.39	)		0.01			(0.39	)		(0.04	)		(0.43	)
Year Ended June 30, 2019		23.01		0.54			0.69			1.23			(0.51	)		(0.55	)		(1.06	)
Year Ended June 30, 2018		21.59		0.58			1.37			1.95			(0.53	)		—	(h)		(0.53	)
Year Ended June 30, 2017		19.09		0.44	(i)		2.49			2.93			(0.43	)		—			(0.43	)
Year Ended June 30, 2016		19.41		0.41			(0.31	)		0.10			(0.41	)		(0.01	)		(0.42	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		22.78		0.30			4.84			5.14			(0.26	)		—			(0.26	)
Year Ended June 30, 2020		23.20		0.42			(0.39	)		0.03			(0.41	)		(0.04	)		(0.45	)
Year Ended June 30, 2019		23.03		0.57			0.68			1.25			(0.53	)		(0.55	)		(1.08	)
Year Ended June 30, 2018		21.59		0.56			1.43			1.99			(0.55	)		—	(h)		(0.55	)
Year Ended June 30, 2017		19.10		0.54	(i)		2.40			2.94			(0.45	)		—			(0.45	)
Year Ended June 30, 2016		19.41		0.47			(0.35	)		0.12			(0.42	)		(0.01	)		(0.43	)

(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) Amount rounds to less than $0.005.

(i) 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.

(j) Amount rounds to less than 0.005%.

(k) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

108 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2020

		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)
$	27.65		22.50	%	$	2,653		0.37	%		2.04	%		0.63	%		8	%
	22.77		(0.15	)		1,803		0.41			1.55			0.72			54
	23.18		5.57			2,906		0.38			1.72			0.73			21
	23.01		8.93			5,849		0.36			2.02			0.86			48
	21.58		15.28			4,419		0.34			2.03	(i)		1.38			16
	19.09		0.43			3,553		0.45			1.96			1.66			53
	27.64		22.21			206		0.87			1.70			1.12			8
	22.77		(0.68	)		37		0.91			0.69			2.77			54
	23.16		5.10			75		0.88			1.94			1.29			21
	23.01		8.38			26		0.86			1.46			1.59			48
	21.58		14.70			24		0.84			1.46	(i)		2.43			16
	19.09		0.00	(j)		21		0.85			1.51			4.02			53
	27.57		22.34			5,177		0.62			1.78			0.85			8
	22.71		(0.40	)		2,472		0.66			1.34			0.91			54
	23.14		5.38			1,190		0.63			2.79			1.02			21
	22.99		8.61			110		0.62			1.79			1.06			48
	21.57		0.73			20		0.60			6.54	(i)		1.03			16
	27.63		22.51			4,379		0.37			1.88			0.60			8
	22.75		(0.15	)		3,575		0.41			1.51			0.66			54
	23.17		5.62			2,973		0.38			2.38			0.72			21
	22.99		8.89			2,606		0.37			2.34			0.78			48
	21.57		0.75			20		0.35			6.80	(i)		0.78			16
	27.64		22.59			26,864		0.22			1.98			0.46			8
	22.76		0.00	(j)		22,992		0.26			1.72			0.51			54
	23.18		5.77			44,012		0.23			2.38			0.57			21
	23.01		9.05			39,178		0.21			2.52			0.64			48
	21.59		15.49			11,355		0.19			2.15	(i)		1.12			16
	19.09		0.56			8,126		0.25			2.17			1.46			53
	27.66		22.63			521,007		0.12			2.39			0.35			8
	22.78		0.11			322,860		0.16			1.84			0.41			54
	23.20		5.87			209,571		0.13			2.53			0.47			21
	23.03		9.23			123,241		0.11			2.41			0.55			48
	21.59		15.54			41,752		0.09			2.62	(i)		0.94			16
	19.10		0.66			8,101		0.21			2.52			1.33			53

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 109

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, 2020 (Unaudited)	$	17.63	$	0.19		$	3.74		$	3.93		$	(0.18	)	$	—	(h)	$	(0.18	)
Year Ended June 30, 2020		17.96		0.23			(0.26	)		(0.03	)		(0.26	)		(0.04	)		(0.30	)
Year Ended June 30, 2019		17.49		0.32			0.66			0.98			(0.35	)		(0.16	)		(0.51	)
Year Ended June 30, 2018		16.38		0.34			1.16			1.50			(0.39	)		—	(h)		(0.39	)
August 31, 2016 (j) through June 30, 2017		15.00		0.30	(k)		1.38			1.68			(0.30	)		—			(0.30	)
Class R2
Six Months Ended December 31, 2020 (Unaudited)		17.61		0.14			3.75			3.89			(0.13	)		—	(h)		(0.13	)
Year Ended June 30, 2020		17.94		0.16			(0.28	)		(0.12	)		(0.17	)		(0.04	)		(0.21	)
Year Ended June 30, 2019		17.49		0.29			0.59			0.88			(0.27	)		(0.16	)		(0.43	)
Year Ended June 30, 2018		16.38		0.25			1.16			1.41			(0.30	)		—	(h)		(0.30	)
August 31, 2016 (j) through June 30, 2017		15.00		0.24	(k)		1.37			1.61			(0.23	)		—			(0.23	)
Class R3
Six Months Ended December 31, 2020 (Unaudited)		17.58		0.16			3.75			3.91			(0.16	)		—	(h)		(0.16	)
Year Ended June 30, 2020		17.92		0.23			(0.30	)		(0.07	)		(0.23	)		(0.04	)		(0.27	)
Year Ended June 30, 2019		17.48		0.39			0.53			0.92			(0.32	)		(0.16	)		(0.48	)
Year Ended June 30, 2018		16.38		0.29			1.16			1.45			(0.35	)		—	(h)		(0.35	)
May 31, 2017 (l) through June 30, 2017		16.36		0.09	(k)		0.03			0.12			(0.10	)		—			(0.10	)
Class R4
Six Months Ended December 31, 2020 (Unaudited)		17.65		0.16			3.77			3.93			(0.18	)		—	(h)		(0.18	)
Year Ended June 30, 2020		17.97		0.28			(0.30	)		(0.02	)		(0.26	)		(0.04	)		(0.30	)
Year Ended June 30, 2019		17.48		0.41			0.57			0.98			(0.33	)		(0.16	)		(0.49	)
Year Ended June 30, 2018		16.38		0.41			1.08			1.49			(0.39	)		—	(h)		(0.39	)
May 31, 2017 (l) through June 30, 2017		16.36		0.10	(k)		0.02			0.12			(0.10	)		—			(0.10	)
Class R5
Six Months Ended December 31, 2020 (Unaudited)		17.60		0.20			3.74			3.94			(0.19	)		—	(h)		(0.19	)
Year Ended June 30, 2020		17.94		0.31			(0.31	)		—	(h)		(0.30	)		(0.04	)		(0.34	)
Year Ended June 30, 2019		17.49		0.58			0.42			1.00			(0.39	)		(0.16	)		(0.55	)
Year Ended June 30, 2018		16.38		0.58			0.95			1.53			(0.42	)		—	(h)		(0.42	)
August 31, 2016 (j) through June 30, 2017		15.00		0.34	(k)		1.36			1.70			(0.32	)		—			(0.32	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		17.61		0.24			3.71			3.95			(0.20	)		—	(h)		(0.20	)
Year Ended June 30, 2020		17.95		0.33			(0.32	)		0.01			(0.31	)		(0.04	)		(0.35	)
Year Ended June 30, 2019		17.49		0.46			0.56			1.02			(0.40	)		(0.16	)		(0.56	)
Year Ended June 30, 2018		16.38		0.48			1.06			1.54			(0.43	)		—	(h)		(0.43	)
August 31, 2016 (j) through June 30, 2017		15.00		0.37	(k)		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 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) Amount rounds to less than $0.005.

(i) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

(j) Commencement of operations.

(k) 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.

(l) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

110 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2020

		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)
$	21.38		22.36	%	$	367		0.37	%		1.96	%		0.80	%		9	%
	17.63		(0.19	)		250		0.41			1.27			1.77			53
	17.96		5.83			534		0.38			1.87			1.53			34
	17.49		9.18			1,191		0.37	(i)		1.97	(i)		5.09	(i)		79
	16.38		11.31			1,011		0.36	(i)		2.35	(i)(k)		14.52	(i)		73
	21.37		22.13			35		0.87			1.42			1.38			9
	17.61		(0.74	)		27		0.91			0.89			1.61			53
	17.94		5.28			41		0.89			1.68			2.20			34
	17.49		8.63			24		0.87	(i)		1.45	(i)		6.08	(i)		79
	16.38		10.86			22		0.86	(i)		1.84	(i)(k)		15.55	(i)		73
	21.33		22.28			1,675		0.62			1.68			1.02			9
	17.58		(0.46	)		1,205		0.66			1.28			1.18			53
	17.92		5.51			830		0.64			2.25			1.58			34
	17.48		8.85			256		0.63	(i)		1.64	(i)		3.29	(i)		79
	16.38		0.73			20		0.59	(i)		6.91	(i)(k)		7.00	(i)		73
	21.40		22.31			200		0.38			1.64			0.83			9
	17.65		(0.17	)		255		0.41			1.52			0.97			53
	17.97		5.80			360		0.38			2.37			1.58			34
	17.48		9.13			911		0.37	(i)		2.32	(i)		3.61	(i)		79
	16.38		0.75			20		0.34	(i)		7.16	(i)(k)		6.75	(i)		73
	21.35		22.48			5,415		0.22			2.06			0.61			9
	17.60		(0.06	)		3,779		0.26			1.74			0.81			53
	17.94		5.95			4,129		0.24			3.33			1.18			34
	17.49		9.36			634		0.22	(i)		3.30	(i)		3.91	(i)		79
	16.38		11.47			49		0.20	(i)		2.60	(i)(k)		14.60	(i)		73
	21.36		22.53			132,054		0.12			2.45			0.51			9
	17.61		0.04			71,093		0.16			1.84			0.67			53
	17.95		6.09			35,217		0.14			2.62			1.10			34
	17.49		9.45			10,800		0.12	(i)		2.69	(i)		3.38	(i)		79
	16.38		11.54			1,076		0.08	(i)		2.76	(i)(k)		10.55	(i)		73

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 111

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (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	Diversification Classification
JPMorgan SmartRetirement® Blend Income Fund	Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	Diversified
JPMorgan SmartRetirement® Blend 2020 Fund	Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	Diversified
JPMorgan SmartRetirement® Blend 2025 Fund	Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	Diversified
JPMorgan SmartRetirement® Blend 2030 Fund	Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	Diversified
JPMorgan SmartRetirement® Blend 2035 Fund	Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	Diversified
JPMorgan SmartRetirement® Blend 2040 Fund	Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	Diversified
JPMorgan SmartRetirement® Blend 2045 Fund	Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	Diversified
JPMorgan SmartRetirement® Blend 2050 Fund	Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	Diversified
JPMorgan SmartRetirement® Blend 2055 Fund	Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	Diversified
JPMorgan SmartRetirement® Blend 2060 Fund	Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	Diversified

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.

