N-CSRS

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, 2021 through December 31, 2021

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, 2021 (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	45
Board Approval of Investment Advisory Agreements	46
Tax Letter	50
Special Shareholder Meeting Results	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.

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 8, 2022 (Unaudited)

Dear Shareholders,

U.S. equities led the year-long rally in developed market stocks as the global economic rebound advanced through 2021. While financial market volatility, a resurgence in the pandemic and accelerating inflation have carried into 2022, we believe that the outlook for the overall U.S. economy remains positive.

  “Throughout the year ahead, J.P. Morgan Asset Management plans to seek to deliver superior client outcomes across a broad range of innovative solutions and risk management processes built on the same fundamental practices and principles that have driven our success for more than a century.” — Andrea L. Lisher

A surge in U.S. consumer wealth — partly tied to rising values for homes and autos — and quarterly growth in corporate earnings have helped to bolster U.S. financial markets that were already well-supported by monetary and fiscal policies. Over the course of the past year, the U.S. jobless rate fell to pre-pandemic levels and reached 3.9% in December. At the same time, inflation has climbed significantly. The U.S. Federal Reserve (the “Fed”) has tapered its monthly asset purchasing program and indicated that it’s likely to raise interest rates as early as March 2022.

While rising interest rates may mark another phase of the economic cycle that presents financial markets with new challenges and opportunities, they may also signal a return to a

more normal economic environment following two years of historically low rates. Meanwhile, the path of the pandemic remains a factor in the U.S. economy. Recent data suggest the increase in new infections in late 2021 and into 2022 had some impact on the U.S. economy — though job growth remained strong — but there is hope that the latest pandemic wave may recede in coming months. Additionally, there is hope that rising prices on commodities and goods will moderate as supply chain constraints ease over time and the Fed moves generally to tamp down inflationary pressures. We expect the U.S. economy to continue expanding in 2022, even if the pace of the expansion eases from 2021.

Throughout the year ahead, J.P. Morgan Asset Management plans to seek to deliver superior client outcomes across a broad range of innovative solutions and risk management processes built on the same fundamental practices and principles that have driven our success for more than a century.

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, 2021 JP MORGAN ACCESS FUNDS 1

JPMorgan Access Funds

MARKET OVERVIEW

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)

U.S. equity generated positive returns and led developed markets equity to outperform both emerging markets equity and fixed income markets during the second half of 2021. U.S. equity prices were bolstered by continued monetary and fiscal support as well as strong consumer spending and record corporate profits. Notably, the emergence of the omicron variant and a resurgence in the pandemic in the final months of 2021 led to higher volatility in global financial markets and weighed on global petroleum prices.

International developed markets equity also provided positive returns, though the strength of the economic rebound from 2020 was tempered in some regions by the inflationary pressures, supply chain bottlenecks and mixed success in battling the pandemic. Emerging markets equity prices fell during the period, partly driven investor concerns about the outlook for inflation and interest rates, as well increased scrutiny of large technology companies by regulators in China.

Meanwhile, fixed income markets largely underperformed amid low yields on sovereign debt, inflationary pressures and rising interest rates in emerging markets. High yield bonds (also known as “junk bonds”) outperformed corporate debt and emerging markets debt slumped during the period.

2 JP MORGAN ACCESS FUNDS DECEMBER 31, 2021

JPMorgan Access Balanced Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)

Reporting Period Return:
Fund (Class I Shares)*		4.88%
Bloomberg Global Aggregate Index – Hedged USD		0.13%
MSCI World Index (net of foreign withholding taxes)		7.76%
Access Balanced Composite Benchmark		4.35%
Net Assets as of 12/31/2021 (In Thousands)	$	483,274

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 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, 2021.

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

The Fund’s Class I Shares outperformed the Fund’s composite benchmark, which consists of the MSCI World Index (55%), Bloomberg Global Aggregate Index – Hedged USD (40%) and HFRX Global Hedge Fund Index (5%).

The Fund’s overweight allocation to equity, particularly U.S. equity, and its underweight allocation to fixed income markets were leading contributors to performance relative to the composite benchmark. The Fund’s overweight allocation to emerging markets equity was the leading detractor from performance relative to the composite benchmark.

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.

The portfolio management team believes we are in the middle of a new economic cycle and expect continued upside for risk assets over the next 12 months. The portfolio managers have a positive earnings outlook for 2022 and expect this, along with the strength of the U.S. consumer, to drive equity returns over the next year. Overall, the Fund is pro-cyclically positioned, and may look to add further to risk if markets present an opportunity.

While inflation may be higher this cycle, the team does not believe it will remain at levels that will cause a slowdown in growth. The team believes that the market is pricing in multiple Fed interest rate hikes in 2022, which it sees as a sign that investors expect the Fed will tighten more quickly than previously expected to curb inflation.

Despite the team’s view on rates, core bonds continue to play the important role of protection in multi-asset portfolios. However, the portfolio managers are complementing core bond exposure with an allocation to high yield corporate bonds (also known as “junk bonds”), which they believe still offer an attractive income opportunity and less exposure to the risk of rising interest rates.

Given the team’s positive outlook, the Fund maintains an overweight to equities, and the U.S. remains the largest allocation across regions. Recent additions were made to U.S. and international developed equities, funded from emerging markets, where recent shifts in the policy environment have lowered the team’s confidence in the earnings outlook.

The Fund remains underweight in core fixed income and duration in order to limit interest rate risk, and continues to hold a small position in corporate high yield given the team’s overall comfort with corporate credit conditions. Nonetheless, high quality core fixed income remains a key anchor to help diversify equity risk in the Fund’s portfolio.

The Fund’s alternatives allocation continues to serve as a diversifier against equity and interest rate volatility.

DECEMBER 31, 2021 JP MORGAN ACCESS FUNDS 3

JPMorgan Access Balanced Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)

TOP TEN HOLDINGS OF THE PORTFOLIO AS OF DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	iShares Core S&P 500 ETF		33.9	%
	2.	Vanguard Total International Bond ETF		14.1
	3.	JPMorgan BetaBuilders Europe ETF		10.5
	4.	SPDR S&P 500 ETF Trust		7.8
	5.	JPMorgan Core Bond Fund Class R6 Shares		5.8
	6.	Vanguard Short-Term Bond ETF		2.9
	7.	JPMorgan BetaBuilders Japan ETF		2.2
	8.	JPMorgan BetaBuilders Canada ETF		2.0
	9.	iShares US Treasury Bond ETF		2.0
	10.	Lord Abbett Short Duration Income Fund Class F3 Shares		1.9

PORTFOLIO COMPOSITION BY ASSET CLASS AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
U.S. Equity		42.7	%
Fixed Income		31.4
International Equity		19.8
Alternative Assets		4.0
Short-Term Investments		2.1

*	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.
ETF	Exchange-Traded Fund

4 JP MORGAN ACCESS FUNDS DECEMBER 31, 2021

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 30, 2009
With Sales Charge**			0.05	%		7.37	%		8.30	%		6.55	%
Without Sales Charge			4.76			12.41			9.30			7.04
CLASS C SHARES	January 4, 2010
With CDSC***			3.52			10.86			8.77			6.62
Without CDSC			4.52			11.86			8.77			6.62
CLASS I SHARES	September 30, 2009		4.88			12.71			9.58			7.32

* 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 (12/31/11 TO 12/31/21)

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 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, 2011 to December 31, 2021. 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 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 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 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 Global Aggregate Index (35%), Bloomberg 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 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 U.S. Aggregate Index (35%) and Citigroup 3-Month Treasury Bill Index (15%).

DECEMBER 31, 2021 JP MORGAN ACCESS FUNDS 5

JPMorgan Access Balanced Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)

From the inception date of September 30, 2009 to June 30, 2011, the Access Balanced Composite Benchmark was a composite benchmark comprised of the MSCI World Index (net of foreign withholding taxes) (55%), Bloomberg 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 JP MORGAN ACCESS FUNDS DECEMBER 31, 2021

JPMorgan Access Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	6.64%
MSCI World Index (net of foreign withholding taxes)	7.76%
Bloomberg Global Aggregate Index — Hedged USD	0.13%
Access Growth Composite Benchmark	5.86%
Net Assets as of 12/31/2021 (In Thousands)	$533,922

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 Global Aggregate Index — Hedged USD, its broad-based fixed income benchmark, for the six months ended December 31, 2021.

The Fund’s overall allocation to fixed income markets, which underperformed equity markets during the period, 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 Global Aggregate Index — Hedged USD, which is an all-fixed income index.

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

The Fund’s overweight allocation to equity, particularly U.S. equity, and its underweight allocation to fixed income securities were leading contributors to performance relative to the composite benchmark. The Fund’s overweight allocation to emerging markets equity was a leading detractor from performance relative to the composite benchmark.

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.

The portfolio management team believes we are in the middle of a new economic cycle and expect continued upside for risk assets over the next 12 months. The portfolio managers have a positive earnings outlook for 2022 and expect this, along with the strength of the U.S. consumer, to drive equity returns over the next year. Overall, the Fund is pro-cyclically positioned, and may look to add further to risk if markets present an opportunity.

While inflation may be higher this cycle, the team does not believe it will remain at levels that will cause a slowdown in growth. The team believes that the market is pricing in multiple Fed interest rate hikes in 2022, which it sees as a sign investors expect the Fed will tighten more quickly than previously expected to curb inflation.

Despite the team’s view on rates, core bonds continue to play the important role of protection in multi-asset portfolios. However, the portfolio managers are complementing core bond exposure with an allocation to high yield corporate bonds (also known as “junk bonds”), which they believe still offer an attractive income opportunity and less exposure to the risk of rising interest rates.

Given the team’s positive outlook, the Fund maintains an overweight to equities, and the U.S. remains the largest allocation across regions. Recent additions were made to U.S. and international developed equities, funded from emerging markets, where recent shifts in the policy environment have lowered the team’s confidence in the earnings outlook.

The Fund remains underweight in core fixed income and duration in order to limit interest rate risk, and continues to hold a small position in corporate high yield given the team’s overall comfort with corporate credit conditions. Nonetheless, high quality core fixed income remains a key anchor to help diversify equity risk in the Fund’s portfolio.

The Fund’s alternatives allocation continues to serve as a diversifier against equity and interest rate volatility.

DECEMBER 31, 2021 JP MORGAN ACCESS FUNDS 7

JPMorgan Access Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)

TOP TEN HOLDINGS OF THE PORTFOLIO AS OF DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	iShares Core S&P 500 ETF		37.0	%
	2.	SPDR S&P 500 ETF Trust		17.3
	3.	JPMorgan BetaBuilders Europe ETF		12.1
	4.	iShares MSCI EAFE ETF		4.0
	5.	JPMorgan Core Bond Fund Class R6 Shares		3.9
	6.	JPMorgan BetaBuilders Canada ETF		3.1
	7.	JPMorgan BetaBuilders Japan ETF		3.1
	8.	JPMorgan BetaBuilders Developed Asia ex-Japan ETF		2.0
	9.	Lord Abbett Short Duration Income Fund Class F3 Shares		1.9
	10.	JPMorgan High Yield Fund Class R6 Shares		1.9

PORTFOLIO COMPOSITION BY ASSET CLASS AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
U.S. Equity		55.2	%
International Equity		27.0
Fixed Income		12.3
Alternative Assets		3.9
Short-Term Investments		1.6

*	The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
**	The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
EAFE	Europe, Australasia and Far East
ETF	Exchange-Traded Fund

8 JP MORGAN ACCESS FUNDS DECEMBER 31, 2021

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		September 30, 2009
With Sales Charge**				1.69	%		12.42	%		10.49	%		8.29	%
Without Sales Charge				6.47			17.70			11.52			8.79
CLASS C SHARES		January 4, 2010
With CDSC***				5.21			16.11			10.98			8.37
Without CDSC				6.21			17.11			10.98			8.37
CLASS I SHARES		September 30, 2009		6.64			17.96			11.81			9.08

* 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 (12/31/11 TO 12/31/21)

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 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, 2011 to December 31, 2021. 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 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 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 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 Global Aggregate Index (15%), Bloomberg 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 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 U.S. Aggregate Index (20%) and Citigroup 3-Month Treasury Bill Index (10%). From the inception date of September 30, 2009 to June 30, 2011, the Access Growth Composite Benchmark was a composite benchmark comprised of the MSCI World Index (net of foreign withholding taxes) (75%), Bloomberg Capital U.S. Aggregate

DECEMBER 31, 2021 JP MORGAN ACCESS FUNDS 9

JPMorgan Access Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)

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 JP MORGAN ACCESS FUNDS DECEMBER 31, 2021

JPMorgan Access Balanced Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Exchange-Traded Funds — 79.4%
Fixed Income — 20.0%
iShares MBS ETF		44		4,684
iShares US Treasury Bond ETF		360		9,597
Vanguard Short-Term Bond ETF		174		14,048
Vanguard Total International Bond ETF		1,238		68,269
Total Fixed Income				96,598
International Equity — 17.5%
iShares MSCI EAFE ETF		60		4,755
JPMorgan BetaBuilders Canada ETF (a)		144		9,670
JPMorgan BetaBuilders Developed Asia ex-Japan ETF (a)		150		8,119
JPMorgan BetaBuilders Europe ETF (a)		856		51,125
JPMorgan BetaBuilders Japan ETF (a)		197		10,862
Total International Equity				84,531
U.S. Equity — 41.9%
iShares Core S&P 500 ETF		346		164,895
SPDR S&P 500 ETF Trust		80		37,854
Total U.S. Equity				202,749
Total Exchange-Traded Funds (Cost $281,488)				383,878
Investment Companies — 16.6%
Alternative Assets — 4.1%
Blackstone Alternative Multi-Strategy Fund Class Y Shares *		850		8,947
Marshall Wace UCITS Fund plc Class F Shares (Ireland) * (b)		32		6,330
Neuberger Berman Long Short Fund Class Institutional Shares *		244		4,362
Total Alternative Assets				19,639
Fixed Income — 11.6%
JPMorgan Core Bond Fund Class R6 Shares (a)		2,385		28,212
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		561		4,726
JPMorgan High Yield Fund Class R6 Shares (a)		1,267		9,198
JPMorgan Short Duration Bond Fund Class R6 Shares (a)		442		4,864
Lord Abbett Short Duration Income Fund Class F3 Shares		2,217		9,221
Total Fixed Income				56,221
U.S. Equity — 0.9%
BlackRock Event Driven Equity Fund Class Institutional Shares		437		4,339
Total Investment Companies (Cost $73,986)				80,199

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — 2.4%
Aerospace & Defense — 0.1%
Airbus SE (France) *		1			81
Meggitt plc (United Kingdom) *		2			21
MTU Aero Engines AG (Germany)		—	(c)		22
Safran SA (France)		1			130
					254
Air Freight & Logistics — 0.0% (d)
DSV A/S (Denmark)		—	(c)		55
Auto Components — 0.0% (d)
Autoliv, Inc., SDR (Sweden)		—	(c)		25
Denso Corp. (Japan)		—	(c)		33
Magna International, Inc. (Canada)		1			55
Stanley Electric Co. Ltd. (Japan)		1			18
Sumitomo Rubber Industries Ltd. (Japan)		1			8
					139
Automobiles — 0.0% (d)
Honda Motor Co. Ltd. (Japan)		1			14
Suzuki Motor Corp. (Japan)		1			23
Toyota Motor Corp. (Japan)		5			87
					124
Banks — 0.3%
Australia & New Zealand Banking Group Ltd. (Australia)		1			27
Banco Bilbao Vizcaya Argentaria SA (Spain)		8			49
BNP Paribas SA (France)		1			95
Close Brothers Group plc (United Kingdom)		1			11
DBS Group Holdings Ltd. (Singapore)		4			85
DNB Bank ASA (Norway)		5			112
Erste Group Bank AG (Austria)		1			30
HDFC Bank Ltd., ADR (India)		1			39
ING Groep NV (Netherlands)		7			96
Intesa Sanpaolo SpA (Italy)		18			46
Lloyds Banking Group plc (United Kingdom)		49			32
Mitsubishi UFJ Financial Group, Inc. (Japan)		5			24
National Bank of Canada (Canada)		1			57
Standard Chartered plc (United Kingdom)		2			12
Sumitomo Mitsui Trust Holdings, Inc. (Japan)		1			17
Svenska Handelsbanken AB, Class A (Sweden)		3			32
United Overseas Bank Ltd. (Singapore)		2			40
					804
Beverages — 0.1%
Anheuser-Busch InBev SA (Belgium)		1			66
Carlsberg A/S, Class B (Denmark)		1			102
Diageo plc (United Kingdom)		2			112

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JP MORGAN ACCESS FUNDS 11

JPMorgan Access Balanced Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Beverages — continued
Kirin Holdings Co. Ltd. (Japan)		1			16
Pernod Ricard SA (France)		—	(c)		44
					340
Biotechnology — 0.0% (d)
BeiGene Ltd., ADR (China) *		—	(c)		56
Genmab A/S (Denmark) *		—	(c)		86
					142
Building Products — 0.0% (d)
Assa Abloy AB, Class B (Sweden)		1			18
Daikin Industries Ltd. (Japan)		—	(c)		13
					31
Capital Markets — 0.1%
Allfunds Group plc (United Kingdom) *		1			21
Bridgepoint Group plc (United Kingdom) * (e)		3			19
Deutsche Boerse AG (Germany)		—	(c)		15
Euronext NV (Netherlands) (e)		1			63
Hong Kong Exchanges & Clearing Ltd. (Hong Kong)		1			63
Julius Baer Group Ltd. (Switzerland)		1			36
London Stock Exchange Group plc (United Kingdom)		1			113
Macquarie Group Ltd. (Australia)		—	(c)		36
Partners Group Holding AG (Switzerland)		—	(c)		21
XP, Inc., Class A (Brazil) *		—	(c)		14
					401
Chemicals — 0.1%
Air Liquide SA (France)		—	(c)		86
Akzo Nobel NV (Netherlands)		—	(c)		38
Asahi Kasei Corp. (Japan)		6			56
BASF SE (Germany)		—	(c)		32
Covestro AG (Germany) (e)		—	(c)		26
Givaudan SA (Registered) (Switzerland)		—	(c)		79
Johnson Matthey plc (United Kingdom)		1			29
Kansai Paint Co. Ltd. (Japan)		—	(c)		11
Shin-Etsu Chemical Co. Ltd. (Japan)		1			86
Tosoh Corp. (Japan)		—	(c)		4
Umicore SA (Belgium)		—	(c)		20
					467
Communications Equipment — 0.0% (d)
Nokia OYJ (Finland) *		4			22
Telefonaktiebolaget LM Ericsson, Class B (Sweden)		5			52
					74

INVESTMENTS	SHARES (000)			VALUE ($000)
Containers & Packaging — 0.0% (d)
Amcor plc, CHDI		2			21
Diversified Financial Services — 0.0% (d)
Challenger Ltd. (Australia)		3			13
Element Fleet Management Corp. (Canada)		3			34
Mitsubishi HC Capital, Inc. (Japan)		3			12
					59
Diversified Telecommunication Services — 0.0% (d)
Koninklijke KPN NV (Netherlands)		6			20
KT Corp. (South Korea)		1			15
Nippon Telegraph & Telephone Corp. (Japan)		4			96
Telecom Italia SpA (Italy)		27			13
					144
Electric Utilities — 0.0% (d)
Enel SpA (Italy)		11			90
Iberdrola SA (Spain)		5			60
Orsted A/S (Denmark) (e)		—	(c)		24
					174
Electrical Equipment — 0.1%
ABB Ltd. (Registered) (Switzerland)		5			176
Legrand SA (France)		—	(c)		32
Mitsubishi Electric Corp. (Japan)		4			48
Nidec Corp. (Japan)		—	(c)		42
Prysmian SpA (Italy)		1			38
					336
Electronic Equipment, Instruments & Components — 0.1%
Hamamatsu Photonics KK (Japan)		2			148
Keyence Corp. (Japan)		—	(c)		182
Murata Manufacturing Co. Ltd. (Japan)		1			64
Omron Corp. (Japan)		—	(c)		30
					424
Energy Equipment & Services — 0.0% (d)
Worley Ltd. (Australia)		3			25
Equity Real Estate Investment Trusts (REITs) — 0.0% (d)
Great Portland Estates plc (United Kingdom)		3			26
Scentre Group (Australia)		9			21
					47
Food & Staples Retailing — 0.0% (d)
Seven & i Holdings Co. Ltd. (Japan)		1			49
Welcia Holdings Co. Ltd. (Japan)		—	(c)		12
					61

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

12 JP MORGAN ACCESS FUNDS DECEMBER 31, 2021

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Food Products — 0.1%
Associated British Foods plc (United Kingdom)		1			22
Barry Callebaut AG (Registered) (Switzerland)		—	(c)		24
Danone SA (France)		—	(c)		11
Nestle SA (Registered) (Switzerland)		2			321
Wilmar International Ltd. (China)		10			31
					409
Gas Utilities — 0.0% (d)
Beijing Enterprises Holdings Ltd. (China)		3			10
Health Care Equipment & Supplies — 0.1%
Alcon, Inc. (Switzerland)		—	(c)		17
Asahi Intecc Co. Ltd. (Japan)		—	(c)		6
Elekta AB, Class B (Sweden)		2			23
Hoya Corp. (Japan)		—	(c)		42
Koninklijke Philips NV (Netherlands)		2			68
Sartorius AG (Preference) (Germany)		—	(c)		42
Siemens Healthineers AG (Germany) (e)		1			50
Straumann Holding AG (Registered) (Switzerland)		—	(c)		81
Terumo Corp. (Japan)		1			23
					352
Health Care Providers & Services — 0.0% (d)
Fresenius SE & Co. KGaA (Germany)		1			36
Hotels, Restaurants & Leisure — 0.0% (d)
Compass Group plc (United Kingdom)*		2			48
Household Durables — 0.0% (d)
Panasonic Corp. (Japan)		3			30
Persimmon plc (United Kingdom)		1			33
Sony Group Corp. (Japan)		—	(c)		50
					113
Household Products — 0.0% (d)
Reckitt Benckiser Group plc (United Kingdom)		1			54
Unicharm Corp. (Japan)		1			31
					85
Independent Power and Renewable Electricity Producers — 0.0% (d)
Electric Power Development Co. Ltd. (Japan)		1			12
Industrial Conglomerates — 0.0% (d)
DCC plc (United Kingdom)		—	(c)		26
Jardine Matheson Holdings Ltd. (Hong Kong)		1			28
Melrose Industries plc (United Kingdom)		17			37
Siemens AG (Registered) (Germany)		1			140
					231

INVESTMENTS	SHARES (000)			VALUE ($000)
Insurance — 0.2%
AIA Group Ltd. (Hong Kong)		13			135
Aon plc, Class A		—	(c)		30
Aviva plc (United Kingdom)		5			25
AXA SA (France)		3			81
Definity Financial Corp. (Canada) *		—	(c)		6
Direct Line Insurance Group plc (United Kingdom)		5			17
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) (Germany)		—	(c)		82
PICC Property & Casualty Co. Ltd., Class H (China)		24			20
Ping An Insurance Group Co. of China Ltd., Class H (China)		2			14
Sampo OYJ, Class A (Finland)		1			54
Storebrand ASA (Norway)		4			39
Sun Life Financial, Inc. (Canada)		1			62
Tokio Marine Holdings, Inc. (Japan)		1			45
Zurich Insurance Group AG (Switzerland)		—	(c)		45
					655
Interactive Media & Services — 0.0% (d)
Adevinta ASA (France) *		2			30
NAVER Corp. (South Korea) *		—	(c)		31
Tencent Holdings Ltd. (China)		1			79
Z Holdings Corp. (Japan)		4			23
					163
Internet & Direct Marketing Retail — 0.0% (d)
Alibaba Group Holding Ltd., ADR (China) *		—	(c)		8
ASOS plc (United Kingdom) *		1			25
Coupang, Inc. (South Korea) *		—	(c)		6
MercadoLibre, Inc. (Argentina) *		—	(c)		63
THG plc (United Kingdom) *		1			4
Zalando SE (Germany) * (e)		—	(c)		32
					138
IT Services — 0.0% (d)
Amadeus IT Group SA (Spain) *		—	(c)		21
Fujitsu Ltd. (Japan)		—	(c)		17
NTT Data Corp. (Japan)		3			69
Obic Co. Ltd. (Japan)		—	(c)		46
					153
Life Sciences Tools & Services — 0.0% (d)
Evotec SE (Germany) *		—	(c)		22
Machinery — 0.0% (d)
Epiroc AB, Class A (Sweden)		1			32
KION Group AG (Germany)		—	(c)		48
Knorr-Bremse AG (Germany)		—	(c)		17

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JP MORGAN ACCESS FUNDS 13

JPMorgan Access Balanced Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Machinery — continued
SMC Corp. (Japan)		—	(c)		89
THK Co. Ltd. (Japan)		1			12
					198
Media — 0.0% (d)
CyberAgent, Inc. (Japan)		2			38
Nordic Entertainment Group AB, Class B (Sweden) *		—	(c)		14
Stroeer SE & Co. KGaA (Germany)		—	(c)		18
WPP plc (United Kingdom)		3			45
					115
Metals & Mining — 0.0% (d)
Antofagasta plc (Chile)		2			33
BHP Group Ltd. (Australia)		1			16
BHP Group plc (Australia)		2			58
IGO Ltd. (Australia)		7			61
Rio Tinto Ltd. (Australia)		—	(c)		13
Rio Tinto plc (Australia)		—	(c)		17
South32 Ltd. (Australia)		8			24
Vale SA, ADR (Brazil)		1			10
					232
Multiline Retail — 0.0% (d)
B&M European Value Retail SA (United Kingdom)		4			35
Next plc (United Kingdom)		—	(c)		35
					70
Multi-Utilities — 0.0% (d)
Engie SA (France)		9			128
National Grid plc (United Kingdom)		3			40
					168
Oil, Gas & Consumable Fuels — 0.0% (d)
Equinor ASA (Norway)		2			60
Royal Dutch Shell plc, Class B, ADR (Netherlands)		1			24
TotalEnergies SE (France)		2			82
					166
Paper & Forest Products — 0.0% (d)
Stora Enso OYJ, Class R (Finland)		2			34
Personal Products — 0.1%
L’Oreal SA (France)		—	(c)		171
Pola Orbis Holdings, Inc. (Japan)		—	(c)		5
Unilever plc (United Kingdom)		2			121
					297

INVESTMENTS	SHARES (000)			VALUE ($000)
Pharmaceuticals — 0.3%
Astellas Pharma, Inc. (Japan)		4			70
AstraZeneca plc (United Kingdom)		1			154
AstraZeneca plc, ADR (United Kingdom)		1			62
Bayer AG (Registered) (Germany)		1			43
Daiichi Sankyo Co. Ltd. (Japan)		1			21
GlaxoSmithKline plc, ADR (United Kingdom)		1			40
HUTCHMED China Ltd., ADR (China) *		1			31
Ipsen SA (France)		—	(c)		17
Novartis AG (Registered) (Switzerland)		1			83
Novo Nordisk A/S, Class B (Denmark)		2			215
Otsuka Holdings Co. Ltd. (Japan)		1			25
Roche Holding AG (Switzerland)		—	(c)		132
Sanofi (France)		1			90
Shionogi & Co. Ltd. (Japan)		1			69
					1,052
Professional Services — 0.1%
DKSH Holding AG (Switzerland)		—	(c)		33
Recruit Holdings Co. Ltd. (Japan)		2			98
RELX plc (United Kingdom)		2			75
TechnoPro Holdings, Inc. (Japan)		1			33
Teleperformance (France)		—	(c)		32
					271
Real Estate Management & Development — 0.0% (d)
Altus Group Ltd. (Canada)		—	(c)		16
Mitsui Fudosan Co. Ltd. (Japan)		2			40
					56
Road & Rail — 0.0% (d)
Canadian National Railway Co. (Canada)		—	(c)		6
Canadian National Railway Co. (Canada)		—	(c)		2
Central Japan Railway Co. (Japan)		—	(c)		27
TFI International, Inc. (Canada)		1			62
					97
Semiconductors & Semiconductor Equipment — 0.3%
ASML Holding NV (Netherlands)		—	(c)		318
Broadcom, Inc.		—	(c)		76
NXP Semiconductors NV (China)		—	(c)		63
Renesas Electronics Corp. (Japan) *		2			19
STMicroelectronics NV (Singapore)		2			79
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		2			194
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		6			133
Tokyo Electron Ltd. (Japan)		—	(c)		100
					982

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

14 JP MORGAN ACCESS FUNDS DECEMBER 31, 2021

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Software — 0.1%
Atlassian Corp. plc, Class A *		—	(c)		32
AVEVA Group plc (United Kingdom)		—	(c)		16
Dassault Systemes SE (France)		—	(c)		9
Dye & Durham Ltd. (Canada)		1			21
Lightspeed Commerce, Inc. (Canada) *		—	(c)		6
Nice Ltd., ADR (Israel) *		—	(c)		27
SAP SE (Germany)		1			139
					250
Specialty Retail — 0.0% (d)
Industria de Diseno Textil SA (Spain)		2			71
Kingfisher plc (United Kingdom)		11			52
Nitori Holdings Co. Ltd. (Japan)		—	(c)		32
					155
Technology Hardware, Storage & Peripherals — 0.0% (d)
Samsung Electronics Co. Ltd. (South Korea)		1			83
Textiles, Apparel & Luxury Goods — 0.2%
adidas AG (Germany)		—	(c)		24
China Hongxing Sports Ltd. (China) * ‡		743			—	(c)
Cie Financiere Richemont SA (Registered) (Switzerland)		—	(c)		40
Dr. Martens plc (United Kingdom) *		3			18
EssilorLuxottica SA (France)		1			162
Hermes International (France)		—	(c)		84
Kering SA (France)		—	(c)		167
LVMH Moet Hennessy Louis Vuitton SE (France)		—	(c)		71
Moncler SpA (Italy)		1			37
Samsonite International SA * (e)		6			12
					615
Thrifts & Mortgage Finance — 0.0% (d)
Housing Development Finance Corp. Ltd. (India)		1			26
Tobacco — 0.0% (d)
British American Tobacco plc (United Kingdom)		2			81
Trading Companies & Distributors — 0.0% (d)
Ashtead Group plc (United Kingdom)		1			52
Bunzl plc (United Kingdom)		1			22
Mitsubishi Corp. (Japan)		2			51
Sumitomo Corp. (Japan)		2			28
					153
Wireless Telecommunication Services — 0.0% (d)
America Movil SAB de CV, Class L, ADR (Mexico)		1			23
SoftBank Group Corp. (Japan)		—	(c)		19

INVESTMENTS	SHARES (000)		VALUE ($000)
Wireless Telecommunication Services — continued
Vodafone Group plc, ADR (United Kingdom)		2		34
				76
Total Common Stocks (Cost $6,603)				11,726
	NO. OF WARRANTS (000)
Warrants — 0.0% (d)
Textiles, Apparel & Luxury Goods — 0.0% (d)
Cie Financiere Richemont SA expiring 11/22/2023, price 67.00 USD (Switzerland) * (Cost $—)		1		1
	SHARES (000)
Short-Term Investments — 2.1%
Investment Companies — 2.1%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (a) (f) (Cost $9,995)		9,992		9,996
Total Investments — 100.5% (Cost $372,072)				485,800
Liabilities in Excess of Other Assets — (0.5)% (g)				(2,526	)
NET ASSETS — 100.0%			$	483,274

Percentages indicated are based on net assets.

PORTFOLIO COMPOSITION BY COUNTRY AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
United States	94.3%
Ireland	1.3
Others (each less than 1.0%)	2.3
Short-Term Investments	2.1

Abbreviations

ADR	American Depositary Receipt
CHDI	Clearing House Electronic Subregister System (CHESS) Depository Interest
EAFE	Europe, Australasia and Far East
ETF	Exchange-Traded Fund
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.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JP MORGAN ACCESS FUNDS 15

JPMorgan Access Balanced Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

SDR	Swedish Depositary Receipt
SPDR	Standard & Poor’s Depository Receipts
UCITS	Undertakings for Collective Investment in Transferable 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)	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 one thousand.
(d)	Amount rounds to less than 0.1% of net assets.
(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, 2021.
(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 certain 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 JP MORGAN ACCESS FUNDS DECEMBER 31, 2021

JPMorgan Access Growth Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Exchange-Traded Funds — 83.4%
Fixed Income — 4.6%
iShares 20+ Year Treasury Bond ETF		34		5,053
iShares MBS ETF		48		5,178
iShares US Treasury Bond ETF		189		5,051
Vanguard Total International Bond ETF		179		9,852
Total Fixed Income				25,134
International Equity — 24.4%
iShares MSCI EAFE ETF		270		21,232
JPMorgan BetaBuilders Canada ETF (a)		244		16,367
JPMorgan BetaBuilders Developed Asia ex-Japan ETF (a)		201		10,898
JPMorgan BetaBuilders Europe ETF (a)		1,086		64,875
JPMorgan BetaBuilders Japan ETF (a)		297		16,356
Total International Equity				129,728
U.S. Equity — 54.4%
iShares Core S&P 500 ETF		415		197,854
SPDR S&P 500 ETF Trust		195		92,380
Total U.S. Equity				290,234
Total Exchange-Traded Funds (Cost $283,044)				445,096
Investment Companies — 12.5%
Alternative Assets — 3.9%
Blackstone Alternative Multi-Strategy Fund Class Y Shares *		882		9,282
Marshall Wace UCITS Fund plc Class F Shares (Ireland) * (b)		35		6,972
Neuberger Berman Long Short Fund Class Institutional Shares *		266		4,765
Total Alternative Assets				21,019
Fixed Income — 7.7%
JPMorgan Core Bond Fund Class R6 Shares (a)		1,742		20,611
JPMorgan High Yield Fund Class R6 Shares (a)		1,362		9,888
Lord Abbett Short Duration Income Fund Class F3 Shares		2,452		10,199
Total Fixed Income				40,698
U.S. Equity — 0.9%
BlackRock Event Driven Equity Fund Class Institutional Shares		495		4,908
Total Investment Companies (Cost $60,829)				66,625
Common Stocks — 2.8%
Aerospace & Defense — 0.1%
Airbus SE (France) *		1		102
Meggitt plc (United Kingdom) *		3		27

INVESTMENTS	SHARES (000)			VALUE ($000)
Aerospace & Defense — continued
MTU Aero Engines AG (Germany)		—	(c)		27
Safran SA (France)		1			167
					323
Air Freight & Logistics — 0.0% (d)
DSV A/S (Denmark)		—	(c)		69
Auto Components — 0.0% (d)
Autoliv, Inc., SDR (Sweden)		—	(c)		33
Denso Corp. (Japan)		1			41
Magna International, Inc. (Canada)		1			70
Stanley Electric Co. Ltd. (Japan)		1			23
Sumitomo Rubber Industries Ltd. (Japan)		1			10
					177
Automobiles — 0.0% (d)
Honda Motor Co. Ltd. (Japan)		1			17
Suzuki Motor Corp. (Japan)		1			31
Toyota Motor Corp. (Japan)		6			115
					163
Banks — 0.3%
Australia & New Zealand Banking Group Ltd. (Australia)		2			36
Banco Bilbao Vizcaya Argentaria SA (Spain)		11			63
BNP Paribas SA (France)		2			114
Close Brothers Group plc (United Kingdom)		1			14
DBS Group Holdings Ltd. (Singapore)		4			106
DNB Bank ASA (Norway)		6			140
Erste Group Bank AG (Austria)		1			40
HDFC Bank Ltd., ADR (India)		1			49
ING Groep NV (Netherlands)		9			125
Intesa Sanpaolo SpA (Italy)		23			58
Lloyds Banking Group plc (United Kingdom)		63			41
Mitsubishi UFJ Financial Group, Inc. (Japan)		6			32
National Bank of Canada (Canada)		1			75
Standard Chartered plc (United Kingdom)		3			16
Sumitomo Mitsui Trust Holdings, Inc. (Japan)		1			23
Svenska Handelsbanken AB, Class A (Sweden)		4			43
United Overseas Bank Ltd. (Singapore)		3			52
					1,027
Beverages — 0.1%
Anheuser-Busch InBev SA (Belgium)		1			83
Carlsberg A/S, Class B (Denmark)		1			129
Diageo plc (United Kingdom)		3			145
Kirin Holdings Co. Ltd. (Japan)		1			21
Pernod Ricard SA (France)		—	(c)		55
					433

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JP MORGAN ACCESS FUNDS 17

JPMorgan Access Growth Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Biotechnology — 0.0% (d)
BeiGene Ltd., ADR (China) *		—	(c)		71
Genmab A/S (Denmark) *		—	(c)		108
					179
Building Products — 0.0% (d)
Assa Abloy AB, Class B (Sweden)		1			23
Daikin Industries Ltd. (Japan)		—	(c)		16
					39
Capital Markets — 0.1%
Allfunds Group plc (United Kingdom) *		2			33
Bridgepoint Group plc (United Kingdom) * (e)		4			24
Deutsche Boerse AG (Germany)		—	(c)		19
Euronext NV (Netherlands) (e)		1			80
Hong Kong Exchanges & Clearing Ltd. (Hong Kong)		1			79
Julius Baer Group Ltd. (Switzerland)		1			45
London Stock Exchange Group plc (United Kingdom)		2			142
Macquarie Group Ltd. (Australia)		—	(c)		47
Partners Group Holding AG (Switzerland)		—	(c)		28
XP, Inc., Class A (Brazil) *		1			18
					515
Chemicals — 0.1%
Air Liquide SA (France)		1			111
Akzo Nobel NV (Netherlands)		—	(c)		49
Asahi Kasei Corp. (Japan)		8			71
BASF SE (Germany)		1			42
Covestro AG (Germany) (e)		1			33
Givaudan SA (Registered) (Switzerland)		—	(c)		100
Johnson Matthey plc (United Kingdom)		1			37
Kansai Paint Co. Ltd. (Japan)		1			14
Shin-Etsu Chemical Co. Ltd. (Japan)		1			111
Tosoh Corp. (Japan)		—	(c)		4
Umicore SA (Belgium)		1			26
					598
Communications Equipment — 0.0% (d)
Nokia OYJ (Finland) *		4			28
Telefonaktiebolaget LM Ericsson, Class B (Sweden)		6			68
					96
Containers & Packaging — 0.0% (d)
Amcor plc, CHDI		2			28
Diversified Financial Services — 0.0% (d)
Challenger Ltd. (Australia)		3			16
Element Fleet Management Corp. (Canada)		4			45
Mitsubishi HC Capital, Inc. (Japan)		3			16
					77

INVESTMENTS	SHARES (000)			VALUE ($000)
Diversified Telecommunication Services — 0.0% (d)
Koninklijke KPN NV (Netherlands)		8			25
KT Corp. (South Korea)		1			20
Nippon Telegraph & Telephone Corp. (Japan)		5			126
Telecom Italia SpA (Italy)		34			16
					187
Electric Utilities — 0.0% (d)
Enel SpA (Italy)		14			115
Iberdrola SA (Spain)		6			75
Orsted A/S (Denmark) (e)		—	(c)		30
					220
Electrical Equipment — 0.1%
ABB Ltd. (Registered) (Switzerland)		6			227
Legrand SA (France)		—	(c)		41
Mitsubishi Electric Corp. (Japan)		5			63
Nidec Corp. (Japan)		—	(c)		53
Prysmian SpA (Italy)		1			50
					434
Electronic Equipment, Instruments & Components — 0.1%
Hamamatsu Photonics KK (Japan)		3			185
Keyence Corp. (Japan)		—	(c)		229
Murata Manufacturing Co. Ltd. (Japan)		1			79
Omron Corp. (Japan)		—	(c)		30
					523
Energy Equipment & Services — 0.0% (d)
Worley Ltd. (Australia)		4			33
Equity Real Estate Investment Trusts (REITs) — 0.0% (d)
Great Portland Estates plc (United Kingdom)		3			33
Scentre Group (Australia)		12			28
					61
Food & Staples Retailing — 0.0% (d)
Seven & i Holdings Co. Ltd. (Japan)		1			61
Welcia Holdings Co. Ltd. (Japan)		1			19
					80
Food Products — 0.1%
Associated British Foods plc (United Kingdom)		1			27
Barry Callebaut AG (Registered) (Switzerland)		—	(c)		32
Danone SA (France)		—	(c)		14
Nestle SA (Registered) (Switzerland)		3			412
Wilmar International Ltd. (China)		13			41
					526

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

18 JP MORGAN ACCESS FUNDS DECEMBER 31, 2021

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Gas Utilities — 0.0% (d)
Beijing Enterprises Holdings Ltd. (China)		4			14
Health Care Equipment & Supplies — 0.1%
Alcon, Inc. (Switzerland)		—	(c)		22
Asahi Intecc Co. Ltd. (Japan)		—	(c)		9
Elekta AB, Class B (Sweden)		2			31
Hoya Corp. (Japan)		—	(c)		53
Koninklijke Philips NV (Netherlands)		2			87
Sartorius AG (Preference) (Germany)		—	(c)		53
Siemens Healthineers AG (Germany) (e)		1			67
Straumann Holding AG (Registered) (Switzerland)		—	(c)		102
Terumo Corp. (Japan)		1			28
					452
Health Care Providers & Services — 0.0% (d)
Fresenius SE & Co. KGaA (Germany)		1			46
Hotels, Restaurants & Leisure — 0.0% (d)
Compass Group plc (United Kingdom) *		3			62
Household Durables — 0.0% (d)
Panasonic Corp. (Japan)		4			38
Persimmon plc (United Kingdom)		1			42
Sony Group Corp. (Japan)		1			76
					156
Household Products — 0.0% (d)
Reckitt Benckiser Group plc (United Kingdom)		1			67
Unicharm Corp. (Japan)		1			40
					107
Independent Power and Renewable Electricity Producers — 0.0% (d)
Electric Power Development Co. Ltd. (Japan)		1			16
Industrial Conglomerates — 0.1%
DCC plc (United Kingdom)		—	(c)		34
Jardine Matheson Holdings Ltd. (Hong Kong)		1			35
Melrose Industries plc (United Kingdom)		22			48
Siemens AG (Registered) (Germany)		1			183
					300
Insurance — 0.3%
AIA Group Ltd. (Hong Kong)		17			169
Aon plc, Class A		—	(c)		38
Aviva plc (United Kingdom)		6			33
AXA SA (France)		4			107
Definity Financial Corp. (Canada) *		—	(c)		8
Direct Line Insurance Group plc (United Kingdom)		6			23
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) (Germany)		—	(c)		109

INVESTMENTS	SHARES (000)			VALUE ($000)
Insurance — continued
PICC Property & Casualty Co. Ltd., Class H (China)		32			26
Ping An Insurance Group Co. of China Ltd., Class H (China)		3			18
Sampo OYJ, Class A (Finland)		1			70
Storebrand ASA (Norway)		5			51
Sun Life Financial, Inc. (Canada)		1			80
Tokio Marine Holdings, Inc. (Japan)		1			61
Zurich Insurance Group AG (Switzerland)		—	(c)		59
					852
Interactive Media & Services — 0.0% (d)
Adevinta ASA (France) *		3			38
NAVER Corp. (South Korea) *		—	(c)		40
Tencent Holdings Ltd. (China)		2			96
Z Holdings Corp. (Japan)		5			29
					203
Internet & Direct Marketing Retail — 0.0% (d)
Alibaba Group Holding Ltd., ADR (China) *		—	(c)		11
ASOS plc (United Kingdom) *		1			33
Coupang, Inc. (South Korea) *		—	(c)		3
MercadoLibre, Inc. (Argentina) *		—	(c)		77
THG plc (United Kingdom) *		2			7
Zalando SE (Germany) * (e)		1			42
					173
IT Services — 0.0% (d)
Amadeus IT Group SA (Spain) *		—	(c)		28
Fujitsu Ltd. (Japan)		—	(c)		17
NTT Data Corp. (Japan)		4			90
Obic Co. Ltd. (Japan)		—	(c)		58
					193
Life Sciences Tools & Services — 0.0% (d)
Evotec SE (Germany) *		1			29
Machinery — 0.0% (d)
Epiroc AB, Class A (Sweden)		2			41
KION Group AG (Germany)		1			63
Knorr-Bremse AG (Germany)		—	(c)		22
SMC Corp. (Japan)		—	(c)		112
THK Co. Ltd. (Japan)		1			19
					257
Media — 0.0% (d)
CyberAgent, Inc. (Japan)		3			52
Nordic Entertainment Group AB, Class B (Sweden) *		—	(c)		18
Stroeer SE & Co. KGaA (Germany)		—	(c)		23
WPP plc (United Kingdom)		4			58
					151

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JP MORGAN ACCESS FUNDS 19

JPMorgan Access Growth Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Metals & Mining — 0.1%
Antofagasta plc (Chile)		2			43
BHP Group Ltd. (Australia)		1			20
BHP Group plc (Australia)		3			75
IGO Ltd. (Australia)		10			80
Rio Tinto Ltd. (Australia)		—	(c)		16
Rio Tinto plc (Australia)		—	(c)		22
South32 Ltd. (Australia)		11			32
Vale SA, ADR (Brazil)		1			12
					300
Multiline Retail — 0.0% (d)
B&M European Value Retail SA (United Kingdom)		5			45
Next plc (United Kingdom)		—	(c)		45
					90
Multi-Utilities — 0.0% (d)
Engie SA (France)		11			164
National Grid plc (United Kingdom)		4			54
					218
Oil, Gas & Consumable Fuels — 0.0% (d)
Equinor ASA (Norway)		3			79
Royal Dutch Shell plc, Class B, ADR (Netherlands)		1			31
TotalEnergies SE (France)		2			105
					215
Paper & Forest Products — 0.0% (d)
Stora Enso OYJ, Class R (Finland)		2			45
Personal Products — 0.1%
L’Oreal SA (France)		—	(c)		218
Pola Orbis Holdings, Inc. (Japan)		—	(c)		7
Unilever plc (United Kingdom)		3			156
					381
Pharmaceuticals — 0.4%
Astellas Pharma, Inc. (Japan)		6			91
AstraZeneca plc (United Kingdom)		2			193
AstraZeneca plc, ADR (United Kingdom)		1			81
Bayer AG (Registered) (Germany)		1			56
Daiichi Sankyo Co. Ltd. (Japan)		1			27
GlaxoSmithKline plc, ADR (United Kingdom)		1			53
HUTCHMED China Ltd., ADR (China) *		1			40
Ipsen SA (France)		—	(c)		23
Novartis AG (Registered) (Switzerland)		1			108
Novo Nordisk A/S, Class B (Denmark)		2			269
Otsuka Holdings Co. Ltd. (Japan)		1			36
Roche Holding AG (Switzerland)		—	(c)		173

INVESTMENTS	SHARES (000)			VALUE ($000)
Pharmaceuticals — continued
Sanofi (France)		1			116
Shionogi & Co. Ltd. (Japan)		1			87
					1,353
Professional Services — 0.1%
DKSH Holding AG (Switzerland)		1			42
Recruit Holdings Co. Ltd. (Japan)		2			127
RELX plc (United Kingdom)		3			95
TechnoPro Holdings, Inc. (Japan)		2			45
Teleperformance (France)		—	(c)		42
					351
Real Estate Management & Development — 0.0% (d)
Altus Group Ltd. (Canada)		—	(c)		20
Mitsui Fudosan Co. Ltd. (Japan)		3			50
					70
Road & Rail — 0.0% (d)
Canadian National Railway Co. (Canada)		—	(c)		14
Canadian National Railway Co. (Canada)		—	(c)		1
Central Japan Railway Co. (Japan)		—	(c)		27
TFI International, Inc. (Canada)		1			79
					121
Semiconductors & Semiconductor Equipment — 0.3%
ASML Holding NV (Netherlands)		1			405
Broadcom, Inc.		—	(c)		100
NXP Semiconductors NV (China)		—	(c)		82
Renesas Electronics Corp. (Japan) *		2			24
STMicroelectronics NV (Singapore)		2			99
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		2			245
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		8			177
Tokyo Electron Ltd. (Japan)		—	(c)		112
					1,244
Software — 0.1%
Atlassian Corp. plc, Class A *		—	(c)		41
AVEVA Group plc (United Kingdom)		—	(c)		20
Dassault Systemes SE (France)		—	(c)		12
Dye & Durham Ltd. (Canada)		1			25
Lightspeed Commerce, Inc. (Canada) *		—	(c)		7
Nice Ltd., ADR (Israel) *		—	(c)		34
SAP SE (Germany)		1			177
					316

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

20 JP MORGAN ACCESS FUNDS DECEMBER 31, 2021

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Specialty Retail — 0.0% (d)
Industria de Diseno Textil SA (Spain)		3			90
Kingfisher plc (United Kingdom)		15			67
Nitori Holdings Co. Ltd. (Japan)		—	(c)		45
					202
Technology Hardware, Storage & Peripherals — 0.0% (d)
Samsung Electronics Co. Ltd. (South Korea)		2			108
Textiles, Apparel & Luxury Goods — 0.2%
adidas AG (Germany)		—	(c)		31
China Hongxing Sports Ltd. (China) * ‡		755			—	(c)
Cie Financiere Richemont SA (Registered) (Switzerland)		—	(c)		48
Dr. Martens plc (United Kingdom) *		4			24
EssilorLuxottica SA (France)		1			206
Hermes International (France)		—	(c)		105
Kering SA (France)		—	(c)		214
LVMH Moet Hennessy Louis Vuitton SE (France)		—	(c)		90
Moncler SpA (Italy)		1			48
Samsonite International SA * (e)		8			15
					781
Thrifts & Mortgage Finance — 0.0% (d)
Housing Development Finance Corp. Ltd. (India)		1			33
Tobacco — 0.0% (d)
British American Tobacco plc (United Kingdom)		3			103
Trading Companies & Distributors — 0.0% (d)
Ashtead Group plc (United Kingdom)		1			67
Bunzl plc (United Kingdom)		1			28
Mitsubishi Corp. (Japan)		2			67
Sumitomo Corp. (Japan)		2			36
					198
Wireless Telecommunication Services — 0.0% (d)
America Movil SAB de CV, Class L, ADR (Mexico)		1			29
SoftBank Group Corp. (Japan)		1			24
Vodafone Group plc, ADR (United Kingdom)		3			44
					97
Total Common Stocks (Cost $8,471)					15,025

INVESTMENTS	NO. OF WARRANTS (000)		VALUE ($000)
Warrants — 0.0% (d)
Textiles, Apparel & Luxury Goods — 0.0% (d)
Cie Financiere Richemont SA expiring 11/22/2023, price 67.00 USD (Switzerland) * (Cost $—)		1		1
	SHARES (000)
Short-Term Investments — 1.6%
Investment Companies — 1.6%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (a) (f) (Cost $8,548)		8,546		8,549
Total Investments — 100.3% (Cost $360,892)				535,296
Liabilities in Excess of Other Assets — (0.3)% (g)				(1,374	)
NET ASSETS — 100.0%			$	533,922

Percentages indicated are based on net assets.

PORTFOLIO COMPOSITION BY COUNTRY AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
United States		94.3	%
Ireland		1.3
Others (each less than 1.0%)		2.8
Short-Term Investments		1.6

Abbreviations

ADR	American Depositary Receipt
CHDI	Clearing House Electronic Subregister System (CHESS) Depository Interest
EAFE	Europe, Australasia and Far East
ETF	Exchange-Traded Fund
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
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)	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 one thousand.
(d)	Amount rounds to less than 0.1% of net assets.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JP MORGAN ACCESS FUNDS 21

JPMorgan Access Growth Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(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, 2021.
(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 certain 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 JP MORGAN ACCESS FUNDS DECEMBER 31, 2021

THIS PAGE IS INTENTIONALLY LEFT BLANK

DECEMBER 31, 2021 JP MORGAN ACCESS FUNDS 23

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2021 (Unaudited)

(Amounts in thousands, except per share amounts)

	JPMorgan Access Balanced Fund			JPMorgan Access Growth Fund
ASSETS:
Investments in non-affiliates, at value	$	349,028		$	387,752
Investments in affiliates, at value		136,772			147,544
Cash		105			107
Foreign currency, at value		118			154
Receivables:
Fund shares sold		1			—	(a)
Dividends from non-affiliates		150			375
Dividends from affiliates		—	(a)		—	(a)
Tax reclaims		72			118
Total Assets		486,246			536,050
LIABILITIES:
Payables:
Distributions		—	(a)		8
Investment securities purchased		—	(a)		—	(a)
Fund shares redeemed		2,780			1,898
Accrued liabilities:
Investment advisory fees		23			35
Administration fees		—	(a)		—	(a)
Distribution fees		—	(a)		—	(a)
Service fees		102			111
Custodian and accounting fees		35			35
Deferred foreign capital gains tax		1			1
Other		31			40
Total Liabilities		2,972			2,128
Net Assets	$	483,274		$	533,922

(a) Amount rounds to less than one thousand.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

24 JP MORGAN ACCESS FUNDS DECEMBER 31, 2021

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)

	JPMorgan Access Balanced Fund			JPMorgan Access Growth Fund
NET ASSETS:
Paid-in-Capital	$	363,084		$	353,461
Total distributable earnings (loss)		120,190			180,461
Total Net Assets	$	483,274		$	533,922
Net Assets:
Class A	$	2,252		$	1,495
Class C		116			66
Class I		480,906			532,361
Total	$	483,274		$	533,922
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		127			71
Class C		7			3
Class I		27,185			25,291
Net Asset Value (a):
Class A — Redemption price per share	$	17.66		$	21.02
Class C — Offering price per share (b)		17.59			20.66
Class I — Offering and redemption price per share		17.69			21.05
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)]	$	18.49		$	22.01
Cost of investments in non-affiliates	$	248,710		$	230,657
Cost of investments in affiliates		123,362			130,235
Cost of foreign currency		115			151

(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, 2021 JP MORGAN ACCESS FUNDS 25

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)

(Amounts in thousands)

	JPMorgan Access Balanced Fund			JPMorgan Access Growth Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	3,710		$	2,972
Dividend income from affiliates		2,033			2,353
Foreign taxes withheld (net)		(10	)		(13	)
Total investment income		5,733			5,312
EXPENSES:
Investment advisory fees		741			799
Administration fees		185			200
Distribution fees:
Class A		3			2
Class C		1			—	(a)
Service fees:
Class A		3			2
Class C		—	(a)		—	(a)
Class I		615			664
Custodian and accounting fees		45			45
Interest expense to affiliates		—	(a)		—	(a)
Professional fees		92			95
Trustees’ and Chief Compliance Officer’s fees		22			22
Printing and mailing costs		6			6
Registration and filing fees		23			26
Transfer agency fees (See Note 2.F.)		2			4
Other		7			7
Total expenses		1,745			1,872
Less fees waived		(679	)		(672	)
Net expenses		1,066			1,200
Net investment income (loss)		4,667			4,112
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		17,523	(b)		18,575	(b)
Investments in affiliates		117			71
Foreign currency transactions		(3	)		(3	)
Net realized gain (loss)		17,637			18,643
Distributions of capital gains received from investment company non-affiliates		782			374
Distributions of capital gains received from investment company affiliates		256			156
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		647	(c)		10,586	(c)
Investments in affiliates		(387	)		147
Foreign currency translations		—	(a)		(2	)
Change in net unrealized appreciation/depreciation		260			10,731
Net realized/unrealized gains (losses)		18,935			29,904
Change in net assets resulting from operations	$	23,602		$	34,016

(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 $1.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

26 JP MORGAN ACCESS FUNDS DECEMBER 31, 2021

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, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	4,667		$	6,529		$	4,112		$	6,706
Net realized gain (loss)		17,637			39,124			18,643			28,671
Distributions of capital gains received from investment company non-affiliates		782			364			374			254
Distributions of capital gains received from investment company affiliates		256			711			156			292
Change in net unrealized appreciation/depreciation		260			48,137			10,731			87,732
Change in net assets resulting from operations		23,602			94,865			34,016			123,655
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(198	)		(95	)		(94	)		(79	)
Class C		(12	)		(53	)		(4	)		(10	)
Class I		(43,399	)		(31,984	)		(34,276	)		(30,537	)
Total distributions to shareholders		(43,609	)		(32,132	)		(34,374	)		(30,626	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		15,404			(46,861	)		11,722			(15,144	)
NET ASSETS:
Change in net assets		(4,603	)		15,872			11,364			77,885
Beginning of period		487,877			472,005			522,558			444,673
End of period	$	483,274		$	487,877		$	533,922		$	522,558

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JP MORGAN 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, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	150		$	1,063		$	22		$	258
Distributions reinvested		198			95			94			79
Cost of shares redeemed		(37	)		(361	)		(46	)		(162	)
Change in net assets resulting from Class A capital transactions		311			797			70			175
Class C
Proceeds from shares issued		10			—			—			—
Distributions reinvested		11			53			4			10
Cost of shares redeemed		(161	)		(1,277	)		(19	)		(286	)
Change in net assets resulting from Class C capital transactions		(140	)		(1,224	)		(15	)		(276	)
Class I
Proceeds from shares issued		25,492			23,944			19,713			37,282
Distributions reinvested		43,398			31,962			34,256			30,525
Cost of shares redeemed		(53,657	)		(102,340	)		(42,302	)		(82,850	)
Change in net assets resulting from Class I capital transactions		15,233			(46,434	)		11,667			(15,043	)
Total change in net assets resulting from capital transactions	$	15,404		$	(46,861	)	$	11,722		$	(15,144	)
SHARE TRANSACTIONS:
Class A
Issued		8			61			1			12
Reinvested		11			5			5			4
Redeemed		(2	)		(20	)		(2	)		(8	)
Change in Class A Shares		17			46			4			8
Class C
Issued		1			—			—			—
Reinvested		1			3			—	(a)		1
Redeemed		(9	)		(74	)		(1	)		(15	)
Change in Class C Shares		(7	)		(71	)		(1	)		(14	)
Class I
Issued		1,422			1,378			941			1,927
Reinvested		2,448			1,848			1,636			1,592
Redeemed		(2,955	)		(5,842	)		(1,990	)		(4,312	)
Change in Class I Shares		915			(2,616	)		587			(793	)

(a) Amount rounds to less than one thousand.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

28 JP MORGAN ACCESS FUNDS DECEMBER 31, 2021

THIS PAGE IS INTENTIONALLY LEFT BLANK

DECEMBER 31, 2021 JP MORGAN 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, 2021 (Unaudited)	$	18.46	$	0.16	$	0.70	$	0.86	$	(0.22	)	$	(1.44	)	$	(1.66	)
Year Ended June 30, 2021		16.24		0.19		3.15		3.34		(0.23	)		(0.89	)		(1.12	)
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	)
Class C
Six Months Ended December 31, 2021 (Unaudited)		18.38		0.07		0.75		0.82		(0.17	)		(1.44	)		(1.61	)
Year Ended June 30, 2021		16.16		0.09		3.15		3.24		(0.13	)		(0.89	)		(1.02	)
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	)
Class I
Six Months Ended December 31, 2021 (Unaudited)		18.48		0.18		0.72		0.90		(0.25	)		(1.44	)		(1.69	)
Year Ended June 30, 2021		16.26		0.23		3.15		3.38		(0.27	)		(0.89	)		(1.16	)
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	)

(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.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

30 JP MORGAN ACCESS FUNDS DECEMBER 31, 2021

		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)
$	17.66		4.76	%	$	2,252		0.68	%		1.71	%		0.95	%		9	%
	18.46		21.11			2,037		0.69			1.09			0.95			22
	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
	17.59		4.52			116		1.18			0.73			1.45			9
	18.38		20.50			260		1.19			0.55			1.44			22
	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
	17.69		4.93			480,906		0.43			1.89			0.70			9
	18.48		21.37			485,580		0.43			1.33			0.70			22
	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

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JP MORGAN 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, 2021 (Unaudited)	$	21.06	$	0.14	$	1.21	$	1.35	$	(0.21	)	$	(1.18	)	$	(1.39	)
Year Ended June 30, 2021		17.37		0.22		4.70		4.92		(0.26	)		(0.97	)		(1.23	)
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	)
Class C
Six Months Ended December 31, 2021 (Unaudited)		20.73		0.08		1.19		1.27		(0.16	)		(1.18	)		(1.34	)
Year Ended June 30, 2021		17.10		0.10		4.65		4.75		(0.15	)		(0.97	)		(1.12	)
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	)
Class I
Six Months Ended December 31, 2021 (Unaudited)		21.09		0.17		1.21		1.38		(0.24	)		(1.18	)		(1.42	)
Year Ended June 30, 2021		17.39		0.27		4.71		4.98		(0.31	)		(0.97	)		(1.28	)
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	)

(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.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

32 JP MORGAN ACCESS FUNDS DECEMBER 31, 2021

		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)
$	21.02		6.52	%	$	1,495		0.70	%		1.30	%		0.95	%		6	%
	21.06		29.10			1,426		0.71			1.15			0.95			19
	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			631		1.08			0.58			1.49			34
	20.66		6.21			66		1.20			0.76			1.45			6
	20.73		28.52			81		1.21			0.54			1.45			19
	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
	21.05		6.64			532,361		0.45			1.54			0.70			6
	21.09		29.45			521,051		0.46			1.39			0.70			19
	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

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JP MORGAN ACCESS FUNDS 33

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

(Dollar values in thousands)

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	Diversified
JPMorgan Access Growth Fund	Class A, Class C and Class I	Diversified

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 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.

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 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

34 JP MORGAN ACCESS FUNDS DECEMBER 31, 2021

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	$	—	$	254	$	—	$	254
Air Freight & Logistics		—		55		—		55
Auto Components		55		84		—		139
Automobiles		—		124		—		124
Banks		96		708		—		804
Beverages		—		340		—		340
Biotechnology		56		86		—		142
Building Products		—		31		—		31
Capital Markets		54		347		—		401
Chemicals		—		467		—		467
Communications Equipment		—		74		—		74
Containers & Packaging		—		21		—		21
Diversified Financial Services		34		25		—		59
Diversified Telecommunication Services		20		124		—		144
Electric Utilities		—		174		—		174
Electrical Equipment		—		336		—		336
Electronic Equipment, Instruments & Components		—		424		—		424
Energy Equipment & Services		—		25		—		25
Equity Real Estate Investment Trusts (REITs)		—		47		—		47
Food & Staples Retailing		—		61		—		61
Food Products		—		409		—		409
Gas Utilities		—		10		—		10
Health Care Equipment & Supplies		—		352		—		352
Health Care Providers & Services		—		36		—		36
Hotels, Restaurants & Leisure		—		48		—		48
Household Durables		—		113		—		113
Household Products		—		85		—		85

DECEMBER 31, 2021 JP MORGAN ACCESS FUNDS 35

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

Access Balanced Fund (continued)
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Independent Power and Renewable Electricity Producers	$	—	$	12	$	—		$	12
Industrial Conglomerates		—		231		—			231
Insurance		98		557		—			655
Interactive Media & Services		—		163		—			163
Internet & Direct Marketing Retail		106		32		—			138
IT Services		—		153		—			153
Life Sciences Tools & Services		—		22		—			22
Machinery		—		198		—			198
Media		—		115		—			115
Metals & Mining		10		222		—			232
Multiline Retail		—		70		—			70
Multi-Utilities		—		168		—			168
Oil, Gas & Consumable Fuels		24		142		—			166
Paper & Forest Products		—		34		—			34
Personal Products		—		297		—			297
Pharmaceuticals		133		919		—			1,052
Professional Services		—		271		—			271
Real Estate Management & Development		16		40		—			56
Road & Rail		70		27		—			97
Semiconductors & Semiconductor Equipment		333		649		—			982
Software		86		164		—			250
Specialty Retail		—		155		—			155
Technology Hardware, Storage & Peripherals		—		83		—			83
Textiles, Apparel & Luxury Goods		18		597		—	(a)		615
Thrifts & Mortgage Finance		—		26		—			26
Tobacco		—		81		—			81
Trading Companies & Distributors		—		153		—			153
Wireless Telecommunication Services		57		19		—			76
Total Common Stocks		1,266		10,460		—	(a)		11,726
Exchange-Traded Funds		383,878		—		—			383,878
Investment Companies		73,869		—		—			73,869
Warrants		1		—		—			1
Short-Term Investments
Investment Companies		9,996		—		—			9,996
Total Investments in Securities	$	469,010	$	10,460	$	—	(a)	$	479,470

As of December 31, 2021, certain investments companies with a fair value of 6,330, 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 the Access Balanced Fund.

(a) Amount rounds to less than one thousand.

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	$	—	$	323	$	—	$	323
Air Freight & Logistics		—		69		—		69
Auto Components		70		107		—		177
Automobiles		—		163		—		163
Banks		124		903		—		1,027
Beverages		—		433		—		433

36 JP MORGAN ACCESS FUNDS DECEMBER 31, 2021

Access Growth Fund (continued)
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Biotechnology	$	71	$	108	$	—		$	179
Building Products		—		39		—			39
Capital Markets		75		440		—			515
Chemicals		—		598		—			598
Communications Equipment		—		96		—			96
Containers & Packaging		—		28		—			28
Diversified Financial Services		45		32		—			77
Diversified Telecommunication Services		25		162		—			187
Electric Utilities		—		220		—			220
Electrical Equipment		—		434		—			434
Electronic Equipment, Instruments & Components		—		523		—			523
Energy Equipment & Services		—		33		—			33
Equity Real Estate Investment Trusts (REITs)		—		61		—			61
Food & Staples Retailing		—		80		—			80
Food Products		—		526		—			526
Gas Utilities		—		14		—			14
Health Care Equipment & Supplies		—		452		—			452
Health Care Providers & Services		—		46		—			46
Hotels, Restaurants & Leisure		—		62		—			62
Household Durables		—		156		—			156
Household Products		—		107		—			107
Independent Power and Renewable Electricity Producers		—		16		—			16
Industrial Conglomerates		—		300		—			300
Insurance		126		726		—			852
Interactive Media & Services		—		203		—			203
Internet & Direct Marketing Retail		131		42		—			173
IT Services		—		193		—			193
Life Sciences Tools & Services		—		29		—			29
Machinery		—		257		—			257
Media		—		151		—			151
Metals & Mining		12		288		—			300
Multiline Retail		—		90		—			90
Multi-Utilities		—		218		—			218
Oil, Gas & Consumable Fuels		31		184		—			215
Paper & Forest Products		—		45		—			45
Personal Products		—		381		—			381
Pharmaceuticals		174		1,179		—			1,353
Professional Services		—		351		—			351
Real Estate Management & Development		20		50		—			70
Road & Rail		94		27		—			121
Semiconductors & Semiconductor Equipment		427		817		—			1,244
Software		107		209		—			316
Specialty Retail		—		202		—			202
Technology Hardware, Storage & Peripherals		—		108		—			108
Textiles, Apparel & Luxury Goods		24		757		—	(a)		781
Thrifts & Mortgage Finance		—		33		—			33
Tobacco		—		103		—			103
Trading Companies & Distributors		—		198		—			198
Wireless Telecommunication Services		73		24		—			97
Total Common Stocks		1,629		13,396		—	(a)		15,025
Exchange-Traded Funds		445,096		—		—			445,096
Investment Companies		59,653		—		—			59,653
Warrants		1		—		—			1

DECEMBER 31, 2021 JP MORGAN ACCESS FUNDS 37

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

Access Growth Fund (continued)
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Short-Term Investments
Investment Companies	$	8,549	$	—	$	—		$	8,549
Total Investments in Securities	$	514,928	$	13,396	$	—	(a)	$	528,324

As of December 31, 2021, certain investments companies with a fair value of 6,972, 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 the Access Growth Fund.

(a) Amount rounds to less than one thousand.

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, 2021, 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 a Fund 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 Fund’s and ETFs’ distributions may be reinvested into such Underlying Fund/Funds and ETFs. Reinvestment amounts are included in the purchases at cost amounts in the tables below.

Access Balanced Fund

For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders Canada ETF (a)	$	9,616	$	—	$	307	$	83		$	278		$	9,670		144	$	133	$	—
JPMorgan BetaBuilders Developed Asia ex-Japan ETF (a)		7,475		1,189		—		—			(545	)		8,119		150		293		—
JPMorgan BetaBuilders Europe ETF (a)		41,157		9,101		—		—			867			51,125		856		674		—
JPMorgan BetaBuilders Japan ETF (a)		14,252		1,300		4,493		11			(208	)		10,862		197		314		—
JPMorgan Core Bond Fund Class R6 Shares (a)		29,045		2,000		2,299		(54	)		(480	)		28,212		2,385		311		214
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		4,810		—		—		—			(84	)		4,726		561		62		33
JPMorgan High Yield Fund Class R6 Shares (a)		9,786		—		500		83			(171	)		9,198		1,267		224		—
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (a) (b)		5,967		72,295		68,266		(1	)		1			9,996		9,992		1		—
JPMorgan Short Duration Bond Fund Class R6 Shares (a)		4,014		1,300		400		(5	)		(45	)		4,864		442		21		9
Total	$	126,122	$	87,185	$	76,265	$	117		$	(387	)	$	136,772			$	2,033	$	256

(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, 2021.

38 JP MORGAN ACCESS FUNDS DECEMBER 31, 2021

Access Growth Fund

For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders Canada ETF (a)	$	15,773	$	401	$	404	$	109		$	488		$	16,367		244	$	218	$	—
JPMorgan BetaBuilders Developed Asia ex-Japan ETF (a)		9,734		1,893		—		—			(729	)		10,898		201		385		—
JPMorgan BetaBuilders Europe ETF (a)		56,904		6,805		—		—			1,166			64,875		1,086		857		—
JPMorgan BetaBuilders Japan ETF (a)		18,797		3,500		5,603		(52	)		(286	)		16,356		297		429		—
JPMorgan Core Bond Fund Class R6 Shares (a)		20,294		2,200		1,500		(69	)		(314	)		20,611		1,742		222		156
JPMorgan High Yield Fund Class R6 Shares (a)		10,482		—		500		84			(178	)		9,888		1,362		240		—
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (a) (b)		6,055		57,602		55,107		(1	)		—	(c)		8,549		8,546		2		—
Total	$	138,039	$	72,401	$	63,114	$	71		$	147		$	147,544			$	2,353	$	156

(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, 2021.

(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 period 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.

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, 2021 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)		4		4

(a) Amount rounds to less than one thousand.

DECEMBER 31, 2021 JP MORGAN ACCESS FUNDS 39

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

The Funds invested in Underlying Funds and ETFs and, as a result, bear a portion of the expenses incurred by these Underlying Funds and ETFs. These expenses are not reflected in the expenses shown on the 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, 2021, 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.

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.

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, 2021, the allocation of assets for each Fund was as follows:

	Access Balanced Fund			Access Growth Fund
JPMPI		97.5	%		97.1	%
CII		1.2			1.4
T.Rowe Price		1.3			1.5

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.

40 JP MORGAN ACCESS FUNDS DECEMBER 31, 2021

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, 2021, the effective annualized rate was 0.075% 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, 2021, 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.

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
Access Balanced Fund		0.68	%		1.18	%		0.43	%(1)
Access Growth Fund		0.70			1.20			0.45	(1)

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

DECEMBER 31, 2021 JP MORGAN ACCESS FUNDS 41

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

Except as noted above, the expense limitation agreements were in effect for the six months ended December 31, 2021 and the contractual expense limitation percentages in the table above are in place until at least October 31, 2022.

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, 2022. 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	$	489	$	185	$	2	$	676
Access Growth Fund		466		200		2		668

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, 2021 were as follows:

Access Balanced Fund	$	3
Access Growth Fund		4

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.

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 financial instruments in addition to Underlying Funds and securities.

4. Investment Transactions

During the six months ended December 31, 2021, 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	$	43,598	$	68,367
Access Growth Fund		33,634		52,850

During the six months ended December 31, 2021, there were no purchases or sales of U.S. Government securities.

42 JP MORGAN ACCESS FUNDS DECEMBER 31, 2021

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, 2021 were as follows:

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Access Balanced Fund	$	372,072	$	114,403	$	675	$	113,728
Access Growth Fund		360,892		175,025		621		174,404

As of June 30, 2021, 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, 2021.

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 October 31, 2022.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended December 31, 2021.

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 1.25%, which has decreased to 1.00% pursuant to the amendment referenced below (the “Applicable Margin”), plus the greater of the federal funds effective rate or one month London Interbank Offered Rate (“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 10, 2021, the Credit Facility has been amended and restated for a term of 364 days, unless extended, and to include a reduction of the Applicable Margin charged for borrowing under the Credit Facility from 1.25% to 1.00%.

The Funds did not utilize the Credit Facility during the six months ended December 31, 2021.

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.

DECEMBER 31, 2021 JP MORGAN ACCESS FUNDS 43

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

As of December 31, 2021, 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		98.4	%
Access Growth Fund		1		96.3

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 the 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. On March 5, 2021, the U.K. Financial Conduct Authority (“FCA”) publicly announced that (i) immediately after December 31, 2021, publication of the 1-week and 2-month U.S. Dollar LIBOR settings will permanently cease; (ii) immediately after June 30, 2023, publication of the overnight and 12-month U.S. Dollar LIBOR settings will permanently cease; and (iii) immediately after June 30, 2023, the 1-month, 3-month and 6-month U.S. Dollar LIBOR settings will cease to be provided or, subject to the FCA’s consideration of the case, be provided on a synthetic basis and no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness will not be restored. There is no assurance that the dates announced by the FCA will not change or that the administrator of LIBOR and/or regulators will not take further action that could impact the availability, composition or characteristics of LIBOR or the currencies and/or tenors for which LIBOR is published. Public and private sector industry initiatives are currently underway to implement new or alternative reference rates to be used in place of LIBOR. There is no assurance that 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 of a Fund’s instruments or investments comprising some or all of a Fund’s investments 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.

44 JP MORGAN ACCESS FUNDS DECEMBER 31, 2021

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, 2021 and continued to hold your shares at the end of the reporting period, December 31, 2021.

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, 2021		Ending Account Value December 31, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Access Balanced Fund
Class A
Actual	$	1,000.00	$	1,047.60	$	3.51		0.68	%
Hypothetical		1,000.00		1,021.78		3.47		0.68
Class C
Actual		1,000.00		1,045.20		6.08		1.18
Hypothetical		1,000.00		1,019.26		6.01		1.18
Class I
Actual		1,000.00		1,049.30		2.22		0.43
Hypothetical		1,000.00		1,023.04		2.19		0.43
JPMorgan Access Growth Fund
Class A
Actual		1,000.00		1,065.20		3.64		0.70
Hypothetical		1,000.00		1,021.68		3.57		0.70
Class C
Actual		1,000.00		1,062.10		6.24		1.20
Hypothetical		1,000.00		1,019.16		6.11		1.20
Class I
Actual		1,000.00		1,066.40		2.34		0.45
Hypothetical		1,000.00		1,022.94		2.29		0.45

* 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, 2021 JP MORGAN ACCESS FUNDS 45

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 2021, 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, 2021.

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 investment 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 quantitative and statistical analyses of certain Funds and/or Underlying Funds, including risk and performance return assessment as compared to the Funds’ and/or Underlying

Funds’ objectives, benchmarks, and peers. Before voting on the Advisory Agreements, the Trustees reviewed the Advisory Agreements with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Advisory Agreements. The Trustees also discussed the Advisory Agreements in executive sessions with independent legal counsel at which no representatives of the Adviser or sub-advisers were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds and Underlying Funds throughout the year, including additional reporting and information provided in connection with 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

46 JP MORGAN ACCESS FUNDS DECEMBER 31, 2021

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 each Fund 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 for each Fund and/or Underlying Funds.

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. 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, as well as the Adviser’s use of affiliates to provide other services and the benefits to such affiliates of doing so.

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

DECEMBER 31, 2021 JP MORGAN ACCESS FUNDS 47

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

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 Fee 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.

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 fee structure and 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 for certain Funds by the Trustees’ independent consultant. The special analysis includes a multi-factor quantitative scoring system for summarizing a Fund’s historical investment performance. The approach relies on multiple metrics, incorporates several time periods, adjusts for risk and considers how a fund’s customized peer group (as selected by the independent consultant) has performed. 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 fourth quintile based upon the Peer Group for each of the one-, three- and five-year periods ended December 31, 2020, and in the fourth, fourth and fifth quintiles based upon the Universe for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class I shares was in the fourth, third and fourth quintiles based upon the Peer Group for the one-, three- and five-year periods ended December 31, 2020, respectively, and in the fourth quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and JPMPI and reviewed the performance analysis and

48 JP MORGAN ACCESS FUNDS DECEMBER 31, 2021

evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances. The Trustees requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with members of the Board’s money market and alternative products committee at each of its regularly scheduled meetings over the course of the next year.

The Trustees noted that the Access Growth Fund’s performance for Class A shares was in the third quintile based upon the Peer Group, and in the fourth quintile based upon the Universe, for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees noted that the performance for Class I shares was in the third, 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, 2020, 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 the

waivers and/or reimbursements limiting the total annual fund operating expense of Access Balanced Fund’s Class A, C and I shares to 0.68%, 1.18% and 0.43%, respectively, and the total annual fund operating expenses of Access Growth Fund’s Class A, C and I shares to 0.70%, 1.20% and 0.45%, respectively, 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 second quintile based upon both the Peer Group and Universe, 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 the fourth and third 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 third quintile based upon both the Peer Group and Universe, 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 fifth and third 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.

DECEMBER 31, 2021 JP MORGAN ACCESS FUNDS 49

TAX LETTER

(Unaudited)

(Dollar values in thousands)

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, 2021. 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, 2021. The information necessary to complete your income tax returns for the calendar year ending December 31, 2021 will be provided under separate cover.

Foreign Source Income and Foreign Tax Credit Pass Through

For the fiscal year ended June 30, 2021, 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:

	Total Foreign Source Income		Total Foreign Tax Credit
JPMorgan Access Balanced Fund	$	1,714	$	141
JPMorgan Access Growth Fund		1,908		167

50 JP MORGAN ACCESS FUNDS DECEMBER 31, 2021

SPECIAL SHAREHOLDER MEETING RESULTS

(Unaudited)

The Trust held a special meeting of shareholders on October 27, 2021, for the purpose of considering and voting upon the election of Trustees, which meeting was adjourned to November 23, 2021 to allow shareholders to vote on the proposal.

When the special meeting reconvened on November 23, 2021, Trustees were elected by the shareholders of all of the series of the Trust, including the Funds.

The results of the voting were as follows:

	Votes Received (Amounts in thousands)
Independent Nominee
John F. Finn
In Favor		218,161,076
Withheld		3,798,560
Steven P. Fisher
In Favor		219,683,469
Withheld		2,276,167
Gary L. French
In Favor		219,573,994
Withheld		2,385,642
Kathleen M. Gallagher
In Favor		219,614,901
Withheld		2,344,735
Robert J. Grassi
In Favor		219,652,125
Withheld		2,307,510
Frankie D. Hughes
In Favor		219,173,958
Withheld		2,785,677
Raymond Kanner
In Favor		219,638,172
Withheld		2,321,463
Thomas P. Lemke
In Favor		219,600,003
Withheld		2,359,633

	Votes Received (Amounts in thousands)
Lawrence R. Maffia
In Favor		219,558,283
Withheld		2,401,353
Mary E. Martinez
In Favor		219,188,002
Withheld		2,771,634
Marilyn McCoy
In Favor		218,775,511
Withheld		3,184,125
Dr. Robert A. Oden, Jr.
In Favor		218,109,306
Withheld		3,850,330
Marian U. Pardo
In Favor		219,504,107
Withheld		2,445,528
Emily A. Youssouf
In Favor		219,549,573
Withheld		2,410,062
Interested Nominee
Robert F. Deutsch
In Favor		219,143,836
Withheld		2,815,799
Nina O. Shenker
In Favor		219,183,139
Withheld		2,776,497

DECEMBER 31, 2021 JP MORGAN 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., 2021. All rights reserved. December 2021. SAN-ACCESS-1221

Semi-Annual Report

J.P. Morgan Funds

December 31, 2021 (Unaudited)

JPMorgan Diversified Fund

CONTENTS

Letter to Shareholders	1
Fund Commentary	2
Schedule of Portfolio Investments	5
Financial Statements	34
Financial Highlights	40
Notes to Financial Statements	42
Schedule of Shareholder Expenses	55
Board Approval of Investment Advisory Agreement	56
Special Shareholder Meeting Results	60

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.

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 8, 2022 (Unaudited)

Dear Shareholders,

U.S. equities led the year-long rally in developed market stocks as the global economic rebound advanced through 2021. While financial market volatility, a resurgence in the pandemic and accelerating inflation have carried into 2022, we believe that the outlook for the overall U.S. economy remains positive.

  “Throughout the year ahead, J.P. Morgan Asset Management plans to seek to deliver superior client outcomes across a broad range of innovative solutions and risk management processes built on the same fundamental practices and principles that have driven our success for more than a century.” — Andrea L. Lisher

A surge in U.S. consumer wealth — partly tied to rising values for homes and autos — and quarterly growth in corporate earnings have helped to bolster U.S. financial markets that were already well-supported by monetary and fiscal policies. Over the course of the past year, the U.S. jobless rate fell to pre-pandemic levels and reached 3.9% in December. At the same time, inflation has climbed significantly. The U.S. Federal Reserve (the “Fed”) has tapered its monthly asset purchasing program and indicated that it’s likely to raise interest rates as early as March 2022.

While rising interest rates may mark another phase of the economic cycle that presents financial markets with new challenges and opportunities, they may also signal a return to a

more normal economic environment following two years of historically low rates. Meanwhile, the path of the pandemic remains a factor in the U.S. economy. Recent data suggest the increase in new infections in late 2021 and into 2022 had some impact on the U.S. economy — though job growth remained strong — but there is hope that the latest pandemic wave may recede in coming months. Additionally, there is hope that rising prices on commodities and goods will moderate as supply chain constraints ease over time and the Fed moves generally to tamp down inflationary pressures. We expect the U.S. economy to continue expanding in 2022, even if the pace of the expansion eases from 2021.

Throughout the year ahead, J.P. Morgan Asset Management plans to seek to deliver superior client outcomes across a broad range of innovative solutions and risk management processes built on the same fundamental practices and principles that have driven our success for more than a century.

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, 2021 J.P. MORGAN FUNDS 1

JPMorgan Diversified Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class L Shares)*		4.74%
MSCI World Index (net of foreign withholding taxes)		7.76%
Diversified Composite Benchmark**		4.71%
Net Assets as of 12/31/2021 (In Thousands)	$	958,140

INVESTMENT OBJECTIVE***

The JPMorgan Diversified Fund (the “Fund”) seeks to provide a high total return from a diversified portfolio of equity and fixed income investments.

HOW DID THE MARKETS PERFORM?

U.S. equity generated positive returns and led developed markets equity to outperform both emerging markets equity and fixed income markets during the second half of 2021. U.S. equity prices were bolstered by continued monetary and fiscal support as well as strong consumer spending and record corporate profits. Notably, the emergence of the omicron variant and a resurgence in the pandemic in the final months of 2021 led to higher volatility in global financial markets and weighed on global petroleum prices.

International developed markets equity also provided positive returns though the strength of the economic rebound from 2020 was tempered in some regions by the inflationary pressures, supply chain bottlenecks and mixed success in battling the pandemic. Emerging markets equity prices fell during the period, partly driven by investor concerns about the outlook for inflation and interest rates, as well increased scrutiny of large technology companies by regulators in China.

Meanwhile, fixed income markets largely underperformed amid low yields on sovereign debt, inflationary pressures and rising interest rates in emerging markets. High yield bonds (also known as “junk bonds”) outperformed corporate debt and emerging markets debt slumped during the period.

For the six months ended December 31, 2021, the MSCI World Index returned 7.76% and the Bloomberg U.S. Aggregate Index returned 0.06%,

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

The Fund’s Class L Shares underperformed the MSCI World Index (net of foreign withholding taxes) and outperformed the Diversified Composite Benchmark (the “Composite Benchmark”), which consists of 60% MSCI World Index and 40% Bloomberg U.S. Aggregate Index for the six months ended December 31, 2021.

Relative to the MSCI World Index, an equity-only index, the Fund’s allocation to fixed income assets detracted from performance.

Relative to the Composite Benchmark, the Fund’s overweight allocation to equity was a leading contributor to performance. Within equity, the Fund’s overweight allocations to both the U.S. and international developed equity markets contributed to performance as both outperformed core fixed income markets. The Fund’s overweight positioning within the U.S. was the largest contributor to relative performance from an asset allocation perspective.

The Fund’s allocation to value stocks detracted from relative performance as growth stocks largely outperformed during the period. The Fund’s overall security selection detracted from relative performance. Security selection within core fixed income was the largest detractor, while the Fund’s security selection within equity was neutral to relative performance.

HOW WAS THE FUND POSITIONED?

The Fund targeted a long-term strategic asset allocation consisting of the following asset classes: U.S. large cap equity, U.S. small cap equity, real estate investment trusts, international equity (including emerging markets equity) and U.S. and international fixed income. The Fund invested in individual securities and underlying J.P. Morgan funds to implement its long-term strategic asset allocation and short-to-intermediate term tactical adjustments.

At December 31. 2021, the Fund was overweight in equity relative to fixed income. Within equity, the Fund’s portfolio managers preferred allocations to value stocks and cyclically oriented regions, including the U.S., Europe and Japan. Within fixed income, the Fund was neutral in duration relative to the Composite Benchmark.

Duration measures the price sensitivity of bonds relative to changes in interest rates. Generally, bonds with shorter duration will experience a smaller price decrease relative to longer duration bonds when interest rates rise.

2 J.P. MORGAN FUNDS DECEMBER 31, 2021

TOP TEN HOLDINGS OF THE PORTFOLIO AS OF DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	JPMorgan Core Bond Fund Class R6 Shares		9.3	%
	2.	FNMA/FHLMC UMBS, Single Family, 30 Year, TBA, 2.50%, 2/25/2052		3.9
	3.	U.S. Treasury Notes, 1.00%, 7/31/2028		2.2
	4.	Microsoft Corp.		2.1
	5.	U.S. Treasury Notes, 1.38%, 10/15/2022		2.1
	6.	JPMorgan Large Cap Value Fund Class R6 Shares		2.0
	7.	U.S. Treasury Notes, 0.25%, 8/31/2025		2.0
	8.	Apple, Inc.		1.8
	9.	JPMorgan BetaBuilders Japan ETF		1.7
	10.	Amazon.com, Inc.		1.5

PORTFOLIO COMPOSITION BY ASSET CLASS AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Common Stocks		58.3	%
Investment Companies		11.4
U.S. Treasury Obligations		9.5
Corporate Bonds		6.9
Mortgage-Backed Securities		4.7
Exchange-Traded Funds		1.7
Others (each less than 1.0%)		1.1
Short-Term Investments		6.4

     * 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 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 U.S. Aggregate Index (formerly known as 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.

DECEMBER 31, 2021 J.P. MORGAN FUNDS 3

JPMorgan Diversified Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	March 24, 2003
With Sales Charge**			(0.09	)%		7.91	%		10.26	%		9.42	%
Without Sales Charge			4.61			12.99			11.28			9.92
CLASS C SHARES	March 24, 2003
With CDSC***			3.34			11.42			10.73			9.49
Without CDSC			4.34			12.42			10.73			9.49
CLASS I SHARES	September 10, 2001		4.70			13.28			11.57			10.20
CLASS L SHARES	September 10, 1993		4.74			13.31			11.71			10.40
CLASS R6 SHARES	November 1, 2017		4.78			13.39			11.78			10.43

* 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 (12/31/11 TO 12/31/21)

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, 2011 to December 31, 2021. 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 U.S. Aggregate Index (40%). The Bloomberg 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, 2021

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — 59.5%
Aerospace & Defense — 0.8%
Airbus SE (France) *		19			2,470
Boeing Co. (The) *		1			158
General Dynamics Corp.		4			733
Howmet Aerospace, Inc.		1			17
Huntington Ingalls Industries, Inc.		—	(a)		13
L3Harris Technologies, Inc.		—	(a)		59
Lockheed Martin Corp.		—	(a)		124
Northrop Grumman Corp.		4			1,641
Raytheon Technologies Corp.		13			1,144
Safran SA (France)		9			1,148
Textron, Inc.		—	(a)		17
TransDigm Group, Inc. *		—	(a)		46
					7,570
Air Freight & Logistics — 0.4%
bpost SA (Belgium) *		19			166
CH Robinson Worldwide, Inc.		—	(a)		20
Deutsche Post AG (Registered) (Germany)		24			1,530
Expeditors International of Washington, Inc.		—	(a)		32
FedEx Corp.		6			1,602
Hyundai Glovis Co. Ltd. (South Korea) *		—	(a)		50
United Parcel Service, Inc., Class B		1			233
					3,633
Airlines — 0.2%
Alaska Air Group, Inc. *		4			212
American Airlines Group, Inc. *		1			16
Delta Air Lines, Inc. *		1			35
Ryanair Holdings plc, ADR (Ireland) *		9			872
Southwest Airlines Co. *		17			721
United Airlines Holdings, Inc. *		—	(a)		16
					1,872
Auto Components — 0.1%
Aptiv plc *		—	(a)		63
BorgWarner, Inc.		—	(a)		16
Fuyao Glass Industry Group Co. Ltd., Class H (China) (b)		6			31
Hankook Tire & Technology Co. Ltd. (South Korea) *		1			27
Huayu Automotive Systems Co. Ltd., Class A (China)		6			28
Hyundai Mobis Co. Ltd. (South Korea)		—	(a)		41
Mando Corp. (South Korea) *		—	(a)		25
Minth Group Ltd. (China)		10			44
Schaeffler AG (Preference) (Germany)		27			224
					499

INVESTMENTS	SHARES (000)			VALUE ($000)
Automobiles — 1.3%
BYD Co. Ltd., Class H (China)		1			34
Daimler AG (Registered) (Germany)		6			429
Eicher Motors Ltd. (India)		1			27
Ford Motor Co.		6			116
Ford Otomotiv Sanayi A/S (Turkey)		2			39
General Motors Co. *		2			121
Guangzhou Automobile Group Co. Ltd., Class H (China)		72			71
Honda Motor Co. Ltd. (Japan)		27			754
Hyundai Motor Co. (South Korea)		—	(a)		45
Kia Corp. (South Korea) *		2			107
Maruti Suzuki India Ltd. (India)		1			103
NIO, Inc., ADR (China) *		4			120
Rivian Automotive, Inc., Class A *		4			440
Stellantis NV		26			490
Stellantis NV		38			708
Tesla, Inc. *		6			6,111
Thor Industries, Inc.		3			277
Volkswagen AG (Preference) (Germany)		12			2,365
XPeng, Inc., Class A (China) *		3			73
					12,430
Banks — 4.9%
AIB Group plc (Ireland) *		97			237
Al Rajhi Bank (Saudi Arabia)		5			180
Alinma Bank (Saudi Arabia)		10			65
Axis Bank Ltd. (India) *		6			56
Banco Santander Chile, ADR (Chile)		2			40
Bank Central Asia Tbk. PT (Indonesia)		3,092			1,583
Bank of America Corp.		90			4,020
Bank of Ireland Group plc (Ireland) *		51			291
Bank Rakyat Indonesia Persero Tbk. PT (Indonesia)		380			110
Barclays plc (United Kingdom)		102			259
BNP Paribas SA (France)		11			745
Capitec Bank Holdings Ltd. (South Africa)		1			94
China Construction Bank Corp., Class H (China)		350			243
China Merchants Bank Co. Ltd., Class H (China)		22			167
CIMB Group Holdings Bhd. (Malaysia)		24			32
Citigroup, Inc.		15			908
Citizens Financial Group, Inc.		24			1,142
Comerica, Inc.		—	(a)		21
Commerce Bancshares, Inc.		3			222
Credicorp Ltd. (Peru)		1			61
Credit Agricole SA (France)		22			318
CTBC Financial Holding Co. Ltd. (Taiwan)		58			54

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN FUNDS 5

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Banks — continued
Cullen/Frost Bankers, Inc.		2		255
DBS Group Holdings Ltd. (Singapore)		122		2,952
Erste Group Bank AG (Austria)		12		582
Fifth Third Bancorp		1		51
First Abu Dhabi Bank PJSC (United Arab Emirates)		7		34
First Horizon Corp.		21		351
First Republic Bank		3		703
Grupo Financiero Banorte SAB de CV, Class O (Mexico)		16		102
Hana Financial Group, Inc. (South Korea)		1		52
HDFC Bank Ltd., ADR (India)		46		2,984
Huntington Bancshares, Inc.		2		38
ICICI Bank Ltd. (India)		11		111
Industrial & Commercial Bank of China Ltd., Class H (China)		177		100
Itau Unibanco Holding SA, ADR (Brazil)		21		77
Itausa SA (Preference) (Brazil)		40		63
KB Financial Group, Inc. (South Korea)		2		109
KBC Group NV (Belgium)		31		2,668
KeyCorp		2		37
Kotak Mahindra Bank Ltd. (India)		4		99
Lloyds Banking Group plc (United Kingdom)		980		636
M&T Bank Corp.		9		1,410
Malayan Banking Bhd. (Malaysia)		12		23
National Bank of Kuwait SAKP (Kuwait)		12		39
Nedbank Group Ltd. (South Africa)		4		42
Nordea Bank Abp (Finland)		84		1,026
OTP Bank Nyrt. (Hungary) *		1		65
People’s United Financial, Inc.		1		13
Ping An Bank Co. Ltd., Class A (China)		21		54
PNC Financial Services Group, Inc. (The)		7		1,362
Postal Savings Bank of China Co. Ltd., Class H (China) (b)		55		39
Public Bank Bhd. (Malaysia)		74		74
Qatar National Bank QPSC (Qatar)		12		68
Regions Financial Corp.		2		35
Saudi National Bank (The) (Saudi Arabia)		9		149
Sberbank of Russia PJSC, ADR (Russia)		9		140
Sberbank of Russia PJSC, ADR (Russia)		85		1,344
ServisFirst Bancshares, Inc.		4		317
Shinhan Financial Group Co. Ltd. (South Korea)		3		91
Siam Commercial Bank PCL (The) (Thailand)		18		67
Signature Bank		3		980
Societe Generale SA (France)		40		1,385
Standard Bank Group Ltd. (South Africa)		5		45

INVESTMENTS	SHARES (000)			VALUE ($000)
Banks — continued
SVB Financial Group *		1			912
Toronto-Dominion Bank (The) (Canada)		24			1,858
Truist Financial Corp.		62			3,654
UniCredit SpA (Italy)		166			2,555
US Bancorp		39			2,218
Wells Fargo & Co.		97			4,633
Western Alliance Bancorp		4			388
Zions Bancorp NA		—	(a)		18
					47,856
Beverages — 1.1%
Brown-Forman Corp., Class B		—	(a)		21
Carlsberg A/S, Class B (Denmark)		8			1,426
Chongqing Brewery Co. Ltd., Class A (China) *		1			29
Cia Cervecerias Unidas SA, ADR (Chile)		1			12
Coca-Cola Co. (The)		55			3,269
Constellation Brands, Inc., Class A		7			1,865
Diageo plc (United Kingdom)		50			2,744
Fomento Economico Mexicano SAB de CV, ADR (Mexico)		1			68
Keurig Dr Pepper, Inc.		13			479
Kweichow Moutai Co. Ltd., Class A (China)		—	(a)		97
Molson Coors Beverage Co., Class B		—	(a)		6
Monster Beverage Corp. *		1			51
Nongfu Spring Co. Ltd., Class H (China) (b)		5			32
PepsiCo, Inc.		2			373
Royal Unibrew A/S (Denmark)		2			178
United Spirits Ltd. (India) *		3			35
Wuliangye Yibin Co. Ltd., Class A (China)		1			21
					10,706
Biotechnology — 1.6%
AbbVie, Inc.		48			6,455
Alnylam Pharmaceuticals, Inc. *		3			541
Amgen, Inc.		1			185
Amoy Diagnostics Co. Ltd., Class A (China)		1			15
BeiGene Ltd., ADR (China) *		—	(a)		51
Biocon Ltd. (India) *		6			29
Biogen, Inc. *		3			701
Exact Sciences Corp. *		4			284
Exelixis, Inc. *		15			279
Gilead Sciences, Inc.		2			129
Horizon Therapeutics plc *		7			775
Incyte Corp. *		—	(a)		15
Innovent Biologics, Inc. (China) * (b)		7			43

SEE NOTES TO FINANCIAL STATEMENTS.

6 J.P. MORGAN FUNDS DECEMBER 31, 2021

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Biotechnology — continued
Moderna, Inc. *		1			127
Natera, Inc. *		4			359
Regeneron Pharmaceuticals, Inc. *		6			3,787
Vertex Pharmaceuticals, Inc. *		5			1,092
Zai Lab Ltd., ADR (China) *		—	(a)		30
					14,897
Building Products — 0.6%
Allegion plc		—	(a)		18
AO Smith Corp.		—	(a)		8
Carlisle Cos., Inc.		3			634
Carrier Global Corp.		1			67
China Lesso Group Holdings Ltd. (China)		20			29
Fortune Brands Home & Security, Inc.		15			1,562
Johnson Controls International plc		1			82
Lennox International, Inc.		1			252
Masco Corp.		—	(a)		24
Trane Technologies plc		17			3,437
Zhejiang Weixing New Building Materials Co. Ltd., Class A (China)		11			40
					6,153
Capital Markets — 1.9%
3i Group plc (United Kingdom)		17			342
Ameriprise Financial, Inc.		3			885
Bank of New York Mellon Corp. (The)		1			63
BlackRock, Inc.		1			839
Blackstone, Inc.		8			1,030
Cboe Global Markets, Inc.		—	(a)		20
Charles Schwab Corp. (The)		25			2,067
China International Capital Corp. Ltd., Class H (China) (b)		10			26
CME Group, Inc.		1			117
Deutsche Boerse AG (Germany)		2			360
DWS Group GmbH & Co. KGaA (Germany) (b)		4			159
FactSet Research Systems, Inc.		1			400
Focus Financial Partners, Inc., Class A *		5			326
Franklin Resources, Inc.		—	(a)		13
Goldman Sachs Group, Inc. (The)		—	(a)		185
Hong Kong Exchanges & Clearing Ltd. (Hong Kong)		30			1,725
Huatai Securities Co. Ltd., Class H (China) (b)		16			26
Intercontinental Exchange, Inc.		1			109
Intermediate Capital Group plc (United Kingdom)		12			347
Invesco Ltd.		20			458
KIWOOM Securities Co. Ltd. (South Korea) *		—	(a)		22

INVESTMENTS	SHARES (000)			VALUE ($000)
Capital Markets — continued
Lazard Ltd., Class A		6			252
London Stock Exchange Group plc (United Kingdom)		8			767
LPL Financial Holdings, Inc.		3			499
MarketAxess Holdings, Inc.		—	(a)		21
Moelis & Co., Class A		4			257
Moody’s Corp.		—	(a)		90
Morgan Stanley		16			1,531
Morningstar, Inc.		1			350
MSCI, Inc.		—	(a)		71
Nasdaq, Inc.		—	(a)		35
Northern Trust Corp.		6			711
Petershill Partners plc (United Kingdom) * (b)		50			189
Raymond James Financial, Inc.		—	(a)		26
S&P Global, Inc.		4			1,904
State Street Corp.		17			1,565
StepStone Group, Inc., Class A		7			305
T. Rowe Price Group, Inc.		3			576
XP, Inc., Class A (Brazil) *		—	(a)		14
					18,682
Chemicals — 0.9%
Air Products and Chemicals, Inc.		—	(a)		95
Albemarle Corp.		—	(a)		38
Axalta Coating Systems Ltd. *		19			623
Celanese Corp.		2			295
CF Industries Holdings, Inc.		—	(a)		16
Corteva, Inc.		1			49
Dow, Inc.		1			59
DuPont de Nemours, Inc.		1			59
Eastman Chemical Co.		17			2,052
Ecolab, Inc.		—	(a)		90
FMC Corp.		—	(a)		20
International Flavors & Fragrances, Inc.		—	(a)		54
LG Chem Ltd. (South Korea) *		—	(a)		115
Linde plc (United Kingdom)		7			2,300
Linde plc (United Kingdom)		1			267
LyondellBasell Industries NV, Class A		—	(a)		34
Mosaic Co. (The)		1			20
Nan Ya Plastics Corp. (Taiwan)		14			43
Petronas Chemicals Group Bhd. (Malaysia)		24			52
PPG Industries, Inc.		7			1,290
PTT Global Chemical PCL (Thailand)		31			55
SABIC Agri-Nutrients Co. (Saudi Arabia)		1			34
Saudi Basic Industries Corp. (Saudi Arabia)		2			76

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN FUNDS 7

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Chemicals — continued
Sherwin-Williams Co. (The)		—	(a)		120
Sika AG (Registered) (Switzerland)		1			540
SKC Co. Ltd. (South Korea) *		—	(a)		45
Skshu Paint Co. Ltd., Class A (China)		2			46
Wanhua Chemical Group Co. Ltd., Class A (China)		3			54
					8,541
Commercial Services & Supplies — 0.3%
Cintas Corp.		—	(a)		56
Copart, Inc. *		5			828
Driven Brands Holdings, Inc. *		7			246
IAA, Inc. *		6			313
MSA Safety, Inc.		2			310
Republic Services, Inc.		—	(a)		41
Ritchie Bros Auctioneers, Inc. (Canada)		4			215
Rollins, Inc.		—	(a)		12
Stericycle, Inc. *		5			288
Waste Connections, Inc.		4			540
Waste Management, Inc.		1			93
					2,942
Communications Equipment — 0.3%
Arista Networks, Inc. *		3			498
Cisco Systems, Inc.		15			928
CommScope Holding Co., Inc. *		19			213
F5, Inc. *		—	(a)		21
Juniper Networks, Inc.		—	(a)		12
Motorola Solutions, Inc.		—	(a)		65
Nokia OYJ (Finland) *		101			638
Spirent Communications plc (United Kingdom)		48			179
Zhongji Innolight Co. Ltd., Class A (China)		3			21
					2,575
Construction & Engineering — 0.5%
China Conch Venture Holdings Ltd. (China)		10			46
Larsen & Toubro Ltd. (India)		3			85
Quanta Services, Inc.		8			909
Vinci SA (France)		29			3,115
WillScot Mobile Mini Holdings Corp. *		15			593
					4,748
Construction Materials — 0.2%
ACC Ltd. (India)		1			29
Ambuja Cements Ltd. (India)		8			38
Anhui Conch Cement Co. Ltd., Class H (China)		6			28
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A (China)		4			34

INVESTMENTS	SHARES (000)			VALUE ($000)
Construction Materials — continued
Martin Marietta Materials, Inc.		2			881
Siam Cement PCL (The) (Registered) (Thailand)		4			51
UltraTech Cement Ltd. (India)		1			80
Vulcan Materials Co.		2			313
Wienerberger AG (Austria)		7			261
					1,715
Consumer Finance — 0.3%
American Express Co.		5			873
Capital One Financial Corp.		11			1,598
Discover Financial Services		3			372
Shriram Transport Finance Co. Ltd. (India)		3			45
Synchrony Financial		1			36
					2,924
Containers & Packaging — 0.3%
Amcor plc		2			26
AptarGroup, Inc.		3			392
Avery Dennison Corp.		—	(a)		26
Ball Corp.		—	(a)		44
Crown Holdings, Inc.		3			305
International Paper Co.		1			26
Packaging Corp. of America		7			888
Pactiv Evergreen, Inc.		8			100
Sealed Air Corp.		—	(a)		15
Smurfit Kappa Group plc (Ireland)		5			292
Westrock Co.		10			442
Yunnan Energy New Material Co. Ltd. (China)		1			20
					2,576
Distributors — 0.1%
D’ieteren Group (Belgium)		1			243
Genuine Parts Co.		—	(a)		28
LKQ Corp.		9			529
Pool Corp.		1			544
					1,344
Diversified Consumer Services — 0.1%
Bright Horizons Family Solutions, Inc. *		6			808
Diversified Financial Services — 0.3%
Berkshire Hathaway, Inc., Class B *		10			2,986
Chailease Holding Co. Ltd. (Taiwan)		10			98
FirstRand Ltd. (South Africa)		26			100
Yuanta Financial Holding Co. Ltd. (Taiwan)		86			79
					3,263

SEE NOTES TO FINANCIAL STATEMENTS.

8 J.P. MORGAN FUNDS DECEMBER 31, 2021

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Diversified Telecommunication Services — 0.3%
AT&T, Inc.		10			249
Deutsche Telekom AG (Registered) (Germany)		28			519
Emirates Telecommunications Group Co. PJSC (United Arab Emirates)		5			40
Hellenic Telecommunications Organization SA (Greece)		2			45
Lumen Technologies, Inc.		—	(a)		4
Saudi Telecom Co. (Saudi Arabia)		2			52
Telkom Indonesia Persero Tbk. PT (Indonesia)		391			112
Verizon Communications, Inc.		34			1,765
					2,786
Electric Utilities — 1.2%
Alliant Energy Corp.		—	(a)		22
American Electric Power Co., Inc.		7			640
Duke Energy Corp.		1			118
Edison International		7			508
Entergy Corp.		5			508
Evergy, Inc.		—	(a)		8
Eversource Energy		—	(a)		44
Exelon Corp.		1			80
FirstEnergy Corp.		1			32
Iberdrola SA (Spain)		172			2,041
NextEra Energy, Inc.		46			4,339
NRG Energy, Inc.		—	(a)		15
Orsted A/S (Denmark) (b)		6			774
PG&E Corp. *		22			270
Pinnacle West Capital Corp.		—	(a)		8
Power Grid Corp. of India Ltd. (India)		27			73
PPL Corp.		—	(a)		11
Southern Co. (The)		2			120
Tenaga Nasional Bhd. (Malaysia)		14			30
Xcel Energy, Inc.		25			1,707
					11,348
Electrical Equipment — 0.9%
AMETEK, Inc.		5			744
Contemporary Amperex Technology Co. Ltd., Class A (China)		1			74
Eaton Corp. plc		20			3,532
Emerson Electric Co.		1			79
Generac Holdings, Inc. *		3			1,152
Rockwell Automation, Inc.		—	(a)		57
Schneider Electric SE		13			2,507
Shanghai Liangxin Electrical Co. Ltd., Class A (China)		6			18
WEG SA (Brazil)		8			47
					8,210

INVESTMENTS	SHARES (000)			VALUE ($000)
Electronic Equipment, Instruments & Components — 0.5%
Amphenol Corp., Class A		1			74
AU Optronics Corp. (Taiwan)		85			70
BOE Technology Group Co. Ltd., Class A (China)		65			51
CDW Corp.		—	(a)		39
Cognex Corp.		4			325
Corning, Inc.		1			41
Delta Electronics, Inc. (Taiwan)		12			119
Hon Hai Precision Industry Co. Ltd. (Taiwan)		23			86
IPG Photonics Corp. *		—	(a)		9
Keyence Corp. (Japan)		3			1,572
Keysight Technologies, Inc. *		4			840
Maxscend Microelectronics Co. Ltd., Class A (China)		—	(a)		21
Samsung Electro-Mechanics Co. Ltd. (South Korea) *		—	(a)		54
Samsung SDI Co. Ltd. (South Korea)		—	(a)		45
Sunny Optical Technology Group Co. Ltd. (China)		3			108
Taiwan Union Technology Corp. (Taiwan)		9			33
TD SYNNEX Corp.		6			655
TE Connectivity Ltd.		—	(a)		75
Teledyne Technologies, Inc. *		—	(a)		30
Trimble, Inc. *		—	(a)		31
Yageo Corp. (Taiwan)		4			69
Zebra Technologies Corp., Class A *		1			749
					5,096
Energy Equipment & Services — 0.0% (c)
Baker Hughes Co.		1			30
China Oilfield Services Ltd., Class H (China)		22			19
Halliburton Co.		1			29
Schlumberger NV		2			60
					138
Entertainment — 0.4%
Activision Blizzard, Inc.		1			74
Bilibili, Inc., Class Z (China) *		11			506
Electronic Arts, Inc.		—	(a)		53
Live Nation Entertainment, Inc. *		—	(a)		17
NCSoft Corp. (South Korea) *		—	(a)		77
NetEase, Inc. (China)		9			172
Netflix, Inc. *		1			380
ROBLOX Corp., Class A *		3			339
Roku, Inc. *		2			527
Sea Ltd., ADR (Taiwan) *		5			1,078
Take-Two Interactive Software, Inc. *		—	(a)		29
Walt Disney Co. (The) *		5			704
					3,956

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN FUNDS 9

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Equity Real Estate Investment Trusts (REITs) — 1.5%
Alexandria Real Estate Equities, Inc.		—	(a)		44
American Campus Communities, Inc.		6			327
American Homes 4 Rent, Class A		12			541
American Tower Corp.		1			189
Apple Hospitality REIT, Inc.		18			291
AvalonBay Communities, Inc.		—	(a)		50
Boston Properties, Inc.		—	(a)		23
Brixmor Property Group, Inc.		28			721
Crown Castle International Corp.		1			138
CubeSmart		6			337
Digital Realty Trust, Inc.		—	(a)		71
Duke Realty Corp.		1			36
EastGroup Properties, Inc.		2			388
Equinix, Inc.		—	(a)		108
Equity Residential		—	(a)		44
Essex Property Trust, Inc.		—	(a)		32
Extra Space Storage, Inc.		—	(a)		43
Federal Realty Investment Trust		3			460
Healthpeak Properties, Inc.		1			29
Host Hotels & Resorts, Inc. *		1			19
Iron Mountain, Inc.		—	(a)		21
JBG SMITH Properties		9			261
Kimco Realty Corp.		34			826
Lamar Advertising Co., Class A		1			164
Mid-America Apartment Communities, Inc.		5			1,034
National Retail Properties, Inc.		7			333
Outfront Media, Inc.		9			254
Prologis, Inc.		20			3,441
Public Storage		2			719
Rayonier, Inc.		19			757
Realty Income Corp.		1			57
Regency Centers Corp.		—	(a)		8
SBA Communications Corp.		—	(a)		61
Segro plc (United Kingdom)		22			429
Simon Property Group, Inc.		—	(a)		74
Sun Communities, Inc.		4			769
UDR, Inc.		—	(a)		25
Ventas, Inc.		1			29
Vornado Realty Trust		—	(a)		9
Welltower, Inc.		4			308
Weyerhaeuser Co.		29			1,174
					14,644

INVESTMENTS	SHARES (000)			VALUE ($000)
Food & Staples Retailing — 0.6%
Atacadao SA (Brazil)		8			22
BGF retail Co. Ltd. (South Korea) *		—	(a)		15
Bid Corp. Ltd. (South Africa)		4			74
BinDawood Holding Co. (Saudi Arabia)		1			21
BJ’s Wholesale Club Holdings, Inc. *		7			473
Casey’s General Stores, Inc.		1			281
Cencosud SA (Chile)		9			15
Clicks Group Ltd. (South Africa)		2			48
Costco Wholesale Corp.		1			356
Dino Polska SA (Poland) * (b)		1			46
Koninklijke Ahold Delhaize NV (Netherlands)		28			976
Kroger Co. (The)		1			43
Laobaixing Pharmacy Chain JSC, Class A (China)		4			33
Moran Foods Backstop Equity * ‡		3			13
Performance Food Group Co. *		8			382
Raia Drogasil SA (Brazil)		11			46
SPAR Group Ltd. (The) (South Africa)		4			40
Sysco Corp.		8			627
Walgreens Boots Alliance, Inc.		1			53
Wal-Mart de Mexico SAB de CV (Mexico)		386			1,437
Walmart, Inc.		2			292
X5 Retail Group NV, GDR (Russia) (b)		1			38
					5,331
Food Products — 0.8%
Almarai Co. JSC (Saudi Arabia)		2			30
Archer-Daniels-Midland Co.		1			54
Britannia Industries Ltd. (India)		1			72
Campbell Soup Co.		—	(a)		13
Chacha Food Co. Ltd., Class A (China)		4			38
Conagra Brands, Inc.		1			23
Foshan Haitian Flavouring & Food Co. Ltd., Class A (China)		3			43
Fu Jian Anjoy Foods Co. Ltd., Class A (China)		1			24
General Mills, Inc.		1			58
Hershey Co. (The)		—	(a)		40
Hormel Foods Corp.		—	(a)		18
Inner Mongolia Yili Industrial Group Co. Ltd., Class A (China)		11			69
Jiangsu Hengshun Vinegar Industry Co. Ltd., Class A (China)		6			15
JM Smucker Co. (The)		—	(a)		—	(a)
Kellogg Co.		—	(a)		23
Kraft Heinz Co. (The)		19			664
Lamb Weston Holdings, Inc.		5			326

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN FUNDS DECEMBER 31, 2021

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Food Products — continued
McCormick & Co., Inc. (Non-Voting)		—	(a)		34
Mondelez International, Inc., Class A		2			142
Nestle SA (Registered) (Switzerland)		35			4,835
Post Holdings, Inc. *		7			791
Tongwei Co. Ltd., Class A (China)		3			24
Tyson Foods, Inc., Class A		—	(a)		36
Uni-President Enterprises Corp. (Taiwan)		29			72
					7,444
Gas Utilities — 0.1%
Atmos Energy Corp.		4			368
ENN Energy Holdings Ltd. (China)		4			81
Kunlun Energy Co. Ltd. (China)		40			38
					487
Health Care Equipment & Supplies — 1.4%
Abbott Laboratories		3			353
ABIOMED, Inc. *		—	(a)		15
Align Technology, Inc. *		—	(a)		68
Baxter International, Inc.		1			61
Becton Dickinson and Co.		—	(a)		107
Boston Scientific Corp. *		76			3,214
Coloplast A/S, Class B (Denmark)		4			777
Cooper Cos., Inc. (The)		1			616
Dentsply Sirona, Inc.		—	(a)		17
Dexcom, Inc. *		2			813
Eckert & Ziegler Strahlen- und Medizintechnik AG (Germany)		3			267
Edwards Lifesciences Corp. *		1			115
Hologic, Inc. *		—	(a)		27
Hoya Corp. (Japan)		5			712
ICU Medical, Inc. *		1			285
IDEXX Laboratories, Inc. *		—	(a)		79
Insulet Corp. *		1			258
Intuitive Surgical, Inc. *		5			1,764
Medtronic plc		6			655
Ortho Clinical Diagnostics Holdings plc *		12			251
Qingdao Haier Biomedical Co. Ltd., Class A (China)		2			35
ResMed, Inc.		—	(a)		53
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (China)		1			48
STERIS plc		2			444
Stryker Corp.		—	(a)		128
Teleflex, Inc.		—	(a)		22
Top Glove Corp. Bhd. (Malaysia)		9			5

INVESTMENTS	SHARES (000)			VALUE ($000)
Health Care Equipment & Supplies — continued
Zimmer Biomet Holdings, Inc.		17			2,160
					13,349
Health Care Providers & Services — 1.3%
AmerisourceBergen Corp.		6			856
Anthem, Inc.		—	(a)		160
Apollo Hospitals Enterprise Ltd. (India)		1			69
Cardinal Health, Inc.		—	(a)		21
Centene Corp. *		12			1,001
Chemed Corp.		1			353
Cigna Corp.		2			535
CVS Health Corp.		11			1,176
DaVita, Inc. *		—	(a)		12
Encompass Health Corp.		5			345
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A (China)		2			31
HCA Healthcare, Inc.		1			380
HealthEquity, Inc. *		4			177
Henry Schein, Inc. *		—	(a)		16
Humana, Inc.		—	(a)		85
Laboratory Corp. of America Holdings *		—	(a)		42
McKesson Corp.		3			708
Molina Healthcare, Inc. *		2			539
NMC Health plc (United Arab Emirates) * ‡		1			—
Quest Diagnostics, Inc.		—	(a)		30
UnitedHealth Group, Inc.		11			5,731
Universal Health Services, Inc., Class B		—	(a)		14
					12,281
Health Care Technology — 0.0% (c)
Cerner Corp.		—	(a)		39
Certara, Inc. *		7			193
Definitive Healthcare Corp. *		4			112
					344
Hotels, Restaurants & Leisure — 1.3%
Airbnb, Inc., Class A *		1			204
Booking Holdings, Inc. *		1			2,692
Caesars Entertainment, Inc. *		—	(a)		28
Carnival Corp. *		1			23
Chipotle Mexican Grill, Inc. *		—	(a)		68
Cracker Barrel Old Country Store, Inc.		1			156
Darden Restaurants, Inc.		—	(a)		24
Domino’s Pizza, Inc.		—	(a)		28
DraftKings, Inc., Class A *		10			267
Expedia Group, Inc. *		—	(a)		37

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN FUNDS 11

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Hotels, Restaurants & Leisure — continued
Haidilao International Holding Ltd. (China) (b)		6			14
Hilton Worldwide Holdings, Inc. *		—	(a)		62
Huazhu Group Ltd. (China) *		10			37
Las Vegas Sands Corp. *		9			349
Marriott International, Inc., Class A *		8			1,314
McDonald’s Corp.		16			4,212
MGM Resorts International		1			25
Minor International PCL (Thailand) *		33			28
Norwegian Cruise Line Holdings Ltd. *		—	(a)		9
OPAP SA (Greece)		3			41
Penn National Gaming, Inc. *		—	(a)		12
Planet Fitness, Inc., Class A *		3			302
Royal Caribbean Cruises Ltd. *		8			593
Starbucks Corp.		2			196
Trip.com Group Ltd., ADR (China) *		2			41
Vail Resorts, Inc.		1			316
Wendy’s Co. (The)		13			309
Wynn Resorts Ltd. *		—	(a)		1
Yum China Holdings, Inc. (China)		2			84
Yum! Brands, Inc.		5			643
					12,115
Household Durables — 0.7%
DR Horton, Inc.		—	(a)		50
Garmin Ltd.		4			517
Haier Smart Home Co. Ltd., Class H (China)		22			95
JS Global Lifestyle Co. Ltd. (b)		8			13
Lennar Corp., Class A		—	(a)		45
Mohawk Industries, Inc. *		4			721
Newell Brands, Inc.		26			573
Nien Made Enterprise Co. Ltd. (Taiwan)		3			45
NVR, Inc. *		—	(a)		30
Oppein Home Group, Inc., Class A (China)		3			65
Persimmon plc (United Kingdom)		37			1,441
PulteGroup, Inc.		—	(a)		21
Sony Group Corp. (Japan)		16			1,982
Taylor Wimpey plc (United Kingdom)		367			876
Whirlpool Corp.		—	(a)		21
					6,495
Household Products — 0.5%
Church & Dwight Co., Inc.		—	(a)		33
Clorox Co. (The)		—	(a)		30
Colgate-Palmolive Co.		1			105
Energizer Holdings, Inc.		11			460

INVESTMENTS	SHARES (000)			VALUE ($000)
Household Products — continued
Hindustan Unilever Ltd. (India)		4			121
Kimberly-Clark Corp.		—	(a)		68
Kimberly-Clark de Mexico SAB de CV, Class A (Mexico)		22			34
Procter & Gamble Co. (The)		21			3,471
Reynolds Consumer Products, Inc.		9			271
					4,593
Independent Power and Renewable Electricity Producers — 0.0% (c)
AES Corp. (The)		1			23
China Yangtze Power Co. Ltd., Class A (China)		16			56
Corp. ACCIONA Energias Renovables SA (Spain) *		8			283
NTPC Ltd. (India)		30			50
					412
Industrial Conglomerates — 0.2%
3M Co.		1			157
Ayala Corp. (Philippines)		2			25
Bidvest Group Ltd. (The) (South Africa)		2			20
General Electric Co.		2			147
Honeywell International, Inc.		4			928
Roper Technologies, Inc.		—	(a)		74
Siemens AG (Registered) (Germany)		4			676
SK, Inc. (South Korea)		—	(a)		30
					2,057
Insurance — 2.2%
Aflac, Inc.		1			51
AIA Group Ltd. (Hong Kong)		161			1,621
AIA Group Ltd. (Hong Kong)		42			424
Alleghany Corp. *		1			469
Allianz SE (Registered) (Germany)		19			4,529
Allstate Corp. (The)		—	(a)		53
American International Group, Inc.		7			418
Aon plc, Class A		—	(a)		94
Arthur J Gallagher & Co.		—	(a)		50
Assurant, Inc.		—	(a)		15
Brown & Brown, Inc.		—	(a)		23
China Life Insurance Co. Ltd., Class H (China)		41			68
China Pacific Insurance Group Co. Ltd., Class H (China)		19			52
Chubb Ltd.		4			852
Cincinnati Financial Corp.		—	(a)		24
CNA Financial Corp.		6			261
Discovery Ltd. (South Africa) *		5			47
Everest Re Group Ltd.		—	(a)		16
Fairfax Financial Holdings Ltd. (Canada)		1			577

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN FUNDS DECEMBER 31, 2021

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Insurance — continued
Fubon Financial Holding Co. Ltd. (Taiwan)		37			103
Globe Life, Inc.		—	(a)		15
Hartford Financial Services Group, Inc. (The)		12			827
HDFC Life Insurance Co. Ltd. (India) (b)		9			80
Kinsale Capital Group, Inc.		2			473
Lincoln National Corp.		—	(a)		—	(a)
Loews Corp.		26			1,499
Marsh & McLennan Cos., Inc.		3			603
MetLife, Inc.		1			63
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) (Germany)		2			526
NN Group NV (Netherlands)		9			508
PICC Property & Casualty Co. Ltd., Class H (China)		84			69
Ping An Insurance Group Co. of China Ltd., Class H (China)		25			180
Porto Seguro SA (Brazil)		5			21
Powszechny Zaklad Ubezpieczen SA (Poland)		7			59
Principal Financial Group, Inc.		—	(a)		7
Progressive Corp. (The)		32			3,299
Prudential Financial, Inc.		1			58
RLI Corp.		3			378
Samsung Fire & Marine Insurance Co. Ltd. (South Korea) *		—	(a)		49
Sanlam Ltd. (South Africa)		17			64
Travelers Cos., Inc. (The)		10			1,487
Willis Towers Watson plc		—	(a)		42
WR Berkley Corp.		—	(a)		18
Zurich Insurance Group AG (Switzerland)		3			1,358
					21,430
Interactive Media & Services — 2.5%
Alphabet, Inc., Class A *		2			5,365
Alphabet, Inc., Class C *		3			9,890
Auto Trader Group plc (United Kingdom) (b)		36			358
Baidu, Inc., ADR (China) *		—	(a)		43
Bumble, Inc., Class A *		9			301
InterActiveCorp. *		3			364
Kakao Corp. (South Korea)		1			104
Match Group, Inc. *		4			472
Meta Platforms, Inc., Class A *		10			3,229
NAVER Corp. (South Korea) *		1			164
Snap, Inc., Class A *		16			760
Tencent Holdings Ltd. (China)		52			3,005
Twitter, Inc. *		1			49
					24,104

INVESTMENTS	SHARES (000)			VALUE ($000)
Internet & Direct Marketing Retail — 2.0%
Alibaba Group Holding Ltd. (China) *		126			1,856
Allegro.eu SA (Poland) * (b)		1			11
Amazon.com, Inc. *		5			15,064
Delivery Hero SE (South Korea) * (b)		8			931
eBay, Inc.		1			59
Etsy, Inc. *		—	(a)		39
JD.com, Inc., Class A (China) *		7			225
Meituan (China) * (b)		13			370
MercadoLibre, Inc. (Argentina) *		—	(a)		27
MYT Holding Co. * ‡		37			153
Naspers Ltd., Class N (South Africa)		1			111
Pinduoduo, Inc., ADR (China) *		2			101
					18,947
IT Services — 1.9%
Accenture plc, Class A		1			372
Adyen NV (Netherlands) * (b)		—	(a)		1,124
Affirm Holdings, Inc. *		2			163
Akamai Technologies, Inc. *		—	(a)		27
Automatic Data Processing, Inc.		1			147
Broadridge Financial Solutions, Inc.		2			390
Capgemini SE (France)		11			2,721
Cognizant Technology Solutions Corp., Class A		1			66
Computacenter plc (United Kingdom)		5			208
DXC Technology Co. *		—	(a)		12
EPAM Systems, Inc. *		—	(a)		53
Fidelity National Information Services, Inc.		1			94
Fiserv, Inc. *		1			88
FleetCor Technologies, Inc. *		3			768
Gartner, Inc. *		—	(a)		39
Global Payments, Inc.		4			588
Infosys Ltd., ADR (India)		12			312
International Business Machines Corp.		5			700
Jack Henry & Associates, Inc.		1			241
Kyndryl Holdings, Inc. *		14			255
Locaweb Servicos de Internet SA (Brazil) * (b)		5			13
Mastercard, Inc., Class A		19			6,755
MongoDB, Inc. *		1			600
Paychex, Inc.		—	(a)		62
PayPal Holdings, Inc. *		6			1,108
Shopify, Inc., Class A (Canada) *		—	(a)		526
Tata Consultancy Services Ltd. (India)		4			182
VeriSign, Inc. *		—	(a)		34
Visa, Inc., Class A		2			516
WEX, Inc. *		3			400

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN FUNDS 13

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
IT Services — continued
Wipro Ltd. (India)		3			29
					18,593
Leisure Products — 0.1%
Brunswick Corp.		4			433
Giant Manufacturing Co. Ltd. (Taiwan)		3			37
Hasbro, Inc.		—	(a)		20
Hayward Holdings, Inc. *		7			191
					681
Life Sciences Tools & Services — 0.6%
Agilent Technologies, Inc.		—	(a)		68
Bio-Rad Laboratories, Inc., Class A *		—	(a)		10
Bio-Techne Corp.		—	(a)		23
Charles River Laboratories International, Inc. *		—	(a)		20
Danaher Corp.		1			296
Hangzhou Tigermed Consulting Co. Ltd., Class H (China) (b)		2			23
Illumina, Inc. *		—	(a)		84
IQVIA Holdings, Inc. *		—	(a)		76
Lonza Group AG (Registered) (Switzerland)		2			1,385
Mettler-Toledo International, Inc. *		—	(a)		657
PerkinElmer, Inc.		—	(a)		33
Pharmaron Beijing Co. Ltd., Class H (China) (b)		2			34
Samsung Biologics Co. Ltd. (South Korea) * (b)		—	(a)		33
Syneos Health, Inc. *		4			433
Thermo Fisher Scientific, Inc.		3			2,187
Waters Corp. *		—	(a)		32
West Pharmaceutical Services, Inc.		1			446
WuXi AppTec Co. Ltd., Class H (China) (b)		3			58
Wuxi Biologics Cayman, Inc. (China) * (b)		15			172
					6,070
Machinery — 2.0%
Airtac International Group (China)		1			37
Atlas Copco AB, Class A (Sweden)		21			1,463
Caterpillar, Inc.		1			159
CNH Industrial NV (United Kingdom)		20			395
Cummins, Inc.		—	(a)		44
Daimler Truck Holding AG (Germany) *		3			103
Deere & Co.		7			2,396
Douglas Dynamics, Inc.		3			118
Dover Corp.		6			1,166
Fluidra SA (Spain)		6			236
Fortive Corp.		1			39

INVESTMENTS	SHARES (000)			VALUE ($000)
Machinery — continued
Han’s Laser Technology Industry Group Co. Ltd., Class A (China)		4			35
Hefei Meiya Optoelectronic Technology, Inc., Class A (China)		4			21
Hillman Solutions Corp. *		18			192
Hiwin Technologies Corp. (Taiwan)		4			39
IDEX Corp.		1			340
Illinois Tool Works, Inc.		—	(a)		100
Ingersoll Rand, Inc.		36			2,257
Interroll Holding AG (Registered) (Switzerland)		—	(a)		238
ITT, Inc.		6			598
Jiangsu Hengli Hydraulic Co. Ltd., Class A (China)		2			22
Jungheinrich AG (Preference) (Germany)		7			369
Kone OYJ, Class B (Finland)		15			1,076
Lincoln Electric Holdings, Inc.		3			470
Nordson Corp.		1			367
Otis Worldwide Corp.		1			52
PACCAR, Inc.		—	(a)		43
Parker-Hannifin Corp.		—	(a)		58
Pentair plc		—	(a)		7
RBC Bearings, Inc. *		2			317
Schindler Holding AG (Switzerland)		1			332
Snap-on, Inc.		1			254
Stanley Black & Decker, Inc.		10			1,913
Techtronic Industries Co. Ltd. (Hong Kong)		3			50
Timken Co. (The)		5			325
Toro Co. (The)		5			527
Volvo AB, Class B (Sweden)		94			2,174
Westinghouse Air Brake Technologies Corp.		—	(a)		24
Woodward, Inc.		3			317
Xylem, Inc.		—	(a)		30
Zhejiang Dingli Machinery Co. Ltd., Class A (China)		2			29
					18,732
Marine — 0.0% (c)
Evergreen Marine Corp. Taiwan Ltd. (Taiwan)		5			26
Media — 0.6%
Charter Communications, Inc., Class A *		2			1,552
Comcast Corp., Class A		33			1,667
Discovery, Inc., Class A *		—	(a)		6
Discovery, Inc., Class C *		—	(a)		10
DISH Network Corp., Class A *		14			440
Fox Corp., Class A		—	(a)		17
Fox Corp., Class B		—	(a)		7
Future plc (United Kingdom)		4			226

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN FUNDS DECEMBER 31, 2021

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Media — continued
Interpublic Group of Cos., Inc. (The)		1			21
Liberty Broadband Corp., Class C *		5			743
Liberty Media Corp.-Liberty SiriusXM, Class C *		13			650
News Corp., Class A		1			12
News Corp., Class B		—	(a)		—	(a)
Nexstar Media Group, Inc., Class A		3			460
Omnicom Group, Inc.		—	(a)		22
ViacomCBS, Inc.		1			26
					5,859
Metals & Mining — 0.7%
Alrosa PJSC (Russia)		24			38
Anglo American plc (South Africa)		42			1,718
ArcelorMittal SA (Luxembourg)		12			382
Baoshan Iron & Steel Co. Ltd., Class A (China)		27			30
BHP Group Ltd. (Australia)		54			1,616
China Molybdenum Co. Ltd., Class H (China)		84			44
Freeport-McMoRan, Inc.		17			697
Gerdau SA (Preference) (Brazil)		11			53
Grupo Mexico SAB de CV, Series B (Mexico)		22			96
Hindalco Industries Ltd. (India)		10			62
Impala Platinum Holdings Ltd. (South Africa)		2			33
Magnitogorsk Iron & Steel Works PJSC, GDR (Russia) (b)		3			33
MMC Norilsk Nickel PJSC, ADR (Russia)		3			78
Newmont Corp.		1			70
Nucor Corp.		—	(a)		46
POSCO (South Korea)		—	(a)		93
Rio Tinto plc (Australia)		15			970
Severstal PAO, GDR (Russia) (b)		2			52
Tata Steel Ltd. (India)		2			36
Vale SA, ADR (Brazil)		14			192
Zijin Mining Group Co. Ltd., Class H (China)		22			26
					6,365
Multiline Retail — 0.2%
Dollar General Corp.		3			602
Dollar Tree, Inc. *		—	(a)		45
Kohl’s Corp.		10			501
Lojas Renner SA (Brazil)		7			29
Magazine Luiza SA (Brazil) *		24			31
Marks & Spencer Group plc (United Kingdom) *		119			374
Next plc (United Kingdom)		5			543
Target Corp.		1			160
					2,285

INVESTMENTS	SHARES (000)			VALUE ($000)
Multi-Utilities — 0.3%
Ameren Corp.		—	(a)		32
CenterPoint Energy, Inc.		17			474
Centrica plc (United Kingdom) *		365			354
CMS Energy Corp.		—	(a)		27
Consolidated Edison, Inc.		—	(a)		31
Dominion Energy, Inc.		1			90
DTE Energy Co.		—	(a)		33
NiSource, Inc.		1			15
Public Service Enterprise Group, Inc.		1			48
RWE AG (Germany)		24			992
Sempra Energy		—	(a)		60
Veolia Environnement SA (France)		14			498
WEC Energy Group, Inc.		—	(a)		43
					2,697
Oil, Gas & Consumable Fuels — 1.6%
APA Corp.		1			15
Bharat Petroleum Corp. Ltd. (India)		6			33
BP plc (United Kingdom)		356			1,594
Chesapeake Energy Corp.		—	(a)		11
Chevron Corp.		20			2,317
China Shenhua Energy Co. Ltd., Class H (China)		19			43
ConocoPhillips		34			2,473
Coterra Energy, Inc.		30			569
Devon Energy Corp.		1			39
Diamondback Energy, Inc.		3			283
Ecopetrol SA, ADR (Colombia)		3			37
EOG Resources, Inc.		9			761
Equinor ASA (Norway)		11			301
Exxon Mobil Corp.		6			368
Gazprom PJSC, ADR (Russia)		21			198
Hess Corp.		—	(a)		29
Kinder Morgan, Inc.		40			634
LUKOIL PJSC, ADR (Russia)		2			161
Marathon Oil Corp.		1			12
Marathon Petroleum Corp.		9			591
Novatek PJSC (Russia)		1			32
Occidental Petroleum Corp.		1			37
Oil & Natural Gas Corp. Ltd. (India)		21			41
ONEOK, Inc.		1			37
Petroleo Brasileiro SA (Preference) (Brazil)		35			180
Petronet LNG Ltd. (India)		14			41
Phillips 66		8			566
Pioneer Natural Resources Co.		—	(a)		59
PTT Exploration & Production PCL (Thailand)		21			73

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN FUNDS 15

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Oil, Gas & Consumable Fuels — continued
PTT PCL (Thailand)		34			38
Reliance Industries Ltd. (India)		10			308
Rosneft Oil Co. PJSC, GDR (Russia) (b)		7			60
Royal Dutch Shell plc, Class A (Netherlands)		42			925
SK Innovation Co. Ltd. (South Korea) *		—	(a)		73
S-Oil Corp. (South Korea)		1			57
TC Energy Corp. (Canada)		8			355
Thai Oil PCL (Thailand)		20			29
TotalEnergies SE (France)		19			950
Valero Energy Corp.		1			43
VERBIO Vereinigte BioEnergie AG (Germany)		2			165
Williams Cos., Inc. (The)		23			601
					15,139
Paper & Forest Products — 0.0% (c)
Suzano SA (Brazil) *		7			77
Personal Products — 0.3%
Estee Lauder Cos., Inc. (The), Class A		2			849
LG Household & Health Care Ltd. (South Korea) *		—	(a)		56
L’Oreal SA (France)		4			1,750
					2,655
Pharmaceuticals — 2.3%
Bristol-Myers Squibb Co.		74			4,633
Catalent, Inc. *		8			1,074
Eli Lilly & Co.		5			1,491
HUTCHMED China Ltd., ADR (China) *		—	(a)		14
Jazz Pharmaceuticals plc *		3			441
Jiangsu Hengrui Medicine Co. Ltd., Class A (China)		6			49
Johnson & Johnson		10			1,771
Kyowa Kirin Co. Ltd. (Japan)		23			635
Laboratorios Farmaceuticos Rovi SA (Spain)		5			458
Merck & Co., Inc.		9			726
Novartis AG (Registered) (Switzerland)		8			741
Novo Nordisk A/S, Class B (Denmark)		59			6,603
Organon & Co.		10			314
Pfizer, Inc.		8			470
Richter Gedeon Nyrt. (Hungary)		1			19
Roche Holding AG (Switzerland)		4			1,550
Royalty Pharma plc, Class A		7			294
Viatris, Inc.		28			385
Zoetis, Inc.		1			164
					21,832

INVESTMENTS	SHARES (000)			VALUE ($000)
Professional Services — 0.7%
Equifax, Inc.		3			804
IHS Markit Ltd.		5			665
Jacobs Engineering Group, Inc.		—	(a)		26
Leidos Holdings, Inc.		12			1,037
Nielsen Holdings plc		1			11
RELX plc (United Kingdom)		54			1,768
RELX plc (United Kingdom)		16			538
Robert Half International, Inc.		—	(a)		13
SGS SA (Registered) (Switzerland)		—	(a)		1,300
Teleperformance (France)		1			384
TransUnion		3			378
Verisk Analytics, Inc.		—	(a)		52
					6,976
Real Estate Management & Development — 0.1%
Ayala Land, Inc. (Philippines)		36			26
CBRE Group, Inc., Class A *		5			587
China Resources Land Ltd. (China)		20			84
China Resources Mixc Lifestyle Services Ltd. (China) (b)		4			20
China Vanke Co. Ltd., Class H (China)		21			48
Country Garden Services Holdings Co. Ltd. (China)		10			60
Cushman & Wakefield plc *		11			240
Emaar Properties PJSC (United Arab Emirates)		27			36
Longfor Group Holdings Ltd. (China) (d)		14			66
Poly Developments and Holdings Group Co. Ltd., Class A (China)		19			46
					1,213
Road & Rail — 0.9%
Canadian National Railway Co. (Canada)		14			1,760
CSX Corp.		3			118
JB Hunt Transport Services, Inc.		—	(a)		16
Knight-Swift Transportation Holdings, Inc.		6			344
Landstar System, Inc.		2			301
Localiza Rent a Car SA (Brazil)		3			26
Lyft, Inc., Class A *		58			2,496
Norfolk Southern Corp.		10			3,048
Old Dominion Freight Line, Inc.		2			748
Union Pacific Corp.		1			230
					9,087
Semiconductors & Semiconductor Equipment — 3.7%
Advanced Micro Devices, Inc. *		23			3,374
Allegro MicroSystems, Inc. (Japan) *		4			163
Analog Devices, Inc.		24			4,190

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN FUNDS DECEMBER 31, 2021

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Semiconductors & Semiconductor Equipment — continued
Applied Materials, Inc.		1			201
ASE Technology Holding Co. Ltd. (Taiwan)		24			93
ASM International NV (Netherlands)		2			717
ASML Holding NV (Netherlands)		4			2,942
Broadcom, Inc.		1			389
CMC Materials, Inc.		2			331
Enphase Energy, Inc. *		—	(a)		35
Entegris, Inc.		6			815
Intel Corp.		6			297
KLA Corp.		—	(a)		92
Lam Research Corp.		2			1,380
MediaTek, Inc. (Taiwan)		3			129
Microchip Technology, Inc.		1			68
Micron Technology, Inc.		2			148
Monolithic Power Systems, Inc.		—	(a)		18
Nanya Technology Corp. (Taiwan)		25			70
Novatek Microelectronics Corp. (Taiwan)		5			97
NVIDIA Corp.		11			3,323
NXP Semiconductors NV (China)		21			4,752
Power Integrations, Inc.		2			222
Powertech Technology, Inc. (Taiwan)		14			49
Qorvo, Inc. *		—	(a)		27
QUALCOMM, Inc.		9			1,730
Realtek Semiconductor Corp. (Taiwan)		4			84
SK Hynix, Inc. (South Korea)		2			230
SK Square Co. Ltd. (South Korea) *		1			31
Skyworks Solutions, Inc.		—	(a)		36
SolarEdge Technologies, Inc. *		3			852
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		59			1,305
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		28			3,413
Teradyne, Inc.		4			585
Texas Instruments, Inc.		12			2,204
Vanguard International Semiconductor Corp. (Taiwan)		9			51
Wolfspeed, Inc. *		4			435
Xilinx, Inc.		—	(a)		74
Xinyi Solar Holdings Ltd. (China)		38			65
					35,017
Software — 3.3%
Adobe, Inc. *		1			383
ANSYS, Inc. *		—	(a)		49
Aspen Technology, Inc. *		1			175

INVESTMENTS	SHARES (000)			VALUE ($000)
Software — continued
Autodesk, Inc. *		—	(a)		88
Black Knight, Inc. *		5			418
Cadence Design Systems, Inc. *		—	(a)		73
Ceridian HCM Holding, Inc. *		7			726
Citrix Systems, Inc.		—	(a)		17
Clearwater Analytics Holdings, Inc., Class A *		5			125
Confluent, Inc., Class A *		6			426
Crowdstrike Holdings, Inc., Class A *		2			363
Envestnet, Inc. *		3			222
Fortinet, Inc. *		—	(a)		69
Guidewire Software, Inc. *		3			286
HubSpot, Inc. *		1			718
Hundsun Technologies, Inc., Class A (China)		2			21
Intuit, Inc.		1			814
Kingdee International Software Group Co. Ltd. (China) *		18			55
Microsoft Corp.		60			20,313
nCino, Inc. *		3			176
NortonLifeLock, Inc.		1			21
Oracle Corp.		2			200
Palo Alto Networks, Inc. *		1			751
Paycom Software, Inc. *		—	(a)		28
PTC, Inc. *		2			221
Q2 Holdings, Inc. *		4			290
QT Group OYJ (Finland) *		1			166
salesforce.com, Inc. *		1			353
ServiceNow, Inc. *		1			859
Shanghai Baosight Software Co. Ltd., Class A (China)		3			32
SS&C Technologies Holdings, Inc.		6			463
Synopsys, Inc. *		2			814
Tyler Technologies, Inc. *		1			351
Workday, Inc., Class A *		3			943
Zscaler, Inc. *		2			500
					31,509
Specialty Retail — 1.3%
Advance Auto Parts, Inc.		—	(a)		12
AutoZone, Inc. *		1			1,390
Bath & Body Works, Inc.		—	(a)		26
Best Buy Co., Inc.		6			611
Burlington Stores, Inc. *		2			484
CarMax, Inc. *		3			433
Dick’s Sporting Goods, Inc.		3			354
Gap, Inc. (The)		28			496
Home Depot, Inc. (The)		6			2,301

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN FUNDS 17

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Specialty Retail — continued
JD Sports Fashion plc (United Kingdom)		120			355
Lowe’s Cos., Inc.		8			1,951
Murphy USA, Inc.		4			806
National Vision Holdings, Inc. *		6			303
O’Reilly Automotive, Inc. *		3			2,107
Ross Stores, Inc.		6			737
TJX Cos., Inc. (The)		2			143
Topsports International Holdings Ltd. (China) (b)		34			34
Tractor Supply Co.		—	(a)		38
Ulta Beauty, Inc. *		—	(a)		32
					12,613
Technology Hardware, Storage & Peripherals — 2.4%
Advantech Co. Ltd. (Taiwan)		7			94
Apple, Inc.		96			17,118
Hewlett Packard Enterprise Co.		2			29
HP, Inc.		2			62
Lenovo Group Ltd. (China)		22			25
NetApp, Inc.		—	(a)		29
Quanta Computer, Inc. (Taiwan)		17			58
Samsung Electronics Co. Ltd. (South Korea)		77			5,034
Seagate Technology Holdings plc		7			788
Western Digital Corp. *		—	(a)		29
Wiwynn Corp. (Taiwan)		1			40
Xiaomi Corp., Class B (China) * (b)		21			50
					23,356
Textiles, Apparel & Luxury Goods — 1.3%
adidas AG (Germany)		10			2,784
ANTA Sports Products Ltd. (China)		3			45
Carter’s, Inc.		2			161
Cie Financiere Richemont SA (Registered) (Switzerland)		4			606
Columbia Sportswear Co.		4			372
Eclat Textile Co. Ltd. (Taiwan)		3			68
Kering SA (France)		1			522
LVMH Moet Hennessy Louis Vuitton SE (France)		6			4,910
NIKE, Inc., Class B		13			2,104
Pandora A/S (Denmark)		2			257
PVH Corp.		—	(a)		11
Ralph Lauren Corp.		4			487
Tapestry, Inc.		—	(a)		16
Under Armour, Inc., Class A *		—	(a)		6
Under Armour, Inc., Class C *		—	(a)		6
VF Corp.		—	(a)		34
					12,389

INVESTMENTS	SHARES (000)			VALUE ($000)
Thrifts & Mortgage Finance — 0.0% (c)
Housing Development Finance Corp. Ltd. (India)		7			229
Tobacco — 0.1%
Altria Group, Inc.		3			124
Philip Morris International, Inc.		8			746
					870
Trading Companies & Distributors — 0.3%
Ashtead Group plc (United Kingdom)		6			512
Azelis Group NV (Belgium) *		6			171
BOC Aviation Ltd. (Singapore) (b)		2			16
Fastenal Co.		1			52
Ferguson plc		12			2,148
United Rentals, Inc. *		—	(a)		34
WW Grainger, Inc.		—	(a)		32
					2,965
Transportation Infrastructure — 0.0% (c)
Airports of Thailand PCL (Thailand) *		25			46
Grupo Aeroportuario del Pacifico SAB de CV, Class B (Mexico) *		4			57
Grupo Aeroportuario del Sureste SAB de CV, Class B (Mexico)		3			55
International Container Terminal Services, Inc. (Philippines)		9			36
					194
Water Utilities — 0.0% (c)
American Water Works Co., Inc.		—	(a)		49
Wireless Telecommunication Services — 0.2%
America Movil SAB de CV, Series L (Mexico)		156			165
MTN Group Ltd. (South Africa) *		4			38
SK Telecom Co. Ltd. (South Korea)		1			42
TIM SA (Brazil) *		14			33
T-Mobile US, Inc. *		14			1,604
Vodacom Group Ltd. (South Africa)		4			33
					1,915
Total Common Stocks (Cost $383,502)					570,694
Investment Companies — 11.6%
Fixed Income — 9.5%
JPMorgan Core Bond Fund Class R6 Shares (e)		7,726			91,397
U.S. Equity — 2.1%
JPMorgan Large Cap Value Fund Class R6 Shares (e)		1,044			19,839
Total Investment Companies (Cost $112,522)					111,236

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN FUNDS DECEMBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
U.S. Treasury Obligations — 9.7%
U.S. Treasury Bonds
1.13%, 8/15/2040		4,000		3,493
2.75%, 11/15/2042		2,400		2,735
1.25%, 5/15/2050		6,000		5,095
U.S. Treasury Notes
1.38%, 1/31/2022 (f)		10,965		10,976
1.38%, 10/15/2022		20,000		20,161
0.25%, 8/31/2025		20,000		19,374
1.00%, 7/31/2028		22,000		21,418
2.88%, 8/15/2028		2,000		2,184
0.63%, 5/15/2030		8,000		7,480
Total U.S. Treasury Obligations (Cost $92,826)				92,916
Corporate Bonds — 7.1%
Aerospace & Defense — 0.2%
Boeing Co. (The) 5.15%, 5/1/2030		910		1,060
Raytheon Technologies Corp. 4.13%, 11/16/2028		370		414
				1,474
Auto Components — 0.0% (c)
Lear Corp. 2.60%, 1/15/2032		33		32
Automobiles — 0.2%
General Motors Co. 6.13%, 10/1/2025		440		505
Hyundai Capital America 0.80%, 1/8/2024 (d)		440		434
Nissan Motor Co. Ltd. (Japan) 4.35%, 9/17/2027 (d)		500		540
				1,479
Banks — 1.3%
ABN AMRO Bank NV (Netherlands) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 2.47%, 12/13/2029 (d) (g)		200		200
AIB Group plc (Ireland) 4.75%, 10/12/2023 (d)		200		212
Australia & New Zealand Banking Group Ltd. (Australia) 4.40%, 5/19/2026 (d)		200		219
Banco Santander SA (Spain) 2.75%, 12/3/2030		400		391
Bank of America Corp.
(SOFR + 0.96%), 1.73%, 7/22/2027 (g)		1,460		1,450
(ICE LIBOR USD 3 Month + 3.15%), 4.08%, 3/20/2051 (g)		400		481
Bank of New Zealand (New Zealand) 2.00%, 2/21/2025 (d)		250		254
Barclays plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.30%), 2.89%, 11/24/2032 (g)		300		302

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Banks — continued
BNP Paribas SA (France)
4.63%, 3/13/2027 (d)		200		222
(SOFR + 1.51%), 3.05%, 1/13/2031 (d) (g)		300		308
Citigroup, Inc. (SOFR + 3.91%), 4.41%, 3/31/2031 (g)		1,400		1,600
Cooperatieve Rabobank UA (Netherlands) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.73%), 1.98%, 12/15/2027 (d) (g)		250		250
Credit Agricole SA (France) (SOFR + 1.68%), 1.91%, 6/16/2026 (d) (g)		250		250
DNB Bank ASA (Norway) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.68%), 1.60%, 3/30/2028 (d) (g)		200		195
HSBC Holdings plc (United Kingdom) (ICE LIBOR USD 3 Month + 1.35%), 4.29%, 9/12/2026 (g)		900		972
Lloyds Banking Group plc (United Kingdom) 3.75%, 1/11/2027		250		271
Mitsubishi UFJ Financial Group, Inc. (Japan) 2.19%, 2/25/2025		300		306
Mizuho Financial Group Cayman 3 Ltd. (Japan) 4.60%, 3/27/2024 (d)		400		425
NatWest Group plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 1.64%, 6/14/2027 (g)		200		197
Nordea Bank Abp (Finland) 1.50%, 9/30/2026 (d)		300		295
Societe Generale SA (France) 2.63%, 1/22/2025 (d)		650		666
Standard Chartered plc (United Kingdom) (ICE LIBOR USD 3 Month + 1.21%), 2.82%, 1/30/2026 (d) (g)		300		308
Sumitomo Mitsui Financial Group, Inc. (Japan) 3.04%, 7/16/2029		300		313
UniCredit SpA (Italy) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.55%), 3.13%, 6/3/2032 (d) (g)		217		214
Wells Fargo & Co. (ICE LIBOR USD 3 Month + 1.17%), 3.20%, 6/17/2027 (g)		1,040		1,097
Westpac Banking Corp. (Australia) (USD ICE Swap Rate 5 Year + 2.24%), 4.32%, 11/23/2031 (g)		300		324
				11,722

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN FUNDS 19

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Beverages — 0.1%
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
4.00%, 4/13/2028		240		267
4.44%, 10/6/2048		440		526
Constellation Brands, Inc. 2.88%, 5/1/2030		300		308
Fomento Economico Mexicano SAB de CV (Mexico) 3.50%, 1/16/2050		250		260
				1,361
Biotechnology — 0.2%
AbbVie, Inc.
3.20%, 11/21/2029		440		470
4.40%, 11/6/2042		440		526
Amgen, Inc. 2.20%, 2/21/2027		230		235
Biogen, Inc. 2.25%, 5/1/2030		300		295
Gilead Sciences, Inc. 1.65%, 10/1/2030		300		288
				1,814
Capital Markets — 0.6%
Ameriprise Financial, Inc. 3.70%, 10/15/2024		230		246
Brookfield Finance, Inc. (Canada) 4.85%, 3/29/2029		300		346
Credit Suisse Group AG (Switzerland)
(SOFR + 2.04%), 2.19%, 6/5/2026 (d) (g)		650		654
(SOFR + 1.73%), 3.09%, 5/14/2032 (d) (g)		252		256
Deutsche Bank AG (Germany) (SOFR + 1.72%), 3.04%, 5/28/2032 (g)		150		151
Goldman Sachs Group, Inc. (The) (ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028 (g)		1,170		1,260
Macquarie Group Ltd. (Australia) (SOFR + 1.44%), 2.69%, 6/23/2032 (d) (g)		200		199
Morgan Stanley 4.00%, 7/23/2025		1,110		1,203
UBS Group AG (Switzerland) (ICE LIBOR USD 3 Month + 1.47%), 3.13%, 8/13/2030 (d) (g)		200		209
				4,524
Chemicals — 0.0% (c)
International Flavors & Fragrances, Inc. 2.30%, 11/1/2030 (d)		240		235
LyondellBasell Industries NV 4.63%, 2/26/2055		200		244
				479
Construction & Engineering — 0.0% (c)
Quanta Services, Inc. 2.35%, 1/15/2032		103		100
Construction Materials — 0.0% (c)
Martin Marietta Materials, Inc. Series CB, 2.50%, 3/15/2030		300		303

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Consumer Finance — 0.2%
AerCap Ireland Capital DAC (Ireland) 1.75%, 1/30/2026		450		441
Avolon Holdings Funding Ltd. (Ireland)
5.25%, 5/15/2024 (d)		350		375
2.13%, 2/21/2026 (d)		750		736
4.25%, 4/15/2026 (d)		400		424
Capital One Financial Corp. 3.80%, 1/31/2028		300		327
				2,303
Containers & Packaging — 0.0% (c)
WRKCo, Inc. 3.90%, 6/1/2028		300		328
Diversified Telecommunication Services — 0.2%
AT&T, Inc.
1.65%, 2/1/2028		720		705
3.65%, 9/15/2059		140		141
Verizon Communications, Inc. 3.15%, 3/22/2030		800		847
				1,693
Electric Utilities — 0.6%
Appalachian Power Co. Series AA, 2.70%, 4/1/2031		510		523
Duke Energy Corp. 3.75%, 9/1/2046		440		469
Duquesne Light Holdings, Inc. 2.78%, 1/7/2032 (d)		246		243
Entergy Louisiana LLC 2.35%, 6/15/2032		440		439
Exelon Corp. 4.05%, 4/15/2030		440		489
Jersey Central Power & Light Co. 2.75%, 3/1/2032 (d)		104		105
NRG Energy, Inc. 2.45%, 12/2/2027 (d)		300		297
OGE Energy Corp. 0.70%, 5/26/2023		23		23
Pacific Gas and Electric Co. 4.95%, 7/1/2050		300		327
Southern California Edison Co. Series C, 4.13%, 3/1/2048		440		494
Southern Co. (The) Series A, 3.70%, 4/30/2030		370		402
Virginia Electric and Power Co. 4.45%, 2/15/2044		370		452
Xcel Energy, Inc. 3.40%, 6/1/2030		300		322
				4,585
Electrical Equipment — 0.0% (c)
Rockwell Automation, Inc. 2.80%, 8/15/2061		86		84
Electronic Equipment, Instruments & Components — 0.0% (c)
Arrow Electronics, Inc. 3.50%, 4/1/2022		240		240
Entertainment — 0.0% (c)
Walt Disney Co. (The) 2.65%, 1/13/2031		300		312

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN FUNDS DECEMBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Equity Real Estate Investment Trusts (REITs) — 0.8%
American Campus Communities Operating Partnership LP 2.25%, 1/15/2029		92		91
American Tower Corp.
1.45%, 9/15/2026		272		266
2.90%, 1/15/2030		300		308
AvalonBay Communities, Inc. 2.45%, 1/15/2031		300		307
Boston Properties LP 2.75%, 10/1/2026		300		312
Brixmor Operating Partnership LP 4.13%, 5/15/2029		250		277
Corporate Office Properties LP 2.00%, 1/15/2029		226		217
Crown Castle International Corp. 4.45%, 2/15/2026		370		405
Equinix, Inc. 2.00%, 5/15/2028		113		111
Extra Space Storage LP 2.35%, 3/15/2032		150		146
Healthcare Trust of America Holdings LP 2.00%, 3/15/2031		300		284
Healthpeak Properties, Inc. 2.13%, 12/1/2028		43		43
Kilroy Realty LP 2.65%, 11/15/2033		120		117
Life Storage LP 2.20%, 10/15/2030		250		246
Office Properties Income Trust
2.65%, 6/15/2026		37		37
2.40%, 2/1/2027		112		108
3.45%, 10/15/2031		73		71
Physicians Realty LP 2.63%, 11/1/2031		74		74
Prologis LP 1.25%, 10/15/2030		300		279
Public Storage 2.25%, 11/9/2031		74		74
Realty Income Corp. 3.25%, 1/15/2031		300		323
Regency Centers LP 3.60%, 2/1/2027		300		323
Sabra Health Care LP 3.20%, 12/1/2031		248		242
Safehold Operating Partnership LP 2.85%, 1/15/2032		160		157
Simon Property Group LP 2.20%, 2/1/2031		300		293
UDR, Inc. 3.20%, 1/15/2030		300		315
Ventas Realty LP 3.25%, 10/15/2026		200		212
Welltower, Inc. 2.75%, 1/15/2032		300		303
WP Carey, Inc. 2.25%, 4/1/2033		440		417
				6,358
Food & Staples Retailing — 0.0% (c)
Alimentation Couche-Tard, Inc. (Canada) 3.80%, 1/25/2050 (d)		230		248
Kroger Co. (The) 2.20%, 5/1/2030		100		100
				348

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Food Products — 0.2%
Archer-Daniels-Midland Co. 3.25%, 3/27/2030		300		326
Bunge Ltd. Finance Corp.
1.63%, 8/17/2025		300		299
3.75%, 9/25/2027		300		325
Cargill, Inc. 2.13%, 4/23/2030 (d)		120		119
Conagra Brands, Inc. 5.40%, 11/1/2048		300		404
Smithfield Foods, Inc. 3.00%, 10/15/2030 (d)		300		299
				1,772
Gas Utilities — 0.0% (c)
Atmos Energy Corp. 3.38%, 9/15/2049		300		318
Health Care Equipment & Supplies — 0.1%
Abbott Laboratories 4.90%, 11/30/2046		370		505
Becton Dickinson and Co. 1.96%, 2/11/2031		370		356
Boston Scientific Corp. 2.65%, 6/1/2030		300		306
				1,167
Health Care Providers & Services — 0.2%
Anthem, Inc. 4.10%, 3/1/2028		370		410
CVS Health Corp. 2.70%, 8/21/2040		520		500
HCA, Inc. 5.25%, 6/15/2026		440		495
Quest Diagnostics, Inc. 2.95%, 6/30/2030		300		312
UnitedHealth Group, Inc. 2.00%, 5/15/2030		300		298
Universal Health Services, Inc.
2.65%, 10/15/2030 (d)		300		298
2.65%, 1/15/2032 (d)		49		48
				2,361
Hotels, Restaurants & Leisure — 0.0% (c)
Expedia Group, Inc. 3.25%, 2/15/2030		230		235
Household Durables — 0.0% (c)
MDC Holdings, Inc. 3.97%, 8/6/2061		150		143
Household Products — 0.0% (c)
Spectrum Brands, Inc. 5.75%, 7/15/2025		5		5
Independent Power and Renewable Electricity Producers — 0.0% (c)
Calpine Corp. 5.25%, 6/1/2026 (d)		37		38
Industrial Conglomerates — 0.0% (c)
Roper Technologies, Inc. 3.80%, 12/15/2026		370		405
Insurance — 0.3%
AIA Group Ltd. (Hong Kong) 3.60%, 4/9/2029 (d)		200		218
American International Group, Inc. 3.75%, 7/10/2025		370		396
Aon Corp. 2.80%, 5/15/2030		300		309

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN FUNDS 21

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Insurance — continued
Athene Global Funding 2.75%, 6/25/2024 (d)		300		309
Brighthouse Financial Global Funding 1.00%, 4/12/2024 (d)		300		297
Manulife Financial Corp. (Canada) (USD ICE Swap Rate 5 Year + 1.65%), 4.06%, 2/24/2032 (g)		300		323
Marsh & McLennan Cos., Inc. 2.25%, 11/15/2030		300		299
Principal Financial Group, Inc. 2.13%, 6/15/2030		300		297
Progressive Corp. (The) 3.20%, 3/26/2030		300		324
				2,772
Internet & Direct Marketing Retail — 0.0% (c)
eBay, Inc. 2.60%, 5/10/2031		230		232
IT Services — 0.0% (c)
Global Payments, Inc. 2.90%, 5/15/2030		300		305
Leisure Products — 0.0% (c)
Mattel, Inc.
3.38%, 4/1/2026 (d)		18		18
3.75%, 4/1/2029 (d)		1		1
				19
Life Sciences Tools & Services — 0.0% (c)
Thermo Fisher Scientific, Inc. 2.80%, 10/15/2041		159		161
Machinery — 0.0% (c)
Xylem, Inc. 2.25%, 1/30/2031		300		297
Media — 0.3%
Charter Communications Operating LLC
3.75%, 2/15/2028		331		355
2.25%, 1/15/2029		329		321
Comcast Corp.
2.65%, 2/1/2030		300		311
2.94%, 11/1/2056 (d)		397		377
Cox Communications, Inc. 1.80%, 10/1/2030 (d)		300		283
Discovery Communications LLC 3.63%, 5/15/2030		370		396
ViacomCBS, Inc. 5.85%, 9/1/2043		370		498
				2,541
Metals & Mining — 0.1%
Glencore Funding LLC (Australia) 2.63%, 9/23/2031 (d)		415		404
Steel Dynamics, Inc. 3.25%, 1/15/2031		300		316
				720

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Multiline Retail — 0.0% (c)
Dollar General Corp. 3.50%, 4/3/2030		40		43
Kohl’s Corp. 3.38%, 5/1/2031		300		306
				349
Multi-Utilities — 0.1%
CenterPoint Energy, Inc. 1.45%, 6/1/2026		78		77
PG&E Energy Recovery Funding LLC Series A-3, 2.82%, 7/15/2046		43		43
Puget Energy, Inc. 2.38%, 6/15/2028		35		34
San Diego Gas & Electric Co. 2.95%, 8/15/2051		400		402
				556
Oil, Gas & Consumable Fuels — 0.6%
Boardwalk Pipelines LP 4.80%, 5/3/2029		300		336
BP Capital Markets America, Inc.
1.75%, 8/10/2030		240		230
3.38%, 2/8/2061		60		62
Cheniere Corpus Christi Holdings LLC 3.70%, 11/15/2029		300		321
Comstock Resources, Inc. 7.50%, 5/15/2025 (d)		33		34
Diamondback Energy, Inc. 3.25%, 12/1/2026		240		253
Enable Midstream Partners LP 4.40%, 3/15/2027		200		216
Energy Transfer LP 3.75%, 5/15/2030		440		466
Exxon Mobil Corp. 2.61%, 10/15/2030		600		623
Flex Intermediate Holdco LLC 4.32%, 12/30/2039 (d)		127		131
Gray Oak Pipeline LLC 2.60%, 10/15/2025 (d)		440		441
MPLX LP 2.65%, 8/15/2030		140		139
NGPL PipeCo LLC 3.25%, 7/15/2031 (d)		53		54
Phillips 66 1.30%, 2/15/2026		440		430
Pioneer Natural Resources Co. 1.13%, 1/15/2026		300		291
Plains All American Pipeline LP 3.55%, 12/15/2029		300		311
Tennessee Gas Pipeline Co. LLC 2.90%, 3/1/2030 (d)		200		203
Williams Cos., Inc. (The) 2.60%, 3/15/2031		45		45
				4,586
Pharmaceuticals — 0.1%
Bristol-Myers Squibb Co. 1.45%, 11/13/2030		660		628
Shire Acquisitions Investments Ireland DAC 3.20%, 9/23/2026		440		467
Zoetis, Inc. 2.00%, 5/15/2030		300		296
				1,391

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN FUNDS DECEMBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Road & Rail — 0.1%
Burlington Northern Santa Fe LLC 3.30%, 9/15/2051		440		477
Norfolk Southern Corp. 2.30%, 5/15/2031		370		372
Triton Container International Ltd. (Bermuda) 1.15%, 6/7/2024 (d)		38		38
Union Pacific Corp. 3.95%, 9/10/2028		370		415
				1,302
Semiconductors & Semiconductor Equipment — 0.1%
Analog Devices, Inc. 3.50%, 12/5/2026		230		251
Broadcom, Inc. 3.19%, 11/15/2036 (d)		660		659
NXP BV (China) 2.50%, 5/11/2031 (d)		230		230
Xilinx, Inc. 2.38%, 6/1/2030		70		71
				1,211
Software — 0.1%
Oracle Corp. 3.25%, 11/15/2027		600		632
Specialty Retail — 0.1%
AutoZone, Inc. 4.00%, 4/15/2030		300		336
Lowe’s Cos., Inc. 3.10%, 5/3/2027		240		256
O’Reilly Automotive, Inc. 1.75%, 3/15/2031		300		284
				876
Technology Hardware, Storage & Peripherals — 0.1%
Apple, Inc. 2.38%, 2/8/2041		230		223
Dell International LLC 6.02%, 6/15/2026		440		509
				732
Thrifts & Mortgage Finance — 0.0% (c)
BPCE SA (France) (SOFR + 1.31%), 2.28%, 1/20/2032 (d) (g)		250		241
Tobacco — 0.0% (c)
BAT Capital Corp. (United Kingdom) 3.73%, 9/25/2040		300		288
Trading Companies & Distributors — 0.1%
Air Lease Corp.
2.88%, 1/15/2026		450		464
3.63%, 4/1/2027		100		105
Aviation Capital Group LLC 3.88%, 5/1/2023 (d)		310		319
				888
Water Utilities — 0.0% (c)
American Water Capital Corp. 2.80%, 5/1/2030		300		311
Wireless Telecommunication Services — 0.1%
T-Mobile USA, Inc. 3.88%, 4/15/2030		780		853

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Wireless Telecommunication Services — continued
Vodafone Group plc (United Kingdom) 4.38%, 5/30/2028		300			338
					1,191
Total Corporate Bonds (Cost $67,936)					67,584
Mortgage-Backed Securities —4.8%
FNMA UMBS, 30 Year Pool # BU1805, 2.50%, 12/1/2051		620			635
FNMA, Other Pool # AN5182, 3.39%, 4/1/2027		335			360
FNMA/FHLMC UMBS, Single Family, 30 Year TBA, 2.50%, 2/25/2052 (h)		37,380			38,042
GNMA II, 30 Year Pool # MA7649, 2.50%, 10/20/2051		6,948			7,124
Total Mortgage-Backed Securities (Cost $46,163)					46,161
	SHARES (000)
Exchange-Traded Funds — 1.8%
International Equity — 1.8%
JPMorgan BetaBuilders Japan ETF (e)		307			16,918
U.S. Equity — 0.0% (c)
SPDR S&P 500 ETF Trust		—	(a)		97
Total Exchange-Traded Funds (Cost $17,440)					17,015
	PRINCIPAL AMOUNT ($000)
Asset-Backed Securities — 0.9%
American Airlines Pass-Through Trust Series 2021-1, Class B, 3.95%, 7/11/2030		71			70
American Credit Acceptance Receivables Trust Series 2020-4, Class A, 0.53%, 3/13/2024 (d)		85			85
AmeriCredit Automobile Receivables Trust Series 2021-2, Class B, 0.69%, 1/19/2027		76			75
Carvana Auto Receivables Trust
Series 2021-P3, Class A3, 0.70%, 11/10/2026		164			162
Series 2021-P4, Class A4, 1.64%, 12/10/2027		400			400
CDC Mortgage Capital Trust Series 2003-HE3, Class M2, 2.73%, 11/25/2033 ‡ (i)		—	(a)		—	(a)
CIG Auto Receivables Trust Series 2021-1A, Class A, 0.69%, 4/14/2025 (d)		136			136

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN FUNDS 23

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Asset-Backed Securities — continued
Credit Acceptance Auto Loan Trust
Series 2020-2A, Class A, 1.37%, 7/16/2029 (d)		500			503
Series 2020-3A, Class A, 1.24%, 10/15/2029 (d)		500			500
Drive Auto Receivables Trust
Series 2021-2, Class A3, 0.35%, 3/17/2025		200			199
Series 2021-3, Class B, 1.11%, 5/15/2026		49			49
DT Auto Owner Trust
Series 2021-3A, Class C, 0.87%, 5/17/2027 (d)		133			131
Series 2021-4A, Class D, 1.99%, 9/15/2027 (d)		114			113
Exeter Automobile Receivables Trust
Series 2021-3A, Class A3, 0.35%, 2/18/2025		200			199
Series 2021-2A, Class B, 0.57%, 9/15/2025		78			78
Series 2021-3A, Class B, 0.69%, 1/15/2026		162			161
Series 2021-4A, Class B, 1.05%, 5/15/2026		130			130
Flagship Credit Auto Trust
Series 2021-4, Class A, 0.81%, 7/17/2026 (d)		219			218
Series 2021-3, Class A, 0.36%, 7/15/2027 (d)		255			253
GLS Auto Receivables Issuer Trust
Series 2021-4A, Class A, 0.84%, 7/15/2025 (d)		300			300
Series 2021-3A, Class C, 1.11%, 9/15/2026 (d)		114			112
GLS Auto Receivables Trust Series 2021-2A, Class B, 0.77%, 9/15/2025 (d)		47			47
GM Financial Automobile Leasing Trust Series 2021-3, Class A3, 0.39%, 10/21/2024		184			182
GM Financial Consumer Automobile Receivables Trust Series 2020-1, Class A3, 1.84%, 9/16/2024		519			523
MVW LLC Series 2021-2A, Class A, 1.43%, 5/20/2039 (d)		195			193
PRET LLC Series 2021-NPL6, Class A1, 2.49%, 7/25/2051 (d) (j)		250			250
Progress Residential Trust Series 2021-SFR8, Class E1, 2.38%, 10/17/2038 ‡ (d)		156			152
Santander Drive Auto Receivables Trust Series 2021-3, Class B, 0.60%, 12/15/2025		153			152
Series 2021-2, Class C, 0.90%, 6/15/2026		103			103
Structured Asset Securities Corp. Trust Series 2005-SC1, Class 1A1, 0.37%, 5/25/2031 ‡ (d) (i)		—	(a)		—	(a)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Tesla Auto Lease Trust
Series 2019-A, Class A3, 2.16%, 10/20/2022 (d)		790		794
Series 2021-B, Class A4, 0.63%, 9/22/2025 (d)		102		101
Theorem Funding Trust Series 2021-1A, Class A, 1.21%, 12/15/2027 (d)		267		266
Toyota Lease Owner Trust Series 2021-A, Class A3, 0.39%, 4/22/2024 (d)		500		497
United Airlines Pass-Through Trust Series 2016-2, Class AA, 2.88%, 10/7/2028		394		401
US Auto Funding Series 2021-1A, Class A, 0.79%, 7/15/2024 (d)		123		123
Westlake Automobile Receivables Trust
Series 2021-3A, Class A3, 0.95%, 6/16/2025 (d)		200		199
Series 2021-3A, Class D, 2.12%, 1/15/2027 (d)		125		125
World Omni Auto Receivables Trust Series 2021-C, Class A3, 0.44%, 8/17/2026		82		81
World Omni Automobile Lease Securitization Trust Series 2021-A, Class A3, 0.42%, 8/15/2024		152		151
Total Asset-Backed Securities (Cost $8,257)				8,214
Foreign Government Securities — 0.1%
Republic of Colombia (Colombia) 3.25%, 4/22/2032		250		225
United Mexican States (Mexico)
4.13%, 1/21/2026		200		220
3.77%, 5/24/2061		400		368
Total Foreign Government Securities (Cost $850)				813
Commercial Mortgage-Backed Securities —0.1%
FREMF Mortgage Trust Series 2017-KF40, Class B, 2.79%, 11/25/2027 (d) (i)		236		236
LB Commercial Mortgage Trust Series 2007-C3, Class AJ, 5.82%, 7/15/2044 (i)		4		4
Morgan Stanley Capital I Trust Series 2021-PLZA, Class A, 2.57%, 11/9/2043 (d)		294		299
SLG Office Trust Series 2021-OVA, Class A, 2.59%, 7/15/2041 (d)		235		240
Total Commercial Mortgage-Backed Securities (Cost $785)				779

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN FUNDS DECEMBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — 0.1%
Alternative Loan Trust Series 2005-20CB, Class 4A1, 5.25%, 7/25/2020		—	(a)		—	(a)
Banc of America Alternative Loan Trust Series 2006-5, Class 3A1, 6.00%, 6/25/2046		—	(a)		—	(a)
CHL Mortgage Pass-Through Trust Series 2006-21, Class A14, 6.00%, 2/25/2037		—	(a)		—	(a)
FNMA, REMIC Series 2009-86, Class OT, PO, 10/25/2037		—	(a)		—	(a)
GSR Mortgage Loan Trust Series 2004-8F, Class 2A3, 6.00%, 9/25/2034		2			2
MASTR Alternative Loan Trust Series 2005-6, Class 1A2, 5.50%, 12/25/2035		3			2
PHH Mortgage Trust Series 2008-CIM2, Class 5A1, 6.00%, 7/25/2038		1			1
PRPM LLC Series 2021-10, Class A1, 2.49%, 10/25/2026 (d) (j)		122			122
Seasoned Credit Risk Transfer Trust Series 2017-4, Class M60C, 3.50%, 6/25/2057		390			411
VOLT CV LLC Series 2021-CF2, Class A1, 2.49%, 11/27/2051 (d) (j)		143			143
Total Collateralized Mortgage Obligations (Cost $688)					681
Loan Assignments — 0.0% (c) (k)
Food & Staples Retailing — 0.0% (c)
Moran Foods LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 7.00%), 7.00%, 12/31/2038 (g)		7			7
Moran Foods LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 6.00%), 8.00%, 4/1/2024 ‡ (g) (l)		49			49
Moran Foods LLC, Tranche A 2nd Lien Term Loan (ICE LIBOR USD 3 Month + 10.75%), 11.75%, 10/1/2024 (g)		69			59
					115
Total Loan Assignments (Cost $88)					115
	NO. OF WARRANTS (000)
Warrants —0.0% (c)
Media — 0.0% (c)
Nmg Research Ltd. expiring 9/24/2027, price 1.00 USD (United Kingdom) * ‡		1			27

INVESTMENTS	NO. OF WARRANTS (000)			VALUE ($000)
Oil, Gas & Consumable Fuels — 0.0% (c)
Chesapeake Energy Corp.
expiring 2/9/2026, price 27.27 USD *		1			21
expiring 2/9/2026, price 31.71 USD *		1			20
expiring 2/9/2026, price 35.71 USD *		—	(a)		10
					51
Total Warrants (Cost $—(a))					78
	SHARES (000)
Short-Term Investments — 6.5%
Investment Companies — 6.5%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (e) (m) (Cost $62,484)		62,460			62,485
Total Investments — 102.2% (Cost $793,541)					978,771
Liabilities in Excess of Other Assets — (2.2)%					(20,631	)
NET ASSETS — 100.0%					958,140

Percentages indicated are based on net assets.

PORTFOLIO COMPOSITION BY COUNTRY	PERCENT OF TOTAL INVESTMENTS
United States		74.4	%
France		2.3
United Kingdom		2.1
Germany		1.7
China		1.6
Switzerland		1.4
Denmark		1.0
Others (each less than 1.0%)		9.1
Short-Term Investments		6.4

Abbreviations

ADR	American Depositary Receipt
ETF	Exchange-Traded Fund
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GDR	Global Depositary Receipt
GNMA	Government National Mortgage Association
ICE	Intercontinental Exchange
JSC	Joint Stock Company
LIBOR	London Interbank Offered Rate
OYJ	Public Limited Company
PJSC	Public Joint Stock Company

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN FUNDS 25

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

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
SOFR	Secured Overnight Financing Rate
SPDR	Standard & Poor’s Depository Receipts
TBA	To Be Announced; Security is subject to delayed delivery.
UMBS	Uniform Mortgage-Backed Securities
USD	United States Dollar
(a)	Amount rounds to less than one thousand.
(b)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c)	Amount rounds to less than 0.1% of net assets.
(d)	Securities exempt from registration under Rule 144A or section 4 (a)(2), of the Securities Act of 1933, as amended.
(e)	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.

(f)	All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(g)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of December 31, 2021.
(h)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(i)	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, 2021.
(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, 2021.
(k)	Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.
(l)	All or a portion of this security is unsettled as of December 31, 2021. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.
(m)	The rate shown is the current yield as of December 31, 2021.
*	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.

Futures contracts outstanding as of December 31, 2021 (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		326		03/2022		EUR		15,889			528
FTSE 100 Index		2		03/2022		GBP		198			4
MSCI EAFE E-Mini Index		405		03/2022		USD		46,984			1,278
MSCI Emerging Markets E-Mini Index		2		03/2022		USD		123			1
S&P 500 E-Mini Index		116		03/2022		USD		27,598			574
TOPIX Index		163		03/2022		JPY		28,241			38
											2,423
Short Contracts
MSCI Emerging Markets E-Mini Index		(726)		03/2022		USD		(44,508	)		(426	)
Russell 2000 E-Mini Index		(20)		03/2022		USD		(2,242	)		(66	)
S&P Midcap 400 E-Mini Index		(62)		03/2022		USD		(17,596	)		(584	)
U.S. Treasury 10 Year Note		(304)		03/2022		USD		(39,620	)		(352	)
											(1,428	)
											995

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN FUNDS DECEMBER 31, 2021

Abbreviations

EAFE	Europe, Australasia and Far East
EUR	Euro
FTSE	Financial Times and the London Stock Exchange
GBP	British Pound
JPY	Japanese Yen
MSCI	Morgan Stanley Capital International
TOPIX	Tokyo Stock Price Index
USD	United States Dollar

Forward foreign currency exchange contracts outstanding as of December 31, 2021 (amounts in thousands):
CURRENCY PURCHASED		CURRENCY SOLD			COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
AUD	5,430		CAD	4,943	Goldman Sachs International		1/24/2022		43
AUD	295		CAD	268	Standard Chartered Bank		1/24/2022		3
AUD	781		EUR	489	Goldman Sachs International		1/24/2022		11
AUD	1,498		JPY	123,192	Barclays Bank plc		1/24/2022		19
AUD	3,867		JPY	316,917	BNP Paribas		1/24/2022		58
AUD	428		USD	306	BNP Paribas		1/24/2022		5
AUD	2,181		USD	1,553	Citibank, NA		1/24/2022		34
AUD	3,257		USD	2,324	HSBC Bank, NA		1/24/2022		45
BRL	4,311		USD	759	Barclays Bank plc **		1/24/2022		11
BRL	4,333		USD	753	Goldman Sachs International **		1/24/2022		21
CAD	1,332		AUD	1,437	Goldman Sachs International		1/24/2022		8
CAD	153		EUR	105	BNP Paribas		1/24/2022		1
CAD	5,010		EUR	3,450	Goldman Sachs International		1/24/2022		31
CAD	648		JPY	58,638	BNP Paribas		1/24/2022		2
CAD	4,939		USD	3,827	Goldman Sachs International		1/24/2022		77
CAD	265		USD	207	TD Bank Financial Group		1/24/2022		3
CHF	241		EUR	230	Citibank, NA		1/24/2022		2
CHF	186		GBP	150	BNP Paribas		1/24/2022		1
CHF	4,386		USD	4,733	BNP Paribas		1/24/2022		83
CHF	735		USD	799	Standard Chartered Bank		1/24/2022		8
CZK	44,001		EUR	1,718	Barclays Bank plc		1/24/2022		53
CZK	8,585		EUR	337	Citibank, NA		1/24/2022		9
CZK	4,323		USD	194	Barclays Bank plc		1/24/2022		4
CZK	17,545		USD	790	BNP Paribas		1/24/2022		12
EUR	228		AUD	356	Goldman Sachs International		1/24/2022		1
EUR	1,742		CAD	2,494	BNP Paribas		1/24/2022		12
EUR	1,742		CAD	2,494	Citibank, NA		1/24/2022		13
EUR	679		GBP	571	BNP Paribas		1/24/2022		1
EUR	925		HUF	339,700	BNP Paribas		1/24/2022		8
EUR	87		JPY	11,169	Barclays Bank plc		1/24/2022		2
EUR	1,377		JPY	176,508	BNP Paribas		1/24/2022		34
EUR	2,066		JPY	264,864	TD Bank Financial Group		1/24/2022		50
EUR	1,387		SEK	14,059	Barclays Bank plc		1/24/2022		23
EUR	677		SEK	6,938	Citibank, NA		1/24/2022		3
EUR	1,393		SEK	14,016	Goldman Sachs International		1/24/2022		35
EUR	1,812		USD	2,033	Goldman Sachs International		1/24/2022		31
GBP	190		CAD	321	BNP Paribas		1/24/2022		3
GBP	1,464		EUR	1,739	BNP Paribas		1/24/2022		1
GBP	1,465		EUR	1,739	Citibank, NA		1/24/2022		2
GBP	2,997		EUR	3,525	Goldman Sachs International		1/24/2022		42
GBP	79		SEK	945	BNP Paribas		1/24/2022		2
GBP	1,465		USD	1,954	Goldman Sachs International		1/24/2022		29

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN FUNDS 27

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

CURRENCY PURCHASED		CURRENCY SOLD			COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
IDR	3,742,858		USD	261	BNP Paribas **		1/24/2022		2
IDR	4,675,623		USD	327	BNP Paribas **		1/24/2022		2
ILS	2,423		USD	766	Barclays Bank plc		1/24/2022		14
ILS	3,264		USD	1,045	BNP Paribas		1/24/2022		5
INR	75,871		USD	1,012	BNP Paribas **		1/24/2022		4
INR	19,164		USD	256	BNP Paribas **		1/24/2022		1
INR	97,138		USD	1,286	Citibank, NA **		1/24/2022		15
MXN	10,760		USD	519	BNP Paribas		1/24/2022		5
MXN	3,909		USD	187	Citibank, NA		1/24/2022		4
MXN	10,925		USD	518	Goldman Sachs International		1/24/2022		14
MXN	4,973		USD	238	Merrill Lynch International		1/24/2022		4
PLN	6,406		EUR	1,375	BNP Paribas		1/24/2022		22
PLN	1,901		USD	465	BNP Paribas		1/24/2022		6
PLN	1,123		USD	269	Citibank, NA		1/24/2022		9
PLN	6,875		USD	1,690	Goldman Sachs International		1/24/2022		15
SEK	7,012		EUR	678	Barclays Bank plc		1/24/2022		4
SEK	6,913		EUR	671	Citibank, NA		1/24/2022		1
SEK	13,906		EUR	1,349	Goldman Sachs International		1/24/2022		3
SEK	2,352		USD	258	TD Bank Financial Group		1/24/2022		2
THB	8,758		USD	258	BNP Paribas		1/24/2022		4
THB	17,256		USD	515	Goldman Sachs International		1/24/2022		2
USD	3,608		AUD	4,943	BNP Paribas		1/24/2022		11
USD	856		BRL	4,776	Citibank, NA **		1/24/2022		3
USD	542		BRL	3,028	Goldman Sachs International **		1/24/2022		1
USD	801		CLP	643,477	Barclays Bank plc **		1/24/2022		47
USD	262		CLP	208,844	BNP Paribas **		1/24/2022		17
USD	524		CLP	433,004	Goldman Sachs International **		1/24/2022		17
USD	261		COP	1,021,663	Barclays Bank plc **		1/24/2022		10
USD	776		COP	3,045,420	BNP Paribas **		1/24/2022		29
USD	244		COP	954,200	BNP Paribas **		1/24/2022		10
USD	257		COP	1,004,301	Citibank, NA **		1/24/2022		11
USD	743		COP	2,944,343	Goldman Sachs International **		1/24/2022		21
USD	7,790		EUR	6,794	Citibank, NA		1/24/2022		52
USD	207		HUF	66,854	HSBC Bank, NA		1/24/2022		2
USD	590		JPY	66,835	Barclays Bank plc		1/24/2022		9
USD	259		KRW	306,457	BNP Paribas **		1/24/2022		1
USD	530		KRW	626,207	Citibank, NA **		1/24/2022		3
USD	521		KRW	615,156	Goldman Sachs International **		1/24/2022		4
USD	255		PHP	12,924	BNP Paribas **		1/24/2022		4
USD	2,121		PHP	106,100	BNP Paribas **		1/24/2022		57
USD	258		RUB	19,180	Barclays Bank plc **		1/24/2022		4
USD	762		RUB	56,757	BNP Paribas **		1/24/2022		8
USD	184		RUB	13,674	Citibank, NA **		1/24/2022		3
USD	262		RUB	19,179	Citigroup Global Markets Holdings, Inc. **		1/24/2022		7
USD	751		RUB	55,421	Goldman Sachs International **		1/24/2022		14
USD	1,534		SEK	13,391	Citibank, NA		1/24/2022		52
USD	229		THB	7,488	BNP Paribas		1/24/2022		5
USD	1,589		THB	52,197	Goldman Sachs International		1/24/2022		26
USD	526		THB	17,226	HSBC Bank, NA		1/24/2022		10
USD	495		TRY	5,414	BNP Paribas		1/24/2022		92
USD	263		TRY	2,841	HSBC Bank, NA		1/24/2022		52
USD	259		TWD	7,178	BNP Paribas **		1/24/2022		—	(a)
USD	2,206		ZAR	34,792	Barclays Bank plc		1/24/2022		29
USD	524		ZAR	8,062	BNP Paribas		1/24/2022		19

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN FUNDS DECEMBER 31, 2021

CURRENCY PURCHASED		CURRENCY SOLD			COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
USD	209		ZAR	3,339	Citibank, NA		1/24/2022		—	(a)
ZAR	12,254		USD	765	Barclays Bank plc		1/24/2022		2
ZAR	12,200		USD	760	HSBC Bank, NA		1/24/2022		3
CAD	330		NZD	379	Citibank, NA		1/25/2022		2
NZD	126		EUR	75	BNP Paribas		1/25/2022		—	(a)
NZD	291		JPY	22,354	Barclays Bank plc		1/25/2022		5
USD	499		NZD	714	Goldman Sachs International		1/25/2022		10
USD	251		NZD	367	State Street Corp.		1/25/2022		—	(a)
CAD	39		USD	30	BNP Paribas		1/31/2022		—	(a)
CAD	259		USD	202	State Street Corp.		1/31/2022		3
CHF	1,931		USD	2,102	BNP Paribas		1/31/2022		19
CHF	109		USD	119	Standard Chartered Bank		1/31/2022		1
CHF	172		USD	186	State Street Corp.		1/31/2022		2
EUR	58		USD	66	Merrill Lynch International		1/31/2022		1
GBP	128		USD	170	BNP Paribas		1/31/2022		3
GBP	10		USD	13	Goldman Sachs International		1/31/2022		—	(a)
GBP	470		USD	625	Merrill Lynch International		1/31/2022		11
SEK	2,699		USD	296	BNP Paribas		1/31/2022		3
SEK	735		USD	81	Merrill Lynch International		1/31/2022		1
SGD	27		USD	20	State Street Corp.		1/31/2022		—	(a)
USD	1,906		DKK	12,187	BNP Paribas		1/31/2022		39
USD	7,071		EUR	6,075	BNP Paribas		1/31/2022		150
USD	14		EUR	12	State Street Corp.		1/31/2022		—	(a)
USD	227		JPY	25,807	State Street Corp.		1/31/2022		3
USD	989		SEK	8,512	Citibank, NA		1/31/2022		47
Total unrealized appreciation									1,909
AUD	319		GBP	172	Barclays Bank plc		1/24/2022		(1	)
AUD	638		USD	466	Goldman Sachs International		1/24/2022		(1	)
BRL	6,915		USD	1,260	Goldman Sachs International **		1/24/2022		(25	)
CAD	9,772		USD	7,759	Citibank, NA		1/24/2022		(34	)
CAD	218		USD	175	Merrill Lynch International		1/24/2022		(1	)
CLP	641,796		USD	779	Barclays Bank plc **		1/24/2022		(28	)
CLP	210,839		USD	261	Barclays Bank plc **		1/24/2022		(14	)
CLP	641,165		USD	770	BNP Paribas **		1/24/2022		(19	)
CLP	636,000		USD	775	Citibank, NA **		1/24/2022		(31	)
CLP	855,478		USD	1,067	Goldman Sachs International **		1/24/2022		(66	)
COP	3,034,809		USD	755	Barclays Bank plc **		1/24/2022		(10	)
COP	3,074,052		USD	776	BNP Paribas **		1/24/2022		(22	)
COP	841,617		USD	215	Goldman Sachs International **		1/24/2022		(9	)
EUR	1,382		CAD	2,001	Citibank, NA		1/24/2022		(8	)
EUR	2,052		CAD	2,974	Goldman Sachs International		1/24/2022		(13	)
EUR	431		CHF	449	Goldman Sachs International		1/24/2022		(2	)
EUR	683		CZK	17,322	Barclays Bank plc		1/24/2022		(13	)
EUR	86		CZK	2,188	BNP Paribas		1/24/2022		(2	)
EUR	1,394		CZK	35,755	Citibank, NA		1/24/2022		(47	)
EUR	463		CZK	11,783	HSBC Bank, NA		1/24/2022		(10	)
EUR	227		GBP	192	BNP Paribas		1/24/2022		(2	)
EUR	2,052		GBP	1,757	Citibank, NA		1/24/2022		(41	)
EUR	228		ILS	816	BNP Paribas		1/24/2022		(3	)
EUR	461		PLN	2,173	BNP Paribas		1/24/2022		(13	)
EUR	463		PLN	2,177	Citibank, NA		1/24/2022		(12	)
EUR	3,419		USD	3,948	Goldman Sachs International		1/24/2022		(53	)
EUR	679		ZAR	12,513	Citibank, NA		1/24/2022		(10	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN FUNDS 29

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

CURRENCY PURCHASED		CURRENCY SOLD			COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
HUF	84,643		EUR	230	BNP Paribas		1/24/2022		(1	)
HUF	84,491		EUR	230	Goldman Sachs International		1/24/2022		(2	)
HUF	82,056		USD	253	BNP Paribas		1/24/2022		—	(a)
HUF	405,036		USD	1,258	Citibank, NA		1/24/2022		(13	)
ILS	807		EUR	228	Goldman Sachs International		1/24/2022		—	(a)
ILS	2,508		USD	817	BNP Paribas		1/24/2022		(10	)
JPY	178,129		AUD	2,179	Citibank, NA		1/24/2022		(37	)
JPY	263,855		AUD	3,264	HSBC Bank, NA		1/24/2022		(81	)
JPY	29,562		CHF	235	HSBC Bank, NA		1/24/2022		(2	)
JPY	9,918		EUR	77	Barclays Bank plc		1/24/2022		(1	)
JPY	264,764		EUR	2,065	Citibank, NA		1/24/2022		(50	)
JPY	176,435		EUR	1,373	Goldman Sachs International		1/24/2022		(30	)
JPY	172,178		USD	1,513	Goldman Sachs International		1/24/2022		(16	)
JPY	58,658		USD	515	HSBC Bank, NA		1/24/2022		(5	)
KRW	335,535		USD	282	BNP Paribas **		1/24/2022		—	(a)
KRW	2,479,595		USD	2,100	BNP Paribas **		1/24/2022		(16	)
KRW	579,074		USD	490	Citibank, NA **		1/24/2022		(3	)
PHP	52,965		USD	1,038	BNP Paribas **		1/24/2022		(8	)
PHP	26,292		USD	526	Goldman Sachs International **		1/24/2022		(14	)
RUB	76,436		USD	1,026	BNP Paribas **		1/24/2022		(10	)
RUB	18,651		USD	252	Citigroup Global Markets Holdings, Inc. **		1/24/2022		(4	)
RUB	146,659		USD	2,005	Goldman Sachs International **		1/24/2022		(56	)
SEK	6,837		CHF	721	BNP Paribas		1/24/2022		(35	)
SEK	6,850		CHF	723	Citibank, NA		1/24/2022		(36	)
SEK	6,864		CHF	724	Goldman Sachs International		1/24/2022		(35	)
SEK	11,301		EUR	1,118	Barclays Bank plc		1/24/2022		(22	)
SEK	3,223		EUR	318	BNP Paribas		1/24/2022		(5	)
SEK	13,822		EUR	1,379	Goldman Sachs International		1/24/2022		(41	)
SEK	776		GBP	64	Barclays Bank plc		1/24/2022		(1	)
SEK	2,624		GBP	219	BNP Paribas		1/24/2022		(6	)
SEK	14,012		GBP	1,161	Citibank, NA		1/24/2022		(21	)
SEK	1,925		USD	221	BNP Paribas		1/24/2022		(7	)
THB	7,536		USD	231	Barclays Bank plc		1/24/2022		(5	)
THB	17,360		USD	521	BNP Paribas		1/24/2022		(2	)
THB	8,340		USD	250	Citibank, NA		1/24/2022		—	(a)
THB	26,339		USD	789	Goldman Sachs International		1/24/2022		(1	)
TRY	2,705		USD	264	Barclays Bank plc		1/24/2022		(63	)
TRY	5,665		USD	526	HSBC Bank, NA		1/24/2022		(105	)
TWD	7,178		USD	259	BNP Paribas **		1/24/2022		—	(a)
USD	388		AUD	545	Barclays Bank plc		1/24/2022		(9	)
USD	3,850		AUD	5,424	Goldman Sachs International		1/24/2022		(97	)
USD	388		AUD	545	Merrill Lynch International		1/24/2022		(9	)
USD	491		BRL	2,795	BNP Paribas **		1/24/2022		(8	)
USD	98		BRL	552	Goldman Sachs International **		1/24/2022		(1	)
USD	87		CAD	110	Goldman Sachs International		1/24/2022		—	(a)
USD	78		CAD	101	Standard Chartered Bank		1/24/2022		(2	)
USD	754		CHF	693	BNP Paribas		1/24/2022		(7	)
USD	4,239		CHF	3,893	Goldman Sachs International		1/24/2022		(36	)
USD	739		CLP	644,911	Citibank, NA **		1/24/2022		(16	)
USD	582		CZK	13,046	BNP Paribas		1/24/2022		(14	)
USD	253		CZK	5,763	Citibank, NA		1/24/2022		(10	)
USD	164		EUR	145	Barclays Bank plc		1/24/2022		(1	)
USD	1,964		EUR	1,727	Goldman Sachs International		1/24/2022		(3	)
USD	1,965		EUR	1,727	HSBC Bank, NA		1/24/2022		(2	)

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN FUNDS DECEMBER 31, 2021

CURRENCY PURCHASED		CURRENCY SOLD			COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
USD	1,554		GBP	1,172	Barclays Bank plc		1/24/2022		(32	)
USD	105		GBP	79	BNP Paribas		1/24/2022		(1	)
USD	3,916		GBP	2,921	HSBC Bank, NA		1/24/2022		(38	)
USD	218		GBP	162	Standard Chartered Bank		1/24/2022		(2	)
USD	250		HUF	81,962	BNP Paribas		1/24/2022		(2	)
USD	1,248		IDR	17,959,382	BNP Paribas **		1/24/2022		(14	)
USD	1,127		IDR	16,282,198	Goldman Sachs International **		1/24/2022		(17	)
USD	2,113		ILS	6,572	BNP Paribas		1/24/2022		—	(a)
USD	777		INR	58,271	BNP Paribas **		1/24/2022		(3	)
USD	256		INR	19,164	BNP Paribas **		1/24/2022		(1	)
USD	260		KRW	310,923	BNP Paribas **		1/24/2022		(1	)
USD	1,029		MXN	22,323	Barclays Bank plc		1/24/2022		(58	)
USD	1,166		MXN	24,251	BNP Paribas		1/24/2022		(14	)
USD	262		MXN	5,487	Citibank, NA		1/24/2022		(5	)
USD	266		PLN	1,085	BNP Paribas		1/24/2022		(3	)
USD	94		PLN	387	Royal Bank of Canada		1/24/2022		(2	)
USD	515		RUB	39,127	Goldman Sachs International **		1/24/2022		(5	)
USD	1,027		SEK	9,319	BNP Paribas		1/24/2022		(5	)
USD	7		TRY	115	Standard Chartered Bank		1/24/2022		(1	)
USD	261		TWD	7,227	BNP Paribas **		1/24/2022		—	(a)
ZAR	3,592		USD	230	Barclays Bank plc		1/24/2022		(6	)
ZAR	7,941		USD	513	BNP Paribas		1/24/2022		(17	)
ZAR	3,025		USD	190	Citibank, NA		1/24/2022		—	(a)
CAD	3,923		NZD	4,577	Goldman Sachs International		1/25/2022		(33	)
EUR	97		RON	483	HSBC Bank, NA		1/25/2022		—	(a)
JPY	59,714		NZD	761	BNP Paribas		1/25/2022		(2	)
JPY	92,912		NZD	1,203	Goldman Sachs International		1/25/2022		(16	)
NZD	3,416		CAD	2,970	BNP Paribas		1/25/2022		(9	)
NZD	1,126		CAD	976	Citibank, NA		1/25/2022		(1	)
NZD	360		CAD	314	Goldman Sachs International		1/25/2022		(2	)
NZD	1,838		USD	1,288	BNP Paribas		1/25/2022		(29	)
RON	4,406		USD	1,014	Goldman Sachs International		1/25/2022		(2	)
USD	241		NZD	357	BNP Paribas		1/25/2022		(3	)
USD	473		NZD	692	Goldman Sachs International		1/25/2022		(1	)
USD	257		RON	1,129	Barclays Bank plc		1/25/2022		(2	)
USD	741		RON	3,259	BNP Paribas		1/25/2022		(8	)
USD	152		RON	664	Goldman Sachs International		1/25/2022		(1	)
AUD	2,555		USD	1,918	BNP Paribas		1/31/2022		(59	)
CAD	4,237		USD	3,424	BNP Paribas		1/31/2022		(75	)
EUR	408		USD	477	BNP Paribas		1/31/2022		(13	)
EUR	659		USD	764	State Street Corp.		1/31/2022		(13	)
GBP	1,108		USD	1,527	State Street Corp.		1/31/2022		(28	)
JPY	1,220		USD	11	BNP Paribas		1/31/2022		—	(a)
JPY	871,485		USD	7,654	Goldman Sachs International		1/31/2022		(77	)
NOK	1,513		USD	181	State Street Corp.		1/31/2022		(9	)
SEK	889		USD	99	BNP Paribas		1/31/2022		—	(a)
SGD	391		USD	290	BNP Paribas		1/31/2022		—	(a)
USD	1		CHF	1	BNP Paribas		1/31/2022		—	(a)
USD	307		DKK	2,024	Merrill Lynch International		1/31/2022		(3	)
USD	37		DKK	242	Standard Chartered Bank		1/31/2022		—	(a)
USD	349		DKK	2,296	State Street Corp.		1/31/2022		(2	)
USD	881		EUR	781	Merrill Lynch International		1/31/2022		(9	)
USD	2,092		EUR	1,849	State Street Corp.		1/31/2022		(14	)
USD	17		SGD	22	Australia & New Zealand Banking Group Ltd.		1/31/2022		—	(a)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN FUNDS 31

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

CURRENCY PURCHASED		CURRENCY SOLD			COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
USD	828		SGD	1,129	BNP Paribas		1/31/2022		(9	)
USD	125		SGD	171	Citibank, NA		1/31/2022		(2	)
USD	481		SGD	650	Goldman Sachs International		1/31/2022		(2	)
USD	240		SGD	328	State Street Corp.		1/31/2022		(3	)
HKD	8,581		USD	1,104	BNP Paribas		2/4/2022		(3	)
Total unrealized depreciation									(2,106	)
Net unrealized depreciation									(197	)

Abbreviations

AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CLP	Chile Peso
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.

32 J.P. MORGAN FUNDS DECEMBER 31, 2021

THIS PAGE IS INTENTIONALLY LEFT BLANK

DECEMBER 31, 2021 J.P. MORGAN FUNDS 33

STATEMENT OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2021 (Unaudited)

(Amounts in thousands, except per share amounts)

	JPMorgan Diversified Fund
ASSETS:
Investments in non-affiliates, at value	$	788,132
Investments in affiliates, at value		190,639
Cash		5,356
Foreign currency, at value		143
Deposits at broker for futures contracts		13
Receivables:
Investment securities sold		11,357
Investment securities sold — delayed delivery securities		1,273
Fund shares sold		298
Interest from non-affiliates		823
Dividends from non-affiliates		284
Dividends from affiliates		—	(a)
Tax reclaims		559
Variation margin on futures contracts		757
Unrealized appreciation on forward foreign currency exchange contracts		1,909
Due from Broker		1,018
Total Assets		1,002,561
LIABILITIES:
Payables:
Distributions		40
Investment securities purchased		2,131
Investment securities purchased — delayed delivery securities		39,282
Fund shares redeemed		154
Unrealized depreciation on forward foreign currency exchange contracts		2,106
Accrued liabilities:
Investment advisory fees		343
Administration fees		34
Distribution fees		35
Service fees		28
Custodian and accounting fees		161
Deferred foreign capital gains tax		44
Other		63
Total Liabilities		44,421
Net Assets	$	958,140

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN FUNDS DECEMBER 31, 2021

	JPMorgan Diversified Fund
NET ASSETS:
Paid-in-Capital	$	786,011
Total distributable earnings (loss)		172,129
Total Net Assets	$	958,140
Net Assets:
Class A	$	130,447
Class C		11,165
Class I		51,709
Class L		189,864
Class R6		574,955
Total	$	958,140
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		8,018
Class C		694
Class I		3,149
Class L		11,595
Class R6		35,121
Net Asset Value (a):
Class A — Redemption price per share	$	16.27
Class C — Offering price per share (b)		16.10
Class I — Offering and redemption price per share		16.42
Class L — Offering and redemption price per share		16.37
Class R6 — Offering and redemption price per share		16.37
Class A maximum sales charge		4.50	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	17.04
Cost of investments in non-affiliates	$	601,182
Cost of investments in affiliates		192,359
Cost of foreign currency		82

(a) Per share amount 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, 2021 J.P. MORGAN FUNDS 35

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)

(Amounts in thousands)

	JPMorgan Diversified Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	1,707
Interest income from affiliates		—	(a)
Dividend income from non-affiliates		4,216
Dividend income from affiliates		1,711
Foreign taxes withheld (net)		(144	)
Total investment income		7,490
EXPENSES:
Investment advisory fees		2,357
Administration fees		368
Distribution fees:
Class A		164
Class C		44
Service fees:
Class A		164
Class C		15
Class I		72
Class L		94
Custodian and accounting fees		231
Interest expense to affiliates		2
Professional fees		65
Trustees’ and Chief Compliance Officer’s fees		14
Printing and mailing costs		16
Registration and filing fees		38
Transfer agency fees (See Note 2.J.)		31
Other		21
Total expenses		3,696
Less fees waived		(720	)
Net expenses		2,976
Net investment income (loss)		4,514
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		23,011	(b)
Investments in affiliates		1,260
Futures contracts		7,690
Foreign currency transactions		(90	)
Forward foreign currency exchange contracts		(68	)
Net realized gain (loss)		31,803
Distributions of capital gains received from investment company affiliates		2,065
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		6,979	(c)
Investments in affiliates		(3,257	)
Futures contracts		2,252
Foreign currency translations		9
Forward foreign currency exchange contracts		(276	)
Change in net unrealized appreciation/depreciation		5,707
Net realized/unrealized gains (losses)		39,575
Change in net assets resulting from operations	$	44,089

(a) Amount rounds to less than one thousand.

(b) Net of foreign capital gains tax of $(5).

(c) Net of change in foreign capital gains tax of $(11).

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN FUNDS DECEMBER 31, 2021

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Diversified Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	4,514		$	13,650
Net realized gain (loss)		31,803			162,687
Distributions of capital gains received from investment company affiliates		2,065			3,359
Change in net unrealized appreciation/depreciation		5,707			60,159
Change in net assets resulting from operations		44,089			239,855
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(20,855	)		(10,258	)
Class C		(1,761	)		(1,075	)
Class I		(8,579	)		(5,731	)
Class L		(30,336	)		(15,439	)
Class R6		(92,483	)		(48,608	)
Total distributions to shareholders		(154,014	)		(81,111	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		89,109			(98,513	)
NET ASSETS:
Change in net assets		(20,816	)		60,231
Beginning of period		978,956			918,725
End of period	$	958,140		$	978,956
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	4,276		$	10,358
Distributions reinvested		20,444			10,056
Cost of shares redeemed		(6,546	)		(16,219	)
Change in net assets resulting from Class A capital transactions		18,174			4,195
Class C
Proceeds from shares issued		508			1,757
Distributions reinvested		1,760			1,066
Cost of shares redeemed		(2,090	)		(8,648	)
Change in net assets resulting from Class C capital transactions		178			(5,825	)
Class I
Proceeds from shares issued		5,520			7,889
Distributions reinvested		7,700			5,600
Cost of shares redeemed		(17,712	)		(22,065	)
Change in net assets resulting from Class I capital transactions		(4,492	)		(8,576	)
Class L
Proceeds from shares issued		14,168			15,330
Distributions reinvested		29,211			14,842
Cost of shares redeemed		(16,989	)		(22,242	)
Change in net assets resulting from Class L capital transactions		26,390			7,930
Class R6
Proceeds from shares issued		15,151			22,418
Distributions reinvested		92,483			47,801
Cost of shares redeemed		(58,775	)		(166,456	)
Change in net assets resulting from Class R6 capital transactions		48,859			(96,237	)
Total change in net assets resulting from capital transactions	$	89,109		$	(98,513	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN FUNDS 37

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Diversified Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
SHARE TRANSACTIONS:
Class A
Issued		230			594
Reinvested		1,259			589
Redeemed		(364	)		(935	)
Change in Class A Shares		1,125			248
Class C
Issued		28			100
Reinvested		110			63
Redeemed		(113	)		(505	)
Change in Class C Shares		25			(342	)
Class I
Issued		299			448
Reinvested		469			325
Redeemed		(951	)		(1,282	)
Change in Class I Shares		(183	)		(509	)
Class L
Issued		754			870
Reinvested		1,785			864
Redeemed		(918	)		(1,254	)
Change in Class L Shares		1,621			480
Class R6
Issued		806			1,276
Reinvested		5,649			2,780
Redeemed		(3,225	)		(10,095	)
Change in Class R6 Shares		3,230			(6,039	)

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN FUNDS DECEMBER 31, 2021

THIS PAGE IS INTENTIONALLY LEFT BLANK

DECEMBER 31, 2021 J.P. MORGAN FUNDS 39

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, 2021 (Unaudited)	$	18.47	$	0.06	$	0.76		$	0.82	$	(0.19	)	$	(2.83	)	$	(3.02	)
Year Ended June 30, 2021		15.53		0.21		4.29			4.50		(0.26	)		(1.30	)		(1.56	)
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	)
Class C
Six Months Ended December 31, 2021 (Unaudited)		18.31		0.01		0.75			0.76		(0.14	)		(2.83	)		(2.97	)
Year Ended June 30, 2021		15.40		0.12		4.26			4.38		(0.17	)		(1.30	)		(1.47	)
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	)
Class I
Six Months Ended December 31, 2021 (Unaudited)		18.61		0.08		0.77			0.85		(0.21	)		(2.83	)		(3.04	)
Year Ended June 30, 2021		15.64		0.25		4.32			4.57		(0.30	)		(1.30	)		(1.60	)
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	)
Class L
Six Months Ended December 31, 2021 (Unaudited)		18.57		0.09		0.76			0.85		(0.22	)		(2.83	)		(3.05	)
Year Ended June 30, 2021		15.60		0.26		4.32			4.58		(0.31	)		(1.30	)		(1.61	)
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	)
Class R6
Six Months Ended December 31, 2021 (Unaudited)		18.57		0.09		0.76			0.85		(0.22	)		(2.83	)		(3.05	)
Year Ended June 30, 2021		15.60		0.28		4.32			4.60		(0.33	)		(1.30	)		(1.63	)
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.

40 J.P. MORGAN FUNDS DECEMBER 31, 2021

		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)
$	16.27		4.61	%	$	130,447		0.90	%		0.62	%		1.17	%		40	%
	18.47		29.94			127,332		0.89			1.20			1.18			119
	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
	16.10		4.34			11,165		1.40			0.12			1.64			40
	18.31		29.34			12,244		1.40			0.70			1.64			119
	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
	16.42		4.76			51,709		0.65			0.86			0.89			40
	18.61		30.22			62,026		0.65			1.45			0.89			119
	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
	16.37		4.74			189,864		0.59			0.93			0.74			40
	18.57		30.39			185,229		0.59			1.51			0.74			119
	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
	16.37		4.78			574,955		0.52			1.00			0.63			40
	18.57		30.48			592,125		0.52			1.58			0.64			119
	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, 2021 J.P. MORGAN FUNDS 41

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

(Dollar values in thousands)

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.

42 J.P. MORGAN FUNDS DECEMBER 31, 2021

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.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Fund’s investments are summarized into the three broad levels listed below.

• Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

• Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

• Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s assumptions in determining the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (“SOI”):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Asset-Backed Securities	$	—	$	8,062	$	152	$	8,214
Collateralized Mortgage Obligations		—		681		—		681
Commercial Mortgage-Backed Securities		—		779		—		779
Common Stocks
Aerospace & Defense		3,953		3,617		—		7,570
Air Freight & Logistics		1,887		1,746		—		3,633
Airlines		1,872		—		—		1,872
Auto Components		78		421		—		499
Automobiles		7,225		5,205		—		12,430
Banks		30,908		16,948		—		47,856
Beverages		6,144		4,562		—		10,706
Biotechnology		14,809		88		—		14,897
Building Products		6,084		69		—		6,153
Capital Markets		14,719		3,963		—		18,682
Chemicals		5,334		3,207		—		8,541
Commercial Services & Supplies		2,942		—		—		2,942
Communications Equipment		1,737		838		—		2,575
Construction & Engineering		1,502		3,246		—		4,748
Construction Materials		1,195		520		—		1,715
Consumer Finance		2,879		45		—		2,924
Containers & Packaging		2,264		312		—		2,576
Distributors		1,101		243		—		1,344
Diversified Consumer Services		808		—		—		808
Diversified Financial Services		2,986		277		—		3,263
Diversified Telecommunication Services		2,018		768		—		2,786
Electric Utilities		8,430		2,918		—		11,348
Electrical Equipment		5,611		2,599		—		8,210
Electronic Equipment, Instruments & Components		2,868		2,228		—		5,096
Energy Equipment & Services		119		19		—		138

DECEMBER 31, 2021 J.P. MORGAN FUNDS 43

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Entertainment	$	3,201	$	755	$	—		$	3,956
Equity Real Estate Investment Trusts (REITs)		14,215		429		—			14,644
Food & Staples Retailing		4,161		1,157		13			5,331
Food Products		2,246		5,198		—			7,444
Gas Utilities		368		119		—			487
Health Care Equipment & Supplies		11,509		1,840		—			13,349
Health Care Providers & Services		12,180		101		—	(a)		12,281
Health Care Technology		344		—		—			344
Hotels, Restaurants & Leisure		12,023		92		—			12,115
Household Durables		1,977		4,518		—			6,495
Household Products		4,472		121		—			4,593
Independent Power and Renewable Electricity Producers		306		106		—			412
Industrial Conglomerates		1,326		731		—			2,057
Insurance		11,804		9,626		—			21,430
Interactive Media & Services		20,473		3,631		—			24,104
Internet & Direct Marketing Retail		15,291		3,503		153			18,947
IT Services		14,330		4,263		—			18,593
Leisure Products		644		37		—			681
Life Sciences Tools & Services		4,365		1,705		—			6,070
Machinery		12,216		6,516		—			18,732
Marine		—		26		—			26
Media		5,633		226		—			5,859
Metals & Mining		1,226		5,139		—			6,365
Multiline Retail		1,368		917		—			2,285
Multi-Utilities		853		1,844		—			2,697
Oil, Gas & Consumable Fuels		10,189		4,950		—			15,139
Paper & Forest Products		77		—		—			77
Personal Products		849		1,806		—			2,655
Pharmaceuticals		12,253		9,579		—			21,832
Professional Services		2,986		3,990		—			6,976
Real Estate Management & Development		899		314		—			1,213
Road & Rail		9,087		—		—			9,087
Semiconductors & Semiconductor Equipment		29,185		5,832		—			35,017
Software		31,235		274		—			31,509
Specialty Retail		12,224		389		—			12,613
Technology Hardware, Storage & Peripherals		18,054		5,302		—			23,356
Textiles, Apparel & Luxury Goods		3,196		9,193		—			12,389
Thrifts & Mortgage Finance		—		229		—			229
Tobacco		870		—		—			870
Trading Companies & Distributors		118		2,847		—			2,965
Transportation Infrastructure		194		—		—			194
Water Utilities		49		—		—			49
Wireless Telecommunication Services		1,802		113		—			1,915
Total Common Stocks		419,271		151,257		166			570,694
Corporate Bonds		—		67,584		—			67,584
Exchange-Traded Funds		17,015		—		—			17,015
Foreign Government Securities		—		813		—			813
Investment Companies		111,236		—		—			111,236
Loan Assignments
Food & Staples Retailing		—		66		49			115
Total Loan Assignments		—		66		49			115
Mortgage-Backed Securities		—		46,161		—			46,161
U.S. Treasury Obligations		—		92,916		—			92,916

44 J.P. MORGAN FUNDS DECEMBER 31, 2021

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Warrants
Media	$	—		$	—		$	27	$	27
Oil, Gas & Consumable Fuels		51			—			—		51
Total Warrants		51			—			27		78
Short-Term Investments
Investment Companies		62,485			—			—		62,485
Total Investments in Securities	$	610,059		$	368,318		$	394	$	978,771
Appreciation in Other Financial Instruments
Forward Currency Contracts	$	—		$	1,909		$	—	$	1,909
Futures Contracts		2,423			—			—		2,423
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts		—			(2,106	)		—		(2,106	)
Futures Contracts		(1,428	)		—			—		(1,428	)
Total Net Appreciation/Depreciation in Other Financial Instruments	$	995		$	(197	)	$	—	$	798

(a) Value is zero.

The following is a summary of investments for which significant unobservable inputs (level 3) were used in determining fair value:

	Balance as of June 30, 2021		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, 2021
Investments in Securities:
Asset-Backed Securities	$	6,843	$	456		$	(544	)	$	8	$	156	$	(6,767	)	$	—	$	—		$	152
Collateralized Mortgage Obligations		1,115		59			(60	)		1		—		(1,115	)		—		—			—
Common Stocks		219		—	(a)		(53	)		—		—		—	(a)		—		—			166
Loan Assignments		49		—			(2	)		1		46		(45	)		—		—			49
Preferred Stocks		65		6			(3	)		—		—		(68	)		—		—			—
Warrants		19		—			8			—		—		—			—		—			27
Total	$	8,310	$	521		$	(654	)	$	10	$	202	$	(7,995	)	$	—	$	—	(a)	$	394

¹  Purchases include all purchases of securities and securities received in corporate actions.

²  Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

(a) Amount rounds to less than one thousand.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at December 31, 2021, which were valued using significant unobservable inputs (level 3) amounted to $(54). This amount is included in Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statement of Operations.

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.

As of December 31, 2021, 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

DECEMBER 31, 2021 J.P. MORGAN FUNDS 45

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

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 claims by their 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 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.

The Fund may be required to post or receive collateral for delayed delivery securities in the form of cash or securities under a Master Securities Forward Transaction Agreement with the counterparties (each, an “MSFTA”). The collateral requirements are generally calculated by netting the mark-to-market amount for a Fund’s transactions under the MSFTA and comparing that amount to the value of the collateral pledged by a fund and the counterparty. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by a Fund is held in a segregated account at the Fund’s custodian bank and is included on the Statement of Assets and Liabilities as Restricted cash. Collateral received by the Fund is held in a separate segregated account maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan. These amounts are not reflected on the Fund’s Statement of Assets and Liabilities.

The Fund had when-issued securities, delayed delivery securities or forward commitments outstanding as of December 31, 2021, which are shown as a Receivable for Investment securities sold — delayed delivery securities and a Payable for Investment securities purchased — delayed delivery securities, respectively, on the Statement of Assets and Liabilities. The values of these securities held at December 31, 2021 are detailed on the SOI.

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 the interest earned on cash collateral investments but is required to pay the borrower a rebate for the use of the 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.

46 J.P. MORGAN FUNDS DECEMBER 31, 2021

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

The Fund did not lend out any securities during the six months ended December 31, 2021.

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 such Underlying Funds and ETFs. Reinvestment amounts are included in the purchases at cost amounts in the table below.

For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan BetaBuilders Japan ETF(a)	$	19,400	$	—	$	2,129	$	80		$	(433	)	$	16,918		307	$	488		$	—
JPMorgan Core Bond Fund Class R6 Shares(a)		98,418		1,773		6,991		(67	)		(1,736	)		91,397		7,726		1,045			728
JPMorgan Europe Dynamic Fund Class R6 Shares(a)		39,204		—		40,457		1,253			—			—		—		—			—
JPMorgan Large Cap Value Fund Class R6 Shares(a)		19,438		1,486		—		—			(1,085	)		19,839		1,044		149			1,337
JPMorgan Prime Money Market Fund Class IM Shares, 0.07%(a)(b)		95,317		206,058		238,881		(6	)		(3	)		62,485		62,460		29			—
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05%(a)(b)		157		268		425		—			—			—		—		—	(c)		—
Total	$	271,934	$	209,585	$	288,883	$	1,260		$	(3,257	)	$	190,639			$	1,711		$	2,065

(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, 2021.

(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 period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statement of Operations.

H. Derivatives — The Fund used derivative instruments including futures contracts and forward foreign currency exchange contracts in connection with its investment strategy. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.

The Fund may be subject to various risks from the use of derivatives, including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the potential lack of a liquid market for these contracts allowing the Fund to close out its position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund’s risk of loss associated with these instruments may exceed its value, as recorded on the Statement of Assets and Liabilities.

DECEMBER 31, 2021 J.P. MORGAN FUNDS 47

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund’s ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund’s net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty’s credit rating below a specified level). Such rights for both a counterparty and the Fund often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable against collateral posted to a segregated account by one party for the benefit of the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts additional collateral for mark to market gains to the Fund.

Notes H(1) — H(2) below describe the various derivatives used by the Fund.

(1). 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 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 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 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).

(2). 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.

48 J.P. MORGAN FUNDS DECEMBER 31, 2021

(3). Summary of Derivatives Information

The following table presents the value of derivatives held as of December 31, 2021 by their primary underlying risk exposure and respective location on the Statement of Assets and Liabilities:

Equity Risk Exposure:
Unrealized Appreciation on Futures Contracts*	$	2,423
Unrealized Depreciation on Futures Contracts*		(1,076	)
Foreign Exchange Rate Risk Exposure:
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts		1,909
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts		(2,106	)
Interest Rate Risk Exposure:
Unrealized Depreciation on Futures Contracts*		(352	)
Net Fair Value of Derivative Contracts:
Unrealized Appreciation (Depreciation) on Futures Contracts*		995
Unrealized Appreciation (Depreciation) on Forward Foreign Currency Exchange Contracts		(197	)

* Includes cumulative appreciation/(depreciation) on futures contracts, if any, as reported on the SOI. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

The following table presents the effect of derivatives on the Statement of Operations for the six months ended December 31, 2021, by primary underlying risk exposure:

Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:
Equity Risk Exposure:
Futures Contracts	$	8,142
Foreign Exchange Rate Risk Exposure:
Forward Foreign Currency Exchange Contracts		(68	)
Interest Rate Risk Exposure:
Futures Contracts		(452	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Equity Risk Exposure:
Futures Contracts		1,785
Foreign Exchange Rate Risk Exposure:
Forward Foreign Currency Exchange Contracts		(276	)
Interest Rate Risk Exposure:
Futures Contracts		467

Derivatives Volume

The table below discloses the volume of the Fund’s futures contracts and forward foreign currency exchange contracts and swaps activity during the six months ended December 31, 2021. Please refer to the table in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity:

Futures Contracts:
Average Notional Balance Long	$	114,307
Average Notional Balance Short		112,972
Ending Notional Balance Long		119,033
Ending Notional Balance Short		103,966
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased		101,139
Average Settlement Value Sold		53,526
Ending Settlement Value Purchased		171,605
Ending Settlement Value Sold		81,868

The Fund’s derivatives contracts held at December 31, 2021 are not accounted for as hedging instruments under GAAP.

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 is determined on the basis of coupon

DECEMBER 31, 2021 J.P. MORGAN FUNDS 49

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

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.

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.

J. 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, 2021 are as follows:

	Class A		Class C			Class I		Class L		Class R6		Total
Transfer agency fees	$	25	$	—	(a)	$	3	$	1	$	2	$	31

(a) Amount rounds to less than one thousand.

The Fund invested in Underlying Funds and ETFs and, as a result, bears a portion of the expenses incurred by these Underlying Funds and ETFs. 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.

K. 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, 2021, 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.

L. 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.

M. 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.

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, 2021, the effective annualized rate was 0.075% 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.

50 J.P. MORGAN FUNDS DECEMBER 31, 2021

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, 2021, JPMDS retained the following:

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, 2021 and the contractual expense limitation percentages in the table above are in place until at least October 31, 2022.

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, 2021, the Fund’s service providers waived fees and/or reimbursed expenses for the Fund as follows. 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
$	302	$	202	$	177	$	681

DECEMBER 31, 2021 J.P. MORGAN FUNDS 51

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

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, 2021 was $39.

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, 2021, 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, 2021, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Purchases of U.S. Government		Sales of U.S. Government
$	322,535	$	380,032	$	42,290	$	35,164

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, 2021 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	793,541	$	199,317	$	13,289	$	186,028

At June 30, 2021, the Fund did not have any net capital loss carryforwards.

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, 2021.

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 October 31, 2022.

The Fund had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended December 31, 2021.

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

52 J.P. MORGAN FUNDS DECEMBER 31, 2021

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 1.25%, which has decreased to 1.00% pursuant to the amendment referenced below (the “Applicable Margin”), plus the greater of the federal funds effective rate or one month London Interbank Offered Rate (“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 10, 2021, the Credit Facility has been amended and restated for a term of 364 days, unless extended, and to include a reduction of the Applicable Margin charged for borrowing under the Credit Facility from 1.25% to 1.00%.

The Fund did not utilize the Credit Facility during the six months ended December 31, 2021.

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, 2021, the Fund had one individual shareholder and/or affiliated omnibus account and one individual shareholder and/or non-affiliated omnibus account, which owned 17.7% and 30.4% 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 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 foreign countries or regions, which may vary throughout the period. 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.

As of December 31, 2021, a significant portion of the investments of the Fund consisted of securities that were denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such 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.

The Fund is also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with the Fund.

Because of the Fund’s investments in the 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.

DECEMBER 31, 2021 J.P. MORGAN FUNDS 53

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

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. On March 5, 2021, the U.K. Financial Conduct Authority (“FCA”) publicly announced that (i) immediately after December 31, 2021, publication of the 1-week and 2-month U.S. Dollar LIBOR settings will permanently cease; (ii) immediately after June 30, 2023, publication of the overnight and 12-month U.S. Dollar LIBOR settings will permanently cease; and (iii) immediately after June 30, 2023, the 1-month, 3-month and 6-month U.S. Dollar LIBOR settings will cease to be provided or, subject to the FCA’s consideration of the case, be provided on a synthetic basis and no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness will not be restored. There is no assurance that the dates announced by the FCA will not change or that the administrator of LIBOR and/or regulators will not take further action that could impact the availability, composition or characteristics of LIBOR or the currencies and/or tenors for which LIBOR is published. Public and private sector industry initiatives are currently underway to implement new or alternative reference rates to be used in place of LIBOR. There is no assurance that 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 of the Fund’s loans, notes, derivatives and other instruments or investments comprising some or all of the Fund’s investments 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.

54 J.P. MORGAN FUNDS DECEMBER 31, 2021

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, 2021, and continued to hold your shares at the end of the reporting period, December 31, 2021.

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, 2021		Ending Account Value December 31, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Diversified Fund
Class A
Actual	$	1,000.00	$	1,046.10	$	4.64		0.90	%
Hypothetical		1,000.00		1,020.67		4.58		0.90
Class C
Actual		1,000.00		1,043.40		7.21		1.40
Hypothetical		1,000.00		1,018.15		7.12		1.40
Class I
Actual		1,000.00		1,047.60		3.35		0.65
Hypothetical		1,000.00		1,021.93		3.31		0.65
Class L
Actual		1,000.00		1,047.40		3.04		0.59
Hypothetical		1,000.00		1,022.23		3.01		0.59
Class R6
Actual		1,000.00		1,047.80		2.68		0.52
Hypothetical		1,000.00		1,022.58		2.65		0.52

* 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, 2021 J.P. MORGAN FUNDS 55

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 2021 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, 2021.

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 investment 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 quantitative and statistical analyses of certain Funds and/or Underlying Funds, including risk and performance return assessment as compared to the Fund’s and/or Underlying Funds’ objectives, benchmarks, 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 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 processes. The Trustees also considered the quality of the admin-

56 J.P. MORGAN FUNDS DECEMBER 31, 2021

istration 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, as well as the Adviser’s use of affiliates to provide other services and the benefits to such affiliates of doing so.

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

DECEMBER 31, 2021 J.P. MORGAN FUNDS 57

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Fund and its shareholders. 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 fee structure and 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 for certain Funds by the Trustees’ independent consultant. The special analysis includes a multi-factor quantitative scoring system for summarizing a Fund’s historical investment performance. The approach relies on multiple metrics, incorporates several time periods, adjusts for risk and considers how a fund’s customized peer group (as selected by the independent consultant) has performed. 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 first, fourth and third quintiles based upon the Peer Group, and in the first, third and second quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2020, 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 first, second and second quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class R6 shares was in the first and second quintiles based upon both the Peer Group and Universe, for the one- and three-year periods ended December 31, 2020, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate and administration fee rate paid by the Fund to the Adviser and compared the combined rate to the information prepared by Broadridge 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

58 J.P. MORGAN FUNDS DECEMBER 31, 2021

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 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 both 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, 2021 J.P. MORGAN FUNDS 59

SPECIAL SHAREHOLDER MEETING RESULTS

(Unaudited)

JPMorgan Trust I (the “Trust”) held a special meeting of shareholders on October 27, 2021, for the purpose of considering and voting upon the election of Trustees, which meeting was adjourned to November 23, 2021 to allow shareholders to vote on the proposal.

When the special meeting reconvened on November 23, 2021, Trustees were elected by the shareholders of all of the series of the Trust, including the Fund.