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, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) 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 (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) 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 — Investments are valued in accordance with GAAP and the Funds’ valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

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/or 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 the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for 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.

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

112 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2020

sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Funds are calculated on a valuation date. Certain foreign equity instruments, as well as certain derivatives with foreign 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”) (“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):

JPMorgan SmartRetirement^® Blend Income Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Asset-Backed Securities	$	—		$	7,109	$	836	$	7,945
Collateralized Mortgage Obligations		—			822		732		1,554
Commercial Mortgage-Backed Securities		—			473		—		473
Corporate Bonds		—			58,168		—		58,168
Exchange-Traded Funds		191,560			—		—		191,560
Foreign Government Securities		—			1,110		—		1,110
Investment Companies		333,618			—		—		333,618
Mortgage-Backed Securities		—			74,723		—		74,723
U.S. Treasury Obligations		—			45,078		—		45,078
Short-Term Investments
Investment Companies		91,737			—		—		91,737
Total Investments in Securities	$	616,915		$	187,483	$	1,568	$	805,966
Appreciation in Other Financial Instruments
Futures Contracts	$	489		$	—	$	—	$	489
Depreciation in Other Financial Instruments
Futures Contracts	$	(57	)	$	—	$	—	$	(57	)

DECEMBER 31, 2020 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 113

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

JPMorgan SmartRetirement® Blend 2020 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Asset-Backed Securities	$	—		$	16,900	$	2,061	$	18,961
Collateralized Mortgage Obligations		—			3,678		1,568		5,246
Commercial Mortgage-Backed Securities		—			983		—		983
Corporate Bonds		—			122,151		—		122,151
Exchange-Traded Funds		407,695			—		—		407,695
Foreign Government Securities		—			1,810		—		1,810
Investment Companies		663,901			—		—		663,901
Mortgage-Backed Securities		—			141,310		—		141,310
U.S. Treasury Obligations		—			82,427		—		82,427
Short-Term Investments
Investment Companies		169,816			—		—		169,816
Total Investments in Securities	$	1,241,412		$	369,259	$	3,629	$	1,614,300
Appreciation in Other Financial Instruments
Futures Contracts	$	980		$	—	$	—	$	980
Depreciation in Other Financial Instruments
Futures Contracts	$	(99	)	$	—	$	—	$	(99	)
JPMorgan SmartRetirement® Blend 2025 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Asset-Backed Securities	$	—		$	22,021	$	2,718	$	24,739
Collateralized Mortgage Obligations		—			4,747		2,091		6,838
Commercial Mortgage-Backed Securities		—			1,233		—		1,233
Corporate Bonds		—			154,341		—		154,341
Exchange-Traded Funds		609,684			—		—		609,684
Foreign Government Securities		—			2,202		—		2,202
Investment Companies		972,642			—		—		972,642
Mortgage-Backed Securities		—			175,298		—		175,298
U.S. Treasury Obligations		—			106,738		—		106,738
Short-Term Investments
Investment Companies		189,674			—		—		189,674
Total Investments in Securities	$	1,772,000		$	466,580	$	4,809	$	2,243,389
Appreciation in Other Financial Instruments
Futures Contracts	$	2,275		$	—	$	—	$	2,275
Depreciation in Other Financial Instruments
Futures Contracts	$	(134	)	$	—	$	—	$	(134	)

114 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2020

JPMorgan SmartRetirement® Blend 2030 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Asset-Backed Securities	$	—		$	19,651	$	2,431	$	22,082
Collateralized Mortgage Obligations		—			4,224		1,882		6,106
Commercial Mortgage-Backed Securities		—			1,102		—		1,102
Corporate Bonds		—			135,918		—		135,918
Exchange-Traded Funds		787,320			—		—		787,320
Foreign Government Securities		—			2,053		—		2,053
Investment Companies		1,087,663			—		—		1,087,663
Mortgage-Backed Securities		—			156,012		—		156,012
U.S. Treasury Obligations		—			97,016		—		97,016
Short-Term Investments
Investment Companies		175,124			—		—		175,124
Total Investments in Securities	$	2,050,107		$	415,976	$	4,313	$	2,470,396
Appreciation in Other Financial Instruments
Futures Contracts	$	2,501		$	—	$	—	$	2,501
Depreciation in Other Financial Instruments
Futures Contracts	$	(154	)	$	—	$	—	$	(154	)
JPMorgan SmartRetirement® Blend 2035 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Exchange-Traded Funds	$	700,050		$	—	$	—	$	700,050
Investment Companies		1,300,664			—		—		1,300,664
U.S. Treasury Obligations		—			7,452		—		7,452
Short-Term Investments
Investment Companies		44,898			—		—		44,898
Total Investments in Securities	$	2,045,612		$	7,452	$	—	$	2,053,064
Appreciation in Other Financial Instruments
Futures Contracts	$	2,088		$	—	$	—	$	2,088
Depreciation in Other Financial Instruments
Futures Contracts	$	(111	)	$	—	$	—	$	(111	)
JPMorgan SmartRetirement® Blend 2040 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Exchange-Traded Funds	$	724,880		$	—	$	—	$	724,880
Investment Companies		1,115,654			—		—		1,115,654
U.S. Treasury Obligations		—			6,941		—		6,941
Short-Term Investments
Investment Companies		30,956			—		—		30,956
Total Investments in Securities	$	1,871,490		$	6,941	$	—	$	1,878,431
Appreciation in Other Financial Instruments
Futures Contracts	$	1,934		$	—	$	—	$	1,934
Depreciation in Other Financial Instruments
Futures Contracts	$	(93	)	$	—	$	—	$	(93	)

DECEMBER 31, 2020 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 115

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

JPMorgan SmartRetirement® Blend 2045 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Exchange-Traded Funds	$	598,436		$	—	$	—	$	598,436
Investment Companies		801,023			—		—		801,023
U.S. Treasury Obligations		—			5,266		—		5,266
Short-Term Investments
Investment Companies		31,064			—		—		31,064
Total Investments in Securities	$	1,430,523		$	5,266	$	—	$	1,435,789
Appreciation in Other Financial Instruments
Futures Contracts	$	1,480		$	—	$	—	$	1,480
Depreciation in Other Financial Instruments
Futures Contracts	$	(63	)	$	—	$	—	$	(63	)
JPMorgan SmartRetirement® Blend 2050 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Exchange-Traded Funds	$	460,549		$	—	$	—	$	460,549
Investment Companies		616,078			—		—		616,078
U.S. Treasury Obligations		—			4,799		—		4,799
Short-Term Investments
Investment Companies		22,213			—		—		22,213
Total Investments in Securities	$	1,098,840		$	4,799	$	—	$	1,103,639
Appreciation in Other Financial Instruments
Futures Contracts	$	1,148		$	—	$	—	$	1,148
Depreciation in Other Financial Instruments
Futures Contracts	$	(56	)	$	—	$	—	$	(56	)
JPMorgan SmartRetirement® Blend 2055 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Exchange-Traded Funds	$	238,894		$	—	$	—	$	238,894
Investment Companies		320,153			—		—		320,153
U.S. Treasury Obligations		—			2,719		—		2,719
Short-Term Investments
Investment Companies		11,608			—		—		11,608
Total Investments in Securities	$	570,655		$	2,719	$	—	$	573,374
Appreciation in Other Financial Instruments
Futures Contracts	$	597		$	—	$	—	$	597
Depreciation in Other Financial Instruments
Futures Contracts	$	(35	)	$	—	$	—	$	(35	)

116 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2020

JPMorgan SmartRetirement® Blend 2060 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Exchange-Traded Funds	$	58,893		$	—	$	—	$	58,893
Investment Companies		78,358			—		—		78,358
U.S. Treasury Obligations		—			1,072		—		1,072
Short-Term Investments
Investment Companies		3,163			—		—		3,163
Total Investments in Securities	$	140,414		$	1,072	$	—	$	141,486
Appreciation in Other Financial Instruments
Futures Contracts	$	143		$	—	$	—	$	143
Depreciation in Other Financial Instruments
Futures Contracts	$	(5	)	$	—	$	—	$	(5	)

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 NAVs of the Funds.

As of December 31, 2020, 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.

C. When-Issued Securities, Delayed Delivery Securities and Forward Commitments — JPMorgan SmartRetirement® Blend Income Fund, JPMorgan SmartRetirement® Blend 2020 Fund, JPMorgan SmartRetirement® Blend 2025 Fund and JPMorgan SmartRetirement® Blend 2030 Fund purchased when-issued securities, including To Be Announced (“TBA”) securities, and entered into contracts to purchase or sell securities for a fixed price that may be settled a month or more after the trade date, or purchased delayed delivery securities which generally settle seven days after the trade date. When-issued securities are securities that have been authorized, but not issued in the market. A forward commitment involves entering into a contract to purchase or sell securities for a fixed price at a future date that may be settled a month or more after the trade date. A delayed delivery security is agreed upon in advance between the buyer and the seller of the security and is generally delivered beyond seven days of the agreed upon date. The purchase of securities on a when-issued, delayed delivery or forward commitment basis involves the risk that the value of the security to be purchased declines before the settlement date. The sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. The Funds may be exposed to credit risk if the counterparty fails to perform under the terms of the transaction. Interest income for securities purchased on a when-issued, delayed delivery or forward commitment basis is not accrued until the settlement date.