The results of the voting were as follows:

	Votes Received (Amounts in thousands)
Independent Nominee
John F. Finn
In Favor		218,161,076
Withheld		3,798,560
Steven P. Fisher
In Favor		219,683,469
Withheld		2,276,167
Gary L. French
In Favor		219,573,994
Withheld		2,385,642
Kathleen M. Gallagher
In Favor		219,614,901
Withheld		2,344,735
Robert J. Grassi
In Favor		219,652,125
Withheld		2,307,510
Frankie D. Hughes
In Favor		219,173,958
Withheld		2,785,677
Raymond Kanner
In Favor		219,638,172
Withheld		2,321,463
Thomas P. Lemke
In Favor		219,600,003
Withheld		2,359,633

	Votes Received (Amounts in thousands)
Lawrence R. Maffia
In Favor		219,558,283
Withheld		2,401,353
Mary E. Martinez
In Favor		219,188,002
Withheld		2,771,634
Marilyn McCoy
In Favor		218,775,511
Withheld		3,184,125
Dr. Robert A. Oden, Jr.
In Favor		218,109,306
Withheld		3,850,330
Marian U. Pardo
In Favor		219,504,107
Withheld		2,445,528
Emily A. Youssouf
In Favor		219,549,573
Withheld		2,410,062
Interested Nominee
Robert F. Deutsch
In Favor		219,143,836
Withheld		2,815,799
Nina O. Shenker
In Favor		219,183,139
Withheld		2,776,497

60 J.P. MORGAN FUNDS DECEMBER 31, 2021

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., 2021.  All rights reserved. December 2021. SAN-DIV-1221

Semi-Annual Report

J.P. Morgan Large Cap Funds

December 31, 2021 (Unaudited)

JPMorgan Equity Focus Fund

JPMorgan Equity Income Fund

JPMorgan Equity Premium Income Fund

JPMorgan Hedged Equity Fund

JPMorgan Hedged Equity 2 Fund

JPMorgan Hedged Equity 3 Fund

JPMorgan Large Cap Growth Fund

JPMorgan Large Cap Value Fund

JPMorgan U.S. Applied Data Science Value Fund

(formerly known as JPMorgan Intrepid Value Fund)

JPMorgan U.S. Equity Fund

JPMorgan U.S. GARP Equity Fund

JPMorgan U.S. Large Cap Core Plus Fund

JPMorgan U.S. Research Enhanced Equity Fund

JPMorgan U.S. Sustainable Leaders Fund

JPMorgan U.S. Value 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 Hedged Equity 2 Fund	12
JPMorgan Hedged Equity 3 Fund	14
JPMorgan Large Cap Growth Fund	16
JPMorgan Large Cap Value Fund	18
JPMorgan U.S. Applied Data Science Value Fund (formerly known as JPMorgan Intrepid Value Fund)	20
JPMorgan U.S. Equity Fund	22
JPMorgan U.S. GARP Equity Fund	24
JPMorgan U.S. Large Cap Core Plus Fund	26
JPMorgan U.S. Research Enhanced Equity Fund	29
JPMorgan U.S. Sustainable Leaders Fund	31
JPMorgan U.S. Value Fund	33
Schedules of Portfolio Investments	35
Financial Statements	82
Financial Highlights	120
Notes to Financial Statements	150
Schedule of Shareholder Expenses	172
Board Approval of Investment Advisory Agreements	178
Special Shareholder Meeting Results	185

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.

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 8, 2022 (UNAUDITED)

Dear Shareholders,

U.S. equities led the year-long rally in developed market stocks as the global economic rebound advanced through 2021. While financial market volatility, a resurgence in the pandemic and accelerating inflation have carried into 2022, we believe that the outlook for the overall U.S. economy remains positive.

  “Throughout the year ahead, J.P. Morgan Asset Management plans to seek to deliver superior client outcomes across a broad range of innovative solutions and risk management processes built on the same fundamental practices and principles that have driven our success for more than a century.” — Andrea L. Lisher

A surge in U.S. consumer wealth — partly tied to rising values for homes and autos — and quarterly growth in corporate earnings have helped to bolster U.S. financial markets that were already well-supported by monetary and fiscal policies. Over the course of the past year, the U.S. jobless rate fell to pre-pandemic levels and reached 3.9% in December. At the same time, inflation has climbed significantly. The U.S. Federal Reserve (the “Fed”) has tapered its monthly asset purchasing program and indicated that it’s likely to raise interest rates as early as March 2022.

While rising interest rates may mark another phase of the economic cycle that presents financial markets with new challenges and opportunities, they may also signal a return to a

more normal economic environment following two years of historically low rates. Meanwhile, the path of the pandemic remains a factor in the U.S. economy. Recent data suggest the increase in new infections in late 2021 and into 2022 had some impact on the U.S. economy — though job growth remained strong — but there is hope that the latest pandemic wave may recede in coming months. Additionally, there is hope that rising prices on commodities and goods will moderate as supply chain constraints ease over time and the Fed moves generally to tamp down inflationary pressures. We expect the U.S. economy to continue expanding in 2022, even if the pace of the expansion eases from 2021.

Throughout the year ahead, J.P. Morgan Asset Management plans to seek to deliver superior client outcomes across a broad range of innovative solutions and risk management processes built on the same fundamental practices and principles that have driven our success for more than a century.

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, 2021 J.P. MORGAN LARGE CAP FUNDS 1

J.P. Morgan Large Cap Funds

MARKET OVERVIEW

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)

Overall, U.S. equity markets generated post positive returns in the second half of 2021 with continued monetary and fiscal support as well as strong consumer spending and record corporate profits. Despite historically high equity valuations in the U.S., the S&P 500 Index posted at least one record-high closing in each month during the period. Notably, the emergence of the omicron variant of COVID-19 in the final months of 2021 led to higher volatility in financial markets and weighed on global petroleum prices.

The first months of the period saw strong upward momentum in U.S. equity prices after second quarter 2021 results showed record-high earnings and revenue from U.S. companies. However, equity markets ended the month of September lower amid investor concerns about global supply chain disruptions, inflationary pressure and the ongoing pandemic. Additionally, the U.S. Federal Reserve set an initial schedule for tapering off its monthly bond purchases and indicated it may raise interest rates in late 2022 or early 2023.

In October, oil prices began to rise and equity markets resumed their broad upward trajectory only to stall again in November and then ended December with higher returns. While a resurgence in pandemic infections raised investor concerns about the reimposition of some social restrictions and their potential impact on specific industries and individual companies, the economic backdrop remained positive overall with a strong labor market, surging corporate profits and a boom in U.S. consumer wealth.

Overall, the real estate and information technology sectors provided the largest returns during the six month period, while communication services and industrials sectors provided the smallest returns but were still positive for the period. Within large cap equity, growth stocks outperformed value stocks. For the six months ended December 31, 2021, the S&P 500 Index returned 11.67%; the Russell 1000 Index returned 10.01%, the Russell 1000 Growth Index returned 12.93% and the Russell 1000 Value Index returned 6.93%.

2 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

JPMorgan Equity Focus Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	8.77%
S&P 500 Index	11.67%
Net Assets as of 12/31/2021 (In Thousands)	$144,338

INVESTMENT OBJECTIVE**

The JPMorgan Equity Focus Fund (the “Fund”) seeks long term capital appreciation.

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

The Fund’s Class I Shares underperformed the S&P 500 Index (the “Benchmark”) for the six months ended December 31, 2021.

The Fund’s security selection in the consumer discretionary and information technology sectors was the leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the health care and real estate sectors was the leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Gap Inc. and Global Payments Inc. and its underweight position in Tesla Inc. Shares of Gap, a retailer of brand name apparel, fell after the company reported lower-than-expected earnings and revenue for the third quarter amid supply chain bottlenecks. Shares of Global Payments, a digital payments platform provider, fell amid a general pullback in financial technology subsector stocks and the company’s lower-than-expected forecast for full year 2021 results. Shares of Tesla, a producer of electric vehicles and battery systems, rose after the company reported better-than-expected production and deliveries during the period.

Leading individual contributors to relative performance included the Fund’s overweight positions in AutoZone Inc., Advanced Micro Devices Inc. and DexCom Inc. Shares of AutoZone, an automotive parts retailer, rose amid consecutive quarters of better-than-expected earnings and revenue, as well as large share repurchase programs during the period. Shares of Advanced Micro Devices, a semiconductor manufacturer, rose after the company reported better-than-expected earnings and sales for the third quarter of 2021 and issued a better-than-expected forecast for the fourth quarter of 2021. Shares of DexCom, a manufacturer of diabetes monitoring devices, rose after the company reported better-than-expected earnings and revenue for both the second and third quarters of 2021, as well as a better-than-expected forecast for full-year 2021 results.

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 utilities and consumer staples sectors.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Apple, Inc.		6.3	%
	2.	Microsoft Corp.		6.0
	3.	Alphabet, Inc., Class C		4.8
	4.	Amazon.com, Inc.		3.6
	5.	Weyerhaeuser Co.		3.3
	6.	Loews Corp.		3.3
	7.	Berkshire Hathaway, Inc., Class B		3.1
	8.	Bank of America Corp.		3.1
	9.	UnitedHealth Group, Inc.		3.0
	10.	AutoZone, Inc.		2.9

PORTFOLIO COMPOSITION BY SECTOR AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Information Technology		25.4	%
Financials		14.4
Health Care		12.8
Consumer Discretionary		12.2
Communication Services		8.1
Industrials		6.8
Real Estate		4.9
Materials		4.1
Energy		3.8
Consumer Staples		2.7
Utilities		2.0
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.

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 3

JPMorgan Equity Focus Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	July 29, 2011
With Sales Charge**			2.91	%		18.97	%		17.43	%		16.13	%
Without Sales Charge			8.61			25.57			18.70			16.76
CLASS C SHARES	July 29, 2011
With CDSC***			7.34			23.97			18.12			16.28
Without CDSC			8.34			24.97			18.12			16.28
CLASS I SHARES	July 29, 2011		8.77			25.90			19.00			17.05
CLASS R6 SHARES	October 1, 2018		8.91			26.24			19.20			17.15

* 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 (12/31/11 TO 12/31/21)

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 Equity Focus Fund and the S&P 500 Index from December 31, 2011 to December 31, 2021. 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, 2021

JPMorgan Equity Income Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	7.63%
Russell 1000 Value Index	6.93%
Net Assets as of 12/31/2021 (In Thousands)	$51,111,026

INVESTMENT OBJECTIVE**

The JPMorgan Equity Income Fund (the “Fund”) seeks capital appreciation and current income.

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

The Fund’s Class I Shares outperformed the Russell 1000 Value Index (the “Benchmark”) for the six months ended December 31, 2021.

The Fund’s security selection in the industrials sector and its underweight position in the communication services sector were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the health care sector and its underweight position in the real estate sector were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s out-of-Benchmark positions in Home Depot Inc. and Microsoft Corp., and its overweight position in Dover Corp. Shares of Home Depot, a home improvement retail chain, rose after the company reported strong sales growth and better-than-expected earnings and revenue for the third quarter of 2021. Shares of Microsoft, a software and technology services provider, rose amid investor demand for large technology companies during the period. Shares of Dover, a maker of industrial equipment and sensors, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2021 and raised its forecast for full year 2021 results.

Leading individual detractors from relative performance included the Fund’s overweight positions in Gap Inc., Medtronic PLC and Bristol-Myers Squibb Co. Shares of Gap, a retailer of brand name apparel, fell after the company reported lower-than-expected earnings and revenue for the third quarter amid supply chain bottlenecks. Shares of Medtronic, a medical technology manufacturer, fell after the company reported lower-than-expected revenue for its fiscal second quarter of 2021 and disclosed it had received a warning letter from the U.S. Food and Drug Administration following the company’s recall of insulin infusion pumps. Shares of Bristol-Myers Squibb, a pharmaceutical manufacturer, fell amid investor expectations the company would seek to acquire Aurinia Pharmaceuticals Inc.

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 AS OF DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	UnitedHealth Group, Inc.		3.0	%
	2.	ConocoPhillips		2.5
	3.	Bank of America Corp.		2.4
	4.	BlackRock, Inc.		2.3
	5.	Comcast Corp., Class A		2.1
	6.	PNC Financial Services Group, Inc. (The)		2.1
	7.	Bristol-Myers Squibb Co.		2.0
	8.	CME Group, Inc.		2.0
	9.	Raytheon Technologies Corp.		2.0
	10.	Analog Devices, Inc.		1.9

PORTFOLIO COMPOSITION BY SECTOR AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Financials		22.8	%
Health Care		16.6
Industrials		14.6
Information Technology		9.1
Consumer Staples		8.8
Consumer Discretionary		7.5
Energy		5.7
Utilities		4.0
Materials		3.2
Communication Services		2.9
Real Estate		2.8
Short-Term Investments		2.0

* 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.

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 5

JPMorgan Equity Income Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 18, 1992
With Sales Charge**			1.85	%		18.29	%		11.44	%		12.46	%
Without Sales Charge			7.50			24.82			12.65			13.07
CLASS C SHARES	November 4, 1997
With CDSC***			6.21			23.24			12.10			12.62
Without CDSC			7.21			24.24			12.10			12.62
CLASS I SHARES	July 2, 1987		7.63			25.13			12.96			13.36
CLASS R2 SHARES	February 28, 2011		7.35			24.52			12.37			12.78
CLASS R3 SHARES	September 9, 2016		7.50			24.84			12.67			13.07
CLASS R4 SHARES	September 9, 2016		7.63			25.14			12.95			13.36
CLASS R5 SHARES	February 28, 2011		7.70			25.29			13.13			13.56
CLASS R6 SHARES	January 31, 2012		7.76			25.44			13.23			13.64

* 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 (12/31/11 TO 12/31/21)

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 dates 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 had similar expenses to 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, 2011 to December 31, 2021. 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, 2021

JPMorgan Equity Premium Income Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	8.74%
S&P 500 Index	11.67%
ICE BofAML 3-Month U.S. Treasury Bill Index	0.02%
Net Assets as of 12/31/2021 (In Thousands)	$2,141,945

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, 2021.

The Fund’s underweight position in the information technology sector and its security selection in the consumer discretionary sector were leading detractors from performance relative to the Benchmark, while the Fund’s security selection in the industrials and financials sectors was a leading contributor to relative performance.

Leading individual detractors from performance relative to the Benchmark included the Fund’s underweight positions in Tesla Inc., Apple Inc. and Nvidia Corp. Shares of Tesla, a producer of electric vehicles and battery systems that was not held in the Fund, rose after the company reported better-than-expected production and deliveries during the period. Shares of Apple, a provider of computers, mobile devices and related services, rose amid consecutive quarters of record earnings and strong demand for mobile phones. Shares of Nvidia, a semiconductor maker not held in the Fund, rose after the company reported

better-than-expected earnings and revenue for the third quarter of 2021 amid growth in sales to the data center and gaming industries.

Leading individual contributors to relative performance included the Fund’s overweight position in Old Dominion Freight Line Inc. and its underweight positions in PayPal Holdings Inc. and Amazon.com Inc. Shares of Old Dominion Freight Inc., a trucking and transport provider, rose after the company reported better-than-expected earnings and revenue for the third quarter amid a surge in demand for its services. Shares of PayPal Holdings, a digital payments platform provider not held in the Fund, fell after the company issued a lower-than-expected earnings forecast for the third quarter of 2021 and amid general weakness in financial technology stocks. Shares of Amazon.com, an online retailer and services provider, fell after the company reported lower-than-expected earnings and revenue for the third quarter of 2021 and issued a lower-than-expected forecast for the fourth quarter of 2021.

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, 2021 J.P. MORGAN LARGE CAP FUNDS 7

JPMorgan Equity Premium Income Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	UBS AG, ELN, 40.24%, 2/7/2022, (linked to S&P 500 Index) (Switzerland)		2.1	%
	2.	Credit Suisse AG, ELN, 42.00%, 2/4/2022, (linked to S&P 500 Index) (Switzerland)		1.9
	3.	Barclays Bank plc, ELN, 48.30%, 1/14/2022, (linked to S&P 500 Index) (United Kingdom)		1.8
	4.	Bank of Montreal, ELN, 47.00%, 1/18/2022, (linked to S&P 500 Index) (Canada)		1.7
	5.	Accenture plc, Class A		1.7
	6.	Old Dominion Freight Line, Inc.		1.6
	7.	Microsoft Corp.		1.6
	8.	GS Finance Corp., ELN, 50.02%, 1/31/2022, (linked to S&P 500 Index)		1.6
	9.	DTE Energy Co.		1.6
	10.	Alphabet, Inc., Class A		1.6

PORTFOLIO COMPOSITION BY SECTOR AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Health Care		12.1	%
Information Technology		11.9
Industrials		11.8
Consumer Staples		10.8
Financials		8.8
Consumer Discretionary		7.6
Utilities		7.2
Communication Services		6.0
Materials		3.4
Real Estate		3.1
Energy		0.7
Other***		16.3
Short-Term Investments		0.3

* 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.

*** 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, 2021

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			SINCE INCEPTION
CLASS A SHARES		August 31, 2018
With Sales Charge**				2.92	%		14.64	%		9.67	%
Without Sales Charge				8.60			20.99			11.45
CLASS C SHARES		August 31, 2018
With CDSC***				7.33			19.39			10.90
Without CDSC				8.33			20.39			10.90
CLASS I SHARES		August 31, 2018		8.74			21.28			11.71
CLASS R5 SHARES		August 31, 2018		8.82			21.46			11.87
CLASS R6 SHARES		August 31, 2018		8.87			21.58			11.99

* Not annualized.

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

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

LIFE OF FUND PERFORMANCE (8/31/18 to 12/31/21)

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 US Treasury Bill Index from August 31, 2018 to December 31, 2021. 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 US 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 US 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 US 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 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, 2021 J.P. MORGAN LARGE CAP FUNDS 9

JPMorgan Hedged Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	4.32%
S&P 500 Index	11.67%
Net Assets as of 12/31/2021 (In Thousands)	$19,555,808

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, 2021. The Fund’s security selection in the pharmaceutical/medical technology and telecommunications sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the technology and media sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s underweight position in Pfizer Inc. and its overweight positions in Zimmer Biomet Holdings Inc. and Texas Instruments Inc. Shares of Pfizer, a pharmaceutical manufacturer, rose amid a resurgence in the pandemic in late 2021 and the U.S. Food and Drug Administration’s approval of the company’s COVID-19 pill. Shares of Zimmer Biomet Holdings, a medical device manufacturer, fell amid investor expectations that the resurgence of the pandemic in late 2021 may reduce demand for elective surgeries. Shares of Texas Instruments, a semiconductor manufacturer, fell after the company reported lower-than-expected revenue for the third quarter of 2021.

Leading individual contributors to relative performance included the Fund’s underweight positions in Adobe Inc., PayPal Holdings Inc. and Intel Corp. Shares of Adobe, a digital marketing and media provider not held in the Fund, fell after the company issued a weaker-than-expected forecast in December 2021. Shares of PayPal Holdings, a digital payments platform provider, fell after the company issued a lower-than-expected earnings forecast for the third quarter of 2021 and amid general weakness in financial technology stocks. Shares of Intel, a semiconductor manufacturer, fell after the company issued a weaker-than-expected earnings forecast with its third quarter 2021 results.

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 AS OF DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Microsoft Corp.		6.6	%
	2.	Apple, Inc.		6.4
	3.	Amazon.com, Inc.		3.7
	4.	Alphabet, Inc., Class A		2.6
	5.	Alphabet, Inc., Class C		1.9
	6.	Tesla, Inc.		1.9
	7.	Meta Platforms, Inc., Class A		1.9
	8.	S&P 500 Index 3/31/2022 at USD 4,510.00, European Style		1.7
	9.	NVIDIA Corp.		1.5
	10.	UnitedHealth Group, Inc.		1.3

PORTFOLIO COMPOSITION BY SECTOR AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Information Technology		26.6	%
Consumer Discretionary		12.9
Health Care		12.3
Financials		9.8
Communication Services		9.2
Industrials		7.6
Consumer Staples		4.2
Energy		2.5
Real Estate		2.4
Utilities		2.3
Materials		2.2
Put Options Purchased		1.7
Short-Term Investments		6.3

* 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.

10 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	December 13, 2013
With Sales Charge**			(1.25	)%		7.21	%		8.95	%		7.83	%
Without Sales Charge			4.20			13.13			10.14			8.56
CLASS C SHARES	December 13, 2013
With CDSC***			2.93			11.60			9.59			8.02
Without CDSC			3.93			12.60			9.59			8.02
CLASS I SHARES	December 13, 2013		4.32			13.43			10.41			8.83
CLASS R5 SHARES	December 13, 2013		4.42			13.62			10.59			9.02
CLASS R6 SHARES	December 13, 2013		4.48			13.72			10.68			9.10

* 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 12/31/21)

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 US Treasury Bill Index from December 13, 2013 to December 31, 2021. 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 US 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 US 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 US 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 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, 2021 J.P. MORGAN LARGE CAP FUNDS 11

JPMorgan Hedged Equity 2 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	7.29%
S&P 500 Index	11.67%
Net Assets as of 12/31/2021 (In Thousands)	$3,893,228

INVESTMENT OBJECTIVE**

The JPMorgan Hedged Equity 2 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, 2021.

The Fund’s security selection in the pharmaceutical/medical technology and telecommunications sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the technology and media sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s underweight position in Pfizer Inc. and its overweight positions in Zimmer Biomet Holdings Inc. and Texas Instruments Inc. Shares of Pfizer, a pharmaceutical manufacturer, rose amid a resurgence in the pandemic in late 2021 and the U.S. Food and Drug Administration’s approval of the company’s COVID-19 pill. Shares of Zimmer Biomet Holdings, a medical device manufacturer, fell amid investor expectations that the resurgence of the pandemic in late 2021 may reduce demand for elective surgeries. Shares of Texas Instruments, a semiconductor manufacturer, fell after the company reported lower-than-expected revenue for the third quarter of 2021.

Leading individual contributors to relative performance included the Fund’s underweight positions in Adobe Inc., PayPal Holdings Inc. and Intel Corp. Shares of Adobe, a digital marketing and media provider not held in the Fund, fell after the company issued a weaker-than-expected forecast in December 2021. Shares of PayPal Holdings, a digital payments platform provider, fell after the company issued a lower-than-expected earnings forecast for the third quarter of 2021 and amid general weakness in financial technology stocks. Shares of Intel, a semiconductor manufacturer, fell after the company issued a weaker-than-expected earnings forecast with its third quarter 2021 results.

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 AS OF DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Microsoft Corp.		6.9	%
	2.	Apple, Inc.		6.7
	3.	Amazon.com, Inc.		3.8
	4.	Alphabet, Inc., Class A		2.7
	5.	Alphabet, Inc., Class C		2.0
	6.	Tesla, Inc.		2.0
	7.	Meta Platforms, Inc., Class A		1.9
	8.	NVIDIA Corp.		1.6
	9.	UnitedHealth Group, Inc.		1.4
	10.	Mastercard, Inc., Class A		1.4

PORTFOLIO COMPOSITION BY SECTOR AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Information Technology		27.9	%
Consumer Discretionary		13.5
Health Care		12.8
Financials		10.3
Communication Services		9.6
Industrials		8.0
Consumer Staples		4.4
Energy		2.6
Real Estate		2.5
Utilities		2.4
Materials		2.3
Put Options Purchased		0.2
Short-Term Investments		3.5

* 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.

12 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

TOTAL RETURNS AS OF DECEMBER 31, 2021
	INCEPTION DATE OF CLASS	6 MONTH*	SINCE INCEPTION
CLASS A SHARES	February 26, 2021
With Sales Charge**		1.53%		14.13	%
Without Sales Charge		7.13		14.13
CLASS C SHARES	February 26, 2021
With CDSC***		5.92		12.71
Without CDSC		6.92		13.71
CLASS I SHARES	February 26, 2021	7.29		14.41
CLASS R5 SHARES	February 26, 2021	7.41		14.57
CLASS R6 SHARES	February 26, 2021	7.46		14.71

* Not annualized.

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

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

LIFE OF FUND PERFORMANCE (2/26/21 TO 12/31/21)

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 February 26, 2021.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Hedged Equity 2 Fund and the S&P 500 Index from February 26, 2021 to December 31, 2021. 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 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. Investors cannot invest directly in an index.

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

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or 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, 2021 J.P. MORGAN LARGE CAP FUNDS 13

JPMorgan Hedged Equity 3 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	6.12%
S&P 500 Index	11.67%
Net Assets as of 12/31/2021 (In Thousands)	$2,317,080

INVESTMENT OBJECTIVE**

The JPMorgan Hedged Equity 3 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, 2021.

The Fund’s security selection in the pharmaceutical/medical technology and telecommunications sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the technology and media sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s underweight position in Pfizer Inc. and its overweight positions in Zimmer Biomet Holdings Inc. and Texas Instruments Inc. Shares of Pfizer, a pharmaceutical manufacturer, rose amid a resurgence in the pandemic in late 2021 and the U.S. Food and Drug Administration’s approval of the company’s COVID-19 pill. Shares of Zimmer Biomet Holdings, a medical device manufacturer, fell amid investor expectations that the resurgence of the pandemic in late 2021 may reduce demand for elective surgeries. Shares of Texas Instruments, a semiconductor manufacturer, fell after the company reported lower-than-expected revenue for the third quarter of 2021.

Leading individual contributors to relative performance included the Fund’s underweight positions in Adobe Inc., PayPal Holdings Inc. and Intel Corp. Shares of Adobe, a digital marketing and media provider not held in the Fund, fell after the company issued a weaker-than-expected forecast in December 2021. Shares of PayPal Holdings, a digital payments platform provider, fell after the company issued a lower-than-expected earnings forecast for the third quarter of 2021 and amid general weakness in financial technology stocks. Shares of Intel, a semiconductor manufacturer, fell after the company issued a weaker-than-expected earnings forecast with its third quarter 2021 results.

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 AS OF DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Microsoft Corp.		7.1	%
	2.	Apple, Inc.		6.9
	3.	Amazon.com, Inc.		3.9
	4.	Alphabet, Inc., Class A		2.7
	5.	Alphabet, Inc., Class C		2.1
	6.	Tesla, Inc.		2.1
	7.	Meta Platforms, Inc., Class A		2.0
	8.	NVIDIA Corp.		1.6
	9.	UnitedHealth Group, Inc.		1.4
	10.	Mastercard, Inc., Class A		1.4

PORTFOLIO COMPOSITION BY SECTOR AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Information Technology		28.5	%
Consumer Discretionary		13.8
Health Care		13.1
Financials		10.5
Communication Services		9.9
Industrials		8.2
Consumer Staples		4.5
Energy		2.7
Real Estate		2.6
Utilities		2.5
Materials		2.3
Put Options Purchased		0.7
Short-Term Investments		0.7

* 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.

14 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

TOTAL RETURNS AS OF DECEMBER 31, 2021
	INCEPTION DATE OF CLASS	6 MONTH*	SINCE INCEPTION
CLASS A SHARES	February 26, 2021
With Sales Charge**		0.44%		12.86	%
Without Sales Charge		5.97		12.86
CLASS C SHARES	February 26, 2021
With CDSC***		4.68		11.41
Without CDSC		5.68		12.41
CLASS I SHARES	February 26, 2021	6.12		13.16
CLASS R5 SHARES	February 26, 2021	6.23		13.29
CLASS R6 SHARES	February 26, 2021	6.29		13.38

* Not annualized.

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

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

LIFE OF FUND PERFORMANCE (2/26/21 TO 12/31/21)

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 February 26, 2021.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Hedged Equity 3 Fund and the S&P 500 Index from February 26, 2021 to December 31, 2021. 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 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. Investors cannot invest directly in an index.

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

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or 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, 2021 J.P. MORGAN LARGE CAP FUNDS 15

JPMorgan Large Cap Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	8.65%
Russell 1000 Growth Index	12.93%
Net Assets as of 12/31/2021 (In Thousands)	$40,805,094

INVESTMENT OBJECTIVE**

The JPMorgan Large Cap Growth Fund (the “Fund”) seeks long-term capital appreciation.

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

The Fund’s Class I Shares underperformed the Russell 1000 Growth Index (the “Benchmark”) for the six months ended December 31, 2021.

The Fund’s overweight position and security selection in the communication services sector and its security selection and underweight position in the information technology sector were leading detractors from performance relative to the Benchmark, while the Fund’s security selection in the consumer discretionary and financials sectors was the leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s out-of-Benchmark position in Snap Inc., its underweight position in Apple Inc. and its overweight position in PayPal Holdings Inc. Shares of Snap, an online camera platform and social media provider, fell after the company reported third quarter 2021 results that were below analysts’ expectations. Shares of Apple, a provider of computers, mobile devices and relative services, rose amid consecutive quarter of record earnings and strong demand for mobile phones. Shares of PayPal Holdings, a digital payments platform provider, fell after the company issued a lower-than-expected earnings forecast for the third quarter of 2021 and amid general weakness in financial technology stocks.

Leading individual contributors to relative performance included the Fund’s underweight position in Amazon.com Inc. and its overweight positions in Advanced Micro Devices Inc. and Blackstone Inc. Shares of Amazon.com, an online retailer and services provider, fell after the company reported lower-than-expected earnings and revenue for the third quarter of 2021 and issued a lower-than-expected forecast for the fourth quarter of 2021. Shares of Advanced Micro Devices, a semiconductor manufacturer, rose after the company reported better-than-expected earnings and sales for the third quarter of 2021 and issued a better-than-expected forecast for the fourth quarter of 2021. Shares of Blackstone, an investment management company, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2021.

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 AS OF DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Apple, Inc.		9.2	%
	2.	Microsoft Corp.		9.1
	3.	Alphabet, Inc., Class C		7.4
	4.	Tesla, Inc.		4.5
	5.	Amazon.com, Inc.		3.3
	6.	Advanced Micro Devices, Inc.		3.0
	7.	NVIDIA Corp.		3.0
	8.	Blackstone, Inc.		2.8
	9.	Meta Platforms, Inc., Class A		2.7
	10.	Deere & Co.		2.3

PORTFOLIO COMPOSITION BY SECTOR AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Information Technology		37.1	%
Consumer Discretionary		17.3
Communication Services		13.4
Health Care		9.9
Financials		9.3
Industrials		6.8
Materials		2.6
Consumer Staples		2.5
Short-Term Investments		1.1

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

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

16 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 22, 1994
With Sales Charge**			2.82	%		11.99	%		27.21	%		19.10	%
Without Sales Charge			8.52			18.20			28.59			19.75
CLASS C SHARES	November 4, 1997
With CDSC***			7.24			16.61			27.95			19.27
Without CDSC			8.24			17.61			27.95			19.27
CLASS I SHARES	February 28, 1992		8.65			18.49			28.90			19.99
CLASS R2 SHARES	November 3, 2008		8.39			17.91			28.26			19.45
CLASS R3 SHARES	September 9, 2016		8.51			18.20			28.58			19.72
CLASS R4 SHARES	September 9, 2016		8.65			18.49			28.90			19.99
CLASS R5 SHARES	April 14, 2009		8.73			18.66			29.10			20.20
CLASS R6 SHARES	November 30, 2010		8.79			18.79			29.23			20.30

* 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 (12/31/11 TO 12/31/21)

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, 2011 to December 31, 2021. 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, 2021 J.P. MORGAN LARGE CAP FUNDS 17

JPMorgan Large Cap Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	1.94%
Russell 1000 Value Index	6.93%
Net Assets as of 12/31/2021 (In Thousands)	$3,113,172

INVESTMENT OBJECTIVE**

The JPMorgan Large Cap Value Fund (the “Fund”) seeks capital appreciation with the incidental goal of achieving current income by investing primarily in equity securities.

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

The Fund’s Class I Shares underperformed the Russell 1000 Value Index (the “Benchmark”) for the six months ended December 31, 2021.

The Fund’s security selection in the industrials and consumer staples sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the materials and financials sector was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Lamb Weston Holdings Inc., US Foods Holding Corp. and Zimmer Biomet Holdings Inc. Shares of Lamb Weston Holdings, a frozen foods and dairy products provider, fell amid increased input costs and reported lower-than-expected results for the company’s fiscal first quarter of 2021. Shares of U.S. Foods Holding, a distributor of goods to the food services industry, fell after the company reported lower-than-expected earnings for the third quarter of 2021 amid investor concerns about the impact on the restaurant industry of the omicron variant of COVID-19. Shares of Zimmer Biomet Holdings, a medical device manufacturer, fell amid investor expectations that the resurgence of the pandemic in late 2021 may reduce demand for elective surgeries.

Leading individual contributors to relative performance included the Fund’s overweight positions in Alcoa Corp. and Centene Corp. and its out-of-Benchmark position in Seagate Technology Holdings PLC. Shares of Alcoa, an aluminum producer, rose after the company reported better-than-expected earnings and revenue for both the second and third quarters of 2021 and the company was added to the S&P 400 Mid Cap Index late in the period. Shares of Centene, a health insurance provider, rose after the company issued a better-than-expected forecast for earnings and revenue for fiscal 2022. Shares of Seagate Technology Holdings, a data storage products manufacturer, rose after the company reported better-than-expected earnings and revenue for its fiscal second quarter.

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 AS OF DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Bank of America Corp.		3.8	%
	2.	Wells Fargo & Co.		3.8
	3.	Centene Corp.		3.6
	4.	US Foods Holding Corp.		3.4
	5.	Royal Caribbean Cruises Ltd.		3.2
	6.	Chevron Corp.		2.9
	7.	Bristol-Myers Squibb Co.		2.9
	8.	Lamb Weston Holdings, Inc.		2.8
	9.	State Street Corp.		2.8
	10.	Seagate Technology Holdings plc		2.6

PORTFOLIO COMPOSITION BY SECTOR AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Financials		21.1	%
Health Care		19.8
Industrials		10.9
Consumer Discretionary		9.8
Consumer Staples		9.6
Materials		8.7
Energy		7.4
Communication Services		3.4
Information Technology		2.9
Utilities		2.7
Real Estate		2.5
Short-Term Investments		1.2

* 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.

18 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 18, 1992
With Sales Charge**			(3.50	)%		16.95	%		10.25	%		13.36	%
Without Sales Charge			1.83			23.45			11.45			13.98
CLASS C SHARES	March 22, 1999
With CDSC***			0.57			21.86			10.90			13.52
Without CDSC			1.57			22.86			10.90			13.52
CLASS I SHARES	March 1, 1991		1.94			23.73			11.71			14.19
CLASS R2 SHARES	November 3, 2008		1.68			23.15			11.15			13.68
CLASS R3 SHARES	October 1, 2018		1.86			23.46			11.45			13.98
CLASS R4 SHARES	October 1, 2018		1.96			23.69			11.71			14.19
CLASS R5 SHARES	May 15, 2006		2.04			23.92			11.88			14.40
CLASS R6 SHARES	November 30, 2010		2.06			24.03			11.98			14.47

* 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 (12/31/11 TO 12/31/21)

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

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

Returns for Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns for Class R4 Shares would have been 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, 2011 to December 31, 2021. 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, 2021 J.P. MORGAN LARGE CAP FUNDS 19

JPMorgan U.S. Applied Data Science Value Fund

(formerly known as JPMorgan Intrepid Value Fund)

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	8.55%
Russell 1000 Value Index	6.93%
Net Assets as of 12/31/2021 (In Thousands)	$246,452

INVESTMENT OBJECTIVE**

The JPMorgan U.S. Applied Data Science 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 outperformed the Russell 1000 Value Index (the “Benchmark”) for the six months ended December 31, 2021.

The Fund’s security selection in the industrials and communication services sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the health care and financials sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Prologis Inc., AutoZone Inc. and Alphabet Inc. Shares of Prologis, a real estate investment trust not held in the Fund, rose after the company reported better-than-expected cash flow and revenue for the third quarter of 2021 and raised its forecast for the full year 2021. Shares of AutoZone, an automotive parts retailer, rose amid consecutive quarters of better-than-expected earnings and revenue, as well as large share repurchase programs during the period. Shares of Alphabet, parent company of Google Inc., rose amid continued growth in earnings and investor demand for large technology companies during the period.

Leading individual detractors from relative performance included the Fund’s underweight position in Pfizer Inc. and its overweight positions in Medtronic PLC and Jazz Pharmaceuticals PLC. Shares of Pfizer, a pharmaceutical manufacturer, rose amid a resurgence in the pandemic in late 2021 and U.S. Food and Drug Administration approval for the company’s COVID-19 pill. Shares of Medtronic, a medical technology manufacturer, fell after the company reported lower-than-expected revenue for its fiscal second quarter of 2021 and disclosed it had received a warning letter from the U.S. Food and Drug Administration following the company’s recall of insulin infusion pumps. Shares of Jazz Pharmaceuticals, a biopharmaceutical developer, fell after the company declined to raise its earnings forecast for 2021.

HOW WAS THE FUND POSITIONED?

During the period, the Fund’s portfolio managers employed a data science driven investment approach that combines

research, data insights and risk management. The portfolio managers utilize proprietary techniques to process, analyze and combine a wide variety of data sources, including a multi-decade history of proprietary fundamental research, company fundamentals and alternative data.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Prologis, Inc.		2.9	%
	2.	NextEra Energy, Inc.		2.9
	3.	Bank of America Corp.		2.6
	4.	UnitedHealth Group, Inc.		2.5
	5.	Alphabet, Inc., Class C		2.4
	6.	BlackRock, Inc.		2.3
	7.	Eaton Corp. plc		2.3
	8.	Norfolk Southern Corp.		2.2
	9.	Coca-Cola Co. (The)		2.2
	10.	Wells Fargo & Co.		2.2

PORTFOLIO COMPOSITION BY SECTOR AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Financials		21.3	%
Health Care		15.7
Industrials		13.0
Information Technology		7.6
Consumer Discretionary		7.3
Consumer Staples		7.0
Communication Services		6.5
Utilities		6.4
Energy		5.6
Real Estate		4.6
Materials		2.9
Short-Term Investments		2.1

* 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.

20 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 19, 2005
With Sales Charge**			2.72	%		24.31	%		10.51	%		12.10	%
Without Sales Charge			8.43			31.19			11.70			12.71
CLASS C SHARES	February 19, 2005
With CDSC***			7.12			29.53			11.14			12.26
Without CDSC			8.12			30.53			11.14			12.26
CLASS I SHARES	February 28, 2003		8.55			31.54			11.96			12.92
CLASS R2 SHARES	November 3, 2008		8.19			30.78			11.38			12.41
CLASS R5 SHARES	May 15, 2006		8.59			31.63			12.12			13.12
CLASS R6 SHARES	November 30, 2010		8.63			31.75			12.23			13.20

* 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 (12/31/11 TO 12/31/21)

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. Applied Data Science Value Fund and the Russell 1000 Value Index from December 31, 2011 to December 31, 2021. 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, 2021 J.P. MORGAN LARGE CAP FUNDS 21

JPMorgan U.S. Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class L Shares)*		13.08%
S&P 500 Index		11.67%
Net Assets as of 12/31/2021 (In Thousands)	$	22,514,565

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, 2021.

The Fund’s security selection in the real estate investment trusts and media sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the semiconductors & hardware sector and the pharmaceutical/medical technology sector was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Prologis Inc., Alphabet Inc. and Eaton Corp. Shares of Prologis, a real estate investment trust, rose after the company reported better-than-expected cash flow and revenue for the third quarter of 2021 and raised its forecast for the full year 2021. Shares of Alphabet, parent company of Google Inc., rose amid continued growth in earnings and investor demand for large technology companies during the period. Shares of Eaton, a provider of industrial power systems, fell after the company reported lower-than-expected revenue for the third quarter of 2021.

Leading individual detractors from relative performance included the Fund’s overweight positions in Analog Devices Inc., Norfolk Southern Corp. and Biogen Inc. Shares of Analog Devices, a semiconductor manufacturer, fell amid investor concerns about the company’s ability to meet surging demand. Shares of Norfolk Southern, a freight railroad operator, fell as floods in British Columbia, Canada, reduced North American rail traffic and amid investor concerns that a resurgence in the pandemic late in the period may decrease demand. Shares of Biogen, a pharmaceuticals developer, fell amid investor concerns about the company’s treatment for Alzheimer’s disease and after Samsung Group denied market speculation that it was negotiating to acquire the company.

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 AS OF DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Microsoft Corp.		8.4	%
	2.	Alphabet, Inc., Class A		6.5
	3.	Amazon.com, Inc.		5.8
	4.	Apple, Inc.		5.3
	5.	Prologis, Inc.		3.4
	6.	Mastercard, Inc., Class A		3.3
	7.	NXP Semiconductors NV (China)		3.2
	8.	Eaton Corp. plc		3.0
	9.	AbbVie, Inc.		2.8
	10.	NextEra Energy, Inc.		2.7

PORTFOLIO COMPOSITION BY SECTOR AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Information Technology		26.6	%
Consumer Discretionary		17.1
Health Care		13.0
Industrials		11.3
Financials		11.2
Communication Services		7.5
Utilities		3.9
Real Estate		3.4
Materials		3.2
Consumer Staples		1.2
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.

22 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 10, 2001
With Sales Charge**			6.93	%		21.44	%		17.98	%		16.39	%
Without Sales Charge			12.84			28.16			19.27			17.02
CLASS C SHARES	September 10, 2001
With CDSC***			11.58			26.54			18.66			16.56
Without CDSC			12.58			27.54			18.66			16.56
CLASS I SHARES	September 10, 2001		12.98			28.47			19.56			17.27
CLASS L SHARES	September 17, 1993		13.08			28.69			19.72			17.45
CLASS R2 SHARES	November 3, 2008		12.68			27.87			18.95			16.74
CLASS R3 SHARES	September 9, 2016		12.80			28.11			19.25			17.02
CLASS R4 SHARES	September 9, 2016		13.00			28.47			19.55			17.27
CLASS R5 SHARES	May 15, 2006		13.07			28.69			19.75			17.49
CLASS R6 SHARES	November 30, 2010		13.15			28.80			19.86			17.57

* 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 (12/31/11 TO 12/31/21)

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, 2011 to December 31, 2021. 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, 2021 J.P. MORGAN LARGE CAP FUNDS 23

JPMorgan U.S. GARP Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	13.14%
Russell 1000 Growth Index	12.93%
Net Assets as of 12/31/2021 (In Thousands)	$1,343,544

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 outperformed the Russell 1000 Growth Index (the “Benchmark”) for the six months ended December 31, 2021.

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

Leading individual contributors to relative performance included the Fund’s underweight positions in PayPal Holdings Inc. and Zoom Video Communications Inc., and its overweight position in Intuit Inc. Shares of PayPal Holdings, a digital payments platform provider, fell after the company issued a lower-than-expected earnings forecast for the third quarter of 2021 and amid general weakness in financial technology stocks. Shares of Zoom Video Communications, a video call and conferencing platform not held in the Fund, fell amid investor concern about the company’s ability to sustain growth in its business. Shares of Intuit, a provider of tax and financial management software, rose after the company reported better-than-expected earnings for its fiscal first quarter and raised its earnings forecast.

Leading individual detractors from relative performance included the Fund’s overweight positions in Altice USA Inc., Zillow Group Inc. and Mastercard Inc. Shares of Altice USA, a communication services and media provider, fell after the company reported a decline in subscribers in the third quarter of 2021. Shares of Zillow Group, a real estate market platform operator, fell after the company reported lower-than-expected earnings and revenue for the third quarter of 2021. Shares of Mastercard, a credit card and payments company, fell amid investor concerns that a resurgence in the pandemic in late 2021 would hurt consumer spending.

HOW WAS THE FUND POSITIONED?

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 AS OF DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Microsoft Corp.		10.3	%
	2.	Apple, Inc.		9.5
	3.	Amazon.com, Inc.		5.9
	4.	Meta Platforms, Inc., Class A		4.0
	5.	Tesla, Inc.		3.3
	6.	Alphabet, Inc., Class A		2.7
	7.	Mastercard, Inc., Class A		2.7
	8.	Alphabet, Inc., Class C		2.7
	9.	Lowe’s Cos., Inc.		2.2
	10.	Intuit, Inc.		2.1

PORTFOLIO COMPOSITION BY SECTOR AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Information Technology		41.4	%
Consumer Discretionary		20.6
Communication Services		11.7
Health Care		9.5
Industrials		6.8
Consumer Staples		3.6
Real Estate		2.1
Financials		1.3
Others (each less than 1.0%)		1.4
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.

24 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 19, 2005
With Sales Charge**			7.05	%		23.81	%		20.80	%		17.40	%
Without Sales Charge			12.98			30.68			22.11			18.03
CLASS C SHARES	February 19, 2005
With CDSC***			11.70			29.04			21.51			17.57
Without CDSC			12.70			30.04			21.51			17.57
CLASS I SHARES	February 28, 2003		13.14			31.01			22.43			18.33
CLASS R2 SHARES	November 3, 2008		12.85			30.36			21.81			17.74
CLASS R5 SHARES	May 15, 2006		13.24			31.21			22.62			18.54
CLASS R6 SHARES	November 2, 2015		13.29			31.33			22.73			18.60

* 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 (12/31/11 TO 12/31/21)

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, 2011 to December 31, 2021. 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, 2021 J.P. MORGAN LARGE CAP FUNDS 25

JPMorgan U.S. Large Cap Core Plus Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	12.68%
S&P 500 Index	11.67%
Net Assets as of 12/31/2021 (In Thousands)	$2,645,802

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, 2021.

The Fund’s overweight position in the energy sector and its underweight position in the media sector were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the financial services sector and the autos & transportation sector was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Ingersoll Rand Inc., Advanced Micro Devices Inc. and Alphabet Inc. Shares of Ingersoll Rand, an industrial and automotive products manufacturer, rose after the company reported better-than-expected earnings and revenue for both the second and third quarters of 2021. Shares of Advanced Micro Devices, a semiconductor manufacturer, rose after the company reported better-than-expected earnings and sales for the third quarter of 2021 and issued a better-than-expected forecast for the fourth quarter of 2021. Shares of Alphabet, parent company of Google Inc., rose amid consecutive quarters of earnings growth and investor demand for large technology companies during the period.

Leading individual detractors from relative performance included the Fund’s underweight position in Tesla Inc., its

out-of-Benchmark position in Lyft Inc. and its overweight position in NXP Semiconductors NV. Shares of Tesla, a producer of electric vehicles and battery systems that was not held in the Fund, rose after the company reported better-than-expected production and deliveries during the period. Shares of Lyft, a ride hailing platform operator, fell amid investor concerns that the resurgence in the pandemic in late 2021 would reduce demand for its services. Shares of NXP Semiconductors, a semiconductor manufacturer, fell amid investor concern about the company’s ability to meet supply demand from the automotive industry.

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 123% to 23%.

* 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.

26 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

TOP TEN LONG POSITIONS OF THE PORTFOLIO AS OF DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Microsoft Corp.		6.1	%
	2.	Amazon.com, Inc.		4.7
	3.	Apple, Inc.		4.6
	4.	Alphabet, Inc. Class A		3.4
	5.	NXP Semiconductors NV (China)		2.6
	6.	Mastercard, Inc. Class A		2.0
	7.	UnitedHealth Group, Inc.		2.0
	8.	Thermo Fisher Scientific, Inc.		1.6
	9.	Wells Fargo & Co.		1.5
	10.	Norfolk Southern Corp.		1.4

TOP TEN SHORT POSITIONS OF THE PORTFOLIO AS OF DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Kroger Co. (The)		3.6	%
	2.	Omnicom Group, Inc.		2.8
	3.	3M Co.		2.3
	4.	Walgreens Boots Alliance, Inc.		2.3
	5.	Exxon Mobil Corp.		2.2
	6.	Clorox Co. (The)		2.1
	7.	Stryker Corp.		2.0
	8.	Enbridge, Inc. (Canada) (Canada)		1.9
	9.	Illinois Tool Works, Inc.		1.9
	10.	Starbucks Corp.		1.8

LONG POSITION PORTFOLIO COMPOSITION BY SECTOR AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Information Technology		25.4	%
Consumer Discretionary		14.3
Health Care		12.5
Industrials		12.0
Communication Services		9.1
Financials		7.9
Consumer Staples		4.6
Materials		3.8
Energy		3.8
Utilities		3.1
Real Estate		2.9
Short-Term Investments		0.6

SHORT POSITION PORTFOLIO COMPOSITION BY SECTOR AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Industrials		18.3	%
Information Technology		13.8
Consumer Staples		12.8
Communication Services		8.9
Utilities		8.1
Health Care		8.0
Energy		7.8
Consumer Discretionary		6.2
Real Estate		5.8
Materials		5.2
Financials		5.1

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 27

JPMorgan U.S. Large Cap Core Plus Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	November 1, 2005
With Sales Charge**			6.60	%		22.12	%		17.41	%		16.13	%
Without Sales Charge			12.52			28.89			18.68			16.76
CLASS C SHARES	November 1, 2005
With CDSC***			11.28			27.25			18.09			16.29
Without CDSC			12.28			28.25			18.09			16.29
CLASS I SHARES	November 1, 2005		12.68			29.20			18.98			17.05
CLASS R2 SHARES	November 3, 2008		12.30			28.40			18.28			16.42
CLASS R5 SHARES	May 15, 2006		12.67			29.23			19.06			17.20
CLASS R6 SHARES	November 1, 2017		12.77			29.41			19.17			17.26

* 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 (12/31/11 TO 12/31/21)

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, 2011 to December 31, 2021. 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.

28 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

JPMorgan U.S. Research Enhanced Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	12.11%
S&P 500 Index	11.67%
Net Assets as of 12/31/2021 (In Thousands)	$5,981,812

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, 2021. The Fund’s security selection in the technology and media sectors was a leading contributor to performance relative to the Benchmark. The Fund’s security selection in the pharmaceutical/medical technology and telecommunications sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s underweight positions in Adobe Inc., PayPal Holdings Inc. and Intel Corp. Shares of Adobe, a digital marketing and media provider not held in the Fund, fell after the company issued a weaker-than-expected forecast in December 2021. Shares of PayPal Holdings, a digital payments platform provider, fell after the company issued a lower-than-expected earnings forecast for the third quarter of 2021 and amid general weakness in financial technology stocks. Shares of Intel, a semiconductor manufacturer, fell after the company issued a weaker-than-expected earnings forecast with its third quarter 2021 results.

Leading individual detractors from relative performance included the Fund’s underweight position in Pfizer Inc. and its overweight positions in Zimmer Biomet Holdings Inc. and Texas Instruments Inc. Shares of Pfizer, a pharmaceutical manufacturer, rose amid a resurgence in the pandemic in late 2021 and U.S. Food and Drug Administration approval for the company’s COVID-19 pill. Shares of Zimmer Biomet Holdings, a medical device manufacturer, fell amid investor expectations that the resurgence of the pandemic in late 2021 may reduce demand for elective surgeries. Shares of Texas Instruments, a semiconductor manufacturer, fell after the company reported lower-than-expected revenue for the third quarter of 2021.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers attempted to construct the portfolio so that stock selection was the principal source of poten-

tial 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 AS OF DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Microsoft Corp.		7.1	%
	2.	Apple, Inc.		6.9
	3.	Amazon.com, Inc.		4.0
	4.	Alphabet, Inc., Class A		2.7
	5.	Alphabet, Inc., Class C		2.1
	6.	Tesla, Inc.		2.1
	7.	Meta Platforms, Inc., Class A		2.0
	8.	NVIDIA Corp.		1.6
	9.	UnitedHealth Group, Inc.		1.4
	10.	Mastercard, Inc., Class A		1.4

PORTFOLIO COMPOSITION BY SECTOR AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Information Technology		28.6	%
Consumer Discretionary		13.8
Health Care		13.2
Financials		10.5
Communication Services		9.9
Industrials		8.2
Consumer Staples		4.5
Energy		2.7
Real Estate		2.6
Utilities		2.5
Materials		2.3
Short-Term Investments		1.2

* 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.

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 29

JPMorgan U.S. Research Enhanced Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 28, 2001
With Sales Charge**			6.09	%		23.34	%		17.30	%		15.56	%
Without Sales Charge			11.97			30.16			18.58			16.19
CLASS I SHARES	September 10, 2001		12.11			30.52			18.88			16.48
CLASS R6 SHARES	March 24, 2003		12.15			30.63			18.99			16.68

* Not annualized.

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

TEN YEAR PERFORMANCE (12/31/11 TO 12/31/21)

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, 2011 to December 31, 2021. 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.

30 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

JPMorgan U.S. Sustainable Leaders Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	12.13%
S&P 500 Index	11.67%
Net Assets as of 12/31/2021 (In Thousands)	$198,102

INVESTMENT OBJECTIVE**

The JPMorgan U.S. Sustainable Leaders Fund (the “Fund”) seeks to provide long-term capital appreciation.

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

The Fund’s Class I Shares outperformed the S&P 500 Index (the “Benchmark”) for the six months ended December 31, 2021. The Fund’s security selection in the industrials and consumer staples sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the health care and consumer discretionary sectors was a leading detractor from relative performance.

Leading individual contributors to performance relative to the Benchmark included the Fund’s underweight positions in Amazon.com Inc. and PayPal Holdings Inc., and its overweight position in Costco Wholesale Corp. Shares of Amazon.com, an online retailer and services provider not held in the Fund, fell after the company reported lower-than-expected earnings and revenue for the third quarter of 2021 and issued a lower-than-expected forecast for the fourth quarter of 2021. Shares of PayPal Holdings, a digital payments platform provider not held in the Fund, fell after the company issued a lower-than-expected earnings forecast for the third quarter of 2021 and amid general weakness in financial technology stocks. Shares of Costco Wholesale, a membership retail chain, rose amid consecutive months of sales growth as well as better-than-expected quarterly earnings during the period.

Leading individual detractors from performance relative to the Benchmark included the Fund’s underweight positions in Tesla Inc. and Alphabet Inc. and its overweight position in Mastercard Inc. Shares of Tesla, a producer of electric vehicles and battery systems that was not held in the Fund, rose after the company reported better-than-expected production and deliveries during the period. Shares of Alphabet, parent company of Google Inc., rose amid continued growth in quarterly earnings and investor demand for large technology companies during the period. Shares of Mastercard, a credit card and payments company, fell amid investor concerns that a resurgence in the pandemic in late 2021 would hurt consumer spending.

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 AS OF DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Microsoft Corp.		8.0	%
	2.	Apple, Inc.		5.0
	3.	Alphabet, Inc., Class A		3.2
	4.	Mastercard, Inc., Class A		3.2
	5.	Bank of America Corp.		2.9
	6.	Costco Wholesale Corp.		2.7
	7.	Home Depot, Inc. (The)		2.7
	8.	Eaton Corp. plc		2.5
	9.	Thermo Fisher Scientific, Inc.		2.4
	10.	Ingersoll Rand, Inc.		2.2

PORTFOLIO COMPOSITION BY SECTOR AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Information Technology		30.0	%
Health Care		15.0
Financials		13.1
Industrials		11.2
Consumer Discretionary		9.8
Communication Services		6.6
Consumer Staples		4.5
Real Estate		4.2
Utilities		2.5
Materials		1.5
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.

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 31

JPMorgan U.S. Sustainable Leaders Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 19, 2005
With Sales Charge**			6.11	%		23.80	%		17.10	%		15.96	%
Without Sales Charge			11.98			30.66			18.37			16.59
CLASS C SHARES	February 19, 2005
With CDSC***			10.70			29.02			17.78			16.13
Without CDSC			11.70			30.02			17.78			16.13
CLASS I SHARES	February 28, 2003		12.13			31.00			18.67			16.88
CLASS R6 SHARES	September 30, 2020		12.17			31.05			18.69			16.89

* Not annualized.

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

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

TEN YEAR PERFORMANCE (12/31/11 TO 12/31/21)

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, 2011 to December 31, 2021. 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.

32 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

JPMorgan U.S. Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*	6.83%
Russell 1000 Value Index	6.93%
Net Assets as of 12/31/2021 (In Thousands)	$2,156,780

INVESTMENT OBJECTIVE**

The JPMorgan 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, 2021.

The Fund’s security selection in the health care sector and its underweight position in the real estate sector were leading detractors from performance relative to the Benchmark, while the Fund’s underweight position and security selection in the communication services sector and its security selection in the industrials sector were leading contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Gap Inc., Citigroup Inc. and Medtronic PLC. Shares of Gap, a retailer of brand name apparel, fell after the company reported lower-than-expected earnings and revenue for the third quarter amid supply chain bottlenecks. Shares of Citigroup, a banking and financial services provider, fell amid investor concerns about the potential for a resurgence in the pandemic in late 2021 to fuel increased delinquencies in consumer loan and credit card payments. Shares of Medtronic, a medical technology manufacturer, fell after the company reported lower-than-expected revenue for its fiscal second quarter of 2021 and disclosed it had received a warning letter from the U.S. Food and Drug Administration following the company’s recall of insulin infusion pumps.

Leading individual contributors to relative performance included the Fund’s out-of-Benchmark positions in Microsoft Corp. and Home Depot Inc., and its overweight position in Alphabet Inc. Shares of Microsoft, a software and technology services provider, rose amid investor demand for large technology companies during the period. Shares of Home Depot, a home improvement retail chain, rose after the company reported strong sales growth and better-than-expected earnings and revenue for the third quarter of 2021. Shares of Alphabet, parent company of Google, rose amid investor demand for large technology companies during the period.

HOW WAS THE FUND POSIIONED?

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 AS OF DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Wells Fargo & Co.		2.4	%
	2.	ConocoPhillips		2.4
	3.	BlackRock, Inc.		2.3
	4.	UnitedHealth Group, Inc.		2.3
	5.	Bank of America Corp.		2.1
	6.	Berkshire Hathaway, Inc., Class B		2.0
	7.	Morgan Stanley		1.9
	8.	Bristol-Myers Squibb Co.		1.8
	9.	Alphabet, Inc., Class C		1.7
	10.	Citigroup, Inc.		1.7

PORTFOLIO COMPOSITION BY SECTOR AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Financials		27.0	%
Health Care		15.5
Industrials		12.7
Consumer Discretionary		9.9
Information Technology		8.1
Energy		5.5
Consumer Staples		4.7
Communication Services		4.5
Materials		4.4
Utilities		3.1
Real Estate		1.6
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.

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 33

JPMorgan U.S. Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 23, 1987
With Sales Charge**			1.22	%		20.19	%		11.61	%		13.48	%
Without Sales Charge			6.83			26.86			12.82			14.09
CLASS C SHARES	January 2, 1998
With CDSC***			5.57			25.24			12.26			13.63
Without CDSC			6.57			26.24			12.26			13.63
CLASS I SHARES	January 25, 1996		6.98			27.20			13.11			14.37
CLASS R2 SHARES	November 2, 2015		6.69			26.56			12.54			13.91
CLASS R3 SHARES	July 31, 2017		6.82			26.85			12.83			14.09
CLASS R4 SHARES	July 31, 2017		6.97			27.20			13.11			14.37
CLASS R5 SHARES	November 2, 2015		7.04			27.39			13.29			14.49
CLASS R6 SHARES	November 2, 2015		7.11			27.50			13.39			14.55

* 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 (12/31/11 TO 12/31/21)

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, 2011 to December 31, 2021. 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.

34 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

JPMorgan Equity Focus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.3%
Air Freight & Logistics — 2.1%
FedEx Corp.		12		2,986
Automobiles — 2.4%
Tesla, Inc.*		3		3,525
Banks — 3.1%
Bank of America Corp.		100		4,460
Biotechnology — 4.6%
AbbVie, Inc.		31		4,132
Regeneron Pharmaceuticals, Inc. *		4		2,476
				6,608
Building Products — 1.6%
Trane Technologies plc		11		2,306
Capital Markets — 2.2%
Charles Schwab Corp. (The)		38		3,155
Construction Materials — 1.4%
Martin Marietta Materials, Inc.		5		2,066
Consumer Finance — 2.8%
Capital One Financial Corp.		28		4,014
Containers & Packaging — 2.6%
Packaging Corp. of America		28		3,799
Diversified Financial Services — 3.1%
Berkshire Hathaway, Inc., Class B *		15		4,491
Electric Utilities — 2.0%
Xcel Energy, Inc.		42		2,845
Electronic Equipment, Instruments & Components — 1.8%
Zebra Technologies Corp., Class A *		4		2,582
Equity Real Estate Investment Trusts (REITs) — 4.9%
Public Storage		6		2,305
Weyerhaeuser Co.		117		4,820
				7,125
Health Care Equipment & Supplies — 3.1%
Dexcom, Inc. *		3		1,833
Intuitive Surgical, Inc. *		7		2,678
				4,511
Health Care Providers & Services — 3.0%
UnitedHealth Group, Inc.		9		4,386
Hotels, Restaurants & Leisure — 2.1%
Booking Holdings, Inc. *		1		3,059
Household Products — 2.7%
Procter & Gamble Co. (The)		24		3,966

INVESTMENTS	SHARES (000)		VALUE ($000)
Insurance — 3.3%
Loews Corp.		82		4,736
Interactive Media & Services — 4.8%
Alphabet, Inc., Class C *		2		6,869
Internet & Direct Marketing Retail — 3.6%
Amazon.com, Inc. *		2		5,225
IT Services — 5.0%
Global Payments, Inc.		13		1,802
Mastercard, Inc., Class A		10		3,750
PayPal Holdings, Inc. *		9		1,718
				7,270
Machinery — 3.2%
Deere & Co.		7		2,387
Ingersoll Rand, Inc.		36		2,199
				4,586
Media — 1.7%
Charter Communications, Inc., Class A *		4		2,472
Oil, Gas & Consumable Fuels — 3.8%
ConocoPhillips		40		2,906
Kinder Morgan, Inc.		164		2,598
				5,504
Pharmaceuticals — 2.1%
Bristol-Myers Squibb Co.		49		3,044
Semiconductors & Semiconductor Equipment — 6.4%
Advanced Micro Devices, Inc. *		23		3,266
Lam Research Corp.		4		2,526
QUALCOMM, Inc.		18		3,331
				9,123
Software — 6.0%
Microsoft Corp.		26		8,614
Specialty Retail — 4.0%
AutoZone, Inc. *		2		4,199
Gap, Inc. (The)		92		1,628
				5,827
Technology Hardware, Storage & Peripherals — 6.3%
Apple, Inc.		51		9,044
Wireless Telecommunication Services — 1.6%
T-Mobile US, Inc. *		20		2,281
Total Common Stocks (Cost $84,749)				140,479

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 35

JPMorgan Equity Focus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 2.8%
Investment Companies — 2.8%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b) (Cost $3,975)		3,974		3,975
Total Investments — 100.1% (Cost $88,724)				144,454
Liabilities in Excess of Other Assets — (0.1)%				(116	)
NET ASSETS — 100.0%				144,338

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, 2021.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

JPMorgan Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.1%
Aerospace & Defense — 4.9%
General Dynamics Corp.		4,043		842,945
Northrop Grumman Corp.		1,757		680,026
Raytheon Technologies Corp.		11,595		997,831
				2,520,802
Air Freight & Logistics — 1.4%
United Parcel Service, Inc., Class B		3,444		738,287
Banks — 7.4%
Bank of America Corp.		27,292		1,214,212
Citigroup, Inc.		8,841		533,890
PNC Financial Services Group, Inc. (The)		5,335		1,069,698
Truist Financial Corp.		7,966		466,386
US Bancorp		8,478		476,189
				3,760,375
Beverages — 1.8%
Coca-Cola Co. (The)		7,196		426,057
PepsiCo, Inc.		2,753		478,156
				904,213
Biotechnology — 1.7%
AbbVie, Inc.		4,493		608,293
Amgen, Inc.		1,114		250,699
				858,992
Building Products — 0.3%
Trane Technologies plc		849		171,477
Capital Markets — 8.7%
BlackRock, Inc.		1,264		1,156,891
Charles Schwab Corp. (The)		7,082		595,568
CME Group, Inc.		4,409		1,007,360
Morgan Stanley		9,717		953,786
Northern Trust Corp.		1,907		228,073
T. Rowe Price Group, Inc.		2,445		480,874
				4,422,552
Chemicals — 3.2%
Air Products and Chemicals, Inc.		2,538		772,105
PPG Industries, Inc.		4,883		842,097
				1,614,202
Commercial Services & Supplies — 0.6%
Republic Services, Inc.		2,318		323,247
Consumer Finance — 2.4%
American Express Co.		4,836		791,209
Capital One Financial Corp.		2,931		425,249
				1,216,458

INVESTMENTS	SHARES (000)		VALUE ($000)
Diversified Telecommunication Services — 0.8%
Verizon Communications, Inc.		7,991		415,226
Electric Utilities — 2.8%
Entergy Corp.		572		64,442
NextEra Energy, Inc.		9,549		891,523
Xcel Energy, Inc.		7,050		477,293
				1,433,258
Electrical Equipment — 1.5%
Eaton Corp. plc		4,402		760,722
Electronic Equipment, Instruments & Components — 0.5%
Corning, Inc.		7,070		263,226
Equity Real Estate Investment Trusts (REITs) — 2.8%
Alexandria Real Estate Equities, Inc.		1,119		249,389
AvalonBay Communities, Inc.		1,176		297,012
Boston Properties, Inc.		1,505		173,333
Prologis, Inc.		2,799		471,188
Realty Income Corp.		597		42,712
Ventas, Inc.		4,055		207,305
				1,440,939
Food & Staples Retailing — 2.8%
Sysco Corp.		9,809		770,463
Walmart, Inc.		4,595		664,795
				1,435,258
Food Products — 1.2%
Mondelez International, Inc., Class A		8,985		595,827
Health Care Equipment & Supplies — 2.8%
Abbott Laboratories		1,520		213,860
Becton Dickinson and Co.		1,990		500,347
Medtronic plc		6,942		718,151
				1,432,358
Health Care Providers & Services — 6.0%
AmerisourceBergen Corp.		3,070		408,014
Cigna Corp.		1,409		323,622
CVS Health Corp.		8,095		835,051
UnitedHealth Group, Inc.		3,037		1,524,762
				3,091,449
Hotels, Restaurants & Leisure — 1.9%
McDonald’s Corp.		2,520		675,652
Starbucks Corp.		2,621		306,561
				982,213
Household Products — 1.3%
Procter & Gamble Co. (The)		4,145		678,082

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 37

JPMorgan Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks  — continued
Insurance — 4.4%
Arthur J Gallagher & Co.		2,339		396,779
Chubb Ltd.		2,899		560,403
Hartford Financial Services Group, Inc. (The)		5,417		374,009
Marsh & McLennan Cos., Inc.		1,121		194,813
MetLife, Inc.		6,768		422,934
Progressive Corp. (The)		3,094		317,632
				2,266,570
IT Services — 2.2%
Accenture plc, Class A		754		312,372
Fidelity National Information Services, Inc.		4,107		448,298
International Business Machines Corp.		2,605		348,124
				1,108,794
Leisure Products — 0.5%
Hasbro, Inc.		2,676		272,313
Machinery — 4.3%
Deere & Co.		1,449		496,845
Dover Corp.		5,271		957,273
Parker-Hannifin Corp.		2,270		722,057
				2,176,175
Media — 2.1%
Comcast Corp., Class A		21,492		1,081,669
Multi-Utilities — 1.2%
CMS Energy Corp.		5,324		346,355
Public Service Enterprise Group, Inc.		3,936		262,637
				608,992
Oil, Gas & Consumable Fuels — 5.7%
Chevron Corp.		6,531		766,411
ConocoPhillips		17,508		1,263,707
EOG Resources, Inc.		7,968		707,798
Valero Energy Corp.		2,185		164,080
				2,901,996
Pharmaceuticals — 6.0%
Bristol-Myers Squibb Co.		16,604		1,035,275
Eli Lilly & Co.		2,055		567,503
Johnson & Johnson		5,441		930,711
Merck & Co., Inc.		2,430		186,218
Pfizer, Inc.		6,240		368,501
				3,088,208
Road & Rail — 1.6%
Norfolk Southern Corp.		2,711		807,075

INVESTMENTS	SHARES (000)		VALUE ($000)
Semiconductors & Semiconductor Equipment — 3.9%
Analog Devices, Inc.		5,625		988,760
Intel Corp.		1,384		71,298
Texas Instruments, Inc.		4,916		926,520
				1,986,578
Software — 1.5%
Microsoft Corp.		2,266		762,006
Specialty Retail — 4.6%
Advance Auto Parts, Inc.		1,264		303,232
Best Buy Co., Inc.		3,615		367,238
Gap, Inc. (The)		10,701		188,880
Home Depot, Inc. (The)		2,018		837,289
TJX Cos., Inc. (The)		8,472		643,207
				2,339,846
Technology Hardware, Storage & Peripherals — 1.1%
Apple, Inc.		1,335		237,108
Seagate Technology Holdings plc		2,682		303,038
				540,146
Textiles, Apparel & Luxury Goods — 0.4%
VF Corp.		3,065		224,432
Tobacco — 1.8%
Philip Morris International, Inc.		9,572		909,298
Total Common Stocks (Cost $33,181,428)				50,133,261
Short-Term Investments — 2.0%
Investment Companies — 2.0%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b) (Cost $1,035,032)		1,034,572		1,034,986
Total Investments — 100.1% (Cost $34,216,460)				51,168,247
Liabilities in Excess of Other Assets — (0.1)%				(57,221	)
NET ASSETS — 100.0%				51,111,026

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, 2021.

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

JPMorgan Equity Premium Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 82.0%
Aerospace & Defense — 0.4%
Northrop Grumman Corp.		21		8,206
Air Freight & Logistics — 1.3%
United Parcel Service, Inc., Class B		129		27,756
Banks — 1.6%
US Bancorp		398		22,358
Wells Fargo & Co.		240		11,524
				33,882
Beverages — 3.1%
Coca-Cola Co. (The)		468		27,739
Constellation Brands, Inc., Class A		45		11,286
PepsiCo, Inc.		160		27,868
				66,893
Biotechnology — 2.7%
AbbVie, Inc.		225		30,473
Regeneron Pharmaceuticals, Inc. *		20		12,372
Vertex Pharmaceuticals, Inc. *		67		14,696
				57,541
Building Products — 1.4%
Trane Technologies plc		146		29,476
Capital Markets — 2.1%
Intercontinental Exchange, Inc.		145		19,816
S&P Global, Inc.		55		26,094
				45,910
Chemicals — 2.7%
Air Products and Chemicals, Inc.		38		11,650
Corteva, Inc.		272		12,847
Linde plc (United Kingdom)		43		14,769
PPG Industries, Inc.		106		18,354
				57,620
Containers & Packaging — 0.6%
Avery Dennison Corp.		63		13,581
Diversified Financial Services — 0.9%
Berkshire Hathaway, Inc., Class B *		67		20,169
Diversified Telecommunication Services — 1.1%
Verizon Communications, Inc.		449		23,320
Electric Utilities — 4.2%
Alliant Energy Corp.		273		16,802
Duke Energy Corp.		162		16,959
Evergy, Inc.		184		12,609
FirstEnergy Corp.		260		10,818

INVESTMENTS	SHARES (000)		VALUE ($000)
Electric Utilities — continued
NextEra Energy, Inc.		296		27,674
Xcel Energy, Inc.		68		4,629
				89,491
Electrical Equipment — 1.0%
Eaton Corp. plc		124		21,372
Entertainment — 0.4%
Netflix, Inc. *		15		9,250
Equity Real Estate Investment Trusts (REITs) — 3.0%
Camden Property Trust		21		3,745
Equinix, Inc.		17		14,190
Prologis, Inc.		111		18,751
Public Storage		42		15,547
Sun Communities, Inc.		59		12,396
				64,629
Food & Staples Retailing — 1.6%
Costco Wholesale Corp.		31		17,557
Walmart, Inc.		123		17,780
				35,337
Food Products — 2.5%
Hershey Co. (The)		136		26,348
Mondelez International, Inc., Class A		405		26,828
				53,176
Health Care Equipment & Supplies — 1.2%
Abbott Laboratories		63		8,894
Boston Scientific Corp. *		129		5,467
Medtronic plc		105		10,884
				25,245
Health Care Providers & Services — 1.9%
Anthem, Inc.		25		11,587
UnitedHealth Group, Inc.		59		29,700
				41,287
Hotels, Restaurants & Leisure — 0.8%
McDonald’s Corp.		63		16,782
Household Products — 2.4%
Kimberly-Clark Corp.		159		22,733
Procter & Gamble Co. (The)		175		28,604
				51,337
Insurance — 4.0%
Arthur J Gallagher & Co.		144		24,481
Chubb Ltd.		123		23,722

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 39

JPMorgan Equity Premium Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Insurance — continued
Hartford Financial Services Group, Inc. (The)		121			8,358
Progressive Corp. (The)		282			28,962
					85,523
Interactive Media & Services — 1.5%
Alphabet, Inc., Class A *		11			32,655
Internet & Direct Marketing Retail — 1.2%
Amazon.com, Inc. *		8			26,721
IT Services — 6.1%
Accenture plc, Class A		87			35,861
Automatic Data Processing, Inc.		39			9,563
International Business Machines Corp.		105			13,979
Jack Henry & Associates, Inc.		98			16,323
Kyndryl Holdings, Inc. *		—	(a)		—	(a)
Mastercard, Inc., Class A		80			28,805
Visa, Inc., Class A		111			24,042
					128,573
Life Sciences Tools & Services — 1.5%
Thermo Fisher Scientific, Inc.		47			31,669
Machinery — 2.8%
Deere & Co.		61			20,988
Otis Worldwide Corp.		160			13,902
Stanley Black & Decker, Inc.		130			24,443
					59,333
Media — 1.9%
Charter Communications, Inc., Class A *		20			13,339
Comcast Corp., Class A		563			28,358
					41,697
Multiline Retail — 1.3%
Target Corp.		122			28,212
Multi-Utilities — 2.9%
CenterPoint Energy, Inc.		501			13,975
DTE Energy Co.		274			32,749
WEC Energy Group, Inc.		163			15,815
					62,539
Oil, Gas & Consumable Fuels — 0.7%
TC Energy Corp. (Canada)		313			14,583
Personal Products — 0.1%
Estee Lauder Cos., Inc. (The), Class A		8			2,886
Pharmaceuticals — 4.7%
Bristol-Myers Squibb Co.		440			27,449

INVESTMENTS	SHARES (000)		VALUE ($000)
Pharmaceuticals — continued
Eli Lilly & Co.		118		32,532
Johnson & Johnson		122		20,808
Merck & Co., Inc.		236		18,097
				98,886
Professional Services — 0.5%
Booz Allen Hamilton Holding Corp.		132		11,224
Road & Rail — 4.3%
Norfolk Southern Corp.		99		29,414
Old Dominion Freight Line, Inc.		95		34,188
Union Pacific Corp.		107		27,004
				90,606
Semiconductors & Semiconductor Equipment — 1.7%
Analog Devices, Inc.		59		10,434
Texas Instruments, Inc.		138		25,964
				36,398
Software — 3.1%
Intuit, Inc.		50		32,211
Microsoft Corp.		101		33,914
				66,125
Specialty Retail — 3.1%
Best Buy Co., Inc.		72		7,299
Lowe’s Cos., Inc.		118		30,448
O’Reilly Automotive, Inc. *		41		29,198
				66,945
Technology Hardware, Storage & Peripherals — 1.0%
Apple, Inc.		61		10,795
Seagate Technology Holdings plc		89		10,109
				20,904
Textiles, Apparel & Luxury Goods — 1.0%
NIKE, Inc., Class B		128		21,261
Tobacco — 0.8%
Altria Group, Inc.		172		8,134
Philip Morris International, Inc.		102		9,685
				17,819
Wireless Telecommunication Services — 0.9%
T-Mobile US, Inc.*		168		19,502
Total Common Stocks (Cost $1,560,416)				1,756,321

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Equity-Linked Notes — 16.1%
Bank of Montreal, ELN, 47.00%, 1/18/2022, (linked to S&P 500 Index) (Canada) (b)		8		36,358
Barclays Bank plc, ELN, 48.30%, 1/14/2022, (linked to S&P 500 Index) (United Kingdom) (c)		8		37,193
BNP Paribas, ELN, 48.00%, 1/21/2022, (linked to S&P 500 Index) (b)		6		29,383
Credit Suisse AG, ELN, 42.00%, 2/4/2022, (linked to S&P 500 Index) (Switzerland) (b)		8		40,382
GS Finance Corp., ELN, 50.02%, 1/31/2022, (linked to S&P 500 Index) (b)		7		32,965
GS Finance Corp., ELN, 60.43%, 1/28/2022, (linked to S&P 500 Index) (b)		7		32,427
Royal Bank of Canada, ELN, 40.85%, 1/24/2022, (linked to S&P 500 Index) (Canada) (b)		6		30,193
Royal Bank of Canada, ELN, 55.31%, 1/7/2022, (linked to S&P 500 Index) (Canada) (b)		7		31,562
UBS AG, ELN, 40.24%, 2/7/2022, (linked to S&P 500 Index) (Switzerland) (b)		9		43,256
UBS AG, ELN, 62.75%, 1/10/2022, (linked to S&P 500 Index) (Switzerland) (b)		8		30,743
Total Equity-Linked Notes (Cost $348,978)				344,462

	SHARES (000)		VALUE ($000)
Short-Term Investments — 0.3%
Investment Companies — 0.3%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (d) (e) (Cost $7,184)		7,181		7,184
Total Investments — 98.4% (Cost $1,916,578)				2,107,967
Other Assets Less Liabilities — 1.6%				33,978
NET ASSETS — 100.0%				2,141,945

Percentages indicated are based on net assets.

Abbreviations

ELN	Equity-Linked Note
(a)	Amount rounds to less than one thousand.
(b)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(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)	The rate shown is the current yield as of December 31, 2021.
*	Non-income producing security.

Futures contracts outstanding as of December 31, 2021 (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		73		03/2022		USD		17,368		15

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 41

JPMorgan Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.1%
Aerospace & Defense — 0.8%
Northrop Grumman Corp.		167		64,453
Raytheon Technologies Corp.		1,042		89,703
				154,156
Air Freight & Logistics — 1.1%
FedEx Corp.		253		65,480
United Parcel Service, Inc., Class B		681		145,874
				211,354
Airlines — 0.2%
Southwest Airlines Co. *		933		39,983
Auto Components — 0.3%
Aptiv plc *		117		19,356
Magna International, Inc. (Canada)		421		34,064
				53,420
Automobiles — 2.3%
General Motors Co. *		755		44,253
Rivian Automotive, Inc., Class A *		150		15,588
Tesla, Inc. * (a)		375		396,346
				456,187
Banks — 3.7%
Bank of America Corp. (a)		2,238		99,586
Citigroup, Inc.		1,781		107,565
Fifth Third Bancorp		1,041		45,340
Regions Financial Corp.		2,520		54,936
SVB Financial Group *		47		31,715
Truist Financial Corp.		1,172		68,614
US Bancorp		2,066		116,027
Wells Fargo & Co. (a)		4,250		203,921
				727,704
Beverages — 1.2%
Coca-Cola Co. (The) (a)		2,870		169,938
Constellation Brands, Inc., Class A		272		68,275
				238,213
Biotechnology — 2.3%
AbbVie, Inc. (a)		1,639		221,873
Biogen, Inc. * (a)		149		35,711
BioMarin Pharmaceutical, Inc. *		111		9,816
Moderna, Inc. *		71		17,982
Neurocrine Biosciences, Inc. *		113		9,616
Regeneron Pharmaceuticals, Inc. *		129		81,399
Vertex Pharmaceuticals, Inc. *		339		74,529
				450,926

INVESTMENTS	SHARES (000)		VALUE ($000)
Building Products — 1.2%
Johnson Controls International plc		729		59,314
Masco Corp.		600		42,156
Trane Technologies plc		635		128,258
				229,728
Capital Markets — 3.2%
Goldman Sachs Group, Inc. (The)		260		99,372
Intercontinental Exchange, Inc.		438		59,923
Morgan Stanley		906		88,897
S&P Global, Inc.		350		165,131
State Street Corp.		1,187		110,420
T. Rowe Price Group, Inc.		492		96,786
				620,529
Chemicals — 1.9%
Air Products and Chemicals, Inc.		93		28,390
Celanese Corp.		163		27,379
DuPont de Nemours, Inc.		719		58,109
Eastman Chemical Co.		753		91,093
Linde plc (United Kingdom)		176		60,982
PPG Industries, Inc.		576		99,304
				365,257
Commercial Services & Supplies — 0.1%
Cintas Corp. (a)		49		21,675
Communications Equipment — 0.1%
Motorola Solutions, Inc.		67		18,184
Consumer Finance — 0.3%
Capital One Financial Corp.		397		57,632
Containers & Packaging — 0.3%
Avery Dennison Corp.		157		34,023
Westrock Co.		495		21,975
				55,998
Diversified Financial Services — 1.4%
Berkshire Hathaway, Inc., Class B * (a)		854		255,357
Voya Financial, Inc.		231		15,303
				270,660
Diversified Telecommunication Services — 0.3%
Verizon Communications, Inc. (a)		1,119		58,124
Electric Utilities — 1.9%
Edison International		534		36,473
Evergy, Inc.		658		45,130
Exelon Corp.		667		38,549
FirstEnergy Corp.		1,639		68,149
NextEra Energy, Inc. (a)		1,888		176,231
				364,532

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Electrical Equipment — 0.6%
Eaton Corp. plc		671		115,950
Entertainment — 0.9%
Netflix, Inc. * (a)		239		143,915
Walt Disney Co. (The) *		231		35,807
				179,722
Equity Real Estate Investment Trusts (REITs) — 2.5%
Camden Property Trust		331		59,131
Equinix, Inc.		72		60,494
Equity LifeStyle Properties, Inc.		442		38,741
Host Hotels & Resorts, Inc. *		911		15,848
Kimco Realty Corp.		1,229		30,285
Prologis, Inc.		861		144,890
SBA Communications Corp.		93		36,023
Sun Communities, Inc.		237		49,838
UDR, Inc.		137		8,208
Ventas, Inc.		947		48,392
				491,850
Food Products — 0.5%
Mondelez International, Inc., Class A (a)		1,449		96,072
Health Care Equipment & Supplies — 2.7%
Abbott Laboratories		934		131,406
ABIOMED, Inc. *		21		7,483
Baxter International, Inc.		284		24,336
Becton Dickinson and Co.		202		50,839
Boston Scientific Corp. * (a)		1,637		69,528
Dexcom, Inc. *		44		23,495
Intuitive Surgical, Inc. *		94		33,719
Medtronic plc (a)		1,174		121,452
Zimmer Biomet Holdings, Inc. (a)		572		72,692
				534,950
Health Care Providers & Services — 2.8%
Anthem, Inc. (a)		288		133,580
Centene Corp. *		1,005		82,792
Humana, Inc.		83		38,500
McKesson Corp.		94		23,241
UnitedHealth Group, Inc. (a)		549		275,671
				553,784
Hotels, Restaurants & Leisure — 1.7%
Booking Holdings, Inc. * (a)		32		76,456
Hilton Worldwide Holdings, Inc. *		354		55,200
McDonald’s Corp.		685		183,656
Royal Caribbean Cruises Ltd. *		102		7,839
				323,151

INVESTMENTS	SHARES (000)		VALUE ($000)
Household Durables — 0.6%
DR Horton, Inc.		65		7,049
Lennar Corp., Class A		766		89,016
Toll Brothers, Inc.		368		26,618
				122,683
Household Products — 1.5%
Kimberly-Clark Corp.		419		59,825
Procter & Gamble Co. (The) (a)		1,430		233,913
				293,738
Industrial Conglomerates — 0.3%
Honeywell International, Inc. (a)		323		67,244
Insurance — 1.8%
Chubb Ltd.		467		90,199
Hartford Financial Services Group, Inc. (The)		1,123		77,555
Progressive Corp. (The)		1,250		128,353
Prudential Financial, Inc.		357		38,695
Travelers Cos., Inc. (The)		116		18,178
				352,980
Interactive Media & Services — 6.8%
Alphabet, Inc., Class A * (a)		181		525,775
Alphabet, Inc., Class C * (a)		138		400,444
Meta Platforms, Inc., Class A * (a)		1,139		382,989
ZoomInfo Technologies, Inc., Class A *		457		29,320
				1,338,528
Internet & Direct Marketing Retail — 3.9%
Amazon.com, Inc. * (a)		228		759,016
IT Services — 4.6%
Accenture plc, Class A		532		220,386
FleetCor Technologies, Inc. *		211		47,170
International Business Machines Corp.		704		94,099
Mastercard, Inc., Class A (a)		747		268,337
PayPal Holdings, Inc. *		200		37,774
Shopify, Inc., Class A (Canada) *		19		25,757
Visa, Inc., Class A (a)		977		211,742
				905,265
Life Sciences Tools & Services — 1.7%
Danaher Corp.		183		60,140
Illumina, Inc. *		68		25,874
PerkinElmer, Inc.		72		14,436
Thermo Fisher Scientific, Inc. (a)		337		224,965
				325,415

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 43

JPMorgan Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Machinery — 2.4%
Deere & Co.		456		156,409
Ingersoll Rand, Inc.		524		32,432
Otis Worldwide Corp.		1,160		101,019
Parker-Hannifin Corp.		219		69,517
Stanley Black & Decker, Inc.		559		105,404
				464,781
Media — 1.1%
Charter Communications, Inc., Class A * (a)		104		67,924
Comcast Corp., Class A (a)		2,749		138,355
Fox Corp., Class A		109		4,024
				210,303
Metals & Mining — 0.1%
Freeport-McMoRan, Inc.		577		24,097
Multiline Retail — 0.6%
Dollar General Corp.		70		16,625
Dollar Tree, Inc. *		156		21,973
Target Corp.		375		86,729
				125,327
Multi-Utilities — 0.6%
CenterPoint Energy, Inc.		2,668		74,464
DTE Energy Co.		316		37,799
				112,263
Oil, Gas & Consumable Fuels — 2.6%
Cheniere Energy, Inc.		223		22,637
Chevron Corp. (a)		974		114,309
ConocoPhillips		1,923		138,779
Coterra Energy, Inc.		222		4,211
Diamondback Energy, Inc.		726		78,331
EOG Resources, Inc. (a)		516		45,797
Phillips 66		102		7,402
Pioneer Natural Resources Co. (a)		481		87,485
Williams Cos., Inc. (The)		549		14,284
				513,235
Personal Products — 0.3%
Estee Lauder Cos., Inc. (The), Class A		184		68,012
Pharmaceuticals — 3.4%
Bristol-Myers Squibb Co. (a)		2,501		155,929
Eli Lilly & Co. (a)		666		184,012
Johnson & Johnson (a)		1,109		189,691
Merck & Co., Inc.		949		72,764
Pfizer, Inc.		1,055		62,312
				664,708

INVESTMENTS	SHARES (000)		VALUE ($000)
Professional Services — 0.4%
Booz Allen Hamilton Holding Corp.		258		21,843
Leidos Holdings, Inc.		543		48,246
				70,089
Road & Rail — 1.0%
Lyft, Inc., Class A *		502		21,444
Norfolk Southern Corp. (a)		354		105,503
Union Pacific Corp.		276		69,538
				196,485
Semiconductors & Semiconductor Equipment — 6.9%
Advanced Micro Devices, Inc. * (a)		1,103		158,744
Analog Devices, Inc.		712		125,134
Applied Materials, Inc.		925		145,485
Intel Corp.		279		14,393
KLA Corp.		70		30,237
Lam Research Corp.		228		163,766
Microchip Technology, Inc.		446		38,809
Micron Technology, Inc.		208		19,348
NVIDIA Corp. (a)		1,057		310,777
NXP Semiconductors NV (China)		499		113,726
QUALCOMM, Inc.		331		60,507
Texas Instruments, Inc. (a)		932		175,653
				1,356,579
Software — 9.2%
Ceridian HCM Holding, Inc. *		84		8,816
Fortinet, Inc. *		66		23,816
Intuit, Inc. (a)		285		183,614
Microsoft Corp. (a)		4,063		1,366,592
Oracle Corp.		774		67,509
salesforce.com, Inc. * (a)		281		71,419
Workday, Inc., Class A *		237		64,725
				1,786,491
Specialty Retail — 3.4%
AutoZone, Inc. * (a)		17		36,085
Best Buy Co., Inc. (a)		695		70,607
Home Depot, Inc. (The) (a)		338		140,460
Lowe’s Cos., Inc. (a)		819		211,751
O’Reilly Automotive, Inc. *		190		134,102
TJX Cos., Inc. (The)(a)		994		75,434
				668,439
Technology Hardware, Storage & Peripherals — 7.3%
Apple, Inc. (a)		7,459		1,324,540
Seagate Technology Holdings plc		897		101,378
				1,425,918

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Textiles, Apparel & Luxury Goods — 0.8%
NIKE, Inc., Class B		885		147,477
Tobacco — 0.9%
Altria Group, Inc. (a)		1,709		80,967
Philip Morris International, Inc.		1,021		96,977
				177,944
Wireless Telecommunication Services — 0.6%
T-Mobile US, Inc. *		931		107,955
Total Common Stocks (Cost $11,725,472)				18,974,713
	NO. OF CONTRACTS
Options Purchased — 1.8%
Put Options Purchased — 1.8%
Index Funds — 1.8%
S&P 500 Index 3/31/2022 at USD 4,510.00, European Style Notional Amount: USD 19,411,698 Counterparty: Exchange-Traded * (Cost $347,125)		40,728		354,537

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 6.6%
Investment Companies — 6.6%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (b) (c) (Cost $1,296,982)		1,296,982		1,296,982
Total Investments — 105.5% (Cost $13,369,579)				20,626,232
Liabilities in Excess of Other Assets — (5.5)%				(1,070,424	)
NET ASSETS — 100.0%				19,555,808

Percentages indicated are based on net assets.

Abbreviations

USD	United States Dollar
(a)	All or a portion of the security is segregated for options written.
(b)	Investment in 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, 2021.
*	Non-income producing security.

Futures contracts outstanding as of December 31, 2021 (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		2,188		03/2022		USD		520,553		5,808

Abbreviations

USD United States Dollar

Written Call Options Contracts as of December 31, 2021 (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

40,728

USD 19,411,698

USD 4,920.00

3/31/2022

(254,958

)

Written Put Options Contracts as of December 31, 2021 (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

40,728

USD 19,411,698

USD 3,810.00

3/31/2022

(89,805

)

Total Written Options Contracts (Premiums Received $342,970)

(344,763

)

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 45

JPMorgan Hedged Equity 2 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 100.5%
Aerospace & Defense — 0.8%
Northrop Grumman Corp.		35		13,479
Raytheon Technologies Corp.		216		18,570
				32,049
Air Freight & Logistics — 1.1%
FedEx Corp.		52		13,467
United Parcel Service, Inc., Class B		140		29,932
				43,399
Airlines — 0.2%
Southwest Airlines Co. *		196		8,414
Auto Components — 0.3%
Aptiv plc *		24		3,985
Magna International, Inc. (Canada)		89		7,192
				11,177
Automobiles — 2.4%
General Motors Co. *		158		9,291
Rivian Automotive, Inc., Class A *		32		3,293
Tesla, Inc. * (a)		77		81,717
				94,301
Banks — 3.9%
Bank of America Corp.		459		20,440
Citigroup, Inc.		365		22,027
Fifth Third Bancorp		216		9,388
Regions Financial Corp.		523		11,409
SVB Financial Group *		10		6,655
Truist Financial Corp.		242		14,140
US Bancorp		425		23,871
Wells Fargo & Co.		879		42,175
				150,105
Beverages — 1.3%
Coca-Cola Co. (The)		595		35,250
Constellation Brands, Inc., Class A		57		14,263
				49,513
Biotechnology — 2.4%
AbbVie, Inc.		338		45,755
Biogen, Inc. *		31		7,325
BioMarin Pharmaceutical, Inc. *		22		1,943
Moderna, Inc. *		14		3,636
Neurocrine Biosciences, Inc. *		23		1,993
Regeneron Pharmaceuticals, Inc. *		27		16,928
Vertex Pharmaceuticals, Inc. *		71		15,510
				93,090

INVESTMENTS	SHARES (000)		VALUE ($000)
Building Products — 1.2%
Johnson Controls International plc		151		12,272
Masco Corp.		124		8,674
Trane Technologies plc		130		26,357
				47,303
Capital Markets — 3.3%
Goldman Sachs Group, Inc. (The)		54		20,702
Intercontinental Exchange, Inc.		89		12,182
Morgan Stanley		188		18,426
S&P Global, Inc.		72		34,116
State Street Corp.		244		22,678
T. Rowe Price Group, Inc.		102		20,019
				128,123
Chemicals — 1.9%
Air Products and Chemicals, Inc.		19		5,893
Celanese Corp.		33		5,553
DuPont de Nemours, Inc.		147		11,858
Eastman Chemical Co.		154		18,632
Linde plc (United Kingdom)		37		12,656
PPG Industries, Inc.		120		20,651
				75,243
Commercial Services & Supplies — 0.1%
Cintas Corp.		10		4,320
Communications Equipment — 0.1%
Motorola Solutions, Inc.		14		3,928
Consumer Finance — 0.3%
Capital One Financial Corp.		81		11,789
Containers & Packaging — 0.3%
Avery Dennison Corp.		33		7,080
Westrock Co.		98		4,345
				11,425
Diversified Financial Services — 1.4%
Berkshire Hathaway, Inc., Class B *		176		52,758
Voya Financial, Inc.		47		3,147
				55,905
Diversified Telecommunication Services — 0.3%
Verizon Communications, Inc.		233		12,131
Electric Utilities — 1.9%
Edison International		109		7,471
Evergy, Inc.		138		9,478
Exelon Corp.		139		8,041
FirstEnergy Corp.		335		13,939
NextEra Energy, Inc.		390		36,417
				75,346

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Electrical Equipment — 0.6%
Eaton Corp. plc		138		23,812
Entertainment — 1.0%
Netflix, Inc. *		49		29,571
Walt Disney Co. (The) *		48		7,493
				37,064
Equity Real Estate Investment Trusts (REITs) — 2.6%
Camden Property Trust		69		12,294
Equinix, Inc.		15		12,676
Equity LifeStyle Properties, Inc.		90		7,903
Host Hotels & Resorts, Inc. *		180		3,138
Kimco Realty Corp.		260		6,413
Prologis, Inc.		179		30,090
SBA Communications Corp.		19		7,571
Sun Communities, Inc.		49		10,231
UDR, Inc.		26		1,582
Ventas, Inc.		195		9,946
				101,844
Food Products — 0.5%
Mondelez International, Inc., Class A		297		19,698
Health Care Equipment & Supplies — 2.8%
Abbott Laboratories		193		27,120
ABIOMED, Inc. *		4		1,566
Baxter International, Inc.		59		5,047
Becton Dickinson and Co.		42		10,592
Boston Scientific Corp. *		338		14,357
Dexcom, Inc. *		9		4,746
Intuitive Surgical, Inc. *		19		6,982
Medtronic plc		243		25,115
Zimmer Biomet Holdings, Inc.		117		14,845
				110,370
Health Care Providers & Services — 2.9%
Anthem, Inc.		60		27,750
Centene Corp. *		206		16,975
Humana, Inc.		17		7,800
McKesson Corp.		19		4,734
UnitedHealth Group, Inc.		113		56,787
				114,046
Hotels, Restaurants & Leisure — 1.7%
Booking Holdings, Inc. *		7		15,869
Hilton Worldwide Holdings, Inc. *		74		11,481
McDonald’s Corp.		141		37,795
Royal Caribbean Cruises Ltd. *		20		1,551
				66,696

INVESTMENTS	SHARES (000)		VALUE ($000)
Household Durables — 0.7%
DR Horton, Inc.		15		1,579
Lennar Corp., Class A		160		18,542
Toll Brothers, Inc.		76		5,526
				25,647
Household Products — 1.6%
Kimberly-Clark Corp.		87		12,384
Procter & Gamble Co. (The)		295		48,322
				60,706
Industrial Conglomerates — 0.4%
Honeywell International, Inc.		67		13,867
Insurance — 1.9%
Chubb Ltd.		95		18,433
Hartford Financial Services Group, Inc. (The)		232		16,044
Progressive Corp. (The)		258		26,474
Prudential Financial, Inc.		72		7,826
Travelers Cos., Inc. (The)		25		3,916
				72,693
Interactive Media & Services — 7.1%
Alphabet, Inc., Class A * (a)		38		108,662
Alphabet, Inc., Class C * (a)		29		82,554
Meta Platforms, Inc., Class A *		235		78,896
ZoomInfo Technologies, Inc., Class A *		92		5,888
				276,000
Internet & Direct Marketing Retail — 4.0%
Amazon.com, Inc. * (a)		47		156,577
IT Services — 4.8%
Accenture plc, Class A		110		45,645
FleetCor Technologies, Inc. *		44		9,772
International Business Machines Corp.		145		19,367
Mastercard, Inc., Class A		154		55,295
PayPal Holdings, Inc. *		42		7,829
Shopify, Inc., Class A (Canada) *		4		5,463
Visa, Inc., Class A		202		43,869
				187,240
Life Sciences Tools & Services — 1.7%
Danaher Corp.		37		12,315
Illumina, Inc. *		14		5,161
PerkinElmer, Inc.		14		2,810
Thermo Fisher Scientific, Inc.		70		46,450
				66,736

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 47

JPMorgan Hedged Equity 2 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Machinery — 2.5%
Deere & Co.		95		32,462
Ingersoll Rand, Inc.		109		6,755
Otis Worldwide Corp.		241		20,959
Parker-Hannifin Corp.		45		14,174
Stanley Black & Decker, Inc.		116		21,851
				96,201
Media — 1.1%
Charter Communications, Inc., Class A *		22		14,102
Comcast Corp., Class A		569		28,637
Fox Corp., Class A		21		785
				43,524
Metals & Mining — 0.1%
Freeport-McMoRan, Inc.		122		5,096
Multiline Retail — 0.7%
Dollar General Corp.		15		3,583
Dollar Tree, Inc. *		31		4,344
Target Corp.		78		18,019
				25,946
Multi-Utilities — 0.6%
CenterPoint Energy, Inc.		550		15,357
DTE Energy Co.		66		7,897
				23,254
Oil, Gas & Consumable Fuels — 2.7%
Cheniere Energy, Inc.		46		4,639
Chevron Corp.		201		23,539
ConocoPhillips		395		28,494
Coterra Energy, Inc.		39		749
Diamondback Energy, Inc.		149		16,039
EOG Resources, Inc.		105		9,356
Phillips 66		22		1,569
Pioneer Natural Resources Co.		99		17,973
Williams Cos., Inc. (The)		106		2,760
				105,118
Personal Products — 0.4%
Estee Lauder Cos., Inc. (The), Class A		38		14,200
Pharmaceuticals — 3.5%
Bristol-Myers Squibb Co.		519		32,366
Eli Lilly & Co.		137		37,947
Johnson & Johnson		230		39,322
Merck & Co., Inc.		195		14,924
Pfizer, Inc.		219		12,940
				137,499

INVESTMENTS	SHARES (000)		VALUE ($000)
Professional Services — 0.4%
Booz Allen Hamilton Holding Corp.		51		4,318
Leidos Holdings, Inc.		112		9,918
				14,236
Road & Rail — 1.0%
Lyft, Inc., Class A *		100		4,286
Norfolk Southern Corp.		73		21,832
Union Pacific Corp.		57		14,246
				40,364
Semiconductors & Semiconductor Equipment — 7.2%
Advanced Micro Devices, Inc. *		229		32,914
Analog Devices, Inc.		146		25,668
Applied Materials, Inc.		191		30,066
Intel Corp.		61		3,134
KLA Corp.		15		6,237
Lam Research Corp.		47		33,947
Microchip Technology, Inc.		94		8,170
Micron Technology, Inc.		41		3,819
NVIDIA Corp.		218		64,171
NXP Semiconductors NV (China)		103		23,378
QUALCOMM, Inc.		68		12,393
Texas Instruments, Inc.		192		36,222
				280,119
Software — 9.4%
Ceridian HCM Holding, Inc. *		19		1,958
Fortinet, Inc. *		14		5,024
Intuit, Inc.		59		37,966
Microsoft Corp. (a)		838		281,953
Oracle Corp.		161		14,035
salesforce.com, Inc. *		57		14,566
Workday, Inc., Class A *		49		13,282
				368,784
Specialty Retail — 3.5%
AutoZone, Inc. *		4		7,465
Best Buy Co., Inc.		145		14,697
Home Depot, Inc. (The)		70		29,078
Lowe’s Cos., Inc.		168		43,529
O’Reilly Automotive, Inc. *		39		27,528
TJX Cos., Inc. (The)		204		15,472
				137,769
Technology Hardware, Storage & Peripherals — 7.6%
Apple, Inc. (a)		1,539		273,241
Seagate Technology Holdings plc		185		20,920
				294,161

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Textiles, Apparel & Luxury Goods — 0.8%
NIKE, Inc., Class B		182		30,373
Tobacco — 0.9%
Altria Group, Inc.		349		16,558
Philip Morris International, Inc.		209		19,862
				36,420
Wireless Telecommunication Services — 0.6%
T-Mobile US, Inc. *		191		22,159
Total Common Stocks (Cost $3,577,277)				3,915,780
	NO. OF CONTRACTS
Options Purchased — 0.3%
Put Options Purchased — 0.3%
Index Funds — 0.3%
S&P 500 Index 1/31/2022 at USD 4,360.00, European Style Notional Amount: USD 3,946,874 Counterparty: Exchange-Traded * (Cost $64,016)		8,281		10,351

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 3.7%
Investment Companies — 3.7%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c) (Cost $143,550)		143,550		143,550
Total Investments — 104.5% (Cost $3,784,843)				4,069,681
Liabilities in Excess of Other Assets — (4.5)%				(176,453	)
NET ASSETS — 100.0%				3,893,228

Percentages indicated are based on net assets.

Abbreviations

USD	United States Dollar
(a)	All or a portion of the security is segregated for options written.
(b)	Investment in 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, 2021.
*	Non-income producing security.

Futures contracts outstanding as of December 31, 2021 (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		131		03/2022		USD		31,167		698

Abbreviations

USD United States Dollar

Written Call Options Contracts as of December 31, 2021 (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

8,281

USD 3,946,873

USD 4,755.00

1/31/2022

(64,012

)

Written Put Options Contracts as of December 31, 2021 (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

8,281

USD 3,946,874

USD 3,675.00

1/31/2022

(2,195

)

Total Written Options Contracts (Premiums Received $65,775)

(66,207

)

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 49

JPMorgan Hedged Equity 3 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 100.8%
Aerospace & Defense — 0.8%
Northrop Grumman Corp.		21		8,024
Raytheon Technologies Corp.		128		11,046
				19,070
Air Freight & Logistics — 1.1%
FedEx Corp.		31		8,056
United Parcel Service, Inc., Class B		84		18,060
				26,116
Airlines — 0.2%
Southwest Airlines Co. *		117		4,998
Auto Components — 0.3%
Aptiv plc *		14		2,383
Magna International, Inc. (Canada)		53		4,287
				6,670
Automobiles — 2.4%
General Motors Co. *		95		5,547
Rivian Automotive, Inc., Class A *		18		1,894
Tesla, Inc.* (a)		46		48,810
				56,251
Banks — 3.9%
Bank of America Corp.		273		12,159
Citigroup, Inc.		221		13,340
Fifth Third Bancorp		129		5,608
Regions Financial Corp.		312		6,797
SVB Financial Group *		6		3,977
Truist Financial Corp.		144		8,436
US Bancorp		253		14,184
Wells Fargo & Co.		524		25,141
				89,642
Beverages — 1.3%
Coca-Cola Co. (The)		355		21,026
Constellation Brands, Inc., Class A		34		8,524
				29,550
Biotechnology — 2.4%
AbbVie, Inc.		201		27,219
Biogen, Inc. *		18		4,299
BioMarin Pharmaceutical, Inc. *		13		1,160
Moderna, Inc. *		9		2,224
Neurocrine Biosciences, Inc. *		14		1,181
Regeneron Pharmaceuticals, Inc. *		16		9,992
Vertex Pharmaceuticals, Inc. *		41		9,066
				55,141

INVESTMENTS	SHARES (000)		VALUE ($000)
Building Products — 1.2%
Johnson Controls International plc		91		7,366
Masco Corp.		74		5,217
Trane Technologies plc		78		15,783
				28,366
Capital Markets — 3.3%
Goldman Sachs Group, Inc. (The)		32		12,288
Intercontinental Exchange, Inc.		55		7,471
Morgan Stanley		110		10,841
S&P Global, Inc.		43		20,301
State Street Corp.		145		13,524
T. Rowe Price Group, Inc.		60		11,815
				76,240
Chemicals — 1.9%
Air Products and Chemicals, Inc.		12		3,527
Celanese Corp.		20		3,340
DuPont de Nemours, Inc.		88		7,077
Eastman Chemical Co.		92		11,144
Linde plc (United Kingdom)		22		7,575
PPG Industries, Inc.		71		12,305
				44,968
Commercial Services & Supplies — 0.1%
Cintas Corp.		6		2,579
Communications Equipment — 0.1%
Motorola Solutions, Inc.		8		2,129
Consumer Finance — 0.3%
Capital One Financial Corp.		48		6,994
Containers & Packaging — 0.3%
Avery Dennison Corp.		20		4,264
Westrock Co.		58		2,594
				6,858
Diversified Financial Services — 1.4%
Berkshire Hathaway, Inc., Class B *		106		31,555
Voya Financial, Inc.		28		1,866
				33,421
Diversified Telecommunication Services — 0.3%
Verizon Communications, Inc.		138		7,178
Electric Utilities — 1.9%
Edison International		65		4,467
Evergy, Inc.		83		5,660
Exelon Corp.		80		4,636
FirstEnergy Corp.		201		8,343

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Electric Utilities — continued
NextEra Energy, Inc.		233		21,722
				44,828
Electrical Equipment — 0.6%
Eaton Corp. plc		82		14,229
Entertainment — 1.0%
Netflix, Inc. *		29		17,612
Walt Disney Co. (The) *		29		4,455
				22,067
Equity Real Estate Investment Trusts (REITs) — 2.6%
Camden Property Trust		41		7,361
Equinix, Inc.		9		7,350
Equity LifeStyle Properties, Inc.		54		4,749
Host Hotels & Resorts, Inc. *		108		1,870
Kimco Realty Corp.		156		3,845
Prologis, Inc.		106		17,893
SBA Communications Corp.		12		4,513
Sun Communities, Inc.		29		6,151
UDR, Inc.		16		948
Ventas, Inc.		117		5,990
				60,670
Food Products — 0.5%
Mondelez International, Inc., Class A		178		11,800
Health Care Equipment & Supplies — 2.8%
Abbott Laboratories		115		16,240
ABIOMED, Inc. *		3		944
Baxter International, Inc.		35		3,022
Becton Dickinson and Co.		25		6,375
Boston Scientific Corp. *		201		8,539
Dexcom, Inc. *		5		2,859
Intuitive Surgical, Inc. *		12		4,168
Medtronic plc		144		14,880
Zimmer Biomet Holdings, Inc.		70		8,846
				65,873
Health Care Providers & Services — 2.9%
Anthem, Inc.		35		16,421
Centene Corp. *		122		10,086
Humana, Inc.		10		4,672
McKesson Corp.		11		2,843
UnitedHealth Group, Inc. (a)		68		34,009
				68,031

INVESTMENTS	SHARES (000)		VALUE ($000)
Hotels, Restaurants & Leisure — 1.7%
Booking Holdings, Inc. *		4		9,446
Hilton Worldwide Holdings, Inc. *		44		6,855
McDonald’s Corp.		84		22,569
Royal Caribbean Cruises Ltd. *		12		923
				39,793
Household Durables — 0.7%
DR Horton, Inc.		9		953
Lennar Corp., Class A		94		10,962
Toll Brothers, Inc.		46		3,328
				15,243
Household Products — 1.6%
Kimberly-Clark Corp.		52		7,446
Procter & Gamble Co. (The)		176		28,790
				36,236
Industrial Conglomerates — 0.4%
Honeywell International, Inc.		40		8,280
Insurance — 1.9%
Chubb Ltd.		57		11,035
Hartford Financial Services Group, Inc. (The)		139		9,618
Progressive Corp. (The)		155		15,866
Prudential Financial, Inc.		43		4,663
Travelers Cos., Inc. (The)		15		2,339
				43,521
Interactive Media & Services — 7.1%
Alphabet, Inc., Class A * (a)		22		64,723
Alphabet, Inc., Class C * (a)		17		49,434
Meta Platforms, Inc., Class A * (a)		140		47,243
ZoomInfo Technologies, Inc., Class A *		54		3,495
				164,895
Internet & Direct Marketing Retail — 4.0%
Amazon.com, Inc. * (a)		28		93,405
IT Services — 4.8%
Accenture plc, Class A		65		27,101
FleetCor Technologies, Inc. *		26		5,848
International Business Machines Corp.		87		11,601
Mastercard, Inc., Class A		92		32,989
PayPal Holdings, Inc. *		25		4,661
Shopify, Inc., Class A (Canada) *		2		3,058
Visa, Inc., Class A		121		26,150
				111,408

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 51

JPMorgan Hedged Equity 3 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Life Sciences Tools & Services — 1.7%
Danaher Corp.		23		7,408
Illumina, Inc. *		9		3,292
PerkinElmer, Inc.		8		1,693
Thermo Fisher Scientific, Inc.		42		27,743
				40,136
Machinery — 2.5%
Deere & Co.		56		19,345
Ingersoll Rand, Inc.		65		4,026
Otis Worldwide Corp.		144		12,539
Parker-Hannifin Corp.		27		8,476
Stanley Black & Decker, Inc.		69		13,067
				57,453
Media — 1.1%
Charter Communications, Inc., Class A *		13		8,408
Comcast Corp., Class A		340		17,089
Fox Corp., Class A		13		462
				25,959
Metals & Mining — 0.1%
Freeport-McMoRan, Inc.		73		3,035
Multiline Retail — 0.7%
Dollar General Corp.		8		1,941
Dollar Tree, Inc. *		19		2,607
Target Corp.		46		10,637
				15,185
Multi-Utilities — 0.6%
CenterPoint Energy, Inc.		329		9,181
DTE Energy Co.		40		4,731
				13,912
Oil, Gas & Consumable Fuels — 2.7%
Cheniere Energy, Inc.		27		2,754
Chevron Corp.		121		14,184
ConocoPhillips		238		17,161
Coterra Energy, Inc.		24		447
Diamondback Energy, Inc.		90		9,660
EOG Resources, Inc.		62		5,551
Phillips 66		13		921
Pioneer Natural Resources Co.		59		10,693
Williams Cos., Inc. (The)		72		1,871
				63,242
Personal Products — 0.4%
Estee Lauder Cos., Inc. (The), Class A		22		8,276

INVESTMENTS	SHARES (000)		VALUE ($000)
Pharmaceuticals — 3.5%
Bristol-Myers Squibb Co.		309		19,264
Eli Lilly & Co.		82		22,770
Johnson & Johnson (a)		137		23,356
Merck & Co., Inc.		116		8,907
Pfizer, Inc.		130		7,652
				81,949
Professional Services — 0.4%
Booz Allen Hamilton Holding Corp.		31		2,588
Leidos Holdings, Inc.		67		5,915
				8,503
Road & Rail — 1.0%
Lyft, Inc., Class A *		59		2,537
Norfolk Southern Corp.		44		13,115
Union Pacific Corp.		34		8,549
				24,201
Semiconductors & Semiconductor Equipment — 7.2%
Advanced Micro Devices, Inc. *		137		19,645
Analog Devices, Inc.		88		15,392
Applied Materials, Inc.		113		17,831
Intel Corp.		36		1,870
KLA Corp.		9		3,741
Lam Research Corp.		28		20,053
Microchip Technology, Inc.		56		4,879
Micron Technology, Inc.		25		2,355
NVIDIA Corp. (a)		130		38,281
NXP Semiconductors NV (China)		61		13,898
QUALCOMM, Inc.		41		7,438
Texas Instruments, Inc.		114		21,547
				166,930
Software — 9.6%
Ceridian HCM Holding, Inc. *		11		1,166
Fortinet, Inc. *		8		2,999
Intuit, Inc.		35		22,558
Microsoft Corp. (a)		500		168,320
Oracle Corp.		95		8,320
salesforce.com, Inc. *		35		8,881
Workday, Inc., Class A *		29		7,912
				220,156
Specialty Retail — 3.5%
AutoZone, Inc. *		2		4,543
Best Buy Co., Inc.		85		8,634
Home Depot, Inc. (The)		42		17,281

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Specialty Retail — continued
Lowe’s Cos., Inc.		101		26,055
O’Reilly Automotive, Inc. *		23		16,428
TJX Cos., Inc. (The)		123		9,303
				82,244
Technology Hardware, Storage & Peripherals — 7.7%
Apple, Inc. (a)		919		163,101
Seagate Technology Holdings plc		111		12,590
				175,691
Textiles, Apparel & Luxury Goods — 0.8%
NIKE, Inc., Class B		109		18,116
Tobacco — 0.9%
Altria Group, Inc.		208		9,869
Philip Morris International, Inc.		125		11,889
				21,758
Wireless Telecommunication Services — 0.6%
T-Mobile US, Inc. *		115		13,374
Total Common Stocks (Cost $2,137,943)				2,336,570
	NO. OF CONTRACTS
Options Purchased — 0.7%
Put Options Purchased — 0.7%
Index Funds — 0.7%
S&P 500 Index 2/28/2022 at USD 4,325.00, European Style Notional Amount: USD 2,354,016 Counterparty: , European Style * (Cost $54,814)		4,939		15,607

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 0.7%
Investment Companies — 0.7%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c) (Cost $16,682)		16,682		16,682
Total Investments — 102.2% (Cost $2,209,439)				2,368,859
Liabilities in Excess of Other Assets — (2.2)%				(51,779	)
NET ASSETS — 100.0%				2,317,080

Percentages indicated are based on net assets.

Abbreviations

USD	United States Dollar
(a)	All or a portion of the security is segregated for options written.
(b)	Investment in 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, 2021.
*	Non-income producing security.