JPMorgan SmartRetirement® Blend Income Fund, JPMorgan SmartRetirement® Blend 2020 Fund, JPMorgan SmartRetirement® Blend 2025 Fund and JPMorgan SmartRetirement® Blend 2030 Fund had forward commitments and delayed delivery securities outstanding as of December 31, 2020, which are shown as a Receivable for Investment securities sold — delayed delivery securities and a Payable for Investment securities purchased — delayed delivery securities on the Statements of Assets and Liabilities. The values of these securities held at December 31, 2020 are detailed on the SOIs.

D. Investment Transactions with Affiliates — The Funds invested in Underlying Funds and ETFs which are advised by the Adviser. 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 tables below to be affiliated issuers. Underlying Funds’ and ETFs’ distributions may be reinvested into the Underlying Funds and ETFs’. Reinvestment amounts are included in the purchase cost amounts in the tables below. Amounts in the tables below are in thousands

JPMorgan SmartRetirement^® Blend Income Fund

For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders International Equity ETF (a)	$	49,095	$	17,264	$	3,692	$	21		$	9,827		$	72,515		1,312	$	615	$	—
JPMorgan BetaBuilders MSCI US REIT ETF (a)		8,022		4,718		2,495		(390	)		1,154			11,009		139		185		—
JPMorgan BetaBuilders US Mid Cap Equity ETF (a)		—		13,789		—		—			2,062			15,851		201		54		—
JPMorgan Core Bond Fund Class R6 Shares (a)		81,613		7,640		89,702		7,518			(7,069	)		—		—		432		—

DECEMBER 31, 2020 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 117

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

JPMorgan SmartRetirement^® Blend Income Fund (continued)

For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Corporate Bond Fund Class R6 Shares (a)	$	25,164	$	12,928	$	830	$	(9	)	$	544		$	37,797		3,461	$	371	$	510
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		4,239		1,107		—		—			389			5,735		691		87		—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		4,145		1,159		—		—			357			5,661		684		77		—
JPMorgan Equity Index Fund Class R6 Shares (a)		71,171		25,859		5,069		170			15,234			107,365		1,881		901		—
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		5,999		3,095		—		—			337			9,431		1,066		125		—
JPMorgan High Yield Fund Class R6 Shares (a)		35,509		21,450		26,743		(599	)		3,593			33,210		4,664		1,028		—
JPMorgan High Yield Research Enhanced ETF (a)		—		32,750		—		—			277			33,027		636		117		20
JPMorgan Income Fund Class R6 Shares (a)		9,038		3,799		—		—			409			13,246		1,405		241		14
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		36,925		18,183		—		—			1,352			56,460		5,247		494		—
JPMorgan Managed Income Fund Class L Shares (a)		448		4,970		—		—			(5	)		5,413		539		20		1
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		70,445		25,030		37,361		633			553			59,300		6,014		718		98
JPMorgan U.S. Aggregate Bond ETF (a)		34,082		13,466		21,183		402			(564	)		26,203		941		314		84
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		21,682		332,386		262,331		—			—			91,737		91,737		12		—
Total	$	457,577	$	539,593	$	449,406	$	7,746		$	28,450		$	583,960			$	5,791	$	727

JPMorgan SmartRetirement^® Blend 2020 Fund

For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders International Equity ETF (a)	$	102,763	$	45,044	$	8,758	$	69		$	21,092		$	160,210		2,898	$	1,319	$	—
JPMorgan BetaBuilders MSCI US REIT ETF (a)		17,547		10,964		5,245		(828	)		2,495			24,933		315		416		—
JPMorgan BetaBuilders US Mid Cap Equity ETF (a)		—		30,552		2,259		16			4,223			32,532		413		118		—
JPMorgan Core Bond Fund Class R6 Shares (a)		202,592		17,017		220,729		16,901			(15,781	)		—		—		1,067		—
JPMorgan Corporate Bond Fund Class R6 Shares (a)		48,097		28,231		1,578		(16	)		1,017			75,751		6,937		711		1,005
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		7,809		2,537		—		—			720			11,066		1,333		162		—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		7,731		2,668		—		—			670			11,069		1,337		145		—
JPMorgan Equity Index Fund Class R6 Shares (a)		139,701		72,195		5,086		27			31,766			238,603		4,180		1,926		—
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		9,427		5,164		—		—			520			15,111		1,707		193		—
JPMorgan High Yield Fund Class R6 Shares (a)		67,798		42,409		49,939		(1,582	)		7,275			65,961		9,264		1,953		—
JPMorgan High Yield Research Enhanced ETF (a)		—		65,122		—		—			541			65,663		1,265		233		39
JPMorgan Income Fund Class R6 Shares (a)		14,331		7,748		—		—			660			22,739		2,411		390		24
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		62,178		35,044		—		—			2,293			99,515		9,249		830		—
JPMorgan Managed Income Fund Class L Shares (a)		811		9,603		5,516		—	(c)		(5	)		4,893		487		34		1

118 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2020

JPMorgan SmartRetirement^® Blend 2020 Fund (continued)

For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)	$	134,309	$	51,333	$	68,682	$	1,202		$	1,031		$	119,193		12,088	$	1,362	$	189
JPMorgan U.S. Aggregate Bond ETF (a)		18,643		34,361		3,050		(27	)		(206	)		49,721		1,785		238		156
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		45,432		644,766		520,382		—			—			169,816		169,816		21		—
Total	$	879,169	$	1,104,758	$	891,224	$	15,762		$	58,311		$	1,166,776			$	11,118	$	1,414

JPMorgan SmartRetirement^® Blend 2025 Fund

For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders International Equity ETF (a)	$	194,985	$	95,069	$	9,680	$	55		$	39,816		$	320,245		5,792	$	2,596	$	—
JPMorgan BetaBuilders MSCI US REIT ETF (a)		33,050		21,141		4,192		(726	)		4,338			53,611		677		900		—
JPMorgan BetaBuilders US Mid Cap Equity ETF (a)		—		61,111		3,372		24			7,420			65,183		827		233		—
JPMorgan Core Bond Fund Class R6 Shares (a)		264,512		22,696		288,659		21,534			(20,083	)		—		—		1,393		—
JPMorgan Corporate Bond Fund Class R6 Shares (a)		57,781		35,569		—		—			1,258			94,608		8,664		880		1,259
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		8,958		3,282		—		—			829			13,069		1,575		187		—
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		65,897		36,875		15,268		448			20,671			108,623		5,187		1,665		—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		8,868		3,432		—		—			772			13,072		1,579		168		—
JPMorgan Equity Index Fund Class R6 Shares (a)		258,960		127,194		10,314		573			56,785			433,198		7,589		3,474		—
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		9,437		5,718		—		—			528			15,683		1,772		197		—
JPMorgan High Yield Fund Class R6 Shares (a)		67,369		48,731		51,410		(1,498	)		7,369			70,561		9,910		2,036		—
JPMorgan High Yield Research Enhanced ETF (a)		—		69,965		—		—			580			70,545		1,359		250		42
JPMorgan Income Fund Class R6 Shares (a)		12,702		7,679		—		—			595			20,976		2,224		352		22
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		28,979		19,974		—		—			1,120			50,073		4,654		409		—
JPMorgan Managed Income Fund Class L Shares (a)		818		4		—		—			(1	)		821		82		3		—	(c)
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		163,826		69,628		84,233		1,418			1,319			151,958		15,412		1,686		236
JPMorgan U.S. Aggregate Bond ETF (a)		5,294		60,780		8,491		(11	)		(289	)		57,283		2,057		163		180
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		32,927		847,088		690,341		—			—			189,674		189,674		23		—
Total	$	1,214,363	$	1,535,936	$	1,165,960	$	21,817		$	123,027		$	1,729,183			$	16,615	$	1,739

DECEMBER 31, 2020 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 119

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

JPMorgan SmartRetirement^® Blend 2030 Fund

For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders International Equity ETF (a)	$	275,355	$	123,394	$	11,656	$	(7	)	$	57,111		$	444,197		8,034	$	3,662	$	—
JPMorgan BetaBuilders MSCI US REIT ETF (a)		46,458		25,631		—		—			5,233			77,322		977		1,336		—
JPMorgan BetaBuilders US Mid Cap Equity ETF (a)		—		83,989		3,986		46			10,997			91,046		1,156		322		—
JPMorgan Core Bond Fund Class R6 Shares (a)		236,835		19,390		257,497		18,217			(16,945	)		—		—		1,245		—
JPMorgan Corporate Bond Fund Class R6 Shares (a)		50,225		31,158		—		—			1,096			82,479		7,553		770		1,103
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		8,495		3,039		—		—			786			12,320		1,484		177		—
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		94,247		41,345		16,318		(71	)		29,884			149,087		7,120		2,315		—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		8,407		3,184		—		—			732			12,323		1,488		159		—
JPMorgan Equity Index Fund Class R6 Shares (a)		381,243		169,694		18,800		488			82,234			614,859		10,772		4,960		—
JPMorgan High Yield Fund Class R6 Shares (a)		64,344		50,592		51,140		(1,438	)		7,209			69,567		9,771		2,007		—
JPMorgan High Yield Research Enhanced ETF (a)		—		69,202		—		—			575			69,777		1,344		247		42
JPMorgan Income Fund Class R6 Shares (a)		6,679		4,748		—		—			299			11,726		1,243		176		12
JPMorgan Managed Income Fund Class L Shares (a)		773		3		—		—			(1	)		775		77		3		—	(c)
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		146,482		60,444		74,844		1,215			1,230			134,527		13,644		1,513		211
JPMorgan U.S. Aggregate Bond ETF (a)		6,073		43,553		2,430		(40	)		(188	)		46,968		1,686		142		148
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		36,711		824,302		685,889		—			—			175,124		175,124		23		—
Total	$	1,362,327	$	1,553,668	$	1,122,560	$	18,410		$	180,252		$	1,992,097			$	19,057	$	1,516

JPMorgan SmartRetirement^® Blend 2035 Fund

For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders International Equity ETF (a)	$	252,996	$	155,920	$	7,096	$	34		$	53,537		$	455,391		8,236	$	3,600	$	—
JPMorgan BetaBuilders MSCI US REIT ETF (a)		45,226		29,898		—		—			5,085			80,209		1,013		1,356		—
JPMorgan BetaBuilders US Mid Cap Equity ETF (a)		—		85,625		3,713		26			10,761			92,699		1,177		328		—
JPMorgan Core Bond Fund Class R6 Shares (a)		56,289		56,696		9,395		(44	)		(881	)		102,665		8,354		801		1,411
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		135,905		82,290		2,769		(4	)		(518	)		214,904		24,645		2,093		2,892
JPMorgan Corporate Bond Fund Class R6 Shares (a)		39,364		30,854		—		—			856			71,074		6,509		624		931
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		4,784		2,366		—		—			447			7,597		915		102		—

120 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2020

JPMorgan SmartRetirement^® Blend 2035 Fund (continued)

For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)	$	86,040	$	56,328	$	14,373	$	386	$	27,452		$	155,833		7,442	$	2,348	$	—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		4,733		2,449		—		—		417			7,599		918		92		—
JPMorgan Equity Index Fund Class R6 Shares (a)		356,707		208,377		5,792		75		79,099			638,466		11,185		4,892		—
JPMorgan High Yield Fund Class R6 Shares (a)		40,108		57,525		—		—		4,287			101,920		14,315		1,581		—
JPMorgan Managed Income Fund Class L Shares (a)		604		3		—		—		(1	)		606		60		2		—	(c)
JPMorgan U.S. Aggregate Bond ETF (a)		4,689		5,417		—		—		(51	)		10,055		361		60		31
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		30,143		431,740		416,985		—		—			44,898		44,898		13		—
Total	$	1,057,588	$	1,205,488	$	460,123	$	473	$	180,490		$	1,983,916			$	17,892	$	5,265

JPMorgan SmartRetirement^® Blend 2040 Fund

For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders International Equity ETF (a)	$	266,878	$	157,846	$	11,778	$	21	$	57,229		$	470,196		8,504	$	3,766	$	—
JPMorgan BetaBuilders MSCI US REIT ETF (a)		47,889		32,127		—		—		5,494			85,510		1,080		1,451		—
JPMorgan BetaBuilders US Mid Cap Equity ETF (a)		—		89,704		6,047		60		11,253			94,970		1,205		332		—
JPMorgan Core Bond Fund Class R6 Shares (a)		32,803		34,081		10,056		145		(694	)		56,279		4,579		455		805
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		79,665		29,379		4,704		39		(205	)		104,174		11,947		1,152		1,477
JPMorgan Corporate Bond Fund Class R6 Shares (a)		21,386		16,011		—		—		460			37,857		3,467		333		499
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		3,393		1,540		—		—		316			5,249		632		72		—
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		90,542		58,039		19,274		432		28,895			158,634		7,576		2,405		—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		3,247		1,530		—		—		285			5,062		611		63		—
JPMorgan Equity Index Fund Class R6 Shares (a)		383,666		207,385		15,939		172		84,248			659,532		11,555		5,156		—
JPMorgan High Yield Fund Class R6 Shares (a)		31,180		48,014		—		—		3,464			82,658		11,609		1,280		—
JPMorgan Managed Income Fund Class L Shares (a)		588		5,627		—		—		(6	)		6,209		618		22		2
JPMorgan U.S. Aggregate Bond ETF (a)		4,370		5,049		—		—		(46	)		9,373		337		56		29
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		39,297		407,016		415,357		—		—			30,956		30,956		12		—
Total	$	1,004,904	$	1,093,348	$	483,155	$	869	$	190,693		$	1,806,659			$	16,555	$	2,812

DECEMBER 31, 2020 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 121

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

JPMorgan SmartRetirement^® Blend 2045 Fund

For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders International Equity ETF (a)	$	208,864	$	141,849	$	6,470	$	(30	)	$	44,837		$	389,050		7,037	$	3,060	$	—
JPMorgan BetaBuilders MSCI US REIT ETF (a)		35,883		30,099		—		—			4,318			70,300		888		1,187		—
JPMorgan BetaBuilders US Mid Cap Equity ETF (a)		—		73,185		3,714		16			9,569			79,056		1,003		268		—
JPMorgan Core Bond Fund Class R6 Shares (a)		11,885		13,105		3,452		200			(402	)		21,336		1,736		156		303
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		28,005		4,283		6,805		211			(150	)		25,544		2,929		363		359
JPMorgan Corporate Bond Fund Class R6 Shares (a)		7,723		6,464		—		—			140			14,327		1,312		113		187
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		1,682		887		—		—			158			2,727		329		36		—
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		71,811		43,505		7,195		(21	)		23,639			131,739		6,291		2,008		—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		1,583		863		—		—			140			2,586		312		31		—
JPMorgan Equity Index Fund Class R6 Shares (a)		304,638		185,648		8,356		126			67,440			549,496		9,627		4,203		—
JPMorgan High Yield Fund Class R6 Shares (a)		17,244		33,515		—		—			2,085			52,844		7,422		782		—
JPMorgan Managed Income Fund Class L Shares (a)		422		2		—		—			—	(c)		424		42		2		—	(c)
JPMorgan U.S. Aggregate Bond ETF (a)		4,397		2,717		—		—			(20	)		7,094		255		42		22
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		24,895	$	341,875	$	335,706		—			—			31,064		31,064	$	10		—
Total	$	719,032	$	877,997	$	371,698	$	502		$	151,754		$	1,377,587			$	12,261	$	871

JPMorgan SmartRetirement^® Blend 2050 Fund

For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders International Equity ETF (a)	$	168,519	$	100,355	$	6,485	$	(4	)	$	36,338		$	298,723		5,403	$	2,406	$	—
JPMorgan BetaBuilders MSCI US REIT ETF (a)		30,349		20,318		1,616		(271	)		3,817			52,597		665		930		—
JPMorgan BetaBuilders US Mid Cap Equity ETF (a)		—		56,902		2,955		13			6,953			60,913		773		207		—
JPMorgan Core Bond Fund Class R6 Shares (a)		9,716		10,960		4,049		160			(323	)		16,464		1,340		133		239
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		22,895		2,674		5,917		186			(127	)		19,711		2,260		288		283
JPMorgan Corporate Bond Fund Class R6 Shares (a)		6,242		4,676		—		—			137			11,055		1,012		100		148
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		1,370		607		—		—			128			2,105		254		29		—
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		59,817		25,597		4,522		48			19,530			100,470		4,798		1,525		—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		1,290		592		—		—			113			1,995		241		25		—
JPMorgan Equity Index Fund Class R6 Shares (a)		248,886		123,898		6,251		(11	)		54,989			421,511		7,385		3,335		—

122 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2020

JPMorgan SmartRetirement^® Blend 2050 Fund (continued)

For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan High Yield Fund Class R6 Shares (a)	$	14,017	$	25,069	$	—	$	—		$	1,691		$	40,777		5,727	$	634	$	—
JPMorgan Managed Income Fund Class L Shares (a)		347		6,617		4,972		—	(c)		(2	)		1,990		198		22		1
JPMorgan U.S. Aggregate Bond ETF (a)		2,718		2,776		—		—			(20	)		5,474		197		29		17
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		27,278		257,466		262,531		—			—			22,213		22,213		9		—
Total	$	593,444	$	638,507	$	299,298	$	121		$	123,224		$	1,055,998			$	9,672	$	688

JPMorgan SmartRetirement^® Blend 2055 Fund

For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders International Equity ETF (a)	$	95,796	$	40,982		$	1,933	$	7		$	20,579		$	155,431		2,811	$	1,293	$	—
JPMorgan BetaBuilders MSCI US REIT ETF (a)		16,040		9,933			—		—			1,993			27,966		353		487		—
JPMorgan BetaBuilders US Mid Cap Equity ETF (a)		—		28,889			1,251		9			4,034			31,681		402		112		—
JPMorgan Core Bond Fund Class R6 Shares (a)		5,309		4,764			1,502		79			(162	)		8,488		691		68		127
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		12,510		1,105			3,489		111			(75	)		10,162		1,165		160		150
JPMorgan Corporate Bond Fund Class R6 Shares (a)		3,387		2,235			—		—			77			5,699		522		53		78
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		744		272			—		—			69			1,085		131		16		—
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		33,259		11,258			1,937		(11	)		10,710			53,279		2,544		786		—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		700		268			—		—			61			1,029		124		13		—
JPMorgan Equity Index Fund Class R6 Shares (a)		132,331		58,427			1,250		2			29,699			219,209		3,840		1,789		—
JPMorgan High Yield Fund Class R6 Shares (a)		7,683		12,417			—		—			923			21,023		2,953		340		—
JPMorgan Managed Income Fund Class L Shares (a)		179		—	(c)		—		—			—	(c)		179		18		1		—	(c)
JPMorgan U.S. Aggregate Bond ETF (a)		1,399		1,434			—		—			(11	)		2,822		101		15		9
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		12,617		112,577			113,586		—			—			11,608		11,608		4		—
Total	$	321,954	$	284,561		$	124,948	$	197		$	67,897		$	549,661			$	5,137	$	364

JPMorgan SmartRetirement^® Blend 2060 Fund

For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at December 31, 2020		Shares at December 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders International Equity ETF (a)	$	19,870	$	14,063	$	329	$	(9	)	$	4,722	$	38,317		693	$	305	$	—
JPMorgan BetaBuilders MSCI US REIT ETF (a)		3,623		2,854		—		—			445		6,922		87		117		—