Futures contracts outstanding as of December 31, 2021 (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		73		03/2022		USD		17,368		433

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 53

JPMorgan Hedged Equity 3 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

Written Call Options Contracts as of December 31, 2021 (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

4,939

USD 2,354,017

USD 4,755.00

2/28/2022

(55,687

)

Written Put Options Contracts as of December 31, 2021 (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

4,939

USD 2,354,016

USD 3,640.00

2/28/2022

(3,704

)

Total Written Options Contracts (Premiums Received $58,130)

(59,391

)

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

JPMorgan Large Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 99.6%
Automobiles — 4.7%
Rivian Automotive, Inc., Class A * (a)		784		81,273
Tesla, Inc. *		1,749		1,848,414
				1,929,687
Banks — 1.5%
SVB Financial Group *		902		611,707
Beverages — 1.1%
Monster Beverage Corp. *		4,809		461,842
Biotechnology — 2.5%
Alnylam Pharmaceuticals, Inc. *		132		22,334
Biogen, Inc. *		602		144,456
Exact Sciences Corp. * (a)		794		61,774
Moderna, Inc. *		314		79,826
Regeneron Pharmaceuticals, Inc. *		547		345,252
Seagen, Inc. *		2,297		355,100
				1,008,742
Building Products — 1.3%
Trane Technologies plc		2,705		546,477
Capital Markets — 7.2%
Blackstone, Inc.		8,820		1,141,195
Charles Schwab Corp. (The)		9,739		819,034
Morgan Stanley		8,124		797,471
MSCI, Inc.		314		192,078
				2,949,778
Chemicals — 1.2%
Sherwin-Williams Co. (The)		1,443		507,991
Consumer Finance — 0.6%
Capital One Financial Corp.		1,743		252,935
Electrical Equipment — 1.5%
Rockwell Automation, Inc.		1,768		616,907
Electronic Equipment, Instruments & Components — 1.1%
Amphenol Corp., Class A		5,088		444,966
Entertainment — 1.8%
Netflix, Inc. *		1,167		703,168
Roku, Inc. *		157		35,759
				738,927
Health Care Equipment & Supplies — 3.9%
ABIOMED, Inc. *		283		101,537
Align Technology, Inc. *		1,055		693,043
Dexcom, Inc. *		631		338,654
Intuitive Surgical, Inc. *		1,305		469,003
				1,602,237

INVESTMENTS	SHARES (000)		VALUE ($000)
Health Care Providers & Services — 3.3%
HCA Healthcare, Inc.		2,945		756,707
McKesson Corp.		2,293		569,973
				1,326,680
Hotels, Restaurants & Leisure — 2.8%
Airbnb, Inc., Class A *		75		12,414
Booking Holdings, Inc. *		165		396,593
Chipotle Mexican Grill, Inc. *		423		739,684
				1,148,691
Interactive Media & Services — 11.7%
Alphabet, Inc., Class C *		1,056		3,054,941
Match Group, Inc. *		1,862		246,239
Meta Platforms, Inc., Class A *		3,307		1,112,418
Snap, Inc., Class A *		7,649		359,747
				4,773,345
Internet & Direct Marketing Retail — 4.2%
Amazon.com, Inc. *		401		1,336,421
Etsy, Inc. *		1,523		333,533
MercadoLibre, Inc. (Argentina) *		34		45,448
Wayfair, Inc., Class A * (a)		85		16,128
				1,731,530
IT Services — 1.8%
Affirm Holdings, Inc. *		862		86,723
Block, Inc., Class A *		1,341		216,568
MongoDB, Inc. * (a)		373		197,183
PayPal Holdings, Inc. *		963		181,631
Shopify, Inc., Class A (Canada) *		7		9,504
Twilio, Inc., Class A *		120		31,654
				723,263
Life Sciences Tools & Services — 0.4%
Thermo Fisher Scientific, Inc.		231		153,839
Machinery — 2.3%
Deere & Co.		2,741		940,005
Metals & Mining — 1.4%
Freeport-McMoRan, Inc.		13,328		556,181
Personal Products — 1.4%
Estee Lauder Cos., Inc. (The), Class A		1,504		556,846
Professional Services — 1.7%
Equifax, Inc.		1,091		319,522
Verisk Analytics, Inc.		1,570		359,152
				678,674

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 55

JPMorgan Large Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Semiconductors & Semiconductor Equipment — 10.1%
Advanced Micro Devices, Inc. *		8,664		1,246,706
ASML Holding NV (Registered), NYRS (Netherlands)		842		670,111
Enphase Energy, Inc. *		456		83,402
Lam Research Corp.		626		449,828
NVIDIA Corp.		4,130		1,214,723
Texas Instruments, Inc.		2,432		458,284
				4,123,054
Software — 15.2%
HubSpot, Inc. *		328		216,333
Intuit, Inc.		1,248		802,739
Microsoft Corp.		11,103		3,734,025
Oracle Corp.		9,134		796,550
Synopsys, Inc. *		1,401		516,416
Trade Desk, Inc. (The), Class A *		302		27,693
Workday, Inc., Class A *		328		89,630
				6,183,386
Specialty Retail — 4.6%
AutoZone, Inc. *		341		714,689
Carvana Co. * (a)		1,127		261,274
Lowe’s Cos., Inc.		3,489		901,940
				1,877,903
Technology Hardware, Storage & Peripherals — 9.3%
Apple, Inc.		21,337		3,788,804
Textiles, Apparel & Luxury Goods — 1.0%
Tapestry, Inc.		10,066		408,688
Total Common Stocks (Cost $24,052,214)				40,643,085
Short-Term Investments — 1.1%
Investment Companies — 0.8%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (b) (c) (Cost $292,240)		292,134		292,250

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment of Cash Collateral from Securities Loaned — 0.3%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (b) (c)		116,932		116,909
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		20,701		20,701
Total Investment of Cash Collateral from Securities Loaned (Cost $137,610)				137,610
Total Short-Term Investments (Cost $429,850)				429,860
Total Investments — 100.7% (Cost $24,482,064)				41,072,945
Liabilities in Excess of Other Assets — (0.7)%				(267,851	)
NET ASSETS — 100.0%				40,805,094

Percentages indicated are based on net assets.

Abbreviations

NYRS	New York Registry Shares
(a)	The security or a portion of this security is on loan at December 31, 2021. The total value of securities on loan at December 31, 2021 is $134,368.
(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, 2021.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

JPMorgan Large Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 100.2%
Aerospace & Defense — 2.8%
Boeing Co. (The) *		182		36,580
Raytheon Technologies Corp.		592		50,930
				87,510
Air Freight & Logistics — 1.5%
FedEx Corp.		185		47,848
Airlines — 1.1%
Delta Air Lines, Inc. *		429		16,746
Southwest Airlines Co. *		392		16,776
				33,522
Auto Components — 0.8%
Lear Corp.		130		23,710
Automobiles — 2.2%
General Motors Co. *		1,150		67,402
Banks — 12.8%
Bank of America Corp.		2,724		121,170
Citigroup, Inc.		517		31,205
People’s United Financial, Inc.		3,419		60,927
Truist Financial Corp.		1,073		62,824
Wells Fargo & Co.		2,495		119,710
				395,836
Beverages — 2.1%
Coca-Cola Co. (The)		1,088		64,415
Biotechnology — 7.1%
AbbVie, Inc.		415		56,191
Biogen, Inc. *		66		15,883
BioMarin Pharmaceutical, Inc. *		106		9,330
Neurocrine Biosciences, Inc. * (a)		207		17,647
Regeneron Pharmaceuticals, Inc. *		99		62,331
Vertex Pharmaceuticals, Inc. *		275		60,456
				221,838
Capital Markets — 4.2%
Intercontinental Exchange, Inc.		309		42,262
State Street Corp.		939		87,299
				129,561
Chemicals — 3.9%
Celanese Corp.		229		38,553
Eastman Chemical Co.		264		31,866
FMC Corp.		468		51,417
				121,836
Containers & Packaging — 0.4%
Sealed Air Corp.		186		12,549

INVESTMENTS	SHARES (000)		VALUE ($000)
Diversified Financial Services — 0.5%
Berkshire Hathaway, Inc., Class B *		53		15,787
Electric Utilities — 1.7%
Edison International		575		39,230
FirstEnergy Corp.		337		14,012
				53,242
Electrical Equipment — 1.0%
Eaton Corp. plc		179		30,917
Entertainment — 2.5%
Activision Blizzard, Inc.		776		51,654
Electronic Arts, Inc.		191		25,246
				76,900
Equity Real Estate Investment Trusts (REITs) — 2.5%
Host Hotels & Resorts, Inc. *		3,128		54,395
Vornado Realty Trust		360		15,061
Weyerhaeuser Co.		194		7,968
				77,424
Food & Staples Retailing — 4.4%
BJ’s Wholesale Club Holdings, Inc. *		308		20,627
Performance Food Group Co. *		214		9,820
US Foods Holding Corp. *		3,075		107,110
				137,557
Food Products — 3.0%
Bunge Ltd.		68		6,320
Lamb Weston Holdings, Inc.		1,396		88,447
				94,767
Health Care Equipment & Supplies — 2.1%
Zimmer Biomet Holdings, Inc. (a)		515		65,464
Health Care Providers & Services — 6.6%
Centene Corp. *		1,366		112,525
Cigna Corp.		254		58,303
McKesson Corp.		143		35,546
				206,374
Hotels, Restaurants & Leisure — 4.7%
Booking Holdings, Inc. *		18		43,666
Royal Caribbean Cruises Ltd. * (a)		1,315		101,100
				144,766
Household Durables — 0.7%
Newell Brands, Inc.		994		21,705
Household Products — 0.2%
Kimberly-Clark Corp.		53		7,632

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 57

JPMorgan Large Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Industrial Conglomerates — 1.0%
Honeywell International, Inc.		147		30,609
Insurance — 4.0%
Allstate Corp. (The)		163		19,189
American International Group, Inc.		877		49,866
Chubb Ltd.		81		15,619
Prudential Financial, Inc.		132		14,288
Travelers Cos., Inc. (The)		173		27,031
				125,993
IT Services — 0.2%
WEX, Inc. *		55		7,767
Machinery — 2.3%
Parker-Hannifin Corp.		169		53,666
Terex Corp.		136		5,982
Timken Co. (The)		168		11,662
				71,310
Media — 1.0%
Comcast Corp., Class A		607		30,535
Metals & Mining — 4.5%
Alcoa Corp.		855		50,940
Freeport-McMoRan, Inc.		1,965		81,995
Rio Tinto plc, ADR (Australia) (a)		119		7,946
				140,881
Multiline Retail — 0.5%
Kohl’s Corp. (a)		344		17,005
Multi-Utilities — 1.0%
CenterPoint Energy, Inc.		1,099		30,665
Oil, Gas & Consumable Fuels — 7.5%
Chevron Corp.		791		92,777
Diamondback Energy, Inc.		287		30,953
Hess Corp.		386		28,546
Occidental Petroleum Corp.		986		28,578
Pioneer Natural Resources Co.		297		54,005
				234,859
Pharmaceuticals — 4.2%
Bristol-Myers Squibb Co.		1,475		91,973
Johnson & Johnson		167		28,500
Organon & Co.		340		10,356
				130,829
Road & Rail — 1.3%
Norfolk Southern Corp.		111		33,165
Union Pacific Corp.		33		8,288
				41,453

INVESTMENTS	SHARES (000)		VALUE ($000)
Technology Hardware, Storage & Peripherals — 2.7%
Seagate Technology Holdings plc		740		83,560
Textiles, Apparel & Luxury Goods — 1.2%
Kontoor Brands, Inc.		220		11,295
Tapestry, Inc.		614		24,916
				36,211
Total Common Stocks (Cost $2,622,002)				3,120,239
Short-Term Investments — 1.3%
Investment Companies — 0.1%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (b) (c) (Cost $3,146)		3,145		3,146
Investment of Cash Collateral from Securities Loaned — 1.2%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (b) (c)		29,901		29,894
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		7,894		7,894
Total Investment of Cash Collateral from Securities Loaned (Cost $37,788)				37,788
Total Short-Term Investments (Cost $40,934)				40,934
Total Investments — 101.5% (Cost $2,662,936)				3,161,173
Liabilities in Excess of Other Assets — (1.5)%				(48,001	)
Net Assets — 100.0%				3,113,172

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, 2021. The total value of securities on loan at December 31, 2021 is $36,685.
(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, 2021.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

JPMorgan U.S. Applied Data Science Value Fund

(formerly known as JPMorgan Intrepid Value Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.8%
Aerospace & Defense — 1.2%
Northrop Grumman Corp.		8		2,969
Auto Components — 0.7%
Lear Corp.		9		1,635
Banks — 9.8%
Bank of America Corp.		144		6,391
Citigroup, Inc.		57		3,451
Citizens Financial Group, Inc.		43		2,021
M&T Bank Corp.		16		2,445
PNC Financial Services Group, Inc. (The)		20		3,987
Wells Fargo & Co.		111		5,342
Western Alliance Bancorp		4		378
				24,015
Beverages — 2.2%
Coca-Cola Co. (The)		91		5,374
Biotechnology — 1.9%
AbbVie, Inc.		22		2,998
Vertex Pharmaceuticals, Inc. *		8		1,764
				4,762
Building Products — 2.1%
Johnson Controls International plc		32		2,578
Trane Technologies plc		13		2,666
				5,244
Capital Markets — 6.2%
BlackRock, Inc.		6		5,708
CME Group, Inc.		6		1,461
Morgan Stanley		53		5,248
T. Rowe Price Group, Inc.		15		2,976
				15,393
Chemicals — 2.3%
Axalta Coating Systems Ltd. *		90		2,994
DuPont de Nemours, Inc.		32		2,571
				5,565
Consumer Finance — 1.7%
Ally Financial, Inc.		32		1,520
Capital One Financial Corp.		7		1,065
Synchrony Financial		33		1,538
				4,123
Containers & Packaging — 0.6%
Berry Global Group, Inc. *		21		1,565
Diversified Financial Services — 1.1%
Berkshire Hathaway, Inc., Class B *		9		2,660

INVESTMENTS	SHARES (000)		VALUE ($000)
Diversified Telecommunication Services — 2.1%
Verizon Communications, Inc.		98		5,103
Electric Utilities — 4.2%
Exelon Corp.		56		3,245
NextEra Energy, Inc.		76		7,101
				10,346
Electrical Equipment — 2.3%
Eaton Corp. plc		32		5,563
Equity Real Estate Investment Trusts (REITs) — 3.7%
Host Hotels & Resorts, Inc. *		54		946
Prologis, Inc.		43		7,177
Ventas, Inc.		21		1,065
				9,188
Food & Staples Retailing — 0.6%
Sysco Corp.		18		1,448
Food Products — 1.7%
Mondelez International, Inc., Class A		43		2,846
Tyson Foods, Inc., Class A		15		1,345
				4,191
Health Care Equipment & Supplies — 2.3%
Becton Dickinson and Co.		6		1,404
Medtronic plc		41		4,202
				5,606
Health Care Providers & Services — 6.2%
Anthem, Inc.		7		3,470
Centene Corp. *		26		2,119
Cigna Corp.		16		3,690
UnitedHealth Group, Inc.		12		6,124
				15,403
Hotels, Restaurants & Leisure — 1.2%
Expedia Group, Inc. *		7		1,321
Royal Caribbean Cruises Ltd. *		5		417
Travel + Leisure Co.		21		1,188
				2,926
Household Durables — 0.6%
Whirlpool Corp.		7		1,570
Household Products — 1.5%
Procter & Gamble Co. (The)		13		2,184
Spectrum Brands Holdings, Inc.		15		1,487
				3,671

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 59

JPMorgan U.S. Applied Data Science Value Fund

(formerly known as JPMorgan Intrepid Value Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Insurance — 2.6%
Loews Corp.		53		3,035
Travelers Cos., Inc. (The)		21		3,279
				6,314
Interactive Media & Services — 3.0%
Alphabet, Inc., Class C *		2		5,952
Meta Platforms, Inc., Class A *		4		1,342
				7,294
IT Services — 2.0%
Amdocs Ltd.		14		1,070
Fidelity National Information Services, Inc.		14		1,552
Fiserv, Inc. *		8		845
Mastercard, Inc., Class A		4		1,404
				4,871
Life Sciences Tools & Services — 0.7%
Agilent Technologies, Inc.		11		1,833
Machinery — 3.7%
Deere & Co.		4		1,343
Dover Corp.		23		4,090
Parker-Hannifin Corp.		11		3,645
				9,078
Media — 1.4%
Charter Communications, Inc., Class A *		3		1,955
Comcast Corp., Class A		30		1,523
				3,478
Multiline Retail — 0.9%
Target Corp.		10		2,212
Multi-Utilities — 2.2%
CMS Energy Corp.		23		1,509
Dominion Energy, Inc.		35		2,754
WEC Energy Group, Inc.		12		1,126
				5,389
Oil, Gas & Consumable Fuels — 5.6%
Cheniere Energy, Inc.		15		1,500
Chevron Corp.		17		2,004
ConocoPhillips		71		5,141
Coterra Energy, Inc.		84		1,603
EOG Resources, Inc.		34		2,984
Phillips 66		8		569
				13,801

INVESTMENTS	SHARES (000)		VALUE ($000)
Pharmaceuticals — 4.5%
Bristol-Myers Squibb Co.		82		5,125
Eli Lilly & Co.		11		3,027
Jazz Pharmaceuticals plc *		10		1,335
Merck & Co., Inc.		21		1,587
				11,074
Professional Services — 0.3%
Booz Allen Hamilton Holding Corp.		9		763
Real Estate Management & Development — 0.8%
CBRE Group, Inc., Class A *		19		2,024
Road & Rail — 3.4%
CSX Corp.		77		2,905
Norfolk Southern Corp.		18		5,504
				8,409
Semiconductors & Semiconductor Equipment — 3.8%
Analog Devices, Inc.		17		3,034
NXP Semiconductors NV (China)		5		1,153
QUALCOMM, Inc.		9		1,569
Texas Instruments, Inc.		20		3,693
				9,449
Software — 1.5%
Microsoft Corp.		9		2,909
SS&C Technologies Holdings, Inc.		9		771
				3,680
Specialty Retail — 3.9%
AutoZone, Inc. *		2		4,141
Lowe’s Cos., Inc.		7		1,833
O’Reilly Automotive, Inc. *		5		3,677
				9,651
Technology Hardware, Storage & Peripherals — 0.3%
Xerox Holdings Corp.		34		759
Tobacco — 1.0%
Altria Group, Inc.		52		2,472
Total Common Stocks (Cost $188,731)				240,871
Short-Term Investments — 2.1%
Investment Companies — 2.1%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b) (Cost $5,269)		5,267		5,269
Total Investments — 99.9% (Cost $194,000)				246,140
Other Assets Less Liabilities — 0.1%				312
NET ASSETS — 100.0%				246,452

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

(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, 2021.
*	Non-income producing security.

Futures contracts outstanding as of December 31, 2021 (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		22		03/2022		USD		5,234		100

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 61

JPMorgan U.S. Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 99.1%
Aerospace & Defense — 1.4%
Northrop Grumman Corp.		811		313,743
Automobiles — 2.0%
Rivian Automotive, Inc., Class A * (a)		772		80,051
Tesla, Inc. *		356		375,858
				455,909
Banks — 6.3%
Truist Financial Corp.		8,364		489,729
US Bancorp		7,660		430,253
Wells Fargo & Co.		10,528		505,126
				1,425,108
Beverages — 1.2%
Coca-Cola Co. (The)		4,732		280,166
Biotechnology — 5.1%
AbbVie, Inc.		4,667		631,859
Biogen, Inc. *		670		160,643
Regeneron Pharmaceuticals, Inc. *		565		356,527
				1,149,029
Building Products — 0.7%
Trane Technologies plc		820		165,625
Capital Markets — 4.3%
Ameriprise Financial, Inc.		990		298,640
Morgan Stanley		2,496		244,983
S&P Global, Inc.		879		414,861
				958,484
Chemicals — 2.8%
Eastman Chemical Co.		1,587		191,912
PPG Industries, Inc.		2,548		439,354
				631,266
Construction Materials — 0.4%
Vulcan Materials Co.		471		97,798
Electric Utilities — 3.9%
NextEra Energy, Inc.		6,641		620,007
Xcel Energy, Inc.		3,761		254,608
				874,615
Electrical Equipment — 3.0%
Eaton Corp. plc		3,968		685,774
Equity Real Estate Investment Trusts (REITs) — 3.4%
Prologis, Inc.		4,545		765,183
Health Care Equipment & Supplies — 2.7%
Boston Scientific Corp. *		8,493		360,792
Intuitive Surgical, Inc. *		696		250,203
				610,995

INVESTMENTS	SHARES (000)		VALUE ($000)
Health Care Providers & Services — 1.5%
Centene Corp. *		4,036		332,600
Hotels, Restaurants & Leisure — 4.7%
Marriott International, Inc., Class A *		2,697		445,726
McDonald’s Corp.		1,494		400,369
Yum! Brands, Inc.		1,505		208,958
				1,055,053
Insurance — 0.6%
Progressive Corp. (The)		1,393		142,992
Interactive Media & Services — 7.6%
Alphabet, Inc., Class A *		508		1,472,829
Meta Platforms, Inc., Class A *		349		117,291
Snap, Inc., Class A *		2,502		117,686
				1,707,806
Internet & Direct Marketing Retail — 5.9%
Amazon.com, Inc. *		397		1,322,132
IT Services — 4.9%
Affirm Holdings, Inc. *		579		58,219
FleetCor Technologies, Inc. *		447		99,996
Mastercard, Inc., Class A		2,086		749,641
Shopify, Inc., Class A (Canada) *		136		187,822
				1,095,678
Machinery — 3.0%
Deere & Co.		1,365		468,046
Stanley Black & Decker, Inc.		1,115		210,275
				678,321
Pharmaceuticals — 3.8%
Bristol-Myers Squibb Co.		6,964		434,178
Eli Lilly & Co.		1,524		420,976
				855,154
Professional Services — 0.8%
Leidos Holdings, Inc.		1,906		169,420
Road & Rail — 2.5%
Norfolk Southern Corp.		1,863		554,590
Semiconductors & Semiconductor Equipment — 7.7%
Advanced Micro Devices, Inc. *		3,202		460,727
Analog Devices, Inc.		3,176		558,330
NXP Semiconductors NV (China)		3,163		720,448
				1,739,505
Software — 9.0%
Ceridian HCM Holding, Inc. *		916		95,638
Microsoft Corp.		5,671		1,907,117
				2,002,755

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Specialty Retail — 3.3%
Lowe’s Cos., Inc.		1,227		317,090
O’Reilly Automotive, Inc. *		265		186,989
Ross Stores, Inc.		2,122		242,471
				746,550
Technology Hardware, Storage & Peripherals — 5.3%
Apple, Inc.		6,707		1,190,924
Textiles, Apparel & Luxury Goods — 1.3%
NIKE, Inc., Class B		1,759		293,201
Total Common Stocks (Cost $12,546,854)				22,300,376
Short-Term Investments — 1.6%
Investment Companies — 1.3%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (b) (c) (Cost $305,526)		305,404		305,526
Investment of Cash Collateral from Securities Loaned — 0.3%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (b) (c)		55,006		54,995

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment of Cash Collateral from Securities Loaned — continued
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		10,209		10,209
Total Investment of Cash Collateral from Securities Loaned (Cost $65,204)				65,204
Total Short-Term Investments (Cost $370,730)				370,730
Total Investments — 100.7% (Cost $12,917,584)				22,671,106
Liabilities in Excess of Other Assets — (0.7)%				(156,541	)
NET ASSETS — 100.0%				22,514,565

Percentages indicated are based on net assets.    

Abbreviations

(a)	The security or a portion of this security is on loan at December 31, 2021. The total value of securities on loan at December 31, 2021 is $64,031.
(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, 2021.
*	Non-income producing security.

Futures contracts outstanding as of December 31, 2021 (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		813		03/2022		USD		193,423		5,467

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 63

JPMorgan U.S. GARP Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.7%
Aerospace & Defense — 0.5%
Textron, Inc.		86		6,639
Air Freight & Logistics — 0.3%
United Parcel Service, Inc., Class B		19		3,987
Automobiles — 3.6%
Rivian Automotive, Inc., Class A * (a)		43		4,452
Tesla, Inc. *		42		44,173
				48,625
Beverages — 2.0%
Coca-Cola Co. (The)		173		10,220
Monster Beverage Corp. *		72		6,934
PepsiCo, Inc.		53		9,189
				26,343
Biotechnology — 3.0%
AbbVie, Inc.		186		25,232
Regeneron Pharmaceuticals, Inc. *		8		5,242
Seagen, Inc. *		17		2,566
Vertex Pharmaceuticals, Inc. *		36		7,928
				40,968
Building Products — 1.3%
Allegion plc		45		5,894
Trane Technologies plc		56		11,333
				17,227
Capital Markets — 0.7%
S&P Global, Inc.		19		8,778
Commercial Services & Supplies — 0.5%
Waste Management, Inc.		39		6,476
Construction & Engineering — 0.2%
Quanta Services, Inc.		21		2,431
Consumer Finance — 0.4%
Capital One Financial Corp.		36		5,194
Electronic Equipment, Instruments & Components — 0.6%
Keysight Technologies, Inc. *		39		8,116
Entertainment — 2.0%
Electronic Arts, Inc.		61		8,006
Netflix, Inc.*		30		18,254
				26,260
Equity Real Estate Investment Trusts (REITs) — 2.1%
Equinix, Inc.		6		4,990
Host Hotels & Resorts, Inc.*		285		4,953
Prologis, Inc.		74		12,510
Sun Communities, Inc.		26		5,354
				27,807

INVESTMENTS	SHARES (000)		VALUE ($000)
Food & Staples Retailing — 0.5%
Costco Wholesale Corp.		12		6,812
Food Products — 0.2%
Hershey Co. (The)		16		3,115
Health Care Equipment & Supplies — 2.3%
Align Technology, Inc. *		17		11,106
Boston Scientific Corp. *		281		11,937
Medtronic plc		75		7,800
				30,843
Health Care Providers & Services — 1.6%
Anthem, Inc.		15		6,999
Humana, Inc.		13		5,984
UnitedHealth Group, Inc.		17		8,336
				21,319
Hotels, Restaurants & Leisure — 3.2%
Airbnb, Inc., Class A *		35		5,757
Booking Holdings, Inc. *		2		5,278
Darden Restaurants, Inc.		34		5,062
Domino’s Pizza, Inc.		9		5,079
Expedia Group, Inc. *		51		9,234
Las Vegas Sands Corp. *		99		3,738
McDonald’s Corp.		32		8,605
				42,753
Household Durables — 1.3%
PulteGroup, Inc.		102		5,813
Toll Brothers, Inc.		154		11,148
				16,961
Insurance — 0.3%
Arch Capital Group Ltd. *		87		3,885
Interactive Media & Services — 9.3%
Alphabet, Inc., Class A *		13		36,792
Alphabet, Inc., Class C *		12		35,881
Meta Platforms, Inc., Class A *		160		53,883
				126,556
Internet & Direct Marketing Retail — 5.9%
Amazon.com, Inc. *		24		79,357
IT Services — 4.7%
Accenture plc, Class A		32		13,307
Mastercard, Inc., Class A		102		36,759
PayPal Holdings, Inc. *		16		3,036
Visa, Inc., Class A		46		10,055
				63,157

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Life Sciences Tools & Services — 2.4%
Agilent Technologies, Inc.		74		11,734
Thermo Fisher Scientific, Inc.		22		14,480
Waters Corp. *		14		5,365
				31,579
Machinery — 1.6%
Deere & Co.		18		6,172
Ingersoll Rand, Inc.		102		6,305
Otis Worldwide Corp.		53		4,641
Parker-Hannifin Corp.		16		4,994
				22,112
Media — 0.4%
Charter Communications, Inc., Class A *		8		4,955
Metals & Mining — 0.8%
Freeport-McMoRan, Inc.		136		5,666
Steel Dynamics, Inc.		76		4,724
				10,390
Oil, Gas & Consumable Fuels — 0.7%
Cheniere Energy, Inc.		87		8,803
Personal Products — 0.4%
Estee Lauder Cos., Inc. (The), Class A		15		5,479
Pharmaceuticals — 0.3%
Bristol-Myers Squibb Co.		58		3,635
Road & Rail — 2.4%
CSX Corp.		255		9,599
Lyft, Inc., Class A *		238		10,171
Norfolk Southern Corp.		15		4,495
Old Dominion Freight Line, Inc.		23		8,386
				32,651
Semiconductors & Semiconductor Equipment — 7.1%
Applied Materials, Inc.		31		4,878
Lam Research Corp.		35		24,955
NVIDIA Corp.		84		24,676
NXP Semiconductors NV (China)		59		13,325
Qorvo, Inc. *		22		3,425
QUALCOMM, Inc.		65		11,795
Texas Instruments, Inc.		63		11,892
				94,946
Software — 18.5%
Adobe, Inc. *		22		12,193
Cadence Design Systems, Inc. *		67		12,541
Ceridian HCM Holding, Inc. *		95		9,882
Dropbox, Inc., Class A *		320		7,841
Fortinet, Inc. *		23		8,374

INVESTMENTS	SHARES (000)		VALUE ($000)
Software — continued
HubSpot, Inc. *		3		2,241
Intuit, Inc.		43		27,755
Microsoft Corp.		413		139,001
Palo Alto Networks, Inc. *		25		13,752
PTC, Inc. *		27		3,210
VMware, Inc., Class A		20		2,260
Workday, Inc., Class A *		39		10,627
				249,677
Specialty Retail — 5.4%
Bath & Body Works, Inc.		95		6,595
Best Buy Co., Inc.		58		5,872
Burlington Stores, Inc. *		27		7,987
Lowe’s Cos., Inc.		114		29,545
O’Reilly Automotive, Inc. *		26		18,221
TJX Cos., Inc. (The)		56		4,267
				72,487
Technology Hardware, Storage & Peripherals — 10.4%
Apple, Inc.		720		127,922
Hewlett Packard Enterprise Co.		335		5,281
Seagate Technology Holdings plc		71		8,067
				141,270
Textiles, Apparel & Luxury Goods — 1.3%
NIKE, Inc., Class B		107		17,751
Tobacco — 0.5%
Philip Morris International, Inc.		68		6,441
Total Common Stocks (Cost $713,220)				1,325,785
Short-Term Investments — 1.5%
Investment Companies — 1.2%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (b) (c) (Cost $17,033)		17,029		17,035
Investment of Cash Collateral from Securities Loaned — 0.3%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c) (Cost $3,659)		3,659		3,659
Total Short-Term Investments (Cost $20,692)				20,694
Total Investments — 100.2% (Cost $733,912)				1,346,479
Liabilities in Excess of Other Assets — (0.2)%				(2,935	)
NET ASSETS — 100.0%				1,343,544

Percentages indicated are based on net assets.    

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 65

JPMorgan U.S. GARP Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

Abbreviations

(a)	The security or a portion of this security is on loan at December 31, 2021. The total value of securities on loan at December 31, 2021 is $3,562.
(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, 2021.
*	Non-income producing security.

Futures contracts outstanding as of December 31, 2021 (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		70		03/2022		USD		16,654		513

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Long Positions — 121.7%
Common Stocks — 121.0%
Aerospace & Defense — 1.3%
Howmet Aerospace, Inc.		119		3,775
Northrop Grumman Corp. (a)		31		11,957
Raytheon Technologies Corp.		167		14,376
TransDigm Group, Inc. *		9		5,466
				35,574
Air Freight & Logistics — 0.5%
United Parcel Service, Inc., Class B		65		13,915
Auto Components — 0.3%
Aptiv plc *		16		2,691
Lear Corp.		14		2,573
Magna International, Inc. (Canada)		31		2,506
				7,770
Automobiles — 0.9%
General Motors Co. *		105		6,142
Rivian Automotive, Inc., Class A *		173		17,979
				24,121
Banks — 5.3%
Bank of America Corp. (a)		603		26,849
Fifth Third Bancorp		292		12,735
SVB Financial Group *		44		29,705
Truist Financial Corp.		375		21,946
Wells Fargo & Co. (a)		1,026		49,218
				140,453
Beverages — 1.8%
Coca-Cola Co. (The) (a)		366		21,672
PepsiCo, Inc. (a)		153		26,508
				48,180
Biotechnology — 4.3%
AbbVie, Inc. (a)		325		43,952
Alnylam Pharmaceuticals, Inc. *		15		2,540
Biogen, Inc. * (a)		55		13,091
BioMarin Pharmaceutical, Inc. *		97		8,574
Neurocrine Biosciences, Inc. *		101		8,639
Regeneron Pharmaceuticals, Inc. *		31		19,529
Vertex Pharmaceuticals, Inc. *		75		16,425
				112,750
Building Products — 1.0%
Trane Technologies plc		136		27,407
Capital Markets — 2.7%
Ameriprise Financial, Inc.		9		2,695

INVESTMENTS	SHARES (000)		VALUE ($000)
Capital Markets — continued
Charles Schwab Corp. (The)		214		17,961
CME Group, Inc.		45		10,360
Intercontinental Exchange, Inc.		79		10,840
Morgan Stanley (a)		248		24,312
S&P Global, Inc.		9		4,452
				70,620
Chemicals — 4.1%
Air Products and Chemicals, Inc.		59		17,861
Celanese Corp.		116		19,544
DuPont de Nemours, Inc.		229		18,508
Eastman Chemical Co.		30		3,648
Linde plc (United Kingdom)		86		29,706
PPG Industries, Inc.		106		18,243
				107,510
Commercial Services & Supplies — 0.1%
Waste Connections, Inc.		19		2,579
Communications Equipment — 0.1%
Juniper Networks, Inc.		40		1,428
Construction Materials — 0.2%
Vulcan Materials Co.		20		4,069
Diversified Financial Services — 0.2%
Voya Financial, Inc.		67		4,449
Electric Utilities — 2.4%
Alliant Energy Corp.		41		2,515
Edison International		185		12,593
FirstEnergy Corp.		340		14,145
NextEra Energy, Inc.		378		35,313
				64,566
Electrical Equipment — 1.1%
Eaton Corp. plc		171		29,479
Electronic Equipment, Instruments & Components — 0.4%
Corning, Inc.		148		5,518
Keysight Technologies, Inc. *		26		5,447
				10,965
Energy Equipment & Services — 0.2%
Baker Hughes Co. (a)		179		4,309
Entertainment — 1.2%
Endeavor Group Holdings, Inc., Class A *		570		19,891
Netflix, Inc. * (a)		18		10,883
				30,774

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 67

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Long Positions — continued
Common Stocks — continued
Equity Real Estate Investment Trusts (REITs) — 3.5%
American Homes 4 Rent, Class A		148		6,456
Camden Property Trust		18		3,259
Cousins Properties, Inc.		121		4,876
Equinix, Inc.		15		12,404
Host Hotels & Resorts, Inc. *		210		3,647
Invitation Homes, Inc.		118		5,354
Kimco Realty Corp.		363		8,959
Prologis, Inc.		138		23,208
Sun Communities, Inc.		82		17,193
UDR, Inc.		109		6,511
				91,867
Food & Staples Retailing — 0.5%
Costco Wholesale Corp.		23		13,234
Food Products — 1.0%
Hershey Co. (The)		35		6,675
Mondelez International, Inc., Class A (a)		287		18,998
				25,673
Health Care Equipment & Supplies — 2.3%
Abbott Laboratories		76		10,764
Boston Scientific Corp. * (a)		586		24,901
Intuitive Surgical, Inc. *		31		11,113
Zimmer Biomet Holdings, Inc. (a)		110		14,002
				60,780
Health Care Providers & Services — 3.8%
Centene Corp. *		275		22,643
CVS Health Corp. (a)		111		11,478
Humana, Inc.		8		3,818
UnitedHealth Group, Inc. (a)		127		63,649
				101,588
Hotels, Restaurants & Leisure — 3.3%
Booking Holdings, Inc. *		11		27,220
Domino’s Pizza, Inc.		10		5,686
Expedia Group, Inc. *		14		2,596
Hilton Worldwide Holdings, Inc. *		54		8,450
McDonald’s Corp.		126		33,663
Yum! Brands, Inc.		61		8,436
				86,051
Household Durables — 0.7%
KB Home		90		4,033
Mohawk Industries, Inc. *		16		2,829
Toll Brothers, Inc.		158		11,410
				18,272

INVESTMENTS	SHARES (000)		VALUE ($000)
Household Products — 1.3%
Procter & Gamble Co. (The)		215		35,148
Insurance — 1.5%
Arthur J Gallagher & Co.		64		10,893
Hartford Financial Services Group, Inc. (The) (a)		145		9,994
Progressive Corp. (The)		107		11,021
Prudential Financial, Inc.		65		7,065
Ryan Specialty Group Holdings, Inc., Class A *		11		426
				39,399
Interactive Media & Services — 7.6%
Alphabet, Inc., Class A * (a)		37		108,497
Alphabet, Inc., Class C * (a)		10		28,204
Meta Platforms, Inc., Class A *		112		37,574
Snap, Inc., Class A *		373		17,558
ZoomInfo Technologies, Inc., Class A * (a)		178		11,408
				203,241
Internet & Direct Marketing Retail — 5.7%
Amazon.com, Inc. * (a)		45		149,932
IT Services — 4.7%
Affirm Holdings, Inc. *		26		2,584
International Business Machines Corp.		60		8,013
Mastercard, Inc., Class A (a)		181		64,973
PayPal Holdings, Inc. * (a)		41		7,771
Shopify, Inc., Class A (Canada) *		19		25,727
WEX, Inc. *		113		15,823
				124,891
Life Sciences Tools & Services — 2.5%
Danaher Corp.		22		7,114
PerkinElmer, Inc.		44		8,868
Thermo Fisher Scientific, Inc. (a)		76		50,581
				66,563
Machinery — 5.2%
Deere & Co.		97		33,106
Dover Corp.		154		27,948
Ingersoll Rand, Inc.		653		40,411
Otis Worldwide Corp.		67		5,827
Parker-Hannifin Corp.		4		1,308
Stanley Black & Decker, Inc.		157		29,607
				138,207
Media — 1.7%
Charter Communications, Inc., Class A * (a)		28		18,157
Comcast Corp., Class A (a)		441		22,201

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Long Positions — continued
Common Stocks — continued
Media — continued
Liberty Media Corp.-Liberty SiriusXM, Class A *		76		3,876
				44,234
Metals & Mining — 0.5%
Freeport-McMoRan, Inc.		287		11,976
Multiline Retail — 0.7%
Dollar General Corp.		37		8,667
Dollar Tree, Inc. *		64		8,926
				17,593
Multi-Utilities — 1.3%
Ameren Corp.		85		7,540
CenterPoint Energy, Inc.		631		17,604
DTE Energy Co.		21		2,481
Public Service Enterprise Group, Inc.		98		6,558
				34,183
Oil, Gas & Consumable Fuels — 4.4%
Cheniere Energy, Inc.		37		3,791
Chevron Corp.		213		25,038
ConocoPhillips		410		29,610
Coterra Energy, Inc.		326		6,198
Diamondback Energy, Inc.		200		21,580
EOG Resources, Inc.		44		3,886
ONEOK, Inc.		44		2,593
Phillips 66		76		5,518
Pioneer Natural Resources Co. (a)		100		18,241
				116,455
Personal Products — 1.0%
Estee Lauder Cos., Inc. (The), Class A		70		26,032
Pharmaceuticals — 2.3%
Bristol-Myers Squibb Co. (a)		357		22,261
Eli Lilly & Co.		143		39,476
				61,737
Professional Services — 1.1%
Booz Allen Hamilton Holding Corp.		110		9,365
IHS Markit Ltd.		41		5,401
Leidos Holdings, Inc.		151		13,389
				28,155
Road & Rail — 4.2%
Canadian National Railway Co. (Canada)		43		5,341
CSX Corp.		205		7,714
Knight-Swift Transportation Holdings, Inc.		64		3,887

INVESTMENTS	SHARES (000)		VALUE ($000)
Road & Rail  — continued
Lyft, Inc., Class A *		548		23,414
Norfolk Southern Corp. (a)		152		45,172
Old Dominion Freight Line, Inc.		36		13,028
Union Pacific Corp. (a)		48		12,070
				110,626
Semiconductors & Semiconductor Equipment — 8.6%
Advanced Micro Devices, Inc. *		242		34,885
Analog Devices, Inc. (a)		86		15,130
Lam Research Corp.		31		22,609
Microchip Technology, Inc.		15		1,323
NVIDIA Corp. (a)		146		43,032
NXP Semiconductors NV (China)		370		84,242
ON Semiconductor Corp. *		52		3,554
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		10		1,236
Teradyne, Inc.		8		1,358
Texas Instruments, Inc. (a)		127		23,921
				231,290
Software — 10.5%
Ceridian HCM Holding, Inc. *		240		25,043
HashiCorp, Inc., Class A *		45		4,094
Intuit, Inc.		32		20,557
Microsoft Corp.(a)		580		195,031
salesforce.com, Inc. * (a)		24		6,210
Workday, Inc., Class A *		103		28,205
				279,140
Specialty Retail — 4.7%
AutoZone, Inc. * (a)		3		6,652
Best Buy Co., Inc.		25		2,574
Burlington Stores, Inc. *		56		16,304
Home Depot, Inc. (The) (a)		30		12,638
Lowe’s Cos., Inc.		170		43,906
O’Reilly Automotive, Inc. *		60		42,387
				124,461
Technology Hardware, Storage & Peripherals — 6.4%
Apple, Inc. (a)		843		149,757
Hewlett Packard Enterprise Co.		383		6,042
Seagate Technology Holdings plc		133		15,070
				170,869
Textiles, Apparel & Luxury Goods — 1.3%
NIKE, Inc., Class B		203		33,879

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 69

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — continued
Common Stocks — continued
Wireless Telecommunication Services — 0.6%
T-Mobile US, Inc. *		137			15,933
Total Common Stocks (Cost $1,601,517)					3,202,327
Short-Term Investments — 0.7%
Investment Companies — 0.7%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (b) (c) (Cost $18,556)		18,549			18,556
Total Long Positions (Cost $1,620,073)					3,220,883
Short Positions — (21.6)%
Common Stocks — (21.6)%
Aerospace & Defense — (0.4)%
Boeing Co. (The) *		(12	)		(2,394	)
Hexcel Corp. *		(38	)		(1,950	)
Huntington Ingalls Industries, Inc.		(34	)		(6,300	)
L3Harris Technologies, Inc.		(5	)		(1,098	)
					(11,742	)
Air Freight & Logistics — (0.6)%
CH Robinson Worldwide, Inc.		(83	)		(8,893	)
Expeditors International of Washington, Inc.		(55	)		(7,389	)
					(16,282	)
Auto Components — (0.3)%
BorgWarner, Inc.		(200	)		(9,035	)
Automobiles — (0.1)%
Ford Motor Co.		(64	)		(1,332	)
Biotechnology — (0.5)%
Gilead Sciences, Inc.		(31	)		(2,215	)
Moderna, Inc. *		(39	)		(9,816	)
					(12,031	)
Building Products — (0.1)%
Lennox International, Inc.		(7	)		(2,247	)
Capital Markets — (0.8)%
Franklin Resources, Inc.		(77	)		(2,594	)
Goldman Sachs Group, Inc. (The)		(13	)		(4,888	)
Moody’s Corp.		(10	)		(3,737	)
MSCI, Inc.		(9	)		(5,629	)
Northern Trust Corp.		(31	)		(3,655	)
					(20,503	)
Chemicals — (0.2)%
Dow, Inc.		(38	)		(2,150	)
Ecolab, Inc.		(12	)		(2,851	)
					(5,001	)

INVESTMENTS	SHARES (000)			VALUE ($000)
Commercial Services & Supplies — (0.2)%
Republic Services, Inc.		(34	)		(4,753	)
Communications Equipment — (0.3)%
Cisco Systems, Inc.		(145	)		(9,176	)
Consumer Finance — (0.2)%
Discover Financial Services		(55	)		(6,401	)
Containers & Packaging — (0.9)%
AptarGroup, Inc.		(15	)		(1,823	)
Ball Corp.		(28	)		(2,692	)
Crown Holdings, Inc.		(34	)		(3,792	)
International Paper Co.		(116	)		(5,459	)
Packaging Corp. of America		(10	)		(1,351	)
Silgan Holdings, Inc.		(146	)		(6,249	)
Sonoco Products Co.		(60	)		(3,475	)
					(24,841	)
Diversified Telecommunication Services — (0.8)%
AT&T, Inc.		(333	)		(8,197	)
Lumen Technologies, Inc.		(509	)		(6,389	)
Verizon Communications, Inc.		(130	)		(6,776	)
					(21,362	)
Electric Utilities — (1.1)%
American Electric Power Co., Inc.		(93	)		(8,231	)
Eversource Energy		(74	)		(6,763	)
Pinnacle West Capital Corp.		(49	)		(3,481	)
Southern Co. (The)		(141	)		(9,642	)
					(28,117	)
Electrical Equipment — (0.4)%
Acuity Brands, Inc.		(18	)		(3,859	)
Hubbell, Inc.		(21	)		(4,353	)
Sensata Technologies Holding plc *		(23	)		(1,393	)
					(9,605	)
Electronic Equipment, Instruments & Components — (0.2)%
Cognex Corp.		(57	)		(4,410	)
Energy Equipment & Services — (0.2)%
Halliburton Co.		(147	)		(3,363	)
Schlumberger NV		(86	)		(2,578	)
					(5,941	)
Entertainment — (0.2)%
AMC Entertainment Holdings, Inc., Class A *		(157	)		(4,280	)
Equity Real Estate Investment Trusts (REITs) — (1.2)%
AvalonBay Communities, Inc.		(12	)		(3,023	)

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

INVESTMENTS	SHARES (000)			VALUE ($000)
Short Positions — continued
Common Stocks — continued
Equity Real Estate Investment Trusts (REITs) — continued
Equity Residential		(48	)		(4,378	)
Iron Mountain, Inc.		(115	)		(6,001	)
National Retail Properties, Inc.		(149	)		(7,142	)
Orion Office REIT, Inc. *		(4	)		(74	)
Realty Income Corp.		(36	)		(2,610	)
Simon Property Group, Inc.		(23	)		(3,720	)
SL Green Realty Corp.		(48	)		(3,409	)
Welltower, Inc.		(31	)		(2,632	)
					(32,989	)
Food & Staples Retailing — (1.6)%
Kroger Co. (The)		(450	)		(20,381	)
Walgreens Boots Alliance, Inc.		(249	)		(12,979	)
Walmart, Inc.		(63	)		(9,097	)
					(42,457	)
Food Products — (0.6)%
Campbell Soup Co.		(132	)		(5,716	)
Conagra Brands, Inc.		(103	)		(3,519	)
General Mills, Inc.		(19	)		(1,250	)
Kellogg Co.		(70	)		(4,499	)
					(14,984	)
Gas Utilities — (0.1)%
National Fuel Gas Co.		(47	)		(2,974	)
Health Care Equipment & Supplies — (0.6)%
Baxter International, Inc.		(60	)		(5,168	)
Stryker Corp.		(44	)		(11,665	)
					(16,833	)
Health Care Providers & Services — (0.1)%
Henry Schein, Inc. *		(46	)		(3,534	)
Hotels, Restaurants & Leisure — (0.4)%
Starbucks Corp.		(86	)		(10,075	)
Household Products — (0.6)%
Clorox Co. (The)		(68	)		(11,851	)
Colgate-Palmolive Co.		(48	)		(4,097	)
					(15,948	)
Industrial Conglomerates — (0.8)%
3M Co.		(74	)		(13,115	)
General Electric Co.		(75	)		(7,131	)
					(20,246	)
Insurance — (0.1)%
Aon plc, Class A		(8	)		(2,340	)

INVESTMENTS	SHARES (000)			VALUE ($000)
Internet & Direct Marketing Retail — (0.2)%
eBay, Inc.		(83	)		(5,551	)
IT Services — (0.8)%
Cognizant Technology Solutions Corp., Class A		(50	)		(4,450	)
DXC Technology Co. *		(37	)		(1,183	)
Jack Henry & Associates, Inc.		(23	)		(3,759	)
Paychex, Inc.		(43	)		(5,862	)
Western Union Co. (The)		(356	)		(6,360	)
					(21,614	)
Life Sciences Tools & Services — (0.2)%
Waters Corp. *		(17	)		(6,157	)
Machinery — (0.8)%
Caterpillar, Inc.		(31	)		(6,364	)
Illinois Tool Works, Inc.		(43	)		(10,594	)
PACCAR, Inc.		(56	)		(4,908	)
					(21,866	)
Media — (0.9)%
Interpublic Group of Cos., Inc. (The)		(197	)		(7,381	)
Omnicom Group, Inc.		(223	)		(16,306	)
ViacomCBS, Inc.		(44	)		(1,335	)
					(25,022	)
Multiline Retail — (0.3)%
Kohl’s Corp.		(30	)		(1,460	)
Macy’s, Inc.		(53	)		(1,381	)
Target Corp.		(19	)		(4,381	)
					(7,222	)
Multi-Utilities — (0.5)%
CMS Energy Corp.		(39	)		(2,535	)
Consolidated Edison, Inc.		(89	)		(7,593	)
Dominion Energy, Inc.		(34	)		(2,661	)
					(12,789	)
Oil, Gas & Consumable Fuels — (1.5)%
Enbridge, Inc. (Canada)		(282	)		(11,040	)
Exxon Mobil Corp.		(205	)		(12,572	)
Hess Corp.		(87	)		(6,467	)
HollyFrontier Corp.		(53	)		(1,747	)
Kinder Morgan, Inc.		(66	)		(1,043	)
Marathon Oil Corp.		(357	)		(5,858	)
					(38,727	)
Pharmaceuticals — (0.3)%
Merck & Co., Inc.		(60	)		(4,636	)
Pfizer, Inc.		(47	)		(2,755	)
					(7,391	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 71

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Short Positions — continued
Common Stocks — continued
Professional Services — (0.2)%
TransUnion		(38	)		(4,490	)
Road & Rail — (0.3)%
Canadian Pacific Railway Ltd. (Canada)		(18	)		(1,280	)
JB Hunt Transport Services, Inc.		(6	)		(1,178	)
Werner Enterprises, Inc.		(104	)		(4,947	)
					(7,405	)
Semiconductors & Semiconductor Equipment — (0.8)%
Broadcom, Inc.		(12	)		(7,845	)
Intel Corp.		(106	)		(5,434	)
QUALCOMM, Inc.		(45	)		(8,203	)
					(21,482	)
Software — (0.6)%
Citrix Systems, Inc.		(25	)		(2,335	)
Oracle Corp.		(66	)		(5,732	)
Palantir Technologies, Inc., Class A *		(57	)		(1,034	)
Splunk, Inc. *		(35	)		(4,002	)
VMware, Inc., Class A		(21	)		(2,407	)
					(15,510	)
Specialty Retail — 0.0% (d)
CarMax, Inc. *		(10	)		(1,255	)
Technology Hardware, Storage & Peripherals — (0.3)%
NetApp, Inc.		(53	)		(4,855	)
Xerox Holdings Corp.		(84	)		(1,905	)
					(6,760	)

INVESTMENTS	SHARES (000)			VALUE ($000)
Textiles, Apparel & Luxury Goods — 0.0% (d)
VF Corp.		(17	)		(1,276	)
Trading Companies & Distributors — (0.2)%
Fastenal Co.		(91	)		(5,821	)
Water Utilities — (0.1)%
Essential Utilities, Inc.		(51	)		(2,733	)
Total Common Stocks (Proceeds $(553,216))					(572,510	)
Total Short Positions (Proceeds $(553,216))					(572,510	)
Total Investments — 100.1% (Cost $1,066,857)					2,648,373
Liabilities in Excess of Other Assets — (0.1)%					(2,571	)
NET ASSETS — 100.0%					2,645,802

Percentages indicated are based on net assets.    

Abbreviations
ADR	American Depositary Receipt
REIT	Real Estate Investment Trust
(a)	All or a portion of this security is segregated as collateral for short sales. The total value of securities segregated as collateral is $787,357.
(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, 2021.
(d)	Amount rounds to less than 0.1% of net assets.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

JPMorgan U.S. Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.8%
Aerospace & Defense — 0.8%
Northrop Grumman Corp.		52		20,091
Raytheon Technologies Corp.		325		27,927
				48,018
Air Freight & Logistics — 1.1%
FedEx Corp.		79		20,366
United Parcel Service, Inc., Class B		212		45,434
				65,800
Airlines — 0.2%
Southwest Airlines Co. *		291		12,449
Auto Components — 0.3%
Aptiv plc *		37		6,029
Magna International, Inc. (Canada)		131		10,600
				16,629
Automobiles — 2.4%
General Motors Co. *		235		13,773
Rivian Automotive, Inc., Class A *		44		4,539
Tesla, Inc. *		117		123,381
				141,693
Banks — 3.8%
Bank of America Corp.		697		31,004
Citigroup, Inc.		554		33,482
Fifth Third Bancorp		324		14,115
Regions Financial Corp.		785		17,103
SVB Financial Group *		15		9,898
Truist Financial Corp.		365		21,365
US Bancorp		643		36,126
Wells Fargo & Co.		1,323		63,484
				226,577
Beverages — 1.2%
Coca-Cola Co. (The)		894		52,910
Constellation Brands, Inc., Class A		85		21,212
				74,122
Biotechnology — 2.3%
AbbVie, Inc.		510		69,070
Biogen, Inc. *		46		11,111
BioMarin Pharmaceutical, Inc. *		35		3,057
Moderna, Inc. *		22		5,588
Neurocrine Biosciences, Inc. *		35		2,998
Regeneron Pharmaceuticals, Inc. *		40		25,463
Vertex Pharmaceuticals, Inc. *		106		23,248
				140,535

INVESTMENTS	SHARES (000)		VALUE ($000)
Building Products — 1.2%
Johnson Controls International plc		228		18,563
Masco Corp.		187		13,127
Trane Technologies plc		198		39,945
				71,635
Capital Markets — 3.2%
Goldman Sachs Group, Inc. (The)		81		30,943
Intercontinental Exchange, Inc.		136		18,666
Morgan Stanley		277		27,167
S&P Global, Inc.		109		51,375
State Street Corp.		370		34,374
T. Rowe Price Group, Inc.		153		30,113
				192,638
Chemicals — 1.9%
Air Products and Chemicals, Inc.		29		8,856
Celanese Corp.		51		8,527
DuPont de Nemours, Inc.		224		18,089
Eastman Chemical Co.		235		28,372
Linde plc (United Kingdom)		55		18,993
PPG Industries, Inc.		179		30,916
				113,753
Commercial Services & Supplies — 0.1%
Cintas Corp.		15		6,741
Communications Equipment — 0.1%
Motorola Solutions, Inc.		21		5,660
Consumer Finance — 0.3%
Capital One Financial Corp.		123		17,910
Containers & Packaging — 0.3%
Avery Dennison Corp.		49		10,612
Westrock Co.		154		6,840
				17,452
Diversified Financial Services — 1.4%
Berkshire Hathaway, Inc., Class B *		266		79,480
Voya Financial, Inc.		72		4,755
				84,235
Diversified Telecommunication Services — 0.3%
Verizon Communications, Inc.		348		18,095
Electric Utilities — 1.9%
Edison International		166		11,357
Evergy, Inc.		205		14,044
Exelon Corp.		209		12,095
FirstEnergy Corp.		510		21,228
NextEra Energy, Inc.		588		54,859
				113,583

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 73

JPMorgan U.S. Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Electrical Equipment — 0.6%
Eaton Corp. plc		209		36,084
Entertainment — 0.9%
Netflix, Inc. *		74		44,862
Walt Disney Co. (The) *		72		11,128
				55,990
Equity Real Estate Investment Trusts (REITs) — 2.6%
Camden Property Trust		103		18,403
Equinix, Inc.		22		18,866
Equity LifeStyle Properties, Inc.		138		12,054
Host Hotels & Resorts, Inc. *		284		4,939
Kimco Realty Corp.		382		9,416
Prologis, Inc.		268		45,108
SBA Communications Corp.		29		11,243
Sun Communities, Inc.		74		15,512
UDR, Inc.		43		2,556
Ventas, Inc.		295		15,063
				153,160
Food Products — 0.5%
Mondelez International, Inc., Class A		451		29,911
Health Care Equipment & Supplies — 2.8%
Abbott Laboratories		291		40,933
ABIOMED, Inc. *		6		2,323
Baxter International, Inc.		88		7,571
Becton Dickinson and Co.		63		15,816
Boston Scientific Corp. *		509		21,642
Dexcom, Inc. *		14		7,292
Intuitive Surgical, Inc. *		29		10,474
Medtronic plc		365		37,806
Zimmer Biomet Holdings, Inc.		178		22,629
				166,486
Health Care Providers & Services — 2.9%
Anthem, Inc.		90		41,606
Centene Corp. *		313		25,790
Humana, Inc.		26		12,014
McKesson Corp.		29		7,258
UnitedHealth Group, Inc.		171		85,821
				172,489
Hotels, Restaurants & Leisure — 1.7%
Booking Holdings, Inc. *		10		24,031
Hilton Worldwide Holdings, Inc. *		110		17,167
McDonald’s Corp.		213		57,153
Royal Caribbean Cruises Ltd. *		32		2,448
				100,799

INVESTMENTS	SHARES (000)		VALUE ($000)
Household Durables — 0.6%
DR Horton, Inc.		20		2,189
Lennar Corp., Class A		239		27,718
Toll Brothers, Inc.		115		8,289
				38,196
Household Products — 1.5%
Kimberly-Clark Corp.		130		18,633
Procter & Gamble Co. (The)		445		72,852
				91,485
Industrial Conglomerates — 0.4%
Honeywell International, Inc.		100		20,941
Insurance — 1.8%
Chubb Ltd.		146		28,207
Hartford Financial Services Group, Inc. (The)		350		24,141
Progressive Corp. (The)		389		39,958
Prudential Financial, Inc.		111		12,034
Travelers Cos., Inc. (The)		36		5,639
				109,979
Interactive Media & Services — 7.0%
Alphabet, Inc., Class A *		57		163,907
Alphabet, Inc., Class C *		43		124,647
Meta Platforms, Inc., Class A *		355		119,277
ZoomInfo Technologies, Inc., Class A*		142		9,129
				416,960
Internet & Direct Marketing Retail — 4.0%
Amazon.com, Inc. *		71		236,585
IT Services — 4.7%
Accenture plc, Class A		165		68,575
FleetCor Technologies, Inc. *		66		14,679
International Business Machines Corp.		220		29,392
Mastercard, Inc., Class A		232		83,540
PayPal Holdings, Inc. *		62		11,746
Shopify, Inc., Class A (Canada)*		6		7,989
Visa, Inc., Class A		304		65,946
				281,867
Life Sciences Tools & Services — 1.7%
Danaher Corp.		57		18,721
Illumina, Inc. *		21		8,049
PerkinElmer, Inc.		22		4,504
Thermo Fisher Scientific, Inc.		105		69,980
				101,254
Machinery — 2.4%
Deere & Co.		142		48,686

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Machinery — continued
Ingersoll Rand, Inc.		163		10,094
Otis Worldwide Corp.		362		31,493
Parker-Hannifin Corp.		68		21,624
Stanley Black & Decker, Inc.		174		32,811
				144,708
Media — 1.1%
Charter Communications, Inc., Class A *		32		21,186
Comcast Corp., Class A		856		43,063
Fox Corp., Class A		34		1,258
				65,507
Metals & Mining — 0.1%
Freeport-McMoRan, Inc.		180		7,500
Multiline Retail — 0.7%
Dollar General Corp.		22		5,193
Dollar Tree, Inc. *		49		6,851
Target Corp.		117		26,970
				39,014
Multi-Utilities — 0.6%
CenterPoint Energy, Inc.		832		23,218
DTE Energy Co.		98		11,763
				34,981
Oil, Gas & Consumable Fuels — 2.7%
Cheniere Energy, Inc.		70		7,049
Chevron Corp.		303		35,590
ConocoPhillips		599		43,205
Coterra Energy, Inc.		69		1,310
Diamondback Energy, Inc.		226		24,389
EOG Resources, Inc.		161		14,262
Phillips 66		29		2,137
Pioneer Natural Resources Co.		150		27,232
Williams Cos., Inc. (The)		171		4,443
				159,617
Personal Products — 0.4%
Estee Lauder Cos., Inc. (The), Class A		57		21,212
Pharmaceuticals — 3.5%
Bristol-Myers Squibb Co.		779		48,543
Eli Lilly & Co.		207		57,278
Johnson & Johnson		345		59,035
Merck & Co., Inc.		296		22,661
Pfizer, Inc.		328		19,396
				206,913

INVESTMENTS	SHARES (000)		VALUE ($000)
Professional Services — 0.4%
Booz Allen Hamilton Holding Corp.		80		6,813
Leidos Holdings, Inc.		169		15,024
				21,837
Road & Rail — 1.0%
Lyft, Inc., Class A *		156		6,675
Norfolk Southern Corp.		110		32,851
Union Pacific Corp.		86		21,644
				61,170
Semiconductors & Semiconductor Equipment — 7.1%
Advanced Micro Devices, Inc. *		343		49,417
Analog Devices, Inc.		222		38,960
Applied Materials, Inc.		288		45,282
Intel Corp.		87		4,478
KLA Corp.		22		9,419
Lam Research Corp.		71		51,040
Microchip Technology, Inc.		139		12,071
Micron Technology, Inc.		65		6,023
NVIDIA Corp.		329		96,697
NXP Semiconductors NV (China)		155		35,389
QUALCOMM, Inc.		103		18,864
Texas Instruments, Inc.		290		54,710
				422,350
Software — 9.2%
Ceridian HCM Holding, Inc. *		26		2,747
Fortinet, Inc. *		21		7,394
Intuit, Inc.		89		57,281
Microsoft Corp.		1,265		425,449
Oracle Corp.		241		21,024
salesforce.com, Inc. *		88		22,246
Workday, Inc., Class A *		74		20,098
				556,239
Specialty Retail — 3.5%
AutoZone, Inc. *		5		11,430
Best Buy Co., Inc.		216		21,979
Home Depot, Inc. (The)		105		43,727
Lowe’s Cos., Inc.		255		65,944
O’Reilly Automotive, Inc. *		59		41,795
TJX Cos., Inc. (The)		309		23,491
				208,366
Technology Hardware, Storage & Peripherals — 7.3%
Apple, Inc.		2,322		412,377
Seagate Technology Holdings plc		279		31,547
				443,924

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 75

JPMorgan U.S. Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Textiles, Apparel & Luxury Goods — 0.8%
NIKE, Inc., Class B		276		45,926
Tobacco — 0.9%
Altria Group, Inc.		532		25,209
Philip Morris International, Inc.		318		30,199
				55,408
Wireless Telecommunication Services — 0.6%
T-Mobile US, Inc.*		290		33,606
Total Common Stocks (Cost $3,007,759)				5,907,989
Short-Term Investments — 1.2%
Investment Companies — 1.2%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b) (Cost $73,488)		73,464		73,494
Total Investments — 100.0% (Cost $3,081,247)				5,981,483
Other Assets Less Liabilities — 0.0% (c)				329
NET ASSETS — 100.0%				5,981,812

Percentages indicated are based on net assets.

Abbreviations

(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, 2021.
(c)	Amount rounds to less than 0.1% of net assets.
*	Non-income producing security.

Futures contracts outstanding as of December 31, 2021 (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		288		03/2022		USD		68,519		1,105

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

JPMorgan U.S. Sustainable Leaders Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.1%
Auto Components — 1.8%
Aptiv plc *		22		3,606
Automobiles — 0.4%
Rivian Automotive, Inc., Class A * (a)		7		723
Banks — 5.9%
Bank of America Corp.		128		5,709
Citigroup, Inc.		44		2,657
Fifth Third Bancorp		35		1,536
SVB Financial Group *		2		1,682
				11,584
Biotechnology — 1.0%
Amgen, Inc.		9		1,939
Building Products — 2.7%
Trane Technologies plc		21		4,228
Trex Co., Inc. *		9		1,187
				5,415
Capital Markets — 3.7%
Morgan Stanley		26		2,503
S&P Global, Inc.		5		2,289
State Street Corp.		27		2,544
				7,336
Containers & Packaging — 1.5%
Ball Corp.		31		2,959
Diversified Financial Services — 1.6%
Voya Financial, Inc.		49		3,237
Diversified Telecommunication Services — 1.5%
Verizon Communications, Inc.		56		2,928
Electric Utilities — 2.5%
NextEra Energy, Inc.		42		3,896
Xcel Energy, Inc.		14		967
				4,863
Electrical Equipment — 2.4%
Eaton Corp. plc		28		4,842
Electronic Equipment, Instruments & Components — 0.6%
Itron, Inc. *		19		1,277
Entertainment — 1.9%
Walt Disney Co. (The) *		25		3,840
Equity Real Estate Investment Trusts (REITs) — 4.2%
American Tower Corp.		7		1,971
Boston Properties, Inc.		15		1,773
Equinix, Inc.		2		2,072
Prologis, Inc.		15		2,536
				8,352
Food & Staples Retailing — 2.7%
Costco Wholesale Corp.		10		5,393

INVESTMENTS	SHARES (000)		VALUE ($000)
Food Products — 0.4%
General Mills, Inc.		13		891
Health Care Equipment & Supplies — 1.9%
Boston Scientific Corp. *		54		2,278
Hologic, Inc. *		21		1,578
				3,856
Health Care Providers & Services — 1.9%
UnitedHealth Group, Inc.		8		3,861
Insurance — 1.8%
MetLife, Inc.		24		1,507
Progressive Corp. (The)		21		2,151
				3,658
Interactive Media & Services — 3.2%
Alphabet, Inc., Class A *		2		6,373
Internet & Direct Marketing Retail — 0.7%
Etsy, Inc. *		6		1,344
IT Services — 4.8%
Accenture plc, Class A		4		1,849
Affirm Holdings, Inc. *		4		395
Mastercard, Inc., Class A		18		6,368
Shopify, Inc., Class A (Canada) *		1		826
				9,438
Life Sciences Tools & Services — 6.5%
Agilent Technologies, Inc.		17		2,776
Illumina, Inc. *		3		1,065
IQVIA Holdings, Inc. *		15		4,226
Thermo Fisher Scientific, Inc.		7		4,658
				12,725
Machinery — 4.9%
Deere & Co.		11		3,741
Ingersoll Rand, Inc.		69		4,246
Xylem, Inc.		14		1,652
				9,639
Multiline Retail — 1.0%
Target Corp.		9		2,061
Personal Products — 1.3%
Estee Lauder Cos., Inc. (The), Class A		7		2,625
Pharmaceuticals — 3.6%
Bristol-Myers Squibb Co.		56		3,479
Merck & Co., Inc.		49		3,746
				7,225
Road & Rail — 1.1%
Norfolk Southern Corp.		8		2,272

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 77

JPMorgan U.S. Sustainable Leaders Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks  — continued
Semiconductors & Semiconductor Equipment — 6.8%
Lam Research Corp.		5		3,262
NVIDIA Corp.		10		3,032
NXP Semiconductors NV (China)		13		3,057
SolarEdge Technologies, Inc. *		4		1,117
Texas Instruments, Inc.		15		2,744
				13,212
Software — 12.9%
Adobe, Inc. *		1		641
Autodesk, Inc. *		4		1,130
Cadence Design Systems, Inc. *		13		2,380
Ceridian HCM Holding, Inc. *		20		2,057
Intuit, Inc.		5		3,274
Microsoft Corp.		47		15,877
				25,359
Specialty Retail — 4.8%
Best Buy Co., Inc.		23		2,336
Home Depot, Inc. (The)		13		5,390
TJX Cos., Inc. (The)		24		1,840
				9,566
Technology Hardware, Storage & Peripherals — 5.0%
Apple, Inc.		56		9,956
Textiles, Apparel & Luxury Goods — 1.1%
VF Corp.		29		2,116
Total Common Stocks (Cost $153,421)				194,471

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 1.6%
Investment Companies — 1.3%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (b) (c) (Cost $2,574)		2,573		2,574
Investment of Cash Collateral from Securities Loaned — 0.3%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) ( c) (Cost $544)		544		544
Total Short-Term Investments (Cost $3,118)				3,118
Total Investments — 99.7% (Cost $156,539)				197,589
Other Assets Less Liabilities — 0.3%				513
NET ASSETS — 100.0%				198,102

Percentages indicated are based on net assets.

Abbreviations

(a)	The security or a portion of this security is on loan at December 31, 2021. The total value of securities on loan at December 31, 2021 is $532.
(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, 2021.
*	Non-income producing security.

Futures contracts outstanding as of December 31, 2021 (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		14		03/2022		USD		2,899		34

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

JPMorgan U.S. Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.6%
Aerospace & Defense — 4.0%
General Dynamics Corp.		141		29,329
Northrop Grumman Corp.		65		25,245
Raytheon Technologies Corp.		369		31,723
				86,297
Air Freight & Logistics — 1.0%
United Parcel Service, Inc., Class B		96		20,577
Airlines — 0.8%
Southwest Airlines Co. *		390		16,706
Banks — 10.8%
Bank of America Corp.		1,025		45,606
Citigroup, Inc.		605		36,506
Citizens Financial Group, Inc.		201		9,501
M&T Bank Corp.		79		12,197
PNC Financial Services Group, Inc. (The)		144		28,815
Truist Financial Corp.		541		31,689
US Bancorp		264		14,813
Wells Fargo & Co.		1,102		52,857
				231,984
Beverages — 0.5%
PepsiCo, Inc.		65		11,371
Biotechnology — 2.3%
AbbVie, Inc.		180		24,322
Amgen, Inc.		46		10,397
Biogen, Inc. *		13		3,001
Vertex Pharmaceuticals, Inc. *		55		12,056
				49,776
Building Products — 0.7%
Trane Technologies plc		70		14,138
Capital Markets — 8.5%
BlackRock, Inc.		55		50,240
Charles Schwab Corp. (The)		284		23,921
Goldman Sachs Group, Inc. (The)		64		24,668
Morgan Stanley		415		40,752
S&P Global, Inc.		34		15,810
T. Rowe Price Group, Inc.		137		27,031
				182,422
Chemicals — 3.1%
Air Products and Chemicals, Inc.		89		26,942
Axalta Coating Systems Ltd. *		977		32,365
DuPont de Nemours, Inc.		82		6,648
				65,955

INVESTMENTS	SHARES (000)		VALUE ($000)
Commercial Services & Supplies — 0.6%
Republic Services, Inc.		99		13,765
Construction Materials — 1.1%
Vulcan Materials Co.		112		23,350
Consumer Finance — 2.1%
American Express Co.		138		22,573
Capital One Financial Corp.		154		22,292
				44,865
Containers & Packaging — 0.3%
Ball Corp.		65		6,258
Diversified Financial Services — 2.0%
Berkshire Hathaway, Inc., Class B *		142		42,547
Electric Utilities — 1.7%
Entergy Corp.		60		6,709
NextEra Energy, Inc.		214		20,000
Xcel Energy, Inc.		158		10,718
				37,427
Electrical Equipment — 1.2%
Eaton Corp. plc		155		26,705
Entertainment — 0.6%
Walt Disney Co. (The) *		81		12,578
Equity Real Estate Investment Trusts (REITs) — 1.6%
AvalonBay Communities, Inc.		33		8,375
Host Hotels & Resorts, Inc. *		694		12,060
Ventas, Inc.		175		8,925
Vornado Realty Trust		110		4,619
				33,979
Food & Staples Retailing — 1.0%
Walmart, Inc.		156		22,579
Food Products — 0.8%
Mondelez International, Inc., Class A		264		17,503
Health Care Equipment & Supplies — 3.1%
Becton Dickinson and Co.		85		21,322
Boston Scientific Corp. *		127		5,399
Medtronic plc		247		25,567
Zimmer Biomet Holdings, Inc.		122		15,499
				67,787
Health Care Providers & Services — 4.8%
Anthem, Inc.		30		13,785
Cigna Corp.		109		25,086
Humana, Inc.		34		15,757
UnitedHealth Group, Inc.		99		49,807
				104,435

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 79

JPMorgan U.S. Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Hotels, Restaurants & Leisure — 1.7%
Booking Holdings, Inc. *		7		16,168
McDonald’s Corp.		76		20,325
				36,493
Household Durables — 0.4%
Newell Brands, Inc.		359		7,832
Household Products — 1.1%
Procter & Gamble Co. (The)		151		24,620
Insurance — 3.9%
Chubb Ltd.		108		20,833
Hartford Financial Services Group, Inc. (The)		284		19,582
Loews Corp.		151		8,728
Marsh & McLennan Cos., Inc.		58		10,020
MetLife, Inc.		245		15,310
Prudential Financial, Inc.		87		9,415
				83,888
Interactive Media & Services — 1.7%
Alphabet, Inc., Class C *		13		36,508
IT Services — 1.0%
Fidelity National Information Services, Inc.		90		9,862
International Business Machines Corp.		93		12,447
				22,309
Machinery — 3.5%
Dover Corp.		193		35,021
Parker-Hannifin Corp.		106		33,716
Stanley Black & Decker, Inc.		31		5,931
				74,668
Media — 1.6%
Comcast Corp., Class A		683		34,362
Multiline Retail — 0.9%
Dollar General Corp.		80		18,843
Multi-Utilities — 1.4%
CMS Energy Corp.		348		22,638
Public Service Enterprise Group, Inc.		106		7,092
				29,730
Oil, Gas & Consumable Fuels — 5.5%
Chevron Corp.		260		30,513
ConocoPhillips		713		51,498
EOG Resources, Inc.		326		28,960
Valero Energy Corp.		112		8,421
				119,392
Pharmaceuticals — 5.3%
Bristol-Myers Squibb Co.		613		38,229
Eli Lilly & Co.		91		25,151
Johnson & Johnson		169		28,865
Merck & Co., Inc.		93		7,135

INVESTMENTS	SHARES (000)		VALUE ($000)
Pharmaceuticals — continued
Pfizer, Inc.		256		15,100
				114,480
Road & Rail — 1.1%
CSX Corp.		640		24,053
Semiconductors & Semiconductor Equipment — 4.9%
Analog Devices, Inc.		196		34,502
Lam Research Corp.		13		9,220
NXP Semiconductors NV (China)		116		26,516
Texas Instruments, Inc.		192		36,105
				106,343
Software — 1.6%
Microsoft Corp.		102		34,414
Specialty Retail — 5.8%
AutoZone, Inc. *		12		26,201
Gap, Inc. (The)		442		7,800
Home Depot, Inc. (The)		71		29,616
Lowe’s Cos., Inc.		98		25,354
O’Reilly Automotive, Inc. *		15		10,876
TJX Cos., Inc. (The)		330		25,043
				124,890
Technology Hardware, Storage & Peripherals — 0.6%
Apple, Inc.		70		12,467
Textiles, Apparel & Luxury Goods — 1.2%
NIKE, Inc., Class B		160		26,690
Tobacco — 1.2%
Philip Morris International, Inc.		281		26,709
Wireless Telecommunication Services — 0.6%
T-Mobile US, Inc. *		119		13,790
Total Common Stocks (Cost $1,479,194)				2,105,485
Short-Term Investments — 3.1%
Investment Companies — 3.1%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b) (Cost $66,004)		65,978		66,004
Total Investments — 100.7% (Cost $1,545,198)				2,171,489
Liabilities in Excess of Other Assets — (0.7)%				(14,709	)
NET ASSETS — 100.0%				2,156,780

Percentages indicated are based on net assets.    

Abbreviations

(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, 2021.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

80 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

THIS PAGE IS INTENTIONALLY LEFT BLANK

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 81

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2021 (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	$	140,479		$	50,133,261		$	2,100,783		$	18,974,713
Investments in affiliates, at value		3,975			1,034,986			7,184			1,296,982
Options purchased, at value		—			—			—			354,537
Cash		—	(a)		8			34,762			—
Deposits at broker for futures contracts		—			—			—			90,446
Receivables:
Investment securities sold		—			—			35,586			1,521,847
Fund shares sold		5			30,340			4,157			66,266
Interest from non-affiliates		—			—			7,533			—
Dividends from non-affiliates		68			75,664			2,188			15,225
Dividends from affiliates		—	(a)		2			—	(a)		2
Securities lending income (See Note 2.C.)		—			—	(a)		—			—
Variation margin on futures contracts		—			—			709			—
Other assets		—			—			84			—
Total Assets		144,527			51,274,261			2,192,986			22,320,018
LIABILITIES:
Payables:
Distributions		—			—	(a)		489			—
Investment securities purchased		—			—			42,999			2,389,608
Fund shares redeemed		19			135,776			6,215			14,335
Variation margin on futures contracts		—			—			—			5,683
Outstanding options written, at fair value		—			—			—			344,763
Accrued liabilities:
Investment advisory fees		53			16,867			413			4,095
Administration fees		5			1,365			124			1,035
Distribution fees		5			2,071			371			730
Service fees		22			5,688			405			3,719
Custodian and accounting fees		11			517			20			223
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—	(a)		4			—
Other		74			951			1			19
Total Liabilities		189			163,235			51,041			2,764,210
Net Assets	$	144,338		$	51,111,026		$	2,141,945		$	19,555,808

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

82 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

	JPMorgan Equity Focus Fund			JPMorgan Equity Income Fund			JPMorgan Equity Premium Income Fund			JPMorgan Hedged Equity Fund
NET ASSETS:
Paid-in-Capital	$	89,018		$	34,147,475		$	2,033,006		$	15,670,227
Total distributable earnings (loss)		55,320			16,963,551			108,939			3,885,581
Total Net Assets	$	144,338		$	51,111,026		$	2,141,945		$	19,555,808
Net Assets:
Class A	$	11,819		$	5,069,630		$	516,483		$	1,913,441
Class C		4,742			1,484,655			454,267			515,143
Class I		91,261			19,638,384			1,115,036			15,257,745
Class R2		—			76,797			—			—
Class R3		—			262,607			—			—
Class R4		—			228,730			—			—
Class R5		—			1,640,250			76			6,393
Class R6		36,516			22,709,973			56,083			1,863,086
Total	$	144,338		$	51,111,026		$	2,141,945		$	19,555,808
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		347			216,609			32,371			71,197
Class C		149			64,862			28,471			19,299
Class I		2,615			823,214			69,869			565,894
Class R2		—			3,298			—			—
Class R3		—			11,230			—			—
Class R4		—			9,595			—			—
Class R5		—			68,700			5			237
Class R6		1,053			951,998			3,515			68,941
Net Asset Value (a):
Class A — Redemption price per share	$	34.05		$	23.40		$	15.96		$	26.88
Class C — Offering price per share (b)		31.91			22.89			15.96			26.69
Class I — Offering and redemption price per share		34.90			23.86			15.96			26.96
Class R2 — Offering and redemption price per share		—			23.28			—			—
Class R3 — Offering and redemption price per share		—			23.39			—			—
Class R4 — Offering and redemption price per share		—			23.84			—			—
Class R5 — Offering and redemption price per share		—			23.88			15.96			27.01
Class R6 — Offering and redemption price per share		34.67			23.86			15.96			27.02
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)]	$	35.94		$	24.70		$	16.84		$	28.37
Cost of investments in non-affiliates	$	84,749		$	33,181,428		$	1,909,394		$	11,725,472
Cost of investments in affiliates		3,975			1,035,032			7,184			1,296,982
Cost of options purchased		—			—			—			347,125
Premiums received from options written		—			—			—			342,970

(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, 2021 J.P. MORGAN LARGE CAP FUNDS 83

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)

	JPMorgan Hedged Equity 2 Fund			JPMorgan Hedged Equity 3 Fund			JPMorgan Large Cap Growth Fund			JPMorgan Large Cap Value Fund
ASSETS:
Investments in non-affiliates, at value	$	3,915,780		$	2,336,570		$	40,643,085		$	3,120,239
Investments in affiliates, at value		143,550			16,682			292,250			3,146
Investment of cash collateral received from securities loaned, at value (See Note 2.C.)		—			—			137,610			37,788
Options purchased, at value		10,351			15,607			—			—
Cash		809			419			24			85
Foreign currency, at value		2			1			—			—
Deposits at broker for futures contracts		1,005			752			—			—
Deferred offering costs (See Note 2.J.)		18			18			—			—
Receivables:
Investment securities sold		3,180			2,358			—			—
Fund shares sold		14,760			8,647			22,832			1,416
Dividends from non-affiliates		2,802			1,709			5,979			2,408
Dividends from affiliates		—	(a)		—	(a)		1			—	(a)
Securities lending income (See Note 2.C.)		—			—			21			2
Other assets		391			635			—			95
Total Assets		4,092,648			2,383,398			41,101,802			3,165,179
LIABILITIES:
Payables:
Investment securities purchased		117,841			3,055			—			—
Collateral received on securities loaned (See Note 2.C.)		—			—			137,610			37,788
Fund shares redeemed		13,471			2,337			137,855			12,659
Variation margin on futures contracts		73			49			—			—
Outstanding options written, at fair value		66,207			59,391			—			—
Accrued liabilities:
Investment advisory fees		745			455			14,261			934
Administration fees		225			141			456			130
Distribution fees		154			64			1,767			88
Service fees		661			374			3,966			301
Custodian and accounting fees		41			25			440			27
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—	(a)		—	(a)		—	(a)
Other		2			427			353			80
Total Liabilities		199,420			66,318			296,708			52,007
Net Assets	$	3,893,228		$	2,317,080		$	40,805,094		$	3,113,172

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

84 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

	JPMorgan Hedged Equity 2 Fund			JPMorgan Hedged Equity 3 Fund			JPMorgan Large Cap Growth Fund			JPMorgan Large Cap Value Fund
NET ASSETS:
Paid-in-Capital	$	3,683,067		$	2,204,171		$	23,647,490		$	2,627,814
Total distributable earnings (loss)		210,161			112,909			17,157,604			485,358
Total Net Assets	$	3,893,228		$	2,317,080		$	40,805,094		$	3,113,172
Net Assets:
Class A	$	233,103		$	94,246		$	5,267,927		$	212,700
Class C		180,578			78,261			829,593			62,881
Class I		2,970,051			1,730,595			11,651,360			1,262,516
Class R2		—			—			137,088			11,922
Class R3		—			—			294,369			6,182
Class R4		—			—			245,696			191
Class R5		582			20			931,637			24,769
Class R6		508,914			413,958			21,447,424			1,532,011
Total	$	3,893,228		$	2,317,080		$	40,805,094		$	3,113,172
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		13,652			5,582			87,270			11,012
Class C		10,591			4,643			20,388			3,424
Class I		173,771			102,347			188,135			66,722
Class R2		—			—			2,412			623
Class R3		—			—			4,841			328
Class R4		—			—			3,975			10
Class R5		34			1			14,544			1,293
Class R6		29,750			24,462			330,764			80,611
Net Asset Value (a):
Class A — Redemption price per share	$	17.07		$	16.88		$	60.36		$	19.32
Class C — Offering price per share (b)		17.05			16.85			40.69			18.37
Class I — Offering and redemption price per share		17.09			16.91			61.93			18.92
Class R2 — Offering and redemption price per share		—			—			56.84			19.12
Class R3 — Offering and redemption price per share		—			—			60.81			18.88
Class R4 — Offering and redemption price per share		—			—			61.80			19.34
Class R5 — Offering and redemption price per share		17.10			16.92			64.06			19.15
Class R6 — Offering and redemption price per share		17.11			16.92			64.84			19.00
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)]	$	18.02		$	17.82		$	63.70		$	20.39
Cost of investments in non-affiliates	$	3,577,277		$	2,137,943		$	24,052,214		$	2,622,002
Cost of investments in affiliates		143,550			16,682			292,240			3,146
Cost of options purchased		64,016			54,814			—			—
Cost of foreign currency		2			1			—			—
Investment securities on loan, at value (See Note 2.C.)		—			—			134,368			36,685
Cost of investment of cash collateral (See Note 2.C.)		—			—			137,610			37,788
Premiums received from options written		65,775			58,130			—			—

(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, 2021 J.P. MORGAN LARGE CAP FUNDS 85

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)

	JPMorgan U.S. Applied Data Science Value Fund (formerly known as JPMorgan Intrepid Value Fund)			JPMorgan U.S. Equity Fund		JPMorgan U.S. GARP Equity Fund			JPMorgan U.S. Large Cap Core Plus Fund
ASSETS:
Investments in non-affiliates, at value	$	240,871		$	22,300,376	$	1,325,785		$	3,202,327
Investments in affiliates, at value		5,269			305,526		17,035			18,556
Investment of cash collateral received from securities loaned, at value (See Note 2.C.)		—			65,204		3,659			—
Cash		4			10		819			4
Deposits at broker for futures contracts		297			7,042		1,005			—
Receivables:
Investment securities sold		—			19,452		584			16,151
Fund shares sold		95			45,147		127			1,135
Dividends from non-affiliates		178			9,099		492			1,668
Dividends from affiliates		—	(a)		1		—	(a)		—	(a)
Securities lending income (See Note 2.C.)		—	(a)		8		—	(a)		—
Other assets		95			—		—			—
Total Assets		246,809			22,751,865		1,349,506			3,239,841
LIABILITIES:
Payables:
Securities sold short, at value		—			—		—			572,510
Dividend expense to non-affiliates on securities sold short		—			—		—			948
Investment securities purchased		—			27,491		1,553			16,118
Interest expense to non-affiliates on securities sold short		—			—		—			276
Collateral received on securities loaned (See Note 2.C.)		—			65,204		3,659			—
Fund shares redeemed		12			133,507		120			2,028
Variation margin on futures contracts		15			466		49			—
Accrued liabilities:
Investment advisory fees		47			7,179		296			1,436
Administration fees		6			903		59			141
Distribution fees		20			830		68			102
Service fees		24			1,292		91			269
Custodian and accounting fees		13			258		19			51
Trustees’ and Chief Compliance Officer’s fees		—	(a)		1		—			—
Other		220			169		48			160
Total Liabilities		357			237,300		5,962			594,039
Net Assets	$	246,452		$	22,514,565	$	1,343,544		$	2,645,802

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

86 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

	JPMorgan U.S. Applied Data Science Value Fund (formerly known as JPMorgan Intrepid Value Fund)			JPMorgan U.S. Equity Fund			JPMorgan U.S. GARP Equity Fund			JPMorgan U.S. Large Cap Core Plus Fund
NET ASSETS:
Paid-in-Capital	$	190,358		$	12,408,226		$	709,575		$	1,000,711
Total distributable earnings (loss)		56,094			10,106,339			633,969			1,645,091
Total Net Assets	$	246,452		$	22,514,565		$	1,343,544		$	2,645,802
Net Assets:
Class A	$	60,402		$	1,919,539		$	130,083		$	353,418
Class C		10,260			434,291			31,372			39,493
Class I		124,275			2,089,254			179,611			1,713,370
Class L		—			2,028,197			—			—
Class R2		2,978			283,095			49,184			6,199
Class R3		—			192,664			—			—
Class R4		—			67,096			—			—
Class R5		4,479			1,166,317			149,622			36,903
Class R6		44,058			14,334,112			803,672			496,419
Total	$	246,452		$	22,514,565		$	1,343,544		$	2,645,802
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		1,998			87,332			1,915			15,173
Class C		348			20,740			478			1,970
Class I		4,062			94,662			2,573			71,065
Class L		—			91,686			—			—
Class R2		100			13,051			753			289
Class R3		—			8,808			—			—
Class R4		—			3,046			—			—
Class R5		146			52,703			2,190			1,513
Class R6		1,436			646,054			11,767			20,364
Net Asset Value (a):
Class A — Redemption price per share	$	30.23		$	21.98		$	67.92		$	23.29
Class C — Offering price per share (b)		29.50			20.94			65.62			20.05
Class I — Offering and redemption price per share		30.60			22.07			69.80			24.11
Class L — Offering and redemption price per share		—			22.12			—			—
Class R2 — Offering and redemption price per share		29.80			21.69			65.31			21.48
Class R3 — Offering and redemption price per share		—			21.87			—			—
Class R4 — Offering and redemption price per share		—			22.03			—			—
Class R5 — Offering and redemption price per share		30.67			22.13			68.34			24.40
Class R6 — Offering and redemption price per share		30.67			22.19			68.30			24.38
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)]	$	31.91		$	23.20		$	71.68		$	24.58
Cost of investments in non-affiliates	$	188,731		$	12,546,854		$	713,220		$	1,601,517
Cost of investments in affiliates		5,269			305,526			17,033			18,556
Investment securities on loan, at value (See Note 2.C.)		—			64,031			3,562			—
Cost of investment of cash collateral (See Note 2.C.)		—			65,204			3,659			—
Proceeds from securities sold short		—			—			—			553,216

(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, 2021 J.P. MORGAN LARGE CAP FUNDS 87

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)

	JPMorgan U.S. Research Enhanced Equity Fund			JPMorgan U.S. Sustainable Leaders Fund			JPMorgan U.S. Value Fund
ASSETS:
Investments in non-affiliates, at value	$	5,907,989		$	194,471		$	2,105,485
Investments in affiliates, at value		73,494			2,574			66,004
Investment of cash collateral received from securities loaned, at value (See Note 2.C.)		—			544			—
Cash		2			—	(a)		4
Deposits at broker for futures contracts		3,474			276			—
Receivables:
Investment securities sold		7,914			1,465			—
Fund shares sold		3,153			404			8,327
Dividends from non-affiliates		4,489			128			1,724
Dividends from affiliates		—	(a)		—	(a)		—	(a)
Securities lending income (See Note 2.C.)		—			—	(a)		—
Other assets		—			—			113
Total Assets		6,000,515			199,862			2,181,657
LIABILITIES:
Payables:
Investment securities purchased		7,949			977			22,860
Collateral received on securities loaned (See Note 2.C.)		—			544			—
Fund shares redeemed		9,046			119			720
Variation margin on futures contracts		212			6			—
Accrued liabilities:
Investment advisory fees		993			32			618
Administration fees		208			2			85
Distribution fees		36			10			159
Service fees		77			6			346
Custodian and accounting fees		75			13			21
Trustees’ and Chief Compliance Officer’s fees		—			2			1
Other		107			49			67
Total Liabilities		18,703			1,760			24,877
Net Assets	$	5,981,812		$	198,102		$	2,156,780

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

88 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

	JPMorgan U.S. Research Enhanced Equity Fund			JPMorgan U.S. Sustainable Leaders Fund			JPMorgan U.S. Value Fund
NET ASSETS:
Paid-in-Capital	$	3,073,239		$	157,085		$	1,536,875
Total distributable earnings (loss)		2,908,573			41,017			619,905
Total Net Assets	$	5,981,812		$	198,102		$	2,156,780
Net Assets:
Class A	$	174,486		$	37,610		$	616,087
Class C		—			5,257			51,032
Class I		777,828			118,558			1,109,734
Class R2		—			—			3,434
Class R3		—			—			9,769
Class R4		—			—			297
Class R5		—			—			3,660
Class R6		5,029,498			36,677			362,767
Total	$	5,981,812		$	198,102		$	2,156,780
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		4,821			589			9,145
Class C		—			84			857
Class I		21,210			1,843			15,500
Class R2		—			—			51
Class R3		—			—			137
Class R4		—			—			4
Class R5		—			—			51
Class R6		137,369			570			5,026
Net Asset Value (a):
Class A — Redemption price per share	$	36.20		$	63.82		$	67.37
Class C — Offering price per share (b)		—			62.40			59.55
Class I — Offering and redemption price per share		36.67			64.35			71.60
Class R2 — Offering and redemption price per share		—			—			67.46
Class R3 — Offering and redemption price per share		—			—			71.38
Class R4 — Offering and redemption price per share		—			—			71.62
Class R5 — Offering and redemption price per share		—			—			72.15
Class R6 — Offering and redemption price per share		36.61			64.33			72.18
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)]	$	38.21		$	67.36		$	71.10
Cost of investments in non-affiliates	$	3,007,759		$	153,421		$	1,479,194
Cost of investments in affiliates		73,488			2,574			66,004
Investment securities on loan, at value (See Note 2.C.)		—			532			—
Cost of investment of cash collateral (See Note 2.C.)		—			544			—

(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, 2021 J.P. MORGAN LARGE CAP FUNDS 89

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2021 (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	$	—		$	—	(a)	$	49,743		$	—
Interest income from affiliates		—			—			1			—
Dividend income from non-affiliates		626			561,939			10,692			125,012
Dividend income from affiliates		1			398			12			11
Income from securities lending (net) (See Note 2.C.)		—			—	(a)		—			—
Total investment income		627			562,337			60,448			125,023
EXPENSES:
Investment advisory fees		344			98,054			1,864			23,874
Administration fees		52			8,201			559			6,053
Distribution fees:
Class A		13			6,159			420			2,320
Class C		17			5,614			1,147			1,922
Class R2		—			194			—			—
Class R3		—			358			—			—
Service fees:
Class A		13			6,159			420			2,320
Class C		6			1,871			382			641
Class I		109			23,726			997			18,695
Class R2		—			97			—			—
Class R3		—			358			—			—
Class R4		—			303			—			—
Class R5		—			827			—	(a)		3
Custodian and accounting fees		12			699			30			290
Interest expense to affiliates		—			—			—	(a)		—	(a)
Professional fees		26			171			54			96
Trustees’ and Chief Compliance Officer’s fees		13			69			18			34
Printing and mailing costs		3			915			13			426
Registration and filing fees		26			752			151			477
Transfer agency fees (See Note 2.M.)		2			452			28			125
Other		5			577			14			268
Total expenses		641			155,556			6,097			57,544
Less fees waived		(71	)		(528	)		(136	)		(96	)
Less expense reimbursements		—			—			—	(a)		—
Net expenses		570			155,028			5,961			57,448
Net investment income (loss)		57			407,309			54,487			67,575
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		2,037			904,553			(46,683	)		709,979
Investments in affiliates		—	(a)		61			(2	)		—
Options purchased		—			—			—			(801,315	)
Futures contracts		—			—			884			45,570
Foreign currency transactions		—			—			—			—	(a)
Options written		—			—			—			(618,134	)
Net realized gain (loss)		2,037			904,614			(45,801	)		(663,900	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		9,486			2,323,362			121,875			1,385,488
Investments in affiliates		—	(a)		(183	)		—	(a)		—
Options purchased		—			—			—			1,910
Futures contracts		—			—			12			497
Options written		—			—			—			(9,640	)
Change in net unrealized appreciation/depreciation		9,486			2,323,179			121,887			1,378,255
Net realized/unrealized gains (losses)		11,523			3,227,793			76,086			714,355
Change in net assets resulting from operations	$	11,580		$	3,635,102		$	130,573		$	781,930

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

90 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

	JPMorgan Hedged Equity 2 Fund			JPMorgan Hedged Equity 3 Fund			JPMorgan Large Cap Growth Fund			JPMorgan Large Cap Value Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—		$	—	(a)	$	8		$	—
Interest income from affiliates		—			1			—			—
Dividend income from non-affiliates		16,449			9,023			109,228			30,481
Dividend income from affiliates		10			6			418			16
Income from securities lending (net) (See Note 2.C.)		—			—			111			19
Total investment income		16,459			9,030			109,765			30,516
EXPENSES:
Investment advisory fees		3,145			1,725			90,461			7,035
Administration fees		943			518			7,829			1,319
Distribution fees:
Class A		165			66			6,568			264
Class C		451			169			3,089			233
Class R2		—			—			348			27
Class R3		—			—			360			1
Service fees:
Class A		165			66			6,568			264
Class C		150			56			1,030			78
Class I		2,461			1,370			14,565			1,628
Class R2		—			—			174			14
Class R3		—			—			360			1
Class R4		—			—			283			—	(a)
Class R5		—	(a)		—	(a)		484			12
Custodian and accounting fees		51			28			556			50
Interest expense to affiliates		—			—			—			1
Professional fees		47			43			147			32
Trustees’ and Chief Compliance Officer’s fees		15			14			58			16
Printing and mailing costs		20			10			532			31
Registration and filing fees		220			135			771			153
Transfer agency fees (See Note 2.M.)		13			6			379			153
Offering costs (See Note 2.K.)		52			52			—			—
Other		14			6			389			37
Total expenses		7,912			4,264			134,951			11,349
Less fees waived		(69	)		(74	)		(13,073	)		(1,101	)
Less expense reimbursements		(54	)		(52	)		—			(6	)
Net expenses		7,789			4,138			121,878			10,242
Net investment income (loss)		8,670			4,892			(12,113	)		20,274
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(1,479	)		(414	)		1,202,422			51,892
Investments in affiliates		—			—			133			(3	)
Options purchased		(63,734	)		(44,158	)		—			—
Futures contracts		6,114			3,077			—			—
Foreign currency transactions		—	(a)		—	(a)		—			—
Options written		(5,652	)		3,903			—			—
Net realized gain (loss)		(64,751	)		(37,592	)		1,202,555			51,889
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		286,096			173,749			2,098,934			(31,379	)
Investments in affiliates		—			—			(172	)		—	(a)
Options purchased		(34,954	)		(34,695	)		—			—
Futures contracts		653			401			—			—
Foreign currency translations		—	(a)		—	(a)		—			—
Options written		(8,453	)		(1,581	)		—			—
Change in net unrealized appreciation/depreciation		243,342			137,874			2,098,762			(31,379	)
Net realized/unrealized gains (losses)		178,591			100,282			3,301,317			20,510
Change in net assets resulting from operations	$	187,261		$	105,174		$	3,289,204		$	40,784

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 91

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)

(Amounts in thousands)

	JPMorgan U.S. Applied Data Science Value Fund (formerly known as JPMorgan Intrepid Value Fund)			JPMorgan U.S. Equity Fund			JPMorgan U.S. GARP Equity Fund			JPMorgan U.S. Large Cap Core Plus Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—		$	—		$	—		$	—	(a)
Dividend income from non-affiliates		2,450			124,933			5,394			19,880
Dividend income from affiliates		2			82			9			10
Income from securities lending (net) (See Note 2.C.)		—	(a)		21			27			—
Total investment income		2,452			125,036			5,430			19,890
EXPENSES:
Investment advisory fees		374			42,690			2,013			8,901
Administration fees		93			6,539			503			1,027
Distribution fees:
Class A		76			2,242			157			436
Class C		41			1,514			117			143
Class R2		7			699			119			15
Class R3		—			232			—			—
Service fees:
Class A		76			2,242			157			436
Class C		14			505			39			48
Class I		161			2,422			215			2,185
Class L		—			997			—			—
Class R2		4			349			59			8
Class R3		—			232			—			—
Class R4		—			69			—			—
Class R5		2			567			82			18
Custodian and accounting fees		13			316			23			47
Interest expense to affiliates		—			—			—			—	(a)
Professional fees		36			98			31			37
Trustees’ and Chief Compliance Officer’s fees		13			37			14			16
Printing and mailing costs		8			210			22			55
Registration and filing fees		36			258			46			37
Transfer agency fees (See Note 2.M.)		7			166			25			35
Dividend expense to non-affiliates on securities sold short		—			—			—			8,613
Interest expense to non-affiliates on securities sold short		—			—			—			1,823
Other		10			201			19			46
Total expenses		971			62,585			3,641			23,926
Less fees waived		(269	)		(3,487	)		(420	)		(1,667	)
Less expense reimbursements		(1	)		(58	)		—			(2	)
Net expenses		701			59,040			3,221			22,257
Net investment income (loss)		1,751			65,996			2,209			(2,367	)
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		38,416			1,178,407			108,626			365,988
Investments in affiliates		—	(a)		(26	)		(2	)		(1	)
Futures contracts		590			23,662			3,177			(382	)
Securities sold short		—			—			—			(35,260	)
Foreign currency transactions		—			—			—	(a)		—	(a)
Net realized gain (loss)		39,006			1,202,043			111,801			330,345
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(20,409	)		1,337,715			49,779			(26,906	)
Investments in affiliates		—	(a)		3			(1	)		—	(a)
Futures contracts		(7	)		3,527			1			—
Securities sold short		—			—			—			22,487
Change in net unrealized appreciation/depreciation		(20,416	)		1,341,245			49,779			(4,419	)
Net realized/unrealized gains (losses)		18,590			2,543,288			161,580			325,926
Change in net assets resulting from operations	$	20,341		$	2,609,284		$	163,789		$	323,559

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

92 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

	JPMorgan U.S. Research Enhanced Equity Fund			JPMorgan U.S. Sustainable Leaders Fund			JPMorgan U.S. Value Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	35,495		$	907		$	17,583
Dividend income from affiliates		20			1			17
Income from securities lending (net) (See Note 2.C.)		—			—	(a)		—
Total investment income		35,515			908			17,600
EXPENSES:
Investment advisory fees		6,910			225			3,616
Administration fees		2,073			56			678
Distribution fees:
Class A		222			37			694
Class C		—			16			161
Class R2		—			—			6
Class R3		—			—			6
Service fees:
Class A		222			37			694
Class C		—			5			54
Class I		912			106			1,110
Class R2		—			—			3
Class R3		—			—			6
Class R4		—			—			—	(a)
Class R5		—			—			—	(a)
Custodian and accounting fees		94			16			26
Professional fees		47			31			32
Trustees’ and Chief Compliance Officer’s fees		19			14			15
Printing and mailing costs		35			11			46
Registration and filing fees		47			49			108
Transfer agency fees (See Note 2.M.)		33			3			79
Other		51			6			28
Total expenses		10,665			612			7,362
Less fees waived		(3,087	)		(276	)		(656	)
Less expense reimbursements		—			—	(a)		(1	)
Net expenses		7,578			336			6,705
Net investment income (loss)		27,937			572			10,895
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		187,880			2,239			(2,088	)
Investments in affiliates		(2	)		—	(a)		(5	)
Futures contracts		4,743			283			—
Foreign currency transactions		—	(a)		—	(a)		—
Net realized gain (loss)		192,621			2,522			(2,093	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		419,914			14,154			107,915
Investments in affiliates		—	(a)		(1	)		—	(a)
Futures contracts		140			(29	)		—
Change in net unrealized appreciation/depreciation		420,054			14,124			107,915
Net realized/unrealized gains (losses)		612,675			16,646			105,822
Change in net assets resulting from operations	$	640,612		$	17,218		$	116,717

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 93

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, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	57		$	348		$	407,309		$	665,372
Net realized gain (loss)		2,037			17,317			904,614			933,009
Change in net unrealized appreciation/depreciation		9,486			22,946			2,323,179			10,722,892
Change in net assets resulting from operations		11,580			40,611			3,635,102			12,321,273
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(1,192	)		(862	)		(127,700	)		(59,104	)
Class C		(513	)		(403	)		(35,105	)		(14,553	)
Class I		(9,277	)		(7,180	)		(507,175	)		(245,584	)
Class R2		—			—			(1,883	)		(921	)
Class R3		—			—			(6,802	)		(3,447	)
Class R4		—			—			(6,222	)		(3,022	)
Class R5		—			—			(44,534	)		(26,918	)
Class R6		(3,810	)		(3,356	)		(608,517	)		(310,281	)
Total distributions to shareholders		(14,792	)		(11,801	)		(1,337,938	)		(663,830	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		15,656			18,030			2,408,205			5,193,277
NET ASSETS:
Change in net assets		12,444			46,840			4,705,369			16,850,720
Beginning of period		131,894			85,054			46,405,657			29,554,937
End of period	$	144,338		$	131,894		$	51,111,026		$	46,405,657

SEE NOTES TO FINANCIAL STATEMENTS.

94 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

	JPMorgan Equity Premium Income Fund						JPMorgan Hedged Equity Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	54,487		$	34,890		$	67,575		$	124,937
Net realized gain (loss)		(45,801	)		(4,048	)		(663,900	)		(1,966,393	)
Change in net unrealized appreciation/depreciation		121,887			61,774			1,378,255			4,396,300
Change in net assets resulting from operations		130,573			92,616			781,930			2,554,844
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(12,290	)		(3,484	)		(5,369	)		(7,417	)
Class C		(10,408	)		(2,300	)		(218	)		(1,096	)
Class I		(29,879	)		(25,702	)		(61,180	)		(115,685	)
Class R5		(3	)		(5	)		(30	)		(47	)
Class R6		(1,947	)		(3,425	)		(9,554	)		(15,731	)
Total distributions to shareholders		(54,527	)		(34,916	)		(76,351	)		(139,976	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		1,165,095			651,374			555,306			7,138,463
NET ASSETS:
Change in net assets		1,241,141			709,074			1,260,885			9,553,331
Beginning of period		900,804			191,730			18,294,923			8,741,592
End of period	$	2,141,945		$	900,804		$	19,555,808		$	18,294,923

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 95

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Hedged Equity 2 Fund						JPMorgan Hedged Equity 3 Fund
	Six Months Ended December 31, 2021 (Unaudited)			Period Ended June 30, 2021 (a)			Six Months Ended December 31, 2021 (Unaudited)			Period Ended June 30, 2021 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	8,670		$	1,623		$	4,892		$	641
Net realized gain (loss)		(64,751	)		(9,789	)		(37,592	)		(7,884	)
Change in net unrealized appreciation/depreciation		243,342			41,762			137,874			20,718
Change in net assets resulting from operations		187,261			33,596			105,174			13,475
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(390	)		(25	)		(152	)		(15	)
Class C		(39	)		(1	)		(24	)		(3	)
Class I		(7,580	)		(785	)		(4,155	)		(417	)
Class R5		(2	)		(1	)		—	(b)		—	(b)
Class R6		(1,606	)		(305	)		(977	)		(2	)
Total distributions to shareholders		(9,617	)		(1,117	)		(5,308	)		(437	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		2,323,716			1,359,389			1,650,648			553,528
NET ASSETS:
Change in net assets		2,501,360			1,391,868			1,750,514			566,566
Beginning of period		1,391,868			—			566,566			—
End of period	$	3,893,228		$	1,391,868		$	2,317,080		$	566,566

(a) Commencement of operations was February 26, 2021.

(b) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

96 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

	JPMorgan Large Cap Growth Fund						JPMorgan Large Cap Value Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(12,113	)	$	(41,950	)	$	20,274		$	19,708
Net realized gain (loss)		1,202,555			5,959,007			51,889			227,272
Change in net unrealized appreciation/depreciation		2,098,762			4,245,115			(31,379	)		529,855
Change in net assets resulting from operations		3,289,204			10,162,172			40,784			776,835
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(708,158	)		(229,243	)		(15,263	)		(755	)
Class C		(155,323	)		(49,805	)		(4,600	)		(69	)
Class I		(1,544,842	)		(484,046	)		(97,744	)		(4,846	)
Class R2		(20,184	)		(7,546	)		(847	)		(42	)
Class R3		(39,213	)		(8,542	)		(9	)		—	(a)
Class R4		(31,893	)		(6,602	)		(13	)		—	(a)
Class R5		(117,247	)		(48,291	)		(1,834	)		(193	)
Class R6		(2,685,495	)		(774,029	)		(115,746	)		(12,971	)
Total distributions to shareholders		(5,302,355	)		(1,608,104	)		(236,056	)		(18,876	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		5,401,865			5,597,146			(1,033,026	)		2,323,514
NET ASSETS:
Change in net assets		3,388,714			14,151,214			(1,228,298	)		3,081,473
Beginning of period		37,416,380			23,265,166			4,341,470			1,259,997
End of period	$	40,805,094		$	37,416,380		$	3,113,172		$	4,341,470

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 97

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan U.S. Applied Data Science Value Fund (formerly known as JPMorgan Intrepid Value Fund)						JPMorgan U.S. Equity Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,751		$	4,072		$	65,996		$	151,578
Net realized gain (loss)		39,006			30,613			1,202,043			2,016,851
Change in net unrealized appreciation/depreciation		(20,416	)		61,725			1,341,245			4,026,205
Change in net assets resulting from operations		20,341			96,410			2,609,284			6,194,634
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(14,209	)		(1,695	)		(177,827	)		(83,977	)
Class C		(2,489	)		(287	)		(41,808	)		(17,652	)
Class I		(29,786	)		(4,082	)		(195,163	)		(87,780	)
Class L		—			—			(194,971	)		(164,969	)
Class R2		(674	)		(85	)		(26,715	)		(14,883	)
Class R3		—			—			(18,294	)		(8,862	)
Class R4		—			—			(6,300	)		(1,911	)
Class R5		(1,000	)		(141	)		(111,370	)		(60,489	)
Class R6		(10,019	)		(2,355	)		(1,346,202	)		(727,732	)
Total distributions to shareholders		(58,177	)		(8,645	)		(2,118,650	)		(1,168,255	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		8,009			(67,252	)		2,180,280			(121,490	)
NET ASSETS:
Change in net assets		(29,827	)		20,513			2,670,914			4,904,889
Beginning of period		276,279			255,766			19,843,651			14,938,762
End of period	$	246,452		$	276,279		$	22,514,565		$	19,843,651

SEE NOTES TO FINANCIAL STATEMENTS.

98 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

	JPMorgan U.S. GARP Equity Fund						JPMorgan U.S. Large Cap Core Plus Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	2,209		$	4,455		$	(2,367	)	$	(4,044	)
Net realized gain (loss)		111,801			196,953			330,345			1,008,393
Change in net unrealized appreciation/depreciation		49,779			220,654			(4,419	)		54,134
Change in net assets resulting from operations		163,789			422,062			323,559			1,058,483
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(23,478	)		(9,875	)		(81,344	)		(77,084	)
Class C		(5,967	)		(2,514	)		(10,063	)		(9,299	)
Class I		(31,685	)		(13,950	)		(393,194	)		(515,371	)
Class R2		(9,121	)		(4,145	)		(1,484	)		(1,244	)
Class R5		(26,874	)		(20,231	)		(7,963	)		(9,627	)
Class R6		(145,336	)		(67,081	)		(131,817	)		(147,178	)
Total distributions to shareholders		(242,461	)		(117,796	)		(625,865	)		(759,803	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		114,628			(111,060	)		296,862			(697,740	)
NET ASSETS:
Change in net assets		35,956			193,206			(5,444	)		(399,060	)
Beginning of period		1,307,588			1,114,382			2,651,246			3,050,306
End of period	$	1,343,544		$	1,307,588		$	2,645,802		$	2,651,246

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 99

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
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	27,937		$	58,068		$	572		$	719
Net realized gain (loss)		192,621			562,881			2,522			4,226
Change in net unrealized appreciation/depreciation		420,054			1,148,187			14,124			19,592
Change in net assets resulting from operations		640,612			1,769,136			17,218			24,537
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(19,855	)		(7,423	)		(1,320	)		(235	)
Class C		—			—			(170	)		(30	)
Class I		(86,246	)		(25,017	)		(4,168	)		(711	)
Class R6 (a)		(563,649	)		(159,941	)		(1,394	)		(247	)
Total distributions to shareholders		(669,750	)		(192,381	)		(7,052	)		(1,223	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		958,908			(889,477	)		72,386			51,536
NET ASSETS:
Change in net assets		929,770			687,278			82,552			74,850
Beginning of period		5,052,042			4,364,764			115,550			40,700
End of period	$	5,981,812		$	5,052,042		$	198,102		$	115,550

(a) Commencement of offering of class of shares effective September 30, 2020 for JPMorgan U.S. Sustainable Leaders Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

100 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

	JPMorgan U.S. Value Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	10,895		$	14,952
Net realized gain (loss)		(2,093	)		44,116
Change in net unrealized appreciation/depreciation		107,915			351,990
Change in net assets resulting from operations		116,717			411,058
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(13,968	)		(10,335	)
Class C		(1,192	)		(611	)
Class I		(23,164	)		(11,089	)
Class R2		(61	)		(33	)
Class R3		(206	)		(16	)
Class R4		(7	)		(24	)
Class R5		(74	)		(3	)
Class R6		(8,355	)		(4,026	)
Total distributions to shareholders		(47,027	)		(26,137	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		380,105			595,210
NET ASSETS:
Change in net assets		449,795			980,131
Beginning of period		1,706,985			726,854
End of period	$	2,156,780		$	1,706,985

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 101

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, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	2,368		$	3,527		$	394,289		$	1,280,565
Distributions reinvested		1,192			862			118,722			55,042
Cost of shares redeemed		(1,379	)		(2,169	)		(387,968	)		(1,092,878	)
Change in net assets resulting from Class A capital transactions		2,181			2,220			125,043			242,729
Class C
Proceeds from shares issued		152			419			76,549			243,967
Distributions reinvested		513			403			32,304			13,343
Cost of shares redeemed		(66	)		(612	)		(186,193	)		(552,490	)
Change in net assets resulting from Class C capital transactions		599			210			(77,340	)		(295,180	)
Class I
Proceeds from shares issued		2,785			9,125			2,100,796			5,967,956
Distributions reinvested		9,276			7,180			463,572			221,627
Cost of shares redeemed		(2,454	)		(3,056	)		(1,797,333	)		(3,358,152	)
Change in net assets resulting from Class I capital transactions		9,607			13,249			767,035			2,831,431
Class R2
Proceeds from shares issued		—			—			5,576			18,279
Distributions reinvested		—			—			1,846			901
Cost of shares redeemed		—			—			(12,024	)		(37,123	)
Change in net assets resulting from Class R2 capital transactions		—			—			(4,602	)		(17,943	)
Class R3
Proceeds from shares issued		—			—			31,266			94,161
Distributions reinvested		—			—			5,240			2,770
Cost of shares redeemed		—			—			(68,390	)		(57,502	)
Change in net assets resulting from Class R3 capital transactions		—			—			(31,884	)		39,429
Class R4
Proceeds from shares issued		—			—			29,312			153,736
Distributions reinvested		—			—			6,222			3,022
Cost of shares redeemed		—			—			(67,283	)		(68,895	)
Change in net assets resulting from Class R4 capital transactions		—			—			(31,749	)		87,863
Class R5
Proceeds from shares issued		—			—			127,752			365,652
Distributions reinvested		—			—			42,782			25,988
Cost of shares redeemed		—			—			(263,871	)		(420,221	)
Change in net assets resulting from Class R5 capital transactions		—			—			(93,337	)		(28,581	)
Class R6
Proceeds from shares issued		1,138			2,422			3,065,865			6,385,588
Distributions reinvested		3,808			3,353			586,527			296,277
Cost of shares redeemed		(1,677	)		(3,424	)		(1,897,353	)		(4,348,336	)
Change in net assets resulting from Class R6 capital transactions		3,269			2,351			1,755,039			2,333,529
Total change in net assets resulting from capital transactions	$	15,656		$	18,030		$	2,408,205		$	5,193,277

SEE NOTES TO FINANCIAL STATEMENTS.

102 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

	JPMorgan Equity Focus Fund						JPMorgan Equity Income Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
SHARE TRANSACTIONS:
Class A
Issued		66			112			17,324			66,002
Reinvested		36			29			5,191			2,827
Redeemed		(39	)		(70	)		(16,967	)		(57,193	)
Change in Class A Shares		63			71			5,548			11,636
Class C
Issued		4			13			3,448			12,513
Reinvested		17			15			1,445			703
Redeemed		(2	)		(21	)		(8,331	)		(29,946	)
Change in Class C Shares		19			7			(3,438	)		(16,730	)
Class I
Issued		78			283			90,565			299,334
Reinvested		272			239			19,889			11,118
Redeemed		(70	)		(97	)		(77,151	)		(169,937	)
Change in Class I Shares		280			425			33,303			140,515
Class R2
Issued		—			—			245			934
Reinvested		—			—			81			47
Redeemed		—			—			(530	)		(1,951	)
Change in Class R2 Shares		—			—			(204	)		(970	)
Class R3
Issued		—			—			1,370			4,910
Reinvested		—			—			229			142
Redeemed		—			—			(2,956	)		(2,969	)
Change in Class R3 Shares		—			—			(1,357	)		2,083
Class R4
Issued		—			—			1,251			7,771
Reinvested		—			—			267			150
Redeemed		—			—			(2,893	)		(3,389	)
Change in Class R4 Shares		—			—			(1,375	)		4,532
Class R5
Issued		—			—			5,489			18,235
Reinvested		—			—			1,834			1,312
Redeemed		—			—			(11,295	)		(21,287	)
Change in Class R5 Shares		—			—			(3,972	)		(1,740	)
Class R6
Issued		31			76			131,502			319,793
Reinvested		112			112			25,162			14,863
Redeemed		(46	)		(109	)		(81,230	)		(224,750	)
Change in Class R6 Shares		97			79			75,434			109,906

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 103

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, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	349,786		$	177,480		$	234,439		$	1,460,355
Distributions reinvested		12,240			3,413			5,340			7,380
Cost of shares redeemed		(37,597	)		(25,791	)		(173,011	)		(340,811	)
Change in net assets resulting from Class A capital transactions		324,429			155,102			66,768			1,126,924
Class C
Proceeds from shares issued		295,047			155,434			25,224			242,865
Distributions reinvested		10,356			2,275			218			1,095
Cost of shares redeemed		(25,069	)		(8,379	)		(31,312	)		(53,065	)
Change in net assets resulting from Class C capital transactions		280,334			149,330			(5,870	)		190,895
Class I
Proceeds from shares issued		638,328			413,338			1,747,871			8,854,409
Distributions reinvested		29,442			25,319			59,339			111,688
Cost of shares redeemed		(112,742	)		(135,112	)		(1,518,700	)		(3,681,719	)
Change in net assets resulting from Class I capital transactions		555,028			303,545			288,510			5,284,378
Class R5
Proceeds from shares issued		1			54			708			3,519
Distributions reinvested		3			5			30			47
Cost of shares redeemed		(21	)		—	(a)		(601	)		(1,189	)
Change in net assets resulting from Class R5 capital transactions		(17	)		59			137			2,377
Class R6
Proceeds from shares issued		8,273			47,093			440,902			1,000,413
Distributions reinvested		255			126			4,415			7,536
Cost of shares redeemed		(3,207	)		(3,881	)		(239,556	)		(474,060	)
Change in net assets resulting from Class R6 capital transactions		5,321			43,338			205,761			533,889
Total change in net assets resulting from capital transactions	$	1,165,095		$	651,374		$	555,306		$	7,138,463

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

104 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

	JPMorgan Equity Premium Income Fund						JPMorgan Hedged Equity Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
SHARE TRANSACTIONS:
Class A
Issued		22,578			11,996			8,870			60,745
Reinvested		790			234			202			303
Redeemed		(2,428	)		(1,795	)		(6,553	)		(14,054	)
Change in Class A Shares		20,940			10,435			2,519			46,994
Class C
Issued		19,025			10,447			962			10,337
Reinvested		669			154			8			48
Redeemed		(1,619	)		(568	)		(1,194	)		(2,234	)
Change in Class C Shares		18,075			10,033			(224	)		8,151
Class I
Issued		41,110			28,524			65,912			374,344
Reinvested		1,901			1,777			2,237			4,623
Redeemed		(7,276	)		(9,545	)		(57,263	)		(151,283	)
Change in Class I Shares		35,735			20,756			10,886			227,684
Class R5
Issued		—	(a)		4			27			144
Reinvested		—	(a)		—	(a)		1			2
Redeemed		(1	)		—	(a)		(23	)		(49	)
Change in Class R5 Shares		(1	)		4			5			97
Class R6
Issued		534			3,379			16,623			41,538
Reinvested		16			9			166			308
Redeemed		(207	)		(269	)		(8,981	)		(19,494	)
Change in Class R6 Shares		343			3,119			7,808			22,352

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 105

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Hedged Equity 2 Fund						JPMorgan Hedged Equity 3 Fund
	Six Months Ended December 31, 2021 (Unaudited)			Period Ended June 30, 2021 (a)			Six Months Ended December 31, 2021 (Unaudited)			Period Ended June 30, 2021 (a)
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	184,145		$	54,055		$	77,126		$	22,160
Distributions reinvested		390			25			152			15
Cost of shares redeemed		(13,628	)		(2,233	)		(7,965	)		(998	)
Change in net assets resulting from Class A capital transactions		170,907			51,847			69,313			21,177
Class C
Proceeds from shares issued		120,214			57,384			57,914			19,425
Distributions reinvested		39			1			24			3
Cost of shares redeemed		(5,454	)		(1,122	)		(1,835	)		(464	)
Change in net assets resulting from Class C capital transactions		114,799			56,263			56,103			18,964
Class I
Proceeds from shares issued		1,984,302			1,069,346			1,283,989			575,746
Distributions reinvested		7,566			783			4,139			415
Cost of shares redeemed		(178,429	)		(75,413	)		(152,053	)		(64,565	)
Change in net assets resulting from Class I capital transactions		1,813,439			994,716			1,136,075			511,596
Class R5
Proceeds from shares issued		11			545			—	(b)		20
Distributions reinvested		2			1			—	(b)		—	(b)
Cost of shares redeemed		(3	)		(21	)		(3	)		—
Change in net assets resulting from Class R5 capital transactions		10			525			(3	)		20
Class R6
Proceeds from shares issued		402,427			261,104			406,633			1,769
Distributions reinvested		1,585			300			976			2
Cost of shares redeemed		(179,451	)		(5,366	)		(18,449	)		—	(b)
Change in net assets resulting from Class R6 capital transactions		224,561			256,038			389,160			1,771
Total change in net assets resulting from capital transactions	$	2,323,716		$	1,359,389		$	1,650,648		$	553,528

(a) Commencement of operations was February 26, 2021.

(b) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

106 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

	JPMorgan Hedged Equity 2 Fund						JPMorgan Hedged Equity 3 Fund
	Six Months Ended December 31, 2021 (Unaudited)			Period Ended June 30, 2021 (a)			Six Months Ended December 31, 2021 (Unaudited)			Period Ended June 30, 2021 (a)
SHARE TRANSACTIONS:
Class A
Issued		11,139			3,452			4,712			1,406
Reinvested		24			2			9			1
Redeemed		(823	)		(142	)		(483	)		(63	)
Change in Class A Shares		10,340			3,312			4,238			1,344
Class C
Issued		7,321			3,672			3,549			1,235
Reinvested		2			—	(b)		1			—	(b)
Redeemed		(332	)		(72	)		(113	)		(29	)
Change in Class C Shares		6,991			3,600			3,437			1,206
Class I
Issued		120,321			68,491			78,534			36,861
Reinvested		458			49			253			26
Redeemed		(10,766	)		(4,782	)		(9,242	)		(4,085	)
Change in Class I Shares		110,013			63,758			69,545			32,802
Class R5
Issued		1			34			—			1
Reinvested		—	(b)		—	(b)		—	(b)		—	(b)
Redeemed		—	(b)		(1	)		—	(b)		—
Change in Class R5 Shares		1			33			—	(b)		1
Class R6
Issued		24,280			16,725			25,399			112
Reinvested		96			19			59			—	(b)
Redeemed		(11,030	)		(340	)		(1,108	)		—	(b)
Change in Class R6 Shares		13,346			16,404			24,350			112

(a) Commencement of operations was February 26, 2021.

(b) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 107

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Large Cap Growth Fund						JPMorgan Large Cap Value Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	487,160		$	1,542,784		$	30,353		$	81,668
Distributions reinvested		647,833			209,959			14,899			737
Cost of shares redeemed		(552,523	)		(1,237,783	)		(39,298	)		(49,625	)
Change in net assets resulting from Class A capital transactions		582,470			514,960			5,954			32,780
Class C
Proceeds from shares issued		93,814			263,027			6,642			24,043
Distributions reinvested		142,887			45,342			4,596			68
Cost of shares redeemed		(95,947	)		(425,827	)		(7,124	)		(13,265	)
Change in net assets resulting from Class C capital transactions		140,754			(117,458	)		4,114			10,846
Class I
Proceeds from shares issued		1,412,270			3,946,027			300,908			1,171,550
Distributions reinvested		1,417,105			446,730			95,681			4,779
Cost of shares redeemed		(1,565,945	)		(3,034,183	)		(479,495	)		(229,227	)
Change in net assets resulting from Class I capital transactions		1,263,430			1,358,574			(82,906	)		947,102
Class R2
Proceeds from shares issued		19,157			43,616			2,355			3,822
Distributions reinvested		19,387			7,039			844			42
Cost of shares redeemed		(21,819	)		(76,963	)		(1,802	)		(18,227	)
Change in net assets resulting from Class R2 capital transactions		16,725			(26,308	)		1,397			(14,363	)
Class R3
Proceeds from shares issued		55,976			184,953			6,000			1
Distributions reinvested		25,509			5,581			9			—	(a)
Cost of shares redeemed		(35,028	)		(59,342	)		—	(a)		(9	)
Change in net assets resulting from Class R3 capital transactions		46,457			131,192			6,009			(8	)
Class R4
Proceeds from shares issued		52,455			134,173			51			291
Distributions reinvested		30,607			6,602			13			—	(a)
Cost of shares redeemed		(28,969	)		(35,061	)		—	(a)		(12,452	)
Change in net assets resulting from Class R4 capital transactions		54,093			105,714			64			(12,161	)
Class R5
Proceeds from shares issued		53,084			241,401			3,899			9,493
Distributions reinvested		114,077			46,287			1,817			191
Cost of shares redeemed		(156,620	)		(375,742	)		(4,233	)		(13,602	)
Change in net assets resulting from Class R5 capital transactions		10,541			(88,054	)		1,483			(3,918	)
Class R6
Proceeds from shares issued		2,496,420			6,503,315			143,413			1,547,366
Distributions reinvested		2,586,303			744,666			111,401			12,895
Cost of shares redeemed		(1,795,328	)		(3,529,455	)		(1,223,955	)		(197,025	)
Change in net assets resulting from Class R6 capital transactions		3,287,395			3,718,526			(969,141	)		1,363,236
Total change in net assets resulting from capital transactions	$	5,401,865		$	5,597,146		$	(1,033,026	)	$	2,323,514

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

108 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

	JPMorgan Large Cap Growth Fund						JPMorgan Large Cap Value Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
SHARE TRANSACTIONS:
Class A
Issued		7,466			26,713			1,535			4,245
Reinvested		10,841			3,666			799			46
Redeemed		(8,435	)		(21,267	)		(1,980	)		(3,017	)
Change in Class A Shares		9,872			9,112			354			1,274
Class C
Issued		2,033			6,214			347			1,298
Reinvested		3,546			1,097			260			5
Redeemed		(2,073	)		(10,236	)		(378	)		(883	)
Change in Class C Shares		3,506			(2,925	)		229			420
Class I
Issued		21,058			66,612			15,351			62,079
Reinvested		23,118			7,640			5,236			273
Redeemed		(23,502	)		(51,094	)		(24,455	)		(12,774	)
Change in Class I Shares		20,674			23,158			(3,868	)		49,578
Class R2
Issued		305			788			118			222
Reinvested		344			129			46			3
Redeemed		(359	)		(1,379	)		(92	)		(1,084	)
Change in Class R2 Shares		290			(462	)		72			(859	)
Class R3
Issued		856			3,136			327			1
Reinvested		424			97			—	(a)		—	(a)
Redeemed		(528	)		(1,008	)		—	(a)		(1	)
Change in Class R3 Shares		752			2,225			327			—	(a)
Class R4
Issued		780			2,275			2			20
Reinvested		500			113			1			—	(a)
Redeemed		(433	)		(586	)		—	(a)		(942	)
Change in Class R4 Shares		847			1,802			3			(922	)
Class R5
Issued		774			3,948			195			517
Reinvested		1,799			769			98			12
Redeemed		(2,199	)		(6,111	)		(214	)		(784	)
Change in Class R5 Shares		374			(1,394	)		79			(255	)
Class R6
Issued		35,544			104,867			7,285			76,592
Reinvested		40,298			12,253			6,060			760
Redeemed		(25,617	)		(57,075	)		(61,881	)		(11,736	)
Change in Class R6 Shares		50,225			60,045			(48,536	)		65,616

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 109

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan U.S. Applied Data Science Value Fund (formerly known as JPMorgan Intrepid Value Fund)						JPMorgan U.S. Equity Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	2,501		$	7,017		$	232,102		$	448,946
Distributions reinvested		13,644			1,624			165,784			78,212
Cost of shares redeemed		(7,569	)		(15,672	)		(157,273	)		(1,212,979	)
Change in net assets resulting from Class A capital transactions		8,576			(7,031	)		240,613			(685,821	)
Class C
Proceeds from shares issued		106			1,778			61,860			101,446
Distributions reinvested		2,482			283			40,795			17,249
Cost of shares redeemed		(1,887	)		(5,408	)		(41,922	)		(111,778	)
Change in net assets resulting from Class C capital transactions		701			(3,347	)		60,733			6,917
Class I
Proceeds from shares issued		4,017			12,129			350,391			676,639
Distributions reinvested		29,574			4,054			187,297			83,781
Cost of shares redeemed		(17,433	)		(43,512	)		(219,844	)		(445,901	)
Change in net assets resulting from Class I capital transactions		16,158			(27,329	)		317,844			314,519
Class L
Proceeds from shares issued		—			—			171,980			1,503,646
Distributions reinvested		—			—			181,677			156,873
Cost of shares redeemed		—			—			(280,890	)		(1,609,341	)
Change in net assets resulting from Class L capital transactions		—			—			72,767			51,178
Class R2
Proceeds from shares issued		220			546			16,917			43,197
Distributions reinvested		674			78			26,602			14,784
Cost of shares redeemed		(470	)		(1,206	)		(36,009	)		(74,678	)
Change in net assets resulting from Class R2 capital transactions		424			(582	)		7,510			(16,697	)
Class R3
Proceeds from shares issued		—			—			20,617			40,112
Distributions reinvested		—			—			16,641			7,878
Cost of shares redeemed		—			—			(23,358	)		(32,479	)
Change in net assets resulting from Class R3 capital transactions		—			—			13,900			15,511
Class R4
Proceeds from shares issued		—			—			18,853			19,615
Distributions reinvested		—			—			6,300			1,911
Cost of shares redeemed		—			—			(4,170	)		(6,093	)
Change in net assets resulting from Class R4 capital transactions		—			—			20,983			15,433
Class R5
Proceeds from shares issued		349			722			71,879			152,803
Distributions reinvested		998			141			104,742			56,125
Cost of shares redeemed		(272	)		(2,434	)		(126,629	)		(201,053	)
Change in net assets resulting from Class R5 capital transactions		1,075			(1,571	)		49,992			7,875
Class R6
Proceeds from shares issued		6,430			14,127			1,425,668			3,065,302
Distributions reinvested		10,014			2,353			1,329,726			720,789
Cost of shares redeemed		(35,369	)		(43,872	)		(1,359,456	)		(3,616,496	)
Change in net assets resulting from Class R6 capital transactions		(18,925	)		(27,392	)		1,395,938			169,595
Total change in net assets resulting from capital transactions	$	8,009		$	(67,252	)	$	2,180,280		$	(121,490	)

SEE NOTES TO FINANCIAL STATEMENTS.

110 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

	JPMorgan U.S. Applied Data Science Value Fund (formerly known as JPMorgan Intrepid Value Fund)						JPMorgan U.S. Equity Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
SHARE TRANSACTIONS:
Class A
Issued		72			230			10,336			23,673
Reinvested		460			56			7,666			4,247
Redeemed		(216	)		(535	)		(7,009	)		(66,851	)
Change in Class A Shares		316			(249	)		10,993			(38,931	)
Class C
Issued		3			57			2,863			5,407
Reinvested		86			10			1,980			981
Redeemed		(55	)		(188	)		(1,952	)		(6,150	)
Change in Class C Shares		34			(121	)		2,891			238
Class I
Issued		115			378			15,586			34,804
Reinvested		985			139			8,622			4,522
Redeemed		(512	)		(1,437	)		(9,750	)		(22,963	)
Change in Class I Shares		588			(920	)		14,458			16,363
Class L
Issued		—			—			7,583			82,220
Reinvested		—			—			8,340			8,466
Redeemed		—			—			(12,420	)		(82,827	)
Change in Class L Shares		—			—			3,503			7,859
Class R2
Issued		7			17			761			2,286
Reinvested		23			3			1,247			815
Redeemed		(13	)		(41	)		(1,624	)		(3,942	)
Change in Class R2 Shares		17			(21	)		384			(841	)
Class R3
Issued		—			—			917			2,150
Reinvested		—			—			773			430
Redeemed		—			—			(1,043	)		(1,724	)
Change in Class R3 Shares		—			—			647			856
Class R4
Issued		—			—			834			984
Reinvested		—			—			290			103
Redeemed		—			—			(186	)		(311	)
Change in Class R4 Shares		—			—			938			776
Class R5
Issued		10			22			3,167			7,725
Reinvested		33			5			4,806			3,019
Redeemed		(7	)		(84	)		(5,635	)		(10,515	)
Change in Class R5 Shares		36			(57	)		2,338			229
Class R6
Issued		173			434			63,041			159,157
Reinvested		333			80			60,854			38,637
Redeemed		(954	)		(1,493	)		(59,418	)		(183,543	)
Change in Class R6 Shares		(448	)		(979	)		64,477			14,251

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 111

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan U.S. GARP Equity Fund						JPMorgan U.S. Large Cap Core Plus Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	11,217		$	20,023		$	21,685		$	67,074
Distributions reinvested		17,212			7,327			75,295			71,308
Cost of shares redeemed		(9,939	)		(28,020	)		(38,421	)		(103,562	)
Change in net assets resulting from Class A capital transactions		18,490			(670	)		58,559			34,820
Class C
Proceeds from shares issued		745			1,789			4,619			5,606
Distributions reinvested		5,682			2,298			9,642			9,039
Cost of shares redeemed		(2,960	)		(12,341	)		(5,892	)		(43,234	)
Change in net assets resulting from Class C capital transactions		3,467			(8,254	)		8,369			(28,589	)
Class I
Proceeds from shares issued		13,449			13,566			114,064			241,025
Distributions reinvested		29,393			12,855			379,323			497,011
Cost of shares redeemed		(17,773	)		(41,096	)		(296,144	)		(946,028	)
Redemptions in-kind (See Note 8)		—			—			—			(487,288	)
Change in net assets resulting from Class I capital transactions		25,069			(14,675	)		197,243			(695,280	)
Class R2
Proceeds from shares issued		3,821			11,220			569			614
Distributions reinvested		9,090			4,130			1,468			1,205
Cost of shares redeemed		(5,974	)		(20,777	)		(892	)		(1,100	)
Change in net assets resulting from Class R2 capital transactions		6,937			(5,427	)		1,145			719
Class R5
Proceeds from shares issued		6,159			28,851			4,334			5,546
Distributions reinvested		26,832			20,215			7,761			9,489
Cost of shares redeemed		(43,427	)		(119,468	)		(5,611	)		(23,795	)
Change in net assets resulting from Class R5 capital transactions		(10,436	)		(70,402	)		6,484			(8,760	)
Class R6
Proceeds from shares issued		14,829			45,323			43,402			127,531
Distributions reinvested		140,885			61,717			95,950			112,990
Cost of shares redeemed		(84,613	)		(118,672	)		(114,290	)		(241,171	)
Change in net assets resulting from Class R6 capital transactions		71,101			(11,632	)		25,062			(650	)
Total change in net assets resulting from capital transactions	$	114,628		$	(111,060	)	$	296,862		$	(697,740	)

SEE NOTES TO FINANCIAL STATEMENTS.

112 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

	JPMorgan U.S. GARP Equity Fund						JPMorgan U.S. Large Cap Core Plus Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
SHARE TRANSACTIONS:
Class A
Issued		158			314			845			2,537
Reinvested		258			119			3,292			3,151
Redeemed		(134	)		(431	)		(1,453	)		(4,090	)
Change in Class A Shares		282			2			2,684			1,598
Class C
Issued		11			28			198			242
Reinvested		88			38			490			446
Redeemed		(42	)		(200	)		(250	)		(1,763	)
Change in Class C Shares		57			(134	)		438			(1,075	)
Class I
Issued		185			202			4,212			9,169
Reinvested		427			204			16,025			21,400
Redeemed		(236	)		(615	)		(11,010	)		(36,191	)
Redemptions in-kind (See Note 8)		—			—			—			(19,946	)
Change in Class I Shares		376			(209	)		9,227			(25,568	)
Class R2
Issued		51			177			21			26
Reinvested		142			69			70			56
Redeemed		(81	)		(324	)		(33	)		(45	)
Change in Class R2 Shares		112			(78	)		58			37
Class R5
Issued		82			442			171			211
Reinvested		398			326			324			405
Redeemed		(546	)		(1,790	)		(213	)		(911	)
Change in Class R5 Shares		(66	)		(1,022	)		282			(295	)
Class R6
Issued		202			690			1,510			4,669
Reinvested		2,090			993			4,010			4,828
Redeemed		(1,099	)		(1,768	)		(4,495	)		(9,673	)
Change in Class R6 Shares		1,193			(85	)		1,025			(176	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 113

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
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	12,398		$	52,721		$	12,425		$	9,507
Distributions reinvested		19,713			7,384			1,294			226
Cost of shares redeemed		(37,804	)		(123,854	)		(2,318	)		(1,965	)
Change in net assets resulting from Class A capital transactions		(5,693	)		(63,749	)		11,401			7,768
Class C
Proceeds from shares issued		—			—			1,742			1,229
Distributions reinvested		—			—			170			30
Cost of shares redeemed		—			—			(749	)		(1,166	)
Change in net assets resulting from Class C capital transactions		—			—			1,163			93
Class I
Proceeds from shares issued		107,853			127,129			52,115			51,880
Distributions reinvested		59,323			17,371			4,010			688
Cost of shares redeemed		(73,194	)		(230,638	)		(5,663	)		(30,906	)
Conversion from Class L Shares		—			368,073			—			—
Change in net assets resulting from Class I capital transactions		93,982			281,935			50,462			21,662
Class L (a)
Proceeds from shares issued		—			534			—			—
Cost of shares redeemed		—			(28,170	)		—			—
Conversion to Class I Shares		—			(368,073	)		—			—
Change in net assets resulting from Class L capital transactions		—			(395,709	)		—			—
Class R6 (b)
Proceeds from shares issued		533,428			738,779			10,232			23,682
Distributions reinvested		562,100			159,481			1,393			247
Cost of shares redeemed		(224,909	)		(1,610,214	)		(2,265	)		(1,916	)
Change in net assets resulting from Class R6 capital transactions		870,619			(711,954	)		9,360			22,013
Total change in net assets resulting from capital transactions	$	958,908		$	(889,477	)	$	72,386		$	51,536

(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.

SEE NOTES TO FINANCIAL STATEMENTS.

114 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

	JPMorgan U.S. Research Enhanced Equity Fund						JPMorgan U.S. Sustainable Leaders Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
SHARE TRANSACTIONS:
Class A
Issued		329			1,755			197			180
Reinvested		554			240			21			4
Redeemed		(1,006	)		(3,944	)		(37	)		(37	)
Change in Class A Shares		(123	)		(1,949	)		181			147
Class C
Issued		—			—			27			23
Reinvested		—			—			3			1
Redeemed		—			—			(12	)		(24	)
Change in Class C Shares		—			—			18			—	(a)
Class I
Issued		2,873			4,149			824			1,006
Reinvested		1,646			556			63			14
Redeemed		(1,920	)		(7,272	)		(90	)		(595	)
Conversion from Class L Shares		—			13,572			—			—
Change in Class I Shares		2,599			11,005			797			425
Class L
Issued		—			20			—			—
Redeemed		—			(1,046	)		—			—
Conversion to Class I Shares		—			(13,599	)		—			—
Change in Class L Shares		—			(14,625	)		—			—
Class R6 (b)
Issued		14,035			22,714			163			451
Reinvested		15,619			5,100			22			5
Redeemed		(5,899	)		(47,943	)		(36	)		(35	)
Change in Class R6 Shares		23,755			(20,129	)		149			421

(a) Amount rounds to less than one thousand.

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 115

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan U.S. Value Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	84,175		$	43,922
Distributions reinvested		13,325			9,932
Cost of shares redeemed		(26,644	)		(188,211	)
Change in net assets resulting from Class A capital transactions		70,856			(134,357	)
Class C
Proceeds from shares issued		15,444			11,138
Distributions reinvested		1,067			525
Cost of shares redeemed		(4,607	)		(10,570	)
Change in net assets resulting from Class C capital transactions		11,904			1,093
Class I
Proceeds from shares issued		675,378			663,191
Distributions reinvested		20,711			10,612
Cost of shares redeemed		(486,142	)		(99,019	)
Change in net assets resulting from Class I capital transactions		209,947			574,784
Class R2
Proceeds from shares issued		1,362			1,007
Distributions reinvested		61			33
Cost of shares redeemed		(95	)		(694	)
Change in net assets resulting from Class R2 capital transactions		1,328			346
Class R3
Proceeds from shares issued		9,238			943
Distributions reinvested		182			10
Cost of shares redeemed		(1,112	)		(166	)
Change in net assets resulting from Class R3 capital transactions		8,308			787
Class R4
Proceeds from shares issued		190			133
Distributions reinvested		7			24
Cost of shares redeemed		(15	)		(1,482	)
Change in net assets resulting from Class R4 capital transactions		182			(1,325	)
Class R5
Proceeds from shares issued		3,493			78
Distributions reinvested		74			3
Cost of shares redeemed		(50	)		(23	)
Change in net assets resulting from Class R5 capital transactions		3,517			58
Class R6
Proceeds from shares issued		91,542			310,989
Distributions reinvested		8,080			3,841
Cost of shares redeemed		(25,559	)		(34,999	)
Redemptions in-kind (See Note 8)		—			(126,007	)
Change in net assets resulting from Class R6 capital transactions		74,063			153,824
Total change in net assets resulting from capital transactions	$	380,105		$	595,210

SEE NOTES TO FINANCIAL STATEMENTS.

116 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

	JPMorgan U.S. Value Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
SHARE TRANSACTIONS:
Class A
Issued		1,262			799
Reinvested		203			184
Redeemed		(402	)		(3,804	)
Change in Class A Shares		1,063			(2,821	)
Class C
Issued		263			216
Reinvested		18			11
Redeemed		(79	)		(224	)
Change in Class C Shares		202			3
Class I
Issued		9,563			11,291
Reinvested		296			179
Redeemed		(7,025	)		(1,602	)
Change in Class I Shares		2,834			9,868
Class R2
Issued		20			19
Reinvested		1			1
Redeemed		(1	)		(13	)
Change in Class R2 Shares		20			7
Class R3
Issued		129			16
Reinvested		3			—	(a)
Redeemed		(16	)		(3	)
Change in Class R3 Shares		116			13
Class R4
Issued		2			3
Reinvested		—	(a)		—	(a)
Redeemed		—	(a)		(25	)
Change in Class R4 Shares		2			(22	)
Class R5
Issued		48			1
Reinvested		1			—	(a)
Redeemed		(1	)		—	(a)
Change in Class R5 Shares		48			1
Class R6
Issued		1,290			5,348
Reinvested		115			65
Redeemed		(361	)		(596	)
Redemptions in-kind (See Note 8)		—			(2,169	)
Change in Class R6 Shares		1,044			2,648

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 117

STATEMENT OF CASH FLOWS

FOR THE PERIOD ENDED DECEMBER 31, 2021

	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	$	323,559
Adjustments to reconcile net increase/decrease in net assets resulting from operations to net cash provided (used) by operating activities:
Purchase of investment securities		(915,570	)
Proceeds from disposition of investment securities		1,346,796
Covers of investment securities sold short		(464,763	)
Proceeds from investment securities sold short		374,485
Purchases of short-term investments — affiliates, net		(6,977	)
Change in unrealized (appreciation)/depreciation on investments		26,906
Change in unrealized (appreciation)/depreciation on investment securities sold short		(22,487	)
Net realized (gain)/loss on investments in non-affiliates		(365,988	)
Net realized (gain)/loss on investments in affiliates		1
Net realized (gain)/loss on securities sold short		35,260
Decrease in dividends receivable from non-affiliates		229
Increase in dividend expense to non-affiliates on securities sold short		174
Decrease in interest expense to non-affiliates on securities sold short		(80	)
Decrease in due to broker for securities sold short		(20	)
Increase in investment advisory fees payable		73
Increase in administration fees payable		3
Increase in distribution fees payable		9
Increase in service fees payable		23
Increase in custodian and accounting fees payable		13
Decrease in other accrued expenses payable		(100	)
Net cash provided (used) by operating activities		331,546
Cash flows provided (used) by financing activities:
Due to custodian		(21	)
Proceeds from units issued		188,454
Payment for units redeemed		(463,569	)
Cash distributions paid to shareholders (net of reinvestments of $569,439)		(56,426	)
Net cash provided (used) by financing activities		(331,562	)
Cash:
Net increase (decrease) in unrestricted and restricted cash, foreign currency and deposits at broker		(16	)
Restricted and unrestricted cash and foreign currency at beginning of period		20
Restricted and unrestricted cash and foreign currency at end of period	$	4

Supplemental disclosure of cash flow information:

For the period ended December 31, 2021 the Fund paid $1,903 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.

SEE NOTES TO FINANCIAL STATEMENTS.

118 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

Reconciliation of restricted and unrestricted cash and foreign currency at the end of period to the Statements of Assets and Liabilities:

	June 30, 2021		December 31, 2021
Cash	$	—	$	4
Foreign currency, at value		20		—
	$	20	$	4

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 119

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, 2021 (Unaudited)	$	35.03	$	(0.03	)	$	2.96		$	2.93	$	—		$	(3.91	)	$	(3.91	)
Year Ended June 30, 2021		26.88		0.01			11.90			11.91		(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	)
Class C
Six Months Ended December 31, 2021 (Unaudited)		33.15		(0.12	)		2.79			2.67		—			(3.91	)		(3.91	)
Year Ended June 30, 2021		25.63		(0.13	)		11.30			11.17		—			(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	)
Class I
Six Months Ended December 31, 2021 (Unaudited)		35.80		0.01			3.03			3.04		(0.03	)		(3.91	)		(3.94	)
Year Ended June 30, 2021		27.38		0.10			12.13			12.23		(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	)
Class R6
Six Months Ended December 31, 2021 (Unaudited)		35.62		0.06			3.01			3.07		(0.11	)		(3.91	)		(4.02	)
Year Ended June 30, 2021		27.25		0.18			12.07			12.25		(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 (f) 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) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

120 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

		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)
$	34.05		8.64	%	$	11,819		1.10	%		(0.19	)%		1.21	%		16	%
	35.03		47.07			9,949		1.09			0.05			1.24			58
	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
	31.91		8.34			4,742		1.60			(0.69	)		1.71			16
	33.15		46.37			4,293		1.59			(0.45	)		1.74			58
	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
	34.90		8.77			91,261		0.85			0.06			0.95			16
	35.80		47.46			83,598		0.85			0.30			0.98			58
	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
	34.67		8.91			36,516		0.60			0.31			0.70			16
	35.62		47.82			34,054		0.60			0.55			0.73			58
	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, 2021 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 Equity Income Fund
Class A
Six Months Ended December 31, 2021 (Unaudited)	$	22.34	$	0.16	$	1.50		$	1.66		$	(0.16	)	$	(0.44	)	$	(0.60	)
Year Ended June 30, 2021		16.22		0.29		6.12			6.41			(0.29	)		—			(0.29	)
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	)
Class C
Six Months Ended December 31, 2021 (Unaudited)		21.87		0.09		1.48			1.57			(0.11	)		(0.44	)		(0.55	)
Year Ended June 30, 2021		15.88		0.19		6.00			6.19			(0.20	)		—			(0.20	)
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	)
Class I
Six Months Ended December 31, 2021 (Unaudited)		22.76		0.19		1.54			1.73			(0.19	)		(0.44	)		(0.63	)
Year Ended June 30, 2021		16.52		0.35		6.23			6.58			(0.34	)		—			(0.34	)
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	)
Class R2
Six Months Ended December 31, 2021 (Unaudited)		22.23		0.12		1.50			1.62			(0.13	)		(0.44	)		(0.57	)
Year Ended June 30, 2021		16.14		0.23		6.10			6.33			(0.24	)		—			(0.24	)
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	)
Class R3
Six Months Ended December 31, 2021 (Unaudited)		22.32		0.15		1.52			1.67			(0.16	)		(0.44	)		(0.60	)
Year Ended June 30, 2021		16.21		0.29		6.11			6.40			(0.29	)		—			(0.29	)
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, 2021 (Unaudited)		22.75		0.19		1.53			1.72			(0.19	)		(0.44	)		(0.63	)
Year Ended June 30, 2021		16.51		0.35		6.23			6.58			(0.34	)		—			(0.34	)
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, 2021 (Unaudited)		22.78		0.20		1.55			1.75			(0.21	)		(0.44	)		(0.65	)
Year Ended June 30, 2021		16.53		0.37		6.25			6.62			(0.37	)		—			(0.37	)
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	)
Class R6
Six Months Ended December 31, 2021 (Unaudited)		22.76		0.22		1.54			1.76			(0.22	)		(0.44	)		(0.66	)
Year Ended June 30, 2021		16.52		0.39		6.24			6.63			(0.39	)		—			(0.39	)
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	)

(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.

122 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	23.40		7.55	%	$	5,069,630		0.95	%		1.35	%		0.95	%		5	%
	22.34		39.81			4,715,916		0.96			1.48			0.96			16
	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
	22.89		7.21			1,484,655		1.45			0.84			1.45			5
	21.87		39.19			1,493,408		1.45			0.99			1.46			16
	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
	23.86		7.67			19,638,384		0.70			1.60			0.70			5
	22.76		40.16			17,980,353		0.70			1.73			0.71			16
	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
	23.28		7.35			76,797		1.21			1.08			1.21			5
	22.23		39.47			77,859		1.22			1.22			1.22			16
	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
	23.39		7.55			262,607		0.95			1.33			0.95			5
	22.32		39.79			280,991		0.95			1.49			0.96			16
	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
	23.84		7.63			228,730		0.70			1.59			0.70			5
	22.75		40.19			249,525		0.70			1.73			0.70			16
	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
	23.88		7.74			1,640,250		0.55			1.74			0.55			5
	22.78		40.41			1,655,531		0.55			1.88			0.56			16
	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
	23.86		7.81			22,709,973		0.45			1.85			0.45			5
	22.76		40.51			19,952,074		0.45			1.98			0.46			16
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 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
JPMorgan Equity Premium Income Fund
Class A
Six Months Ended December 31, 2021 (Unaudited)	$	15.23	$	0.57	$	0.71		$	1.28		$	(0.55	)
Year Ended June 30, 2021		12.96		1.26		2.40			3.66			(1.39	)
Year Ended June 30, 2020		14.92		1.88		(2.42	)		(0.54	)		(1.42	)
August 31, 2018 (f) through June 30, 2019		15.00		0.95		(0.11	)		0.84			(0.92	)
Class C
Six Months Ended December 31, 2021 (Unaudited)		15.23		0.53		0.71			1.24			(0.51	)
Year Ended June 30, 2021		12.96		1.15		2.44			3.59			(1.32	)
Year Ended June 30, 2020		14.92		1.61		(2.22	)		(0.61	)		(1.35	)
August 31, 2018 (f) through June 30, 2019		15.00		0.85		(0.07	)		0.78			(0.86	)
Class I
Six Months Ended December 31, 2021 (Unaudited)		15.23		0.59		0.71			1.30			(0.57	)
Year Ended June 30, 2021		12.96		1.38		2.32			3.70			(1.43	)
Year Ended June 30, 2020		14.92		1.59		(2.10	)		(0.51	)		(1.45	)
August 31, 2018 (f) through June 30, 2019		15.00		0.94		(0.07	)		0.87			(0.95	)
Class R5
Six Months Ended December 31, 2021 (Unaudited)		15.23		0.58		0.73			1.31			(0.58	)
Year Ended June 30, 2021		12.96		1.37		2.35			3.72			(1.45	)
Year Ended June 30, 2020		14.92		1.48		(1.96	)		(0.48	)		(1.48	)
August 31, 2018 (f) through June 30, 2019		15.00		0.96		(0.08	)		0.88			(0.96	)
Class R6
Six Months Ended December 31, 2021 (Unaudited)		15.23		0.59		0.73			1.32			(0.59	)
Year Ended June 30, 2021		12.96		1.43		2.30			3.73			(1.46	)
Year Ended June 30, 2020		14.92		1.83		(2.30	)		(0.47	)		(1.49	)
August 31, 2018 (f) through June 30, 2019		15.00		0.97		(0.07	)		0.90			(0.98	)

(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.

124 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	15.96		8.60	%	$	516,483		0.85	%		7.30	%		0.86	%		94	%
	15.23		29.67			174,085		0.85			8.61			0.91			217
	12.96		(3.78	)		12,904		0.85			14.21			1.11			236
	14.92		5.95			125		0.85	(g)		7.90	(g)		1.80	(g)		43
	15.96		8.33			454,267		1.35			6.80			1.36			94
	15.23		29.03			158,340		1.34			7.76			1.40			217
	12.96		(4.26	)		4,710		1.35			11.77			1.61			236
	14.92		5.50			21		1.35	(g)		7.14	(g)		2.26	(g)		43
	15.96		8.74			1,115,036		0.60			7.48			0.62			94
	15.23		29.97			519,976		0.60			9.62			0.69			217
	12.96		(3.57	)		173,409		0.60			11.40			0.91			236
	14.92		6.15			54,045		0.60	(g)		7.89	(g)		1.13	(g)		43
	15.96		8.82			76		0.45			7.43			0.50			94
	15.23		30.16			88		0.45			9.54			0.56			217
	12.96		(3.43	)		21		0.45			10.37			0.83			236
	14.92		6.28			21		0.45	(g)		8.04	(g)		1.36	(g)		43
	15.96		8.87			56,083		0.35			7.60			0.37			94
	15.23		30.29			48,315		0.35			9.99			0.44			217
	12.96		(3.33	)		686		0.35			13.60			0.59			236
	14.92		6.37			21		0.35	(g)		8.14	(g)		1.26	(g)		43

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 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
JPMorgan Hedged Equity Fund
Class A
Six Months Ended December 31, 2021 (Unaudited)	$	25.90	$	0.06		$	1.00	$	1.06	$	(0.08	)
Year Ended June 30, 2021		21.83		0.15			4.11		4.26		(0.19	)
Year Ended June 30, 2020		20.23		0.28			1.51		1.79		(0.19	)
Year Ended June 30, 2019		19.43		0.20			0.79		0.99		(0.19	)
Year Ended June 30, 2018		18.24		0.18			1.15		1.33		(0.14	)
Year Ended June 30, 2017		16.23		0.19			2.01		2.20		(0.19	)
Class C
Six Months Ended December 31, 2021 (Unaudited)		25.72		—	(f)		0.98		0.98		(0.01	)
Year Ended June 30, 2021		21.70		0.03			4.07		4.10		(0.08	)
Year Ended June 30, 2020		20.10		0.17			1.52		1.69		(0.09	)
Year Ended June 30, 2019		19.33		0.11			0.77		0.88		(0.11	)
Year Ended June 30, 2018		18.16		0.08			1.15		1.23		(0.06	)
Year Ended June 30, 2017		16.17		0.10			2.01		2.11		(0.12	)
Class I
Six Months Ended December 31, 2021 (Unaudited)		25.98		0.10			0.99		1.09		(0.11	)
Year Ended June 30, 2021		21.90		0.21			4.11		4.32		(0.24	)
Year Ended June 30, 2020		20.28		0.33			1.53		1.86		(0.24	)
Year Ended June 30, 2019		19.47		0.26			0.78		1.04		(0.23	)
Year Ended June 30, 2018		18.27		0.23			1.16		1.39		(0.19	)
Year Ended June 30, 2017		16.26		0.23			2.01		2.24		(0.23	)
Class R5
Six Months Ended December 31, 2021 (Unaudited)		26.02		0.12			1.00		1.12		(0.13	)
Year Ended June 30, 2021		21.93		0.25			4.11		4.36		(0.27	)
Year Ended June 30, 2020		20.32		0.36			1.52		1.88		(0.27	)
Year Ended June 30, 2019		19.50		0.29			0.79		1.08		(0.26	)
Year Ended June 30, 2018		18.30		0.26			1.16		1.42		(0.22	)
Year Ended June 30, 2017		16.28		0.26			2.02		2.28		(0.26	)
Class R6
Six Months Ended December 31, 2021 (Unaudited)		26.04		0.13			0.99		1.12		(0.14	)
Year Ended June 30, 2021		21.95		0.28			4.11		4.39		(0.30	)
Year Ended June 30, 2020		20.32		0.39			1.53		1.92		(0.29	)
Year Ended June 30, 2019		19.49		0.31			0.79		1.10		(0.27	)
Year Ended June 30, 2018		18.29		0.27			1.16		1.43		(0.23	)
Year Ended June 30, 2017		16.28		0.25			2.03		2.28		(0.27	)

(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.

126 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

		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)
$	26.88		4.08	%	$	1,913,441		0.83	%		0.48	%		0.83	%		16	%
	25.90		19.58			1,778,457		0.83			0.61			0.84			39
	21.83		8.89			473,314		0.85			1.35			0.86			68
	20.23		5.12			296,242		0.85			1.02			0.87			48
	19.43		7.33			277,898		0.84			0.92			0.87			44
	18.24		13.60			133,789		0.84			1.06			1.05			31
	26.69		3.82			515,143		1.33			(0.02	)		1.33			16
	25.72		18.93			502,120		1.33			0.14			1.33			39
	21.70		8.40			246,741		1.35			0.84			1.36			68
	20.10		4.60			158,602		1.35			0.55			1.37			48
	19.33		6.79			81,030		1.34			0.42			1.38			44
	18.16		13.07			29,168		1.34			0.55			1.45			31
	26.96		4.20			15,257,745		0.58			0.73			0.58			16
	25.98		19.83			14,416,679		0.58			0.89			0.58			39
	21.90		9.21			7,167,488		0.59			1.59			0.60			68
	20.28		5.39			4,214,453		0.60			1.30			0.61			48
	19.47		7.63			1,947,444		0.59			1.17			0.62			44
	18.27		13.86			597,013		0.59			1.30			0.69			31
	27.01		4.31			6,393		0.43			0.88			0.43			16
	26.02		20.01			6,024		0.44			1.03			0.45			39
	21.93		9.30			2,964		0.45			1.74			0.59			68
	20.32		5.57			1,893		0.45			1.46			0.95			48
	19.50		7.81			123		0.39			1.37			0.67			44
	18.30		14.10			37		0.40			1.51			1.08			31
	27.02		4.32			1,863,086		0.33			0.98			0.33			16
	26.04		20.11			1,591,643		0.33			1.14			0.34			39
	21.95		9.50			851,085		0.35			1.87			0.35			68
	20.32		5.69			384,616		0.35			1.56			0.37			48
	19.49		7.87			121,897		0.34			1.42			0.42			44
	18.29		14.09			3,289		0.34			1.41			0.42			31

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 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
JPMorgan Hedged Equity 2 Fund
Class A
Six Months Ended December 31, 2021 (Unaudited)	$	15.97	$	0.04		$	1.10	$	1.14	$	(0.04	)
February 26, 2021 (f) through June 30, 2021		15.00		0.03			0.95		0.98		(0.01	)
Class C
Six Months Ended December 31, 2021 (Unaudited)		15.95		—	(h)		1.10		1.10		—	(h)
February 26, 2021 (f) through June 30, 2021		15.00		—	(h)		0.95		0.95		—	(h)
Class I
Six Months Ended December 31, 2021 (Unaudited)		15.98		0.06			1.10		1.16		(0.05	)
February 26, 2021 (f) through June 30, 2021		15.00		0.04			0.96		1.00		(0.02	)
Class R5
Six Months Ended December 31, 2021 (Unaudited)		15.98		0.07			1.11		1.18		(0.06	)
February 26, 2021 (f) through June 30, 2021		15.00		0.05			0.95		1.00		(0.02	)
Class R6
Six Months Ended December 31, 2021 (Unaudited)		15.99		0.08			1.11		1.19		(0.07	)
February 26, 2021 (f) through June 30, 2021		15.00		0.05			0.96		1.01		(0.02	)

(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.

(h) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

128 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	17.07		7.13	%	$	233,103		0.85	%		0.48	%		0.86	%		13	%
	15.97		6.54			52,880		0.85	(g)		0.57	(g)		0.92	(g)		6
	17.05		6.92			180,578		1.35			(0.04	)		1.36			13
	15.95		6.36			57,423		1.35	(g)		0.05	(g)		1.43	(g)		6
	17.09		7.29			2,970,051		0.60			0.71			0.61			13
	15.98		6.63			1,018,781		0.60	(g)		0.80	(g)		0.70	(g)		6
	17.10		7.41			582		0.45			0.83			0.46			13
	15.98		6.66			536		0.45	(g)		0.99	(g)		0.88	(g)		6
	17.11		7.46			508,914		0.35			0.94			0.36			13
	15.99		6.75			262,248		0.35	(g)		1.04	(g)		0.43	(g)		6

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 129

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations							Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income
JPMorgan Hedged Equity 3 Fund
Class A
Six Months Ended December 31, 2021 (Unaudited)	$	15.96	$	0.04		$	0.91	$	0.95	$	(0.03	)
February 26, 2021 (f) through June 30, 2021		15.00		0.03			0.95		0.98		(0.02	)
Class C
Six Months Ended December 31, 2021 (Unaudited)		15.95		—	(h)		0.91		0.91		(0.01	)
February 26, 2021 (f) through June 30, 2021		15.00		—	(h)		0.96		0.96		(0.01	)
Class I
Six Months Ended December 31, 2021 (Unaudited)		15.98		0.06			0.92		0.98		(0.05	)
February 26, 2021 (f) through June 30, 2021		15.00		0.04			0.96		1.00		(0.02	)
Class R5
Six Months Ended December 31, 2021 (Unaudited)		15.98		0.07			0.92		0.99		(0.05	)
February 26, 2021 (f) through June 30, 2021		15.00		0.05			0.95		1.00		(0.02	)
Class R6
Six Months Ended December 31, 2021 (Unaudited)		15.98		0.08			0.92		1.00		(0.06	)
February 26, 2021 (f) through June 30, 2021		15.00		0.06			0.94		1.00		(0.02	)

(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.

(h) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

130 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

		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)
$	16.88		5.97	%	$	94,246		0.85	%		0.47	%		0.86	%		12	%
	15.96		6.50			21,446		0.85	(g)		0.60	(g)		1.00	(g)		7
	16.85		5.68			78,261		1.35			(0.03	)		1.36			12
	15.95		6.37			19,229		1.35	(g)		0.09	(g)		1.51	(g)		7
	16.91		6.12			1,730,595		0.60			0.71			0.62			12
	15.98		6.64			524,074		0.60	(g)		0.81	(g)		0.80	(g)		7
	16.92		6.23			20		0.45			0.82			0.50			12
	15.98		6.64			21		0.45	(g)		0.96	(g)		3.22	(g)		7
	16.92		6.29			413,958		0.35			0.94			0.35			12
	15.98		6.68			1,796		0.35	(g)		1.10	(g)		0.64	(g)		7

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 131

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, 2021 (Unaudited)	$	64.22	$	(0.13	)	$	5.51	$	5.38	$	—		$	(9.24	)	$	(9.24	)
Year Ended June 30, 2021		48.04		(0.27	)		19.59		19.32		—			(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	)
Class C
Six Months Ended December 31, 2021 (Unaudited)		46.21		(0.21	)		3.93		3.72		—			(9.24	)		(9.24	)
Year Ended June 30, 2021		35.43		(0.41	)		14.33		13.92		—			(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	)
Class I
Six Months Ended December 31, 2021 (Unaudited)		65.59		(0.05	)		5.63		5.58		—			(9.24	)		(9.24	)
Year Ended June 30, 2021		48.91		(0.12	)		19.97		19.85		(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	)
Class R2
Six Months Ended December 31, 2021 (Unaudited)		61.05		(0.20	)		5.23		5.03		—			(9.24	)		(9.24	)
Year Ended June 30, 2021		45.90		(0.39	)		18.68		18.29		—			(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	)
Class R3
Six Months Ended December 31, 2021 (Unaudited)		64.64		(0.13	)		5.54		5.41		—			(9.24	)		(9.24	)
Year Ended June 30, 2021		48.34		(0.27	)		19.72		19.45		(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, 2021 (Unaudited)		65.47		(0.05	)		5.62		5.57		—			(9.24	)		(9.24	)
Year Ended June 30, 2021		48.84		(0.12	)		19.94		19.82		(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, 2021 (Unaudited)		67.49		—	(g)		5.81		5.81		—			(9.24	)		(9.24	)
Year Ended June 30, 2021		50.20		(0.04	)		20.52		20.48		(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	)
Class R6
Six Months Ended December 31, 2021 (Unaudited)		68.18		0.04			5.86		5.90		—			(9.24	)		(9.24	)
Year Ended June 30, 2021		50.66		0.03			20.71		20.74		(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	)

(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.

132 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

		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)
$	60.36		8.52	%	$	5,267,927		0.94	%		(0.39	)%		1.01	%		21	%
	64.22		41.00			4,970,767		0.93			(0.46	)		1.02			58
	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
	40.69		8.24			829,593		1.44			(0.89	)		1.51			21
	46.21		40.32			780,132		1.43			(0.96	)		1.51			58
	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
	61.93		8.65			11,651,360		0.69			(0.14	)		0.75			21
	65.59		41.37			10,983,173		0.68			(0.21	)		0.76			58
	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
	56.84		8.39			137,088		1.19			(0.64	)		1.26			21
	61.05		40.65			129,541		1.18			(0.71	)		1.26			58
	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
	60.81		8.51			294,369		0.94			(0.39	)		1.00			21
	64.64		41.01			264,318		0.93			(0.45	)		1.01			58
	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
	61.80		8.65			245,696		0.69			(0.14	)		0.75			21
	65.47		41.37			204,814		0.68			(0.20	)		0.76			58
	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
	64.06		8.75			931,637		0.54			0.01			0.60			21
	67.49		41.57			956,386		0.53			(0.06	)		0.61			58
	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
	64.84		8.79			21,447,424		0.44			0.11			0.50			21
	68.18		41.70			19,127,249		0.43			0.04			0.51			58
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 133

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, 2021 (Unaudited)	$	20.48	$	0.08	$	0.24		$	0.32		$	(0.10	)	$	(1.38	)	$	(1.48	)
Year Ended June 30, 2021		12.72		0.11		7.73			7.84			(0.08	)		—			(0.08	)
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	)
Class C
Six Months Ended December 31, 2021 (Unaudited)		19.55		0.03		0.22			0.25			(0.05	)		(1.38	)		(1.43	)
Year Ended June 30, 2021		12.17		0.02		7.39			7.41			(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	)
Class I
Six Months Ended December 31, 2021 (Unaudited)		20.10		0.10		0.22			0.32			(0.12	)		(1.38	)		(1.50	)
Year Ended June 30, 2021		12.49		0.15		7.59			7.74			(0.13	)		—			(0.13	)
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	)
Class R2
Six Months Ended December 31, 2021 (Unaudited)		20.30		0.06		0.22			0.28			(0.08	)		(1.38	)		(1.46	)
Year Ended June 30, 2021		12.61		0.06		7.67			7.73			(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	)
Class R3
Six Months Ended December 31, 2021 (Unaudited)		20.09		0.08		0.23			0.31			(0.14	)		(1.38	)		(1.52	)
Year Ended June 30, 2021		12.48		0.10		7.59			7.69			(0.08	)		—			(0.08	)
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, 2021 (Unaudited)		20.50		0.11		0.24			0.35			(0.13	)		(1.38	)		(1.51	)
Year Ended June 30, 2021		12.73		0.12		7.77			7.89			(0.12	)		—			(0.12	)
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, 2021 (Unaudited)		20.32		0.12		0.23			0.35			(0.14	)		(1.38	)		(1.52	)
Year Ended June 30, 2021		12.62		0.17		7.68			7.85			(0.15	)		—			(0.15	)
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	)
Class R6
Six Months Ended December 31, 2021 (Unaudited)		20.18		0.13		0.22			0.35			(0.15	)		(1.38	)		(1.53	)
Year Ended June 30, 2021		12.53		0.19		7.63			7.82			(0.17	)		—			(0.17	)
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	)

(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.

134 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

		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)
$	19.32		1.88	%	$	212,700		0.93	%		0.81	%		1.01	%		44	%
	20.48		61.86			218,302		0.93			0.62			1.04			93
	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
	18.37		1.62			62,881		1.44			0.31			1.50			44
	19.55		60.96			62,488		1.43			0.11			1.50			93
	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
	18.92		1.94			1,262,516		0.69			1.06			0.76			44
	20.10		62.22			1,418,653		0.69			0.84			0.76			93
	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
	19.12		1.68			11,922		1.19			0.56			1.27			44
	20.30		61.40			11,175		1.18			0.38			1.27			93
	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
	18.88		1.86			6,182		0.94			0.80			1.00			44
	20.09		61.83			16		0.94			0.63			1.04			93
	12.48		(8.59	)		18		0.94			1.36			2.24			177
	13.84		(4.25	)		19		0.94			1.28			1.17			162
	19.34		2.02			191		0.69			1.06			0.76			44
	20.50		62.16			135		0.69			0.87			0.76			93
	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
	19.15		2.04			24,769		0.54			1.21			0.60			44
	20.32		62.47			24,668		0.54			1.02			0.61			93
	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
	19.00		2.06			1,532,011		0.44			1.29			0.49			44
	20.18		62.68			2,606,033		0.44			1.10			0.50			93
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 135

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. Applied Data Science Value Fund (formerly known as JPMorgan Intrepid Value Fund)
Class A
Six Months Ended December 31, 2021 (Unaudited)	$	36.38	$	0.23		$	2.60		$	2.83		$	(0.23	)	$	(8.75	)	$	(8.98	)
Year Ended June 30, 2021		25.83		0.42			11.10			11.52			(0.64	)		(0.33	)		(0.97	)
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	)
Class C
Six Months Ended December 31, 2021 (Unaudited)		35.72		0.13			2.54			2.67			(0.14	)		(8.75	)		(8.89	)
Year Ended June 30, 2021		25.36		0.28			10.90			11.18			(0.49	)		(0.33	)		(0.82	)
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	)
Class I
Six Months Ended December 31, 2021 (Unaudited)		36.72		0.27			2.63			2.90			(0.27	)		(8.75	)		(9.02	)
Year Ended June 30, 2021		25.79		0.50			11.48			11.98			(0.72	)		(0.33	)		(1.05	)
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	)
Class R2
Six Months Ended December 31, 2021 (Unaudited)		35.99		0.16			2.57			2.73			(0.17	)		(8.75	)		(8.92	)
Year Ended June 30, 2021		25.55		0.33			11.01			11.34			(0.57	)		(0.33	)		(0.90	)
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	)
Class R5
Six Months Ended December 31, 2021 (Unaudited)		36.78		0.28			2.64			2.92			(0.28	)		(8.75	)		(9.03	)
Year Ended June 30, 2021		25.66		0.59			11.63			12.22			(0.77	)		(0.33	)		(1.10	)
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	)
Class R6
Six Months Ended December 31, 2021 (Unaudited)		36.78		0.31			2.62			2.93			(0.29	)		(8.75	)		(9.04	)
Year Ended June 30, 2021		26.06		0.57			11.28			11.85			(0.80	)		(0.33	)		(1.13	)
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	)

(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.

136 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

		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)
$	30.23		8.43	%	$	60,402		0.73	%		1.23	%		0.97	%		47	%
	36.38		45.65			61,187		0.83			1.37			0.99			72
	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
	29.50		8.12			10,260		1.23			0.73			1.48			47
	35.72		45.02			11,211		1.33			0.91			1.50			72
	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
	30.60		8.55			124,275		0.49			1.47			0.72			47
	36.72		47.54			127,530		0.59			1.62			0.74			72
	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
	29.80		8.23			2,978		1.09			0.87			1.41			47
	35.99		45.36			3,000		1.09			1.08			1.34			72
	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
	30.67		8.59			4,479		0.44			1.53			0.58			47
	36.78		48.74			4,053		0.44			1.91			0.59			72
	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
	30.67		8.63			44,058		0.34			1.65			0.47			47
	36.78		46.60			69,298		0.34			1.82			0.49			72
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 137

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, 2021 (Unaudited)	$	21.51	$	0.03		$	2.70	$	2.73	$	(0.03	)	$	(2.23	)	$	(2.26	)
Year Ended June 30, 2021		16.22		0.09			6.39		6.48		(0.08	)		(1.11	)		(1.19	)
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	)
Class C
Six Months Ended December 31, 2021 (Unaudited)		20.61		(0.03	)		2.59		2.56		—			(2.23	)		(2.23	)
Year Ended June 30, 2021		15.60		(0.01	)		6.14		6.13		(0.01	)		(1.11	)		(1.12	)
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	)
Class I
Six Months Ended December 31, 2021 (Unaudited)		21.59		0.06			2.70		2.76		(0.05	)		(2.23	)		(2.28	)
Year Ended June 30, 2021		16.27		0.13			6.43		6.56		(0.13	)		(1.11	)		(1.24	)
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	)
Class L
Six Months Ended December 31, 2021 (Unaudited)		21.63		0.07			2.72		2.79		(0.07	)		(2.23	)		(2.30	)
Year Ended June 30, 2021		16.30		0.16			6.44		6.60		(0.16	)		(1.11	)		(1.27	)
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	)
Class R2
Six Months Ended December 31, 2021 (Unaudited)		21.26		—	(f)		2.66		2.66		—	(f)		(2.23	)		(2.23	)
Year Ended June 30, 2021		16.04		0.04			6.33		6.37		(0.04	)		(1.11	)		(1.15	)
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	)
Class R3
Six Months Ended December 31, 2021 (Unaudited)		21.42		0.03			2.68		2.71		(0.03	)		(2.23	)		(2.26	)
Year Ended June 30, 2021		16.15		0.09			6.38		6.47		(0.09	)		(1.11	)		(1.20	)
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, 2021 (Unaudited)		21.55		0.06			2.70		2.76		(0.05	)		(2.23	)		(2.28	)
Year Ended June 30, 2021		16.25		0.13			6.41		6.54		(0.13	)		(1.11	)		(1.24	)
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, 2021 (Unaudited)		21.64		0.07			2.72		2.79		(0.07	)		(2.23	)		(2.30	)
Year Ended June 30, 2021		16.31		0.16			6.44		6.60		(0.16	)		(1.11	)		(1.27	)
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	)
Class R6
Six Months Ended December 31, 2021 (Unaudited)		21.69		0.08			2.73		2.81		(0.08	)		(2.23	)		(2.31	)
Year Ended June 30, 2021		16.34		0.18			6.46		6.64		(0.18	)		(1.11	)		(1.29	)
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	)

(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.

138 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	21.98		12.84	%	$	1,919,539		0.94	%		0.23	%		0.98	%		26	%
	21.51		41.18			1,642,046		0.94			0.46			0.98			60
	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
	20.94		12.58			434,291		1.44			(0.27	)		1.47			26
	20.61		40.52			367,940		1.44			(0.05	)		1.47			60
	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
	22.07		12.98			2,089,254		0.69			0.48			0.72			26
	21.59		41.64			1,731,572		0.69			0.69			0.72			60
	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
	22.12		13.08			2,028,197		0.54			0.63			0.57			26
	21.63		41.81			1,907,620		0.54			0.83			0.58			60
	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
	21.69		12.68			283,095		1.19			(0.02	)		1.22			26
	21.26		40.92			269,266		1.19			0.20			1.22			60
	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
	21.87		12.80			192,664		0.94			0.23			0.97			26
	21.42		41.30			174,770		0.94			0.44			0.97			60
	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
	22.03		13.00			67,096		0.69			0.48			0.72			26
	21.55		41.58			45,443		0.69			0.69			0.72			60
	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
	22.13		13.07			1,166,317		0.54			0.63			0.57			26
	21.64		41.79			1,089,931		0.54			0.84			0.57			60
	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
	22.19		13.15			14,334,112		0.44			0.73			0.47			26
	21.69		41.98			12,615,063		0.44			0.95			0.47			60
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 139

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
Class A
Six Months Ended December 31, 2021 (Unaudited)	$	73.40	$	(0.01	)	$	9.31	$	9.30	$	—		$	(14.78	)	$	(14.78	)
Year Ended June 30, 2021		57.64		(0.01	)		21.89		21.88		(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	)
Class C
Six Months Ended December 31, 2021 (Unaudited)		71.55		(0.20	)		9.05		8.85		—			(14.78	)		(14.78	)
Year Ended June 30, 2021		56.26		(0.32	)		21.36		21.04		(0.15	)		(5.60	)		(5.75	)
Year Ended June 30, 2020		55.45		0.35			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	)
Class I
Six Months Ended December 31, 2021 (Unaudited)		75.08		0.09			9.53		9.62		(0.12	)		(14.78	)		(14.90	)
Year Ended June 30, 2021		58.80		0.16			22.37		22.53		(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	)
Class R2
Six Months Ended December 31, 2021 (Unaudited)		71.18		(0.10	)		9.01		8.91		—			(14.78	)		(14.78	)
Year Ended June 30, 2021		56.08		(0.17	)		21.26		21.09		(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	)
Class R5
Six Months Ended December 31, 2021 (Unaudited)		73.80		0.14			9.37		9.51		(0.19	)		(14.78	)		(14.97	)
Year Ended June 30, 2021		57.93		0.26			21.96		22.22		(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	)
Class R6
Six Months Ended December 31, 2021 (Unaudited)		73.81		0.18			9.37		9.55		(0.28	)		(14.78	)		(15.06	)
Year Ended June 30, 2021		57.93		0.33			21.96		22.29		(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	)

(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%.

SEE NOTES TO FINANCIAL STATEMENTS.

140 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

		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)
$	67.92		13.00	%	$	130,083		0.84	%		(0.03	)%		0.90	%		28	%
	73.40		40.08			119,893		0.84			(0.01	)		0.90			64
	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
	65.62		12.70			31,372		1.34			(0.53	)		1.40			28
	71.55		39.44			30,159		1.34			(0.50	)		1.40			64
	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
	69.80		13.14			179,611		0.59			0.22			0.65			28
	75.08		40.46			164,959		0.59			0.25			0.65			64
	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
	65.31		12.85			49,184		1.09			(0.28	)		1.21			28
	71.18		39.73			45,629		1.09			(0.26	)		1.21			64
	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
	68.34		13.24			149,622		0.44			0.36			0.50			28
	73.80		40.57			166,478		0.44			0.39			0.50			64
	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
	68.30		13.29			803,672		0.34			0.47			0.40			28
	73.81		40.70			780,470		0.34			0.50			0.40			64
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 141

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, 2021 (Unaudited)	$	26.84	$	(0.06	)	$	3.29	$	3.23	$	—		$	(6.78	)	$	(6.78	)
Year Ended June 30, 2021		24.58		(0.10	)		9.21		9.11		(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		—	(i)		3.87		3.87		—			(4.12	)		(4.12	)
Year Ended June 30, 2017		26.06		—	(i)		5.54		5.54		(0.01	)		(1.24	)		(1.25	)
Class C
Six Months Ended December 31, 2021 (Unaudited)		24.01		(0.11	)		2.93		2.82		—			(6.78	)		(6.78	)
Year Ended June 30, 2021		22.67		(0.21	)		8.37		8.16		—			(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	)
Class I
Six Months Ended December 31, 2021 (Unaudited)		27.53		(0.02	)		3.38		3.36		—			(6.78	)		(6.78	)
Year Ended June 30, 2021		25.04		(0.03	)		9.41		9.38		(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	)
Class R2
Six Months Ended December 31, 2021 (Unaudited)		25.27		(0.10	)		3.09		2.99		—			(6.78	)		(6.78	)
Year Ended June 30, 2021		23.54		(0.18	)		8.74		8.56		(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	)
Class R5
Six Months Ended December 31, 2021 (Unaudited)		27.78		(0.02	)		3.42		3.40		—			(6.78	)		(6.78	)
Year Ended June 30, 2021		25.20		(0.02	)		9.49		9.47		(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	)
Class R6
Six Months Ended December 31, 2021 (Unaudited)		27.75		—	(i)		3.41		3.41		—			(6.78	)		(6.78	)
Year Ended June 30, 2021		25.18		—	(i)		9.47		9.47		(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 (k) 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 1.11% and 1.25% for the six months ended December 31, 2021, 1.10% and 1.25% for the year ended June 30, 2021, 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 and 1.25% and 1.43% for the year ended June 30, 2017, for Class C are 1.60% and 1.75% for the six months ended December 31, 2021, 1.59% and 1.74% for the year ended June 30, 2021, 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 and 1.75% and 1.94% for the year ended June 30, 2017, for Class I are 0.86% and 1.00% for the six months ended December 31, 2021, 0.85% and 0.99% for the year ended June 30, 2021, 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 and 0.98% and 1.16% for the year ended June 30, 2017, for Class R2 are 1.45% and 1.51% for the six months ended December 31, 2021, 1.45% and 1.50% for the year ended June 30, 2021, 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 and 1.50% and 1.76% for the year ended June 30, 2017, for Class R5 are 0.80% and 0.84% for the six months ended December 31, 2021, 0.80% and 0.84% for the year ended June 30, 2021, 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 and 0.80% and 0.96% for the year ended June 30, 2017 and for Class R6 are 0.70% and 0.74% for the six months ended December 31, 2021, 0.70% and 0.74% for the year ended June 30, 2021, 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) Interest expense on securities sold short is 0.07%.

(h) Interest expense on securities sold short is 0.16%.

(i) Amount rounds to less than $0.005.

(j) Amount rounds to less than 0.005%.

(k) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

142 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

		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 (c)			Portfolio turnover rate (including securities sold short) (c)
$	23.29		12.52	%	$	353,418		1.87	%(g)		(0.42	)%		2.01	%		28	%		42	%
	26.84		42.30			335,206		1.94	(h)		(0.39	)		2.09			57			96
	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	(j)		2.39			94			131
	20.05		12.28			39,493		2.36	(g)		(0.91	)		2.51			28			42
	24.01		41.55			36,784		2.43	(h)		(0.88	)		2.58			57			96
	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
	24.11		12.68			1,713,370		1.62	(g)		(0.17	)		1.76			28			42
	27.53		42.65			1,702,566		1.69	(h)		(0.12	)		1.83			57			96
	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
	21.48		12.35			6,199		2.21	(g)		(0.76	)		2.27			28			42
	25.27		41.77			5,838		2.29	(h)		(0.74	)		2.34			57			96
	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
	24.40		12.72			36,903		1.56	(g)		(0.11	)		1.60			28			42
	27.78		42.75			34,191		1.64	(h)		(0.08	)		1.68			57			96
	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
	24.38		12.77			496,419		1.46	(g)		0.00	(j)		1.50			28			42
	27.75		42.86			536,661		1.54	(h)		0.01			1.58			57			96
	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, 2021 J.P. MORGAN LARGE CAP FUNDS 143

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, 2021 (Unaudited)	$	36.46	$	0.13	$	4.15	$	4.28	$	(0.14	)	$	(4.40	)	$	—		$	(4.54	)
Year Ended June 30, 2021		26.55		0.27		10.81		11.08		(0.34	)		(0.83	)		—			(1.17	)
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	)
Class I
Six Months Ended December 31, 2021 (Unaudited)		36.89		0.18		4.18		4.36		(0.18	)		(4.40	)		—			(4.58	)
Year Ended June 30, 2021		26.85		0.35		10.94		11.29		(0.42	)		(0.83	)		—			(1.25	)
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	)
Class R6
Six Months Ended December 31, 2021 (Unaudited)		36.84		0.20		4.17		4.37		(0.20	)		(4.40	)		—			(4.60	)
Year Ended June 30, 2021		26.81		0.38		10.93		11.31		(0.45	)		(0.83	)		—			(1.28	)
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	)

(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.

144 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

		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)
$	36.20		12.00	%	$	174,486		0.60	%		0.68	%		0.84	%		15	%
	36.46		42.55			180,296		0.60			0.85			0.84			35
	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
	36.67		12.11			777,828		0.35			0.93			0.59			15
	36.89		42.92			686,545		0.35			1.09			0.58			35
	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
	36.61		12.15			5,029,498		0.25			1.04			0.34			15
	36.84		43.09			4,185,201		0.25			1.19			0.33			35
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 145

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
Class A
Six Months Ended December 31, 2021 (Unaudited)	$	59.20	$	0.18	$	6.88	$	7.06	$	(0.23	)	$	(2.21	)	$	(2.44	)
Year Ended June 30, 2021		42.76		0.42		16.81		17.23		(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	)
Class C
Six Months Ended December 31, 2021 (Unaudited)		57.87		0.02		6.72		6.74		—			(2.21	)		(2.21	)
Year Ended June 30, 2021		41.80		0.16		16.43		16.59		(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	)
Class I
Six Months Ended December 31, 2021 (Unaudited)		59.71		0.26		6.93		7.19		(0.34	)		(2.21	)		(2.55	)
Year Ended June 30, 2021		43.11		0.55		16.95		17.50		(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	)
Class R6
Six Months Ended December 31, 2021 (Unaudited)		59.69		0.28		6.93		7.21		(0.36	)		(2.21	)		(2.57	)
September 30, 2020 (f) through June 30, 2021		46.79		0.43		13.40		13.83		(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) Commencement of operations.

SEE NOTES TO FINANCIAL STATEMENTS.

146 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

		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)
$	63.82		12.00	%	$	37,610		0.64	%		0.57	%		1.05	%		21	%
	59.20		40.64			24,169		0.64			0.80			1.23			44
	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
	62.40		11.70			5,257		1.14			0.07			1.56			21
	57.87		39.94			3,794		1.13			0.32			1.72			44
	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
	64.35		12.13			118,558		0.39			0.82			0.80			21
	59.71		40.99			62,431		0.39			1.06			0.96			44
	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
	64.33		12.17			36,677		0.34			0.87			0.55			21
	59.69		29.93			25,156		0.34			1.05			0.70			44

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 147

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
Class A
Six Months Ended December 31, 2021 (Unaudited)	$	64.61	$	0.33	$	4.04		$	4.37		$	(0.40	)	$	(1.21	)	$	(1.61	)
Year Ended June 30, 2021		45.62		0.64		19.59			20.23			(0.60	)		(0.64	)		(1.24	)
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	)
Class C
Six Months Ended December 31, 2021 (Unaudited)		57.32		0.15		3.57			3.72			(0.28	)		(1.21	)		(1.49	)
Year Ended June 30, 2021		40.63		0.32		17.40			17.72			(0.39	)		(0.64	)		(1.03	)
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	)
Class I
Six Months Ended December 31, 2021 (Unaudited)		68.55		0.45		4.28			4.73			(0.47	)		(1.21	)		(1.68	)
Year Ended June 30, 2021		48.34		0.83		20.76			21.59			(0.74	)		(0.64	)		(1.38	)
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	)
Class R2
Six Months Ended December 31, 2021 (Unaudited)		64.73		0.25		4.03			4.28			(0.34	)		(1.21	)		(1.55	)
Year Ended June 30, 2021		45.72		0.50		19.63			20.13			(0.48	)		(0.64	)		(1.12	)
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	)
Class R3
Six Months Ended December 31, 2021 (Unaudited)		68.41		0.36		4.26			4.62			(0.44	)		(1.21	)		(1.65	)
Year Ended June 30, 2021		48.25		0.68		20.73			21.41			(0.61	)		(0.64	)		(1.25	)
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, 2021 (Unaudited)		68.60		0.43		4.29			4.72			(0.49	)		(1.21	)		(1.70	)
Year Ended June 30, 2021		48.31		0.79		20.81			21.60			(0.67	)		(0.64	)		(1.31	)
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, 2021 (Unaudited)		69.09		0.55		4.26			4.81			(0.54	)		(1.21	)		(1.75	)
Year Ended June 30, 2021		48.69		0.93		20.93			21.86			(0.82	)		(0.64	)		(1.46	)
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	)
Class R6
Six Months Ended December 31, 2021 (Unaudited)		69.10		0.54		4.31			4.85			(0.56	)		(1.21	)		(1.77	)
Year Ended June 30, 2021		48.70		1.02		20.89			21.91			(0.87	)		(0.64	)		(1.51	)
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	)

(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.

148 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

		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)
$	67.37		6.84	%	$	616,087		0.94	%		1.00	%		1.03	%		20	%
	64.61		44.88			522,230		0.93			1.17			1.03			14
	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
	59.55		6.57			51,032		1.44			0.51			1.51			20
	57.32		44.13			37,539		1.43			0.66			1.51			14
	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
	71.60		6.98			1,109,734		0.69			1.26			0.75			20
	68.55		45.22			868,339		0.69			1.35			0.75			14
	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
	67.46		6.69			3,434		1.19			0.75			1.26			20
	64.73		44.51			2,005		1.18			0.90			1.25			14
	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
	71.38		6.83			9,769		0.94			1.03			1.01			20
	68.41		44.89			1,402		0.94			1.15			1.01			14
	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
	71.62		6.97			297		0.69			1.21			0.76			20
	68.60		45.26			106		0.68			1.46			0.76			14
	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
	72.15		7.04			3,660		0.54			1.52			0.61			20
	69.09		45.47			178		0.54			1.56			0.61			14
	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
	72.18		7.11			362,767		0.44			1.50			0.50			20
	69.10		45.60			275,186		0.44			1.74			0.50			14
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 149

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

(Dollar values in thousands)

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 15 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 Hedged Equity 2 Fund	Class A, Class C, Class I, Class R5 and Class R6	JPM IV	Diversified
JPMorgan Hedged Equity 3 Fund	Class A, Class C, Class I, Class R5 and Class R6	JPM IV	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. Applied Data Science Value Fund(1)	Class A, Class C, Class I, Class R2, Class R5 and Class R6	JPM I	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	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 and Class R6	JPM I	Diversified
JPMorgan U.S. Sustainable Leaders Fund	Class A, Class C, Class I and Class R6	JPM I	Diversified
JPMorgan U.S. Value Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM I	Diversified

⁽¹⁾  Effective July 1, 2021, JPMorgan Intrepid Value Fund changed its name to JPMorgan U.S. Applied Data Science 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”), JPMorgan Hedged Equity 2 Fund (“Hedged Equity 2 Fund”) and JPMorgan Hedged Equity 3 Fund (“Hedged Equity 3 Fund”) is to seek to provide capital appreciation.

The investment objective of JPMorgan Large Cap Value Fund (“Large Cap Value Fund”) is to seek capital appreciation with the incidental goal of achieving current income by investing primarily in equity securities.

The investment objective of JPMorgan U.S. Applied Data Science Value Fund (“U.S. Applied Data Science 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 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.

150 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

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.

Class L Shares of U.S. Equity Fund and Class A Shares of 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 the Funds’ prospectus.

All share classes of Hedged Equity Fund are publicly offered on a limited basis. JPMorgan Equity Income 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.

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.

Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”). The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the 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.

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.

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 151

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

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”):

Equity Focus Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	144,454	$	—	$	—	$	144,454

(a) Please refer to the SOI for specifics of portfolio holdings.

Equity Income Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	51,168,247	$	—	$	—	$	51,168,247

(a) Please refer to the SOI for specifics of portfolio holdings.

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	$	1,756,321		$	—	$	—	$	1,756,321
Equity-Linked Notes		—			344,462		—		344,462
Short-Term Investments
Investment Companies		7,184			—		—		7,184
Total Investments in Securities	$	1,763,505		$	344,462	$	—	$	2,107,967
Appreciation in Other Financial Instruments
Futures Contracts	$	15		$	—	$	—	$	15
Hedged Equity Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	20,626,232		$	—	$	—	$	20,626,232
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	5,808		$	—	$	—	$	5,808
Depreciation in Other Financial Instruments
Options Written (a)
Call Options Written		(254,958	)		—		—		(254,958	)
Put Options Written		(89,805	)		—		—		(89,805	)
Total Net Appreciation/Depreciation in Other Financial Instruments	$	(338,955	)	$	—	$	—	$	(338,955	)

(a) Please refer to the SOI for specifics of portfolio holdings.

152 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

Hedged Equity 2 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	4,069,681		$	—	$	—	$	4,069,681
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	698		$	—	$	—	$	698
Depreciation in Other Financial Instruments
Options Written (a)
Call Options Written		(64,012	)		—		—		(64,012	)
Put Options Written		(2,195	)		—		—		(2,195	)
Total Net Appreciation/Depreciation in Other Financial Instruments	$	(65,509	)	$	—	$	—	$	(65,509	)

(a) Please refer to the SOI for specifics of portfolio holdings.

Hedged Equity 3 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	2,368,859		$	—	$	—	$	2,368,859
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	433		$	—	$	—	$	433
Depreciation in Other Financial Instruments
Options Written (a)
Call Options Written		(55,687	)		—		—		(55,687	)
Put Options Written		(3,704	)		—		—		(3,704	)
Total Net Appreciation/Depreciation in Other Financial Instruments	$	(58,958	)	$	—	$	—	$	(58,958	)

(a) Please refer to the SOI for specifics of portfolio holdings.

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)	$	41,072,945	$	—	$	—	$	41,072,945

(a) Please refer to the SOI for specifics of portfolio holdings.

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)	$	3,161,173	$	—	$	—	$	3,161,173

(a) Please refer to the SOI for specifics of portfolio holdings.

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 153

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

U.S. Applied Data Science Value Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	246,140	$	—	$	—	$	246,140
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	100	$	—	$	—	$	100

(a) Please refer to the SOI for specifics of portfolio holdings.

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)	$	22,671,106	$	—	$	—	$	22,671,106
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	5,467	$	—	$	—	$	5,467

(a) Please refer to the SOI for specifics of portfolio holdings.

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)	$	1,346,479	$	—	$	—	$	1,346,479
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	513	$	—	$	—	$	513

(a) Please refer to the SOI for specifics of portfolio holdings.

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)	$	3,220,883		$	—	$	—	$	3,220,883
Total Liabilities for Securities Sold Short (a)	$	(572,510	)	$	—	$	—	$	(572,510	)

(a) Please refer to the SOI for specifics of portfolio holdings.

U.S. Research Enhanced Equity Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	5,981,483	$	—	$	—	$	5,981,483
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	1,105	$	—	$	—	$	1,105

(a) Please refer to the SOI for specifics of portfolio holdings.

154 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

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)	$	197,589	$	—	$	—	$	197,589
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	34	$	—	$	—	$	34

(a) Please refer to the SOI for specifics of portfolio holdings.

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)	$	2,171,489	$	—	$	—	$	2,171,489

(a) Please refer to the SOI for specifics of portfolio holdings.

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, 2021, 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. 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, the Class IM Shares of the JPMorgan Prime Money Market Fund and the Agency SL Class Shares of the JPMorgan Securities Lending Money Market Fund. The Funds retain the interest earned on cash collateral investments but are required to pay the borrower a rebate for the use of the 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.

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 155

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

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, 2021.

	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)
Large Cap Growth Fund	$	134,368	$	(134,368	)	$	—
Large Cap Value Fund		36,685		(36,685	)		—
U.S. Equity Fund		64,031		(64,031	)		—
U.S. GARP Equity Fund		3,562		(3,562	)		—
U.S. Sustainable Leaders Fund		532		(532	)		—

* 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 0.12% to 0.06%. For the six months ended December 31, 2021, JPMIM waived fees associated with the Funds’ investment in the JPMorgan U.S. Government Money Market Fund as follows:

Equity Income Fund	$	—	(a)
Large Cap Growth Fund		10
Large Cap Value Fund		1
U.S. Applied Data Science Value Fund		—	(a)
U.S. Equity Fund		2
U.S. GARP Equity Fund		—	(a)
U.S. Sustainable Leaders Fund		—	(a)
U.S. Value 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).

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

Equity Focus Fund
For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	3,582	$	10,962	$	10,569	$	—	(c)	$	—	(c)	$	3,975		3,974	$	1	$	—

(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, 2021.

(c) Amount rounds to less than one thousand.

156 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

Equity Income Fund
For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	1,108,433	$	3,230,672	$	3,303,997	$	61	$	(183	)	$	1,034,986		1,034,572	$	398	$	—

(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, 2021.

Equity Premium Income Fund
For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	43,928	$	1,503,918	$	1,540,660	$	(2	)	$	—	(c)	$	7,184		7,181	$	12	$	—

(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, 2021.

(c) Amount rounds to less than one thousand.

Hedged Equity Fund
For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at December 31, 2021		Shares at December 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (a) (b)	$	312,969	$	1,864,040	$	880,027	$	—	$	—	$	1,296,982		1,296,982	$	11	$	—

(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, 2021.

Hedged Equity 2 Fund
For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at December 31, 2021		Shares at December 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)	$	82,933	$	1,891,506	$	1,830,889	$	—	$	—	$	143,550		143,550	$	10	$	—

(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, 2021.

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 157

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

Hedged Equity 3 Fund
For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at December 31, 2021		Shares at December 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)	$	17,690	$	1,249,877	$	1,250,885	$	—	$	—	$	16,682		16,682	$	6	$	—

(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, 2021.

Large Cap Growth Fund
For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	1,501,233	$	4,886,466	$	6,095,394	$	133		$	(188	)	$	292,250		292,134	$	418		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		314,119		924,800		1,122,000		(26	)*		16			116,909		116,932		78	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		113,675		706,353		799,327		—			—			20,701		20,701		4	*		—
Total	$	1,929,027	$	6,517,619	$	8,016,721	$	107		$	(172	)	$	429,860			$	500		$	—

(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, 2021.

  * Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).

Large Cap Value Fund
For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	57,325	$	1,281,130	$	1,335,305	$	(4	)	$	—	(c)	$	3,146		3,145	$	16		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		7,897		277,000		255,000		(3	)*		—	(c)		29,894		29,901		14	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		23,462		77,545		93,113		—			—			7,894		7,894		1	*		—
Total	$	88,684	$	1,635,675	$	1,683,418	$	(7	)	$	—	(c)	$	40,934			$	31		$	—

(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, 2021.

(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).

158 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

U.S. Applied Data Science Value Fund
For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	9,182	$	11,480	$	15,393	$	—	(c)	$	—	(c)	$	5,269		5,267	$	2		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		—		468		468		—			—			—		—		—	*(c)		—
Total	$	9,182	$	11,948	$	15,861	$	—	(c)	$	—	(c)	$	5,269			$	2		$	—

(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, 2021.

(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).

U.S. Equity Fund
For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	228,846	$	2,599,678	$	2,522,972	$	(26	)	$	—	(c)	$	305,526		305,404	$	82		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		26,995		373,000		344,995		(8	)*		3			54,995		55,006		10	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		3,506		357,504		350,801		—			—			10,209		10,209		1	*		—
Total	$	259,347	$	3,330,182	$	3,218,768	$	(34	)	$	3		$	370,730			$	93		$	—

(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, 2021.

(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).

U.S. GARP Equity Fund
For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	31,110	$	99,954	$	114,026	$	(2	)	$	(1	)	$	17,035		17,029	$	9		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		1,994		23,000		24,994		—	(c)		—	(c)		—		—		1	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		915		23,289		20,545		—			—			3,659		3,659		—	*(c)		—
Total	$	34,019	$	146,243	$	159,565	$	(2	)	$	(1	)	$	20,694			$	10		$	—

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 159

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

(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, 2021.

(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).

U.S. Large Cap Core Plus Fund
For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	11,580	$	275,896	$	268,919	$	(1	)	$	—	(c)	$	18,556		18,549	$	10	$	—

(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, 2021.

(c) Amount rounds to less than one thousand.

U.S. Research Enhanced Equity Fund
For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	66,914	$	637,406	$	630,824	$	(2	)	$	—	(c)	$	73,494		73,464	$	20	$	—

(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, 2021.

(c) Amount rounds to less than one thousand.

U.S. Sustainable Leaders Fund
For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	4,580	$	54,422	$	56,426	$	(1	)	$	(1	)	$	2,574		2,573	$	1		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		—		2,982		2,438		—			—			544		544		—	*(c)		—
Total	$	4,580	$	57,404	$	58,864	$	(1	)	$	(1	)	$	3,118			$	1		$	—

(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, 2021.

(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).

160 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

U.S. Value Fund
For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	38,028	$	822,021	$	794,040	$	(5	)	$	—	(c)	$	66,004		65,978	$	17	$	—

(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, 2021.

(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 period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

F. Options — Hedged Equity Fund, Hedged Equity 2 Fund and Hedged Equity 3 Fund purchased and sold (“wrote”) put and call options on various instruments including options on indices to manage and hedge interest rate risks within their portfolios 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 Funds 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 Funds will lose the entire premium they 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 Funds 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 Funds record 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 Funds 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 Funds pledge collateral to the counterparty in the form of securities for options written. Securities designated as collateral are denoted on the SOIs.

Written uncovered call options subject the Funds 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.

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 161

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

The Funds are not subject to credit risk on options written as the counterparty has already performed its obligation by paying the premium at the inception of the contract.

The Funds’ 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).

G. Futures Contracts — Equity Premium Income Fund, Hedged Equity Fund, Hedged Equity 2 Fund, Hedged Equity 3 Fund, U.S. Applied Data Science 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).

H. Summary of Derivatives Information

Derivatives Volume

The table below discloses the volume of the Funds’ options and futures contracts activity during the six months ended December 31, 2021. Please refer to the tables in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity:

	Equity Premium Income Fund		Hedged Equity Fund		Hedged Equity 2 Fund		Hedged Equity 3 Fund		U.S. Applied Data Science 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
Average Notional Balance Long	$	20,897	$	364,232	$	52,571	$	20,817	$	5,193	$	148,722	$	25,008	$	1,794	$	55,615	$	2,679
Ending Notional Balance Long		17,368		520,553		31,167		17,368		5,234		193,423		16,654		—		68,519		2,899
Exchange-Traded Options:
Average Number of Contracts Purchased		—		42,758		5,538		2,995		—		—		—		—		—		—
Average Number of Contracts Written		—		85,515		11,075		5,989		—		—		—		—		—		—
Ending Number of Contracts Purchased		—		40,728		8,281		4,939		—		—		—		—		—		—
Ending Number of Contracts Written		—		81,456		16,562		9,878		—		—		—		—		—		—

The Funds’ derivatives contracts held at December 31, 2021 are not accounted for as hedging instruments under GAAP.

I. Equity-Linked Notes — 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

162 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

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, 2021, Equity Premium Income Fund had outstanding ELNs as listed on the SOI.

J. Short Sales — 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 Funds borrow securities from a broker. To close out a short position, the Funds deliver 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 as Interest expense to non-affiliates on securities sold short 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, 2021, Large Cap Core Plus Fund had outstanding short sales as listed on its SOI.

K. Offering and Organization Costs — Total offering costs of $104 and $104 incurred in connection with the offering of shares of Hedged Equity 2 Fund and Hedged Equity 3 Fund are amortized on a straight line basis over 12 months from the date the Funds commenced operations. Costs paid in connection with the organization of the Funds, if any, are recorded as an expense at the time the Funds commenced operations. For the six months ended December 31, 2021, total offering costs amortized were $52 and $52, respectively.

L. 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.

M. 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.

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 163

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

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, 2021 are as follows:

	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		28			26			213		n/a	$	6		$	4		$	2		$	16			157			452
Equity Premium Income Fund
Transfer agency fees		3			2			23		n/a		n/a			n/a			n/a			—	(a)		—	(a)		28
Hedged Equity Fund
Transfer agency fees		13			6			90		n/a		n/a			n/a			n/a			—	(a)		16			125
Hedged Equity 2 Fund
Transfer agency fees		1			1			9		n/a		n/a			n/a			n/a			—	(a)		2			13
Hedged Equity 3 Fund
Transfer agency fees		—	(a)		—	(a)		6		n/a		n/a			n/a			n/a			—	(a)		—	(a)		6
Large Cap Growth Fund
Transfer agency fees		186			12			66		n/a		5			2			2			7			99			379
Large Cap Value Fund
Transfer agency fees		15			2			123		n/a		2			—	(a)		—	(a)		1			10			153
U.S. Applied Data Science Value Fund
Transfer agency fees		1			—	(a)		2		n/a		3			n/a			n/a			—	(a)		1			7
U.S. Equity Fund
Transfer agency fees		45			6			19	$	27		4			2			—	(a)		5			58			166
U.S. GARP Equity Fund
Transfer agency fees		4			—	(a)		3		n/a		14			n/a			n/a			1			3			25
U.S. Large Cap Core Plus Fund
Transfer agency fees		5			1			26		n/a		1			n/a			n/a			—	(a)		2			35
U.S. Research Enhanced Equity Fund
Transfer agency fees		6			n/a			7		n/a		n/a			n/a			n/a			n/a			20			33
U.S. Sustainable Leaders Fund
Transfer agency fees		1			—	(a)		2		n/a		n/a			n/a			n/a			n/a			—	(a)		3
U.S. Value Fund
Transfer agency fees		68			1			8		n/a		—	(a)		—	(a)		—	(a)		—	(a)		2			79

(a) Amount rounds to less than one thousand.

N. 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, 2021, 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, or since inception if shorter, remain subject to examination by the Internal Revenue Service.

O. 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 at least annually, and Equity Income Fund and Equity Premium Income Fund, for which distributions are generally declared and paid at least 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.

164 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

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
Hedged Equity 2 Fund	0.25
Hedged Equity 3 Fund	0.25
Large Cap Growth Fund	0.45
Large Cap Value Fund	0.40
U.S. Applied Data Science Value Fund	0.30
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 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, 2021, the effective annualized rate for Equity Focus Fund, Equity Income Fund, Equity Premium Income Fund, Hedged Equity Fund, Hedged Equity 2 Fund, Hedged Equity 3 Fund, Large Cap Growth Fund, Large Cap Value Fund, U.S. Applied Data Science 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 0.075%, 0.033%, 0.075%, 0.063%, 0.075%, 0.075%, 0.039%, 0.075%, 0.075%, 0.061%, 0.075%, 0.038%, 0.075%, 0.075% and 0.075%, 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
Hedged Equity 2 Fund		0.25			0.75			n/a			n/a
Hedged Equity 3 Fund		0.25			0.75			n/a			n/a
Large Cap Growth Fund		0.25			0.75			0.50			0.25
Large Cap Value Fund		0.25			0.75			0.50			0.25
U.S. Applied Data Science Value Fund		0.25			0.75			0.50			n/a
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

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 165

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

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, 2021, JPMDS retained the following:

	Front-End Sales Charge			CDSC
Equity Focus Fund	$	2		$	—
Equity Income Fund		231			—	(a)
Equity Premium Income Fund		269			—
Hedged Equity Fund		23			—	(a)
Hedged Equity 2 Fund		95			—	(a)
Hedged Equity 3 Fund		41			—
Large Cap Growth Fund		310			—	(a)
Large Cap Value Fund		19			—	(a)
U.S. Applied Data Science Value Fund		—	(a)		—
U.S. Equity Fund		129			—
U.S. GARP Equity Fund		3			—
U.S. Large Cap Core Plus Fund		9			—	(a)
U.S. Research Enhanced Equity Fund		—	(a)		—
U.S. Sustainable Leaders Fund		9			—
U.S. Value Fund		60			—

(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
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
Hedged Equity 2 Fund		0.25			0.25			0.25			n/a			n/a			n/a			n/a			0.10
Hedged Equity 3 Fund		0.25			0.25			0.25			n/a			n/a			n/a			n/a			0.10
Large Cap Growth Fund		0.25			0.25			0.25			n/a			0.25			0.25			0.25			0.10
Large Cap Value Fund		0.25			0.25			0.25			n/a			0.25			0.25			0.25			0.10
U.S. Applied Data Science Value Fund		0.25			0.25			0.25			n/a			0.25			n/a			n/a			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.

166 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

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
Hedged Equity 2 Fund		0.85			1.35			0.60			n/a		n/a			n/a			n/a			0.45			0.35
Hedged Equity 3 Fund		0.85			1.35			0.60			n/a		n/a			n/a			n/a			0.45			0.35
Large Cap Growth Fund		0.94			1.44			0.69			n/a		1.19	%		0.94	%		0.69	%		0.54			0.44
Large Cap Value Fund		0.93			1.44			0.69			n/a		1.19			0.94			0.69			0.54			0.44
U.S. Applied Data Science Value Fund		0.83	(1)		1.33	(1)		0.59	(1)		n/a		1.09			n/a			n/a			0.44			0.34
U.S. Equity Fund		0.94			1.44			0.69			n/a		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 July 1, 2021, the contractual expense limitations changed to 0.73%, 1.23% and 0.49% for Class A, Class C and Class I Shares, respectively.

Except as noted above, the expense limitation agreements were in effect for the six months ended December 31, 2021 and the contractual expense limitation percentages in the table above are in place until at least October 31, 2022.

For the six months ended December 31, 2021, 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.

The amounts of these waivers resulting from investments in these money market funds for the six months ended December 31, 2021 were as follows:

	Contractual Waivers								Contractual Reimbursements
	Investment Advisory Fees		Administration Fees		Service Fees		Total
Equity Focus Fund	$	41	$	27	$	1	$	69	$	—
Equity Income Fund		3		—		—		3		—
Equity Premium Income Fund		57		38		23		118		—	(a)
Hedged Equity Fund		—		—		—		—		—
Hedged Equity 2 Fund		28		18		11		57		54
Hedged Equity 3 Fund		38		24		5		67		52
Large Cap Growth Fund		7,364		4,904		188		12,456		—
Large Cap Value Fund		553		369		151		1,073		6
U.S. Applied Data Science Value Fund		94		63		109		266		1
U.S. Equity Fund		1,980		1,319		81		3,380		58
U.S. GARP Equity Fund		233		155		20		408		—
U.S. Large Cap Core Plus Fund		335		223		1,097		1,655		2
U.S. Research Enhanced Equity Fund		1,423		947		690		3,060		—
U.S. Sustainable Leaders Fund		98		54		122		274		—
U.S. Value Fund		337		225		73		635		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.

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 167

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

Equity Focus Fund	$	2
Equity Income Fund		525
Equity Premium Income Fund		18
Hedged Equity Fund		96
Hedged Equity 2 Fund		12
Hedged Equity 3 Fund		7
Large Cap Growth Fund		617
Large Cap Value Fund		28
U.S. Applied Data Science Value Fund		3
U.S. Equity Fund		107
U.S. GARP Equity Fund		12
U.S. Large Cap Core Plus Fund		12
U.S. Research Enhanced Equity Fund		27
U.S. Sustainable Leaders Fund		2
U.S. Value Fund		21

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, 2021, Hedged Equity Fund, Hedged Equity 2 Fund, Large Cap Growth 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 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, 2021, purchases and sales of investments (excluding short-term investments and transfers in-kind) were as follows:

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Securities Sold Short		Covers on Securities Sold Short
Equity Focus Fund	$	21,931	$	21,301	$	—	$	—
Equity Income Fund		4,218,772		2,549,258		—		—
Equity Premium Income Fund		2,492,797		1,350,701		—		—
Hedged Equity Fund		3,030,903		4,073,493		—		—
Hedged Equity 2 Fund		2,591,993		322,751		—		—
Hedged Equity 3 Fund		1,763,347		163,567		—		—
Large Cap Growth Fund		9,694,628		8,246,074		—		—
Large Cap Value Fund		1,552,468		2,726,943		—		—
U.S. Applied Data Science Value Fund		115,080		160,044		—		—
U.S. Equity Fund		5,493,964		5,355,908		—		—
U.S. GARP Equity Fund		362,477		470,763		—		—
U.S. Large Cap Core Plus Fund		917,329		1,357,547		365,807		470,702
U.S. Research Enhanced Equity Fund		1,097,065		796,307		—		—
U.S. Sustainable Leaders Fund		97,180		30,024		—		—
U.S. Value Fund		675,900		343,816		—		—

During the six months ended December 31, 2021, there were no purchases or sales of U.S. Government securities.

168 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

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, 2021 were as follows:

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Equity Focus Fund	$	88,724	$	57,158	$	1,428	$	55,730
Equity Income Fund		34,216,460		17,216,322		264,535		16,951,787
Equity Premium Income Fund		1,916,578		206,130		14,726		191,404
Hedged Equity Fund		13,026,609		7,299,063		38,395		7,260,668
Hedged Equity 2 Fund		3,719,068		394,370		109,266		285,104
Hedged Equity 3 Fund		2,151,309		236,506		77,914		158,592
Large Cap Growth Fund		24,482,064		16,745,761		154,880		16,590,881
Large Cap Value Fund		2,662,936		527,688		29,451		498,237
U.S. Applied Data Science Value Fund		194,000		53,773		1,533		52,240
U.S. Equity Fund		12,917,584		9,851,171		92,182		9,758,989
U.S. GARP Equity Fund		733,912		621,793		8,713		613,080
U.S. Large Cap Core Plus Fund*		1,066,857		1,636,783		55,267		1,581,516
U.S. Research Enhanced Equity Fund		3,081,247		2,911,718		10,377		2,901,341
U.S. Sustainable Leaders Fund		156,539		41,805		721		41,084
U.S. Value Fund		1,545,198		633,341		7,050		626,291

* The tax cost includes the proceeds from short sales which may result in a net negative cost.

As of June 30, 2021, the following Funds had net capital loss carryforwards:

	Capital Loss Carryforward Character
	Short-Term			Long-Term
Equity Premium Income Fund	$	33,857	*	$	—
Hedged Equity Fund		239,515			291,140
Hedged Equity 2 Fund		7,867	*		12,060	*
Hedged Equity 3 Fund		4,547			7,258

* Amount includes capital loss carryforwards which are limited in future years under Internal Revenue Code sections 381-384.

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, 2021, the following Funds deferred to July 1, 2021 the following net capital losses of:

	Net Capital Losses (Gains)				Late Year Ordinary Loss Deferral
	Short-Term		Long-Term
Hedged Equity Fund	$	582,316	$	1,228,621	$	—
Large Cap Growth Fund		—		—		22,352
U.S. Large Cap Core Plus Fund		—		—		2,396

During the year ended June 30, 2021, the following Fund utilized capital loss carryforwards as follows:

	Capital Loss Utilized
	Short-Term		Long-Term
Large Cap Value Fund	$	24,093	$	—

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).

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 169

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

The Funds had no borrowings outstanding from another fund during the six months ended December 31, 2021. Average borrowings from the Facility during the six months ended December 31, 2021, were as follows:

	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
Large Cap Value Fund	$	47,781		0.81	%		1	$	1

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 October 31, 2022.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended December 31, 2021.

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 1.25%, which has decreased to 1.00% pursuant to the amendment referenced below (the “Applicable Margin”), plus the greater of the federal funds effective rate or one month London Interbank Offered Rate (“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 10, 2021, the Credit Facility has been amended and restated for a term of 364 days, unless extended, and to include a reduction of the Applicable Margin charged for borrowing under the Credit Facility from 1.25% to 1.00%.

The Funds did not utilize the Credit Facility during the six months ended December 31, 2021.

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, 2021, 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		63.7	%		1		20.1	%
Equity Income Fund		1		10.9			2		29.6
Equity Premium Income Fund		1		48.4			1		10.8
Hedged Equity Fund		—		—			2		38.1
Hedged Equity 2 Fund		1		16.8			3		39.6
Hedged Equity 3 Fund		1		21.7			2		22.6
Large Cap Growth Fund		—		—			2		28.2
Large Cap Value Fund		1		14.4			1		13.4
U.S. Applied Data Science Value Fund		—		—			2		24.6
U.S. Equity Fund		—		—			1		13.2
U.S. GARP Equity Fund		3		45.4			—		—

170 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

	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
U.S. Large Cap Core Plus Fund		1		26.6	%		1		14.3	%
U.S. Research Enhanced Equity Fund		—		—			1		15.7
U.S. Sustainable Leaders Fund		—		—			4		63.6
U.S. Value Fund		—		—			1		20.5

As of December 31, 2021, J.P. Morgan Investor Funds and JPMorgan SmartRetirement Funds which are affiliated funds of funds, each 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		31.3	%		n/a
U.S. Equity Fund		n/a			19.6	%
U.S. GARP Equity Fund		55.0			n/a
U.S. Research Enhanced Equity Fund		18.2			34.2

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

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.

LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. On March 5, 2021, the U.K. Financial Conduct Authority (“FCA”) publicly announced that (i) immediately after December 31, 2021, publication of the 1-week and 2-month U.S. Dollar LIBOR settings will permanently cease; (ii) immediately after June 30, 2023, publication of the overnight and 12-month U.S. Dollar LIBOR settings will permanently cease; and (iii) immediately after June 30, 2023, the 1-month, 3-month and 6-month U.S. Dollar LIBOR settings will cease to be provided or, subject to the FCA’s consideration of the case, be provided on a synthetic basis and no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness will not be restored. There is no assurance that the dates announced by the FCA will not change or that the administrator of LIBOR and/or regulators will not take further action that could impact the availability, composition or characteristics of LIBOR or the currencies and/or tenors for which LIBOR is published. Public and private sector industry initiatives are currently underway to implement new or alternative reference rates to be used in place of LIBOR. There is no assurance that 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 of a Fund’s loans, notes, derivatives and other instruments or investments comprising some or all of a Fund’s investments 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, 2021 J.P. MORGAN LARGE CAP FUNDS 171

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, 2021, and continued to hold your shares at the end of the reporting period, December 31, 2021.

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. 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, 2021		Ending Account Value December 31, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Equity Focus Fund
Class A
Actual	$	1,000.00	$	1,086.40	$	5.78		1.10	%
Hypothetical		1,000.00		1,019.66		5.60		1.10
Class C
Actual		1,000.00		1,083.40		8.40		1.60
Hypothetical		1,000.00		1,017.14		8.13		1.60
Class I
Actual		1,000.00		1,087.70		4.47		0.85
Hypothetical		1,000.00		1,020.92		4.33		0.85
Class R6
Actual		1,000.00		1,089.10		3.16		0.60
Hypothetical		1,000.00		1,022.18		3.06		0.60
JPMorgan Equity Income Fund
Class A
Actual		1,000.00		1,075.50		4.97		0.95
Hypothetical		1,000.00		1,020.42		4.84		0.95
Class C
Actual		1,000.00		1,072.10		7.57		1.45
Hypothetical		1,000.00		1,017.90		7.38		1.45
Class I
Actual		1,000.00		1,076.70		3.66		0.70
Hypothetical		1,000.00		1,021.68		3.57		0.70
Class R2
Actual		1,000.00		1,073.50		6.32		1.21
Hypothetical		1,000.00		1,019.11		6.16		1.21
Class R3
Actual		1,000.00		1,075.50		4.97		0.95
Hypothetical		1,000.00		1,020.42		4.84		0.95

172 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

	Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Equity Income Fund (continued)
Class R4
Actual	$	1,000.00	$	1,076.30	$	3.66		0.70	%
Hypothetical		1,000.00		1,021.68		3.57		0.70
Class R5
Actual		1,000.00		1,077.40		2.88		0.55
Hypothetical		1,000.00		1,022.43		2.80		0.55
Class R6
Actual		1,000.00		1,078.10		2.36		0.45
Hypothetical		1,000.00		1,022.94		2.29		0.45
JPMorgan Equity Premium Income Fund
Class A
Actual		1,000.00		1,086.00		4.47		0.85
Hypothetical		1,000.00		1,020.92		4.33		0.85
Class C
Actual		1,000.00		1,083.30		7.09		1.35
Hypothetical		1,000.00		1,018.40		6.87		1.35
Class I
Actual		1,000.00		1,087.40		3.16		0.60
Hypothetical		1,000.00		1,022.18		3.06		0.60
Class R5
Actual		1,000.00		1,088.20		2.37		0.45
Hypothetical		1,000.00		1,022.94		2.29		0.45
Class R6
Actual		1,000.00		1,088.70		1.84		0.35
Hypothetical		1,000.00		1,023.44		1.79		0.35
JPMorgan Hedged Equity Fund
Class A
Actual		1,000.00		1,040.80		4.27		0.83
Hypothetical		1,000.00		1,021.02		4.23		0.83
Class C
Actual		1,000.00		1,038.20		6.83		1.33
Hypothetical		1,000.00		1,018.50		6.77		1.33
Class I
Actual		1,000.00		1,042.00		2.99		0.58
Hypothetical		1,000.00		1,022.28		2.96		0.58
Class R5
Actual		1,000.00		1,043.10		2.21		0.43
Hypothetical		1,000.00		1,023.04		2.19		0.43
Class R6
Actual		1,000.00		1,043.20		1.70		0.33
Hypothetical		1,000.00		1,023.54		1.68		0.33
JPMorgan Hedged Equity 2 Fund
Class A
Actual		1,000.00		1,071.30		4.44		0.85
Hypothetical		1,000.00		1,020.92		4.33		0.85
Class C
Actual		1,000.00		1,069.20		7.04		1.35
Hypothetical		1,000.00		1,018.40		6.87		1.35
Class I
Actual		1,000.00		1,072.90		3.13		0.60
Hypothetical		1,000.00		1,022.18		3.06		0.60

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 173

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Hedged Equity 2 Fund (continued)
Class R5
Actual	$	1,000.00	$	1,074.10	$	2.35		0.45	%
Hypothetical		1,000.00		1,022.94		2.29		0.45
Class R6
Actual		1,000.00		1,074.60		1.83		0.35
Hypothetical		1,000.00		1,023.44		1.79		0.35
JPMorgan Hedged Equity 3 Fund
Class A
Actual		1,000.00		1,059.70		4.41		0.85
Hypothetical		1,000.00		1,020.92		4.33		0.85
Class C
Actual		1,000.00		1,056.80		7.00		1.35
Hypothetical		1,000.00		1,018.40		6.87		1.35
Class I
Actual		1,000.00		1,061.20		3.12		0.60
Hypothetical		1,000.00		1,022.18		3.06		0.60
Class R5
Actual		1,000.00		1,062.30		2.34		0.45
Hypothetical		1,000.00		1,022.94		2.29		0.45
Class R6
Actual		1,000.00		1,062.90		1.82		0.35
Hypothetical		1,000.00		1,023.44		1.79		0.35
JPMorgan Large Cap Growth Fund
Class A
Actual		1,000.00		1,085.20		4.94		0.94
Hypothetical		1,000.00		1,020.47		4.79		0.94
Class C
Actual		1,000.00		1,082.40		7.56		1.44
Hypothetical		1,000.00		1,017.95		7.32		1.44
Class I
Actual		1,000.00		1,086.50		3.63		0.69
Hypothetical		1,000.00		1,021.73		3.52		0.69
Class R2
Actual		1,000.00		1,083.90		6.25		1.19
Hypothetical		1,000.00		1,019.21		6.06		1.19
Class R3
Actual		1,000.00		1,085.10		4.94		0.94
Hypothetical		1,000.00		1,020.47		4.79		0.94
Class R4
Actual		1,000.00		1,086.50		3.63		0.69
Hypothetical		1,000.00		1,021.73		3.52		0.69
Class R5
Actual		1,000.00		1,087.50		2.84		0.54
Hypothetical		1,000.00		1,022.48		2.75		0.54
Class R6
Actual		1,000.00		1,087.90		2.32		0.44
Hypothetical		1,000.00		1,022.99		2.24		0.44
JPMorgan Large Cap Value Fund
Class A
Actual		1,000.00		1,018.80		4.73		0.93
Hypothetical		1,000.00		1,020.52		4.74		0.93

174 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

	Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Large Cap Value Fund (continued)
Class C
Actual	$	1,000.00	$	1,016.20	$	7.32		1.44	%
Hypothetical		1,000.00		1,017.95		7.32		1.44
Class I
Actual		1,000.00		1,019.40		3.51		0.69
Hypothetical		1,000.00		1,021.73		3.52		0.69
Class R2
Actual		1,000.00		1,016.80		6.05		1.19
Hypothetical		1,000.00		1,019.21		6.06		1.19
Class R3
Actual		1,000.00		1,018.60		4.78		0.94
Hypothetical		1,000.00		1,020.47		4.79		0.94
Class R4
Actual		1,000.00		1,020.20		3.51		0.69
Hypothetical		1,000.00		1,021.73		3.52		0.69
Class R5
Actual		1,000.00		1,020.40		2.75		0.54
Hypothetical		1,000.00		1,022.48		2.75		0.54
Class R6
Actual		1,000.00		1,020.60		2.24		0.44
Hypothetical		1,000.00		1,022.99		2.24		0.44
JPMorgan U.S. Applied Data Science Value Fund (formerly known as JPMorgan Intrepid Value Fund)
Class A
Actual		1,000.00		1,084.30		3.84		0.73
Hypothetical		1,000.00		1,021.53		3.72		0.73
Class C
Actual		1,000.00		1,081.20		6.45		1.23
Hypothetical		1,000.00		1,019.00		6.26		1.23
Class I
Actual		1,000.00		1,085.50		2.58		0.49
Hypothetical		1,000.00		1,022.74		2.50		0.49
Class R2
Actual		1,000.00		1,082.30		5.72		1.09
Hypothetical		1,000.00		1,019.71		5.55		1.09
Class R5
Actual		1,000.00		1,085.90		2.31		0.44
Hypothetical		1,000.00		1,022.99		2.24		0.44
Class R6
Actual		1,000.00		1,086.30		1.79		0.34
Hypothetical		1,000.00		1,023.49		1.73		0.34
JPMorgan U.S. Equity Fund
Class A
Actual		1,000.00		1,128.40		5.04		0.94
Hypothetical		1,000.00		1,020.47		4.79		0.94
Class C
Actual		1,000.00		1,125.80		7.72		1.44
Hypothetical		1,000.00		1,017.95		7.32		1.44
Class I
Actual		1,000.00		1,129.80		3.70		0.69
Hypothetical		1,000.00		1,021.73		3.52		0.69
Class L
Actual		1,000.00		1,130.80		2.90		0.54
Hypothetical		1,000.00		1,022.48		2.75		0.54

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 175

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan U.S. Equity Fund (continued)
Class R2
Actual	$	1,000.00	$	1,126.80	$	6.38		1.19	%
Hypothetical		1,000.00		1,019.21		6.06		1.19
Class R3
Actual		1,000.00		1,128.00		5.04		0.94
Hypothetical		1,000.00		1,020.47		4.79		0.94
Class R4
Actual		1,000.00		1,130.00		3.70		0.69
Hypothetical		1,000.00		1,021.73		3.52		0.69
Class R5
Actual		1,000.00		1,130.70		2.90		0.54
Hypothetical		1,000.00		1,022.48		2.75		0.54
Class R6
Actual		1,000.00		1,131.50		2.36		0.44
Hypothetical		1,000.00		1,022.99		2.24		0.44
JPMorgan U.S. GARP Equity Fund
Class A
Actual		1,000.00		1,130.00		4.51		0.84
Hypothetical		1,000.00		1,020.97		4.28		0.84
Class C
Actual		1,000.00		1,127.00		7.18		1.34
Hypothetical		1,000.00		1,018.45		6.82		1.34
Class I
Actual		1,000.00		1,131.40		3.17		0.59
Hypothetical		1,000.00		1,022.23		3.01		0.59
Class R2
Actual		1,000.00		1,128.50		5.85		1.09
Hypothetical		1,000.00		1,019.71		5.55		1.09
Class R5
Actual		1,000.00		1,132.40		2.36		0.44
Hypothetical		1,000.00		1,022.99		2.24		0.44
Class R6
Actual		1,000.00		1,132.90		1.83		0.34
Hypothetical		1,000.00		1,023.49		1.73		0.34
JPMorgan U.S. Large Cap Core Plus Fund
Class A
Actual		1,000.00		1,125.20		10.02		1.87
Hypothetical		1,000.00		1,015.78		9.50		1.87
Class C
Actual		1,000.00		1,122.80		12.63		2.36
Hypothetical		1,000.00		1,013.31		11.98		2.36
Class I
Actual		1,000.00		1,126.80		8.68		1.62
Hypothetical		1,000.00		1,017.04		8.24		1.62
Class R2
Actual		1,000.00		1,123.50		11.83		2.21
Hypothetical		1,000.00		1,014.06		11.22		2.21
Class R5
Actual		1,000.00		1,127.20		8.36		1.56
Hypothetical		1,000.00		1,017.34		7.93		1.56
Class R6
Actual		1,000.00		1,127.70		7.83		1.46
Hypothetical		1,000.00		1,017.85		7.43		1.46

176 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

	Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan U.S. Research Enhanced Equity Fund
Class A
Actual	$	1,000.00	$	1,120.00	$	3.21		0.60	%
Hypothetical		1,000.00		1,022.18		3.06		0.60
Class I
Actual		1,000.00		1,121.10		1.87		0.35
Hypothetical		1,000.00		1,023.44		1.79		0.35
Class R6
Actual		1,000.00		1,121.50		1.34		0.25
Hypothetical		1,000.00		1,023.95		1.28		0.25
JPMorgan U.S. Sustainable Leaders Fund
Class A
Actual		1,000.00		1,120.00		3.42		0.64
Hypothetical		1,000.00		1,021.98		3.26		0.64
Class C
Actual		1,000.00		1,117.00		6.08		1.14
Hypothetical		1,000.00		1,019.46		5.80		1.14
Class I
Actual		1,000.00		1,121.30		2.09		0.39
Hypothetical		1,000.00		1,023.24		1.99		0.39
Class R6
Actual		1,000.00		1,121.70		1.82		0.34
Hypothetical		1,000.00		1,023.49		1.73		0.34
JPMorgan U.S. Value Fund
Class A
Actual		1,000.00		1,068.40		4.90		0.94
Hypothetical		1,000.00		1,020.47		4.79		0.94
Class C
Actual		1,000.00		1,065.70		7.50		1.44
Hypothetical		1,000.00		1,017.95		7.32		1.44
Class I
Actual		1,000.00		1,069.80		3.60		0.69
Hypothetical		1,000.00		1,021.73		3.52		0.69
Class R2
Actual		1,000.00		1,066.90		6.20		1.19
Hypothetical		1,000.00		1,019.21		6.06		1.19
Class R3
Actual		1,000.00		1,068.30		4.90		0.94
Hypothetical		1,000.00		1,020.47		4.79		0.94
Class R4
Actual		1,000.00		1,069.70		3.60		0.69
Hypothetical		1,000.00		1,021.73		3.52		0.69
Class R5
Actual		1,000.00		1,070.40		2.82		0.54
Hypothetical		1,000.00		1,022.48		2.75		0.54
Class R6
Actual		1,000.00		1,071.10		2.30		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).