DECEMBER 31, 2020 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 123

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

JPMorgan SmartRetirement^® Blend 2060 Fund (continued)

For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders US Mid Cap Equity ETF (a)	$	—	$	6,996	$	—	$	—		$	906		$	7,902		100	$	27	$	—
JPMorgan Core Bond Fund Class R6 Shares (a)		1,127		1,542		608		—	(c)		(24	)		2,037		166		17		30
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		2,656		274		497		12			(7	)		2,438		280		34		36
JPMorgan Corporate Bond Fund Class R6 Shares (a)		699		653		—		—			16			1,368		125		11		19
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		156		89		—		—			15			260		31		3		—
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		6,451		4,574		502		(4	)		2,363			12,882		615		192		—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		147		87		—		—			13			247		30		3		—
JPMorgan Equity Index Fund Class R6 Shares (a)		29,323		18,919		1,125		2			6,802			53,921		945		410		—
JPMorgan High Yield Fund Class R6 Shares (a)		1,645		3,193		—		—			207			5,045		709		77		—
JPMorgan Managed Income Fund Class L Shares (a)		—		792		632		—			—	(c)		160		16		3		—	(c)
JPMorgan U.S. Aggregate Bond ETF (a)		374		306		—		—			(3	)		677		24		4		2
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		3,293		32,358		32,488		—			—			3,163		3,163		1		—
Total	$	69,364	$	86,700	$	36,181	$	1		$	15,455		$	135,339			$	1,204	$	87

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

(b) The rate shown is the current yield as of December 31, 2020.

(c) Amount rounds to less than one thousand.

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 in non-affiliates 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 year end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

F. Futures Contracts — The Funds used index and treasury futures contracts to manage and hedge interest rate risk and equity price risk associated with portfolio investments. The Funds also purchased 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 futures contracts 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, while cash deposited, which is considered

124 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2020

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.

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).

The table below discloses the volume of the Funds’ futures contracts activity during the six months ended December 31, 2020 (amounts in thousands):

	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
Futures Contracts—Equity:
Average Notional Balance Long	$	25,473		$	53,122		$	102,030		$	113,231		$	94,619		$	91,750		$	68,180		$	62,881		$	29,423		$	7,330
Average Notional Balance Short		5,971	(a)		11,238	(a)		14,011	(a)		15,534	(a)		11,793	(a)		11,150	(a)		7,526	(a)		6,157	(a)		3,708	(a)		703	(a)
Ending Notional Balance Long		17,464			34,796			91,244			102,070			88,211			82,070			62,211			47,849			24,641			5,978
Futures Contracts—Interest Rate:
Average Notional Balance Long		54,227			102,273			134,059			130,922			41,050			38,809			28,235			22,823			12,217			2,776
Average Notional Balance Short		14,669			27,954			38,414			43,313			35,049			32,223			23,522			19,023			10,308			2,260
Ending Notional Balance Long		55,488			110,011			144,381			142,448			59,906			56,179			42,376			33,404			16,702			4,279
Ending Notional Balance Short		18,880			37,761			52,300			58,594			50,564			47,092			35,590			27,561			14,106			3,472

(a) For the period July 1, 2020 through October 31, 2020.

G. Summary of Derivative Information

The following tables present the value of derivatives held as of December 31, 2020 by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):

JPMorgan SmartRetirement^® Blend Income Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	421
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		68
Total		$	489
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(57	)

JPMorgan SmartRetirement^® Blend 2020 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	834
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		146
Total		$	980
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(99	)

DECEMBER 31, 2020 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 125

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

JPMorgan SmartRetirement^® Blend 2025 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	2,092
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		183
Total		$	2,275
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(134	)

JPMorgan SmartRetirement^® Blend 2030 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	2,346
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		155
Total		$	2,501
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(154	)

JPMorgan SmartRetirement^® Blend 2035 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	2,009
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		79
Total		$	2,088
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(111	)

JPMorgan SmartRetirement^® Blend 2040 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	1,875
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		59
Total		$	1,934
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(93	)

JPMorgan SmartRetirement^® Blend 2045 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	1,419
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		61
Total		$	1,480
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(63	)

126 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2020

JPMorgan SmartRetirement^® Blend 2050 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	1,101
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		47
Total		$	1,148
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(56	)

JPMorgan SmartRetirement^® Blend 2055 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	573
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		24
Total		$	597
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(35	)

JPMorgan SmartRetirement^® Blend 2060 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	137
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		6
Total		$	143
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(5	)

(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, 2020, by primary underlying risk exposure (amounts in thousands):

JPMorgan SmartRetirement^® Blend Income Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	5,057
Interest rate contracts		(275	)
Total	$	4,782
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(148	)
Interest rate contracts		(116	)
Total	$	(264	)

DECEMBER 31, 2020 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 127

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

JPMorgan SmartRetirement^® Blend 2020 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	10,931
Interest rate contracts		(542	)
Total	$	10,389
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(527	)
Interest rate contracts		(164	)
Total	$	(691	)

JPMorgan SmartRetirement^® Blend 2025 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	19,975
Interest rate contracts		(824	)
Total	$	19,151
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(5	)
Interest rate contracts		(160	)
Total	$	(165	)

JPMorgan SmartRetirement^® Blend 2030 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	22,275
Interest rate contracts		(914	)
Total	$	21,361
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	19
Interest rate contracts		(152	)
Total	$	(133	)

JPMorgan SmartRetirement^® Blend 2035 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	18,867
Interest rate contracts		(473	)
Total	$	18,394
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	157
Interest rate contracts		40
Total	$	197

128 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2020

JPMorgan SmartRetirement^® Blend 2040 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	18,642
Interest rate contracts		(438	)
Total	$	18,204
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(84	)
Interest rate contracts		24
Total	$	(60	)

JPMorgan SmartRetirement^® Blend 2045 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	13,381
Interest rate contracts		(328	)
Total	$	13,053
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	147
Interest rate contracts		55
Total	$	202

JPMorgan SmartRetirement^® Blend 2050 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	13,489
Interest rate contracts		(268	)
Total	$	13,221
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(124	)
Interest rate contracts		39
Total	$	(85	)

JPMorgan SmartRetirement^® Blend 2055 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	6,243
Interest rate contracts		(137	)
Total	$	6,106
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(21	)
Interest rate contracts		10
Total	$	(11	)

DECEMBER 31, 2020 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 129

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

JPMorgan SmartRetirement^® Blend 2060 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	1,595
Interest rate contracts		(30	)
Total	$	1,565
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(19	)
Interest rate contracts		4
Total	$	(15	)

H. 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 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.

I. 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 applicable funds. 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 share class of the Funds for the six months ended December 31, 2020 are as follows (amounts in thousands):

	Class I			Class R2			Class R3			Class R4			Class R5			Class R6		Total
JPMorgan SmartRetirement® Blend Income Fund
Transfer agency fees	$	1		$	—	(a)	$	—	(a)	$	—	(a)	$	1		$	5	$	7
JPMorgan SmartRetirement® Blend 2020 Fund
Transfer agency fees		—	(a)		—	(a)		—	(a)		—	(a)		1			7		8
JPMorgan SmartRetirement® Blend 2025 Fund
Transfer agency fees		—	(a)		—	(a)		1			—	(a)		1			9		11
JPMorgan SmartRetirement® Blend 2030 Fund
Transfer agency fees		1			—	(a)		—	(a)		—	(a)		1			9		11
JPMorgan SmartRetirement® Blend 2035 Fund
Transfer agency fees		1			—	(a)		—	(a)		—	(a)		1			8		10
JPMorgan SmartRetirement® Blend 2040 Fund
Transfer agency fees		1			—	(a)		—	(a)		—	(a)		1			8		10
JPMorgan SmartRetirement® Blend 2045 Fund
Transfer agency fees		—	(a)		—	(a)		—	(a)		—	(a)		1			7		8
JPMorgan SmartRetirement® Blend 2050 Fund
Transfer agency fees		—	(a)		—	(a)		—	(a)		—	(a)		1			7		8
JPMorgan SmartRetirement® Blend 2055 Fund
Transfer agency fees		—	(a)		—	(a)		—	(a)		—	(a)		1			5		6
JPMorgan SmartRetirement® Blend 2060 Fund
Transfer agency fees		—	(a)		—	(a)		—	(a)		—	(a)		—	(a)		4		4

(a) Amount rounds to less than one thousand.

130 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2020

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 in the Financial Highlights. Certain expenses of affiliated Underlying Funds and ETFs are waived as described in Note 3.F.

J. 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, 2020, no liability for Federal 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 Fund’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

K. 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.

L. Recent Accounting Pronouncement — In March 2020, the FASB issued Accounting Standards Update No. 2020-04 (“ASU 2020-04”), Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 became effective upon the issuance and its optional relief can be applied through December 31, 2022. Management is currently evaluating the impact, if any, to the Funds’ financial statements of applying ASU 2020-04.

3.Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of each Fund and for such services is paid a fee. Effective November 1, 2020, the investment advisory fee is accrued daily and paid monthly at an annual rate of 0.15% of each Fund’s respective average daily net assets. Prior to November 1, 2020, the investment advisory fee was 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 each Fund. In consideration of these services, 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, plus 0.050% of each Fund’s respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund’s respective average daily net assets between $20 billion and $25 billion, plus 0.01% of each Fund’s respective average daily net assets in excess of $25 billion. For the six months ended December 31, 2020, the effective annualized rate was 0.07% 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.

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 each Fund’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 R2 and Class R3 Shares of the Funds, as applicable, pursuant to Rule 12b-1 under the 1940 Act. Class I, Class R4, Class R5 and Class R6 Shares of the Funds do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

Class R2	Class R3
0.50%		0.25	%

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 fund shareholders. For performing these services, JPMDS receives a fee with respect to all share classes except 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 I	Class R2	Class R3			Class R4			Class R5
0.25%	0.25%		0.25	%		0.25	%		0.10	%

DECEMBER 31, 2020 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 131

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

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. Pursuant to such contracts, 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.