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 177

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

J.P. Morgan Large Cap Funds — JPMorgan Equity Focus Fund, JPMorgan Equity Income Fund, JPMorgan Equity Premium Income Fund, JPMorgan Hedged Equity Fund, JPMorgan Large Cap Growth Fund, JPMorgan Large Cap Value Fund, JPMorgan U.S. Applied Data Science Value Fund (formerly known as JPMorgan Intrepid Value Fund), JPMorgan U.S. Equity Fund, JPMorgan U.S. GARP Equity Fund, JPMorgan U.S. Large Cap Core Plus Fund, JPMorgan U.S. Research Enhanced Equity Fund, JPMorgan U. S. Sustainable Leaders Fund and JPMorgan U.S. Value Fund

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 2021, at which the Trustees considered the continuation of the investment advisory agreements for JPMorgan Equity Focus Fund, JPMorgan Equity Income Fund, JPMorgan Equity Premium Income Fund, JPMorgan Hedged Equity Fund, JPMorgan Large Cap Growth Fund, JPMorgan Large Cap Value Fund, JPMorgan U.S. Applied Data Science Value Fund (formerly known as JPMorgan Intrepid Value Fund), JPMorgan U.S. Equity Fund, JPMorgan U.S. GARP Equity Fund, JPMorgan U.S. Large Cap Core Plus Fund, JPMorgan U.S. Research Enhanced Equity Fund, JPMorgan U. S. Sustainable Leaders Fund and JPMorgan U.S. Value 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, 2021.

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 investment 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 quantitative and statistical analyses of certain Funds, including risk and performance return assessment as compared to the Funds’ objectives, benchmarks, 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 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

178 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

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.

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 each 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 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, as well as the Adviser’s use of affiliates to provide other services and the benefits to such affiliates of doing so.

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,

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 179

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

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 Fee 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’ Senior 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.

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 fee structure and 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 for certain Funds by the Trustees’ independent consultant. The special analysis includes a multi-factor quantitative scoring system for summarizing a Fund’s historical investment performance. The approach relies on multiple metrics, incorporates several time periods, adjusts for risk and considers how a fund’s customized peer group (as selected by the independent consultant) has performed. 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 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, 2020. 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, 2020. 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

180 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

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, second and second 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, 2020, respectively. The Trustees noted that the performance for Class I shares was in the third, third and second quintiles based upon the Peer Group, and in the second, first and first quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class R6 shares was in the third, second and third 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, 2020, 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 R6 shares was in the third quintile based upon both the Peer Group and Universe, for the one-year period ended December 31, 2020. The Trustees noted that the performance for Class I shares was in the third quintile based upon the Universe for the one-year period ended December 31, 2020. 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 first quintile based upon both the Peer Group and Universe, for each of the one-, three- and five-year periods ended December 31, 2020. 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, 2020. 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, 2020, and in the first quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Large Cap Growth Fund’s performance for Class A, 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, 2020. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Large Cap Value Fund’s performance for Class A and Class I shares was in the first, second and first quintiles based upon the Peer Group, and in the first, third and first quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class R6 shares was in the first quintile based upon the Peer Group for each of the one-, three- and five-year periods ended December 31, 2020, and in the first, second and first quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2020, 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. Applied Data Science Value 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, 2020, and in the third, fourth and fourth quintiles based upon the Universe for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class I shares was in the third, third and fourth quintiles based upon both the Peer Group and Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class R6 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, 2020. 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, Class I and Class R6 shares was in the first quintile based upon the Peer Group and Universe, for each of the one-, three and five-year periods ended December 31, 2020. 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

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 181

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the U.S. GARP Equity Fund’s performance for Class A and Class I shares was in the fifth, fifth and fourth quintiles based upon the Peer Group for the one-, three- and five-year periods ended December 31, 2020, respectively, and in the fourth quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees noted that the performance for Class R6 shares was in the fifth, fourth and fourth quintiles based upon the Peer Group for the one-, three- and five-year periods ended December 31, 2020, respectively, and in the fourth quintile based upon the Universe, for each of the one-, three- and five-year periods ended December 31, 2020. 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. Large Cap Core Plus Fund’s performance for Class A shares was in the first quintile based upon the Peer Group for each of the one-, three- and five-year periods ended December 31, 2020, and in the first, first and second quintiles based upon the Universe for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class I shares was in the first quintile based upon both the Peer Group and Universe, for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees noted that the performance for Class R6 shares was in the first quintile based upon both the Peer Group and Universe, for both the one- and three-year periods ended December 31, 2020. 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 first, first and second 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, 2020, respectively. The Trustees noted that the performance for Class I shares was in the first, first and second quintiles based upon both the Peer Group and Universe for the one-, three- and five-year periods ended December 31, 2020, 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, 2020, respectively, and in the first, first and second quintiles based upon the Universe for the one-, three- and five-year periods ended December 31, 2020, 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 first, third and second quintiles based upon the Peer Group for the one-, three- and five-year periods ended December 31, 2020, respectively, and in the second quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees noted that the performance for Class I shares was in the first, first and second quintiles based upon the Peer Group for the one-, three- and five-year periods ended December 31, 2020, respectively, and in the second quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2020. 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. Value Fund’s performance for Class A shares was in the second, second and first quintiles based upon the Peer Group for the one-, three- and five-year periods ended December 31, 2020, respectively, and in the second quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2020. 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 second, second and first quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class R6 shares was in the first quintile based upon the Peer Group for each of the one-, three- and five-year periods ended December 31, 2020, and in the second, first and first quintiles based upon the Universe for the one-, three- and five-year periods ended December 31, 2020, 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.

182 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

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 second and third quintiles based upon 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 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 first and second quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Equity Income Fund’s net advisory fee for Class A shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the fourth 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 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 R 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 and Class R6 shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee and actual total expenses for Class I shares were in the first quintile based upon the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Hedged Equity Fund’s net advisory fee and actual total expenses for Class A and Class R6 shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee and actual total expenses for Class I shares were in the first quintile based upon the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Large Cap Growth Fund’s net advisory fee for Class A shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class A shares were in the second and first quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee 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 Large Cap Value Fund’s net advisory fee and actual total expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class I shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class I shares were also 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

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 183

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

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. Applied Data Science 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 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 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.

The Trustees noted that the U.S. GARP 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. Large Cap Core Plus Fund’s net advisory fee for Class A shares was in the fifth and fourth quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were also 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 fifth 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 fifth quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class R6 shares were in the fourth and third quintiles based upon the Peer Group and Universe, respectively. 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, 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. 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 and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class I shares were also 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.

184 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

SPECIAL SHAREHOLDER MEETING RESULTS

(Unaudited)

JPMorgan Trust I (“JPM I”)

JPM I held a special meeting of shareholders on October 27, 2021, for the purpose of considering and voting upon the election of Trustees, which meeting was adjourned to November 23, 2021 to allow shareholders to vote on the proposal.

When the special meeting reconvened on November 23, 2021, Trustees were elected by the shareholders of all of the series of JPM I, including Equity Focus Fund, Hedged Equity Fund, U.S. Applied Data Science 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.

The results of the voting were as follows:

	Votes Received (Amounts in thousands)
Independent Nominee
John F. Finn
In Favor		218,161,076
Withheld		3,798,560
Steven P. Fisher
In Favor		219,683,469
Withheld		2,276,167
Gary L. French
In Favor		219,573,994
Withheld		2,385,642
Kathleen M. Gallagher
In Favor		219,614,901
Withheld		2,344,735
Robert J. Grassi
In Favor		219,652,125
Withheld		2,307,510
Frankie D. Hughes
In Favor		219,173,958
Withheld		2,785,677
Raymond Kanner
In Favor		219,638,172
Withheld		2,321,463
Thomas P. Lemke
In Favor		219,600,003
Withheld		2,359,633
Lawrence R. Maffia
In Favor		219,558,283
Withheld		2,401,353

	Votes Received (Amounts in thousands)
Mary E. Martinez
In Favor		219,188,002
Withheld		2,771,634
Marilyn McCoy
In Favor		218,775,511
Withheld		3,184,125
Dr. Robert A. Oden, Jr.
In Favor		218,109,306
Withheld		3,850,330
Marian U. Pardo
In Favor		219,504,107
Withheld		2,445,528
Emily A. Youssouf
In Favor		219,549,573
Withheld		2,410,062
Interested Nominee
Robert F. Deutsch
In Favor		219,143,836
Withheld		2,815,799
Nina O. Shenker
In Favor		219,183,139
Withheld		2,776,497

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 185

SPECIAL SHAREHOLDER MEETING RESULTS

(Unaudited) (continued)

JPMorgan Trust II (“JPM II”)

JPM II held a special meeting of shareholders on October 27, 2021, for the purpose considering and voting upon the election of Trustees, which meeting was adjourned to November 23, 2021 to allow shareholders to vote on the proposal.

When the special meeting reconvened on November 23, 2021, Trustees were elected by the shareholders of all of the series of JPM II, including Equity Income Fund, Large Cap Growth Fund and Large Cap Value Fund.

The results of the voting were as follows:

	Votes Received (Amounts in thousands)
Independent Nominee
John F. Finn
In Favor		288,983,507
Withheld		6,732,052
Steven P. Fisher
In Favor		289,598,586
Withheld		6,116,973
Gary L. French
In Favor		289,542,085
Withheld		6,173,474
Kathleen M. Gallagher
In Favor		289,773,673
Withheld		5,941,887
Robert J. Grassi
In Favor		289,609,331
Withheld		6,106,229
Frankie D. Hughes
In Favor		289,641,174
Withheld		6,074,386
Raymond Kanner
In Favor		289,603,025
Withheld		6,112,535
Thomas P. Lemke
In Favor		289,581,867
Withheld		6,133,692

	Votes Received (Amounts in thousands)
Lawrence R. Maffia
In Favor		289,544,612
Withheld		6,170,947
Mary E. Martinez
In Favor		289,745,394
Withheld		5,970,165
Marilyn McCoy
In Favor		289,336,040
Withheld		6,379,520
Dr. Robert A. Oden, Jr.
In Favor		288,968,016
Withheld		6,747,543
Marian U. Pardo
In Favor		289,619,985
Withheld		6,095,575
Emily A. Youssouf
In Favor		289,555,396
Withheld		6,160,163
Interested Nominee
Robert F. Deutsch		289,562,178
In Favor		6,153,382
Withheld
Nina O. Shenker
In Favor		289,698,757
Withheld		6,016,803

186 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2021

JPMorgan Trust IV (“JPM IIV”)

JPM IV held a special meeting of shareholders on October 27, 2021, for the purpose of considering and voting upon the election of Trustees.

Trustees were elected by the shareholders of all of the series of JPM IV, including Equity Premium Income Fund, Hedged Equity 2 Fund and Hedged Equity 3 Fund.

The results of the voting were as follows:

	Votes Received (Amounts in thousands)
Independent Nominee
John F. Finn
In Favor		2,308,022
Withheld		4,313
Steven P. Fisher
In Favor		2,309,583
Withheld		2,752
Gary L. French
In Favor		2,309,620
Withheld		2,715
Kathleen M. Gallagher
In Favor		2,309,789
Withheld		2,546
Robert J. Grassi
In Favor		2,309,623
Withheld		2,712
Frankie D. Hughes
In Favor		2,309,543
Withheld		2,791
Raymond Kanner
In Favor		2,309,644
Withheld		2,691
Thomas P. Lemke
In Favor		2,309,600
Withheld		2,735
Lawrence R. Maffia
In Favor		2,309,585
Withheld		2,750

	Votes Received (Amounts in thousands)
Mary E. Martinez
In Favor		2,309,800
Withheld		2,534
Marilyn McCoy
In Favor		2,309,821
Withheld		2,514
Dr. Robert A. Oden, Jr.
In Favor		2,308,857
Withheld		3,478
Marian U. Pardo
In Favor		2,309,743
Withheld		2,591
Emily A. Youssouf
In Favor		2,309,749
Withheld		2,586
Interested Nominee
Robert F. Deutsch
In Favor		2,309,524
Withheld		2,811
Nina O. Shenker
In Favor		2,309,718
Withheld		2,616

DECEMBER 31, 2021 J.P. MORGAN LARGE CAP FUNDS 187

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., 2021. All rights reserved. December 2021. SAN-LCE-1221

Semi-Annual Report

J.P. Morgan Mid Cap/Multi-Cap Funds

December 31, 2021 (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	54
Schedule of Shareholder Expenses	65
Board Approval of Investment Advisory Agreements	68
Special Shareholder Meeting Results	73

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.

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 8, 2022 (Unaudited)

Dear Shareholders,

U.S. equities led the year-long rally in developed market stocks as the global economic rebound advanced through 2021. While financial market volatility, a resurgence in the pandemic and accelerating inflation have carried into 2022, we believe that the outlook for the overall U.S. economy remains positive.

  “Throughout the year ahead, J.P. Morgan Asset Management plans to seek to deliver superior client outcomes across a broad range of innovative solutions and risk management processes built on the same fundamental practices and principles that have driven our success for more than a century.” — Andrea L. Lisher

A surge in U.S. consumer wealth — partly tied to rising values for homes and autos — and quarterly growth in corporate earnings have helped to bolster U.S. financial markets that were already well-supported by monetary and fiscal policies. Over the course of the past year, the U.S. jobless rate fell to pre-pandemic levels and reached 3.9% in December. At the same time, inflation has climbed significantly. The U.S. Federal Reserve (the “Fed”) has tapered its monthly asset purchasing program and indicated that it’s likely to raise interest rates as early as March 2022.

While rising interest rates may mark another phase of the economic cycle that presents financial markets with new challenges and opportunities, they may also signal a return to a

more normal economic environment following two years of historically low rates. Meanwhile, the path of the pandemic remains a factor in the U.S. economy. Recent data suggest the increase in new infections in late 2021 and into 2022 had some impact on the U.S. economy — though job growth remained strong — but there is hope that the latest pandemic wave may recede in coming months. Additionally, there is hope that rising prices on commodities and goods will moderate as supply chain constraints ease over time and the Fed moves generally to tamp down inflationary pressures. We expect the U.S. economy to continue expanding in 2022, even if the pace of the expansion eases from 2021.

Throughout the year ahead, J.P. Morgan Asset Management plans to seek to deliver superior client outcomes across a broad range of innovative solutions and risk management processes built on the same fundamental practices and principles that have driven our success for more than a century.

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, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 1

J.P. Morgan Mid Cap/Multi-Cap Funds

MARKET OVERVIEW

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)

Overall, U.S. equity markets generated post positive returns in the second half of 2021 with continued monetary and fiscal support as well as strong consumer spending and record corporate profits. Despite historically high equity valuations in the U.S., the S&P 500 Index posted at least one record-high closing in each month during the period. Notably, the emergence of the omicron variant of COVID-19 in the final months of 2021 led to higher volatility in financial markets and weighed on global petroleum prices.

The first months of the period saw strong upward momentum in U.S. equity prices after second quarter 2021 results showed record-high earnings and revenue from U.S. companies. However, equity markets ended the month of September lower amid investor concerns about global supply chain disruptions, inflationary pressure and the ongoing pandemic. Additionally, the U.S. Federal Reserve set an initial schedule for tapering off its monthly bond purchases and indicated it may raise interest rates in late 2022 or early 2023.

In October, oil prices began to rise and equity markets resumed their broad upward trajectory only to stall again in November and then ended December with higher returns. While a resurgence in pandemic infections raised investor concerns about the reimposition of some social restrictions and their potential impact on specific industries and individual companies, the economic backdrop remained positive overall with a strong labor market, surging corporate profits and a boom in U.S. consumer wealth.

Within mid cap equity, value stocks outperformed growth stocks. For the six months ended December 31, 2021, the S&P 500 Index returned 11.67% and the Russell Mid Cap Index returned 5.45%, the Russell Mid Cap Value Index returned 7.44% and the Russell Mid Cap Growth Index returned 2.07.

2 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2021

JPMorgan Growth Advantage Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		9.22%
Russell 3000 Growth Index		11.66%
Net Assets as of 12/31/2021 (In Thousands)	$	16,506,643

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class A Shares, without a sales charge, underperformed the Russell 3000 Growth Index (the “Benchmark”) for the six months ended December 31, 2021.

The Fund’s security selection in the communication services and consumer discretionary sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the financials and health care sectors was the leading contributor to relative performance.

Leading individual detractors from relative performance included the Funds overweight position in Roku Inc., its underweight position in Apple Inc. and its out-of-Benchmark position in Global Payments Inc. Shares of Roku, a television streaming platform, fell amid investor concerns about user growth trends and the company’s weaker-than-expected forecast for the fourth quarter of 2021. Shares of Apple, a provider of computers, mobile devices and related services, rose amid consecutive quarter of record earnings and strong demand for mobile devices. Shares of Global Payments, a digital payments platform provider, fell amid a general pullback in financial technology subsector stocks during the period and the company’s lower-than-expected forecast for full year 2021 results.

Leading individual contributors to relative performance included the Fund’s underweight position in Visa Inc. and its overweight positions in Advanced Micro Devices Inc. and Blackstone Inc. Shares of Visa, a credit card and digital payments processor not held in the Fund, fell late in the period after the company issued a weaker-than-expected forecast and amid investor concerns about the impact on consumer spending from the emergence of the omicron variant of COVID-19. Shares of Advanced Micro Devices, a semiconductor manufacturer, rose after the company reported better-than-expected earnings and sales for the third quarter of 2021 and issued a better-than-expected forecast for the fourth quarter of 2021. Shares of Blackstone, an investment management company, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2021.

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 AS OF DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Apple, Inc.		7.8	%
	2.	Microsoft Corp.		7.3
	3.	Alphabet, Inc., Class C		5.1
	4.	Amazon.com, Inc.		4.5
	5.	Tesla, Inc.		3.8
	6.	NVIDIA Corp.		2.8
	7.	Meta Platforms, Inc., Class A		2.1
	8.	Home Depot, Inc. (The)		2.0
	9.	Mastercard, Inc., Class A		1.9
	10.	QUALCOMM, Inc.		1.7

PORTFOLIO COMPOSITION BY SECTOR AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Information Technology		38.0	%
Consumer Discretionary		16.6
Health Care		12.0
Industrials		11.0
Communication Services		9.7
Financials		6.9
Consumer Staples		1.9
Others (each less than 1.0%)		1.5
Short-Term Investments		2.4

* 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.

DECEMBER 31, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 3

JPMorgan Growth Advantage Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021
	INCEPTION DATE OF CLASS	6 MONTH*	1 YEAR	5 YEAR	10 YEAR
CLASS A SHARES	October 29, 1999
With Sales Charge**		3.47%	15.50%	26.17%	20.45%
Without Sales Charge		9.22	21.89	27.53	21.10
CLASS C SHARES	May 1, 2006
With CDSC***		7.99	20.28	26.89	20.61
Without CDSC		8.99	21.28	26.89	20.61
CLASS I SHARES	May 1, 2006	9.36	22.16	27.84	21.36
CLASS R2 SHARES	July 31, 2017	9.09	21.56	27.20	20.79
CLASS R3 SHARES	May 31, 2017	9.23	21.89	27.54	21.10
CLASS R4 SHARES	May 31, 2017	9.38	22.19	27.84	21.39
CLASS R5 SHARES	January 8, 2009	9.46	22.35	28.03	21.57
CLASS R6 SHARES	December 23, 2013	9.51	22.50	28.17	21.67

* Not annualized.

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

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

TEN YEAR PERFORMANCE (12/31/11 TO 12/31/21)

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 than 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. 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, 2011 to December 31, 2021. 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, 2021

JPMorgan Mid Cap Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		4.58%
Russell Midcap Index		5.45%
Net Assets as of 12/31/2021 (In Thousands)	$	3,165,209

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, 2021.

The Fund’s overweight position in the communication services sector and its security selection in the health care sector were leading detractors from performance relative to the Benchmark, while the Fund’s security selection in the industrials sector and its overweight position in the financials sector were leading contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Roku Inc., Gap Inc. and Zynga Inc. Shares of Roku, a television streaming platform provider, fell amid investor concerns about user growth trends and the company’s weaker-than-expected forecast for the fourth quarter of 2021. Shares of Gap, a retailer of brand name apparel, fell after the company reported lower-than-expected earnings and revenue for the third quarter amid supply chain bottlenecks. Shares of Zynga, a video game developer, fell after the company issued a weaker-than-expected forecast amid slowing user growth.

Leading individual contributors to relative performance included the Fund’s underweight positions in Peloton Interactive Inc. and Twitter Inc., and its overweight position in AutoZone Inc. Shares of Peloton Interactive, an online exercise and stationary bicycles provider not held in the Fund, fell after the company reported lower-than-expected earnings and revenue for the third quarter of 2021 and issued a weaker-than-expected forecast for the full year 2021. Shares of Twitter, a social media platform provider not held in the Fund, fell amid investor concerns about slowing user growth in the U.S. Shares of AutoZone, an automotive parts retailer, rose amid consecutive quarters of better-than-expected earnings and revenue, as well as large share repurchase programs during the period.

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 AS OF DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Fortune Brands Home & Security, Inc.		1.2	%
	2.	Ameriprise Financial, Inc.		1.1
	3.	ITT, Inc.		1.0
	4.	AMETEK, Inc.		1.0
	5.	Constellation Brands, Inc., Class A		1.0
	6.	AutoZone, Inc.		0.9
	7.	Motorola Solutions, Inc.		0.9
	8.	Huntington Bancshares, Inc.		0.9
	9.	M&T Bank Corp.		0.9
	10.	Discover Financial Services		0.9

PORTFOLIO COMPOSITION BY SECTOR AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Information Technology		17.3	%
Financials		16.3
Industrials		15.2
Health Care		12.3
Consumer Discretionary		11.9
Real Estate		6.8
Utilities		4.6
Communication Services		4.2
Materials		3.1
Consumer Staples		2.8
Energy		2.6
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.

DECEMBER 31, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 5

JPMorgan Mid Cap Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021
	INCEPTION DATE OF CLASS	6 MONTH*	1 YEAR	5 YEAR	10 YEAR
CLASS A SHARES	November 2, 2009
With Sales Charge**		(1.03)%	13.48%	15.29%	14.64%
Without Sales Charge		4.45	19.76	16.54	15.26
CLASS C SHARES	November 2, 2009
With CDSC***		3.19	18.16	15.95	14.80
Without CDSC		4.19	19.16	15.95	14.80
CLASS I SHARES	January 1, 1997	4.58	20.06	16.84	15.62
CLASS R2 SHARES	March 14, 2014	4.30	19.46	16.24	15.04
CLASS R5 SHARES	March 14, 2014	4.66	20.23	17.01	15.73
CLASS R6 SHARES	March 14, 2014	4.70	20.34	17.12	15.80

* 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 (12/31/11 TO 12/31/21)

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 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 $1,000,000 invested in the Class I Shares of JPMorgan Mid Cap Equity Fund and the Russell Midcap Index from December 31, 2011 to December 31, 2021. 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, 2021

JPMorgan Mid Cap Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		2.02%
Russell Midcap Growth Index		2.07%
Net Assets as of 12/31/2021 (In Thousands)	$	9,587,690

INVESTMENT OBJECTIVE**

The JPMorgan Mid Cap Growth Fund (the “Fund”) seeks growth of capital.

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

The Fund’s Class I Shares underperformed the Russell Midcap Growth Index (the “Benchmark”) for the six months ended December 31, 2021.

The Fund’s overweight position in the communication services sector and its security selection in the health care sector were leading detractors 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 Roku Inc. and its underweight positions in Datadog Inc. and Fortinet Inc. Shares of Roku, a television streaming platform, fell amid investor concerns about user growth trends and the company’s weaker-than-expected forecast for the fourth quarter of 2021. Shares of Datadog, a provider of information technology monitoring and analytics systems not held in the Fund, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2021. Shares of Fortinet, a cybersecurity provider not held in the Fund, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2021.

Leading individual contributors to relative performance included the Fund’s underweight positions in Peloton Interactive Inc. and NovoCure Ltd. and its out-of-Benchmark position in Advanced Micro Devices Inc. Shares of Peloton Interactive, an online exercise and stationary bicycles provider, fell after the company reported lower-than-expected earnings and revenue for the third quarter of 2021 and issued a weaker-than-expected forecast for the full year 2021. Shares of NovoCure, a developer of treatments for cancerous tumors, fell after the company reported lower-than-expected earnings for both the second and third quarters of 2021. Shares of Advanced Micro Devices, a semiconductor manufacturer, rose after the company reported better-than-expected earnings and sales for the third quarter of 2021 and issued a better-than-expected forecast for the fourth quarter of 2021.

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 AS OF DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Palo Alto Networks, Inc.		2.0	%
	2.	Trane Technologies plc		2.0
	3.	Dexcom, Inc.		1.9
	4.	Agilent Technologies, Inc.		1.7
	5.	Copart, Inc.		1.6
	6.	Old Dominion Freight Line, Inc.		1.6
	7.	SolarEdge Technologies, Inc.		1.5
	8.	Teradyne, Inc.		1.5
	9.	Zebra Technologies Corp., Class A		1.5
	10.	Synopsys, Inc.		1.4

PORTFOLIO COMPOSITION BY SECTOR AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Information Technology		31.1	%
Health Care		20.0
Industrials		17.4
Consumer Discretionary		13.2
Financials		8.2
Communication Services		4.4
Consumer Staples		1.1
Others (each less than 1.0%)		1.6
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.

DECEMBER 31, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 7

JPMorgan Mid Cap Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 18, 1992
With Sales Charge**			(3.49	)%		4.65	%		21.32	%		17.19	%
Without Sales Charge			1.86			10.45			22.63			17.82
CLASS C SHARES	November 4, 1997
With CDSC***			0.59			8.89			22.01			17.35
Without CDSC			1.59			9.89			22.01			17.35
CLASS I SHARES	March 2, 1989		2.02			10.77			23.02			18.18
CLASS R2 SHARES	June 19, 2009		1.72			10.16			22.33			17.58
CLASS R3 SHARES	September 9, 2016		1.86			10.44			22.63			17.82
CLASS R4 SHARES	September 9, 2016		1.99			10.71			22.94			18.11
CLASS R5 SHARES	November 1, 2011		2.07			10.93			23.19			18.35
CLASS R6 SHARES	November 1, 2011		2.11			10.99			23.25			18.41

* Not annualized.

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

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

TEN YEAR PERFORMANCE (12/31/11 TO 12/31/21)

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 and Class R4 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 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, 2011 to December 31, 2021. 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, 2021

JPMorgan Mid Cap Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class L Shares)*		6.83%
Russell Midcap Value Index		7.44%
Net Assets as of 12/31/2021 (In Thousands)	$	17,100,152

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, 2021.

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 industrials and energy sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Gap Inc. and Zynga Inc., and its underweight position in Marvell Technology Inc.

Shares of Gap, a retailer of brand name apparel, fell after the company reported lower-than-expected earnings and revenue for the third quarter amid supply chain bottlenecks. Shares of Zynga, a video game developer, fell after the company issued a weaker-than-expected forecast amid slowing user growth. Shares of Marvell Technology, a semiconductor manufacturer not held in the Fund, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2021 amid increased demand across the semiconductor industry.

Leading individual contributors to relative performance included the Fund’s overweight positions in AutoZone Inc., Carlisle Cos. and Liberty Media Corp. - Liberty SiriusXM. Shares of AutoZone, an automotive parts retailer, rose amid consecutive quarters of better-than-expected earnings and revenue, as well as large share repurchase programs during the period. Shares of Carlisle, a construction and engineered materials manufacturer, rose after reporting better-than-expected earnings for both the second and third quarters of 2021. Shares of Liberty Media -SiriusXM, an operator of satellite radio platforms, rose after the company reported better-than-expected revenue for both the second and third quarters of 2021.

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 AS OF DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	AutoZone, Inc.	1.7%
	2.	Ameriprise Financial, Inc.	1.6
	3.	Huntington Bancshares, Inc.	1.6
	4.	M&T Bank Corp.	1.6
	5.	Laboratory Corp. of America Holdings	1.6
	6.	Loews Corp.	1.6
	7.	Motorola Solutions, Inc.	1.6
	8.	Xcel Energy, Inc.	1.5
	9.	Fifth Third Bancorp	1.5
	10.	Carlisle Cos., Inc.	1.4

PORTFOLIO COMPOSITION BY SECTOR AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Financials		22.8	%
Industrials		14.0
Real Estate		11.7
Consumer Discretionary		11.4
Utilities		8.1
Information Technology		7.3
Health Care		6.9
Materials		4.8
Consumer Staples		4.2
Communication Services		4.1
Energy		3.8
Short-Term Investments		0.9

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

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

DECEMBER 31, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 9

JPMorgan Mid Cap Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021
	INCEPTION DATE OF CLASS	6 MONTH*	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	April 30, 2001
With Sales Charge**		0.98%		22.70	%		8.97	%		11.88	%
Without Sales Charge		6.58		29.49			10.15			12.48
CLASS C SHARES	April 30, 2001
With CDSC***		5.31		27.82			9.59			12.03
Without CDSC		6.31		28.82			9.59			12.03
CLASS I SHARES	October 31, 2001	6.71		29.80			10.43			12.76
CLASS L SHARES	November 13, 1997	6.83		30.08			10.68			13.03
CLASS R2 SHARES	November 3, 2008	6.43		29.12			9.87			12.19
CLASS R3 SHARES	September 9, 2016	6.56		29.46			10.15			12.48
CLASS R4 SHARES	September 9, 2016	6.71		29.80			10.42			12.76
CLASS R5 SHARES	September 9, 2016	6.79		29.98			10.59			12.98
CLASS R6 SHARES	September 9, 2016	6.85		30.11			10.70			13.04

* 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 (12/31/11 TO 12/31/21)

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 different than those shown because 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 Mid Cap Value Fund and the Russell Midcap Value Index from December 31, 2011 to December 31, 2021. 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, 2021

JPMorgan Value Advantage Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class L Shares)*		6.02%
Russell 3000 Value Index		6.54%
Net Assets as of 12/31/2021 (In Thousands)	$	10,787,894

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, 2021.

The Fund’s security selection in the health care and information technology sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s overweight position and security selection in the real estate sector and its security selection in the communication services sector were leading contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight position in Gap Inc., its underweight position in Pfizer Inc. and its out-of-Benchmark position in CommScope Holding Co. Shares of Gap, a retailer of brand name apparel, fell after the company reported lower-than-expected earnings and revenue for the third quarter of 2021 amid supply chain bottlenecks. Shares of Pfizer, a pharmaceutical manufacturer, rose amid a resurgence in the pandemic in late 2021 and the U.S. Food and Drug Administration’s approval of the company’s COVID-19 pill. Shares of CommScope Holding, a communications infrastructure provider, fell after the company reported lower-than-expected earnings and revenue for the second and third quarter of 2021.

Leading individual contributors to relative performance included the Fund’s overweight position in AutoZone Inc. and its out-of-Benchmark positions in Murphy USA Inc. and AbbVie Inc. Shares of AutoZone, an automotive parts retailer, rose amid consecutive quarters of better-than-expected earnings and revenue, as well as large share repurchase programs during the period. Shares of Murphy USA, a gas station convenience store chain, rose after the company reported better-than-expected earnings and revenue for both the second and third quarters of 2021, raised its quarterly dividend and unveiled a $1 billion share repurchase plan. Shares of AbbVie, a biopharmaceutical development company, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2021 and raised its forecast for the full year 2021.

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 AS OF DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Bank of America Corp.		3.8	%
	2.	Berkshire Hathaway, Inc., Class B		2.5
	3.	AbbVie, Inc.		2.2
	4.	Wells Fargo & Co.		1.8
	5.	Bristol-Myers Squibb Co.		1.7
	6.	Capital One Financial Corp.		1.7
	7.	Loews Corp.		1.7
	8.	Travelers Cos., Inc. (The)		1.7
	9.	Verizon Communications, Inc.		1.6
	10.	M&T Bank Corp.		1.6

PORTFOLIO COMPOSITION BY SECTOR AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Financials		29.1	%
Health Care		12.9
Consumer Discretionary		9.3
Industrials		9.0
Real Estate		7.9
Communication Services		6.0
Energy		5.8
Consumer Staples		5.0
Information Technology		4.8
Utilities		3.9
Materials		3.0
Short-Term Investments		3.3

* 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.

DECEMBER 31, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 11

JPMorgan Value Advantage Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021
	INCEPTION DATE OF CLASS	6 MONTH*		1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 28, 2005
With Sales Charge**			0.24%		21.59	%		9.22	%		11.77	%
Without Sales Charge			5.80		28.33			10.41			12.38
CLASS C SHARES	February 28, 2005
With CDSC***			4.52		26.66			9.86			11.92
Without CDSC			5.52		27.66			9.86			11.92
CLASS I SHARES	February 28, 2005		5.92		28.64			10.68			12.66
CLASS L SHARES	February 28, 2005		6.02		28.83			10.87			12.89
CLASS R2 SHARES	July 31, 2017		5.67		28.01			10.13			12.09
CLASS R3 SHARES	September 9, 2016		5.79		28.29			10.40			12.37
CLASS R4 SHARES	September 9, 2016		5.94		28.62			10.68			12.66
CLASS R5 SHARES	September 9, 2016		5.99		28.81			10.85			12.88
CLASS R6 SHARES	September 9, 2016		6.08		28.96			10.96			12.94

* 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 (12/31/11 TO 12/31/21)

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 than 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, 2011 to December 31, 2021. 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, 2021

JPMorgan Growth Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 99.0%
Automobiles — 4.1%
Rivian Automotive, Inc., Class A * (a)		389		40,319
Tesla, Inc. *		603		637,088
				677,407
Banks — 2.0%
First Republic Bank		623		128,630
Signature Bank		314		101,682
SVB Financial Group *		141		95,904
				326,216
Beverages — 1.0%
Constellation Brands, Inc., Class A		677		169,865
Biotechnology — 3.9%
Alnylam Pharmaceuticals, Inc. *		647		109,683
Exact Sciences Corp. *		735		57,215
Exelixis, Inc. *		3,069		56,094
Horizon Therapeutics plc *		1,452		156,483
Natera, Inc. *		775		72,378
Regeneron Pharmaceuticals, Inc. *		292		184,345
				636,198
Building Products — 2.1%
Fortune Brands Home & Security, Inc.		1,239		132,402
Trane Technologies plc		1,037		209,442
				341,844
Capital Markets — 4.0%
BlackRock, Inc.		141		128,814
Blackstone, Inc.		1,610		208,292
Charles Schwab Corp. (The)		2,445		205,603
S&P Global, Inc.		247		116,801
				659,510
Commercial Services & Supplies — 1.0%
Copart, Inc. *		1,041		157,911
Communications Equipment — 0.6%
Arista Networks, Inc. *		646		92,878
Construction & Engineering — 1.1%
Quanta Services, Inc.		1,568		179,819
Consumer Finance — 0.4%
Discover Financial Services		565		65,241
Diversified Consumer Services — 0.6%
Bright Horizons Family Solutions, Inc. * (a)		765		96,293
Electrical Equipment — 1.7%
AMETEK, Inc.		955		140,421
Generac Holdings, Inc. *		417		146,732
				287,153

INVESTMENTS	SHARES (000)		VALUE ($000)
Electronic Equipment, Instruments & Components — 1.8%
Keysight Technologies, Inc. *		768		158,674
Zebra Technologies Corp., Class A *		239		142,318
				300,992
Entertainment — 1.1%
ROBLOX Corp., Class A *		665		68,571
Roku, Inc. *		466		106,337
				174,908
Health Care Equipment & Supplies — 3.0%
Cooper Cos., Inc. (The)		282		118,283
Dexcom, Inc. *		278		149,242
Insulet Corp. *		195		51,897
Intuitive Surgical, Inc. *		494		177,668
				497,090
Health Care Providers & Services — 2.0%
McKesson Corp.		531		131,990
UnitedHealth Group, Inc.		383		192,154
				324,144
Hotels, Restaurants & Leisure — 2.3%
Airbnb, Inc., Class A *		246		41,027
Booking Holdings, Inc. *		69		164,933
DraftKings, Inc., Class A * (a)		1,957		53,761
Royal Caribbean Cruises Ltd. * (a)		1,504		115,657
				375,378
Household Durables — 0.6%
Garmin Ltd.		723		98,390
Insurance — 0.6%
Progressive Corp. (The)		1,000		102,636
Interactive Media & Services — 8.8%
Alphabet, Inc., Class C *		297		859,385
Bumble, Inc., Class A * (a)		1,789		60,588
Match Group, Inc. *		639		84,512
Meta Platforms, Inc., Class A *		1,064		357,875
Snap, Inc., Class A *		1,842		86,646
				1,449,006
Internet & Direct Marketing Retail — 4.6%
Amazon.com, Inc. *		227		758,426
IT Services — 4.3%
Global Payments, Inc.		799		108,075
Mastercard, Inc., Class A		891		320,073
MongoDB, Inc. *		229		121,167
PayPal Holdings, Inc. *		854		161,129
				710,444

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 13

JPMorgan Growth Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Life Sciences Tools & Services — 1.6%
Mettler-Toledo International, Inc. *		72		121,962
Thermo Fisher Scientific, Inc.		224		149,366
				271,328
Machinery — 2.1%
Deere & Co.		557		190,891
Ingersoll Rand, Inc.		2,645		163,624
				354,515
Metals & Mining — 0.7%
Freeport-McMoRan, Inc.		2,949		123,046
Oil, Gas & Consumable Fuels — 0.8%
EOG Resources, Inc.		1,563		138,797
Personal Products — 0.9%
Estee Lauder Cos., Inc. (The), Class A		399		147,608
Pharmaceuticals — 1.7%
Catalent, Inc. *		987		126,387
Jazz Pharmaceuticals plc *		698		88,901
Royalty Pharma plc, Class A		1,485		59,174
				274,462
Professional Services — 1.6%
Equifax, Inc.		522		152,892
IHS Markit Ltd.		896		119,051
				271,943
Road & Rail — 1.5%
Lyft, Inc., Class A *		2,439		104,207
Old Dominion Freight Line, Inc.		397		142,159
				246,366
Semiconductors & Semiconductor Equipment — 10.8%
Advanced Micro Devices, Inc. *		1,711		246,195
Entegris, Inc.		1,187		164,546
Lam Research Corp.		348		250,010
NVIDIA Corp.		1,568		461,226
QUALCOMM, Inc.		1,592		291,130
SolarEdge Technologies, Inc. *		601		168,579
Teradyne, Inc.		675		110,340
Wolfspeed, Inc. * (a)		785		87,760
				1,779,786
Software — 13.1%
Confluent, Inc., Class A * (a)		1,126		85,880
Crowdstrike Holdings, Inc., Class A *		357		73,131
HubSpot, Inc. *		220		145,018
Intuit, Inc.		175		112,273
Microsoft Corp.		3,616		1,216,244
Palo Alto Networks, Inc. *		277		154,411

INVESTMENTS	SHARES (000)		VALUE ($000)
Software — continued
ServiceNow, Inc. *		210		136,218
Synopsys, Inc. *		402		148,225
Zscaler, Inc. * (a)		317		101,728
				2,173,128
Specialty Retail — 3.5%
Burlington Stores, Inc. *		335		97,567
CarMax, Inc. *		630		82,057
Home Depot, Inc. (The)		818		339,289
National Vision Holdings, Inc. *		1,286		61,693
				580,606
Technology Hardware, Storage & Peripherals — 7.9%
Apple, Inc.		7,318		1,299,518
Textiles, Apparel & Luxury Goods — 1.2%
NIKE, Inc., Class B		1,193		198,765
Total Common Stocks (Cost $7,909,340)				16,341,617
Short-Term Investments — 2.5%
Investment Companies — 1.0%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (b) (c) (Cost $161,958)		161,908		161,973
Investment of Cash Collateral from Securities Loaned — 1.5%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (b) (c)		209,213		209,170
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		39,001		39,001
Total Investment of Cash Collateral from Securities Loaned (Cost $248,176)				248,171
Total Short-Term Investments (Cost $410,134)				410,144
Total Investments — 101.5% (Cost $8,319,474)				16,751,761
Liabilities in Excess of Other Assets — (1.5)%				(245,118	)
NET ASSETS — 100.0%				16,506,643

Percentages indicated are based on net assets.

(a)	The security or a portion of this security is on loan at December 31, 2021. The total value of securities on loan at December 31, 2021 is $241,385.
(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, 2021.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2021

JPMorgan Mid Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.1%
Aerospace & Defense — 0.2%
HEICO Corp., Class A		47		6,096
Airlines — 0.7%
Delta Air Lines, Inc. *		264		10,305
Frontier Group Holdings, Inc. *		306		4,146
Southwest Airlines Co. *		193		8,274
				22,725
Banks — 5.5%
Citizens Financial Group, Inc.		446		21,076
Fifth Third Bancorp		625		27,231
First Republic Bank		57		11,725
Huntington Bancshares, Inc.		1,860		28,677
M&T Bank Corp.		186		28,625
Regions Financial Corp.		1,020		22,238
Signature Bank		33		10,567
SVB Financial Group *		16		11,133
Zions Bancorp NA		228		14,399
				175,671
Beverages — 1.3%
Constellation Brands, Inc., Class A		122		30,506
Keurig Dr Pepper, Inc.		285		10,518
				41,024
Biotechnology — 2.4%
Agios Pharmaceuticals, Inc. * (a)		158		5,195
Alnylam Pharmaceuticals, Inc. *		85		14,419
Exact Sciences Corp. * (a)		129		10,054
Exelixis, Inc. *		339		6,188
Horizon Therapeutics plc *		163		17,511
Natera, Inc. *		91		8,537
Neurocrine Biosciences, Inc. *		71		6,004
Seagen, Inc. *		43		6,601
				74,509
Building Products — 3.5%
Advanced Drainage Systems, Inc.		49		6,657
Carlisle Cos., Inc.		108		26,914
Fortune Brands Home & Security, Inc.		367		39,241
Trane Technologies plc		132		26,711
Trex Co., Inc. *		75		10,127
				109,650
Capital Markets — 5.6%
Affiliated Managers Group, Inc.		52		8,538
Ameriprise Financial, Inc.		114		34,333
Ares Management Corp.		98		7,948

INVESTMENTS	SHARES (000)		VALUE ($000)
Capital Markets — continued
Evercore, Inc., Class A		43		5,855
LPL Financial Holdings, Inc.		78		12,519
MarketAxess Holdings, Inc.		18		7,362
Morningstar, Inc.		16		5,609
MSCI, Inc.		20		12,414
Northern Trust Corp.		181		21,636
Raymond James Financial, Inc.		227		22,832
State Street Corp.		230		21,370
T. Rowe Price Group, Inc.		95		18,769
				179,185
Chemicals — 0.8%
Celanese Corp.		98		16,517
RPM International, Inc.		88		8,918
				25,435
Commercial Services & Supplies — 0.8%
ACV Auctions, Inc., Class A * (a)		101		1,894
Copart, Inc. *		146		22,135
				24,029
Communications Equipment — 1.3%
Arista Networks, Inc. *		81		11,687
Motorola Solutions, Inc.		106		28,825
				40,512
Construction & Engineering — 0.5%
Quanta Services, Inc.		125		14,382
Construction Materials — 0.6%
Martin Marietta Materials, Inc.		41		18,266
Consumer Finance — 0.9%
Discover Financial Services		245		28,277
Containers & Packaging — 0.9%
Packaging Corp. of America		93		12,624
Silgan Holdings, Inc.		367		15,724
				28,348
Distributors — 1.1%
Genuine Parts Co.		82		11,450
LKQ Corp.		381		22,841
				34,291
Diversified Consumer Services — 0.3%
Bright Horizons Family Solutions, Inc. *		78		9,793
Diversified Financial Services — 0.3%
Voya Financial, Inc. (a)		151		10,008

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 15

JPMorgan Mid Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Electric Utilities — 2.0%
Edison International		237		16,158
Entergy Corp.		190		21,351
Xcel Energy, Inc.		398		26,972
				64,481
Electrical Equipment — 3.1%
Acuity Brands, Inc. (a)		112		23,741
AMETEK, Inc.		210		30,879
Generac Holdings, Inc. *		51		17,888
Hubbell, Inc.		119		24,741
				97,249
Electronic Equipment, Instruments & Components — 3.6%
Amphenol Corp., Class A		229		20,059
CDW Corp.		77		15,786
Keysight Technologies, Inc. *		86		17,666
Littelfuse, Inc.		38		11,926
TD SYNNEX Corp.		185		21,167
Trimble, Inc. *		97		8,484
Zebra Technologies Corp., Class A *		33		19,900
				114,988
Entertainment — 1.7%
ROBLOX Corp., Class A *		73		7,489
Roku, Inc. *		72		16,522
Spotify Technology SA * (a)		22		5,040
Take-Two Interactive Software, Inc. *		48		8,563
Zynga, Inc., Class A *		2,368		15,152
				52,766
Equity Real Estate Investment Trusts (REITs) — 6.2%
American Homes 4 Rent, Class A		391		17,038
AvalonBay Communities, Inc.		67		16,981
Boston Properties, Inc.		129		14,870
Brixmor Property Group, Inc.		449		11,397
Essex Property Trust, Inc.		32		11,119
Federal Realty Investment Trust		65		8,875
Host Hotels & Resorts, Inc. *		329		5,718
JBG SMITH Properties		230		6,591
Kimco Realty Corp.		538		13,272
Mid-America Apartment Communities, Inc.		46		10,664
Rayonier, Inc.		414		16,706
Regency Centers Corp.		124		9,345
Rexford Industrial Realty, Inc.		127		10,331
Sun Communities, Inc.		45		9,415
Ventas, Inc.		129		6,598
Weyerhaeuser Co.		443		18,245

INVESTMENTS	SHARES (000)		VALUE ($000)
Equity Real Estate Investment Trusts (REITs) — continued
WP Carey, Inc.		142		11,660
				198,825
Food & Staples Retailing — 0.8%
Kroger Co. (The)		291		13,181
US Foods Holding Corp. *		309		10,761
				23,942
Food Products — 0.5%
Post Holdings, Inc. *		139		15,657
Gas Utilities — 0.8%
National Fuel Gas Co.		387		24,724
Health Care Equipment & Supplies — 2.8%
Align Technology, Inc. *		8		5,323
Cooper Cos., Inc. (The)		28		11,626
Dexcom, Inc. *		47		25,054
Hologic, Inc. *		105		8,046
Insulet Corp. *		43		11,369
ResMed, Inc.		35		8,997
Zimmer Biomet Holdings, Inc.		146		18,548
				88,963
Health Care Providers & Services — 4.4%
Acadia Healthcare Co., Inc. *		114		6,909
Amedisys, Inc. *		34		5,536
AmerisourceBergen Corp.		163		21,685
Centene Corp. *		217		17,873
Henry Schein, Inc. *		208		16,158
Humana, Inc.		21		9,823
Laboratory Corp. of America Holdings *		88		27,772
McKesson Corp.		58		14,342
Universal Health Services, Inc., Class B		147		19,062
				139,160
Health Care Technology — 0.2%
Teladoc Health, Inc. * (a)		62		5,660
Hotels, Restaurants & Leisure — 2.3%
Aramark (a)		239		8,818
Booking Holdings, Inc. *		2		4,798
Chipotle Mexican Grill, Inc. *		7		11,788
Darden Restaurants, Inc.		66		9,932
DraftKings, Inc., Class A * (a)		234		6,422
Expedia Group, Inc. *		46		8,326
Hilton Worldwide Holdings, Inc. *		86		13,354
Royal Caribbean Cruises Ltd. *		137		10,497
				73,935

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Household Durables — 1.8%
Garmin Ltd.		62		8,458
Helen of Troy Ltd. *		52		12,810
Mohawk Industries, Inc. *		95		17,336
Newell Brands, Inc.		868		18,961
				57,565
Household Products — 0.3%
Energizer Holdings, Inc. (a)		209		8,395
Insurance — 3.8%
Alleghany Corp. *		14		9,235
Arch Capital Group Ltd. *		204		9,049
Hartford Financial Services Group, Inc. (The)		253		17,472
Lincoln National Corp.		204		13,912
Loews Corp.		480		27,705
Progressive Corp. (The)		181		18,570
RenaissanceRe Holdings Ltd. (Bermuda)		58		9,789
WR Berkley Corp.		165		13,624
				119,356
Interactive Media & Services — 1.2%
Bumble, Inc., Class A *		190		6,449
InterActiveCorp. *		128		16,729
Match Group, Inc. *		113		14,946
				38,124
Internet & Direct Marketing Retail — 0.3%
Chewy, Inc., Class A * (a)		83		4,906
Etsy, Inc. *		19		4,204
				9,110
IT Services — 2.3%
Affirm Holdings, Inc. *		46		4,632
FleetCor Technologies, Inc. *		86		19,144
Global Payments, Inc.		70		9,503
Globant SA *		19		6,059
MongoDB, Inc. *		36		18,898
Okta, Inc. *		51		11,325
Remitly Global, Inc. * (a)		164		3,384
				72,945
Leisure Products — 0.2%
Brunswick Corp.		51		5,087
Life Sciences Tools & Services — 1.6%
Agilent Technologies, Inc.		144		22,974
Maravai LifeSciences Holdings, Inc., Class A *		190		7,949
Mettler-Toledo International, Inc. *		11		18,669
				49,592

INVESTMENTS	SHARES (000)		VALUE ($000)
Machinery — 4.3%
IDEX Corp.		60		14,067
Ingersoll Rand, Inc.		246		15,246
ITT, Inc.		328		33,546
Lincoln Electric Holdings, Inc.		136		18,946
Middleby Corp. (The) *		99		19,555
Snap-on, Inc.		92		19,802
Timken Co. (The)		211		14,642
				135,804
Media — 1.4%
Liberty Broadband Corp., Class C *		154		24,780
Liberty Media Corp.-Liberty SiriusXM, Class C *		365		18,565
				43,345
Metals & Mining — 0.8%
Freeport-McMoRan, Inc.		624		26,033
Multiline Retail — 0.4%
Kohl’s Corp. (a)		269		13,282
Multi-Utilities — 1.8%
CMS Energy Corp.		371		24,116
Sempra Energy		71		9,332
WEC Energy Group, Inc.		250		24,245
				57,693
Oil, Gas & Consumable Fuels — 2.6%
Coterra Energy, Inc.		1,232		23,404
Diamondback Energy, Inc.		232		24,967
EOG Resources, Inc.		132		11,690
Williams Cos., Inc. (The)		888		23,112
				83,173
Pharmaceuticals — 1.1%
Catalent, Inc. *		86		11,030
Jazz Pharmaceuticals plc *		139		17,657
Royalty Pharma plc, Class A		174		6,918
				35,605
Professional Services — 1.5%
Equifax, Inc.		62		18,153
IHS Markit Ltd.		101		13,419
Leidos Holdings, Inc.		167		14,809
				46,381
Real Estate Management & Development — 0.6%
CBRE Group, Inc., Class A *		174		18,852

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 17

JPMorgan Mid Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Road & Rail — 1.0%
Lyft, Inc., Class A *		252		10,786
Old Dominion Freight Line, Inc.		58		20,789
				31,575
Semiconductors & Semiconductor Equipment — 4.4%
Advanced Micro Devices, Inc. *		102		14,729
Analog Devices, Inc.		63		11,016
Entegris, Inc.		139		19,193
Lam Research Corp.		19		13,662
Marvell Technology, Inc.		159		13,867
Microchip Technology, Inc.		143		12,457
SolarEdge Technologies, Inc. *		71		19,920
Teradyne, Inc.		122		19,935
Wolfspeed, Inc. * (a)		70		7,824
Xilinx, Inc.		37		7,845
				140,448
Software — 5.7%
Bill.com Holdings, Inc. *		35		8,820
Cadence Design Systems, Inc. *		95		17,629
Confluent, Inc., Class A * (a)		99		7,571
Crowdstrike Holdings, Inc., Class A *		74		15,053
Five9, Inc. *		58		7,992
Gitlab, Inc., Class A * (a)		22		1,878
HashiCorp, Inc., Class A *		17		1,518
HubSpot, Inc. *		27		17,929
NortonLifeLock, Inc.		636		16,514
Palo Alto Networks, Inc. *		48		26,612
Synopsys, Inc. *		53		19,410
Trade Desk, Inc. (The), Class A *		201		18,440
UiPath, Inc., Class A * (a)		48		2,053
Unity Software, Inc. *		48		6,892
Zscaler, Inc. *		46		14,768
				183,079
Specialty Retail — 4.0%
AutoZone, Inc. *		14		29,598
Best Buy Co., Inc.		161		16,314
Burlington Stores, Inc. *		47		13,718
CarMax, Inc. *		55		7,202
Gap, Inc. (The)		637		11,243
National Vision Holdings, Inc. *		134		6,427
O’Reilly Automotive, Inc. *		18		12,499
Tractor Supply Co.		66		15,675
Ulta Beauty, Inc. *		33		13,401
				126,077

INVESTMENTS	SHARES (000)		VALUE ($000)
Textiles, Apparel & Luxury Goods — 1.6%
Carter’s, Inc.		152		15,407
Lululemon Athletica, Inc. *		20		7,762
Ralph Lauren Corp.		130		15,496
Tapestry, Inc.		333		13,507
				52,172
Thrifts & Mortgage Finance — 0.3%
MGIC Investment Corp.		566		8,168
Total Common Stocks (Cost $2,011,607)				3,104,412
Short-Term Investments — 2.9%
Investment Companies — 1.9%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (b) (c) (Cost $60,262)		60,245		60,270
Investment of Cash Collateral from Securities Loaned — 1.0%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (b) (c)		25,988		25,983
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		5,804		5,804
Total Investment of Cash Collateral from Securities Loaned (Cost $31,787)				31,787
Total Short-Term Investments (Cost $92,049)				92,057
Total Investments — 101.0% (Cost $2,103,656)				3,196,469
Liabilities in Excess of Other Assets —(1.0)%				(31,260	)
NET ASSETS — 100.0%				3,165,209

Percentages indicated are based on net assets.

(a)	The security or a portion of this security is on loan at December 31, 2021. The total value of securities on loan at December 31, 2021 is $30,611.
(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, 2021.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2021

JPMorgan Mid Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.6%
Aerospace & Defense — 0.5%
HEICO Corp., Class A		342		44,016
Airlines — 1.1%
Delta Air Lines, Inc. *		1,915		74,823
Frontier Group Holdings, Inc. * (a)		2,182		29,608
				104,431
Banks — 2.5%
First Republic Bank		410		84,586
Signature Bank		236		76,230
SVB Financial Group *		119		80,386
				241,202
Beverages — 1.2%
Constellation Brands, Inc., Class A		443		111,280
Biotechnology — 5.6%
Agios Pharmaceuticals, Inc. * (a)		1,140		37,475
Alnylam Pharmaceuticals, Inc. *		622		105,427
Exact Sciences Corp. *		942		73,324
Exelixis, Inc. *		2,443		44,651
Horizon Therapeutics plc *		1,173		126,358
Natera, Inc. *		660		61,608
Neurocrine Biosciences, Inc. * (a)		509		43,326
Seagen, Inc. *		308		47,663
				539,832
Building Products — 4.2%
Advanced Drainage Systems, Inc. (a)		357		48,547
Fortune Brands Home & Security, Inc.		807		86,258
Trane Technologies plc		954		192,696
Trex Co., Inc. *		541		73,078
				400,579
Capital Markets — 4.6%
Affiliated Managers Group, Inc.		375		61,625
Ares Management Corp.		714		57,986
Evercore, Inc., Class A		314		42,670
LPL Financial Holdings, Inc.		570		91,251
MarketAxess Holdings, Inc.		129		53,177
Morningstar, Inc.		120		40,868
MSCI, Inc.		146		89,637
				437,214
Commercial Services & Supplies — 1.8%
ACV Auctions, Inc., Class A * (a)		726		13,679
Copart, Inc. *		1,053		159,641
				173,320

INVESTMENTS	SHARES (000)		VALUE ($000)
Communications Equipment — 0.9%
Arista Networks, Inc. *		593		85,201
Construction & Engineering — 1.1%
Quanta Services, Inc.		915		104,891
Consumer Finance — 0.7%
Discover Financial Services		604		69,787
Diversified Consumer Services — 0.7%
Bright Horizons Family Solutions, Inc. *		559		70,380
Electrical Equipment — 2.3%
AMETEK, Inc.		590		86,783
Generac Holdings, Inc. *		368		129,619
				216,402
Electronic Equipment, Instruments & Components — 4.4%
Keysight Technologies, Inc. *		617		127,458
Littelfuse, Inc.		273		86,034
Trimble, Inc. *		702		61,199
Zebra Technologies Corp., Class A *		242		143,740
				418,431
Entertainment — 2.8%
ROBLOX Corp., Class A *		526		54,252
Roku, Inc. *		523		119,280
Spotify Technology SA *		156		36,509
Take-Two Interactive Software, Inc. *		347		61,740
				271,781
Health Care Equipment & Supplies — 5.3%
Align Technology, Inc. *		59		38,642
Cooper Cos., Inc. (The)		200		83,914
Dexcom, Inc. *		337		181,112
Hologic, Inc. *		767		58,683
Insulet Corp. * (a)		308		81,950
ResMed, Inc.		249		64,912
				509,213
Health Care Providers & Services — 3.4%
Acadia Healthcare Co., Inc. *		821		49,831
Amedisys, Inc. *		249		40,357
Centene Corp. *		1,582		130,382
McKesson Corp.		416		103,455
				324,025
Health Care Technology — 0.4%
Teladoc Health, Inc. * (a)		445		40,853
Hotels, Restaurants & Leisure — 4.2%
Aramark (a)		1,745		64,314
Booking Holdings, Inc. *		15		34,789

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 19

JPMorgan Mid Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Hotels, Restaurants & Leisure — continued
Chipotle Mexican Grill, Inc. *		49		85,140
DraftKings, Inc., Class A * (a)		1,687		46,336
Hilton Worldwide Holdings, Inc. *		625		97,432
Royal Caribbean Cruises Ltd. * (a)		986		75,823
				403,834
Household Durables — 1.6%
Garmin Ltd.		448		61,022
Helen of Troy Ltd. * (a)		384		93,755
				154,777
Insurance — 0.5%
Progressive Corp. (The)		483		49,529
Interactive Media & Services — 1.6%
Bumble, Inc., Class A *		1,374		46,539
Match Group, Inc. *		815		107,780
				154,319
Internet & Direct Marketing Retail — 0.7%
Chewy, Inc., Class A * (a)		600		35,406
Etsy, Inc. *		139		30,476
				65,882
IT Services — 4.1%
Affirm Holdings, Inc. *		334		33,560
Global Payments, Inc.		508		68,617
Globant SA *		141		44,307
MongoDB, Inc. *		258		136,309
Okta, Inc. *		364		81,665
Remitly Global, Inc. * (a)		1,183		24,398
				388,856
Leisure Products — 0.4%
Brunswick Corp.		365		36,736
Life Sciences Tools & Services — 3.7%
Agilent Technologies, Inc.		1,038		165,733
Maravai LifeSciences Holdings, Inc., Class A *		1,384		57,970
Mettler-Toledo International, Inc. *		79		134,758
				358,461
Machinery — 2.0%
Ingersoll Rand, Inc.		1,778		110,007
ITT, Inc.		802		81,997
				192,004
Metals & Mining — 0.7%
Freeport-McMoRan, Inc.		1,688		70,428

INVESTMENTS	SHARES (000)		VALUE ($000)
Oil, Gas & Consumable Fuels — 0.9%
EOG Resources, Inc.		949		84,326
Pharmaceuticals — 1.9%
Catalent, Inc. *		621		79,545
Jazz Pharmaceuticals plc *		423		53,848
Royalty Pharma plc, Class A		1,253		49,924
				183,317
Professional Services — 2.4%
Equifax, Inc.		448		131,082
IHS Markit Ltd.		729		96,846
				227,928
Road & Rail — 2.4%
Lyft, Inc., Class A * (a)		1,828		78,096
Old Dominion Freight Line, Inc.		423		151,685
				229,781
Semiconductors & Semiconductor Equipment — 9.7%
Advanced Micro Devices, Inc. *		738		106,213
Entegris, Inc.		999		138,455
Lam Research Corp.		137		98,484
Marvell Technology, Inc.		1,143		100,036
Microchip Technology, Inc.		1,032		89,882
SolarEdge Technologies, Inc. *		518		145,250
Teradyne, Inc.		880		143,873
Wolfspeed, Inc. * (a)		505		56,444
Xilinx, Inc.		267		56,591
				935,228
Software — 12.5%
Bill.com Holdings, Inc. *		256		63,658
Cadence Design Systems, Inc. *		682		127,147
Confluent, Inc., Class A * (a)		716		54,608
Crowdstrike Holdings, Inc., Class A *		531		108,661
Five9, Inc. *		420		57,619
Gitlab, Inc., Class A * (a)		156		13,550
HashiCorp, Inc., Class A * (a)		122		11,075
HubSpot, Inc. *		199		131,039
Palo Alto Networks, Inc. *		349		194,141
Synopsys, Inc. *		380		140,140
Trade Desk, Inc. (The), Class A *		1,452		133,061
UiPath, Inc., Class A * (a)		343		14,806
Unity Software, Inc. *		349		49,861
Zscaler, Inc. *		336		107,806
				1,207,172

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Specialty Retail — 5.2%
Burlington Stores, Inc. *		339		98,879
CarMax, Inc. *		403		52,522
National Vision Holdings, Inc. *		957		45,912
O’Reilly Automotive, Inc. *		127		89,974
Tractor Supply Co.		474		113,072
Ulta Beauty, Inc. *		237		97,890
				498,249
Textiles, Apparel & Luxury Goods — 0.6%
Lululemon Athletica, Inc. *		143		56,095
Total Common Stocks (Cost $6,247,872)				9,459,760
Short-Term Investments — 3.1%
Investment Companies — 1.7%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (b) (c) (Cost $160,999)		160,949		161,013
Investment of Cash Collateral from Securities Loaned —1.4%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (b) (c)		110,977		110,955
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		21,485		21,485
Total Investment of Cash Collateral from Securities Loaned (Cost $132,443)				132,440
Total Short-Term Investments (Cost $293,442)				293,453
Total Investments — 101.7% (Cost $6,541,314)				9,753,213
Liabilities in Excess of Other Assets — (1.7)%				(165,523	)
NET ASSETS — 100.0%				9,587,690

Percentages indicated are based on net assets.

(a)	The security or a portion of this security is on loan at December 31, 2021. The total value of securities on loan at December 31, 2021 is $127,353.
(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, 2021.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 21

JPMorgan Mid Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 99.1%
Airlines — 0.5%
Southwest Airlines Co. *		1,865		79,892
Banks — 8.0%
Citizens Financial Group, Inc.		4,305		203,388
Fifth Third Bancorp		5,925		258,017
Huntington Bancshares, Inc.		17,946		276,721
M&T Bank Corp.		1,766		271,211
Regions Financial Corp.		9,844		214,592
Zions Bancorp NA		2,200		138,978
				1,362,907
Beverages — 1.5%
Constellation Brands, Inc., Class A		587		147,194
Keurig Dr Pepper, Inc.		2,755		101,555
				248,749
Building Products — 2.9%
Carlisle Cos., Inc.		1,001		248,252
Fortune Brands Home & Security, Inc.		2,314		247,401
				495,653
Capital Markets — 6.4%
Ameriprise Financial, Inc.		934		281,856
Northern Trust Corp.		1,746		208,792
Raymond James Financial, Inc.		2,194		220,326
State Street Corp.		2,218		206,230
T. Rowe Price Group, Inc.		909		178,789
				1,095,993
Chemicals — 1.4%
Celanese Corp.		949		159,412
RPM International, Inc.		837		84,499
				243,911
Communications Equipment — 1.6%
Motorola Solutions, Inc.		984		267,289
Construction Materials — 1.0%
Martin Marietta Materials, Inc.		393		173,105
Consumer Finance — 1.0%
Discover Financial Services		1,554		179,546
Containers & Packaging — 1.6%
Packaging Corp. of America		895		121,866
Silgan Holdings, Inc.		3,543		151,775
				273,641
Distributors — 1.9%
Genuine Parts Co.		788		110,540
LKQ Corp.		3,672		220,429
				330,969

INVESTMENTS	SHARES (000)		VALUE ($000)
Diversified Financial Services — 0.6%
Voya Financial, Inc.		1,457		96,629
Electric Utilities — 3.4%
Edison International		1,736		118,455
Entergy Corp.		1,829		206,047
Xcel Energy, Inc.		3,844		260,271
				584,773
Electrical Equipment — 3.8%
Acuity Brands, Inc. (a)		1,082		229,103
AMETEK, Inc.		1,238		181,978
Hubbell, Inc.		1,146		238,752
				649,833
Electronic Equipment, Instruments & Components — 3.1%
Amphenol Corp., Class A		2,171		189,833
CDW Corp.		744		152,369
TD SYNNEX Corp.		1,713		195,953
				538,155
Entertainment — 0.8%
Zynga, Inc., Class A *		21,937		140,399
Equity Real Estate Investment Trusts (REITs) — 10.6%
American Homes 4 Rent, Class A		3,532		154,037
AvalonBay Communities, Inc.		619		156,373
Boston Properties, Inc.		1,167		134,372
Brixmor Property Group, Inc.		3,933		99,938
Essex Property Trust, Inc. (a)		275		96,839
Federal Realty Investment Trust		629		85,709
Host Hotels & Resorts, Inc. *		3,124		54,330
JBG SMITH Properties		2,160		62,026
Kimco Realty Corp.		4,800		118,327
Mid-America Apartment Communities, Inc.		409		93,844
Rayonier, Inc.		3,995		161,251
Regency Centers Corp.		1,078		81,258
Rexford Industrial Realty, Inc.		1,111		90,093
Sun Communities, Inc.		433		90,907
Ventas, Inc.		1,247		63,729
Weyerhaeuser Co.		4,276		176,084
WP Carey, Inc.		1,340		109,916
				1,829,033
Food & Staples Retailing — 1.4%
Kroger Co. (The)		2,811		127,246
US Foods Holding Corp. *		2,983		103,894
				231,140

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Food Products — 0.9%
Post Holdings, Inc. *		1,341		151,122
Gas Utilities — 1.4%
National Fuel Gas Co.		3,731		238,591
Health Care Equipment & Supplies — 1.0%
Zimmer Biomet Holdings, Inc.		1,409		178,990
Health Care Providers & Services — 5.3%
AmerisourceBergen Corp.		1,575		209,280
Henry Schein, Inc. *		1,975		153,099
Humana, Inc.		204		94,832
Laboratory Corp. of America Holdings *		853		267,984
Universal Health Services, Inc., Class B		1,394		180,726
				905,921
Hotels, Restaurants & Leisure — 1.0%
Darden Restaurants, Inc.		611		92,002
Expedia Group, Inc. *		447		80,823
				172,825
Household Durables — 2.0%
Mohawk Industries, Inc. *		904		164,773
Newell Brands, Inc.		8,269		180,603
				345,376
Household Products — 0.5%
Energizer Holdings, Inc.		2,022		81,079
Insurance — 6.3%
Alleghany Corp. *		134		89,163
Arch Capital Group Ltd. *		1,966		87,380
Hartford Financial Services Group, Inc. (The)		2,442		168,629
Lincoln National Corp.		1,967		134,282
Loews Corp.		4,628		267,329
Progressive Corp. (The)		1,101		113,035
RenaissanceRe Holdings Ltd. (Bermuda)		543		91,980
WR Berkley Corp.		1,596		131,512
				1,083,310
Interactive Media & Services — 0.9%
InterActiveCorp. *		1,211		158,336
IT Services — 1.1%
FleetCor Technologies, Inc. *		810		181,369
Machinery — 6.1%
IDEX Corp.		525		124,042
ITT, Inc.		2,095		214,092
Lincoln Electric Holdings, Inc.		1,311		182,847
Middleby Corp. (The) *		944		185,753

INVESTMENTS	SHARES (000)		VALUE ($000)
Machinery — continued
Snap-on, Inc.		873		187,964
Timken Co. (The)		2,040		141,327
				1,036,025
Media — 2.4%
Liberty Broadband Corp., Class C *		1,462		235,509
Liberty Media Corp.-Liberty SiriusXM, Class C *		3,395		172,645
				408,154
Metals & Mining — 0.8%
Freeport-McMoRan, Inc.		3,305		137,917
Multiline Retail — 0.7%
Kohl’s Corp.(a)		2,596		128,211
Multi-Utilities — 3.3%
CMS Energy Corp.		3,578		232,726
Sempra Energy		681		90,118
WEC Energy Group, Inc.		2,410		233,969
				556,813
Oil, Gas & Consumable Fuels — 3.8%
Coterra Energy, Inc.		10,942		207,892
Diamondback Energy, Inc.		2,022		218,080
Williams Cos., Inc. (The)		8,565		223,021
				648,993
Pharmaceuticals — 0.6%
Jazz Pharmaceuticals plc *		756		96,351
Professional Services — 0.8%
Leidos Holdings, Inc.		1,608		142,931
Real Estate Management & Development — 1.0%
CBRE Group, Inc., Class A *		1,597		173,318
Semiconductors & Semiconductor Equipment — 0.6%
Analog Devices, Inc.		596		104,693
Software — 0.9%
NortonLifeLock, Inc.		6,135		159,390
Specialty Retail — 3.2%
AutoZone, Inc. *		135		283,218
Best Buy Co., Inc.		1,523		154,729
Gap, Inc. (The)		6,066		107,068
				545,015
Textiles, Apparel & Luxury Goods — 2.5%
Carter’s, Inc.		1,469		148,709
Ralph Lauren Corp.		1,258		149,560
Tapestry, Inc.		3,112		126,328
				424,597

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 23

JPMorgan Mid Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Thrifts & Mortgage Finance — 0.5%
MGIC Investment Corp.		5,470		78,874
Total Common Stocks (Cost $9,675,091)				16,959,818
Short-Term Investments — 0.9%
Investment Companies — 0.9%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (b) (c) (Cost $146,037)		145,978		146,037
Investment of Cash Collateral from Securities Loaned —0.0% (d)
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (b) (c)		1,234		1,234
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		1,118		1,118
Total Investment of Cash Collateral from Securities Loaned (Cost $2,352)				2,352
Total Short-Term Investments (Cost $148,389)				148,389
Total Investments — 100.0% (Cost $9,823,480)				17,108,207
Liabilities in Excess of Other Assets — 0.0% (d)				(8,055	)
NET ASSETS — 100.0%				17,100,152

Percentages indicated are based on net assets.

(a)	The security or a portion of this security is on loan at December 31, 2021. The total value of securities on loan at December 31, 2021 is $2,227.
(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, 2021.
(d)	Amount rounds to less than 0.1% of net assets.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2021

JPMorgan Value Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.0%
Aerospace & Defense — 2.6%
General Dynamics Corp.		392		81,741
Northrop Grumman Corp.		215		83,375
Raytheon Technologies Corp.		1,375		118,295
				283,411
Air Freight & Logistics — 0.9%
FedEx Corp.		386		99,861
Banks — 12.6%
Bank of America Corp.		9,142		406,709
Citigroup, Inc.		1,309		79,040
Citizens Financial Group, Inc.		2,886		136,369
M&T Bank Corp.		1,103		169,355
PNC Financial Services Group, Inc. (The)		698		139,879
Truist Financial Corp.		2,326		136,201
US Bancorp		1,676		94,152
Wells Fargo & Co.		3,964		190,199
				1,351,904
Beverages — 0.5%
Keurig Dr Pepper, Inc.		1,581		58,264
Biotechnology — 3.3%
AbbVie, Inc.		1,745		236,299
Biogen, Inc. *		101		24,184
Regeneron Pharmaceuticals, Inc. *		78		49,195
Vertex Pharmaceuticals, Inc. *		202		44,271
				353,949
Building Products — 1.2%
Carlisle Cos., Inc.		288		71,486
Fortune Brands Home & Security, Inc.		563		60,153
				131,639
Capital Markets — 3.6%
Charles Schwab Corp. (The)		1,254		105,437
Invesco Ltd.		2,396		55,148
Morgan Stanley		808		79,267
Northern Trust Corp.		696		83,231
T. Rowe Price Group, Inc.		321		63,207
				386,290
Chemicals — 0.7%
Axalta Coating Systems Ltd. *		1,181		39,108
Celanese Corp.		194		32,553
				71,661
Communications Equipment — 0.9%
Cisco Systems, Inc.		1,058		67,026

INVESTMENTS	SHARES (000)		VALUE ($000)
Communications Equipment — continued
CommScope Holding Co., Inc. *		2,329		25,707
				92,733
Construction Materials — 0.9%
Martin Marietta Materials, Inc.		215		94,658
Consumer Finance — 2.5%
American Express Co.		547		89,506
Capital One Financial Corp.		1,259		182,652
				272,158
Containers & Packaging — 1.5%
Packaging Corp. of America		775		105,544
Westrock Co.		1,159		51,434
				156,978
Diversified Financial Services — 2.5%
Berkshire Hathaway, Inc., Class B *		910		272,029
Diversified Telecommunication Services — 1.7%
Verizon Communications, Inc.		3,428		178,113
Electric Utilities — 3.9%
American Electric Power Co., Inc.		770		68,517
Edison International		837		57,133
Entergy Corp.		513		57,767
NextEra Energy, Inc.		915		85,412
PG&E Corp. *		2,678		32,513
Xcel Energy, Inc.		1,711		115,832
				417,174
Electronic Equipment, Instruments & Components — 0.8%
TD SYNNEX Corp.		712		81,382
Entertainment — 0.3%
Walt Disney Co. (The) *		242		37,483
Equity Real Estate Investment Trusts (REITs) — 7.4%
American Homes 4 Rent, Class A		1,371		59,801
Apple Hospitality REIT, Inc.		2,175		35,118
Brixmor Property Group, Inc.		3,423		86,966
Federal Realty Investment Trust		395		53,901
JBG SMITH Properties		1,096		31,466
Kimco Realty Corp. (a)		4,053		99,900
Lamar Advertising Co., Class A		173		20,985
Mid-America Apartment Communities, Inc.		310		71,114
Public Storage		189		70,717
Rayonier, Inc. (a)		2,307		93,126
Welltower, Inc. (a)		366		31,349
Weyerhaeuser Co.		3,318		136,632
				791,075

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 25

JPMorgan Value Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Food & Staples Retailing — 0.6%
Sysco Corp.		876		68,833
Food Products — 1.6%
Kraft Heinz Co. (The)		2,214		79,472
Post Holdings, Inc. * (a)		863		97,247
				176,719
Health Care Equipment & Supplies — 0.9%
Medtronic plc		533		55,187
Zimmer Biomet Holdings, Inc.		371		47,183
				102,370
Health Care Providers & Services — 4.4%
AmerisourceBergen Corp.		757		100,611
Cigna Corp.		229		52,516
CVS Health Corp.		1,171		120,749
HCA Healthcare, Inc.		140		35,979
UnitedHealth Group, Inc.		335		167,984
				477,839
Hotels, Restaurants & Leisure — 1.1%
Booking Holdings, Inc. *		26		61,420
Cracker Barrel Old Country Store, Inc. (a)		146		18,820
Las Vegas Sands Corp. *		1,063		40,000
				120,240
Household Durables — 1.4%
Mohawk Industries, Inc. *		470		85,679
Newell Brands, Inc.		3,114		68,010
				153,689
Household Products — 1.6%
Energizer Holdings, Inc. (a)		1,409		56,516
Procter & Gamble Co. (The)		701		114,659
				171,175
Industrial Conglomerates — 0.8%
Honeywell International, Inc.		418		87,141
Insurance — 8.1%
Alleghany Corp. *		86		57,677
American International Group, Inc.		759		43,128
Chubb Ltd.		437		84,543
CNA Financial Corp.		744		32,791
Fairfax Financial Holdings Ltd. (Canada)		142		69,796
Hartford Financial Services Group, Inc. (The)		1,414		97,649
Loews Corp. (a)		3,156		182,280
Marsh & McLennan Cos., Inc.		290		50,328
Progressive Corp. (The)		640		65,706

INVESTMENTS	SHARES (000)		VALUE ($000)
Insurance — continued
Travelers Cos., Inc. (The)		1,147		179,405
				863,303
Interactive Media & Services — 0.9%
Alphabet, Inc., Class C *		17		50,349
InterActiveCorp. *		337		44,036
				94,385
IT Services — 1.4%
FleetCor Technologies, Inc. *		248		55,468
International Business Machines Corp.		474		63,328
Kyndryl Holdings, Inc. *		1,700		30,764
				149,560
Machinery — 2.9%
Dover Corp.		708		128,483
ITT, Inc.		660		67,415
Stanley Black & Decker, Inc.		392		73,864
Timken Co. (The)		567		39,253
				309,015
Media — 2.6%
DISH Network Corp., Class A * (a)		1,596		51,788
Liberty Broadband Corp., Class C *		568		91,424
Liberty Media Corp.-Liberty SiriusXM, Class C * (a)		1,571		79,906
Nexstar Media Group, Inc., Class A		374		56,514
				279,632
Multiline Retail — 1.1%
Dollar General Corp.		265		62,566
Kohl’s Corp. (a)		1,227		60,612
				123,178
Oil, Gas & Consumable Fuels — 5.8%
Chevron Corp.		848		99,454
ConocoPhillips		2,277		164,365
Coterra Energy, Inc.		3,525		66,966
Diamondback Energy, Inc.		288		31,082
Kinder Morgan, Inc.		4,577		72,596
Marathon Petroleum Corp.		993		63,530
Phillips 66		878		63,633
Williams Cos., Inc. (The)		2,626		68,389
				630,015
Pharmaceuticals — 4.2%
Bristol-Myers Squibb Co.		3,008		187,554
Johnson & Johnson		790		135,149

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Pharmaceuticals — continued
Merck & Co., Inc.		725		55,529
Organon & Co.		1,193		36,317
Viatris, Inc.		3,202		43,325
				457,874
Professional Services — 0.6%
Leidos Holdings, Inc.		751		66,764
Real Estate Management & Development — 0.5%
CBRE Group, Inc., Class A *		546		59,300
Semiconductors & Semiconductor Equipment — 1.8%
Analog Devices, Inc.		573		100,751
Texas Instruments, Inc.		502		94,587
				195,338
Specialty Retail — 4.7%
AutoZone, Inc. *		74		154,618
Best Buy Co., Inc.		686		69,685
Dick’s Sporting Goods, Inc. (a)		370		42,592
Gap, Inc. (The) (a)		3,365		59,385
Lowe’s Cos., Inc.		355		91,657
Murphy USA, Inc.		460		91,694
				509,631
Textiles, Apparel & Luxury Goods — 1.0%
Columbia Sportswear Co.		469		45,680
Ralph Lauren Corp.		501		59,549
				105,229
Tobacco — 0.6%
Philip Morris International, Inc.		679		64,477
Wireless Telecommunication Services — 0.6%
T-Mobile US, Inc. *		554		64,299
Total Common Stocks (Cost $6,493,503)				10,460,768
Short-Term Investments — 3.3%
Investment Companies — 3.1%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (b) (c) (Cost $340,069)		339,933		340,069

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment of Cash Collateral from Securities Loaned — 0.2%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (b) (c)		14,076		14,074
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		3,394		3,394
Total Investment of Cash Collateral from Securities Loaned (Cost $17,468)				17,468
Total Short-Term Investments (Cost $357,537)				357,537
Total Investments — 100.3% (Cost $6,851,040)				10,818,305
Liabilities in Excess of Other Assets — (0.3)%				(30,411	)
NET ASSETS — 100.0%				10,787,894

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, 2021. The total value of securities on loan at December 31, 2021 is $16,771.
(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, 2021.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 27

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2021 (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	$	16,341,617		$	3,104,412		$	9,459,760
Investments in affiliates, at value		161,973			60,270			161,013
Investment of cash collateral received from securities loaned, at value (See Note 2.B.)		248,171			31,787			132,440
Cash		49			—			13
Receivables:
Fund shares sold		21,159			3,245			7,634
Dividends from non-affiliates		1,424			3,052			400
Dividends from affiliates		—	(a)		—	(a)		—	(a)
Securities lending income (See Note 2.B.)		22			6			27
Other assets		379			253			—
Total Assets		16,774,794			3,203,025			9,761,287
LIABILITIES:
Payables:
Due to custodian		—			16			—
Investment securities purchased		—			1,889			13,816
Collateral received on securities loaned (See Note 2.B.)		248,171			31,787			132,440
Fund shares redeemed		8,701			1,963			20,511
Accrued liabilities:
Investment advisory fees		6,974			1,527			4,998
Administration fees		469			81			465
Distribution fees		1,490			145			458
Service fees		1,905			354			673
Custodian and accounting fees		191			42			111
Trustees’ and Chief Compliance Officer’s fees		—			—	(a)		—	(a)
Other		250			12			125
Total Liabilities		268,151			37,816			173,597
Net Assets	$	16,506,643		$	3,165,209		$	9,587,690

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2021

	JPMorgan Growth Advantage Fund			JPMorgan Mid Cap Equity Fund			JPMorgan Mid Cap Growth Fund
NET ASSETS:
Paid-in-Capital	$	8,104,834		$	2,073,259		$	6,325,777
Total distributable earnings (loss)		8,401,809			1,091,950			3,261,913
Total Net Assets	$	16,506,643		$	3,165,209		$	9,587,690
Net Assets:
Class A	$	3,337,143		$	640,121		$	1,651,602
Class C		1,241,302			18,841			107,958
Class I		4,824,484			1,049,626			2,008,915
Class R2		760			643			60,431
Class R3		6,175			—			79,849
Class R4		21,307			—			23,332
Class R5		149,779			83			711,371
Class R6		6,925,693			1,455,895			4,944,232
Total	$	16,506,643		$	3,165,209		$	9,587,690
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		105,098			10,638			39,029
Class C		49,030			335			3,791
Class I		144,081			17,064			38,388
Class R2		24			11			1,281
Class R3		195			—			1,559
Class R4		636			—			448
Class R5		4,330			1			13,310
Class R6		197,980			23,634			91,809
Net Asset Value (a):
Class A — Redemption price per share	$	31.75		$	60.17		$	42.32
Class C — Offering price per share (b)		25.32			56.33			28.48
Class I — Offering and redemption price per share		33.48			61.51			52.33
Class R2 — Offering and redemption price per share		31.26			59.15			47.19
Class R3 — Offering and redemption price per share		31.70			—			51.23
Class R4 — Offering and redemption price per share		33.50			—			52.12
Class R5 — Offering and redemption price per share		34.59			61.75			53.44
Class R6 — Offering and redemption price per share		34.98			61.60			53.85
Class A maximum sales charge		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	33.51		$	63.50		$	44.66
Cost of investments in non-affiliates	$	7,909,340		$	2,011,607		$	6,247,872
Cost of investments in affiliates		161,958			60,262			160,999
Investment securities on loan, at value (See Note 2.B.)		241,385			30,611			127,353
Cost of investment of cash collateral (See Note 2.B.)		248,176			31,787			132,443

(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, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 29

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2021 (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	$	16,959,818		$	10,460,768
Investments in affiliates, at value		146,037			340,069
Investment of cash collateral received from securities loaned, at value (See Note 2.B.)		2,352			17,468
Cash		5			13
Receivables:
Investment securities sold		—			1,853
Fund shares sold		8,650			7,513
Dividends from non-affiliates		28,198			8,028
Dividends from affiliates		—	(a)		1
Securities lending income (See Note 2.B.)		1			2
Total Assets		17,145,061			10,835,715
LIABILITIES:
Payables:
Investment securities purchased		—			17,979
Collateral received on securities loaned (See Note 2.B.)		2,352			17,468
Fund shares redeemed		30,884			5,927
Accrued liabilities:
Investment advisory fees		8,659			4,464
Administration fees		500			353
Distribution fees		442			443
Service fees		1,627			920
Custodian and accounting fees		199			131
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—	(a)
Other		246			136
Total Liabilities		44,909			47,821
Net Assets	$	17,100,152		$	10,787,894

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2021

	JPMorgan Mid Cap Value Fund			JPMorgan Value Advantage Fund
NET ASSETS:
Paid-in-Capital	$	9,438,323		$	6,598,593
Total distributable earnings (loss)		7,661,829			4,189,301
Total Net Assets	$	17,100,152		$	10,787,894
Net Assets:
Class A	$	1,656,299		$	1,117,171
Class C		76,270			333,784
Class I		2,810,923			2,407,948
Class L		7,973,997			1,859,802
Class R2		74,034			277
Class R3		86,456			3,361
Class R4		19,587			1,717
Class R5		97,615			1,390
Class R6		4,304,971			5,062,444
Total	$	17,100,152		$	10,787,894
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		41,091			28,184
Class C		1,990			8,435
Class I		68,676			60,392
Class L		191,648			46,615
Class R2		1,949			7
Class R3		2,170			86
Class R4		481			43
Class R5		2,351			35
Class R6		103,536			127,082
Net Asset Value (a):
Class A — Redemption price per share	$	40.31		$	39.64
Class C — Offering price per share (b)		38.33			39.57
Class I — Offering and redemption price per share		40.93			39.87
Class L — Offering and redemption price per share		41.61			39.90
Class R2 — Offering and redemption price per share		37.98			39.15
Class R3 — Offering and redemption price per share		39.84			39.04
Class R4 — Offering and redemption price per share		40.71			39.86
Class R5 — Offering and redemption price per share		41.53			39.83
Class R6 — Offering and redemption price per share		41.58			39.84
Class A maximum sales charge		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	42.54		$	41.84
Cost of investments in non-affiliates	$	9,675,091		$	6,493,503
Cost of investments in affiliates		146,037			340,069
Investment securities on loan, at value (See Note 2.B.)		2,227			16,771
Cost of investment of cash collateral (See Note 2.B.)		2,352			17,468

(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, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 31

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)

(Amounts in thousands)

	JPMorgan Growth Advantage Fund			JPMorgan Mid Cap Equity Fund			JPMorgan Mid Cap Growth Fund
INVESTMENT INCOME:
Interest income from affiliates	$	—	(a)	$	—		$	1
Dividend income from non-affiliates		37,877			16,504			16,852
Dividend income from affiliates		89			26			83
Income from securities lending (net) (See Note 2.B.)		213			41			233
Total investment income		38,179			16,571			17,169
EXPENSES:
Investment advisory fees		43,760			9,930			30,932
Administration fees		5,276			1,146			3,568
Distribution fees:
Class A		4,035			780			2,110
Class C		4,709			77			412
Class R2		2			2			144
Class R3		7			—			93
Service fees:
Class A		4,035			780			2,110
Class C		1,570			26			137
Class I		6,038			1,258			2,551
Class R2		1			1			72
Class R3		7			—			93
Class R4		28			—			32
Class R5		74			—	(a)		366
Custodian and accounting fees		225			52			136
Professional fees		78			34			55
Trustees’ and Chief Compliance Officer’s fees		30			17			24
Printing and mailing costs		386			170			172
Registration and filing fees		258			109			288
Transfer agency fees (See Note 2.F.)		173			30			218
Other		312			77			120
Total expenses		71,004			14,489			43,633
Less fees waived		(2,520	)		(1,766	)		(1,872	)
Less expense reimbursements		—	(a)		(3	)		(30	)
Net expenses		68,484			12,720			41,731
Net investment income (loss)		(30,305	)		3,851			(24,562	)
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		319,987			75,142			222,366
Investments in affiliates		(12	)		(6	)		(27	)
Foreign currency transactions		—	(a)		—	(a)		—	(a)
Net realized gain (loss)		319,975			75,136			222,339
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		1,105,842			58,128			(13,073	)
Investments in affiliates		(11	)		2			12
Change in net unrealized appreciation/depreciation		1,105,831			58,130			(13,061	)
Net realized/unrealized gains (losses)		1,425,806			133,266			209,278
Change in net assets resulting from operations	$	1,395,501		$	137,117		$	184,716

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2021

	JPMorgan Mid Cap Value Fund			JPMorgan Value Advantage Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	134,342		$	101,664
Dividend income from affiliates		55			100
Income from securities lending (net) (See Note 2.B.)		9			11
Total investment income		134,406			101,775
EXPENSES:
Investment advisory fees		56,068			30,389
Administration fees		5,564			4,007
Distribution fees:
Class A		2,048			1,363
Class C		288			1,285
Class R2		183			1
Class R3		110			4
Service fees:
Class A		2,048			1,363
Class C		96			428
Class I		3,781			3,008
Class L		3,980			948
Class R2		92			—	(a)
Class R3		110			4
Class R4		40			2
Class R5		45			1
Custodian and accounting fees		260			171
Professional fees		82			61
Trustees’ and Chief Compliance Officer’s fees		33			26
Printing and mailing costs		522			313
Registration and filing fees		170			147
Transfer agency fees (See Note 2.F.)		129			98
Other		392			185
Total expenses		76,041			43,804
Less fees waived		(4,535	)		(1,777	)
Less expense reimbursements		(30	)		(7	)
Net expenses		71,476			42,020
Net investment income (loss)		62,930			59,755
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		961,782			662,064
Investments in affiliates		(16	)		(5	)
Net realized gain (loss)		961,766			662,059
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		91,474			(90,619	)
Investments in affiliates		2			3
Change in net unrealized appreciation/depreciation		91,476			(90,616	)
Net realized/unrealized gains (losses)		1,053,242			571,443
Change in net assets resulting from operations	$	1,116,172		$	631,198

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 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, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(30,305	)	$	(38,687	)	$	3,851		$	5,871
Net realized gain (loss)		319,975			2,615,524			75,136			236,501
Change in net unrealized appreciation/depreciation		1,105,831			2,518,044			58,130			551,887
Change in net assets resulting from operations		1,395,501			5,094,881			137,117			794,259
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(450,846	)		(248,914	)		(45,467	)		(51,016	)
Class C		(205,934	)		(129,471	)		(1,466	)		(2,405	)
Class I		(627,636	)		(360,812	)		(74,927	)		(43,367	)
Class R2		(97	)		(32	)		(46	)		(76	)
Class R3		(738	)		(192	)		—			—
Class R4		(2,743	)		(1,887	)		—			—
Class R5		(18,769	)		(12,763	)		(6	)		(111	)
Class R6		(865,471	)		(579,464	)		(105,308	)		(120,036	)
Total distributions to shareholders		(2,172,234	)		(1,333,535	)		(227,220	)		(217,011	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		2,504,539			207,286			429,770			611,112
NET ASSETS:
Change in net assets		1,727,806			3,968,632			339,667			1,188,360
Beginning of period		14,778,837			10,810,205			2,825,542			1,637,182
End of period	$	16,506,643		$	14,778,837		$	3,165,209		$	2,825,542

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2021

	JPMorgan Mid Cap Growth Fund						JPMorgan Mid Cap Value Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(24,562	)	$	(38,812	)	$	62,930		$	127,797
Net realized gain (loss)		222,339			977,630			961,766			1,768,173
Change in net unrealized appreciation/depreciation		(13,061	)		1,605,407			91,476			4,261,488
Change in net assets resulting from operations		184,716			2,544,225			1,116,172			6,157,458
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(164,928	)		(173,779	)		(219,981	)		(92,478	)
Class C		(15,295	)		(16,088	)		(10,363	)		(5,006	)
Class I		(164,559	)		(173,836	)		(392,787	)		(197,658	)
Class L		—			—			(1,064,675	)		(492,109	)
Class R2		(5,456	)		(5,377	)		(10,249	)		(4,986	)
Class R3		(6,561	)		(5,883	)		(11,581	)		(5,364	)
Class R4		(1,915	)		(1,774	)		(4,055	)		(2,242	)
Class R5		(56,755	)		(63,349	)		(11,564	)		(5,676	)
Class R6		(391,225	)		(329,350	)		(571,247	)		(264,623	)
Total distributions to shareholders		(806,694	)		(769,436	)		(2,296,502	)		(1,070,142	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		1,136,904			1,816,908			1,229,845			(751,266	)
NET ASSETS:
Change in net assets		514,926			3,591,697			49,515			4,336,050
Beginning of period		9,072,764			5,481,067			17,050,637			12,714,587
End of period	$	9,587,690		$	9,072,764		$	17,100,152		$	17,050,637

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 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, 2021 (Unaudited)			Year Ended June 30, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	59,755		$	124,916
Net realized gain (loss)		662,059			961,470
Change in net unrealized appreciation/depreciation		(90,616	)		2,800,518
Change in net assets resulting from operations		631,198			3,886,904
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(139,510	)		(23,476	)
Class C		(40,783	)		(7,055	)
Class I		(309,038	)		(72,893	)
Class L		(243,763	)		(53,516	)
Class R2		(32	)		(7	)
Class R3		(427	)		(63	)
Class R4		(206	)		(1,188	)
Class R5		(180	)		(145	)
Class R6		(643,793	)		(133,423	)
Total distributions to shareholders		(1,377,732	)		(291,766	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		383,112			(1,143,741	)
NET ASSETS:
Change in net assets		(363,422	)		2,451,397
Beginning of period		11,151,316			8,699,919
End of period	$	10,787,894		$	11,151,316

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2021

	JPMorgan Growth Advantage Fund						JPMorgan Mid Cap Equity Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	295,282		$	617,307		$	57,791		$	108,793
Distributions reinvested		434,059			240,271			45,434			50,959
Cost of shares redeemed		(235,767	)		(591,206	)		(39,852	)		(103,045	)
Change in net assets resulting from Class A capital transactions		493,574			266,372			63,373			56,707
Class C
Proceeds from shares issued		73,779			163,112			771			1,523
Distributions reinvested		200,976			125,552			1,462			2,405
Cost of shares redeemed		(151,993	)		(301,892	)		(4,592	)		(8,655	)
Change in net assets resulting from Class C capital transactions		122,762			(13,228	)		(2,359	)		(4,727	)
Class I
Proceeds from shares issued		543,458			1,479,235			255,657			599,516
Distributions reinvested		592,526			337,895			74,821			43,123
Cost of shares redeemed		(733,316	)		(1,078,748	)		(137,029	)		(236,107	)
Change in net assets resulting from Class I capital transactions		402,668			738,382			193,449			406,532
Class R2
Proceeds from shares issued		224			300			71			191
Distributions reinvested		96			32			43			73
Cost of shares redeemed		(26	)		(154	)		(6	)		(535	)
Change in net assets resulting from Class R2 capital transactions		294			178			108			(271	)
Class R3
Proceeds from shares issued		2,616			3,643			—			—
Distributions reinvested		628			163			—			—
Cost of shares redeemed		(1,914	)		(434	)		—			—
Change in net assets resulting from Class R3 capital transactions		1,330			3,372			—			—
Class R4
Proceeds from shares issued		1,017			2,600			—			—
Distributions reinvested		2,743			1,886			—			—
Cost of shares redeemed		(4,301	)		(5,512	)		—			—
Change in net assets resulting from Class R4 capital transactions		(541	)		(1,026	)		—			—
Class R5
Proceeds from shares issued		11,948			22,343			6			272
Distributions reinvested		18,390			12,555			6			111
Cost of shares redeemed		(16,426	)		(70,249	)		—	(a)		(1,462	)
Change in net assets resulting from Class R5 capital transactions		13,912			(35,351	)		12			(1,079	)
Class R6
Proceeds from shares issued		1,266,705			1,205,957			192,249			334,403
Distributions reinvested		863,104			578,133			105,241			119,998
Cost of shares redeemed		(659,269	)		(2,535,503	)		(122,303	)		(300,451	)
Change in net assets resulting from Class R6 capital transactions		1,470,540			(751,413	)		175,187			153,950
Total change in net assets resulting from capital transactions	$	2,504,539		$	207,286		$	429,770		$	611,112

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 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, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
SHARE TRANSACTIONS:
Class A
Issued		8,558			20,460			921			1,925
Reinvested		13,886			8,308			775			961
Redeemed		(6,889	)		(19,686	)		(639	)		(1,903	)
Change in Class A Shares		15,555			9,082			1,057			983
Class C
Issued		2,604			6,449			13			28
Reinvested		8,062			5,236			27			48
Redeemed		(5,397	)		(11,926	)		(78	)		(165	)
Change in Class C Shares		5,269			(241	)		(38	)		(89	)
Class I
Issued		15,091			46,557			3,957			10,207
Reinvested		17,977			11,160			1,248			795
Redeemed		(20,320	)		(33,943	)		(2,121	)		(4,122	)
Change in Class I Shares		12,748			23,774			3,084			6,880
Class R2
Issued		7			9			1			3
Reinvested		3			1			1			2
Redeemed		(1	)		(5	)		—	(a)		(9	)
Change in Class R2 Shares		9			5			2			(4	)
Class R3
Issued		79			116			—			—
Reinvested		20			6			—			—
Redeemed		(55	)		(14	)		—			—
Change in Class R3 Shares		44			108			—			—
Class R4
Issued		28			81			—			—
Reinvested		83			62			—			—
Redeemed		(116	)		(177	)		—			—
Change in Class R4 Shares		(5	)		(34	)		—			—
Class R5
Issued		319			696			—	(a)		5
Reinvested		540			403			—	(a)		2
Redeemed		(437	)		(2,158	)		—	(a)		(24	)
Change in Class R5 Shares		422			(1,059	)		—	(a)		(17	)
Class R6
Issued		32,958			36,597			3,000			5,844
Reinvested		25,068			18,399			1,751			2,206
Redeemed		(17,622	)		(76,164	)		(1,897	)		(5,296	)
Change in Class R6 Shares		40,404			(21,168	)		2,854			2,754

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2021

	JPMorgan Mid Cap Growth Fund						JPMorgan Mid Cap Value Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	110,119		$	269,885		$	118,359		$	312,241
Distributions reinvested		159,203			168,194			205,806			84,258
Cost of shares redeemed		(125,519	)		(265,651	)		(160,660	)		(421,860	)
Change in net assets resulting from Class A capital transactions		143,803			172,428			163,505			(25,361	)
Class C
Proceeds from shares issued		11,082			18,817			5,413			11,152
Distributions reinvested		15,070			15,598			10,091			4,875
Cost of shares redeemed		(14,375	)		(29,254	)		(9,602	)		(50,512	)
Change in net assets resulting from Class C capital transactions		11,777			5,161			5,902			(34,485	)
Class I
Proceeds from shares issued		252,496			807,758			215,808			944,499
Distributions reinvested		155,839			163,157			372,132			187,286
Cost of shares redeemed		(278,506	)		(572,464	)		(633,884	)		(1,167,802	)
Change in net assets resulting from Class I capital transactions		129,829			398,451			(45,944	)		(36,017	)
Class L
Proceeds from shares issued		—			—			455,340			1,079,544
Distributions reinvested		—			—			1,015,481			466,015
Cost of shares redeemed		—			—			(791,650	)		(2,003,837	)
Change in net assets resulting from Class L capital transactions		—			—			679,171			(458,278	)
Class R2
Proceeds from shares issued		12,269			19,596			5,006			11,087
Distributions reinvested		5,445			5,366			10,195			4,944
Cost of shares redeemed		(9,749	)		(18,633	)		(6,584	)		(26,032	)
Change in net assets resulting from Class R2 capital transactions		7,965			6,329			8,617			(10,001	)
Class R3
Proceeds from shares issued		15,972			27,679			4,126			10,318
Distributions reinvested		6,481			5,811			10,954			5,120
Cost of shares redeemed		(7,614	)		(19,436	)		(10,650	)		(16,546	)
Change in net assets resulting from Class R3 capital transactions		14,839			14,054			4,430			(1,108	)
Class R4
Proceeds from shares issued		7,179			15,324			2,908			29,189
Distributions reinvested		1,915			1,774			4,055			2,242
Cost of shares redeemed		(7,452	)		(9,549	)		(17,006	)		(36,170	)
Change in net assets resulting from Class R4 capital transactions		1,642			7,549			(10,043	)		(4,739	)
Class R5
Proceeds from shares issued		58,001			169,023			18,321			15,455
Distributions reinvested		53,207			59,609			11,552			5,671
Cost of shares redeemed		(88,695	)		(178,446	)		(15,873	)		(28,691	)
Change in net assets resulting from Class R5 capital transactions		22,513			50,186			14,000			(7,565	)
Class R6
Proceeds from shares issued		866,924			1,731,741			330,287			880,233
Distributions reinvested		387,715			326,519			531,604			243,857
Cost of shares redeemed		(450,103	)		(895,510	)		(451,684	)		(1,297,802	)
Change in net assets resulting from Class R6 capital transactions		804,536			1,162,750			410,207			(173,712	)
Total change in net assets resulting from capital transactions	$	1,136,904		$	1,816,908		$	1,229,845		$	(751,266	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 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, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
SHARE TRANSACTIONS:
Class A
Issued		2,392			6,348			2,735			8,294
Reinvested		3,841			4,077			5,251			2,357
Redeemed		(2,752	)		(6,207	)		(3,721	)		(11,461	)
Change in Class A Shares		3,481			4,218			4,265			(810	)
Class C
Issued		341			609			131			302
Reinvested		540			533			272			143
Redeemed		(450	)		(951	)		(234	)		(1,473	)
Change in Class C Shares		431			191			169			(1,028	)
Class I
Issued		4,515			15,656			4,955			26,465
Reinvested		3,041			3,271			9,337			5,165
Redeemed		(4,984	)		(11,073	)		(14,717	)		(31,205	)
Change in Class I Shares		2,572			7,854			(425	)		425
Class L
Issued		—			—			10,217			27,115
Reinvested		—			—			25,025			12,656
Redeemed		—			—			(17,893	)		(52,480	)
Change in Class L Shares		—			—			17,349			(12,709	)
Class R2
Issued		231			411			120			308
Reinvested		118			118			277			146
Redeemed		(190	)		(395	)		(162	)		(735	)
Change in Class R2 Shares		159			134			235			(281	)
Class R3
Issued		281			550			96			273
Reinvested		129			118			283			145
Redeemed		(136	)		(384	)		(247	)		(451	)
Change in Class R3 Shares		274			284			132			(33	)
Class R4
Issued		129			299			64			772
Reinvested		37			36			103			62
Redeemed		(130	)		(183	)		(412	)		(892	)
Change in Class R4 Shares		36			152			(245	)		(58	)
Class R5
Issued		1,016			3,227			434			389
Reinvested		1,017			1,172			285			154
Redeemed		(1,534	)		(3,436	)		(354	)		(723	)
Change in Class R5 Shares		499			963			365			(180	)
Class R6
Issued		14,962			32,743			7,344			22,671
Reinvested		7,351			6,379			13,105			6,625
Redeemed		(7,799	)		(17,096	)		(9,993	)		(33,322	)
Change in Class R6 Shares		14,514			22,026			10,456			(4,026	)

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2021

	JPMorgan Value Advantage Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	117,432		$	228,457
Distributions reinvested		131,124			21,985
Cost of shares redeemed		(103,673	)		(256,183	)
Change in net assets resulting from Class A capital transactions		144,883			(5,741	)
Class C
Proceeds from shares issued		20,094			42,809
Distributions reinvested		40,129			6,902
Cost of shares redeemed		(53,063	)		(152,617	)
Change in net assets resulting from Class C capital transactions		7,160			(102,906	)
Class I
Proceeds from shares issued		329,211			632,458
Distributions reinvested		281,851			67,804
Cost of shares redeemed		(357,272	)		(1,288,594	)
Change in net assets resulting from Class I capital transactions		253,790			(588,332	)
Class L
Proceeds from shares issued		133,376			329,055
Distributions reinvested		234,993			51,517
Cost of shares redeemed		(228,419	)		(753,164	)
Change in net assets resulting from Class L capital transactions		139,950			(372,592	)
Class R2
Proceeds from shares issued		73			81
Distributions reinvested		32			7
Cost of shares redeemed		(1	)		(144	)
Change in net assets resulting from Class R2 capital transactions		104			(56	)
Class R3
Proceeds from shares issued		912			1,146
Distributions reinvested		339			51
Cost of shares redeemed		(635	)		(488	)
Change in net assets resulting from Class R3 capital transactions		616			709
Class R4
Proceeds from shares issued		121			3,069
Distributions reinvested		205			1,187
Cost of shares redeemed		(221	)		(42,655	)
Change in net assets resulting from Class R4 capital transactions		105			(38,399	)
Class R5
Proceeds from shares issued		84			839
Distributions reinvested		142			137
Cost of shares redeemed		(103	)		(6,702	)
Change in net assets resulting from Class R5 capital transactions		123			(5,726	)
Class R6
Proceeds from shares issued		302,491			1,674,385
Distributions reinvested		643,064			133,248
Cost of shares redeemed		(1,109,174	)		(1,838,331	)
Change in net assets resulting from Class R6 capital transactions		(163,619	)		(30,698	)
Total change in net assets resulting from capital transactions	$	383,112		$	(1,143,741	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 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, 2021 (Unaudited)			Year Ended June 30, 2021
SHARE TRANSACTIONS:
Class A
Issued		2,754			6,264
Reinvested		3,380			627
Redeemed		(2,438	)		(7,354	)
Change in Class A Shares		3,696			(463	)
Class C
Issued		472			1,112
Reinvested		1,040			198
Redeemed		(1,250	)		(4,444	)
Change in Class C Shares		262			(3,134	)
Class I
Issued		7,741			17,384
Reinvested		7,212			1,924
Redeemed		(8,488	)		(34,308	)
Change in Class I Shares		6,465			(15,000	)
Class L
Issued		3,075			9,182
Reinvested		6,003			1,461
Redeemed		(5,419	)		(21,293	)
Change in Class L Shares		3,659			(10,650	)
Class R2
Issued		2			2
Reinvested		1			—	(a)
Redeemed		—	(a)		(4	)
Change in Class R2 Shares		3			(2	)
Class R3
Issued		21			32
Reinvested		9			1
Redeemed		(15	)		(14	)
Change in Class R3 Shares		15			19
Class R4
Issued		3			89
Reinvested		5			34
Redeemed		(5	)		(1,184	)
Change in Class R4 Shares		3			(1,061	)
Class R5
Issued		2			26
Reinvested		4			4
Redeemed		(3	)		(184	)
Change in Class R5 Shares		3			(154	)
Class R6
Issued		6,964			43,621
Reinvested		16,442			3,783
Redeemed		(25,206	)		(51,458	)
Change in Class R6 Shares		(1,800	)		(4,054	)

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2021

THIS PAGE IS INTENTIONALLY LEFT BLANK

DECEMBER 31, 2021 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, 2021 (Unaudited)	$	33.66	$	(0.11	)	$	3.14	$	3.03	$	—		$	(4.94	)	$	(4.94	)
Year Ended June 30, 2021		25.27		(0.16	)		11.67		11.51		—			(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		—			—			—
Class C
Six Months Ended December 31, 2021 (Unaudited)		27.83		(0.16	)		2.59		2.43		—			(4.94	)		(4.94	)
Year Ended June 30, 2021		21.42		(0.26	)		9.79		9.53		—			(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		—			—			—
Class I
Six Months Ended December 31, 2021 (Unaudited)		35.20		(0.07	)		3.29		3.22		—			(4.94	)		(4.94	)
Year Ended June 30, 2021		26.29		(0.09	)		12.18		12.09		(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		—			—			—
Class R2
Six Months Ended December 31, 2021 (Unaudited)		33.24		(0.15	)		3.11		2.96		—			(4.94	)		(4.94	)
Year Ended June 30, 2021		25.05		(0.24	)		11.56		11.32		(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, 2021 (Unaudited)		33.61		(0.11	)		3.14		3.03		—			(4.94	)		(4.94	)
Year Ended June 30, 2021		25.27		(0.17	)		11.68		11.51		(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, 2021 (Unaudited)		35.21		(0.07	)		3.30		3.23		—			(4.94	)		(4.94	)
Year Ended June 30, 2021		26.29		(0.09	)		12.17		12.08		(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		—			—			—
Class R5
Six Months Ended December 31, 2021 (Unaudited)		36.18		(0.04	)		3.39		3.35		—			(4.94	)		(4.94	)
Year Ended June 30, 2021		26.93		(0.05	)		12.50		12.45		(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		—			—			—
Class R6
Six Months Ended December 31, 2021 (Unaudited)		36.52		(0.02	)		3.42		3.40		—			(4.94	)		(4.94	)
Year Ended June 30, 2021		27.16		(0.01	)		12.59		12.58		(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		—			—			—

(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, 2021

		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)
$	31.75		9.22	%	$	3,337,143		1.10	%		(0.62	)%		1.14	%		17	%
	33.66		47.55			3,013,691		1.13			(0.54	)		1.14			43
	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
	25.32		8.99			1,241,302		1.60			(1.13	)		1.64			17
	27.83		46.80			1,218,051		1.63			(1.04	)		1.63			43
	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
	33.48		9.36			4,824,484		0.85			(0.38	)		0.88			17
	35.20		47.95			4,622,602		0.88			(0.29	)		0.88			43
	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
	31.26		9.12			760		1.36			(0.87	)		1.63			17
	33.24		47.18			510		1.39			(0.79	)		1.66			43
	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
	31.70		9.23			6,175		1.11			(0.64	)		1.16			17
	33.61		47.60			5,089		1.14			(0.54	)		1.17			43
	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
	33.50		9.38			21,307		0.86			(0.38	)		0.88			17
	35.21		47.91			22,559		0.88			(0.29	)		0.88			43
	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
	34.59		9.46			149,779		0.71			(0.23	)		0.74			17
	36.18		48.16			141,386		0.73			(0.14	)		0.73			43
	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
	34.98		9.51			6,925,693		0.60			(0.12	)		0.63			17
	36.52		48.28			5,754,949		0.63			(0.03	)		0.63			43
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 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 Mid Cap Equity Fund
Class A
Six Months Ended December 31, 2021 (Unaudited)	$	62.14	$	(0.02	)	$	2.65	$	2.63	$	—		$	(4.60	)	$	(4.60	)
Year Ended June 30, 2021		47.20		(0.03	)		21.27		21.24		(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	)
Class C
Six Months Ended December 31, 2021 (Unaudited)		58.61		(0.17	)		2.49		2.32		—			(4.60	)		(4.60	)
Year Ended June 30, 2021		44.95		(0.29	)		20.17		19.88		—			(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	)
Class I
Six Months Ended December 31, 2021 (Unaudited)		63.43		0.06			2.71		2.77		(0.09	)		(4.60	)		(4.69	)
Year Ended June 30, 2021		48.07		0.13			21.66		21.79		(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	)
Class R2
Six Months Ended December 31, 2021 (Unaudited)		61.24		(0.10	)		2.61		2.51		—			(4.60	)		(4.60	)
Year Ended June 30, 2021		46.64		(0.18	)		21.00		20.82		—			(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	)
Class R5
Six Months Ended December 31, 2021 (Unaudited)		63.52		0.11			2.72		2.83		—			(4.60	)		(4.60	)
Year Ended June 30, 2021		48.11		0.16			21.74		21.90		(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	)
Class R6
Six Months Ended December 31, 2021 (Unaudited)		63.57		0.14			2.71		2.85		(0.22	)		(4.60	)		(4.82	)
Year Ended June 30, 2021		48.14		0.26			21.71		21.97		(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	)

(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.

46 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2021

		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)
$	60.17		4.44	%	$	640,121		1.14	%		(0.06	)%		1.26	%		13	%
	62.14		47.31			595,304		1.14			(0.05	)		1.26			54
	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
	56.33		4.17			18,841		1.64			(0.58	)		1.76			13
	58.61		46.59			21,836		1.63			(0.56	)		1.75			54
	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
	61.51		4.58			1,049,626		0.89			0.20			1.01			13
	63.43		47.67			886,782		0.89			0.23			1.00			54
	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
	59.15		4.30			643		1.39			(0.30	)		1.67			13
	61.24		46.94			555		1.38			(0.33	)		1.59			54
	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
	61.75		4.66			83		0.74			0.34			0.93			13
	63.52		47.89			74		0.74			0.29			0.87			54
	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
	61.60		4.70			1,455,895		0.64			0.44			0.76			13
	63.57		48.03			1,320,991		0.64			0.45			0.75			54
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 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 Growth Fund
Class A
Six Months Ended December 31, 2021 (Unaudited)	$	46.20	$	(0.20	)	$	0.96	$	0.76	$	—		$	(4.64	)	$	(4.64	)
Year Ended June 30, 2021		36.43		(0.36	)		15.58		15.22		—			(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	)
Class C
Six Months Ended December 31, 2021 (Unaudited)		32.69		(0.22	)		0.65		0.43		—			(4.64	)		(4.64	)
Year Ended June 30, 2021		27.15		(0.42	)		11.41		10.99		—			(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	)
Class I
Six Months Ended December 31, 2021 (Unaudited)		55.95		(0.16	)		1.18		1.02		—			(4.64	)		(4.64	)
Year Ended June 30, 2021		43.11		(0.28	)		18.58		18.30		(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	)
Class R2
Six Months Ended December 31, 2021 (Unaudited)		51.05		(0.29	)		1.07		0.78		—			(4.64	)		(4.64	)
Year Ended June 30, 2021		39.90		(0.52	)		17.12		16.60		—			(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	)
Class R3
Six Months Ended December 31, 2021 (Unaudited)		54.95		(0.24	)		1.16		0.92		—			(4.64	)		(4.64	)
Year Ended June 30, 2021		42.53		(0.43	)		18.30		17.87		—			(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, 2021 (Unaudited)		55.76		(0.18	)		1.18		1.00		—			(4.64	)		(4.64	)
Year Ended June 30, 2021		43.00		(0.31	)		18.53		18.22		(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	)
Class R5
Six Months Ended December 31, 2021 (Unaudited)		57.00		(0.12	)		1.20		1.08		—			(4.64	)		(4.64	)
Year Ended June 30, 2021		43.81		(0.21	)		18.90		18.69		(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	)
Class R6
Six Months Ended December 31, 2021 (Unaudited)		57.39		(0.11	)		1.21		1.10		—			(4.64	)		(4.64	)
Year Ended June 30, 2021		44.07		(0.19	)		19.03		18.84		(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	)

(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.

48 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2021

		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)
$	42.32		1.86	%	$	1,651,602		1.21	%		(0.85	)%		1.26	%		18	%
	46.20		43.59			1,642,278		1.24			(0.85	)		1.26			42
	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
	28.48		1.62			107,958		1.71			(1.35	)		1.75			18
	32.69		42.84			109,845		1.74			(1.36	)		1.75			42
	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
	52.33		2.00			2,008,915		0.92			(0.56	)		0.99			18
	55.95		44.02			2,003,878		0.93			(0.54	)		0.99			42
	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
	47.19		1.72			60,431		1.48			(1.11	)		1.53			18
	51.05		43.24			57,273		1.49			(1.10	)		1.53			42
	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
	51.23		1.86			79,849		1.23			(0.86	)		1.25			18
	54.95		43.57			70,608		1.24			(0.86	)		1.24			42
	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
	52.12		1.97			23,332		0.98			(0.62	)		0.99			18
	55.76		43.92			22,947		0.99			(0.60	)		0.99			42
	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
	53.44		2.07			711,371		0.79			(0.43	)		0.84			18
	57.00		44.22			730,273		0.79			(0.40	)		0.84			42
	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
	53.85		2.09			4,944,232		0.73			(0.36	)		0.74			18
	57.39		44.30			4,435,662		0.74			(0.35	)		0.74			42
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 49

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Mid Cap Value Fund
Class A
Six Months Ended December 31, 2021 (Unaudited)	$	43.69	$	0.08		$	2.60		$	2.68		$	(0.16	)	$	(5.90	)	$	(6.06	)
Year Ended June 30, 2021		31.12		0.17			15.09			15.26			(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	)
Class C
Six Months Ended December 31, 2021 (Unaudited)		41.77		(0.03	)		2.49			2.46			—			(5.90	)		(5.90	)
Year Ended June 30, 2021		29.77		(0.02	)		14.44			14.42			(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	)
Class I
Six Months Ended December 31, 2021 (Unaudited)		44.30		0.13			2.64			2.77			(0.24	)		(5.90	)		(6.14	)
Year Ended June 30, 2021		31.51		0.27			15.30			15.57			(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	)
Class L
Six Months Ended December 31, 2021 (Unaudited)		44.98		0.18			2.68			2.86			(0.33	)		(5.90	)		(6.23	)
Year Ended June 30, 2021		31.96		0.36			15.51			15.87			(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	)
Class R2
Six Months Ended December 31, 2021 (Unaudited)		41.48		0.02			2.46			2.48			(0.08	)		(5.90	)		(5.98	)
Year Ended June 30, 2021		29.67		0.07			14.36			14.43			(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	)
Class R3
Six Months Ended December 31, 2021 (Unaudited)		43.25		0.08			2.56			2.64			(0.15	)		(5.90	)		(6.05	)
Year Ended June 30, 2021		30.83		0.17			14.95			15.12			(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 (f) through June 30, 2017		35.78		0.26			4.15			4.41			(0.28	)		(2.24	)		(2.52	)
Class R4
Six Months Ended December 31, 2021 (Unaudited)		44.02		0.13			2.63			2.76			(0.17	)		(5.90	)		(6.07	)
Year Ended June 30, 2021		31.34		0.27			15.20			15.47			(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, 2021 (Unaudited)		44.90		0.17			2.67			2.84			(0.31	)		(5.90	)		(6.21	)
Year Ended June 30, 2021		31.90		0.33			15.49			15.82			(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, 2021 (Unaudited)		44.96		0.20			2.67			2.87			(0.35	)		(5.90	)		(6.25	)
Year Ended June 30, 2021		31.94		0.37			15.51			15.88			(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.

50 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2021

		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)
$	40.31		6.58	%	$	1,656,299		1.20	%		0.36	%		1.24	%		8	%
	43.69		51.06			1,608,828		1.22			0.46			1.23			21
	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
	38.33		6.34			76,270		1.70			(0.15	)		1.74			8
	41.77		50.32			76,078		1.72			(0.05	)		1.73			21
	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
	40.93		6.71			2,810,923		0.95			0.59			0.98			8
	44.30		51.46			3,061,126		0.97			0.72			0.98			21
	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
	41.61		6.83			7,973,997		0.75			0.81			0.83			8
	44.98		51.76			7,839,627		0.75			0.94			0.83			21
	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
	37.98		6.43			74,034		1.46			0.10			1.49			8
	41.48		50.69			71,087		1.48			0.21			1.49			21
	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
	39.84		6.56			86,456		1.21			0.35			1.23			8
	43.25		51.07			88,116		1.22			0.47			1.23			21
	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
	40.71		6.71			19,587		0.96			0.57			0.98			8
	44.02		51.47			31,938		0.97			0.70			0.98			21
	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
	41.53		6.79			97,615		0.81			0.76			0.83			8
	44.90		51.69			89,178		0.82			0.87			0.83			21
	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
	41.58		6.85			4,304,971		0.71			0.86			0.73			8
	44.96		51.83			4,184,659		0.72			0.97			0.73			21
	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, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 51

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Value Advantage Fund
Class A
Six Months Ended December 31, 2021 (Unaudited)	$	42.90	$	0.16		$	2.17		$	2.33		$	(0.32	)	$	(5.27	)	$	(5.59	)
Year Ended June 30, 2021		29.53		0.34			14.04			14.38			(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	)
Class C
Six Months Ended December 31, 2021 (Unaudited)		42.73		0.05			2.16			2.21			(0.10	)		(5.27	)		(5.37	)
Year Ended June 30, 2021		29.38		0.16			13.99			14.15			(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	)
Class I
Six Months Ended December 31, 2021 (Unaudited)		43.15		0.22			2.17			2.39			(0.40	)		(5.27	)		(5.67	)
Year Ended June 30, 2021		29.71		0.43			14.13			14.56			(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	)
Class L
Six Months Ended December 31, 2021 (Unaudited)		43.20		0.25			2.18			2.43			(0.46	)		(5.27	)		(5.73	)
Year Ended June 30, 2021		29.73		0.49			14.14			14.63			(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	)
Class R2
Six Months Ended December 31, 2021 (Unaudited)		42.46		0.11			2.14			2.25			(0.29	)		(5.27	)		(5.56	)
Year Ended June 30, 2021		29.31		0.26			13.90			14.16			(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, 2021 (Unaudited)		42.36		0.16			2.13			2.29			(0.34	)		(5.27	)		(5.61	)
Year Ended June 30, 2021		29.21		0.33			13.88			14.21			(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	)
Class R4
Six Months Ended December 31, 2021 (Unaudited)		42.92		0.21			2.18			2.39			(0.18	)		(5.27	)		(5.45	)
Year Ended June 30, 2021		29.56		0.42			14.06			14.48			(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, 2021 (Unaudited)		43.12		0.25			2.16			2.41			(0.43	)		(5.27	)		(5.70	)
Year Ended June 30, 2021		29.67		0.49			14.11			14.60			(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, 2021 (Unaudited)		43.16		0.27			2.18			2.45			(0.50	)		(5.27	)		(5.77	)
Year Ended June 30, 2021		29.71		0.52			14.13			14.65			(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.

52 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2021

		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)
$	39.64		5.80	%	$	1,117,171		1.11	%		0.74	%		1.14	%		11	%
	42.90		49.47			1,050,569		1.13			0.94			1.14			34
	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
	39.57		5.52			333,784		1.61			0.24			1.65			11
	42.73		48.75			349,246		1.63			0.45			1.64			34
	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
	39.87		5.92			2,407,948		0.86			0.99			0.89			11
	43.15		49.86			2,326,829		0.88			1.20			0.89			34
	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
	39.90		6.02			1,859,802		0.71			1.13			0.74			11
	43.20		50.10			1,855,713		0.73			1.35			0.74			34
	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
	39.15		5.67			277		1.36			0.49			1.51			11
	42.46		49.10			194		1.38			0.73			1.54			34
	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
	39.04		5.79			3,361		1.11			0.74			1.17			11
	42.36		49.46			3,020		1.13			0.92			1.17			34
	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
	39.86		5.94			1,717		0.86			0.98			0.89			11
	42.92		49.86			1,724		0.88			1.26			0.89			34
	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
	39.83		5.99			1,390		0.71			1.13			0.75			11
	43.12		50.12			1,365		0.73			1.41			0.74			34
	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
	39.84		6.08			5,062,444		0.61			1.23			0.64			11
	43.16		50.23			5,562,656		0.63			1.44			0.64			34
	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, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 53

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

(Dollar values in thousands)

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 Fund 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’ 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, 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

54 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2021

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 (“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”):

Growth Advantage Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	16,751,761	$	—	$	—	$	16,751,761

(a) Please refer to the SOI’s for specifics of portfolio holdings.

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)	$	3,196,469	$	—	$	—	$	3,196,469

(a) Please refer to the SOI’s for specifics of portfolio holdings.

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)	$	9,753,213	$	—	$	—	$	9,753,213

(a) Please refer to the SOI’s for specifics of portfolio holdings.

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)	$	17,108,207	$	—	$	—	$	17,108,207

(a) Please refer to the SOI’s for specifics of portfolio holdings.

DECEMBER 31, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 55

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

Value Advantage Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	10,818,305	$	—	$	—	$	10,818,305

(a) Please refer to the SOI’s 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 the interest earned on cash collateral investments but are required to pay the borrower a rebate for the use of the 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, 2021.

	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	$	241,385	$	(241,385	)	$	—
Mid Cap Equity Fund		30,611		(30,611	)		—
Mid Cap Growth Fund		127,353		(127,353	)		—
Mid Cap Value Fund		2,227		(2,227	)		—
Value Advantage Fund		16,771		(16,771	)		—

* 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 0.12% to 0.06%. For the six months ended December 31, 2021, JPMIM waived fees associated with the Funds’ investment in the JPMorgan U.S. Government Money Market Fund as follows:

Growth Advantage Fund	$	6
Mid Cap Equity Fund		2
Mid Cap Growth Fund		10
Mid Cap Value Fund		1
Value Advantage Fund		1

56 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2021

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 a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the tables below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the tables below.

Growth Advantage Fund

For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	159,510	$	2,218,399	$	2,215,907	$	(12	)	$	(17	)	$	161,973		161,908	$	89		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		133,201		856,000		780,001		(36	)*		6			209,170		209,213		59	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03%, 0.03% (a) (b)		16,751		281,355		259,105		—			—			39,001		39,001		3	*		—
Total	$	309,462	$	3,355,754	$	3,255,013	$	(48	)	$	(11	)	$	410,144			$	151		$	—

(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, 2021.

* Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).

Mid Cap Equity Fund

For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	64,465	$	395,644	$	399,832	$	(6	)	$	(1	)	$	60,270		60,245	$	26		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		52,990		179,000		206,000		(10	)*		3			25,983		25,988		18	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03%, 0.03% (a) (b)		6,929		64,576		65,701		—			—			5,804		5,804		1	*		—
Total	$	124,384	$	639,220	$	671,533	$	(16	)	$	2		$	92,057			$	45		$	—

(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, 2021.

* Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).

DECEMBER 31, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 57

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

Mid Cap Growth Fund

For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	190,144	$	952,188	$	981,289	$	(27	)	$	(3	)	$	161,013		160,949	$	83		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		238,992		835,000		963,000		(52	)*		15			110,955		110,977		93	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03%, 0.03% (a) (b)		26,765		399,080		404,360		—			—			21,485		21,485		4	*		—
Total	$	455,901	$	2,186,268	$	2,348,649	$	(79	)	$	12		$	293,453			$	180		$	—

(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, 2021.

* Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).

Mid Cap Value Fund

For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	334,195	$	1,006,134	$	1,194,276	$	(16	)	$	—	(c)	$	146,037		145,978	$	55		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		18,535		156,000		173,300		(3	)*		2			1,234		1,234		6	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03%, 0.03% (a) (b)		3,666		64,152		66,700		—			—			1,118		1,118		—	*(c)		—
Total	$	356,396	$	1,226,286	$	1,434,276	$	(19	)	$	2		$	148,389			$	61		$	—

(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, 2021.

(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).

58 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2021

Value Advantage Fund

For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	360,095	$	2,429,217	$	2,449,238	$	(5	)	$	—	(c)	$	340,069		339,933	$	100		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		41,074		187,000		214,000		(3	)*		3			14,074		14,076		10	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03%, 0.03% (a) (b)		5,968		110,724		113,298		—			—			3,394		3,394		1	*		—
Total	$	407,137	$	2,726,941	$	2,776,536	$	(8	)	$	3		$	357,537			$	111		$	—

(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, 2021.

(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. 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 period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the 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 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.

DECEMBER 31, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 59

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

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, 2021 are as follows:

	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	$	58	$	27		$	43		n/a	$	1		$	1		$	—	(a)	$	2		$	41	$	173
Mid Cap Equity Fund
Transfer agency fees		4		–	(a)		17		n/a		–	(a)		n/a			n/a			–	(a)		9		30
Mid Cap Growth Fund
Transfer agency fees		127		3			22		n/a		11			1			—	(a)		5			49		218
Mid Cap Value Fund
Transfer agency fees		43		2			20	$	17		3			1			—	(a)		1			42		129
Value Advantage Fund
Transfer agency fees		23		14			26		13		–	(a)		–	(a)		–	(a)		–	(a)		22		98

(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, 2021, 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 and are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser 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

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, 2021, the effective annualized rate for Growth Advantage Fund, Mid Cap Equity Fund, Mid Cap Growth Fund, Mid Cap Value Fund and Value Advantage Fund was 0.07%, 0.08%, 0.08%, 0.06% 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

60 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2021

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, 2021, JPMDS retained the following:

	Front-End Sales Charge		CDSC
Growth Advantage Fund	$	291	$	1
Mid Cap Equity Fund		52		—
Mid Cap Growth Fund		62		—	(a)
Mid Cap Value Fund		34		—
Value Advantage Fund		82		—	(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.

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		1.04	%(1)		1.54	%(1)		0.79	%(1)		n/a			1.30	%(1)		1.05	%(1)		0.80	%(1)		0.65	%(1)		0.55	%(1)
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		1.14	(2)		1.64	(2)		0.89	(2)		n/a			1.45	(2)		1.20	(2)		0.95	(2)		0.79			0.70	(2)
Mid Cap Value Fund		1.14	(3)		1.64	(3)		0.89	(3)		0.75	%		1.40	(3)		1.15	(3)		0.90	(3)		0.75	(3)		0.65	(3)
Value Advantage Fund		1.04	(4)		1.54	(4)		0.79	(4)		0.75			1.30	(4)		1.05	(4)		0.80	(4)		0.65	(4)		0.55	(4)

⁽¹⁾  Prior to November 1, 2021, the contractual expense limitation was 1.14%, 1.64%, 0.89%, 1.39%, 1.14%, n/a, n/a and n/a for Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares, respectively.

DECEMBER 31, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 61

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

⁽²⁾  Prior to November 1, 2021, the contractual expense limitation was 1.24%, n/a, 0.93%, 1.49%, n/a, 0.99% and 0.74% for Class A, Class C, Class I, Class R2, Class R3, Class R4 and Class R6 Shares, respectively.

⁽³⁾  Prior to November 1, 2021, the contractual expense limitation was 1.24%, 1.75%, 0.99%, 1.50%, 1.25%, 1.00%, 0.85% and 0.73% for Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares, respectively.

⁽⁴⁾  Prior to November 1, 2021, the contractual expense limitation was 1.14%, 1.64%, 0.89%, 1.39%, 1.14%, 0.89%, 0.74% and 0.64% for Class A, Class C, 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, 2021 and the contractual expense limitation percentages in the table above are in place until at least October 31, 2022.

For the six months ended December 31, 2021, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees		Total		Contractual Reimbursements
Growth Advantage Fund	$	1,334	$	888	$	183	$	2,405	$	—	(a)
Mid Cap Equity Fund		1,028		686		14		1,728		3
Mid Cap Growth Fund		414		277		1,076		1,767		30
Mid Cap Value Fund		1,340		892		2,209		4,441		30
Value Advantage Fund		924		616		95		1,635		7

(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, 2021 were as follows:

Growth Advantage Fund	$	115
Mid Cap Equity Fund		38
Mid Cap Growth Fund		105
Mid Cap Value Fund		94
Value Advantage Fund		142

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, 2021, Growth Advantage Fund, Mid Cap Equity Fund and Mid Cap Growth 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.

4. Investment Transactions

During the six months ended December 31, 2021, purchases and sales of investments (excluding short-term investments) were as follows:

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Growth Advantage Fund	$	2,887,636	$	2,666,045
Mid Cap Equity Fund		605,705		387,694
Mid Cap Growth Fund		1,994,131		1,618,372
Mid Cap Value Fund		1,281,698		2,138,858
Value Advantage Fund		1,176,341		1,993,845

62 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2021

During the six months ended December 31, 2021, 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, 2021 were as follows:

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Growth Advantage Fund	$	8,319,474	$	8,735,747	$	303,460	$	8,432,287
Mid Cap Equity Fund		2,103,656		1,144,670		51,857		1,092,813
Mid Cap Growth Fund		6,541,314		3,496,824		284,925		3,211,899
Mid Cap Value Fund		9,823,480		7,471,619		186,892		7,284,727
Value Advantage Fund		6,851,040		4,047,929		80,664		3,967,265

At June 30, 2021, the Funds did not have any net capital loss carryforwards.

Late year ordinary losses incurred after December 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, 2021, the following Funds deferred to July 1, 2021 late year ordinary losses of:

	Late Year Ordinary Loss Deferral
Growth Advantage Fund	$	19,685
Mid Cap Growth Fund		21,652

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, 2021.

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 October 31, 2022.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended December 31, 2021.

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 1.25%, which has decreased to 1.00% pursuant to the amendment referenced below (the “Applicable Margin”), plus the greater of the federal funds effective rate or one month London Interbank Offered Rate (“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 10, 2021, the Credit Facility has been amended and restated for a term of 364 days, unless extended, and to include a reduction of the Applicable Margin charged for borrowing under the Credit Facility from 1.25% to 1.00%.

The Funds did not utilize the Credit Facility during the six months ended December 31, 2021.

DECEMBER 31, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 63

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

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, 2021, 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		14.0	%		1		23.9	%
Mid Cap Equity Fund		—		—			2		66.9
Mid Cap Growth Fund		1		10.2			2		28.3
Mid Cap Value Fund		—		—			2		34.5
Value Advantage Fund		—		—			2		25.2

As of December 31, 2021, JPMorgan SmartRetirement Funds, which are affiliated funds of funds, each owned in the aggregate, shares representing more than 10% of the net assets of the Funds as follows:

	JPMorgan SmartRetirement Funds
Growth Advantage Fund		13.0	%
Value Advantage Fund		20.3

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

Because Mid Cap Value Fund invests in Real Estate Investment Trusts (“REITs”), the Fund 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.

LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. On March 5, 2021, the U.K. Financial Conduct Authority (“FCA”) publicly announced that (i) immediately after December 31, 2021, publication of the 1-week and 2-month U.S. Dollar LIBOR settings will permanently cease; (ii) immediately after June 30, 2023, publication of the overnight and 12-month U.S. Dollar LIBOR settings will permanently cease; and (iii) immediately after June 30, 2023, the 1-month, 3-month and 6-month U.S. Dollar LIBOR settings will cease to be provided or, subject to the FCA’s consideration of the case, be provided on a synthetic basis and no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness will not be restored. There is no assurance that the dates announced by the FCA will not change or that the administrator of LIBOR and/or regulators will not take further action that could impact the availability, composition or characteristics of LIBOR or the currencies and/or tenors for which LIBOR is published. Public and private sector industry initiatives are currently underway to implement new or alternative reference rates to be used in place of LIBOR. There is no assurance that 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 of a Fund’s instruments or investments comprising some or all of a Fund’s investments 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.

64 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2021

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, 2021, and continued to hold your shares at the end of the reporting period, December 31, 2021.

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, 2021		Ending Account Value December 31, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Growth Advantage Fund
Class A
Actual	$	1,000.00	$	1,092.20	$	5.80		1.10	%
Hypothetical		1,000.00		1,019.66		5.60		1.10
Class C
Actual		1,000.00		1,089.90		8.43		1.60
Hypothetical		1,000.00		1,017.14		8.13		1.60
Class I
Actual		1,000.00		1,093.60		4.49		0.85
Hypothetical		1,000.00		1,020.92		4.33		0.85
Class R2
Actual		1,000.00		1,091.20		7.17		1.36
Hypothetical		1,000.00		1,018.35		6.92		1.36
Class R3
Actual		1,000.00		1,092.30		5.85		1.11
Hypothetical		1,000.00		1,019.61		5.65		1.11
Class R4
Actual		1,000.00		1,093.80		4.54		0.86
Hypothetical		1,000.00		1,020.87		4.38		0.86
Class R5
Actual		1,000.00		1,094.60		3.75		0.71
Hypothetical		1,000.00		1,021.63		3.62		0.71
Class R6
Actual		1,000.00		1,095.10		3.17		0.60
Hypothetical		1,000.00		1,022.18		3.06		0.60
JPMorgan Mid Cap Equity Fund
Class A
Actual		1,000.00		1,044.40		5.87		1.14
Hypothetical		1,000.00		1,019.46		5.80		1.14

DECEMBER 31, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 65

	Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Mid Cap Equity Fund (continued)
Class C
Actual	$	1,000.00	$	1,041.70	$	8.44		1.64	%
Hypothetical		1,000.00		1,016.94		8.34		1.64
Class I
Actual		1,000.00		1,045.80		4.59		0.89
Hypothetical		1,000.00		1,020.72		4.53		0.89
Class R2
Actual		1,000.00		1,043.00		7.16		1.39
Hypothetical		1,000.00		1,018.20		7.07		1.39
Class R5
Actual		1,000.00		1,046.60		3.82		0.74
Hypothetical		1,000.00		1,021.48		3.77		0.74
Class R6
Actual		1,000.00		1,047.00		3.30		0.64
Hypothetical		1,000.00		1,021.98		3.26		0.64
JPMorgan Mid Cap Growth Fund
Class A
Actual		1,000.00		1,018.60		6.16		1.21
Hypothetical		1,000.00		1,019.11		6.16		1.21
Class C
Actual		1,000.00		1,016.20		8.69		1.71
Hypothetical		1,000.00		1,016.59		8.69		1.71
Class I
Actual		1,000.00		1,020.00		4.68		0.92
Hypothetical		1,000.00		1,020.57		4.69		0.92
Class R2
Actual		1,000.00		1,017.20		7.52		1.48
Hypothetical		1,000.00		1,017.74		7.53		1.48
Class R3
Actual		1,000.00		1,018.60		6.26		1.23
Hypothetical		1,000.00		1,019.00		6.26		1.23
Class R4
Actual		1,000.00		1,019.70		4.99		0.98
Hypothetical		1,000.00		1,020.27		4.99		0.98
Class R5
Actual		1,000.00		1,020.70		4.02		0.79
Hypothetical		1,000.00		1,021.22		4.02		0.79
Class R6
Actual		1,000.00		1,020.90		3.72		0.73
Hypothetical		1,000.00		1,021.53		3.72		0.73
JPMorgan Mid Cap Value Fund
Class A
Actual		1,000.00		1,065.80		6.25		1.20
Hypothetical		1,000.00		1,019.16		6.11		1.20
Class C
Actual		1,000.00		1,063.40		8.84		1.70
Hypothetical		1,000.00		1,016.64		8.64		1.70
Class I
Actual		1,000.00		1,067.10		4.95		0.95
Hypothetical		1,000.00		1,020.42		4.84		0.95
Class L
Actual		1,000.00		1,068.30		3.91		0.75
Hypothetical		1,000.00		1,021.42		3.82		0.75

66 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2021

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Mid Cap Value Fund (continued)
Class R2
Actual	$	1,000.00	$	1,064.30	$	7.60		1.46	%
Hypothetical		1,000.00		1,017.85		7.43		1.46
Class R3
Actual		1,000.00		1,065.60		6.30		1.21
Hypothetical		1,000.00		1,019.11		6.16		1.21
Class R4
Actual		1,000.00		1,067.10		5.00		0.96
Hypothetical		1,000.00		1,020.37		4.89		0.96
Class R5
Actual		1,000.00		1,067.90		4.22		0.81
Hypothetical		1,000.00		1,021.12		4.13		0.81
Class R6
Actual		1,000.00		1,068.50		3.70		0.71
Hypothetical		1,000.00		1,021.63		3.62		0.71
JPMorgan Value Advantage Fund
Class A
Actual		1,000.00		1,058.00		5.76		1.11
Hypothetical		1,000.00		1,019.61		5.65		1.11
Class C
Actual		1,000.00		1,055.20		8.34		1.61
Hypothetical		1,000.00		1,017.09		8.19		1.61
Class I
Actual		1,000.00		1,059.20		4.46		0.86
Hypothetical		1,000.00		1,020.87		4.38		0.86
Class L
Actual		1,000.00		1,060.20		3.69		0.71
Hypothetical		1,000.00		1,021.63		3.62		0.71
Class R2
Actual		1,000.00		1,056.70		7.05		1.36
Hypothetical		1,000.00		1,018.35		6.92		1.36
Class R3
Actual		1,000.00		1,057.90		5.76		1.11
Hypothetical		1,000.00		1,019.61		5.65		1.11
Class R4
Actual		1,000.00		1,059.40		4.46		0.86
Hypothetical		1,000.00		1,020.87		4.38		0.86
Class R5
Actual		1,000.00		1,059.90		3.69		0.71
Hypothetical		1,000.00		1,021.63		3.62		0.71
Class R6
Actual		1,000.00		1,060.80		3.17		0.61
Hypothetical		1,000.00		1,022.13		3.11		0.61

* 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, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 67

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in June and August 2021, 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, 2021.

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 investment 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 quantitative and statistical analyses of certain Funds, including risk and performance return assessment as compared to the Funds’ objectives, benchmarks, 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 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.

68 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2021

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 each 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 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, as well as the Adviser’s use of affiliates to provide other services and the benefits to such affiliates of doing so.

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

DECEMBER 31, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 69

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

Fee 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’ Senior 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.

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 fee structure and 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 for certain Funds by the Trustees’ independent consultant. The special analysis includes a multi-factor quantitative scoring system for summarizing a Fund’s historical investment performance. The approach relies on multiple metrics, incorporates several time periods, adjusts for risk and considers how a fund’s customized peer group (as selected by the independent consultant) has performed. 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 third, third and second quintiles based upon the Peer Group, and in the second, first and first quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class I shares was in the second, second and first quintiles based upon the Peer Group for the one, three and five-year periods ended December 31, 2020, respectively, and in the first quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees noted that the performance for Class R6 shares was in the third, third and second quintiles based upon the Peer Group for the one-, three- and five-year periods ended December 31, 2020, respectively, and in the first quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Mid Cap Equity Fund’s performance for Class A, Class I and Class R6 shares was in the fifth quintile based upon both the Peer Group and Universe, for each of the one-, three- and five-year periods ended December 31, 2020.

70 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2021

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 Growth 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, 2020. The Trustees noted that the performance for Class I shares was in the third, second and second quintiles based upon the Peer Group, and in the second, first and second quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class R6 shares was in the second, third and first quintiles based upon the Peer Group, and in the second, first and first quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2020, 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 Value Fund’s performance for Class A shares was in the fourth, fourth and fifth quintiles based upon the Peer Group for the one-, three- and five-year periods ended December 31, 2020, respectively, and in the fourth quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees noted that the performance for Class I shares was in the fourth, fourth and fifth 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, 2020, respectively. The Trustees noted that the performance for Class R6 shares was in the fourth and fifth 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, 2020, 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 fifth, fourth and fifth quintiles based upon the Peer Group, and in the fifth, fourth and fourth quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class I shares

was in the fifth, fourth and fourth quintiles based upon both the Peer Group and Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class R6 shares was in the fifth and fourth quintiles based upon both the Peer Group and Universe, for the one- and three-year periods ended December 31, 2020, 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 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:

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 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 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 third and first quintiles based upon

DECEMBER 31, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 71

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

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 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 third 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 both 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 Mid Cap Growth Fund’s net advisory fee and actual total expenses for Class A shares were both 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 fourth and third 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 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 Mid Cap Value Fund’s net advisory fee for Class A shares was in the third and fourth quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the fourth quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class I shares was in the fourth quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the second and fourth quintiles based upon the Peer Group and Universe, respectively. 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 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 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 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 fifth and fourth quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class I shares were in the second and fourth quintiles based upon the Peer Group and Universe, respectively. 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.

72 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2021

SPECIAL SHAREHOLDER MEETING RESULTS

(Unaudited)

J.P. Morgan Mutual Fund Investment Trust (“JPMMFIT”)

JPMMFIT held a special meeting of shareholders on October 27, 2021, for the purpose of considering and voting upon the election of Trustees.

Trustees were elected by the shareholders of all of the series of JPMMFIT, including Growth Advantage Fund.

The results of the voting were as follows:

	Votes Received (Amounts in thousands)
Independent Nominee
John F. Finn
In Favor		284,990
Withheld		7,594
Steven P. Fisher
In Favor		284,800
Withheld		7,785
Gary L. French
In Favor		285,248
Withheld		7,336
Kathleen M. Gallagher
In Favor		285,176
Withheld		7,408
Robert J. Grassi
In Favor		285,531
Withheld		7,053
Frankie D. Hughes
In Favor		284,920
Withheld		7,664
Raymond Kanner
In Favor		285,459
Withheld		7,125
Thomas P. Lemke
In Favor		284,658
Withheld		7,926
Lawrence R. Maffia
In Favor		285,045
Withheld		7,539

	Votes Received (Amounts in thousands)
Mary E. Martinez
In Favor		284,940
Withheld		7,644
Marilyn McCoy
In Favor		285,111
Withheld		7,473
Dr. Robert A. Oden, Jr.
In Favor		284,168
Withheld		8,416
Marian U. Pardo
In Favor		285,133
Withheld		7,451
Emily A. Youssouf
In Favor		284,612
Withheld		7,973
Interested Nominee
Robert F. Deutsch
In Favor		285,233
Withheld		7,351
Nina O. Shenker
In Favor		285,195
Withheld		7,390

DECEMBER 31, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 73

SPECIAL SHAREHOLDER MEETING RESULTS

(Unaudited) (continued)

JPMorgan Trust I (“JPM I”)

JPM I held a special meeting of shareholders on October 27, 2021, for the purpose of considering and voting upon the election of Trustees, which meeting was adjourned to November 23, 2021 to allow shareholders to vote on the proposal.

When the special meeting reconvened on November 23, 2021, Trustees were elected by the shareholders of all of the series of JPM I, including Mid Cap Equity Fund and Value Advantage Fund.

The results of the voting were as follows:

	Votes Received (Amounts in thousands)
Independent Nominee
John F. Finn
In Favor		218,161,076
Withheld		3,798,560
Steven P. Fisher
In Favor		219,683,469
Withheld		2,276,167
Gary L. French
In Favor		219,573,994
Withheld		2,385,642
Kathleen M. Gallagher
In Favor		219,614,901
Withheld		2,344,735
Robert J. Grassi
In Favor		219,652,125
Withheld		2,307,510
Frankie D. Hughes
In Favor		219,173,958
Withheld		2,785,677
Raymond Kanner
In Favor		219,638,172
Withheld		2,321,463
Thomas P. Lemke
In Favor		219,600,003
Withheld		2,359,633

	Votes Received (Amounts in thousands)
Lawrence R. Maffia
In Favor		219,558,283
Withheld		2,401,353
Mary E. Martinez
In Favor		219,188,002
Withheld		2,771,634
Marilyn McCoy
In Favor		218,775,511
Withheld		3,184,125
Dr. Robert A. Oden, Jr.
In Favor		218,109,306
Withheld		3,850,330
Marian U. Pardo
In Favor		219,504,107
Withheld		2,445,528
Emily A. Youssouf
In Favor		219,549,573
Withheld		2,410,062
Interested Nominee
Robert F. Deutsch
In Favor		219,143,836
Withheld		2,815,799
Nina O. Shenker
In Favor		219,183,139
Withheld		2,776,497

74 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2021

JPMorgan Trust II (“JPM II”)

JPM II held a special meeting of shareholders on October 27, 2021, for the purpose considering and voting upon the election of Trustees, which meeting was adjourned to November 23, 2021 to allow shareholders to vote on the proposal.

When the special meeting reconvened on November 23, 2021, Trustees were elected by the shareholders of all of the series of JPM II, including Mid Cap Growth Fund.

The results of the voting were as follows:

	Votes Received (Amounts in thousands)
Independent Nominee
John F. Finn
In Favor		288,983,507
Withheld		6,732,052
Steven P. Fisher
In Favor		289,598,586
Withheld		6,116,973
Gary L. French
In Favor		289,542,085
Withheld		6,173,474
Kathleen M. Gallagher
In Favor		289,773,673
Withheld		5,941,887
Robert J. Grassi
In Favor		289,609,331
Withheld		6,106,229
Frankie D. Hughes
In Favor		289,641,174
Withheld		6,074,386
Raymond Kanner
In Favor		289,603,025
Withheld		6,112,535
Thomas P. Lemke
In Favor		289,581,867
Withheld		6,133,692

	Votes Received (Amounts in thousands)
Lawrence R. Maffia
In Favor		289,544,612
Withheld		6,170,947
Mary E. Martinez
In Favor		289,745,394
Withheld		5,970,165
Marilyn McCoy
In Favor		289,336,040
Withheld		6,379,520
Dr. Robert A. Oden, Jr.
In Favor		288,968,016
Withheld		6,747,543
Marian U. Pardo
In Favor		289,619,985
Withheld		6,095,575
Emily A. Youssouf
In Favor		289,555,396
Withheld		6,160,163
Interested Nominee
Robert F. Deutsch		289,562,178
In Favor		6,153,382
Withheld
Nina O. Shenker
In Favor		289,698,757
Withheld		6,016,803

DECEMBER 31, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 75

SPECIAL SHAREHOLDER MEETING RESULTS

(Unaudited) (continued)

J.P. Morgan Fleming Mutual Fund Group, Inc. (“JPMFMFG”)

JPMFMFG held a special meeting of shareholders on October 27, 2021, for the purpose of considering and voting upon the election of Trustees.

Trustees were elected by the shareholders of all of the series of JPMFMFG, including Mid Cap Value Fund.

The results of the voting were as follows:

	Votes Received (Amounts in thousands)
Independent Nominee
John F. Finn
In Favor		219,371
Withheld		4,592
Steven P. Fisher
In Favor		219,633
Withheld		4,330
Gary L. French
In Favor		219,771
Withheld		4,192
Kathleen M. Gallagher
In Favor		219,907
Withheld		4,056
Robert J. Grassi
In Favor		219,535
Withheld		4,428
Frankie D. Hughes
In Favor		219,818
Withheld		4,145
Raymond Kanner
In Favor		219,857
Withheld		4,106
Thomas P. Lemke
In Favor		219,749
Withheld		4,214

	Votes Received (Amounts in thousands)
Lawrence R. Maffia
In Favor		219,478
Withheld		4,485
Mary E. Martinez
In Favor		219,940
Withheld		4,023
Marilyn McCoy
In Favor		219,814
Withheld		4,149
Dr. Robert A. Oden, Jr.
In Favor		219,382
Withheld		4,581
Marian U. Pardo
In Favor		219,870
Withheld		4,093
Emily A. Youssouf
In Favor		219,846
Withheld		4,117
Interested Nominee
Robert F. Deutsch
In Favor		219,730
Withheld		4,233
Nina O. Shenker
In Favor		219,764
Withheld		4,199

76 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2021

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., 2021. All rights reserved. December 2021. SAN-MC-1221

Semi-Annual Report

J.P. Morgan Small Cap Funds

December 31, 2021 (Unaudited)

JPMorgan Small Cap Blend Fund

JPMorgan Small Cap Equity Fund

JPMorgan Small Cap Growth Fund

JPMorgan Small Cap Sustainable Leaders Fund (formerly known as JPMorgan Small Cap Core Fund)

JPMorgan Small Cap Value Fund

JPMorgan SMID Cap Equity 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 Equity Fund	5
JPMorgan Small Cap Growth Fund	7
JPMorgan Small Cap Sustainable Leaders Fund (formerly known as JPMorgan Small Cap Core Fund)	9
JPMorgan Small Cap Value Fund	11
JPMorgan SMID Cap Equity Fund	13
JPMorgan U.S. Small Company Fund	16
Schedules of Portfolio Investments	18
Financial Statements	46
Financial Highlights	64
Notes to Financial Statements	88
Schedule of Shareholder Expenses	103
Board Approval of Investment Advisory Agreements	107
Special Shareholder Meeting Results	113

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.

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 8, 2022 (Unaudited)

Dear Shareholders,

U.S. equities led the year-long rally in developed market stocks as the global economic rebound advanced through 2021. While financial market volatility, a resurgence in the pandemic and accelerating inflation have carried into 2022, we believe that the outlook for the overall U.S. economy remains positive.

  “Throughout the year ahead, J.P. Morgan Asset Management plans to seek to deliver superior client outcomes across a broad range of innovative solutions and risk management processes built on the same fundamental practices and principles that have driven our success for more than a century.” — Andrea L. Lisher

A surge in U.S. consumer wealth — partly tied to rising values for homes and autos — and quarterly growth in corporate earnings have helped to bolster U.S. financial markets that were already well-supported by monetary and fiscal policies. Over the course of the past year, the U.S. jobless rate fell to pre-pandemic levels and reached 3.9% in December. At the same time, inflation has climbed significantly. The U.S. Federal Reserve (the “Fed”) has tapered its monthly asset purchasing program and indicated that it’s likely to raise interest rates as early as March 2022.

While rising interest rates may mark another phase of the economic cycle that presents financial markets with new challenges and opportunities, they may also signal a return to a

more normal economic environment following two years of historically low rates. Meanwhile, the path of the pandemic remains a factor in the U.S. economy. Recent data suggest the increase in new infections in late 2021 and into 2022 had some impact on the U.S. economy — though job growth remained strong — but there is hope that the latest pandemic wave may recede in coming months. Additionally, there is hope that rising prices on commodities and goods will moderate as supply chain constraints ease over time and the Fed moves generally to tamp down inflationary pressures. We expect the U.S. economy to continue expanding in 2022, even if the pace of the expansion eases from 2021.

Throughout the year ahead, J.P. Morgan Asset Management plans to seek to deliver superior client outcomes across a broad range of innovative solutions and risk management processes built on the same fundamental practices and principles that have driven our success for more than a century.

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, 2021 J.P. MORGAN SMALL CAP FUNDS 1

J.P. Morgan Small Cap Funds

MARKET OVERVIEW

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)

Overall, U.S. equity markets generated post positive returns in the second half of 2021 with continued monetary and fiscal support as well as strong consumer spending and record corporate profits. Despite historically high equity valuations in the U.S., the S&P 500 Index posted at least one record-high closing in each month during the period. Notably, the emergence of the omicron variant of COVID-19 in the final months of 2021 led to higher volatility in financial markets and weighed on global petroleum prices.

The first months of the period saw strong upward momentum in U.S. equity prices after second quarter 2021 results showed record-high earnings and revenue from U.S. companies. However, equity markets ended the month of September lower amid investor concerns about global supply chain disruptions, inflationary pressure and the ongoing pandemic. Additionally, the U.S. Federal Reserve set an initial schedule for tapering off its monthly bond purchases and indicated it may raise interest rates in late 2022 or early 2023.

In October, oil prices began to rise and equity markets resumed their broad upward trajectory only to stall again in November and then ended December with higher returns. While a resurgence in pandemic infections raised investor concerns about the reimposition of some social restrictions and their potential impact on specific industries and individual companies, the economic backdrop remained positive overall with a strong labor market, surging corporate profits and a boom in U.S. consumer wealth.

Overall, small cap equity largely underperformed during the period though small cap value stocks generated some positive returns. For the six months ended December 31, 2021, the S&P 500 Index returned 11.67%, the Russell 2000 Index returned -2.31%, the Russell 2000 Value Index returned 1.24% and the Russell 2000 Growth Index returned -5.64%.

2 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2021

JPMorgan Small Cap Blend Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		0.87%
Russell 2000 Index		(2.31)%
Net Assets as of 12/31/2021 (In Thousands)	$	1,290,049

INVESTMENT OBJECTIVE**

The JPMorgan Small Cap Blend Fund (the “Fund”) seeks capital growth over the long term.

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

The Fund’s Class A Shares, without a sales charge, outperformed the Russell 2000 Index (the “Benchmark”) for the six months ended December 31, 2021.

The Fund’s underweight position and security selection in the health care sector and its security selection in the industrials sector were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the information technology and consumer staples sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s underweight position in AMC Entertainment Holdings, Inc. and its overweight positions in iRhythm Technologies, Inc. and Saia, Inc. Shares of AMC Entertainment Holdings, an owner/operator of movie theaters that was not held in the Fund, fell amid investor expectations that the resurgence of the pandemic in late 2021 would lead to renewed social restrictions. Shares of iRhythm Technologies, a maker of heart monitors and diagnostic devices, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2021 as well as an increase in Medicare reimbursement rates on some of its products. Shares of Saia, a trucking and transport company, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2021.

Leading individual detractors from relative performance included the Fund’s overweight position in Upland Software, Inc. and its out-of-Benchmark positions in Everbridge, Inc. and Freshpet, Inc. Shares of Upand Software, a provider of cloud-based business software, fell after the company reported lower-than-expected earnings and revenue for the third quarter of 2021. Shares of Everbridge, a software developer, fell after the resignation of the company’s chief executive in early December 2021. Shares of Freshpet, a pet food maker, fell after the company reported lower-than-expected earnings and revenue for the third quarter amid higher materials costs and supply chain bottlenecks.

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 AS OF DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Applied Industrial Technologies, Inc.		1.1	%
	2.	Terreno Realty Corp.		1.1
	3.	ITT, Inc.		1.1
	4.	Safety Insurance Group, Inc.		0.8
	5.	First Busey Corp.		0.8
	6.	Matador Resources Co.		0.7
	7.	Columbia Banking System, Inc.		0.7
	8.	Saia, Inc.		0.7
	9.	PDC Energy, Inc.		0.7
	10.	Performance Food Group Co.		0.7

PORTFOLIO COMPOSITION BY SECTOR AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Industrials		17.5	%
Financials		17.2
Information Technology		13.2
Health Care		13.0
Consumer Discretionary		12.9
Real Estate		7.3
Materials		3.9
Consumer Staples		2.9
Communication Services		2.5
Energy		2.1
Utilities		2.1
Short-Term Investments		5.4

* 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.

DECEMBER 31, 2021 J.P. MORGAN SMALL CAP FUNDS 3

JPMorgan Small Cap Blend Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 19, 1997
With Sales Charge**			(4.43	)%		8.15	%		19.05	%		15.25	%
Without Sales Charge			0.87			14.13			20.34			15.88
CLASS C SHARES	January 7, 1998
With CDSC***			(0.40	)		12.59			19.74			15.42
Without CDSC			0.60			13.59			19.74			15.42
CLASS I SHARES	April 5, 1999		0.98			14.43			20.65			16.19
CLASS R6 SHARES	July 2, 2018		1.15			14.71			20.95			16.51

* Not annualized.

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

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

TEN YEAR PERFORMANCE (12/31/11 TO 12/31/21)

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, 2011 to December 31, 2021. 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 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, 2021

JPMorgan Small Cap Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		4.17%
Russell 2000 Index		(2.31)%
Net Assets as of 12/31/2021 (In Thousands)	$	8,142,882

INVESTMENT OBJECTIVE**

The JPMorgan Small Cap Equity Fund (the “Fund”) seeks capital growth over the long term.

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

The Fund’s Class A Shares, without a sales charge, outperformed the Russell 2000 Index (the “Benchmark”) for the six months ended December 31, 2021.

The Fund’s security selection and underweight position in the health care sector and its security selection in the financials sector were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the information technology and materials sectors was a leading detractor from relative performance.

Leading individual contributors to performance relative to the Benchmark included the Fund’s overweight positions in WillScot Mobile Mini Holdings Corp., Kinsale Capital Group, Inc. and BJ’s Wholesale Club Holdings, Inc. Shares of WillScot Mini Mobile Holdings, a storage and moving company, rose after the company reported better-than-expected earnings for the third quarter of 2021. Shares of Kinsale Capital Group, a property and casualty insurer, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2021. Shares of BJ’s Wholesale Club Holdings, a membership retail chain, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2021.

Leading individual detractors from relative performance included the Fund’s overweight positions in HealthEquity, Inc. and NLight, Inc., and its out-of-Benchmark position in Wex, Inc. Shares of HealthEquity, a health care benefits manager, fell after the company reported lower-than-expected earnings and revenue for the third quarter of 2021. Shares of NLight, a manufacturer of semiconductor and fiber laser components, fell amid weakening demand from China and after the company forecast supply constraints would weigh on profit margins. Shares of Wex, an employee benefits and corporate fleet gas card provider, fell amid investor disappointment with the company’s third quarter earnings.

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 AS OF DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	WillScot Mobile Mini Holdings Corp.		2.0	%
	2.	AptarGroup, Inc.		1.7
	3.	Performance Food Group Co.		1.7
	4.	EastGroup Properties, Inc.		1.6
	5.	BJ’s Wholesale Club Holdings, Inc.		1.6
	6.	Lincoln Electric Holdings, Inc.		1.5
	7.	ICU Medical, Inc.		1.5
	8.	Syneos Health, Inc.		1.5
	9.	Kinsale Capital Group, Inc.		1.5
	10.	Brunswick Corp.		1.5

PORTFOLIO COMPOSITION BY SECTOR AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Industrials		21.9	%
Financials		16.5
Information Technology		12.8
Health Care		12.1
Consumer Discretionary		11.4
Real Estate		7.3
Consumer Staples		6.0
Materials		5.0
Utilities		2.1
Short-Term Investments		4.9

* 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.

DECEMBER 31, 2021 J.P. MORGAN SMALL CAP FUNDS 5

JPMorgan Small Cap Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	December 20, 1994
With Sales Charge**			(1.30	)%		9.62	%		11.66	%		13.50	%
Without Sales Charge			4.17			15.69			12.87			14.12
CLASS C SHARES	February 19, 2005
With CDSC***			2.92			14.11			12.32			13.66
Without CDSC			3.92			15.11			12.32			13.66
CLASS I SHARES	May 7, 1996		4.33			16.01			13.18			14.44
CLASS R2 SHARES	November 3, 2008		4.05			15.40			12.60			13.84
CLASS R3 SHARES	September 9, 2016		4.19			15.71			12.89			14.13
CLASS R4 SHARES	September 9, 2016		4.32			16.00			13.17			14.44
CLASS R5 SHARES	May 15, 2006		4.43			16.22			13.39			14.67
CLASS R6 SHARES	May 31, 2016		4.46			16.29			13.46			14.70

* 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 (12/31/11 TO 12/31/21)

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, 2011 to December 31, 2021. 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.

6 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2021

JPMorgan Small Cap Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		(6.79)%
Russell 2000 Growth Index		(5.64)%
Net Assets as of 12/31/2021 (In Thousands)	$	5,951,726

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, underperformed the Russell 2000 Growth Index (the “Benchmark”) for the six months ended December 31, 2021.

The Fund’s security selection in the information technology and communication services sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the health care and consumer discretionary sectors were leading contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s out-of-Benchmark position in Everbridge, Inc. and its overweight positions in Freshpet, Inc. and Zymergen, Inc. Shares of Everbridge, a software developer, fell after the resignation of the company’s chief executive in early December 2021. Shares of Freshpet, a pet food maker, fell after the company reported lower-than-expected earnings and revenue for the third quarter amid higher materials costs and supply chain bottlenecks. Shares of Zymergen, a specialty chemicals manufacturer, fell in early August 2021 after the company issued a weaker-than-expected revenue forecast and its chief executive resigned.

Leading individual contributors to relative performance included the Fund’s overweight positions in Saia, Inc. and DigitalOcean Holdings, Inc., and its out-of-Benchmark position in Globant SA. Shares of Saia, a trucking and transport company, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2021. Shares of DigitalOcean Holdings, a provider of cloud computing services, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2021. Shares of Globant, an information technology services provider, rose after the company reported better-than-expected earnings and revenue for both the second and third quarters of 2021.

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 AS OF DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Saia, Inc.		1.8	%
	2.	Performance Food Group Co.		1.8
	3.	MKS Instruments, Inc.		1.4
	4.	ITT, Inc.		1.4
	5.	Globant SA		1.4
	6.	CyberArk Software Ltd.		1.4
	7.	Littelfuse, Inc.		1.4
	8.	Helen of Troy Ltd.		1.4
	9.	DigitalOcean Holdings, Inc.		1.4
	10.	National Vision Holdings, Inc.		1.4

PORTFOLIO COMPOSITION BY SECTOR AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Health Care		26.5	%
Information Technology		22.7
Industrials		18.2
Consumer Discretionary		15.9
Financials		3.8
Consumer Staples		3.0
Communication Services		1.9
Real Estate		1.8
Materials		0.1
Short-Term Investments		6.1

* 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.

DECEMBER 31, 2021 J.P. MORGAN SMALL CAP FUNDS 7

JPMorgan Small Cap Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	July 1, 1991
With Sales Charge**			(11.68	)%		(10.99	)%		21.16	%		16.38	%
Without Sales Charge			(6.79	)		(6.06	)		22.46			17.01
CLASS C SHARES	November 4, 1997
With CDSC***			(7.96	)		(7.45	)		21.86			16.54
Without CDSC			(6.96	)		(6.45	)		21.86			16.54
CLASS I SHARES	March 26, 1996		(6.66	)		(5.80	)		22.78			17.31
CLASS L SHARES	February 19, 2005		(6.56	)		(5.64	)		22.96			17.48
CLASS R2 SHARES	November 3, 2008		(6.87	)		(6.26	)		22.17			16.73
CLASS R3 SHARES	July 31, 2017		(6.77	)		(6.04	)		22.46			17.01
CLASS R4 SHARES	July 31, 2017		(6.65	)		(5.79	)		22.78			17.31
CLASS R5 SHARES	September 9, 2016		(6.55	)		(5.63	)		22.97			17.48
CLASS R6 SHARES	November 30, 2010		(6.53	)		(5.56	)		23.08			17.60

* 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 (12/31/11 TO 12/31/21)

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, 2011 to December 31, 2021. 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.

8 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2021

JPMorgan Small Cap Sustainable Leaders Fund⁽¹⁾

(formerly known as JPMorgan Small Cap Core Fund)

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class R5 Shares)*		(5.72)%
Russell 2000 Index		(2.31)%
Net Assets as of 12/31/2021 (In Thousands)	$	298,848

INVESTMENT OBJECTIVE**

The JPMorgan Small Cap Sustainable Leaders Fund (the “Fund”) seeks capital growth over the long term.

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

The Fund’s Class R5 Shares underperformed the Russell 2000 Index (the “Benchmark”) for the six months ended December 31, 2021.

The Fund’s security selection in the information technology and consumer discretionary sectors was a leading detractor from relative performance, while the Fund’s security selection in the health care and financials sectors was a leading contributor to performance relative to the Benchmark.

Leading individual detractors from relative performance included the Fund’s overweight positions in TPI Composites, Inc., Schrodinger, Inc. and Zymergen, Inc. Shares of TPI Composites, a manufacturer of wind turbine blades, fell after the company reported a wider-than-expected loss for the third quarter of 2021 and amid investor concerns about supply chain bottlenecks. Shares of Schrodinger, a supplier of pharmaceutical research software, fell after the company reported lower-than-expected earnings and revenue for the third quarter of 2021. Shares of Zymergen, a specialty chemicals manufacturer, fell in early August 2021 after the company issued a weaker-than-expected revenue forecast and its chief executive resigned.

Leading individual contributors to relative performance included the Fund’s overweight positions in Arena Pharmaceuticals, Inc. and AMN Healthcare Services, Inc., and its out-of-Benchmark position in Sarepta Therapeutics, Inc. Shares of Arena Pharmaceuticals, a biopharmaceuticals developer, rose after the company agreed to be acquired by Pfizer Inc. for an estimated $6.7 billion. Shares of AMN Healthcare Services, a provider of hospitals and health care staffing company, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2021. Shares of Sarepta Therapeutics, a biopharmaceuticals developer, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2021 and raised its forecast for sales of its muscular dystrophy treatment.

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 AS OF DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	WESCO International, Inc.		2.5	%
	2.	AAON, Inc.		2.3
	3.	AZEK Co., Inc. (The)		2.2
	4.	Zions Bancorp NA		2.1
	5.	Darling Ingredients, Inc.		2.1
	6.	Signature Bank		2.0
	7.	Customers Bancorp, Inc.		2.0
	8.	American States Water Co.		1.9
	9.	Hannon Armstrong Sustainable Infrastructure Capital, Inc.		1.9
	10.	AMN Healthcare Services, Inc.		1.8

PORTFOLIO COMPOSITION BY SECTOR AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Industrials		21.0	%
Health Care		15.2
Financials		14.7
Consumer Discretionary		13.2
Information Technology		9.4
Real Estate		7.0
Consumer Staples		5.3
Materials		3.0
Utilities		2.2
Communication Services		2.2
Energy		1.0
Short-Term Investments		5.8

⁽¹⁾  On July 1, 2021, the Small Cap Core Fund was renamed, but its investment objective remained unchanged.

* 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.

DECEMBER 31, 2021 J.P. MORGAN SMALL CAP FUNDS 9

JPMorgan Small Cap Sustainable Leaders Fund

(formerly known as JPMorgan Small Cap Core Fund)

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		May 31, 2016
With Sales Charge**				(10.88	)%		6.54	%		8.58	%		12.38	%
Without Sales Charge				(5.95	)		12.43			9.76			12.99
CLASS C SHARES		May 31, 2016
With CDSC***				(7.17	)		10.89			9.22			12.67
Without CDSC				(6.17	)		11.89			9.22			12.67
CLASS I SHARES		January 3, 2017		(5.82	)		12.72			10.03			13.16
CLASS R2 SHARES		July 31, 2017		(6.06	)		12.16			9.48			12.48
CLASS R3 SHARES		July 31, 2017		(5.95	)		12.42			9.75			12.76
CLASS R4 SHARES		July 31, 2017		(5.82	)		12.73			10.04			13.05
CLASS R5 SHARES		January 1, 1997		(5.72	)		12.93			10.25			13.27
CLASS R6 SHARES		May 31, 2016		(5.70	)		12.99			10.31			13.30

* 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 (12/31/11 TO 12/31/21)

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 Sustainable Leaders Fund and the Russell 2000 Index from December 31, 2011 to December 31, 2021. 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.

10 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2021

JPMorgan Small Cap Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		3.27%
Russell 2000 Value Index		1.24%
Net Assets as of 12/31/2021 (In Thousands)	$	1,550,740

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 outperformed the Russell 2000 Value Index (the “Benchmark”) for the six months ended December 31, 2021.

The Fund’s security selection in the consumer discretionary and health care sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the consumer staples and industrials sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in ArcBest Corp., Arena Pharmaceuticals, Inc. and Echo Global Logistics, Inc. Shares of ArcBest, a logistics and transport company, rose after the company reported better-than-expected earnings for the third quarter of 2021. Shares of Arena Pharmaceuticals, a biopharmaceuticals developer, rose after the company agreed to be acquired by Pfizer Inc. for an estimated $6.7 billion. Shares of Echo Global Logistics, a supply chain management company, rose ahead of its acquisition by Jordan Co. for an estimated $5 billion.

Leading individual detractors from relative performance included the Fund’s underweight position in Avis Budget Group, Inc., its overweight positions in AMC Entertainment Holdings, Inc. and ManTech International Corp. Shares of Avis Budget Group, an auto rental chain, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2021 and indicated it would increase purchases of electric vehicles. Shares of AMC Entertainment Holdings, an owner/operator of movie theaters, fell amid investor expectations that the resurgence of the pandemic in late 2021 would lead to renewed social restrictions. Shares of ManTech International, a provider of technology and software to the defense industry, fell after the company reported lower-than-expected revenue for the third quarter of 2021.

HOW WAS THE FUND POSITIONED?

In accordance with its investment process, the Fund’s portfolio managers take limited sector bets and construct the Fund so

that stock selection is typically the primary driver of the Fund’s relative performance versus the Benchmark. The Fund’s portfolio managers use a quantitative ranking methodology to identify stocks in each sector that, in their view, trade at attractive levels. Through bottom-up fundamental research, they seek companies that they believe have attractive valuations, exhibit high earnings quality and have management teams that make effective capital deployment decisions. During the reporting period, the Fund was managed and positioned in accordance with this investment process.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Tri Pointe Homes, Inc.		1.2	%
	2.	Allscripts Healthcare Solutions, Inc.		1.0
	3.	EMCOR Group, Inc.		1.0
	4.	CIT Group, Inc.		0.9
	5.	ArcBest Corp.		0.9
	6.	Ovintiv, Inc.		0.9
	7.	New Jersey Resources Corp.		0.8
	8.	BellRing Brands, Inc., Class A		0.8
	9.	American States Water Co.		0.8
	10.	AMC Entertainment Holdings, Inc., Class A		0.8

PORTFOLIO COMPOSITION BY SECTOR AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Financials		24.9	%
Industrials		15.4
Health Care		10.2
Real Estate		10.1
Information Technology		6.1
Consumer Discretionary		6.0
Energy		5.5
Materials		4.4
Utilities		3.8
Communication Services		3.7
Consumer Staples		2.7
Short-Term Investments		7.2

* 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.

DECEMBER 31, 2021 J.P. MORGAN SMALL CAP FUNDS 11

JPMorgan Small Cap Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		January 27, 1995
With Sales Charge**				(2.28	)%		25.34	%		6.81	%		10.97	%
Without Sales Charge				3.14			32.31			7.97			11.57
CLASS C SHARES		March 22, 1999
With CDSC***				1.93			30.71			7.43			11.06
Without CDSC				2.93			31.71			7.43			11.06
CLASS I SHARES		January 27, 1995		3.27			32.63			8.25			11.86
CLASS R2 SHARES		November 3, 2008		3.01			31.98			7.70			11.29
CLASS R3 SHARES		September 9, 2016		3.16			32.36			7.98			11.57
CLASS R4 SHARES		September 9, 2016		3.30			32.67			8.24			11.84
CLASS R5 SHARES		May 15, 2006		3.36			32.85			8.40			11.98
CLASS R6 SHARES		February 22, 2005		3.41			33.00			8.51			12.09

* 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 (12/31/11 TO 12/31/21)

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, 2011 to December 31, 2021. 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, 2021

JPMorgan SMID Cap Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		9.33%
Russell 2500 Index		1.04%
Net Assets as of 12/31/21 (In Thousands)	$	400,876

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 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 outperformed the Russell 2500 Index (the “Benchmark”) for the six months ended December 31, 2021.

Relative to the Benchmark, the Fund’s security selection in the health care and financials sectors was a leading contributor to performance, while the Fund’s security selection in the materials sector and its underweight position in the energy sector, where it had no holdings, were leading detractors from performance.

Leading individual contributors to performance relative to the Benchmark included the Fund’s overweight positions in WillScot Mobile Mini Holdings Corp., Kinsale Capital Group, Inc. and BJ’s Wholesale Club Holdings, Inc. Shares of WillScot Mini Mobile Holdings, a storage and moving company, rose after the company reported better-than-expected earnings for the third quarter of 2021. Shares of Kinsale Capital Group, a property and casualty insurer, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2021. Shares of BJ’s Wholesale Club Holdings, a membership retail chain, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2021.

Leading individual detractors from performance relative to the Benchmark included the Fund’s overweight positions in Wex, Inc., Q2 Holdings, Inc. and Lamb Weston Holdings, Inc. Shares of Wex, an employee benefits and corporate fleet gas card provider, fell amid investor disappointment with the company’s third quarter earnings. Shares of Q2 Holdings, a digital banking provider, fell after the company reported lower-than-expected earnings for both the second and third quarters of 2021. Shares of Lamb Weston Holdings, a frozen foods and dairy products provider, fell amid increased costs and reported lower-than-expected results for the company’s fiscal first quarter of 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, 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 industrials and financials sectors and the smallest allocations were to the energy and communications services sectors.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	WillScot Mobile Mini Holdings Corp.		1.8	%
	2.	Molina Healthcare, Inc.		1.7
	3.	Toro Co. (The)		1.7
	4.	Waste Connections, Inc.		1.6
	5.	LPL Financial Holdings, Inc.		1.6
	6.	Pool Corp.		1.6
	7.	LKQ Corp.		1.6
	8.	Lincoln Electric Holdings, Inc.		1.5
	9.	SS&C Technologies Holdings, Inc.		1.5
	10.	Signature Bank		1.4

DECEMBER 31, 2021 J.P. MORGAN SMALL CAP FUNDS 13

JPMorgan SMID Cap Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)

PORTFOLIO COMPOSITION BY SECTOR AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Industrials		24.9	%
Financials		17.6
Information Technology		15.0
Health Care		12.4
Consumer Discretionary		10.9
Real Estate		6.8
Consumer Staples		5.6
Materials		3.7
Utilities		1.1
Short-Term Investments		2.0

* 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.

14 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2021

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 1, 1992
With Sales Charge**			3.44	%		16.56	%		10.65	%		12.53	%
Without Sales Charge			9.17			23.03			11.85			13.14
CLASS C SHARES	March 22, 1999
With CDSC***			7.90			21.47			11.28			12.61
Without CDSC			8.90			22.47			11.28			12.61
CLASS I SHARES	June 1, 1991		9.33			23.33			12.12			13.42
CLASS R3 SHARES	September 9, 2016		9.19			23.02			11.85			13.14
CLASS R4 SHARES	September 9, 2016		9.38			23.40			12.12			13.42
CLASS R6 SHARES	November 2, 2015		9.50			23.70			12.41			13.60

* 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 (12/31/11 TO 12/31/21)

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 and the Russell 2500 Index from December 31, 2011 to December 31, 2021. 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 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 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.

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, 2021 J.P. MORGAN SMALL CAP FUNDS 15

JPMorgan U.S. Small Company Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class L Shares)*		3.00%
Russell 2000 Index		(2.31)%
Net Assets as of 12/31/2021 (In Thousands)	$	1,119,369

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, 2021.

The Fund’s security selection in the health care and consumer discretionary sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the consumer staples and communication services sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Herc Holdings, Inc., ArcBest Corp. and Tri Pointe Homes, Inc. Shares of Herc Holdings, an equipment rental supplier, rose after the company raised its cash flow forecast for the full year 2021 and after it reported better-than-expected earnings for the third quarter of 2021. Shares of ArcBest, a logistics and transport company, rose after the company reported better-than-expected earnings for the third quarter of 2021. Shares of Tri Pointe Homes, a homebuilder, rose after the company reported better-than-expected earnings and revenue for both the second and third quarters of 2021.

Leading individual detractors from relative performance included the Fund’s overweight positions in Cardiovascular Systems, Inc., ManTech International Corp. and Liberty TripAdvisor Holdings, Inc. Shares of Cardiovascular Systems, a medical device manufacturer, fell after the company reported lower-than-expected earnings and revenue for its fiscal first quarter and issued a voluntary recall of one of its products. Shares of ManTech International, a provider of technology and software to the defense industry, fell after the company reported lower-than-expected revenue for the third quarter of 2021. Shares of Liberty TripAdvisor Holdings, an online advertising and hospitality commerce business, fell amid investor expectations that a resurgence in the pandemic in late 2021 would curb consumer and business travel.

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 AS OF DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Option Care Health, Inc.		1.3	%
	2.	Tri Pointe Homes, Inc.		1.3
	3.	Verint Systems, Inc.		1.3
	4.	UniFirst Corp.		1.1
	5.	Allscripts Healthcare Solutions, Inc.		1.0
	6.	Tetra Tech, Inc.		1.0
	7.	Perficient, Inc.		0.9
	8.	NuVasive, Inc.		0.9
	9.	John Wiley & Sons, Inc., Class A		0.9
	10.	American States Water Co.		0.8

PORTFOLIO COMPOSITION BY SECTOR AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Health Care		17.0	%
Industrials		15.8
Financials		14.5
Information Technology		13.3
Consumer Discretionary		8.6
Real Estate		6.1
Communication Services		3.7
Materials		3.6
Consumer Staples		3.2
Energy		3.2
Utilities		1.8
Short-Term Investments		9.2

* 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.

16 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2021

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	November 1, 2007
With Sales Charge**			(2.56	)%		15.54	%		9.45	%		12.82	%
Without Sales Charge			2.83			21.94			10.64			13.43
CLASS C SHARES	November 1, 2007
With CDSC***			1.55			20.33			10.08			12.97
Without CDSC			2.55			21.33			10.08			12.97
CLASS I SHARES	September 10, 2001		2.91			22.19			10.92			13.71
CLASS L SHARES	November 4, 1993		3.00			22.38			11.10			13.90
CLASS R2 SHARES	November 1, 2011		2.67			21.62			10.36			13.14
CLASS R3 SHARES	September 9, 2016		2.80			21.90			10.64			13.43
CLASS R4 SHARES	September 9, 2016		2.92			22.18			10.90			13.71
CLASS R5 SHARES	September 9, 2016		3.03			22.40			11.09			13.90
CLASS R6 SHARES	November 1, 2011		3.09			22.53			11.21			14.00

* 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 (12/31/11 TO 12/31/21)

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 R3 shares prior to their inception date are based on the performance of the 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 Shares prior to their inception date 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 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, 2011 to December 31, 2021. 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, 2021 J.P. MORGAN SMALL CAP FUNDS 17

JPMorgan Small Cap Blend Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.5%
Aerospace & Defense — 0.4%
Hexcel Corp. *		96		4,995
Airlines — 0.1%
Frontier Group Holdings, Inc. *		127		1,727
Auto Components — 0.7%
Fox Factory Holding Corp. *		32		5,375
Patrick Industries, Inc. (a)		45		3,617
				8,992
Automobiles — 0.3%
Winnebago Industries, Inc. (a)		54		4,051
Banks — 10.8%
BancFirst Corp.		95		6,703
Camden National Corp.		155		7,453
City Holding Co.		64		5,264
Columbia Banking System, Inc.		300		9,816
Community Trust Bancorp, Inc.		155		6,749
Cullen/Frost Bankers, Inc.		35		4,354
First Busey Corp.		380		10,305
First Commonwealth Financial Corp.		502		8,075
First Financial Bancorp		157		3,819
First Financial Bankshares, Inc.		125		6,330
First Hawaiian, Inc.		103		2,821
First Merchants Corp.		181		7,563
Heritage Commerce Corp.		516		6,159
Independent Bank Corp.		103		8,411
Independent Bank Corp.		392		9,357
Lakeland Bancorp, Inc. (a)		459		8,718
Pinnacle Financial Partners, Inc. (a)		45		4,321
Simmons First National Corp., Class A		256		7,559
SouthState Corp.		110		8,812
Trustmark Corp.		196		6,363
				138,952
Beverages — 0.4%
Primo Water Corp.		310		5,457
Biotechnology — 6.3%
ACADIA Pharmaceuticals, Inc. *		108		2,512
ADC Therapeutics SA (Switzerland) * (a)		109		2,211
Alector, Inc. *		95		1,968
Allogene Therapeutics, Inc. *		73		1,092
Amicus Therapeutics, Inc. *		395		4,558
Apellis Pharmaceuticals, Inc. * (a)		48		2,250
Arrowhead Pharmaceuticals, Inc. *		85		5,641
Atara Biotherapeutics, Inc. *		194		3,051
Avrobio, Inc. *		139		533
Biohaven Pharmaceutical Holding Co. Ltd. *		44		6,103
Blueprint Medicines Corp. *		59		6,321
Bridgebio Pharma, Inc. * (a)		65		1,088
Coherus Biosciences, Inc. * (a)		216		3,450
Fate Therapeutics, Inc. *		43		2,503
G1 Therapeutics, Inc. * (a)		110		1,120
Halozyme Therapeutics, Inc. *		179		7,178

INVESTMENTS	SHARES (000)		VALUE ($000)
Biotechnology — continued
Heron Therapeutics, Inc. * (a)		317		2,895
Kronos Bio, Inc. * (a)		69		932
Natera, Inc. *		56		5,245
PMV Pharmaceuticals, Inc. * (a)		85		1,975
REGENXBIO, Inc. *		124		4,047
Relay Therapeutics, Inc. *		106		3,268
REVOLUTION Medicines, Inc. * (a)		58		1,471
Rubius Therapeutics, Inc. * (a)		134		1,295
Sage Therapeutics, Inc. *		43		1,843
Sana Biotechnology, Inc. * (a)		61		947
Twist Bioscience Corp. *		54		4,193
Verve Therapeutics, Inc. * (a)		46		1,680
				81,370
Building Products — 3.2%
Advanced Drainage Systems, Inc.		54		7,340
AZEK Co., Inc. (The) * (a)		136		6,306
Carlisle Cos., Inc.		27		6,758
CSW Industrials, Inc.		50		6,043
Simpson Manufacturing Co., Inc.		49		6,825
UFP Industries, Inc.		84		7,729
				41,001
Capital Markets — 1.9%
Evercore, Inc., Class A		26		3,493
Focus Financial Partners, Inc., Class A *		106		6,341
LPL Financial Holdings, Inc.		47		7,524
Virtus Investment Partners, Inc.		26		7,663
				25,021
Chemicals — 3.4%
Chase Corp.		70		6,969
Diversey Holdings Ltd. *		500		6,655
Hawkins, Inc.		230		9,075
HB Fuller Co.		106		8,607
Innospec, Inc.		67		6,058
Stepan Co.		52		6,411
Zymergen, Inc. * (a)		57		384
				44,159
Commercial Services & Supplies — 1.4%
ACV Auctions, Inc., Class A * (a)		117		2,212
Brady Corp., Class A		159		8,577
Kimball International, Inc., Class B		233		2,380
MSA Safety, Inc.		36		5,371
				18,540
Communications Equipment — 0.8%
Ciena Corp. *		57		4,392
Viavi Solutions, Inc. *		300		5,286
				9,678
Construction & Engineering — 0.7%
Comfort Systems USA, Inc.		90		8,905

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Diversified Consumer Services — 0.2%
Bright Horizons Family Solutions, Inc. *		18		2,298
Diversified Telecommunication Services — 1.1%
Iridium Communications, Inc. *		155		6,400
Radius Global Infrastructure, Inc. *		450		7,245
				13,645
Electric Utilities — 0.2%
Portland General Electric Co.		59		3,144
Electrical Equipment — 1.7%
Bloom Energy Corp., Class A * (a)		156		3,414
Fluence Energy, Inc. *		102		3,619
Regal Rexnord Corp.		45		7,658
Shoals Technologies Group, Inc., Class A *		127		3,093
Vertiv Holdings Co.		168		4,200
				21,984
Electronic Equipment, Instruments & Components — 2.6%
II-VI, Inc. *		98		6,703
Insight Enterprises, Inc. *		60		6,396
Itron, Inc. *		45		3,108
Littelfuse, Inc.		24		7,625
Plexus Corp. *		50		4,795
TTM Technologies, Inc. *		350		5,215
				33,842
Equity Real Estate Investment Trusts (REITs) — 7.6%
Agree Realty Corp.		70		4,995
American Campus Communities, Inc.		110		6,302
American Homes 4 Rent, Class A		170		7,414
Centerspace		57		6,293
CubeSmart		66		3,761
Highwoods Properties, Inc.		110		4,905
JBG SMITH Properties		200		5,742
Kite Realty Group Trust		177		3,851
Plymouth Industrial REIT, Inc. (a)		248		7,924
Rayonier, Inc. (a)		154		6,202
Rexford Industrial Realty, Inc.		105		8,517
RLJ Lodging Trust		550		7,662
Sunstone Hotel Investors, Inc. *		800		9,383
Terreno Realty Corp.		173		14,779
				97,730
Food & Staples Retailing — 1.0%
Grocery Outlet Holding Corp. * (a)		103		2,901
Performance Food Group Co. *		213		9,766
				12,667
Food Products — 1.1%
Flowers Foods, Inc.		230		6,317
Freshpet, Inc. *		41		3,936
J&J Snack Foods Corp.		26		4,075
				14,328

INVESTMENTS	SHARES (000)		VALUE ($000)
Gas Utilities — 1.3%
Chesapeake Utilities Corp.		35		5,073
ONE Gas, Inc.		85		6,595
Southwest Gas Holdings, Inc.		64		4,471
				16,139
Health Care Equipment & Supplies — 3.1%
CONMED Corp. (a)		38		5,438
Figs, Inc., Class A *		63		1,734
iRhythm Technologies, Inc. *		61		7,217
Nevro Corp. *		38		3,093
NuVasive, Inc. *		91		4,773
Outset Medical, Inc. *		99		4,554
Shockwave Medical, Inc. *		40		7,105
Sight Sciences, Inc. * (a)		61		1,080
Utah Medical Products, Inc. (a)		45		4,500
				39,494
Health Care Providers & Services — 2.9%
Acadia Healthcare Co., Inc. *		78		4,741
Accolade, Inc. *		106		2,805
Amedisys, Inc. *		18		2,940
Cano Health, Inc. * (a)		152		1,352
Encompass Health Corp.		95		6,200
Ensign Group, Inc. (The) (a)		55		4,583
ModivCare, Inc. *		37		5,487
Patterson Cos., Inc.		300		8,804
				36,912
Health Care Technology — 0.4%
Evolent Health, Inc., Class A *		169		4,678
Hotels, Restaurants & Leisure — 3.9%
Boyd Gaming Corp. *		87		5,690
Cracker Barrel Old Country Store, Inc.		40		5,146
El Pollo Loco Holdings, Inc. *		220		3,122
Everi Holdings, Inc. *		280		5,985
Jack in the Box, Inc.		60		5,249
Life Time Group Holdings, Inc. * (a)		187		3,224
Marriott Vacations Worldwide Corp.		31		5,203
Planet Fitness, Inc., Class A *		77		6,972
Six Flags Entertainment Corp. *		90		3,853
Texas Roadhouse, Inc.		71		6,346
				50,790
Household Durables — 2.4%
Helen of Troy Ltd. * (a)		31		7,550
Hooker Furnishings Corp.		150		3,492
La-Z-Boy, Inc.		110		3,994
M/I Homes, Inc. *		62		3,853
MDC Holdings, Inc.		67		3,737
Sonos, Inc. *		157		4,687
Tri Pointe Homes, Inc. *		141		3,934
				31,247

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN SMALL CAP FUNDS 19

JPMorgan Small Cap Blend Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Insurance — 1.9%
Lemonade, Inc. * (a)		12		518
Safety Insurance Group, Inc.		129		10,965
Selective Insurance Group, Inc.		110		9,013
Universal Insurance Holdings, Inc.		225		3,825
				24,321
Interactive Media & Services — 0.6%
Bumble, Inc., Class A *		96		3,241
Eventbrite, Inc., Class A * (a)		207		3,613
MediaAlpha, Inc., Class A *		64		984
				7,838
Internet & Direct Marketing Retail — 0.6%
Global-e Online Ltd. (Israel) * (a)		50		3,143
RealReal, Inc. (The) * (a)		188		2,187
Xometry, Inc., Class A * (a)		53		2,707
				8,037
IT Services — 2.6%
CSG Systems International, Inc.		95		5,474
DigitalOcean Holdings, Inc. * (a)		94		7,514
ExlService Holdings, Inc. *		12		1,804
Globant SA*		25		7,732
LiveRamp Holdings, Inc. *		60		2,874
Rackspace Technology, Inc. * (a)		310		4,176
Remitly Global, Inc. *		44		902
Repay Holdings Corp. *		157		2,865
				33,341
Leisure Products — 0.8%
Hayward Holdings, Inc. * (a)		283		7,430
Johnson Outdoors, Inc., Class A		24		2,286
				9,716
Life Sciences Tools & Services — 0.3%
Berkeley Lights, Inc. * (a)		50		907
Personalis, Inc. * (a)		111		1,581
Rapid Micro Biosystems, Inc., Class A *		76		805
Seer, Inc. * (a)		39		900
				4,193
Machinery — 5.2%
Alamo Group, Inc.		50		7,359
Altra Industrial Motion Corp.		77		3,991
Hillenbrand, Inc.		180		9,358
ITT, Inc.		139		14,214
John Bean Technologies Corp.		45		6,881
Kadant, Inc.		35		8,100
Lincoln Electric Holdings, Inc.		41		5,735
Mueller Industries, Inc.		150		8,904
Watts Water Technologies, Inc., Class A		15		2,913
				67,455

INVESTMENTS	SHARES (000)		VALUE ($000)
Media — 1.0%
Cardlytics, Inc. *		42		2,792
Gray Television, Inc.		470		9,475
				12,267
Metals & Mining — 0.6%
Alcoa Corp.		90		5,362
Warrior Met Coal, Inc.		100		2,571
				7,933
Mortgage Real Estate Investment Trusts (REITs) — 0.9%
Ares Commercial Real Estate Corp.		400		5,816
Ladder Capital Corp.		500		5,995
				11,811
Multi-Utilities — 0.4%
Unitil Corp.		100		4,599
Oil, Gas & Consumable Fuels — 2.2%
CNX Resources Corp. *		301		4,145
Delek US Holdings, Inc. *		120		1,804
Equitrans Midstream Corp.		289		2,985
Matador Resources Co.		270		9,968
PDC Energy, Inc.		201		9,785
				28,687
Personal Products — 0.6%
Inter Parfums, Inc.		70		7,452
Pharmaceuticals — 0.6%
Arvinas, Inc. *		58		4,763
Revance Therapeutics, Inc. *		180		2,944
				7,707
Professional Services — 0.7%
ASGN, Inc. *		29		3,533
CBIZ, Inc. *		103		4,015
ManTech International Corp., Class A		28		2,075
				9,623
Road & Rail — 1.2%
Marten Transport Ltd.		361		6,197
Saia, Inc. *		29		9,796
				15,993
Semiconductors & Semiconductor Equipment — 3.0%
Cohu, Inc. *		125		4,761
FormFactor, Inc. *		125		5,715
MKS Instruments, Inc.		46		7,974
Rambus, Inc. * (a)		220		6,466
Semtech Corp. *		65		5,742
SolarEdge Technologies, Inc. *		13		3,764
Wolfspeed, Inc. * (a)		44		4,895
				39,317

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Software — 4.4%
Anaplan, Inc. *		91		4,167
Blackline, Inc. *		53		5,490
CyberArk Software Ltd. *		44		7,657
Digital Turbine, Inc. * (a)		79		4,844
Duck Creek Technologies, Inc. *		106		3,185
Elastic NV *		22		2,736
Envestnet, Inc. *		65		5,186
Everbridge, Inc. *		48		3,236
JFrog Ltd. (Israel)*		69		2,049
New Relic, Inc. *		14		1,542
Paycor HCM, Inc. * (a)		156		4,494
Q2 Holdings, Inc. *		35		2,807
Smartsheet, Inc., Class A *		92		7,145
Vertex, Inc., Class A *		138		2,190
				56,728
Specialty Retail — 2.7%
Floor & Decor Holdings, Inc., Class A *		31		3,993
Group 1 Automotive, Inc.		36		7,049
Lithia Motors, Inc., Class A		12		3,669
National Vision Holdings, Inc. *		151		7,232
Petco Health & Wellness Co., Inc. * (a)		231		4,569
Sleep Number Corp. *		46		3,557
Urban Outfitters, Inc. *		160		4,698
				34,767
Technology Hardware, Storage & Peripherals — 0.3%
Super Micro Computer, Inc. *		100		4,395
Textiles, Apparel & Luxury Goods — 1.8%
Kontoor Brands, Inc.		136		6,955
Movado Group, Inc.		139		5,826
Oxford Industries, Inc. (a)		50		5,076
Steven Madden Ltd.		120		5,576
				23,433
Thrifts & Mortgage Finance — 2.4%
PennyMac Financial Services, Inc.		108		7,559
Premier Financial Corp.		268		8,291
Radian Group, Inc.		288		6,082
WSFS Financial Corp.		175		8,790
				30,722
Trading Companies & Distributors — 3.5%
Applied Industrial Technologies, Inc.		149		15,325
Beacon Roofing Supply, Inc. * (a)		110		6,309
GMS, Inc. * (a)		100		6,011
McGrath RentCorp		95		7,625
Rush Enterprises, Inc., Class A		89		4,926
SiteOne Landscape Supply, Inc. *		19		4,500
				44,696

INVESTMENTS	SHARES (000)		VALUE ($000)
Water Utilities — 0.3%
American States Water Co.		40		4,127
Total Common Stocks (Cost $1,014,811)				1,270,904
	NO. OF RIGHTS (000)
Rights — 0.0% (b)
Biotechnology — 0.0% (b)
Clementia Pharmaceuticals, Inc. (France) * ‡ (Cost $—)		51		—	(c)
	SHARES (000)
Short-Term Investments — 5.7%
Investment Companies — 1.4%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (d) (e) (Cost $18,582)		18,578		18,585
Investment of Cash Collateral from Securities Loaned — 4.3%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (d) (e)		46,002		45,993
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (d) (e)		8,656		8,656
Total Investment of Cash Collateral from Securities Loaned (Cost $54,653)				54,649
Total Short-Term Investments (Cost $73,235)				73,234
Total Investments — 104.2% (Cost $1,088,046)				1,344,138
Liabilities in Excess of Other Assets — (4.2)%				(54,089	)
NET ASSETS — 100.0%				1,290,049

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, 2021. The total value of securities on loan at December 31, 2021 is $53,036.
(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, 2021.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN SMALL CAP FUNDS 21

JPMorgan Small Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.2%
Airlines — 0.7%
Alaska Air Group, Inc. *		1,016		52,956
Auto Components — 1.4%
LCI Industries		714		111,278
Automobiles — 0.8%
Thor Industries, Inc.		603		62,568
Banks — 8.8%
BankUnited, Inc.		2,016		85,301
Commerce Bancshares, Inc. (a)		1,043		71,678
Cullen/Frost Bankers, Inc.		574		72,356
First Financial Bancorp		2,741		66,823
First Hawaiian, Inc.		3,151		86,106
First Horizon Corp.		5,663		92,474
Signature Bank		203		65,581
Western Alliance Bancorp		882		94,998
Wintrust Financial Corp.		982		89,197
				724,514
Beverages — 1.2%
Primo Water Corp.		5,402		95,232
Capital Markets — 5.2%
AssetMark Financial Holdings, Inc. *		1,465		38,409
Focus Financial Partners, Inc., Class A *		1,432		85,519
Lazard Ltd., Class A		1,676		73,137
Moelis & Co., Class A		1,069		66,816
Morningstar, Inc.		236		80,659
StepStone Group, Inc., Class A		1,861		77,373
				421,913
Chemicals — 2.9%
Diversey Holdings Ltd. *		3,192		42,489
Ecovyst, Inc.		2,903		29,728
Quaker Chemical Corp. (a)		381		88,023
Valvoline, Inc.		1,933		72,075
				232,315
Commercial Services & Supplies — 8.1%
Brady Corp., Class A (a)		1,451		78,210
Casella Waste Systems, Inc., Class A *		1,322		112,905
Driven Brands Holdings, Inc. *		2,159		72,581
IAA, Inc. *		1,999		101,180
MSA Safety, Inc.		758		114,456
Ritchie Bros Auctioneers, Inc. (Canada)		822		50,285
Stericycle, Inc. * (a)		1,307		77,924
UniFirst Corp.		243		51,132
				658,673
Construction & Engineering — 2.1%
WillScot Mobile Mini Holdings Corp. *		4,101		167,487
Containers & Packaging — 2.2%
AptarGroup, Inc.		1,160		142,096
Pactiv Evergreen, Inc. (a)		2,966		37,615
				179,711

INVESTMENTS	SHARES (000)		VALUE ($000)
Diversified Consumer Services — 1.0%
Bright Horizons Family Solutions, Inc. *		666		83,793
Electric Utilities — 1.1%
Portland General Electric Co.		1,663		87,988
Electronic Equipment, Instruments & Components — 2.7%
Badger Meter, Inc.		578		61,626
nLight, Inc. * (a)		2,090		50,067
Novanta, Inc. * (a)		617		108,777
				220,470
Equity Real Estate Investment Trusts (REITs) — 6.5%
American Campus Communities, Inc.		1,574		90,180
CubeSmart		1,521		86,588
EastGroup Properties, Inc.		580		132,264
National Retail Properties, Inc.		2,133		102,535
Outfront Media, Inc.		2,554		68,495
Ryman Hospitality Properties, Inc. *		570		52,379
				532,441
Food & Staples Retailing — 4.4%
BJ’s Wholesale Club Holdings, Inc. * (a)		1,926		129,016
Casey’s General Stores, Inc. (a)		426		84,098
Performance Food Group Co. *		3,087		141,651
				354,765
Food Products — 0.7%
Utz Brands, Inc. (a)		3,333		53,154
Health Care Equipment & Supplies — 4.0%
Envista Holdings Corp. *		2,031		91,511
ICU Medical, Inc. *		538		127,624
Neogen Corp. * (a)		699		31,727
Ortho Clinical Diagnostics Holdings plc *		3,491		74,664
				325,526
Health Care Providers & Services — 5.8%
Agiliti, Inc. * (a)		3,082		71,385
Chemed Corp.		196		103,556
Covetrus, Inc. * (a)		3,271		65,327
Encompass Health Corp.		1,673		109,151
HealthEquity, Inc. *		1,462		64,694
Progyny, Inc. *		1,164		58,619
				472,732
Health Care Technology — 1.1%
Certara, Inc. * (a)		2,112		60,035
Definitive Healthcare Corp. * (a)		933		25,497
				85,532
Hotels, Restaurants & Leisure — 2.6%
Monarch Casino & Resort, Inc. *		505		37,347
Planet Fitness, Inc., Class A *		922		83,512
Wendy’s Co. (The)		3,727		88,884
				209,743

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Insurance — 2.8%
Kinsale Capital Group, Inc.		522		124,140
RLI Corp.		940		105,392
				229,532
Internet & Direct Marketing Retail — 0.3%
Xometry, Inc., Class A * (a)		532		27,264
IT Services — 1.2%
WEX, Inc. *		677		95,059
Leisure Products — 3.5%
Acushnet Holdings Corp.		1,459		77,467
Brunswick Corp.		1,219		122,795
Hayward Holdings, Inc. * (a)		3,325		87,214
				287,476
Life Sciences Tools & Services — 1.5%
Syneos Health, Inc. * (a)		1,226		125,899
Machinery — 7.8%
Altra Industrial Motion Corp.		1,379		71,120
Douglas Dynamics, Inc.		996		38,899
Gates Industrial Corp. plc *		3,019		48,032
Hillman Solutions Corp. * (a)		3,957		42,538
Lincoln Electric Holdings, Inc.		918		128,087
RBC Bearings, Inc. *		511		103,263
Toro Co. (The)		1,152		115,080
Woodward, Inc.		796		87,088
				634,107
Multi-Utilities — 1.0%
NorthWestern Corp. (a)		1,480		84,578
Professional Services — 0.5%
First Advantage Corp. * (a)		2,326		44,286
Real Estate Management & Development — 0.9%
Cushman & Wakefield plc * (a)		3,204		71,268
Road & Rail — 2.2%
Knight-Swift Transportation Holdings, Inc.		1,520		92,626
Landstar System, Inc.		488		87,335
				179,961
Semiconductors & Semiconductor Equipment — 3.5%
Allegro MicroSystems, Inc. (Japan) * (a)		2,214		80,113
CMC Materials, Inc. (a)		495		94,968
Power Integrations, Inc.		1,203		111,781
				286,862
Software — 5.7%
Aspen Technology, Inc. *		432		65,684
Cerence, Inc. *		166		12,696
Clearwater Analytics Holdings, Inc., Class A * (a)		1,500		34,467
Duck Creek Technologies, Inc. * (a)		1,189		35,815
Envestnet, Inc. *		970		76,923
Guidewire Software, Inc. *		715		81,143

INVESTMENTS	SHARES (000)		VALUE ($000)
Software — continued
nCino, Inc. * (a)		660		36,193
Paycor HCM, Inc. * (a)		1,062		30,608
Q2 Holdings, Inc. * (a)		1,128		89,571
				463,100
Specialty Retail — 1.3%
Leslie’s, Inc. * (a)		2,549		60,307
National Vision Holdings, Inc. *		1,014		48,647
				108,954
Textiles, Apparel & Luxury Goods — 0.7%
Carter’s, Inc. (a)		585		59,229
Trading Companies & Distributors — 1.0%
Applied Industrial Technologies, Inc. (a)		813		83,450
Total Common Stocks (Cost $4,846,084)				7,913,816
Short-Term Investments — 4.9%
Investment Companies — 2.9%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (b) (c) (Cost $238,213)		238,147		238,242
Investment of Cash Collateral from Securities Loaned — 2.0%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (b) (c)		132,038		132,012
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		29,154		29,154
Total Investment of Cash Collateral from Securities Loaned (Cost $161,174)				161,166
Total Short-Term Investments (Cost $399,387)				399,408
Total Investments — 102.1% (Cost $5,245,471)				8,313,224
Liabilities in Excess of Other Assets — (2.1)%				(170,342	)
NET ASSETS — 100.0%				8,142,882

Percentages indicated are based on net assets.

(a)	The security or a portion of this security is on loan at December 31, 2021. The total value of securities on loan at December 31, 2021 is $158,685.
(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, 2021.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN SMALL CAP FUNDS 23

JPMorgan Small Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 99.1%
Aerospace & Defense — 1.0%
Hexcel Corp. * (a)		1,104		57,164
Airlines — 0.4%
Frontier Group Holdings, Inc. *		1,968		26,703
Auto Components — 1.0%
Fox Factory Holding Corp. *		362		61,522
Automobiles — 0.8%
Winnebago Industries, Inc. (a)		618		46,304
Banks — 2.1%
First Financial Bankshares, Inc.		1,449		73,664
Pinnacle Financial Partners, Inc. (a)		518		49,423
				123,087
Biotechnology — 15.6%
ACADIA Pharmaceuticals, Inc. *		1,227		28,629
ADC Therapeutics SA (Switzerland) * (a)		1,247		25,194
Alector, Inc. * (a)		1,086		22,421
Allogene Therapeutics, Inc. * (a)		828		12,353
Amicus Therapeutics, Inc. *		4,515		52,153
Apellis Pharmaceuticals, Inc. * (a)		542		25,641
Arrowhead Pharmaceuticals, Inc. *		974		64,599
Atara Biotherapeutics, Inc. *		2,211		34,843
Avrobio, Inc. *		1,586		6,105
Biohaven Pharmaceutical Holding Co. Ltd. * (a)		507		69,889
Blueprint Medicines Corp. * (a)		676		72,411
Bridgebio Pharma, Inc. * (a)		745		12,419
Coherus Biosciences, Inc. * (a)		2,471		39,445
Fate Therapeutics, Inc. * (a)		488		28,567
G1 Therapeutics, Inc. * (a)		1,242		12,680
Halozyme Therapeutics, Inc. *		2,046		82,256
Heron Therapeutics, Inc. * (a)		3,621		33,059
Kronos Bio, Inc. * (a)		775		10,529
Natera, Inc. *		643		60,044
PMV Pharmaceuticals, Inc. * (a)		978		22,581
REGENXBIO, Inc. *		1,419		46,406
Relay Therapeutics, Inc. * (a)		1,216		37,338
REVOLUTION Medicines, Inc. * (a)		663		16,694
Rubius Therapeutics, Inc. * (a)		1,518		14,693
Sage Therapeutics, Inc. *		493		20,962
Sana Biotechnology, Inc. * (a)		690		10,685
Twist Bioscience Corp. * (a)		620		47,981
Verve Therapeutics, Inc. * (a)		518		19,115
				929,692
Building Products — 5.2%
Advanced Drainage Systems, Inc.		618		84,096
AZEK Co., Inc. (The) * (a)		1,562		72,219
Carlisle Cos., Inc.		312		77,413
Simpson Manufacturing Co., Inc.		562		78,189
				311,917

INVESTMENTS	SHARES (000)		VALUE ($000)
Capital Markets — 1.9%
Evercore, Inc., Class A		298		40,428
Focus Financial Partners, Inc., Class A *		1,216		72,632
				113,060
Chemicals — 0.1%
Zymergen, Inc. * (a)		839		5,612
Commercial Services & Supplies — 1.5%
ACV Auctions, Inc., Class A * (a)		1,338		25,200
MSA Safety, Inc.		407		61,478
				86,678
Communications Equipment — 0.8%
Ciena Corp. *		653		50,247
Diversified Consumer Services — 0.4%
Bright Horizons Family Solutions, Inc. *		208		26,185
Electrical Equipment — 2.8%
Bloom Energy Corp., Class A * (a)		1,779		39,010
Fluence Energy, Inc. * (a)		1,163		41,346
Shoals Technologies Group, Inc., Class A *		1,454		35,334
Vertiv Holdings Co.		1,924		48,037
				163,727
Electronic Equipment, Instruments & Components — 3.4%
II-VI, Inc. * (a)		1,124		76,797
Itron, Inc. * (a)		518		35,490
Littelfuse, Inc.		278		87,371
				199,658
Equity Real Estate Investment Trusts (REITs) — 1.9%
CubeSmart		756		42,998
Terreno Realty Corp.		839		71,585
				114,583
Food & Staples Retailing — 2.4%
Grocery Outlet Holding Corp. * (a)		1,171		33,124
Performance Food Group Co. * (a)		2,440		111,962
				145,086
Food Products — 0.8%
Freshpet, Inc. * (a)		472		45,008
Health Care Equipment & Supplies — 6.7%
CONMED Corp. (a)		439		62,259
Figs, Inc., Class A * (a)		715		19,702
iRhythm Technologies, Inc. * (a)		703		82,683
Nevro Corp. *		436		35,335
NuVasive, Inc. *		1,041		54,614
Outset Medical, Inc. *		1,130		52,099
Shockwave Medical, Inc. *		457		81,412
Sight Sciences, Inc. * (a)		695		12,216
				400,320

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Health Care Providers & Services — 2.3%
Acadia Healthcare Co., Inc. *		894		54,247
Accolade, Inc. * (a)		1,219		32,137
Amedisys, Inc. *		207		33,563
Cano Health, Inc. * (a)		1,721		15,330
				135,277
Health Care Technology — 0.9%
Evolent Health, Inc., Class A *		1,934		53,525
Hotels, Restaurants & Leisure — 6.0%
Boyd Gaming Corp. *		994		65,150
Life Time Group Holdings, Inc. * (a)		2,140		36,824
Marriott Vacations Worldwide Corp.		352		59,552
Planet Fitness, Inc., Class A *		882		79,876
Six Flags Entertainment Corp. *		1,035		44,060
Texas Roadhouse, Inc.		814		72,685
				358,147
Household Durables — 3.1%
Helen of Troy Ltd. * (a)		354		86,524
Sonos, Inc. *		1,800		53,641
Tri Pointe Homes, Inc. * (a)		1,613		44,975
				185,140
Insurance — 0.1%
Lemonade, Inc. * (a)		141		5,918
Interactive Media & Services — 1.5%
Bumble, Inc., Class A *		1,094		37,028
Eventbrite, Inc., Class A * (a)		2,368		41,290
MediaAlpha, Inc., Class A * (a)		719		11,101
				89,419
Internet & Direct Marketing Retail — 1.6%
Global-e Online Ltd. (Israel) * (a)		566		35,891
RealReal, Inc. (The) * (a)		2,146		24,913
Xometry, Inc., Class A * (a)		649		33,243
				94,047
IT Services — 4.6%
DigitalOcean Holdings, Inc. * (a)		1,072		86,106
ExlService Holdings, Inc. *		142		20,547
Globant SA*		282		88,584
LiveRamp Holdings, Inc. *		684		32,813
Remitly Global, Inc. * (a)		492		10,154
Repay Holdings Corp. * (a)		1,790		32,708
				270,912
Life Sciences Tools & Services — 0.9%
Berkeley Lights, Inc. * (a)		563		10,239
Personalis, Inc. * (a)		1,572		22,434
Rapid Micro Biosystems, Inc., Class A *		957		10,185
Seer, Inc. * (a)		445		10,146
				53,004

INVESTMENTS	SHARES (000)		VALUE ($000)
Machinery — 2.8%
ITT, Inc.		867		88,625
John Bean Technologies Corp.		513		78,830
				167,455
Media — 0.5%
Cardlytics, Inc. * (a)		482		31,861
Pharmaceuticals — 1.5%
Arvinas, Inc. *		664		54,501
Revance Therapeutics, Inc. * (a)		2,250		36,724
				91,225
Professional Services — 0.4%
ManTech International Corp., Class A		324		23,624
Road & Rail — 1.9%
Saia, Inc. *		333		112,313
Semiconductors & Semiconductor Equipment — 4.3%
MKS Instruments, Inc.		525		91,376
Semtech Corp. *		739		65,744
SolarEdge Technologies, Inc. *		153		43,039
Wolfspeed, Inc. *		501		56,014
				256,173
Software — 10.9%
Anaplan, Inc. *		1,040		47,666
Blackline, Inc. * (a)		607		62,858
CyberArk Software Ltd. * (a)		506		87,747
Digital Turbine, Inc. * (a)		909		55,431
Duck Creek Technologies, Inc. *		1,208		36,382
Elastic NV*		254		31,219
Envestnet, Inc. *		757		60,030
Everbridge, Inc. * (a)		549		36,981
JFrog Ltd. (Israel)*		786		23,337
New Relic, Inc. *		159		17,510
Paycor HCM, Inc. * (a)		1,785		51,418
Q2 Holdings, Inc. *		403		32,046
Smartsheet, Inc., Class A *		1,057		81,870
Vertex, Inc., Class A * (a)		1,573		24,970
				649,465
Specialty Retail — 3.8%
Floor & Decor Holdings, Inc., Class A *		351		45,660
Lithia Motors, Inc., Class A		141		41,932
National Vision Holdings, Inc. *		1,782		85,511
Petco Health & Wellness Co., Inc. * (a)		2,642		52,277
				225,380
Trading Companies & Distributors — 3.2%
Applied Industrial Technologies, Inc.		831		85,352
Rush Enterprises, Inc., Class A		1,013		56,367
SiteOne Landscape Supply, Inc. *		212		51,464
				193,183
Total Common Stocks (Cost $4,401,363)				5,902,621

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN SMALL CAP FUNDS 25

JPMorgan Small Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	NO. OF RIGHTS (000)		VALUE ($000)
Rights — 0.0% (b)
Biotechnology — 0.0% (b)
Clementia Pharmaceuticals, Inc. (France) * ‡ (Cost $—)		927		—	(c)
	SHARES (000)
Short-Term Investments — 6.5%
Investment Companies — 1.1%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (d) (e) (Cost $66,210)		66,184		66,211
Investment of Cash Collateral from Securities Loaned — 5.4%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (d) (e)		247,284		247,234
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (d) (e)		70,454		70,454
Total Investment of Cash Collateral from Securities Loaned (Cost $317,705)				317,688
Total Short-Term Investments (Cost $383,915)				383,899
Total Investments — 105.6% (Cost $4,785,278)				6,286,520
Liabilities in Excess of Other Assets — (5.6)%				(334,794	)
NET ASSETS — 100.0%				5,951,726

Percentages indicated are based on net assets.

(a)	The security or a portion of this security is on loan at December 31, 2021. The total value of securities on loan at December 31, 2021 is $311,873.
(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, 2021.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2021

JPMorgan Small Cap Sustainable Leaders Fund

(formerly known as JPMorgan Small Cap Core Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 99.1%
Aerospace & Defense — 1.5%
Maxar Technologies, Inc.		148		4,371
Auto Components — 1.5%
Visteon Corp. *		40		4,390
Banks — 10.7%
Amalgamated Financial Corp.		223		3,736
Customers Bancorp, Inc. *		94		6,157
Hilltop Holdings, Inc.		101		3,546
Signature Bank		20		6,329
Synovus Financial Corp.		109		5,230
Zions Bancorp NA		106		6,680
				31,678
Biotechnology — 6.4%
Arena Pharmaceuticals, Inc. *		24		2,251
Fate Therapeutics, Inc. *		51		2,993
Halozyme Therapeutics, Inc. *		134		5,405
Natera, Inc. *		37		3,494
Sarepta Therapeutics, Inc. *		57		5,111
				19,254
Building Products — 5.7%
AAON, Inc. (a)		93		7,353
Advanced Drainage Systems, Inc.		21		2,866
AZEK Co., Inc. (The)*		147		6,783
				17,002
Capital Markets — 1.2%
Federated Hermes, Inc.		99		3,719
Chemicals — 1.4%
Avient Corp.		65		3,631
Zymergen, Inc. * (a)		61		411
				4,042
Commercial Services & Supplies — 4.9%
ABM Industries, Inc.		39		1,583
Interface, Inc.		197		3,143
MillerKnoll, Inc.		142		5,576
Tetra Tech, Inc.		26		4,436
				14,738
Diversified Consumer Services — 1.2%
Coursera, Inc. *		147		3,593
Electrical Equipment — 2.3%
Acuity Brands, Inc.		8		1,715
Bloom Energy Corp., Class A *		45		993
Fluence Energy, Inc. *		70		2,475
FuelCell Energy, Inc. * (a)		123		640
TPI Composites, Inc. *		80		1,190
				7,013
Electronic Equipment, Instruments & Components — 2.6%
Badger Meter, Inc.		33		3,471

INVESTMENTS	SHARES (000)		VALUE ($000)
Electronic Equipment, Instruments & Components — continued
Itron, Inc. *		61		4,159
				7,630
Equity Real Estate Investment Trusts (REITs) — 6.0%
Alexander & Baldwin, Inc.		132		3,321
Hudson Pacific Properties, Inc.		55		1,361
Kilroy Realty Corp. (a)		54		3,620
Paramount Group, Inc.		354		2,949
Rayonier, Inc. (a)		84		3,406
Rexford Industrial Realty, Inc.		40		3,277
				17,934
Food & Staples Retailing — 2.5%
Sprouts Farmers Market, Inc. *		129		3,817
United Natural Foods, Inc. *		75		3,669
				7,486
Food Products — 2.8%
AppHarvest, Inc. * (a)		128		496
Darling Ingredients, Inc. *		95		6,562
Vital Farms, Inc. * (a)		69		1,245
				8,303
Health Care Equipment & Supplies — 1.0%
Shockwave Medical, Inc. *		16		2,871
Health Care Providers & Services — 5.1%
AMN Healthcare Services, Inc. *		46		5,631
Encompass Health Corp.		59		3,831
HealthEquity, Inc. *		72		3,196
Progyny, Inc. *		53		2,655
				15,313
Health Care Technology — 2.8%
Allscripts Healthcare Solutions, Inc. *		284		5,238
Schrodinger, Inc. * (a)		89		3,116
				8,354
Household Durables — 3.1%
KB Home		118		5,267
Sonos, Inc. *		135		4,033
				9,300
Independent Power and Renewable Electricity Producers — 0.3%
Sunnova Energy International, Inc. *		36		1,018
Insurance — 1.6%
CNO Financial Group, Inc.		194		4,614
Lemonade, Inc. * (a)		7		290
				4,904
Interactive Media & Services — 2.3%
Bumble, Inc., Class A *		109		3,702
Yelp, Inc. *		88		3,188
				6,890

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN SMALL CAP FUNDS 27

JPMorgan Small Cap Sustainable Leaders Fund

(formerly known as JPMorgan Small Cap Core Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Internet & Direct Marketing Retail — 0.4%
ThredUp, Inc., Class A * (a)		103		1,309
IT Services — 0.0% (b)
BM Technologies, Inc. * (a)		6		58
Life Sciences Tools & Services — 0.6%
Singular Genomics Systems, Inc. *		156		1,801
Machinery — 1.9%
AGCO Corp.		23		2,692
Lindsay Corp.		19		2,941
				5,633
Metals & Mining — 1.8%
Schnitzer Steel Industries, Inc., Class A		102		5,283
Mortgage Real Estate Investment Trusts (REITs) — 2.0%
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		111		5,888
Oil, Gas & Consumable Fuels — 1.0%
Clean Energy Fuels Corp. * (a)		94		579
Renewable Energy Group, Inc. * (a)		59		2,510
				3,089
Personal Products — 0.3%
Honest Co., Inc. (The) *		120		974
Professional Services — 3.1%
Huron Consulting Group, Inc. *		95		4,725
ICF International, Inc. (a)		44		4,561
				9,286
Real Estate Management & Development — 1.4%
Cushman & Wakefield plc *		183		4,067
Semiconductors & Semiconductor Equipment — 3.7%
Azenta, Inc.		20		2,070
Power Integrations, Inc.		35		3,295
SunPower Corp. * (a)		184		3,832
Wolfspeed, Inc. *		18		2,001
				11,198
Software — 3.6%
Everbridge, Inc. *		24		1,608
NCR Corp. *		102		4,080
Q2 Holdings, Inc. *		63		5,032
				10,720
Specialty Retail — 1.6%
Warby Parker, Inc., Class A * (a)		104		4,847
Textiles, Apparel & Luxury Goods — 6.1%
Allbirds, Inc., Class A * (a)		75		1,128
Columbia Sportswear Co.		32		3,164
Deckers Outdoor Corp. *		14		5,311
Kontoor Brands, Inc.		86		4,416
Unifi, Inc. *		179		4,136
				18,155

INVESTMENTS	SHARES (000)		VALUE ($000)
Trading Companies & Distributors — 2.7%
WESCO International, Inc. *		60		7,939
Water Utilities — 2.0%
American States Water Co.		58		6,020
Total Common Stocks (Cost $302,854)				296,070
	NO. OF RIGHTS (000)
Rights — 0.0% (b)
Biotechnology — 0.0% (b)
Contra Aduro Biotech I * ‡ (Cost $128)		43		—	(c)
	SHARES (000)
Short-Term Investments — 6.1%
Investment Companies — 0.9%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (d) (e) (Cost $2,752)		2,751		2,753
Investment of Cash Collateral from Securities Loaned — 5.2%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (d) (e)		12,096		12,093
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (d) (e)		3,413		3,413
Total Investment of Cash Collateral from Securities Loaned (Cost $15,506)				15,506
Total Short-Term Investments (Cost $18,258)				18,259
Total Investments — 105.2% (Cost $321,240)				314,329
Liabilities in Excess of Other Assets — (5.2)%				(15,481	)
NET ASSETS — 100.0%				298,848

Percentages indicated are based on net assets.