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 dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses incurred by the Funds and any Underlying Fund and ETFs and acquired fund fees and expenses 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 I	Class R2			Class R3			Class R4			Class R5			Class R6
0.44%(1)		0.94	%(1)		0.69	%(1)		0.44	%(1)		0.29	%(1)		0.19	%(1)

⁽¹⁾  Prior to November 1, 2020, the contractual expense limitations were 0.54%, 1.04%, 0.79%, 0.54%, 0.39% and 0.29% for Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares, respectively.

The expense limitation agreements were in effect for the six months ended December 31, 2020 and the contractual expense limitation percentages in the table above are in place until at least October 31, 2021.

The Underlying Funds and ETFs may impose separate advisory and service fees. To avoid charging a service fee at an effective rate above 0.25% for 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 and ETFs. 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, 2020, 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.

	Investment Advisory Fees		Administration Fees		Service Fees			Total		Contractual Reimbursements
JPMorgan SmartRetirement® Blend Income Fund	$	610	$	90	$	2		$	702	$	179
JPMorgan SmartRetirement® Blend 2020 Fund		1,169		132		1			1,302		274
JPMorgan SmartRetirement® Blend 2025 Fund		1,608		176		1			1,785		201
JPMorgan SmartRetirement® Blend 2030 Fund		1,778		183		1			1,962		8
JPMorgan SmartRetirement® Blend 2035 Fund		1,466		161		1			1,628		24
JPMorgan SmartRetirement® Blend 2040 Fund		1,231		151		1			1,383		6
JPMorgan SmartRetirement® Blend 2045 Fund		821		121		1			943		6
JPMorgan SmartRetirement® Blend 2050 Fund		683		108		1			792		5
JPMorgan SmartRetirement® Blend 2055 Fund		407		83		—	(a)		490		4
JPMorgan SmartRetirement® Blend 2060 Fund		103		36		—	(a)		139		52

(a) Amount rounds to less than one thousand.

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 designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. Each Fund, along with 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.

During the six months ended December 31, 2020, JPMorgan SmartRetirement^® Blend Income Fund, JPMorgan SmartRetirement^® Blend 2020 Fund, JPMorgan SmartRetirement^® Blend 2025 Fund and JPMorgan SmartRetirement^® Blend 2030 Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were 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 LLC., an affiliated broker, involving taxable money market instruments, subject to certain conditions.

132 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2020

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, 2020, 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
JPMorgan SmartRetirement® Blend Income Fund	$	430,896	$	274,398	$	62,364	$	21,104
JPMorgan SmartRetirement® Blend 2020 Fund		948,743		577,327		126,388		51,630
JPMorgan SmartRetirement® Blend 2025 Fund		1,286,781		751,167		163,070		68,202
JPMorgan SmartRetirement® Blend 2030 Fund		1,263,507		706,078		145,847		61,383
JPMorgan SmartRetirement® Blend 2035 Fund		773,747		99,162		—		1,266
JPMorgan SmartRetirement® Blend 2040 Fund		686,331		126,317		—		1,470
JPMorgan SmartRetirement® Blend 2045 Fund		537,489		86,487		—		1,416
JPMorgan SmartRetirement® Blend 2050 Fund		382,159		72,407		—		356
JPMorgan SmartRetirement® Blend 2055 Fund		171,984		32,756		—		409
JPMorgan SmartRetirement® Blend 2060 Fund		54,674		8,386		—		—

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, 2020 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
JPMorgan SmartRetirement® Blend Income Fund	$	755,261	$	52,207	$	1,070	$	51,137
JPMorgan SmartRetirement® Blend 2020 Fund		1,513,510		103,806		2,135		101,671
JPMorgan SmartRetirement® Blend 2025 Fund		2,069,280		179,897		3,647		176,250
JPMorgan SmartRetirement® Blend 2030 Fund		2,230,609		247,436		5,302		242,134
JPMorgan SmartRetirement® Blend 2035 Fund		1,823,923		234,984		3,866		231,118
JPMorgan SmartRetirement® Blend 2040 Fund		1,641,777		242,503		4,008		238,495
JPMorgan SmartRetirement® Blend 2045 Fund		1,248,025		192,168		2,987		189,181
JPMorgan SmartRetirement® Blend 2050 Fund		953,905		153,199		2,373		150,826
JPMorgan SmartRetirement® Blend 2055 Fund		491,610		83,639		1,313		82,326
JPMorgan SmartRetirement® Blend 2060 Fund		123,922		17,962		260		17,702

As of June 30, 2020, the Funds did not have any net capital loss carryforwards.

Net capital losses (gains) and 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, 2020, the Funds deferred to July 1, 2020 the following net capital losses (gains) and specified ordinary losses of (amounts in thousands):

	Net Capital Losses (Gains)					Specified Ordinary Losses
	Short-Term Long-Term
JPMorgan SmartRetirement® Blend Income Fund	$	2,883,837	$	—		$	174,469
JPMorgan SmartRetirement® Blend 2020 Fund		5,761,852		—			333,516
JPMorgan SmartRetirement® Blend 2025 Fund		7,536,483		—			587,589
JPMorgan SmartRetirement® Blend 2030 Fund		12,767,666		(2,218,053	)		618,444
JPMorgan SmartRetirement® Blend 2035 Fund		8,387,564		1,936,335			744,075
JPMorgan SmartRetirement® Blend 2040 Fund		12,920,145		3,418,885			839,736
JPMorgan SmartRetirement® Blend 2045 Fund		7,730,021		6,088,540			406,438
JPMorgan SmartRetirement® Blend 2050 Fund		9,671,922		3,162,637			263,593
JPMorgan SmartRetirement® Blend 2055 Fund		3,694,430		1,646,061			287,579
JPMorgan SmartRetirement® Blend 2060 Fund		833,818		(70,545	)		47,424

During the year ended June 30, 2020, the following Funds utilized capital loss carryforwards as follows (amounts in thousands):

	Capital Loss Utilized
	Short-term		Long-Term
JPMorgan SmartRetirement® Blend Income Fund	$	636,427	$	548,855
JPMorgan SmartRetirement® Blend 2020 Fund		962,488		871,535

DECEMBER 31, 2020 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 133

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

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 Funds had no borrowings outstanding from another fund during the six months ended December 31, 2020.

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 1, 2021.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended December 31, 2020.

The Trust, along with certain other trusts for J.P. Morgan Funds (“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%, which has increased to 1.25% pursuant to the amendment referenced below, 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 11, 2020, this agreement has been amended and restated for a term of 364 days, unless extended, and to include the change to the interest rate charged for borrowing from the Credit Facility to 1.25%, as noted above, and an upfront fee of 0.075% of the Credit Facility to be charged and paid by all participating funds of the Credit Facility.

The Funds did not utilize the Credit Facility during the six months ended December 31, 2020.

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, 2020, the following Funds had individual shareholder and/or omnibus accounts each owning more than 10% of the respective Fund’s outstanding shares as follows:

	Number of individual shareholder and/or Non-Affiliated Omnibus Accounts		% of the Fund
JPMorgan SmartRetirement® Blend Income Fund		2		52.1	%
JPMorgan SmartRetirement® Blend 2020 Fund		2		54.0
JPMorgan SmartRetirement® Blend 2025 Fund		2		53.4
JPMorgan SmartRetirement® Blend 2030 Fund		2		50.8
JPMorgan SmartRetirement® Blend 2035 Fund		2		55.6
JPMorgan SmartRetirement® Blend 2040 Fund		2		55.7
JPMorgan SmartRetirement® Blend 2045 Fund		2		56.8
JPMorgan SmartRetirement® Blend 2050 Fund		2		54.1
JPMorgan SmartRetirement® Blend 2055 Fund		2		49.8
JPMorgan SmartRetirement® Blend 2060 Fund		2		42.3

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

134 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2020

As of December 31, 2020, the Funds owned in the aggregate, shares representing more than 10% of the net assets of the following Underlying Funds and ETFs:

	% of Net Assets
JPMorgan BetaBuilders International Equity ETF		91.2	%
JPMorgan Equity Index Fund		57.4
JPMorgan BetaBuilders MSCI US REIT ETF		49.6
JPMorgan High Yield Research Enhanced ETF		48.7
JPMorgan BetaBuilders US Mid Cap Equity ETF		43.2
JPMorgan Emerging Markets Research Enhanced Equity Fund		25.7
JPMorgan U.S. Aggregate Bond ETF		25.6
JPMorgan Emerging Markets Strategic Debt Fund		20.5
JPMorgan Corporate Bond Fund		15.7
JPMorgan Inflation Managed Bond Fund		15.2

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. Many derivatives create leverage thereby causing the Funds to be more volatile than they would have been if they had not used derivatives. 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. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Funds to sell or otherwise close a derivatives position could expose the Funds to losses.

Each Fund invests in 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 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).

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.

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.

LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. The regulatory authority that oversees financial services firms and financial markets in the U.K. has announced that, after the end of 2021, it would no longer persuade or compel contributing banks to make rate submissions for purposes of determining the LIBOR rate. As a result, it is possible that commencing in 2022, LIBOR may no longer be available or no longer deemed an appropriate reference rate upon which to determine the interest rate on or impacting certain loans, notes, derivatives and other instruments or investments comprising some or all of a Fund’s portfolio. In light of this eventuality, public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of LIBOR. There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain investments of a Fund and result in costs incurred in connection with closing out positions and entering into new trades. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., Euribor) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.

The Funds are subject to infectious disease epidemics/pandemics risk. The worldwide outbreak of COVID-19, a novel coronavirus disease, has negatively affected economies, markets and individual companies throughout the world. The effects of this COVID-19 pandemic to public health, and business and market conditions, including exchange trading suspensions and closures may continue to have a significant negative impact on the performance of a Fund’s investments, increase a Fund’s volatility, exacerbate other pre-existing political, social and economic risks to the Funds and negatively impact broad segments of businesses and populations. The Funds’ operations may be interrupted as a result, which may have a significant negative impact on investment performance. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could also have a significant negative impact on a Fund’s investment performance. The full impact of this COVID-19 pandemic, or other future epidemics/pandemics, is currently unknown.

DECEMBER 31, 2020 JPMORGAN SMARTRETIREMENT^® BLEND 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 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, 2020, and continued to hold your shares at the end of the reporting period, December 31, 2020.

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 titled “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 and ETFs. 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, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan SmartRetirement® Blend Income Fund
Class I
Actual	$	1,000.00	$	1,104.80	$	1.49		0.28	%
Hypothetical		1,000.00		1,023.79		1.43		0.28
Class R2
Actual		1,000.00		1,102.20		4.13		0.78
Hypothetical		1,000.00		1,021.27		3.97		0.78
Class R3
Actual		1,000.00		1,104.10		2.81		0.53
Hypothetical		1,000.00		1,022.53		2.70		0.53
Class R4
Actual		1,000.00		1,105.30		1.49		0.28
Hypothetical		1,000.00		1,023.79		1.43		0.28
Class R5
Actual		1,000.00		1,106.20		0.69		0.13
Hypothetical		1,000.00		1,024.55		0.66		0.13
Class R6
Actual		1,000.00		1,106.70		0.16		0.03
Hypothetical		1,000.00		1,025.05		0.15		0.03
JPMorgan SmartRetirement® Blend 2020 Fund
Class I
Actual		1,000.00		1,112.80		1.49		0.28
Hypothetical		1,000.00		1,023.79		1.43		0.28
Class R2
Actual		1,000.00		1,109.40		4.15		0.78
Hypothetical		1,000.00		1,021.27		3.97		0.78

136 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2020

	Beginning Account Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan SmartRetirement® Blend 2020 Fund (continued)
Class R3
Actual	$	1,000.00	$	1,111.10	$	2.82		0.53	%
Hypothetical		1,000.00		1,022.53		2.70		0.53
Class R4
Actual		1,000.00		1,112.40		1.49		0.28
Hypothetical		1,000.00		1,023.79		1.43		0.28
Class R5
Actual		1,000.00		1,113.50		0.69		0.13
Hypothetical		1,000.00		1,024.55		0.66		0.13
Class R6
Actual		1,000.00		1,113.60		0.16		0.03
Hypothetical		1,000.00		1,025.05		0.15		0.03
JPMorgan SmartRetirement® Blend 2025 Fund
Class I
Actual		1,000.00		1,143.40		1.62		0.30
Hypothetical		1,000.00		1,023.69		1.53		0.30
Class R2
Actual		1,000.00		1,139.80		4.31		0.80
Hypothetical		1,000.00		1,021.17		4.08		0.80
Class R3
Actual		1,000.00		1,141.70		2.97		0.55
Hypothetical		1,000.00		1,022.43		2.80		0.55
Class R4
Actual		1,000.00		1,143.20		1.62		0.30
Hypothetical		1,000.00		1,023.69		1.53		0.30
Class R5
Actual		1,000.00		1,144.20		0.81		0.15
Hypothetical		1,000.00		1,024.45		0.77		0.15
Class R6
Actual		1,000.00		1,144.70		0.27		0.05
Hypothetical		1,000.00		1,024.95		0.26		0.05
JPMorgan SmartRetirement® Blend 2030 Fund
Class I
Actual		1,000.00		1,167.10		1.80		0.33
Hypothetical		1,000.00		1,023.54		1.68		0.33
Class R2
Actual		1,000.00		1,164.30		4.53		0.83
Hypothetical		1,000.00		1,021.02		4.23		0.83
Class R3
Actual		1,000.00		1,165.60		3.17		0.58
Hypothetical		1,000.00		1,022.28		2.96		0.58
Class R4
Actual		1,000.00		1,167.40		1.80		0.33
Hypothetical		1,000.00		1,023.54		1.68		0.33
Class R5
Actual		1,000.00		1,168.00		0.98		0.18
Hypothetical		1,000.00		1,024.30		0.92		0.18
Class R6
Actual		1,000.00		1,168.90		0.44		0.08
Hypothetical		1,000.00		1,024.80		0.41		0.08
JPMorgan SmartRetirement® Blend 2035 Fund
Class I
Actual		1,000.00		1,192.20		1.82		0.33
Hypothetical		1,000.00		1,023.54		1.68		0.33

DECEMBER 31, 2020 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 137

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan SmartRetirement® Blend 2035 Fund (continued)
Class R2
Actual	$	1,000.00	$	1,189.00	$	4.36		0.79	%
Hypothetical		1,000.00		1,021.22		4.02		0.79
Class R3
Actual		1,000.00		1,190.20		3.15		0.57
Hypothetical		1,000.00		1,022.33		2.91		0.57
Class R4
Actual		1,000.00		1,191.90		1.82		0.33
Hypothetical		1,000.00		1,023.54		1.68		0.33
Class R5
Actual		1,000.00		1,192.90		0.99		0.18
Hypothetical		1,000.00		1,024.30		0.92		0.18
Class R6
Actual		1,000.00		1,193.50		0.39		0.07
Hypothetical		1,000.00		1,024.85		0.36		0.07
JPMorgan SmartRetirement® Blend 2040 Fund
Class I
Actual		1,000.00		1,210.90		1.95		0.35
Hypothetical		1,000.00		1,023.44		1.79		0.35
Class R2
Actual		1,000.00		1,207.50		4.73		0.85
Hypothetical		1,000.00		1,020.92		4.33		0.85
Class R3
Actual		1,000.00		1,209.20		3.34		0.60
Hypothetical		1,000.00		1,022.18		3.06		0.60
Class R4
Actual		1,000.00		1,210.80		2.01		0.36
Hypothetical		1,000.00		1,023.39		1.84		0.36
Class R5
Actual		1,000.00		1,211.40		1.11		0.20
Hypothetical		1,000.00		1,024.20		1.02		0.20
Class R6
Actual		1,000.00		1,212.00		0.56		0.10
Hypothetical		1,000.00		1,024.70		0.51		0.10
JPMorgan SmartRetirement® Blend 2045 Fund
Class I
Actual		1,000.00		1,225.10		2.08		0.37
Hypothetical		1,000.00		1,023.34		1.89		0.37
Class R2
Actual		1,000.00		1,221.40		4.87		0.87
Hypothetical		1,000.00		1,020.82		4.43		0.87
Class R3
Actual		1,000.00		1,223.30		3.47		0.62
Hypothetical		1,000.00		1,022.08		3.16		0.62
Class R4
Actual		1,000.00		1,224.40		2.13		0.38
Hypothetical		1,000.00		1,023.29		1.94		0.38
Class R5
Actual		1,000.00		1,225.80		1.23		0.22
Hypothetical		1,000.00		1,024.10		1.12		0.22
Class R6
Actual		1,000.00		1,226.30		0.67		0.12
Hypothetical		1,000.00		1,024.60		0.61		0.12

138 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2020

	Beginning Account Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan SmartRetirement® Blend 2050 Fund
Class I
Actual	$	1,000.00	$	1,225.30	$	2.08		0.37	%
Hypothetical		1,000.00		1,023.34		1.89		0.37
Class R2
Actual		1,000.00		1,222.00		4.87		0.87
Hypothetical		1,000.00		1,020.82		4.43		0.87
Class R3
Actual		1,000.00		1,223.40		3.47		0.62
Hypothetical		1,000.00		1,022.08		3.16		0.62
Class R4
Actual		1,000.00		1,224.90		2.13		0.38
Hypothetical		1,000.00		1,023.29		1.94		0.38
Class R5
Actual		1,000.00		1,225.90		1.23		0.22
Hypothetical		1,000.00		1,024.10		1.12		0.22
Class R6
Actual		1,000.00		1,226.30		0.67		0.12
Hypothetical		1,000.00		1,024.60		0.61		0.12
JPMorgan SmartRetirement® Blend 2055 Fund
Class I
Actual		1,000.00		1,225.00		2.08		0.37
Hypothetical		1,000.00		1,023.34		1.89		0.37
Class R2
Actual		1,000.00		1,222.10		4.87		0.87
Hypothetical		1,000.00		1,020.82		4.43		0.87
Class R3
Actual		1,000.00		1,223.40		3.47		0.62
Hypothetical		1,000.00		1,022.08		3.16		0.62
Class R4
Actual		1,000.00		1,225.10		2.08		0.37
Hypothetical		1,000.00		1,023.34		1.89		0.37
Class R5
Actual		1,000.00		1,225.90		1.23		0.22
Hypothetical		1,000.00		1,024.10		1.12		0.22
Class R6
Actual		1,000.00		1,226.30		0.67		0.12
Hypothetical		1,000.00		1,024.60		0.61		0.12
JPMorgan SmartRetirement® Blend 2060 Fund
Class I
Actual		1,000.00		1,223.60		2.07		0.37
Hypothetical		1,000.00		1,023.34		1.89		0.37
Class R2
Actual		1,000.00		1,221.30		4.87		0.87
Hypothetical		1,000.00		1,020.82		4.43		0.87
Class R3
Actual		1,000.00		1,222.80		3.47		0.62
Hypothetical		1,000.00		1,022.08		3.16		0.62
Class R4
Actual		1,000.00		1,223.10		2.13		0.38
Hypothetical		1,000.00		1,023.29		1.94		0.38
Class R5
Actual		1,000.00		1,224.80		1.23		0.22
Hypothetical		1,000.00		1,024.10		1.12		0.22

DECEMBER 31, 2020 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 139

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan SmartRetirement® Blend 2060 Fund (continued)
Class R6
Actual	$	1,000.00	$	1,225.30	$	0.67		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).

140 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2020

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 June and August 2020, 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”). In accordance with SEC guidance, due to the COVID-19 pandemic, the meetings were conducted through video conference. 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 parties to an Advisory Agreement or “interested persons” (as defined in the 1940 Act) of any party to an Advisory Agreement or any of their affiliates, approved the continuation of each Advisory Agreement on August 11, 2020.

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, at each of their regular meetings throughout the year, the Trustees considered reports on the performance of certain J.P. Morgan Funds provided by an independent management consulting firm (“independent consultant”). 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. and/or Morningstar Inc., independent providers of investment company data (together, “Broadridge”). 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, including additional reporting and information provided in connection with the market volatility caused by the COVID-19 pandemic, 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 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, personnel changes, if any, 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, if any. In addition, the Board considered its discussions with the Adviser regarding the Adviser’s business continuity plan and steps the Adviser was taking to provide ongoing services to the Funds during the COVID-19 pandemic, and the Adviser’s success in continuing to provide services to the Funds and their shareholders throughout this period. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the

DECEMBER 31, 2020 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 141

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

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 administration services provided by the Adviser in its role as administrator.

The Trustees also considered their knowledge of the nature and quality of 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, 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, and taking into consideration the factors noted above, 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 administration 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 (although they are retained by JPMDS in certain instances. 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 Funds. The Trustees considered that the J.P. Morgan Funds’ operating accounts are held at JPMCB, which, as a result, will receive float benefits for certain J.P. Morgan Funds, as applicable. The Trustees also noted that the Adviser supports a diverse set of products and services, which benefits the Adviser by allowing it to leverage its infrastructure to serve additional clients, 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 the Funds were priced to scale and whether it would be appropriate to add advisory fee breakpoints. The Trustees noted certain Funds with contractual expense limitations and fee waivers (“Fee Caps”), which allow a Fund’s shareholders to share potential economies of scale from a Fund’s inception, prior to reaching scale. The Trustees also noted that other Funds which had achieved scale as asset levels had increased, no longer had Fee Caps in place for some or all of their share classes, but shared economies of scale through lower average expenses. The Trustees noted that the fees remain satisfactory relative to peer funds. The Trustees considered the benefits to the Funds of the use of an affiliated distributor and custodian, including the ability to rely on existing infrastructure supporting distribution, custodial and transfer agent services and the ability to negotiate competitive fees for the Funds. The Trustees further considered the Adviser’s and JPMDS’s ongoing investments in their business in support of the Funds, including the Adviser’s and/or JPMDS’s investments in trading systems, technology (including improvements to the J.P. Morgan Funds’ website, and cybersecurity improvements), retention of key

142 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2020

talent, and regulatory support enhancements. The Trustees concluded that the current fee structure for each Fund, including any Fee Caps the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels, was reasonable. The Trustees concluded that, for Funds with expense caps in place for some or all of their share classes, the relevant Fund’s shareholders received the benefits of potential economies of scale through the Fee Caps and, for Funds that achieved scale and no longer had Fee Caps in place for some or all of their share classes, the relevant Fund’s shareholders benefited from lower average expenses resulting from increased assets. The Trustees also concluded that all Funds benefited from the Adviser’s reinvestment in its operations to serve the Funds and their shareholders. The Trustees noted that the Adviser’s reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Funds.

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, collective investment trusts, ETFs 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, as applicable, 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. 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 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’s methodology for selecting mutual funds in each Fund’s Universe and Peer Group and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Broadridge 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 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 I shares was in the second quintile based upon the Peer Group for the one-year period ended December 31, 2019, and in the third, second and second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the second quintile based upon the Peer Group for both of the one- and three- year periods ended December 31, 2019, and in the second quintile based upon the Universe for each of the one-, three-, and five-year periods ended December 31, 2019. 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 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, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the third and second quintiles based upon the Peer Group for the one- and three-year periods ended December 31, 2019, respectively, and in the third, second, and second quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the

DECEMBER 31, 2020 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 143

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

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 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 SmartRetirement^® Blend 2025 Fund’s performance for Class I shares was in the second quintile based upon the Peer Group for the one-year period ended December 31, 2019, and in the third quintile based upon the Universe, for each of the one-, three-, and five-year periods ended December 31, 2019. The Trustees noted that the performance for Class R6 shares was in the third quintile based upon the Peer Group for both of the one- and three-year periods ended December 31, 2019, and in the third, second, and second quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2019, 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 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 SmartRetirement^® Blend 2030 Fund’s performance for Class I shares was in the second quintile based upon the Peer Group for the one-year period ending December 31, 2019, and in the third, third and second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the fourth and second quintiles based upon the Peer Group for the one- and three-year periods ended December 31, 2019, respectively, and in the third, second and second quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2019, 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 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 SmartRetirement^® Blend 2035 Fund’s performance for Class I shares was in the first quintile based upon the Peer Group for the one-year period ending December 31, 2019, and in the third quintile based upon the Universe, for each of the one-, three-, and five-year periods ended December 31, 2019. The Trustees noted that the performance for Class R6 shares was in the third quintile based upon the Peer Group for both of the one- and three-year periods ended December 31, 2019, and in the third, third, and second quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2019, 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 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 SmartRetirement^® Blend 2040 Fund’s performance for Class I shares was in the first quintile based upon the Peer Group for the one-year period ended December 31, 2019, and in the third, third and second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the first quintile based upon the Peer Group for both the one- and three-year periods ended December 31, 2019, and in the third, second and second quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2019, 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 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 SmartRetirement^® Blend 2045 Fund’s performance for Class I shares was in the first quintile based upon the Peer Group for the one-year period ended December 31, 2019, and in the third quintile based upon the Universe, for each of the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the second quintile based upon the Peer Group for both the one- and three-year periods ended December 31, 2019, and in the third,

144 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2020

third and second quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2019, 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 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 SmartRetirement^® Blend 2050 Fund’s performance for Class I shares was in the second quintile based upon the Peer Group for the one-year period ended December 31, 2019, and in the third quintile based upon the Universe, for each of the one-, three-, and five-year periods ended December 31, 2019. The Trustees noted that the performance for Class R6 shares was in the third and second quintiles based upon the Peer Group for the one- and three-year periods ended December 31, 2019, respectively, and in the third, third and second quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2019, 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 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 SmartRetirement^® Blend 2055 Fund’s performance for Class I shares was in the second quintile based upon the Peer Group for the one-year period ended December 31, 2019, and in the fourth, fourth and third quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the third and fifth quintiles based upon the Peer Group for the one- and three-year period ended December 31, 2019, respectively, and in the third, third and second quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2019, 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 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 SmartRetirement^® Blend 2060 Fund’s performance for Class I shares was in the fourth quintile based upon the Universe for both the one- and three-year periods ended December 31, 2019. The Trustess noted that the performance for Class R6 shares was in the second and first quintiles based upon the Peer Group, and in the fourth and third quintiles based upon the Universe for the one- and three-year periods ended December 31, 2019, respectively. 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 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 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 concerning management fee rates paid by other funds in the same Broadridge category as each Fund. The Trustees recognized that Broadridge 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 and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Groups did not meet a predetermined minimum. For each Fund that had a Fee Cap in place, the Trustees considered the net advisory fee rate and net expense ratio for each share class, as applicable, taking into account any waivers and/or reimbursements. The Trustees also considered any proposed changes to a Fee Cap, 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 I shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expense for Class I 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

DECEMBER 31, 2020 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 145

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

actual total expenses for Class R6 shares were both in the first quintile, based upon both the Peer Group and Universe. After considering the factors identified above, including a reduction to the Fund’s contractual advisory fee effective November 1, 2020, 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 2020 Fund’s net advisory fee and actual total expenses for Class I shares were in the first and second quintiles, respectively, based upon the Universe. The Trustees noted that the net advisory fee and actual total expenses for Class R6 shares were both in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, including a reduction to the Fund’s contractual advisory fee effective November 1, 2020, 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 for Class I shares was in the second and third 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. The Trustees noted that the net advisory fee and actual total expenses for Class R6 Shares were in the third and first quintiles, respectively, based upon both the Peer Group and Universe. After considering the factors identified above, including a reduction to the Fund’s contractual advisory fee effective November 1, 2020, 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 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 first and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the fifth and fourth quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class R6 shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, including a reduction to the Fund’s contractual advisory fee effective November 1, 2020, 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 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 first and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the fifth and fourth quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class R6 shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, including a reduction to the Fund’s contractual advisory fee effective November 1, 2020, 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 I shares were in the fourth and second quintiles, respectively, based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee was in the fifth and fourth quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class R6 shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, including a reduction to the Fund’s contractual advisory fee effective November 1, 2020, 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 and actual total expenses for Class I shares were in the fourth and second quintiles, respectively, based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee was in the fifth and fourth quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class R6 shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, including a reduction to the Fund’s contractual advisory fee effective November 1, 2020, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the

146 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2020

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 and actual total expenses for Class I shares were in the fourth and second quintiles, respectively, based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee was in the fifth and fourth quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class R6 shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, including a reduction to the Fund’s contractual advisory fee effective November 1, 2020, 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 I shares were in the fourth and second quintiles, respectively, based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class R6 shares was in the

fifth and fourth quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class R6 shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, including a reduction to the Fund’s contractual advisory fee effective November 1, 2020, 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 2060 Fund’s net advisory fee and actual total expenses for Class I shares were in the first and second quintiles, respectively, based upon the Universe. The Trustees noted that the net advisory fee and actual total expenses for Class R6 shares were both in the first quintile, based upon both the Peer Group and Universe. After considering the factors identified above, including a reduction to the Fund’s contractual advisory fee effective November 1, 2020, 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, 2020 JPMORGAN SMARTRETIREMENT^® BLEND 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 as an exhibit to its report on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC’s website at http://www.sec.gov. Each Fund’s quarterly holdings can be found 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 brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

^© JPMorgan Chase & Co., 2020.  All rights reserved. December 2020. SAN-SRB-1220

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 5, 2021

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 5, 2021
By:	/s/ Timothy J. Clemens
	Timothy J. Clemens
	Treasurer and Principal Financial Officer
	March 5, 2021