(a)	The security or a portion of this security is on loan at December 31, 2021. The total value of securities on loan at December 31, 2021 is $14,883.
(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, 2021.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2021

JPMorgan Small Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.6%
Aerospace & Defense — 0.4%
AAR Corp. *		39		1,518
Astronics Corp. *		128		1,535
Moog, Inc., Class A		30		2,445
				5,498
Air Freight & Logistics — 0.9%
Atlas Air Worldwide Holdings, Inc. *		17		1,600
Hub Group, Inc., Class A *		150		12,619
				14,219
Airlines — 0.6%
Hawaiian Holdings, Inc. *		46		841
SkyWest, Inc. *		216		8,481
				9,322
Auto Components — 0.5%
Adient plc * (a)		113		5,395
American Axle & Manufacturing Holdings, Inc. *		44		411
Dana, Inc.		113		2,579
				8,385
Banks — 16.3%
1st Source Corp.		54		2,683
American National Bankshares, Inc.		12		452
Associated Banc-Corp.		353		7,974
Atlantic Capital Bancshares, Inc. *		38		1,102
Atlantic Union Bankshares Corp.		4		164
Banner Corp.		21		1,274
Brookline Bancorp, Inc.		225		3,638
Bryn Mawr Bank Corp.		15		693
Business First Bancshares, Inc.		80		2,253
Byline Bancorp, Inc. (a)		98		2,689
Cadence Bank		143		4,259
Cathay General Bancorp (a)		292		12,537
Central Pacific Financial Corp.		224		6,316
CIT Group, Inc.		297		15,254
City Holding Co.		32		2,634
Columbia Banking System, Inc.		113		3,694
Community Bank System, Inc.		63		4,707
Community Trust Bancorp, Inc.		89		3,884
ConnectOne Bancorp, Inc.		85		2,774
Customers Bancorp, Inc. *		56		3,674
CVB Financial Corp.		126		2,687
Eastern Bankshares, Inc.		256		5,170
Enterprise Financial Services Corp.		106		4,987
Equity Bancshares, Inc., Class A		36		1,215
Farmers National Banc Corp.		55		1,022
Financial Institutions, Inc. (a)		35		1,107
First Bancorp		15		695
First Bancshares, Inc. (The)		22		834
First Commonwealth Financial Corp.		482		7,759
First Community Bankshares, Inc.		30		1,009
First Financial Corp.		10		466
First Hawaiian, Inc.		47		1,295

INVESTMENTS	SHARES (000)		VALUE ($000)
Banks — continued
First Interstate BancSystem, Inc., Class A (a)		34		1,365
First Merchants Corp.		110		4,625
First Midwest Bancorp, Inc.		285		5,845
Flushing Financial Corp.		73		1,781
Fulton Financial Corp. (a)		188		3,188
Glacier Bancorp, Inc.		71		4,048
Great Southern Bancorp, Inc. (a)		18		1,078
Great Western Bancorp, Inc.		97		3,287
Hancock Whitney Corp.		58		2,877
Hilltop Holdings, Inc.		236		8,304
Home BancShares, Inc.		265		6,462
HomeStreet, Inc.		70		3,661
HomeTrust Bancshares, Inc.		80		2,472
Hope Bancorp, Inc.		778		11,443
Independent Bank Corp.		28		659
Independent Bank Corp.		43		3,466
Independent Bank Group, Inc. (a)		38		2,742
Investors Bancorp, Inc.		487		7,377
Mercantile Bank Corp.		9		329
Meta Financial Group, Inc.		35		2,076
Nicolet Bankshares, Inc. *		9		806
OceanFirst Financial Corp.		98		2,182
OFG Bancorp (Puerto Rico)		52		1,381
Old National Bancorp		329		5,960
Origin Bancorp, Inc.		17		738
Pacific Premier Bancorp, Inc.		51		2,026
Peoples Bancorp, Inc.		25		779
Pinnacle Financial Partners, Inc.		25		2,349
Preferred Bank		9		632
QCR Holdings, Inc.		25		1,394
RBB Bancorp		19		503
Renasant Corp.		7		277
Republic Bancorp, Inc., Class A		15		752
Sandy Spring Bancorp, Inc.		78		3,769
Simmons First National Corp., Class A		85		2,502
Tompkins Financial Corp. (a)		11		928
TriState Capital Holdings, Inc. *		13		390
Trustmark Corp.		226		7,326
UMB Financial Corp.		112		11,832
United Community Banks, Inc.		86		3,080
Valley National Bancorp		126		1,732
Veritex Holdings, Inc.		44		1,730
Washington Trust Bancorp, Inc.		19		1,065
Webster Financial Corp.		56		3,110
WesBanco, Inc.		24		847
Westamerica BanCorp		82		4,751
				250,827
Biotechnology — 5.0%
2seventy bio, Inc. * (a)		67		1,726
89bio, Inc. * (a)		67		880
Akebia Therapeutics, Inc. * (a)		1,233		2,786
Allovir, Inc. * (a)		149		1,931
Arcus Biosciences, Inc. * (a)		136		5,494

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN SMALL CAP FUNDS 29

JPMorgan Small Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Biotechnology — continued
Arena Pharmaceuticals, Inc. *		57		5,316
Bluebird Bio, Inc. * (a)		202		2,017
Eagle Pharmaceuticals, Inc. *		86		4,359
Enanta Pharmaceuticals, Inc. *		14		1,069
Epizyme, Inc. *		96		241
Fate Therapeutics, Inc. *		71		4,160
Frequency Therapeutics, Inc. *		323		1,655
Iovance Biotherapeutics, Inc. *		98		1,869
Lexicon Pharmaceuticals, Inc. * (a)		643		2,533
Lyell Immunopharma, Inc. * (a)		250		1,936
NexImmune, Inc. * (a)		149		686
Nuvalent, Inc., Class A * (a)		221		4,216
Protagonist Therapeutics, Inc. *		234		7,996
Prothena Corp. plc (Ireland) *		109		5,375
Rallybio Corp. * (a)		186		1,777
REGENXBIO, Inc. *		228		7,446
Travere Therapeutics, Inc. *		285		8,834
Turning Point Therapeutics, Inc. *		76		3,625
				77,927
Building Products — 0.3%
Cornerstone Building Brands, Inc. *		70		1,217
Quanex Building Products Corp. (a)		68		1,678
UFP Industries, Inc.		26		2,374
				5,269
Capital Markets — 1.4%
AssetMark Financial Holdings, Inc. *		61		1,609
Blucora, Inc. *		68		1,169
Cowen, Inc., Class A (a)		83		3,004
Donnelley Financial Solutions, Inc. *		49		2,286
Federated Hermes, Inc.		78		2,935
Piper Sandler Cos.		19		3,374
Stifel Financial Corp.		62		4,387
Virtus Investment Partners, Inc.		10		2,852
				21,616
Chemicals — 2.1%
AdvanSix, Inc.		63		2,953
Avient Corp.		113		6,339
Ecovyst, Inc.		58		594
FutureFuel Corp.		111		846
HB Fuller Co. (a)		54		4,390
Koppers Holdings, Inc. *		61		1,919
Minerals Technologies, Inc.		65		4,784
Orion Engineered Carbons SA (Germany) *		61		1,125
Stepan Co.		19		2,337
Trinseo plc (a)		28		1,448
Tronox Holdings plc, Class A		254		6,099
				32,834
Commercial Services & Supplies — 1.1%
ABM Industries, Inc.		164		6,712
ACCO Brands Corp.		309		2,554

INVESTMENTS	SHARES (000)		VALUE ($000)
Commercial Services & Supplies — continued
Cimpress plc (Ireland) *		5		380
Ennis, Inc. (a)		35		687
Healthcare Services Group, Inc.		83		1,469
Heritage-Crystal Clean, Inc. *		38		1,201
HNI Corp.		33		1,375
Steelcase, Inc., Class A (a)		290		3,393
				17,771
Communications Equipment — 0.9%
ADTRAN, Inc.		47		1,073
Harmonic, Inc. *		415		4,884
NetScout Systems, Inc. *		239		7,909
				13,866
Construction & Engineering — 3.6%
Arcosa, Inc.		52		2,756
Argan, Inc.		158		6,125
Comfort Systems USA, Inc.		44		4,324
EMCOR Group, Inc.		124		15,822
Fluor Corp. *		24		597
Granite Construction, Inc.		207		8,019
MasTec, Inc. *		77		7,087
Matrix Service Co. * (a)		293		2,206
MYR Group, Inc. *		48		5,340
Primoris Services Corp.		88		2,103
Tutor Perini Corp. *		159		1,967
				56,346
Consumer Finance — 1.4%
EZCORP, Inc., Class A * (a)		44		326
FirstCash Holdings, Inc.		28		2,065
Navient Corp. (a)		304		6,453
Nelnet, Inc., Class A		45		4,435
PROG Holdings, Inc. * (a)		179		8,065
Regional Management Corp. (a)		17		954
				22,298
Containers & Packaging — 0.2%
Greif, Inc., Class A		46		2,795
Myers Industries, Inc.		18		360
TriMas Corp.		17		640
				3,795
Diversified Consumer Services — 0.2%
Houghton Mifflin Harcourt Co. *		153		2,457
Diversified Telecommunication Services — 0.5%
EchoStar Corp., Class A *		169		4,453
Liberty Latin America Ltd., Class A (Chile) *		97		1,125
Liberty Latin America Ltd., Class C (Chile) *		187		2,130
				7,708
Electric Utilities — 0.7%
ALLETE, Inc.		16		1,035
IDACORP, Inc.		8		884

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Electric Utilities — continued
Otter Tail Corp.		19		1,321
Portland General Electric Co.		129		6,848
Via Renewables, Inc. (a)		47		537
				10,625
Electrical Equipment — 0.7%
AZZ, Inc.		33		1,836
Fluence Energy, Inc. *		175		6,216
Powell Industries, Inc. (a)		99		2,917
				10,969
Electronic Equipment, Instruments & Components — 3.0%
Belden, Inc.		17		1,131
Benchmark Electronics, Inc. (a)		370		10,016
Knowles Corp. *		371		8,658
OSI Systems, Inc. *		88		8,230
Sanmina Corp. *		108		4,478
ScanSource, Inc. *		165		5,781
TTM Technologies, Inc. *		181		2,689
Vishay Intertechnology, Inc.		227		4,956
				45,939
Energy Equipment & Services — 0.9%
Bristow Group, Inc. * (a)		14		442
ChampionX Corp. *		103		2,080
Helmerich & Payne, Inc.		79		1,875
NexTier Oilfield Solutions, Inc. *		447		1,587
Oceaneering International, Inc. *		173		1,954
Oil States International, Inc. * (a)		160		795
Patterson-UTI Energy, Inc. (a)		323		2,727
ProPetro Holding Corp. *		248		2,006
Solaris Oilfield Infrastructure, Inc., Class A		75		493
				13,959
Entertainment — 0.9%
AMC Entertainment Holdings, Inc., Class A * (a)		469		12,743
Lions Gate Entertainment Corp., Class A * (a)		115		1,907
				14,650
Equity Real Estate Investment Trusts (REITs) — 10.2%
Acadia Realty Trust		18		402
Agree Realty Corp.		115		8,192
Alexander & Baldwin, Inc. (a)		164		4,126
American Assets Trust, Inc.		64		2,398
Apple Hospitality REIT, Inc.		370		5,976
Broadstone Net Lease, Inc. (a)		124		3,065
CareTrust REIT, Inc.		109		2,484
Centerspace (a)		38		4,159
Chatham Lodging Trust *		42		575
City Office REIT, Inc.		158		3,118
Corporate Office Properties Trust		216		6,053
DiamondRock Hospitality Co. *		282		2,709
DigitalBridge Group, Inc. * (a)		322		2,680
Easterly Government Properties, Inc.		83		1,898

INVESTMENTS	SHARES (000)		VALUE ($000)
Equity Real Estate Investment Trusts (REITs) — continued
Essential Properties Realty Trust, Inc.		63		1,819
First Industrial Realty Trust, Inc.		44		2,900
Four Corners Property Trust, Inc.		100		2,953
Getty Realty Corp.		147		4,722
Gladstone Commercial Corp.		156		4,028
Global Medical REIT, Inc.		26		469
Healthcare Realty Trust, Inc.		112		3,528
Highwoods Properties, Inc.		15		664
Independence Realty Trust, Inc. (a)		167		4,311
Innovative Industrial Properties, Inc.		7		1,867
Kite Realty Group Trust		224		4,885
LXP Industrial Trust (a)		568		8,870
NexPoint Residential Trust, Inc.		6		462
Phillips Edison & Co., Inc. (a)		91		3,007
Physicians Realty Trust		244		4,596
Piedmont Office Realty Trust, Inc., Class A		232		4,270
Plymouth Industrial REIT, Inc.		31		992
PotlatchDeltic Corp.		80		4,787
Retail Opportunity Investments Corp.		156		3,063
RLJ Lodging Trust		120		1,671
Ryman Hospitality Properties, Inc. *		13		1,214
Sabra Health Care REIT, Inc.		166		2,253
SITE Centers Corp.		176		2,788
STAG Industrial, Inc.		223		10,704
Summit Hotel Properties, Inc. *		36		349
Sunstone Hotel Investors, Inc. *		343		4,020
Tanger Factory Outlet Centers, Inc. (a)		77		1,481
Terreno Realty Corp.		131		11,138
UMH Properties, Inc.		105		2,859
Urban Edge Properties		90		1,704
Urstadt Biddle Properties, Inc., Class A		39		831
Veris Residential, Inc. *		49		895
Xenia Hotels & Resorts, Inc. *		234		4,229
				156,164
Food & Staples Retailing — 0.7%
Andersons, Inc. (The)		58		2,257
SpartanNash Co.		25		647
Sprouts Farmers Market, Inc. *		212		6,285
United Natural Foods, Inc. *		35		1,718
				10,907
Food Products — 0.7%
Darling Ingredients, Inc. *		127		8,793
Fresh Del Monte Produce, Inc.		36		991
Seneca Foods Corp., Class A *		17		810
				10,594
Gas Utilities — 1.5%
Brookfield Infrastructure Corp., Class A (Canada)		93		6,375
Chesapeake Utilities Corp.		4		539
New Jersey Resources Corp.		329		13,509
Northwest Natural Holding Co.		16		756
Spire, Inc.		25		1,657
				22,836

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN SMALL CAP FUNDS 31

JPMorgan Small Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Health Care Equipment & Supplies — 1.3%
AngioDynamics, Inc. *		89		2,441
Bioventus, Inc., Class A * (a)		146		2,110
Integer Holdings Corp. *		72		6,119
Natus Medical, Inc. * (a)		254		6,025
Utah Medical Products, Inc. (a)		17		1,720
Varex Imaging Corp. * (a)		56		1,773
				20,188
Health Care Providers & Services — 1.6%
National HealthCare Corp.		12		842
Option Care Health, Inc. *		381		10,835
Owens & Minor, Inc.		32		1,405
Tenet Healthcare Corp. *		132		10,767
Tivity Health, Inc. * (a)		20		516
				24,365
Health Care Technology — 1.7%
Allscripts Healthcare Solutions, Inc. *		923		17,035
Computer Programs and Systems, Inc. * (a)		15		448
Evolent Health, Inc., Class A *		118		3,260
NextGen Healthcare, Inc. *		312		5,545
				26,288
Hotels, Restaurants & Leisure — 0.4%
Del Taco Restaurants, Inc.		198		2,460
Marriott Vacations Worldwide Corp.		22		3,735
				6,195
Household Durables — 2.4%
Hooker Furnishings Corp.		40		936
Lifetime Brands, Inc.		41		650
Meritage Homes Corp. *		71		8,617
Taylor Morrison Home Corp. *		234		8,195
Tri Pointe Homes, Inc. *		678		18,907
				37,305
Household Products — 0.3%
Central Garden & Pet Co., Class A *		91		4,330
Independent Power and Renewable Electricity Producers — 0.6%
Clearway Energy, Inc.		129		4,312
Clearway Energy, Inc., Class C		128		4,623
				8,935
Insurance — 1.7%
American Equity Investment Life Holding Co.		105		4,071
Argo Group International Holdings Ltd.		58		3,354
CNO Financial Group, Inc.		256		6,110
Employers Holdings, Inc.		29		1,192
RLI Corp.		37		4,114
Selective Insurance Group, Inc.		40		3,286
Stewart Information Services Corp.		44		3,476
				25,603

INVESTMENTS	SHARES (000)		VALUE ($000)
Interactive Media & Services — 0.7%
Cars.com, Inc. *		232		3,731
Liberty TripAdvisor Holdings, Inc., Class A *		780		1,693
QuinStreet, Inc. *		143		2,603
Yelp, Inc. *		95		3,439
				11,466
IT Services — 0.7%
BM Technologies, Inc. * (a)		11		97
CSG Systems International, Inc.		108		6,200
IBEX Holdings Ltd. *		32		418
LiveRamp Holdings, Inc. * (a)		94		4,498
				11,213
Life Sciences Tools & Services — 0.3%
Singular Genomics Systems, Inc. *		373		4,315
Machinery — 2.3%
AGCO Corp.		48		5,534
Altra Industrial Motion Corp.		126		6,509
Barnes Group, Inc.		29		1,356
Douglas Dynamics, Inc.		21		812
EnPro Industries, Inc. (a)		12		1,321
Hillenbrand, Inc.		101		5,256
Manitowoc Co., Inc. (The) *		73		1,353
Meritor, Inc. *		59		1,457
Terex Corp.		100		4,395
Wabash National Corp. (a)		253		4,929
Watts Water Technologies, Inc., Class A		12		2,252
				35,174
Media — 1.8%
AMC Networks, Inc., Class A * (a)		182		6,282
Gray Television, Inc.		329		6,631
Hemisphere Media Group, Inc. *		42		307
John Wiley & Sons, Inc., Class A		183		10,497
Sinclair Broadcast Group, Inc., Class A (a)		132		3,483
				27,200
Metals & Mining — 1.5%
Alcoa Corp.		58		3,438
Arconic Corp. *		111		3,647
Cleveland-Cliffs, Inc. *		147		3,194
Commercial Metals Co.		109		3,962
Hecla Mining Co.		98		511
Materion Corp.		21		1,922
Schnitzer Steel Industries, Inc., Class A		24		1,241
SunCoke Energy, Inc.		280		1,845
United States Steel Corp.		26		619
Warrior Met Coal, Inc.		63		1,625
Worthington Industries, Inc.		26		1,421
				23,425
Mortgage Real Estate Investment Trusts (REITs) — 2.4%
Apollo Commercial Real Estate Finance, Inc.		40		521

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Mortgage Real Estate Investment Trusts (REITs) — continued
Ares Commercial Real Estate Corp.		107		1,560
Blackstone Mortgage Trust, Inc., Class A		187		5,738
Ellington Financial, Inc. (a)		265		4,527
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		80		4,255
KKR Real Estate Finance Trust, Inc. (a)		208		4,328
Ladder Capital Corp.		267		3,195
MFA Financial, Inc.		784		3,574
Ready Capital Corp.		117		1,829
Redwood Trust, Inc.		440		5,798
TPG RE Finance Trust, Inc.		171		2,102
				37,427
Multiline Retail — 0.7%
Macy’s, Inc.		398		10,422
Multi-Utilities — 0.5%
Avista Corp.		68		2,889
Black Hills Corp.		45		3,190
Unitil Corp.		31		1,444
				7,523
Oil, Gas & Consumable Fuels — 4.9%
Antero Resources Corp. *		406		7,105
Arch Resources, Inc. (a)		34		3,114
Berry Corp.		341		2,868
CNX Resources Corp. *		388		5,332
CVR Energy, Inc.		150		2,520
Delek US Holdings, Inc. *		128		1,925
Dorian LPG Ltd.		116		1,466
Falcon Minerals Corp.		253		1,231
Green Plains, Inc. * (a)		126		4,380
Magnolia Oil & Gas Corp., Class A (a)		254		4,789
Oasis Petroleum, Inc.		40		5,014
Ovintiv, Inc.		424		14,295
Par Pacific Holdings, Inc. *		50		825
PDC Energy, Inc.		219		10,692
Range Resources Corp. *		129		2,297
REX American Resources Corp. *		21		2,026
Talos Energy, Inc. *		46		453
Whiting Petroleum Corp. *		41		2,620
World Fuel Services Corp.		108		2,848
				75,800
Paper & Forest Products — 0.8%
Clearwater Paper Corp. *		48		1,756
Glatfelter Corp.		183		3,152
Louisiana-Pacific Corp.		20		1,551
Neenah, Inc.		16		745
Schweitzer-Mauduit International, Inc.		86		2,571
Verso Corp., Class A (a)		76		2,040
				11,815

INVESTMENTS	SHARES (000)		VALUE ($000)
Personal Products — 1.1%
BellRing Brands, Inc., Class A * (a)		454		12,964
Edgewell Personal Care Co.		106		4,841
				17,805
Pharmaceuticals — 0.8%
Cymabay Therapeutics, Inc. *		747		2,526
Intra-Cellular Therapies, Inc. *		54		2,847
Lannett Co., Inc. * (a)		585		948
NGM Biopharmaceuticals, Inc. *		197		3,494
Nuvation Bio, Inc. *		334		2,839
				12,654
Professional Services — 2.5%
Barrett Business Services, Inc.		71		4,898
Heidrick & Struggles International, Inc.		69		3,035
Huron Consulting Group, Inc. *		63		3,124
Insperity, Inc.		5		638
KBR, Inc.		60		2,876
Kelly Services, Inc., Class A		140		2,343
Korn Ferry		93		7,005
ManTech International Corp., Class A		86		6,279
TrueBlue, Inc. *		299		8,276
				38,474
Real Estate Management & Development — 0.5%
Kennedy-Wilson Holdings, Inc.		213		5,082
Realogy Holdings Corp. *		202		3,397
				8,479
Road & Rail — 1.6%
ArcBest Corp.		121		14,513
Avis Budget Group, Inc. *		24		5,039
Covenant Logistics Group, Inc., Class A *		21		566
Heartland Express, Inc.		211		3,549
Werner Enterprises, Inc.		23		1,082
				24,749
Semiconductors & Semiconductor Equipment — 0.3%
Cohu, Inc. *		89		3,390
Veeco Instruments, Inc. *		21		598
				3,988
Software — 1.5%
A10 Networks, Inc.		265		4,400
eGain Corp. *		227		2,267
Marathon Digital Holdings, Inc. * (a)		86		2,826
Ping Identity Holding Corp. *		375		8,574
SecureWorks Corp., Class A *		42		672
Vonage Holdings Corp. *		252		5,231
				23,970

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN SMALL CAP FUNDS 33

JPMorgan Small Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Specialty Retail — 1.6%
Abercrombie & Fitch Co., Class A * (a)		27		944
Bed Bath & Beyond, Inc. * (a)		105		1,531
Conn’s, Inc. * (a)		177		4,172
Genesco, Inc. *		22		1,418
ODP Corp. (The) *		104		4,081
Signet Jewelers Ltd.		55		4,804
Sleep Number Corp. *		25		1,892
Sonic Automotive, Inc., Class A (a)		65		3,234
Zumiez, Inc. *		69		3,307
				25,383
Textiles, Apparel & Luxury Goods — 0.5%
G-III Apparel Group Ltd. *		169		4,671
Kontoor Brands, Inc.		26		1,307
Wolverine World Wide, Inc.		85		2,460
				8,438
Thrifts & Mortgage Finance — 3.0%
Axos Financial, Inc. *		81		4,512
Essent Group Ltd. (a)		182		8,297
Kearny Financial Corp.		150		1,986
Luther Burbank Corp.		76		1,067
Merchants Bancorp		11		525
MGIC Investment Corp.		153		2,209
Mr. Cooper Group, Inc. *		82		3,400
NMI Holdings, Inc., Class A *		112		2,445
Northfield Bancorp, Inc.		311		5,032
PennyMac Financial Services, Inc.		53		3,712
Premier Financial Corp.		42		1,298
Radian Group, Inc.		329		6,945
Washington Federal, Inc.		173		5,781
				47,209
Trading Companies & Distributors — 2.1%
Boise Cascade Co.		39		2,784
GMS, Inc. *		126		7,586
Herc Holdings, Inc.		33		5,135
MRC Global, Inc. * (a)		282		1,938
NOW, Inc. *		970		8,281
Titan Machinery, Inc. *		66		2,207
Veritiv Corp. *		38		4,694
				32,625
Water Utilities — 0.8%
American States Water Co.		124		12,796
Total Common Stocks (Cost $1,138,914)				1,512,340

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 7.5%
Investment Companies — 2.5%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (b) (c) (Cost $38,104)		38,093		38,108
Investment of Cash Collateral from Securities Loaned — 5.0%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (b) (c)		60,600		60,588
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		18,337		18,337
Total Investment of Cash Collateral from Securities Loaned (Cost $78,933)				78,925
Total Short-Term Investments (Cost $117,037)				117,033
Total Investments — 105.1% (Cost $1,255,951)				1,629,373
Liabilities in Excess of Other Assets — (5.1)%				(78,633	)
NET ASSETS — 100.0%				1,550,740

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, 2021. The total value of securities on loan at December 31, 2021 is $75,613.
(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, 2021.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2021

Futures contracts outstanding as of December 31, 2021 (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		336		03/2022		USD		37,676		563

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN SMALL CAP FUNDS 35

JPMorgan SMID Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.7%
Airlines — 0.7%
Alaska Air Group, Inc. *		52		2,733
Automobiles — 0.9%
Thor Industries, Inc.		35		3,619
Banks — 7.5%
Commerce Bancshares, Inc.		42		2,906
Cullen/Frost Bankers, Inc.		26		3,311
First Horizon Corp.		285		4,662
ServisFirst Bancshares, Inc.		48		4,043
Signature Bank		17		5,605
SVB Financial Group *		7		4,593
Western Alliance Bancorp		48		5,116
				30,236
Building Products — 2.0%
Fortune Brands Home & Security, Inc.		47		5,039
Lennox International, Inc.		10		3,082
				8,121
Capital Markets — 7.5%
FactSet Research Systems, Inc.		10		4,709
Focus Financial Partners, Inc., Class A *		69		4,097
Lazard Ltd., Class A		76		3,307
LPL Financial Holdings, Inc.		40		6,425
Moelis & Co., Class A		55		3,409
Morningstar, Inc.		13		4,296
StepStone Group, Inc., Class A		93		3,856
				30,099
Chemicals — 1.0%
Axalta Coating Systems Ltd. *		127		4,202
Commercial Services & Supplies — 6.1%
Driven Brands Holdings, Inc. *		99		3,327
IAA, Inc. *		82		4,154
MSA Safety, Inc.		28		4,181
Ritchie Bros Auctioneers, Inc. (Canada)		44		2,700
Stericycle, Inc. *		61		3,658
Waste Connections, Inc.		48		6,556
				24,576
Construction & Engineering — 1.8%
WillScot Mobile Mini Holdings Corp. *		181		7,377
Containers & Packaging — 2.6%
AptarGroup, Inc.		43		5,236
Crown Holdings, Inc.		37		4,090
Pactiv Evergreen, Inc.		97		1,234
				10,560
Distributors — 3.2%
LKQ Corp.		106		6,354
Pool Corp.		11		6,400
				12,754

INVESTMENTS	SHARES (000)		VALUE ($000)
Diversified Consumer Services — 1.1%
Bright Horizons Family Solutions, Inc. *		34		4,304
Electrical Equipment — 1.2%
Generac Holdings, Inc. *		14		4,936
Electronic Equipment, Instruments & Components — 1.1%
Cognex Corp.		55		4,279
Equity Real Estate Investment Trusts (REITs) — 6.1%
American Campus Communities, Inc.		72		4,134
CubeSmart		71		4,025
EastGroup Properties, Inc.		20		4,525
Mid-America Apartment Communities, Inc.		19		4,260
National Retail Properties, Inc.		90		4,309
Outfront Media, Inc.		119		3,184
				24,437
Food & Staples Retailing — 3.6%
BJ’s Wholesale Club Holdings, Inc. *		84		5,597
Casey’s General Stores, Inc.		19		3,787
Performance Food Group Co. *		112		5,155
				14,539
Food Products — 1.1%
Lamb Weston Holdings, Inc.		69		4,349
Gas Utilities — 1.1%
Atmos Energy Corp.		42		4,408
Health Care Equipment & Supplies — 3.1%
ICU Medical, Inc. *		16		3,861
Ortho Clinical Diagnostics Holdings plc *		154		3,294
STERIS plc		21		5,162
				12,317
Health Care Providers & Services — 4.4%
Chemed Corp.		8		4,428
Encompass Health Corp.		70		4,579
HealthEquity, Inc. *		49		2,168
Molina Healthcare, Inc. *		21		6,634
				17,809
Health Care Technology — 1.0%
Certara, Inc. *		90		2,562
Definitive Healthcare Corp. *		50		1,370
				3,932
Hotels, Restaurants & Leisure — 3.1%
Planet Fitness, Inc., Class A *		45		4,059
Vail Resorts, Inc.		13		4,140
Wendy’s Co. (The)		169		4,041
				12,240
Household Products — 0.9%
Reynolds Consumer Products, Inc.		114		3,568

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Insurance — 2.6%
Kinsale Capital Group, Inc.		23		5,538
RLI Corp.		42		4,694
				10,232
IT Services — 3.1%
Broadridge Financial Solutions, Inc.		24		4,449
Jack Henry & Associates, Inc.		18		3,033
WEX, Inc. *		36		5,099
				12,581
Leisure Products — 2.0%
Brunswick Corp.		56		5,594
Hayward Holdings, Inc. * (a)		93		2,446
				8,040
Life Sciences Tools & Services — 2.5%
Syneos Health, Inc. *		52		5,366
West Pharmaceutical Services, Inc.		10		4,732
				10,098
Machinery — 9.3%
Douglas Dynamics, Inc.		46		1,790
Hillman Solutions Corp. *		231		2,481
IDEX Corp.		17		4,021
Lincoln Electric Holdings, Inc.		44		6,076
Nordson Corp.		18		4,501
RBC Bearings, Inc. *		20		4,022
Snap-on, Inc.		15		3,173
Toro Co. (The)		66		6,633
Woodward, Inc.		39		4,271
				36,968
Pharmaceuticals — 1.3%
Catalent, Inc. *		41		5,242
Professional Services — 1.2%
TransUnion		40		4,786
Real Estate Management & Development — 0.7%
Cushman & Wakefield plc *		131		2,912
Road & Rail — 2.5%
Knight-Swift Transportation Holdings, Inc.		69		4,235
Landstar System, Inc.		21		3,823
Lyft, Inc., Class A *		44		1,864
				9,922
Semiconductors & Semiconductor Equipment — 2.3%
Allegro MicroSystems, Inc. (Japan) *		60		2,159
CMC Materials, Inc.		21		4,121
Power Integrations, Inc.		31		2,835
				9,115

INVESTMENTS	SHARES (000)		VALUE ($000)
Software — 8.5%
Aspen Technology, Inc. *		11		1,631
Black Knight, Inc. *		62		5,176
Clearwater Analytics Holdings, Inc., Class A*		72		1,645
Envestnet, Inc. *		35		2,810
Guidewire Software, Inc. *		35		4,030
nCino, Inc. *		44		2,389
PTC, Inc. *		20		2,365
Q2 Holdings, Inc. *		51		4,035
SS&C Technologies Holdings, Inc.		71		5,839
Tyler Technologies, Inc. *		8		4,103
				34,023
Textiles, Apparel & Luxury Goods — 0.6%
Carter’s, Inc.		24		2,460
Total Common Stocks (Cost $288,047)				391,774
Short-Term Investments — 2.0%
Investment Companies — 2.0%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (b) (c) (Cost $7,808)		7,806		7,809
Investment of Cash Collateral from Securities Loaned — 0.0% (d)
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c) (Cost $159)		159		159
Total Short-Term Investments (Cost $7,967)				7,968
Total Investments — 99.7% (Cost $296,014)				399,742
Other Assets Less Liabilities — 0.3%				1,134
NET ASSETS — 100.0%				400,876

Percentages indicated are based on net assets.

(a)	The security or a portion of this security is on loan at December 31, 2021. The total value of securities on loan at December 31, 2021 is $160.
(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, 2021.
(d)	Amount rounds to less than 0.1% of net assets.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN SMALL CAP FUNDS 37

JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 96.8%
Aerospace & Defense — 0.3%
AAR Corp. *		36		1,393
Astronics Corp. *		116		1,396
Moog, Inc., Class A		10		806
				3,595
Air Freight & Logistics — 0.2%
Hub Group, Inc., Class A *		22		1,811
Airlines — 0.5%
Allegiant Travel Co. *		11		1,964
SkyWest, Inc. *		104		4,079
				6,043
Auto Components — 0.2%
Goodyear Tire & Rubber Co. (The) *		14		306
Lear Corp.		9		1,665
				1,971
Automobiles — 0.4%
Fisker, Inc. * (a)		278		4,378
Winnebago Industries, Inc. (a)		3		187
				4,565
Banks — 8.1%
1st Source Corp.		17		824
Atlantic Union Bankshares Corp.		14		505
Banner Corp.		53		3,220
Brookline Bancorp, Inc.		199		3,227
Business First Bancshares, Inc.		17		484
Cadence Bank		209		6,220
Cathay General Bancorp		91		3,894
Central Pacific Financial Corp.		83		2,344
CIT Group, Inc.		50		2,541
Columbia Banking System, Inc.		87		2,849
ConnectOne Bancorp, Inc.		47		1,544
CVB Financial Corp.		121		2,591
Eastern Bankshares, Inc.		381		7,675
Enterprise Financial Services Corp.		25		1,168
Equity Bancshares, Inc., Class A		19		655
Financial Institutions, Inc.		7		216
First Bancshares, Inc. (The)		8		290
First Commonwealth Financial Corp.		112		1,802
First Community Bankshares, Inc.		7		241
First Hawaiian, Inc.		38		1,045
First Merchants Corp.		71		2,957
Flushing Financial Corp.		23		556
Glacier Bancorp, Inc.		30		1,718
Great Western Bancorp, Inc.		17		588
Hancock Whitney Corp.		9		435
HarborOne Bancorp, Inc.		30		442
Home BancShares, Inc.		42		1,018
HomeStreet, Inc.		39		2,007
HomeTrust Bancshares, Inc.		38		1,187
Hope Bancorp, Inc.		265		3,903

INVESTMENTS	SHARES (000)		VALUE ($000)
Banks — continued
Independent Bank Corp.		32		759
Independent Bank Corp.		45		3,677
Independent Bank Group, Inc.		14		996
Investors Bancorp, Inc.		75		1,139
Meta Financial Group, Inc.		28		1,694
Nicolet Bankshares, Inc. *		3		214
OceanFirst Financial Corp.		72		1,587
Old National Bancorp		211		3,818
Origin Bancorp, Inc.		7		309
Peoples Bancorp, Inc.		11		334
People’s United Financial, Inc.		37		662
Pinnacle Financial Partners, Inc.		28		2,626
QCR Holdings, Inc.		12		661
RBB Bancorp		8		220
Republic Bancorp, Inc., Class A		4		203
Simmons First National Corp., Class A		22		654
Trustmark Corp.		70		2,283
UMB Financial Corp.		26		2,772
United Community Banks, Inc. (a)		31		1,103
Valley National Bancorp		63		861
Veritex Holdings, Inc.		30		1,189
Webster Financial Corp.		49		2,736
Westamerica BanCorp		32		1,831
				90,474
Biotechnology — 8.1%
2seventy bio, Inc. * (a)		5		136
ACADIA Pharmaceuticals, Inc. *		52		1,211
Akebia Therapeutics, Inc. * (a)		610		1,380
Amicus Therapeutics, Inc. *		492		5,683
Arena Pharmaceuticals, Inc. *		22		2,042
Arrowhead Pharmaceuticals, Inc. *		49		3,255
Atara Biotherapeutics, Inc. *		282		4,448
Athenex, Inc. *		81		111
Beam Therapeutics, Inc. * (a)		29		2,327
Biohaven Pharmaceutical Holding Co. Ltd. *		4		606
Black Diamond Therapeutics, Inc. * (a)		169		900
Bluebird Bio, Inc. * (a)		16		157
Bridgebio Pharma, Inc. * (a)		28		459
Catalyst Pharmaceuticals, Inc. *		651		4,407
Coherus Biosciences, Inc. * (a)		410		6,541
CytomX Therapeutics, Inc. *		251		1,087
Decibel Therapeutics, Inc. * (a)		2		10
Eagle Pharmaceuticals, Inc. *		33		1,692
Eiger BioPharmaceuticals, Inc. * (a)		87		454
Emergent BioSolutions, Inc. *		6		270
Fate Therapeutics, Inc. * (a)		89		5,219
Global Blood Therapeutics, Inc. * (a)		105		3,070
Gritstone bio, Inc. * (a)		15		189
Harpoon Therapeutics, Inc. *		176		1,331
Heron Therapeutics, Inc. * (a)		165		1,508
Homology Medicines, Inc. *		23		82
Insmed, Inc. *		13		354
Intellia Therapeutics, Inc. *		50		5,877

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Biotechnology — continued
Intercept Pharmaceuticals, Inc. * (a)		154		2,514
Ligand Pharmaceuticals, Inc. * (a)		21		3,228
Madrigal Pharmaceuticals, Inc. * (a)		24		2,017
OPKO Health, Inc. * (a)		434		2,089
Puma Biotechnology, Inc. *		115		351
REGENXBIO, Inc. *		79		2,596
Sana Biotechnology, Inc. * (a)		1		20
Sarepta Therapeutics, Inc. *		52		4,678
Sensei Biotherapeutics, Inc. *		135		781
Sigilon Therapeutics, Inc. *		89		245
Sutro Biopharma, Inc. *		14		203
TG Therapeutics, Inc. *		159		3,015
Travere Therapeutics, Inc. *		65		2,027
Turning Point Therapeutics, Inc. *		12		591
Tyra Biosciences, Inc. * (a)		119		1,677
UroGen Pharma Ltd. * (a)		47		444
Vanda Pharmaceuticals, Inc. *		275		4,319
Xencor, Inc. *		150		6,008
Y-mAbs Therapeutics, Inc. *		4		62
				91,671
Building Products — 0.6%
Advanced Drainage Systems, Inc.		4		585
Cornerstone Building Brands, Inc. *		77		1,343
Masonite International Corp. *		4		519
Quanex Building Products Corp.		52		1,284
UFP Industries, Inc.		34		3,091
				6,822
Capital Markets — 1.9%
AssetMark Financial Holdings, Inc. *		29		757
Blucora, Inc. *		136		2,352
Brightsphere Investment Group, Inc.		70		1,791
Cohen & Steers, Inc.		7		657
Cowen, Inc., Class A (a)		51		1,833
Donnelley Financial Solutions, Inc. *		37		1,742
Federated Hermes, Inc.		34		1,274
Focus Financial Partners, Inc., Class A *		65		3,851
Houlihan Lokey, Inc.		3		324
Piper Sandler Cos.		8		1,446
Stifel Financial Corp.		36		2,565
Virtus Investment Partners, Inc.		9		2,763
				21,355
Chemicals — 2.0%
AdvanSix, Inc.		9		439
Avient Corp.		78		4,383
Cabot Corp.		9		483
Ecovyst, Inc.		32		332
FutureFuel Corp.		84		640
HB Fuller Co. (a)		33		2,689
Ingevity Corp. *		43		3,063
Koppers Holdings, Inc. *		20		632
Minerals Technologies, Inc.		30		2,200

INVESTMENTS	SHARES (000)		VALUE ($000)
Chemicals — continued
Orion Engineered Carbons SA (Germany) *		70		1,285
Stepan Co.		7		907
Trinseo plc		23		1,213
Tronox Holdings plc, Class A		121		2,917
Zymergen, Inc. * (a)		147		985
				22,168
Commercial Services & Supplies — 3.5%
ABM Industries, Inc.		117		4,764
Brink’s Co. (The) (a)		14		892
Ennis, Inc. (a)		93		1,826
Healthcare Services Group, Inc.		55		970
Heritage-Crystal Clean, Inc. *		20		634
HNI Corp. (a)		64		2,675
Steelcase, Inc., Class A		197		2,310
Tetra Tech, Inc.		73		12,327
UniFirst Corp.		60		12,708
				39,106
Communications Equipment — 1.2%
Extreme Networks, Inc. *		339		5,321
NetScout Systems, Inc. *		234		7,740
				13,061
Construction & Engineering — 3.6%
Argan, Inc.		100		3,881
Comfort Systems USA, Inc.		81		8,034
EMCOR Group, Inc.		58		7,427
Granite Construction, Inc.		29		1,134
MasTec, Inc. *		90		8,332
MYR Group, Inc. *		71		7,874
Primoris Services Corp.		145		3,487
				40,169
Consumer Finance — 1.0%
Credit Acceptance Corp. *		2		1,152
EZCORP, Inc., Class A * (a)		36		262
FirstCash Holdings, Inc.		17		1,281
Navient Corp. (a)		180		3,826
Nelnet, Inc., Class A		4		391
PROG Holdings, Inc. * (a)		87		3,934
Regional Management Corp. (a)		15		879
				11,725
Containers & Packaging — 0.3%
Graphic Packaging Holding Co.		36		710
Greif, Inc., Class A		33		1,962
Myers Industries, Inc.		11		217
				2,889
Diversified Consumer Services — 0.4%
Coursera, Inc. *		15		363
Houghton Mifflin Harcourt Co. *		143		2,294
Perdoceo Education Corp. *		172		2,022
				4,679

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN SMALL CAP FUNDS 39

JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Diversified Telecommunication Services — 0.4%
EchoStar Corp., Class A *		156		4,119
Electric Utilities — 0.5%
IDACORP, Inc.		5		578
PNM Resources, Inc.		24		1,076
Portland General Electric Co.		52		2,764
Via Renewables, Inc. (a)		84		964
				5,382
Electrical Equipment — 1.4%
Atkore, Inc. *		63		6,994
AZZ, Inc.		15		807
Fluence Energy, Inc. * (a)		122		4,331
Powell Industries, Inc.		45		1,316
Sunrun, Inc. * (a)		77		2,627
				16,075
Electronic Equipment, Instruments & Components — 3.1%
Benchmark Electronics, Inc. (a)		238		6,456
Fabrinet (Thailand) *		31		3,634
Insight Enterprises, Inc. *		7		736
Kimball Electronics, Inc. *		22		483
Knowles Corp. *		130		3,031
OSI Systems, Inc. *		94		8,776
Sanmina Corp. *		39		1,600
ScanSource, Inc. *		144		5,045
TTM Technologies, Inc. *		102		1,524
Vishay Intertechnology, Inc.		137		2,992
				34,277
Energy Equipment & Services — 0.4%
ChampionX Corp. *		25		503
National Energy Services Reunited Corp. *		42		393
NexTier Oilfield Solutions, Inc. *		272		966
Oceaneering International, Inc. *		21		234
Oil States International, Inc. * (a)		79		393
Patterson-UTI Energy, Inc.		124		1,048
ProPetro Holding Corp. *		100		812
Select Energy Services, Inc., Class A *		43		270
				4,619
Entertainment — 0.8%
AMC Entertainment Holdings, Inc., Class A * (a)		140		3,805
Cinemark Holdings, Inc. *		36		580
Lions Gate Entertainment Corp., Class A *		250		4,164
				8,549
Equity Real Estate Investment Trusts (REITs) — 6.1%
Agree Realty Corp.		34		2,455
Alexander & Baldwin, Inc.		47		1,190
American Assets Trust, Inc.		16		603
Apple Hospitality REIT, Inc.		149		2,405
Broadstone Net Lease, Inc. (a)		58		1,427
CareTrust REIT, Inc.		34		765

INVESTMENTS	SHARES (000)		VALUE ($000)
Equity Real Estate Investment Trusts (REITs) — continued
Centerspace		11		1,187
Chatham Lodging Trust *		11		156
City Office REIT, Inc.		58		1,138
Community Healthcare Trust, Inc.		18		851
Corporate Office Properties Trust		58		1,608
DiamondRock Hospitality Co. *		68		655
DigitalBridge Group, Inc. *		136		1,132
Easterly Government Properties, Inc.		27		626
EastGroup Properties, Inc.		14		3,235
Equity LifeStyle Properties, Inc.		4		324
Essential Properties Realty Trust, Inc.		32		934
First Industrial Realty Trust, Inc.		35		2,337
Four Corners Property Trust, Inc.		73		2,150
Getty Realty Corp.		57		1,829
Gladstone Commercial Corp.		56		1,442
Global Medical REIT, Inc.		6		112
Healthcare Realty Trust, Inc.		47		1,478
Highwoods Properties, Inc.		12		526
Independence Realty Trust, Inc. (a)		61		1,578
Innovative Industrial Properties, Inc. (a)		4		920
Kite Realty Group Trust		107		2,336
LXP Industrial Trust (a)		97		1,509
National Storage Affiliates Trust		65		4,498
Phillips Edison & Co., Inc.		40		1,335
Physicians Realty Trust		68		1,286
Piedmont Office Realty Trust, Inc., Class A		68		1,252
Plymouth Industrial REIT, Inc.		66		2,115
PotlatchDeltic Corp.		32		1,921
Retail Opportunity Investments Corp.		34		657
RLJ Lodging Trust		22		309
Ryman Hospitality Properties, Inc. *		18		1,692
Sabra Health Care REIT, Inc.		42		570
SITE Centers Corp.		44		689
STAG Industrial, Inc.		90		4,302
Summit Hotel Properties, Inc. *		24		229
Sunstone Hotel Investors, Inc. *		169		1,982
Tanger Factory Outlet Centers, Inc. (a)		38		740
Terreno Realty Corp.		53		4,521
UMH Properties, Inc.		35		954
Xenia Hotels & Resorts, Inc. *		98		1,772
				67,732
Food & Staples Retailing — 0.7%
Andersons, Inc. (The)		28		1,072
BJ’s Wholesale Club Holdings, Inc. *		27		1,815
Performance Food Group Co. *		48		2,225
SpartanNash Co.		6		160
Sprouts Farmers Market, Inc. *		89		2,650
				7,922
Food Products — 1.1%
Darling Ingredients, Inc. *		127		8,791
John B Sanfilippo & Son, Inc.		18		1,623
Seneca Foods Corp., Class A *		29		1,403
				11,817

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Gas Utilities — 0.4%
New Jersey Resources Corp.		93		3,810
Northwest Natural Holding Co.		21		1,005
				4,815
Health Care Equipment & Supplies — 3.4%
Accuray, Inc. * (a)		409		1,950
AngioDynamics, Inc. *		95		2,617
Bioventus, Inc., Class A *		92		1,335
Cardiovascular Systems, Inc. *		240		4,503
Integer Holdings Corp. *		58		4,994
LivaNova plc *		30		2,640
Natus Medical, Inc. *		81		1,920
NuVasive, Inc. *		202		10,605
SeaSpine Holdings Corp. *		18		242
SmileDirectClub, Inc. * (a)		330		775
STAAR Surgical Co. *		39		3,561
Varex Imaging Corp. * (a)		31		975
Zynex, Inc. * (a)		143		1,424
				37,541
Health Care Providers & Services — 3.2%
AdaptHealth Corp. *		184		4,503
AMN Healthcare Services, Inc. *		17		2,018
Ensign Group, Inc. (The)		2		176
HealthEquity, Inc. * (a)		21		929
LHC Group, Inc. * (a)		34		4,653
LifeStance Health Group, Inc. * (a)		214		2,037
ModivCare, Inc. *		2		311
Option Care Health, Inc. *		562		15,973
Owens & Minor, Inc.		67		2,910
Tenet Healthcare Corp. *		28		2,269
Tivity Health, Inc. * (a)		13		349
				36,128
Health Care Technology — 1.5%
Allscripts Healthcare Solutions, Inc. *		669		12,352
Inspire Medical Systems, Inc. *		3		575
NextGen Healthcare, Inc. *		186		3,304
				16,231
Hotels, Restaurants & Leisure — 1.5%
Bloomin’ Brands, Inc. *		167		3,495
Boyd Gaming Corp. *		62		4,093
Del Taco Restaurants, Inc.		227		2,822
Marriott Vacations Worldwide Corp.		29		4,918
Portillo’s, Inc., Class A * (a)		54		2,016
				17,344
Household Durables — 2.6%
Ethan Allen Interiors, Inc. (a)		34		889
Helen of Troy Ltd. *		6		1,540
Hooker Furnishings Corp.		19		442
Meritage Homes Corp. *		9		1,074
Sonos, Inc. *		82		2,450

INVESTMENTS	SHARES (000)		VALUE ($000)
Household Durables — continued
TopBuild Corp. * (a)		25		7,008
Traeger, Inc. * (a)		24		291
Tri Pointe Homes, Inc. *		542		15,112
				28,806
Household Products — 0.1%
Central Garden & Pet Co., Class A * (a)		21		1,010
Independent Power and Renewable Electricity Producers — 0.1%
Clearway Energy, Inc.		30		996
Clearway Energy, Inc., Class C		7		267
				1,263
Insurance — 1.3%
American Equity Investment Life Holding Co.		45		1,738
Argo Group International Holdings Ltd.		29		1,697
CNO Financial Group, Inc.		66		1,566
Employers Holdings, Inc.		10		414
First American Financial Corp.		11		827
Kinsale Capital Group, Inc.		11		2,521
Primerica, Inc.		6		958
RLI Corp.		14		1,581
Selective Insurance Group, Inc.		20		1,647
Stewart Information Services Corp.		16		1,300
				14,249
Interactive Media & Services — 0.9%
EverQuote, Inc., Class A *		18		279
Liberty TripAdvisor Holdings, Inc., Class A *		1,699		3,687
QuinStreet, Inc. *		177		3,211
Yelp, Inc. *		92		3,334
				10,511
IT Services — 1.9%
CSG Systems International, Inc.		11		605
DigitalOcean Holdings, Inc. *		55		4,389
EVERTEC, Inc. (Puerto Rico) (a)		65		3,224
LiveRamp Holdings, Inc. *		38		1,813
Perficient, Inc. *		87		11,292
				21,323
Life Sciences Tools & Services — 0.7%
Adaptive Biotechnologies Corp. *		19		530
Medpace Holdings, Inc. *		21		4,478
Personalis, Inc. *		126		1,801
Rapid Micro Biosystems, Inc., Class A *		117		1,243
				8,052
Machinery — 2.2%
Altra Industrial Motion Corp.		60		3,110
Barnes Group, Inc.		15		708
Douglas Dynamics, Inc.		43		1,693
EnPro Industries, Inc.		8		848
Hillenbrand, Inc.		81		4,190

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN SMALL CAP FUNDS 41

JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Machinery — continued
Kadant, Inc.		12		2,668
Manitowoc Co., Inc. (The) *		68		1,270
Meritor, Inc. *		55		1,368
SPX FLOW, Inc.		35		3,035
Wabash National Corp. (a)		233		4,556
Watts Water Technologies, Inc., Class A		6		1,243
				24,689
Media — 1.8%
AMC Networks, Inc., Class A * (a)		73		2,504
Cardlytics, Inc. * (a)		49		3,245
Hemisphere Media Group, Inc. *		87		635
John Wiley & Sons, Inc., Class A (a)		181		10,360
National CineMedia, Inc.		155		436
Sinclair Broadcast Group, Inc., Class A		125		3,298
				20,478
Metals & Mining — 1.1%
Alcoa Corp.		41		2,443
Arconic Corp. *		39		1,271
Cleveland-Cliffs, Inc. * (a)		85		1,846
Commercial Metals Co.		69		2,497
Materion Corp.		13		1,223
Schnitzer Steel Industries, Inc., Class A		9		441
SunCoke Energy, Inc.		167		1,099
United States Steel Corp.		16		383
Warrior Met Coal, Inc.		27		692
Worthington Industries, Inc.		6		343
				12,238
Mortgage Real Estate Investment Trusts (REITs) — 1.3%
Ares Commercial Real Estate Corp.		38		550
Blackstone Mortgage Trust, Inc., Class A		77		2,364
Ellington Financial, Inc. (a)		107		1,832
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		36		1,918
KKR Real Estate Finance Trust, Inc. (a)		83		1,727
Ladder Capital Corp.		109		1,303
MFA Financial, Inc.		157		717
Ready Capital Corp.		21		327
Redwood Trust, Inc.		194		2,559
TPG RE Finance Trust, Inc.		62		761
				14,058
Multiline Retail — 0.6%
Dillard’s, Inc., Class A (a)		6		1,568
Macy’s, Inc.		189		4,959
				6,527
Oil, Gas & Consumable Fuels — 3.0%
Antero Resources Corp. *		186		3,262
Arch Resources, Inc.		20		1,840
CNX Resources Corp. *		198		2,718
Delek US Holdings, Inc. *		85		1,280

INVESTMENTS	SHARES (000)		VALUE ($000)
Oil, Gas & Consumable Fuels — continued
Dorian LPG Ltd.		46		587
Falcon Minerals Corp.		19		91
Green Plains, Inc. * (a)		43		1,481
Magnolia Oil & Gas Corp., Class A (a)		199		3,749
Matador Resources Co.		17		631
Oasis Petroleum, Inc.		32		3,994
Ovintiv, Inc.		219		7,381
PDC Energy, Inc.		99		4,849
Range Resources Corp. *		66		1,175
REX American Resources Corp. * (a)		11		1,073
				34,111
Paper & Forest Products — 0.5%
Clearwater Paper Corp. *		6		202
Glatfelter Corp.		117		2,011
Louisiana-Pacific Corp.		31		2,442
Neenah, Inc.		6		278
Verso Corp., Class A		41		1,113
				6,046
Personal Products — 1.6%
BellRing Brands, Inc., Class A * (a)		291		8,311
Herbalife Nutrition Ltd. *		22		912
Medifast, Inc.		5		1,026
Nu Skin Enterprises, Inc., Class A (a)		61		3,070
USANA Health Sciences, Inc. *		47		4,721
				18,040
Pharmaceuticals — 1.2%
Amneal Pharmaceuticals, Inc. *		271		1,298
Amphastar Pharmaceuticals, Inc. * (a)		53		1,234
Arvinas, Inc. *		1		117
BioDelivery Sciences International, Inc. *		473		1,467
Corcept Therapeutics, Inc. * (a)		73		1,453
Esperion Therapeutics, Inc. * (a)		11		57
Fulcrum Therapeutics, Inc. * (a)		172		3,037
Landos Biopharma, Inc. *		103		493
Lannett Co., Inc. * (a)		317		513
Marinus Pharmaceuticals, Inc. * (a)		254		3,022
WaVe Life Sciences Ltd. *		147		463
				13,154
Professional Services — 2.2%
Barrett Business Services, Inc.		12		850
CACI International, Inc., Class A *		9		2,302
Heidrick & Struggles International, Inc.		7		310
HireRight Holdings Corp. *		147		2,357
Huron Consulting Group, Inc. *		59		2,933
KBR, Inc.		25		1,210
Kelly Services, Inc., Class A		145		2,433
Kforce, Inc.		44		3,302
Korn Ferry		30		2,295
ManTech International Corp., Class A		12		846
TriNet Group, Inc. *		11		1,000

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Professional Services — continued
TrueBlue, Inc. *		110		3,051
Upwork, Inc. *		56		1,903
				24,792
Real Estate Management & Development — 0.4%
Cushman & Wakefield plc *		82		1,813
Kennedy-Wilson Holdings, Inc.		41		979
Realogy Holdings Corp. *		133		2,232
				5,024
Road & Rail — 0.9%
ArcBest Corp.		75		9,016
Heartland Express, Inc.		18		308
Schneider National, Inc., Class B		16		433
Werner Enterprises, Inc.		12		548
				10,305
Semiconductors & Semiconductor Equipment — 1.9%
Amkor Technology, Inc.		71		1,748
Cirrus Logic, Inc. *		15		1,357
Cohu, Inc. *		88		3,367
MACOM Technology Solutions Holdings, Inc. *		14		1,088
Rambus, Inc. *		182		5,337
Silicon Laboratories, Inc. *		27		5,533
SunPower Corp. * (a)		41		862
Veeco Instruments, Inc. *		83		2,375
				21,667
Software — 6.2%
A10 Networks, Inc.		306		5,070
ACI Worldwide, Inc. *		118		4,089
Alkami Technology, Inc. * (a)		11		230
American Software, Inc., Class A		127		3,313
Appfolio, Inc., Class A * (a)		47		5,678
Blackline, Inc. *		5		549
CommVault Systems, Inc. *		52		3,587
eGain Corp. *		284		2,839
Envestnet, Inc. *		3		262
JFrog Ltd. (Israel) *		11		312
Marathon Digital Holdings, Inc. * (a)		31		1,032
Momentive Global, Inc. *		217		4,598
Paycor HCM, Inc. * (a)		53		1,528
Qualys, Inc. *		5		683
Riot Blockchain, Inc. * (a)		27		612
Sprout Social, Inc., Class A *		33		2,975
SPS Commerce, Inc. *		3		399
Verint Systems, Inc. *		288		15,111
Vonage Holdings Corp. *		280		5,819
Workiva, Inc. *		57		7,450
Xperi Holding Corp.		146		2,755
				68,891

INVESTMENTS	SHARES (000)		VALUE ($000)
Specialty Retail — 2.7%
Abercrombie & Fitch Co., Class A * (a)		121		4,228
Bed Bath & Beyond, Inc. * (a)		53		777
Group 1 Automotive, Inc.		5		937
Guess?, Inc. (a)		66		1,565
Hibbett, Inc.		21		1,512
Lithia Motors, Inc., Class A		3		861
Murphy USA, Inc.		34		6,720
ODP Corp. (The) *		73		2,867
Signet Jewelers Ltd.		20		1,741
Sleep Number Corp. *		44		3,378
Sonic Automotive, Inc., Class A (a)		41		2,003
Winmark Corp.		4		894
Zumiez, Inc. *		58		2,763
				30,246
Textiles, Apparel & Luxury Goods — 0.7%
Deckers Outdoor Corp. *		11		4,149
G-III Apparel Group Ltd. *		41		1,122
Steven Madden Ltd.		62		2,895
				8,166
Thrifts & Mortgage Finance — 1.9%
Axos Financial, Inc. *		46		2,583
Essent Group Ltd.		82		3,729
Merchants Bancorp		3		123
MGIC Investment Corp.		103		1,492
Mr. Cooper Group, Inc. *		26		1,086
NMI Holdings, Inc., Class A*		29		625
Northfield Bancorp, Inc.		155		2,500
PennyMac Financial Services, Inc.		34		2,338
Premier Financial Corp.		12		371
Radian Group, Inc.		143		3,019
Washington Federal, Inc.		91		3,045
				20,911
Trading Companies & Distributors — 1.3%
Boise Cascade Co.		19		1,356
Herc Holdings, Inc.		26		4,133
MRC Global, Inc. * (a)		188		1,292
NOW, Inc. *		536		4,578
Rush Enterprises, Inc., Class A		16		890
Veritiv Corp. *		19		2,289
				14,538
Water Utilities — 0.9%
American States Water Co.		93		9,635
Total Common Stocks (Cost $851,996)				1,083,385

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN SMALL CAP FUNDS 43

JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	NO. OF RIGHTS (000)		VALUE ($000)
Rights — 0.0% (b)
Biotechnology — 0.0% (b)
Alder Biopharmaceuticals, Inc. * ‡ (Cost $—)		187		165
	SHARES (000)
Short-Term Investments — 9.8%
Investment Companies — 3.5%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (c) (d) (Cost $39,305)		39,289		39,305
Investment of Cash Collateral from Securities Loaned — 6.3%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (c) (d)		58,602		58,590
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (c) (d)		11,428		11,428
Total Investment of Cash Collateral from Securities Loaned (Cost $70,025)				70,018
Total Short-Term Investments (Cost $109,330)				109,323
Total Investments — 106.6% (Cost $961,326)				1,192,873
Liabilities in Excess of Other Assets — (6.6)%				(73,504	)
NET ASSETS — 100.0%				1,119,369

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, 2021. The total value of securities on loan at December 31, 2021 is $67,297.
(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, 2021.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

Futures contracts outstanding as of December 31, 2021 (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		324		03/2022		USD		36,330		648

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2021

THIS PAGE IS INTENTIONALLY LEFT BLANK

DECEMBER 31, 2021 J.P. MORGAN SMALL CAP FUNDS 45

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2021 (Unaudited)

(Amounts in thousands, except per share amounts)

	JPMorgan Small Cap Blend Fund			JPMorgan Small Cap Equity Fund			JPMorgan Small Cap Growth Fund
ASSETS:
Investments in non-affiliates, at value	$	1,270,904		$	7,913,816		$	5,902,621
Investments in affiliates, at value		18,585			238,242			66,211
Investment of cash collateral received from securities loaned, at value (See Note 2.B.)		54,649			161,166			317,688
Cash		3			15			4
Receivables:
Investment securities sold		144			4,917			1,720
Fund shares sold		2,109			4,445			4,194
Dividends from non-affiliates		898			5,038			1,115
Dividends from affiliates		—	(a)		—	(a)		—	(a)
Securities lending income (See Note 2.B.)		9			23			86
Other assets		86			49			—
Total Assets		1,347,387			8,327,711			6,293,639
LIABILITIES:
Payables:
Investment securities purchased		569			1,059			6,686
Collateral received on securities loaned (See Note 2.B.)		54,649			161,166			317,688
Fund shares redeemed		1,116			16,338			13,104
Accrued liabilities:
Investment advisory fees		678			4,373			3,239
Administration fees		72			507			365
Distribution fees		73			220			193
Service fees		143			1,032			416
Custodian and accounting fees		26			108			91
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—	(a)		—	(a)
Other		12			26			131
Total Liabilities		57,338			184,829			341,913
Net Assets	$	1,290,049		$	8,142,882		$	5,951,726

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2021

	JPMorgan Small Cap Blend Fund			JPMorgan Small Cap Equity Fund			JPMorgan Small Cap Growth Fund
NET ASSETS:
Paid-in-Capital	$	1,044,800		$	4,914,209		$	4,516,038
Total distributable earnings (loss)		245,249			3,228,673			1,435,688
Total Net Assets	$	1,290,049		$	8,142,882		$	5,951,726
Net Assets:
Class A	$	311,324		$	783,211		$	634,105
Class C		14,887			79,349			72,342
Class I		374,887			3,790,682			861,106
Class L		—			—			902,328
Class R2		—			7,688			25,922
Class R3		—			5,902			8,884
Class R4		—			852			5,532
Class R5		—			1,094,510			36,296
Class R6		588,951			2,380,688			3,405,211
Total	$	1,290,049		$	8,142,882		$	5,951,726
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		11,609			14,304			30,613
Class C		929			2,321			5,995
Class I		11,353			56,500			35,638
Class L		—			—			35,653
Class R2		—			145			1,332
Class R3		—			109			430
Class R4		—			13			264
Class R5		—			16,256			1,432
Class R6		17,773			35,374			132,340
Net Asset Value (a):
Class A — Redemption price per share	$	26.82		$	54.75		$	20.71
Class C — Offering price per share (b)		16.03			34.18			12.07
Class I — Offering and redemption price per share		33.02			67.09			24.16
Class L — Offering and redemption price per share		—			—			25.31
Class R2 — Offering and redemption price per share		—			53.05			19.46
Class R3 — Offering and redemption price per share		—			54.23			20.65
Class R4 — Offering and redemption price per share		—			66.94			20.95
Class R5 — Offering and redemption price per share		—			67.33			25.34
Class R6 — Offering and redemption price per share		33.14			67.30			25.73
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)]	$	28.31		$	57.78		$	21.86
Cost of investments in non-affiliates	$	1,014,811		$	4,846,084		$	4,401,363
Cost of investments in affiliates		18,582			238,213			66,210
Investment securities on loan, at value (See Note 2.B.)		53,036			158,685			311,873
Cost of investment of cash collateral (See Note 2.B.)		54,653			161,174			317,705

(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, 2021 J.P. MORGAN SMALL CAP FUNDS 47

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)

	JPMorgan Small Cap Sustainable Leaders Fund (formerly known as JPMorgan Small Cap Core Fund)			JPMorgan Small Cap Value Fund			JPMorgan SMID Cap Equity Fund			JPMorgan U.S. Small Company Fund
ASSETS:
Investments in non-affiliates, at value	$	296,070		$	1,512,340		$	391,774		$	1,083,550
Investments in affiliates, at value		2,753			38,108			7,809			39,305
Investment of cash collateral received from securities loaned, at value (See Note 2.B.)		15,506			78,925			159			70,018
Cash		—	(a)		4			1			2
Deposits at broker for futures contracts		—			2,026			—			2,224
Receivables:
Investment securities sold		—			—			1,535			—
Fund shares sold		94			800			1,210			355
Dividends from non-affiliates		227			2,188			243			924
Dividends from affiliates		—	(a)		—	(a)		—	(a)		—	(a)
Securities lending income (See Note 2.B.)		12			14			—	(a)		19
Total Assets		314,662			1,634,405			402,731			1,196,397
LIABILITIES:
Payables:
Investment securities purchased		—			375			315			287
Collateral received on securities loaned (See Note 2.B.)		15,506			78,925			159			70,018
Fund shares redeemed		128			3,088			1,000			5,764
Variation margin on futures contracts		—			72			—			72
Accrued liabilities:
Investment advisory fees		129			826			178			564
Administration fees		—			96			20			71
Distribution fees		3			64			51			67
Service fees		12			110			69			125
Custodian and accounting fees		22			29			14			34
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—			—			—
Other		14			80			49			26
Total Liabilities		15,814			83,665			1,855			77,028
Net Assets	$	298,848		$	1,550,740		$	400,876		$	1,119,369

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2021

	JPMorgan Small Cap Sustainable Leaders Fund (formerly known as JPMorgan Small Cap Core Fund)			JPMorgan Small Cap Value Fund			JPMorgan SMID Cap Equity Fund			JPMorgan U.S. Small Company Fund
NET ASSETS:
Paid-in-Capital	$	298,062		$	1,160,033		$	282,491		$	865,299
Total distributable earnings (loss)		786			390,707			118,385			254,070
Total Net Assets	$	298,848		$	1,550,740		$	400,876		$	1,119,369
Net Assets:
Class A	$	6,537		$	199,187		$	176,339		$	132,676
Class C		1,583			7,334			21,400			20,101
Class I		16,286			265,482			146,899			224,415
Class L		—			—			—			302,238
Class R2		358			33,559			—			43,799
Class R3		4,214			18,251			2,247			38,408
Class R4		2,444			28,152			1,102			11,603
Class R5		136,688			51,361			—			10,379
Class R6		130,738			947,414			52,889			335,750
Total	$	298,848		$	1,550,740		$	400,876		$	1,119,369
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		147			7,128			9,422			7,096
Class C		37			354			1,602			1,176
Class I		361			8,706			7,133			11,558
Class L		—			—			—			15,585
Class R2		8			1,221			—			2,429
Class R3		94			655			120			2,075
Class R4		54			923			54			603
Class R5		3,009			1,682			—			537
Class R6		2,884			30,970			2,561			17,304
Net Asset Value (a):
Class A — Redemption price per share	$	44.59		$	27.94		$	18.72		$	18.70
Class C — Offering price per share (b)		43.35			20.73			13.35			17.10
Class I — Offering and redemption price per share		45.08			30.49			20.59			19.42
Class L — Offering and redemption price per share		—			—			—			19.39
Class R2 — Offering and redemption price per share		44.37			27.48			—			18.03
Class R3 — Offering and redemption price per share		44.80			27.88			18.67			18.51
Class R4 — Offering and redemption price per share		45.11			30.49			20.48			19.26
Class R5 — Offering and redemption price per share		45.42			30.54			—			19.33
Class R6 — Offering and redemption price per share		45.34			30.59			20.65			19.40
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)]	$	47.06		$	29.49		$	19.76		$	19.74
Cost of investments in non-affiliates	$	302,982		$	1,138,914		$	288,047		$	851,996
Cost of investments in affiliates		2,752			38,104			7,808			39,305
Investment securities on loan, at value (See Note 2.B.)		14,883			75,613			160			67,297
Cost of investment of cash collateral (See Note 2.B.)		15,506			78,933			159			70,025

(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, 2021 J.P. MORGAN SMALL CAP FUNDS 49

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)

(Amounts in thousands)

	JPMorgan Small Cap Blend Fund			JPMorgan Small Cap Equity Fund			JPMorgan Small Cap Growth Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—		$	—		$	—	(a)
Dividend income from non-affiliates		6,835			50,914			7,618
Dividend income from affiliates		9			74			21
Income from securities lending (net) (See Note 2.B.)		80			136			705
Total investment income		6,924			51,124			8,344
EXPENSES:
Investment advisory fees		3,965			26,978			21,149
Administration fees		458			3,113			2,440
Distribution fees:
Class A		369			1,037			877
Class C		53			317			311
Class R2		—			19			71
Class R3		—			7			12
Service fees:
Class A		369			1,037			877
Class C		18			106			104
Class I		458			5,013			1,217
Class L		—			—			509
Class R2		—			10			35
Class R3		—			7			12
Class R4		—			1			7
Class R5		—			601			19
Custodian and accounting fees		35			131			104
Professional fees		29			54			46
Trustees’ and Chief Compliance Officer’s fees		15			23			21
Printing and mailing costs		63			299			240
Registration and filing fees		74			71			216
Transfer agency fees (See Note 2.F.)		14			159			92
Other		24			163			122
Total expenses		5,944			39,146			28,481
Less fees waived		(155	)		(378	)		(246	)
Less expense reimbursements		—			—			(47	)
Net expenses		5,789			38,768			28,188
Net investment income (loss)		1,135			12,356			(19,844	)
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		31,180			432,702			221,480
Investments in affiliates		(2	)		(18	)		16
Net realized gain (loss)		31,178			432,684			221,496
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(18,064	)		(107,070	)		(650,048	)
Investments in affiliates		(1	)		(11	)		4
Change in net unrealized appreciation/depreciation		(18,065	)		(107,081	)		(650,044	)
Net realized/unrealized gains (losses)		13,113			325,603			(428,548	)
Change in net assets resulting from operations	$	14,248		$	337,959		$	(448,392	)

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2021

	JPMorgan Small Cap Sustainable Leaders Fund (formerly known as JPMorgan Small Cap Core Fund)			JPMorgan Small Cap Value Fund			JPMorgan SMID Cap Equity Fund			JPMorgan U.S. Small Company Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—		$	—	(a)	$	—		$	—	(a)
Dividend income from non-affiliates		997			12,869			1,912			5,989
Dividend income from affiliates		1			12			3			8
Income from securities lending (net) (See Note 2.B.)		81			88			4			145
Total investment income		1,079			12,969			1,919			6,142
EXPENSES:
Investment advisory fees		1,067			4,850			1,159			3,404
Administration fees		123			560			158			426
Distribution fees:
Class A		9			248			220			165
Class C		7			30			84			80
Class R2		1			83			—			108
Class R3		6			22			3			46
Service fees:
Class A		9			248			220			165
Class C		2			10			28			27
Class I		34			286			189			278
Class L		—			—			—			157
Class R2		1			42			—			54
Class R3		6			22			3			46
Class R4		3			35			1			14
Class R5		73			28			—			5
Custodian and accounting fees		28			37			13			31
Interest expense to affiliates		—	(a)		—			—			—	(a)
Professional fees		32			29			28			29
Trustees’ and Chief Compliance Officer’s fees		13			14			13			14
Printing and mailing costs		14			34			22			33
Registration and filing fees		49			71			46			70
Transfer agency fees (See Note 2.F.)		7			52			22			28
Other		10			29			16			26
Total expenses		1,494			6,730			2,225			5,206
Less fees waived		(314	)		(53	)		(123	)		(9	)
Less expense reimbursements		—			—			(1	)		—
Net expenses		1,180			6,677			2,101			5,197
Net investment income (loss)		(101	)		6,292			(182	)		945
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		82,053			71,935			23,477			81,061
Investments in affiliates		1			(5	)		—	(a)		(1	)
Futures contracts		53			(5,369	)		—			(750	)
Net realized gain (loss)		82,107			66,561			23,477			80,310
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(103,073	)		(25,085	)		13,331			(50,612	)
Investments in affiliates		3			(2	)		—	(a)		(1	)
Futures contracts		(1	)		1,110			—			767
Change in net unrealized appreciation/depreciation		(103,071	)		(23,977	)		13,331			(49,846	)
Net realized/unrealized gains (losses)		(20,964	)		42,584			36,808			30,464
Change in net assets resulting from operations	$	(21,065	)	$	48,876		$	36,626		$	31,409

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN SMALL CAP FUNDS 51

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JJPMorgan Small Cap Blend Fund						JPMorgan Small Cap Equity Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,135		$	1,111		$	12,356		$	24,227
Net realized gain (loss)		31,178			61,716			432,684			1,495,522
Change in net unrealized appreciation/depreciation		(18,065	)		226,190			(107,081	)		1,471,848
Change in net assets resulting from operations		14,248			289,017			337,959			2,991,597
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(21,573	)		(3,491	)		(151,887	)		(23,187	)
Class C		(1,645	)		(703	)		(21,858	)		(3,627	)
Class I		(22,295	)		(4,107	)		(611,417	)		(108,102	)
Class R2		—			—			(1,446	)		(200	)
Class R3		—			—			(1,096	)		(135	)
Class R4		—			—			(134	)		(17	)
Class R5		—			—			(175,932	)		(32,929	)
Class R6		(35,213	)		(4,922	)		(371,734	)		(56,367	)
Total distributions to shareholders		(80,726	)		(13,223	)		(1,335,504	)		(224,564	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		223,023			384,851			573,296			(795,388	)
NET ASSETS:
Change in net assets		156,545			660,645			(424,249	)		1,971,645
Beginning of period		1,133,504			472,859			8,567,131			6,595,486
End of period	$	1,290,049		$	1,133,504		$	8,142,882		$	8,567,131

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2021

	JPMorgan Small Cap Growth Fund						JPMorgan Small Cap Sustainable  Leaders Fund (formerly known as JPMorgan Small Cap Core Fund)
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(19,844	)	$	(34,153	)	$	(101	)	$	1,777
Net realized gain (loss)		221,496			863,462			82,107			120,437
Change in net unrealized appreciation/depreciation		(650,044	)		1,186,198			(103,071	)		81,032
Change in net assets resulting from operations		(448,392	)		2,015,507			(21,065	)		203,246
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(88,137	)		(51,789	)		(2,056	)		(35	)
Class C		(16,056	)		(8,859	)		(495	)		(2	)
Class I		(108,918	)		(46,046	)		(6,302	)		(142	)
Class L		(106,109	)		(66,160	)		—			—
Class R2		(3,688	)		(2,275	)		(108	)		(1	)
Class R3		(1,216	)		(511	)		(1,293	)		(28	)
Class R4		(744	)		(280	)		(736	)		(22	)
Class R5		(4,092	)		(1,892	)		(41,862	)		(1,585	)
Class R6		(387,220	)		(204,601	)		(39,875	)		(2,200	)
Total distributions to shareholders		(716,180	)		(382,413	)		(92,727	)		(4,015	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		273,113			1,249,938			46,454			(182,906	)
NET ASSETS:
Change in net assets		(891,459	)		2,883,032			(67,338	)		16,325
Beginning of period		6,843,185			3,960,153			366,186			349,861
End of period	$	5,951,726		$	6,843,185		$	298,848		$	366,186

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN SMALL CAP FUNDS 53

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Small Cap Value Fund						JPMorgan SMID Cap Equity Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	6,292		$	10,567		$	(182	)	$	844
Net realized gain (loss)		66,561			240,791			23,477			95,024
Change in net unrealized appreciation/depreciation		(23,977	)		418,485			13,331			45,160
Change in net assets resulting from operations		48,876			669,843			36,626			141,028
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(30,314	)		(808	)		(32,659	)		(6,204	)
Class C		(1,456	)		(36	)		(5,276	)		(1,102	)
Class I		(38,739	)		(1,091	)		(25,314	)		(5,432	)
Class R2		(5,116	)		(132	)		—			—
Class R3		(2,755	)		(77	)		(409	)		(80	)
Class R4		(4,045	)		(96	)		(187	)		(23	)
Class R5		(7,206	)		(311	)		—			—
Class R6		(134,742	)		(6,855	)		(11,356	)		(2,861	)
Total distributions to shareholders		(224,373	)		(9,406	)		(75,201	)		(15,702	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		215,799			(105,572	)		19,675			(96,215	)
NET ASSETS:
Change in net assets		40,302			554,865			(18,900	)		29,111
Beginning of period		1,510,438			955,573			419,776			390,665
End of period	$	1,550,740		$	1,510,438		$	400,876		$	419,776

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2021

	JPMorgan U.S. Small Company Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	945		$	2,715
Net realized gain (loss)		80,310			260,464
Change in net unrealized appreciation/depreciation		(49,846	)		220,992
Change in net assets resulting from operations		31,409			484,171
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(29,540	)		(3,058	)
Class C		(4,945	)		(541	)
Class I		(49,718	)		(5,378	)
Class L		(67,831	)		(9,176	)
Class R2		(9,917	)		(1,049	)
Class R3		(8,423	)		(854	)
Class R4		(2,509	)		(302	)
Class R5		(2,218	)		(260	)
Class R6		(74,009	)		(9,828	)
Total distributions to shareholders		(249,110	)		(30,446	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		195,158			(211,849	)
NET ASSETS:
Change in net assets		(22,543	)		241,876
Beginning of period		1,141,912			900,036
End of period	$	1,119,369		$	1,141,912

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN SMALL CAP FUNDS 55

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Small Cap Blend Fund						JPMorgan Small Cap Equity Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	52,821		$	109,217		$	48,951		$	116,722
Distributions reinvested		19,835			3,248			143,874			21,887
Cost of shares redeemed		(21,711	)		(38,093	)		(135,962	)		(216,836	)
Change in net assets resulting from Class A capital transactions		50,945			74,372			56,863			(78,227	)
Class C
Proceeds from shares issued		2,520			6,513			466			1,644
Distributions reinvested		1,644			247			21,747			3,552
Cost of shares redeemed		(1,193	)		(25,040	)		(11,870	)		(26,763	)
Change in net assets resulting from Class C capital transactions		2,971			(18,280	)		10,343			(21,567	)
Class I
Proceeds from shares issued		70,753			169,692			359,120			1,268,974
Distributions reinvested		22,245			4,096			586,636			103,830
Cost of shares redeemed		(44,768	)		(67,324	)		(947,624	)		(1,754,116	)
Change in net assets resulting from Class I capital transactions		48,230			106,464			(1,868	)		(381,312	)
Class R2
Proceeds from shares issued		—			—			833			2,319
Distributions reinvested		—			—			1,394			185
Cost of shares redeemed		—			—			(1,135	)		(3,904	)
Change in net assets resulting from Class R2 capital transactions		—			—			1,092			(1,400	)
Class R3
Proceeds from shares issued		—			—			437			2,006
Distributions reinvested		—			—			919			121
Cost of shares redeemed		—			—			(418	)		(731	)
Change in net assets resulting from Class R3 capital transactions		—			—			938			1,396
Class R4
Proceeds from shares issued		—			—			16			243
Distributions reinvested		—			—			134			17
Cost of shares redeemed		—			—			(33	)		(85	)
Change in net assets resulting from Class R4 capital transactions		—			—			117			175
Class R5
Proceeds from shares issued		—			—			65,204			221,138
Distributions reinvested		—			—			166,417			29,974
Cost of shares redeemed		—			—			(317,185	)		(327,115	)
Change in net assets resulting from Class R5 capital transactions		—			—			(85,564	)		(76,003	)
Class R6
Proceeds from shares issued		126,633			302,725			438,596			339,610
Distributions reinvested		32,877			4,922			358,361			55,129
Cost of shares redeemed		(38,633	)		(85,352	)		(205,582	)		(633,189	)
Change in net assets resulting from Class R6 capital transactions		120,877			222,295			591,375			(238,450	)
Total change in net assets resulting from capital transactions	$	223,023		$	384,851		$	573,296		$	(795,388	)

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2021

	JPMorgan Small Cap Blend Fund						JPMorgan Small Cap Equity Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
SHARE TRANSACTIONS:
Class A
Issued		1,887			4,214			805			2,112
Reinvested		765			132			2,726			386
Redeemed		(779	)		(1,553	)		(2,242	)		(3,794	)
Change in Class A Shares		1,873			2,793			1,289			(1,296	)
Class C
Issued		144			399			12			40
Reinvested		106			16			660			90
Redeemed		(69	)		(1,662	)		(286	)		(671	)
Change in Class C Shares		181			(1,247	)		386			(541	)
Class I
Issued		2,067			5,516			4,735			18,459
Reinvested		697			137			9,067			1,546
Redeemed		(1,322	)		(2,170	)		(12,478	)		(25,175	)
Change in Class I Shares		1,442			3,483			1,324			(5,170	)
Class R2
Issued		—			—			14			41
Reinvested		—			—			27			3
Redeemed		—			—			(18	)		(73	)
Change in Class R2 Shares		—			—			23			(29	)
Class R3
Issued		—			—			7			36
Reinvested		—			—			18			2
Redeemed		—			—			(6	)		(13	)
Change in Class R3 Shares		—			—			19			25
Class R4
Issued		—			—			—	(a)		4
Reinvested		—			—			2			—	(a)
Redeemed		—			—			—	(a)		(1	)
Change in Class R4 Shares		—			—			2			3
Class R5
Issued		—			—			881			3,280
Reinvested		—			—			2,559			444
Redeemed		—			—			(4,153	)		(5,033	)
Change in Class R5 Shares		—			—			(713	)		(1,309	)
Class R6
Issued		3,682			9,551			5,819			5,171
Reinvested		1,024			164			5,509			816
Redeemed		(1,120	)		(2,754	)		(2,783	)		(9,333	)
Change in Class R6 Shares		3,586			6,961			8,545			(3,346	)

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN SMALL CAP FUNDS 57

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Small Cap Growth Fund						JPMorgan Small Cap Sustainable Leaders Fund (formerly known as JPMorgan Small Cap Core Fund)
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	38,174		$	226,985		$	973		$	2,641
Distributions reinvested		82,955			49,234			2,035			33
Cost of shares redeemed		(109,169	)		(213,049	)		(1,266	)		(2,091	)
Change in net assets resulting from Class A capital transactions		11,960			63,170			1,742			583
Class C
Proceeds from shares issued		2,571			22,943			146			499
Distributions reinvested		14,632			8,216			453			2
Cost of shares redeemed		(13,539	)		(22,801	)		(350	)		(1,157	)
Change in net assets resulting from Class C capital transactions		3,664			8,358			249			(656	)
Class I
Proceeds from shares issued		179,886			643,102			2,649			18,383
Distributions reinvested		57,488			36,354			5,967			137
Cost of shares redeemed		(212,970	)		(316,881	)		(17,801	)		(7,491	)
Change in net assets resulting from Class I capital transactions		24,404			362,575			(9,185	)		11,029
Class L
Proceeds from shares issued		74,502			393,659			—			—
Distributions reinvested		99,211			60,559			—			—
Cost of shares redeemed		(190,607	)		(391,534	)		—			—
Change in net assets resulting from Class L capital transactions		(16,894	)		62,684			—			—
Class R2
Proceeds from shares issued		2,210			8,101			33			205
Distributions reinvested		3,681			2,263			108			1
Cost of shares redeemed		(5,712	)		(12,138	)		(131	)		(32	)
Change in net assets resulting from Class R2 capital transactions		179			(1,774	)		10			174
Class R3
Proceeds from shares issued		1,601			4,818			414			1,117
Distributions reinvested		1,216			511			1,293			28
Cost of shares redeemed		(1,354	)		(3,066	)		(1,298	)		(1,599	)
Change in net assets resulting from Class R3 capital transactions		1,463			2,263			409			(454	)
Class R4
Proceeds from shares issued		644			2,592			779			300
Distributions reinvested		744			280			736			22
Cost of shares redeemed		(600	)		(935	)		(743	)		(1,122	)
Change in net assets resulting from Class R4 capital transactions		788			1,937			772			(800	)
Class R5
Proceeds from shares issued		3,802			28,791			9,487			24,419
Distributions reinvested		4,092			1,891			38,933			1,497
Cost of shares redeemed		(5,455	)		(20,888	)		(26,776	)		(85,948	)
Change in net assets resulting from Class R5 capital transactions		2,439			9,794			21,644			(60,032	)
Class R6
Proceeds from shares issued		368,027			1,724,853			16,842			55,158
Distributions reinvested		376,936			202,471			39,875			2,200
Cost of shares redeemed		(499,853	)		(1,186,393	)		(25,904	)		(68,858	)
Redemptions in-kind (See Note 8)		—			—			—			(121,250	)
Change in net assets resulting from Class R6 capital transactions		245,110			740,931			30,813			(132,750	)
Total change in net assets resulting from capital transactions	$	273,113		$	1,249,938		$	46,454		$	(182,906	)

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2021

	JPMorgan Small Cap Growth Fund						JPMorgan Small Cap Sustainable  Leaders Fund (formerly known as JPMorgan Small Cap Core Fund)
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
SHARE TRANSACTIONS:
Class A
Issued		1,612			9,382			16			43
Reinvested		4,125			2,008			47			1
Redeemed		(4,518	)		(8,756	)		(21	)		(37	)
Change in Class A Shares		1,219			2,634			42			7
Class C
Issued		193			1,419			2			9
Reinvested		1,248			521			11			—	(a)
Redeemed		(915	)		(1,453	)		(5	)		(21	)
Change in Class C Shares		526			487			8			(12	)
Class I
Issued		6,538			22,183			42			310
Reinvested		2,450			1,297			136			2
Redeemed		(7,691	)		(11,189	)		(308	)		(134	)
Change in Class I Shares		1,297			12,291			(130	)		178
Class L
Issued		2,607			13,537			—			—
Reinvested		4,038			2,077			—			—
Redeemed		(6,683	)		(13,475	)		—			—
Change in Class L Shares		(38	)		2,139			—			—
Class R2
Issued		97			351			1			3
Reinvested		195			97			2			—	(a)
Redeemed		(243	)		(538	)		(2	)		—	(a)
Change in Class R2 Shares		49			(90	)		1			3
Class R3
Issued		65			194			7			18
Reinvested		61			21			30			1
Redeemed		(57	)		(134	)		(21	)		(29	)
Change in Class R3 Shares		69			81			16			(10	)
Class R4
Issued		26			103			11			6
Reinvested		37			11			17			—	(a)
Redeemed		(24	)		(39	)		(11	)		(19	)
Change in Class R4 Shares		39			75			17			(13	)
Class R5
Issued		137			961			166			405
Reinvested		166			65			881			26
Redeemed		(191	)		(720	)		(412	)		(1,543	)
Change in Class R5 Shares		112			306			635			(1,112	)
Class R6
Issued		12,500			58,986			254			903
Reinvested		15,090			6,844			903			38
Redeemed		(16,983	)		(40,499	)		(402	)		(1,256	)
Redemptions in-kind (See Note 8)		—			—			—			(1,716	)
Change in Class R6 Shares		10,607			25,331			755			(2,031	)

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN SMALL CAP FUNDS 59

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Small Cap Value Fund						JPMorgan SMID Cap Equity Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	20,293		$	49,559		$	4,746		$	16,743
Distributions reinvested		29,379			774			31,521			5,947
Cost of shares redeemed		(27,087	)		(56,424	)		(14,581	)		(54,402	)
Change in net assets resulting from Class A capital transactions		22,585			(6,091	)		21,686			(31,712	)
Class C
Proceeds from shares issued		630			2,231			702			2,308
Distributions reinvested		1,452			36			5,223			1,087
Cost of shares redeemed		(2,015	)		(7,075	)		(3,479	)		(15,962	)
Change in net assets resulting from Class C capital transactions		67			(4,808	)		2,446			(12,567	)
Class I
Proceeds from shares issued		87,668			96,130			16,399			48,166
Distributions reinvested		38,341			1,087			23,180			4,871
Cost of shares redeemed		(62,046	)		(82,207	)		(29,372	)		(65,680	)
Change in net assets resulting from Class I capital transactions		63,963			15,010			10,207			(12,643	)
Class R2
Proceeds from shares issued		5,326			9,353			—			—
Distributions reinvested		5,091			131			—			—
Cost of shares redeemed		(7,396	)		(16,674	)		—			—
Change in net assets resulting from Class R2 capital transactions		3,021			(7,190	)		—			—
Class R3
Proceeds from shares issued		2,511			4,769			160			1,963
Distributions reinvested		2,755			76			361			67
Cost of shares redeemed		(2,134	)		(5,501	)		(281	)		(15,471	)
Change in net assets resulting from Class R3 capital transactions		3,132			(656	)		240			(13,441	)
Class R4
Proceeds from shares issued		2,726			25,934			69			704
Distributions reinvested		4,045			96			147			14
Cost of shares redeemed		(3,975	)		(7,334	)		(168	)		(350	)
Change in net assets resulting from Class R4 capital transactions		2,796			18,696			48			368
Class R5
Proceeds from shares issued		6,302			19,782			—			—
Distributions reinvested		7,114			304			—			—
Cost of shares redeemed		(15,226	)		(14,144	)		—			—
Change in net assets resulting from Class R5 capital transactions		(1,810	)		5,942			—			—
Class R6
Proceeds from shares issued		70,565			186,228			7,935			19,198
Distributions reinvested		134,742			6,855			9,560			2,455
Cost of shares redeemed		(83,262	)		(319,558	)		(32,447	)		(47,873	)
Change in net assets resulting from Class R6 capital transactions		122,045			(126,475	)		(14,952	)		(26,220	)
Total change in net assets resulting from capital transactions	$	215,799		$	(105,572	)	$	19,675		$	(96,215	)

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2021

	JPMorgan Small Cap Value Fund						JPMorgan SMID Cap Equity Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
SHARE TRANSACTIONS:
Class A
Issued		650			1,824			229			908
Reinvested		1,085			34			1,743			325
Redeemed		(872	)		(2,275	)		(694	)		(3,013	)
Change in Class A Shares		863			(417	)		1,278			(1,780	)
Class C
Issued		26			96			42			151
Reinvested		72			2			405			77
Redeemed		(83	)		(402	)		(221	)		(1,122	)
Change in Class C Shares		15			(304	)		226			(894	)
Class I
Issued		2,570			3,161			722			2,431
Reinvested		1,297			43			1,165			246
Redeemed		(1,896	)		(3,109	)		(1,268	)		(3,338	)
Change in Class I Shares		1,971			95			619			(661	)
Class R2
Issued		169			359			—			—
Reinvested		191			6			—			—
Redeemed		(240	)		(636	)		—			—
Change in Class R2 Shares		120			(271	)		—			—
Class R3
Issued		81			179			8			116
Reinvested		102			3			20			3
Redeemed		(68	)		(205	)		(13	)		(833	)
Change in Class R3 Shares		115			(23	)		15			(714	)
Class R4
Issued		82			1,037			4			32
Reinvested		137			3			7			1
Redeemed		(122	)		(237	)		(7	)		(17	)
Change in Class R4 Shares		97			803			4			16
Class R5
Issued		187			671			—			—
Reinvested		240			12			—			—
Redeemed		(431	)		(537	)		—			—
Change in Class R5 Shares		(4	)		146			—			—
Class R6
Issued		2,062			6,644			352			949
Reinvested		4,539			268			480			124
Redeemed		(2,487	)		(11,393	)		(1,491	)		(2,404	)
Change in Class R6 Shares		4,114			(4,481	)		(659	)		(1,331	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN SMALL CAP FUNDS 61

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, 2021 (Unaudited)			Year Ended June 30, 2021
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	15,887		$	55,915
Distributions reinvested		27,262			2,798
Cost of shares redeemed		(19,734	)		(68,028	)
Change in net assets resulting from Class A capital transactions		23,415			(9,315	)
Class C
Proceeds from shares issued		546			2,161
Distributions reinvested		4,820			532
Cost of shares redeemed		(3,187	)		(7,639	)
Change in net assets resulting from Class C capital transactions		2,179			(4,946	)
Class I
Proceeds from shares issued		28,998			85,814
Distributions reinvested		47,831			5,201
Cost of shares redeemed		(25,527	)		(119,766	)
Change in net assets resulting from Class I capital transactions		51,302			(28,751	)
Class L
Proceeds from shares issued		24,533			37,196
Distributions reinvested		51,373			6,808
Cost of shares redeemed		(31,554	)		(166,460	)
Change in net assets resulting from Class L capital transactions		44,352			(122,456	)
Class R2
Proceeds from shares issued		4,009			9,338
Distributions reinvested		9,749			1,022
Cost of shares redeemed		(4,658	)		(13,958	)
Change in net assets resulting from Class R2 capital transactions		9,100			(3,598	)
Class R3
Proceeds from shares issued		4,288			11,021
Distributions reinvested		7,946			799
Cost of shares redeemed		(3,169	)		(10,861	)
Change in net assets resulting from Class R3 capital transactions		9,065			959
Class R4
Proceeds from shares issued		586			1,900
Distributions reinvested		2,509			302
Cost of shares redeemed		(894	)		(3,141	)
Change in net assets resulting from Class R4 capital transactions		2,201			(939	)
Class R5
Proceeds from shares issued		1,826			2,149
Distributions reinvested		1,374			151
Cost of shares redeemed		(721	)		(2,583	)
Change in net assets resulting from Class R5 capital transactions		2,479			(283	)
Class R6
Proceeds from shares issued		41,584			84,216
Distributions reinvested		71,679			9,563
Cost of shares redeemed		(62,198	)		(136,299	)
Change in net assets resulting from Class R6 capital transactions		51,065			(42,520	)
Total change in net assets resulting from capital transactions	$	195,158		$	(211,849	)

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2021

	JPMorgan U.S. Small Company Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
SHARE TRANSACTIONS:
Class A
Issued		725			3,069
Reinvested		1,508			144
Redeemed		(880	)		(3,862	)
Change in Class A Shares		1,353			(649	)
Class C
Issued		27			111
Reinvested		292			29
Redeemed		(159	)		(434	)
Change in Class C Shares		160			(294	)
Class I
Issued		1,250			4,362
Reinvested		2,548			260
Redeemed		(1,174	)		(6,239	)
Change in Class I Shares		2,624			(1,617	)
Class L
Issued		1,092			1,810
Reinvested		2,737			341
Redeemed		(1,358	)		(8,888	)
Change in Class L Shares		2,471			(6,737	)
Class R2
Issued		185			455
Reinvested		559			54
Redeemed		(213	)		(706	)
Change in Class R2 Shares		531			(197	)
Class R3
Issued		198			537
Reinvested		444			42
Redeemed		(140	)		(563	)
Change in Class R3 Shares		502			16
Class R4
Issued		25			90
Reinvested		135			15
Redeemed		(39	)		(153	)
Change in Class R4 Shares		121			(48	)
Class R5
Issued		88			102
Reinvested		73			8
Redeemed		(30	)		(131	)
Change in Class R5 Shares		131			(21	)
Class R6
Issued		1,778			3,937
Reinvested		3,813			478
Redeemed		(2,719	)		(6,755	)
Change in Class R6 Shares		2,872			(2,340	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN SMALL CAP FUNDS 63

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			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, 2021 (Unaudited)	$	28.67	$	(0.02	)	$	0.19		$	0.17		$	—		$	(2.02	)	$	(2.02	)
Year Ended June 30, 2021		19.11		(0.03	)		10.08			10.05			(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	)
Class C
Six Months Ended December 31, 2021 (Unaudited)		18.01		(0.05	)		0.09			0.04			—			(2.02	)		(2.02	)
Year Ended June 30, 2021		12.19		(0.08	)		6.37			6.29			—			(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	)
Class I
Six Months Ended December 31, 2021 (Unaudited)		34.81		0.02			0.24			0.26			(0.03	)		(2.02	)		(2.05	)
Year Ended June 30, 2021		23.09		0.04			12.20			12.24			(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	)
Class R6
Six Months Ended December 31, 2021 (Unaudited)		34.96		0.07			0.24			0.31			(0.11	)		(2.02	)		(2.13	)
Year Ended June 30, 2021		23.17		0.11			12.25			12.36			(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.

64 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2021

		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)
$	26.82		0.83	%	$	311,324		1.24	%		(0.11	)%		1.27	%		19	%
	28.67		52.98			279,114		1.24			(0.12	)		1.27			48
	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
	16.03		0.60			14,887		1.74			(0.61	)		1.77			19
	18.01		52.22			13,468		1.73			(0.56	)		1.78			48
	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
	33.02		0.95			374,887		0.99			0.14			1.02			19
	34.81		53.39			344,974		0.99			0.13			1.02			48
	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
	33.14		1.09			588,951		0.74			0.40			0.76			19
	34.96		53.76			495,948		0.74			0.37			0.77			48
	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, 2021 J.P. MORGAN SMALL CAP FUNDS 65

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Small Cap Equity Fund
Class A
Six Months Ended December 31, 2021 (Unaudited)	$	65.04	$	(0.01	)	$	2.20		$	2.19		$	—		$	(12.48	)	$	(12.48	)
Year Ended June 30, 2021		45.69		(0.02	)		21.07			21.05			(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	)
Class C
Six Months Ended December 31, 2021 (Unaudited)		45.39		(0.12	)		1.39			1.27			—			(12.48	)		(12.48	)
Year Ended June 30, 2021		32.42		(0.20	)		14.84			14.64			(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	)
Class I
Six Months Ended December 31, 2021 (Unaudited)		76.84		0.09			2.70			2.79			(0.06	)		(12.48	)		(12.54	)
Year Ended June 30, 2021		53.70		0.17			24.81			24.98			(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	)
Class R2
Six Months Ended December 31, 2021 (Unaudited)		63.47		(0.08	)		2.14			2.06			—			(12.48	)		(12.48	)
Year Ended June 30, 2021		44.70		(0.15	)		20.59			20.44			(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		—	(f)		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		—	(f)		8.08			8.08			(0.10	)		(1.25	)		(1.35	)
Class R3
Six Months Ended December 31, 2021 (Unaudited)		64.53		—	(f)		2.18			2.18			—			(12.48	)		(12.48	)
Year Ended June 30, 2021		45.38		—	(f)		20.92			20.92			(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 (h) through June 30, 2017		43.22		0.12			6.68			6.80			(0.23	)		(1.25	)		(1.48	)
Class R4
Six Months Ended December 31, 2021 (Unaudited)		76.73		0.09			2.68			2.77			(0.08	)		(12.48	)		(12.56	)
Year Ended June 30, 2021		53.63		0.17			24.78			24.95			(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 (h) through June 30, 2017		49.28		0.23			7.63			7.86			(0.25	)		(1.25	)		(1.50	)

(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.

66 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2021

		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)
$	54.75		4.09	%	$	783,211		1.27	%		(0.04	)%		1.27	%		6	%
	65.04		46.60			846,460		1.26			(0.03	)		1.27			29
	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
	34.18		3.83			79,349		1.75			(0.52	)		1.75			6
	45.39		45.91			87,848		1.74			(0.50	)		1.74			29
	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
	67.09		4.25			3,790,682		0.99			0.23			0.99			6
	76.84		47.01			4,239,905		0.98			0.25			0.99			29
	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
	53.05		3.99			7,688		1.49			(0.26	)		1.52			6
	63.47		46.28			7,744		1.48			(0.26	)		1.51			29
	44.70		(4.32	)		6,746		1.49			0.02			1.52			23
	48.98		2.56			9,718		1.48			0.00	(g)		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	(g)		1.73			21
	54.23		4.11			5,902		1.24			(0.01	)		1.24			6
	64.53		46.66			5,829		1.23			0.00	(g)		1.24			29
	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
	66.94		4.24			852		0.99			0.24			1.00			6
	76.73		47.01			834		0.98			0.25			1.00			29
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN SMALL CAP FUNDS 67

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Small Cap Equity Fund (continued)
Class R5
Six Months Ended December 31, 2021 (Unaudited)	$	77.14	$	0.17	$	2.70		$	2.87		$	(0.20	)	$	(12.48	)	$	(12.68	)
Year Ended June 30, 2021		53.88		0.30		24.90			25.20			(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	)
Class R6
Six Months Ended December 31, 2021 (Unaudited)		77.14		0.19		2.69			2.88			(0.24	)		(12.48	)		(12.72	)
Year Ended June 30, 2021		53.87		0.34		24.90			25.24			(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	)

(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.

68 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2021

		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)
$	67.33		4.35	%	$	1,094,510		0.80	%		0.44	%		0.84	%		6	%
	77.14		47.29			1,309,013		0.79			0.44			0.84			29
	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
	67.30		4.37			2,380,688		0.74			0.50			0.74			6
	77.14		47.39			2,069,498		0.73			0.50			0.74			29
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN SMALL CAP FUNDS 69

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Small Cap Growth Fund
Class A
Six Months Ended December 31, 2021 (Unaudited)	$	25.86	$	(0.12	)	$	(1.75	)	$	(1.87	)	$	—		$	(3.28	)	$	(3.28	)
Year Ended June 30, 2021		18.70		(0.23	)		9.22			8.99			(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	)
Class C
Six Months Ended December 31, 2021 (Unaudited)		16.62		(0.12	)		(1.15	)		(1.27	)		—			(3.28	)		(3.28	)
Year Ended June 30, 2021		12.53		(0.23	)		6.14			5.91			—			(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	)
Class I
Six Months Ended December 31, 2021 (Unaudited)		29.53		(0.10	)		(1.99	)		(2.09	)		—			(3.28	)		(3.28	)
Year Ended June 30, 2021		21.14		(0.20	)		10.46			10.26			(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	)
Class L
Six Months Ended December 31, 2021 (Unaudited)		30.73		(0.09	)		(2.05	)		(2.14	)		—			(3.28	)		(3.28	)
Year Ended June 30, 2021		21.93		(0.16	)		10.85			10.69			(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	)
Class R2
Six Months Ended December 31, 2021 (Unaudited)		24.55		(0.14	)		(1.67	)		(1.81	)		—			(3.28	)		(3.28	)
Year Ended June 30, 2021		17.85		(0.27	)		8.79			8.52			—			(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	)
Class R3
Six Months Ended December 31, 2021 (Unaudited)		25.79		(0.12	)		(1.74	)		(1.86	)		—			(3.28	)		(3.28	)
Year Ended June 30, 2021		18.66		(0.23	)		9.21			8.98			(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	)

(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.

70 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2021

		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)
$	20.71		(6.86	)%	$	634,105		1.24	%		(0.99	)%		1.26	%		16	%
	25.86		48.64			760,153		1.23			(0.95	)		1.25			52
	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
	12.07		(7.07	)		72,342		1.74			(1.49	)		1.76			16
	16.62		47.95			90,880		1.73			(1.44	)		1.74			52
	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
	24.16		(6.75	)		861,106		0.99			(0.74	)		1.00			16
	29.53		49.03			1,013,916		0.98			(0.70	)		0.99			52
	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
	25.31		(6.65	)		902,328		0.84			(0.59	)		0.85			16
	30.73		49.21			1,096,814		0.84			(0.55	)		0.84			52
	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
	19.46		(6.99	)		25,922		1.49			(1.24	)		1.52			16
	24.55		48.29			31,503		1.49			(1.19	)		1.51			52
	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
	20.65		(6.84	)		8,884		1.24			(0.98	)		1.27			16
	25.79		48.67			9,313		1.24			(0.95	)		1.27			52
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN SMALL CAP FUNDS 71

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Small Cap Growth Fund (continued)
Class R4
Six Months Ended December 31, 2021 (Unaudited)	$	26.08	$	(0.09	)	$	(1.76	)	$	(1.85	)	$	—		$	(3.28	)	$	(3.28	)
Year Ended June 30, 2021		18.83		(0.17	)		9.29			9.12			(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, 2021 (Unaudited)		30.76		(0.09	)		(2.05	)		(2.14	)		—			(3.28	)		(3.28	)
Year Ended June 30, 2021		21.95		(0.16	)		10.86			10.70			(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, 2021 (Unaudited)		31.17		(0.07	)		(2.09	)		(2.16	)		—			(3.28	)		(3.28	)
Year Ended June 30, 2021		22.21		(0.13	)		10.99			10.86			(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	)

(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.

72 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2021

		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)
$	20.95		(6.73	)%	$	5,532		0.99	%		(0.73	)%		1.00	%		16	%
	26.08		49.01			5,878		0.98			(0.69	)		0.99			52
	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
	25.34		(6.64	)		36,296		0.84			(0.59	)		0.85			16
	30.76		49.22			40,613		0.84			(0.55	)		0.85			52
	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
	25.73		(6.62	)		3,405,211		0.74			(0.49	)		0.75			16
	31.17		49.40			3,794,115		0.74			(0.45	)		0.74			52
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN SMALL CAP FUNDS 73

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Small Cap Sustainable Leaders Fund (formerly known as JPMorgan Small Cap Core Fund)
Class A
Six Months Ended December 31, 2021 (Unaudited)	$	69.13	$	(0.15	)	$	(4.50	)	$	(4.65	)	$	—		$	(19.89	)	$	(19.89	)
Year Ended June 30, 2021		42.12		(0.01	)		27.38			27.37			(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	)
Class C
Six Months Ended December 31, 2021 (Unaudited)		67.97		(0.31	)		(4.42	)		(4.73	)		—			(19.89	)		(19.89	)
Year Ended June 30, 2021		41.41		(0.28	)		26.91			26.63			(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	)
Class I
Six Months Ended December 31, 2021 (Unaudited)		69.56		(0.08	)		(4.51	)		(4.59	)		—			(19.89	)		(19.89	)
Year Ended June 30, 2021		42.35		0.10			27.58			27.68			(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, 2021 (Unaudited)		68.98		(0.24	)		(4.48	)		(4.72	)		—			(19.89	)		(19.89	)
Year Ended June 30, 2021		42.07		(0.16	)		27.35			27.19			(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, 2021 (Unaudited)		69.34		(0.16	)		(4.49	)		(4.65	)		—			(19.89	)		(19.89	)
Year Ended June 30, 2021		42.23		—	(h)		27.45			27.45			(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, 2021 (Unaudited)		69.59		(0.07	)		(4.52	)		(4.59	)		—			(19.89	)		(19.89	)
Year Ended June 30, 2021		42.37		0.14			27.55			27.69			(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.

74 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2021

		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)
$	44.59		(5.95	)%	$	6,537		1.14	%		(0.48	)%		1.35	%		110	%
	69.13		65.16			7,279		1.23			(0.03	)		1.32			83
	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
	43.35		(6.17	)		1,583		1.64			(0.99	)		1.85			110
	67.97		64.35			1,944		1.73			(0.50	)		1.81			83
	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
	45.08		(5.82	)		16,286		0.89			(0.25	)		1.07			110
	69.56		65.58			34,171		0.99			0.17			1.03			83
	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
	44.37		(6.06	)		358		1.39			(0.74	)		1.67			110
	68.98		64.76			481		1.48			(0.28	)		1.68			83
	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
	44.80		(5.93	)		4,214		1.14			(0.49	)		1.32			110
	69.34		65.16			5,418		1.23			(0.01	)		1.28			83
	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
	45.11		(5.82	)		2,444		0.89			(0.22	)		1.08			110
	69.59		65.58			2,557		0.99			0.25			1.04			83
	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, 2021 J.P. MORGAN SMALL CAP FUNDS 75

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Small Cap Sustainable Leaders Fund (formerly known as JPMorgan Small Cap Core Fund) (continued)
Class R5
Six Months Ended December 31, 2021 (Unaudited)	$	69.85	$	(0.01	)	$	(4.53	)	$	(4.54	)	$	—		$	(19.89	)	$	(19.89	)
Year Ended June 30, 2021		42.51		0.25			27.65			27.90			(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	)
Class R6
Six Months Ended December 31, 2021 (Unaudited)		69.75		—	(g)		(4.52	)		(4.52	)		—			(19.89	)		(19.89	)
Year Ended June 30, 2021		42.45		0.28			27.61			27.89			(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	)

(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.

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2021

		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)
$	45.42		(5.72	)%	$	136,688		0.70	%		(0.04	)%		0.92	%		110	%
	69.85		65.89			165,829		0.80			0.44			0.89			83
	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
	45.34		(5.70	)		130,738		0.65			0.01			0.82			110
	69.75		65.98			148,507		0.74			0.49			0.78			83
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 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 Value Fund
Class A
Six Months Ended December 31, 2021 (Unaudited)	$	32.06	$	0.07		$	0.76		$	0.83		$	(0.08	)	$	(4.87	)	$	(4.95	)
Year Ended June 30, 2021		18.48		0.12			13.59			13.71			(0.13	)		—			(0.13	)
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	)
Class C
Six Months Ended December 31, 2021 (Unaudited)		25.08		—	(g)		0.56			0.56			(0.04	)		(4.87	)		(4.91	)
Year Ended June 30, 2021		14.52		0.01			10.64			10.65			(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	)
Class I
Six Months Ended December 31, 2021 (Unaudited)		34.53		0.13			0.82			0.95			(0.12	)		(4.87	)		(4.99	)
Year Ended June 30, 2021		19.88		0.21			14.62			14.83			(0.18	)		—			(0.18	)
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	)
Class R2
Six Months Ended December 31, 2021 (Unaudited)		31.62		0.04			0.74			0.78			(0.05	)		(4.87	)		(4.92	)
Year Ended June 30, 2021		18.25		0.06			13.41			13.47			(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	)
Class R3
Six Months Ended December 31, 2021 (Unaudited)		32.00		0.08			0.76			0.84			(0.09	)		(4.87	)		(4.96	)
Year Ended June 30, 2021		18.45		0.13			13.56			13.69			(0.14	)		—			(0.14	)
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 (h) 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) Amount rounds to less than $0.005.

(h) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2021

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	27.94		3.14	%	$	199,187		1.27	%		0.46	%		1.27	%		22	%
	32.06		74.48			200,857		1.26			0.48			1.26			78
	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
	20.73		2.93			7,334		1.74			(0.03	)		1.78			22
	25.08		73.59			8,518		1.73			0.04			1.78			78
	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
	30.49		3.27			265,482		0.99			0.77			1.01			22
	34.53		74.94			232,544		0.99			0.76			1.01			78
	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
	27.48		3.01			33,559		1.49			0.24			1.57			22
	31.62		74.05			34,800		1.48			0.26			1.58			78
	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
	27.88		3.16			18,251		1.24			0.50			1.28			22
	32.00		74.49			17,272		1.23			0.50			1.28			78
	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, 2021 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 Value Fund (continued)
Class R4
Six Months Ended December 31, 2021 (Unaudited)	$	34.52	$	0.13		$	0.83		$	0.96		$	(0.12	)	$	(4.87	)	$	(4.99	)
Year Ended June 30, 2021		19.88		0.22			14.61			14.83			(0.19	)		—			(0.19	)
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 (i) 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, 2021 (Unaudited)		34.56		0.15			0.84			0.99			(0.14	)		(4.87	)		(5.01	)
Year Ended June 30, 2021		19.89		0.24			14.64			14.88			(0.21	)		—			(0.21	)
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	)
Class R6
Six Months Ended December 31, 2021 (Unaudited)		34.62		0.17			0.83			1.00			(0.16	)		(4.87	)		(5.03	)
Year Ended June 30, 2021		19.92		0.27			14.66			14.93			(0.23	)		—			(0.23	)
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	)

(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.

(i) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

80 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2021

		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)
$	30.49		3.30	%	$	28,152		0.99	%		0.74	%		1.01	%		22	%
	34.52		74.92			28,524		0.98			0.69			1.00			78
	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
	30.54		3.39			51,361		0.86			0.85			0.86			22
	34.56		75.16			58,262		0.86			0.87			0.86			78
	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
	30.59		3.41			947,414		0.76			0.98			0.76			22
	34.62		75.36			929,661		0.76			0.98			0.76			78
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 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 SMID Cap Equity Fund
Class A
Six Months Ended December 31, 2021 (Unaudited)	$	21.12	$	(0.02	)	$	1.82		$	1.80		$	—		$	(4.20	)	$	(4.20	)
Year Ended June 30, 2021		15.52		0.01			6.32			6.33			(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	)
Class C
Six Months Ended December 31, 2021 (Unaudited)		16.25		(0.06	)		1.36			1.30			—			(4.20	)		(4.20	)
Year Ended June 30, 2021		12.08		(0.06	)		4.89			4.83			(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	)
Class I
Six Months Ended December 31, 2021 (Unaudited)		22.81		—	(f)		1.98			1.98			—			(4.20	)		(4.20	)
Year Ended June 30, 2021		16.71		0.06			6.82			6.88			(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	)
Class R3
Six Months Ended December 31, 2021 (Unaudited)		21.08		(0.03	)		1.82			1.79			—			(4.20	)		(4.20	)
Year Ended June 30, 2021		15.41		0.03			6.27			6.30			—			(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, 2021 (Unaudited)		22.70		—	(f)		1.98			1.98			—			(4.20	)		(4.20	)
Year Ended June 30, 2021		16.64		0.05			6.79			6.84			(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, 2021 (Unaudited)		22.83		0.03			1.99			2.02			—			(4.20	)		(4.20	)
Year Ended June 30, 2021		16.73		0.11			6.82			6.93			(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	)

(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.

82 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2021

		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)
$	18.72		9.23	%	$	176,339		1.14	%		(0.23	)%		1.21	%		8	%
	21.12		41.59			171,962		1.11			0.06			1.20			122
	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
	13.35		8.90			21,400		1.64			(0.73	)		1.70			8
	16.25		40.87			22,348		1.60			(0.42	)		1.69			122
	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
	20.59		9.33			146,899		0.89			0.02			0.95			8
	22.81		41.95			148,567		0.86			0.29			0.94			122
	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
	18.67		9.19			2,247		1.14			(0.23	)		1.20			8
	21.08		41.57			2,223		1.08			0.20			1.18			122
	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
	20.48		9.38			1,102		0.89			0.02			0.94			8
	22.70		41.87			1,146		0.86			0.26			0.93			122
	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
	20.65		9.50			52,889		0.64			0.26			0.69			8
	22.83		42.21			73,530		0.60			0.57			0.68			122
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 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 U.S. Small Company Fund
Class A
Six Months Ended December 31, 2021 (Unaudited)	$	23.54	$	(0.02	)	$	0.50		$	0.48		$	—		$	(5.32	)	$	(5.32	)
Year Ended June 30, 2021		14.84		(0.01	)		9.26			9.25			(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	)
Class C
Six Months Ended December 31, 2021 (Unaudited)		22.04		(0.07	)		0.45			0.38			—			(5.32	)		(5.32	)
Year Ended June 30, 2021		13.96		(0.10	)		8.69			8.59			—			(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)
Class I
Six Months Ended December 31, 2021 (Unaudited)		24.21		0.01			0.52			0.53			—			(5.32	)		(5.32	)
Year Ended June 30, 2021		15.25		0.04			9.51			9.55			(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	)
Class L
Six Months Ended December 31, 2021 (Unaudited)		24.18		0.03			0.52			0.55			(0.02	)		(5.32	)		(5.34	)
Year Ended June 30, 2021		15.23		0.07			9.51			9.58			(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	)
Class R2
Six Months Ended December 31, 2021 (Unaudited)		22.92		(0.04	)		0.47			0.43			—			(5.32	)		(5.32	)
Year Ended June 30, 2021		14.48		(0.06	)		9.02			8.96			(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)

(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.

84 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2021

		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 (excluding securities sold short) (c)
$	18.70		2.83	%	$	132,676		1.22	%		(0.13	)%		1.22	%		28	%
	23.54		63.19			135,165		1.22			(0.03	)		1.22			94
	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
	17.10		2.55			20,101		1.73			(0.65	)		1.73			28
	22.04		62.34			22,386		1.73			(0.56	)		1.73			94
	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
	19.42		2.96			224,415		0.97			0.12			0.97			28
	24.21		63.52			216,248		0.96			0.21			0.97			94
	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
	19.39		3.04			302,238		0.81			0.27			0.81			28
	24.18		63.78			317,162		0.81			0.37			0.81			94
	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
	18.03		2.67			43,799		1.48			(0.39	)		1.48			28
	22.92		62.71			43,496		1.48			(0.31	)		1.48			94
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 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 U.S. Small Company Fund (continued)
Class R3
Six Months Ended December 31, 2021 (Unaudited)	$	23.36	$	(0.01	)	$	0.48		$	0.47		$	—		$	(5.32	)	$	(5.32	)
Year Ended June 30, 2021		14.74		(0.01	)		9.20			9.19			(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, 2021 (Unaudited)		24.05		0.01			0.52			0.53			—			(5.32	)		(5.32	)
Year Ended June 30, 2021		15.16		0.04			9.46			9.50			(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, 2021 (Unaudited)		24.13		0.03			0.51			0.54			(0.02	)		(5.32	)		(5.34	)
Year Ended June 30, 2021		15.20		0.07			9.49			9.56			(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, 2021 (Unaudited)		24.20		0.04			0.52			0.56			(0.04	)		(5.32	)		(5.36	)
Year Ended June 30, 2021		15.25		0.09			9.51			9.60			(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	)

(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.

86 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2021

		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 (excluding securities sold short) (c)
$	18.51		2.80	%	$	38,408		1.21	%		(0.12	)%		1.21	%		28	%
	23.36		63.20			36,745		1.21			(0.04	)		1.21			94
	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
	19.26		2.98			11,603		0.96			0.12			0.97			28
	24.05		63.52			11,590		0.97			0.20			0.98			94
	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
	19.33		3.03			10,379		0.81			0.28			0.81			28
	24.13		63.83			9,804		0.81			0.35			0.81			94
	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
	19.40		3.09			335,750		0.71			0.37			0.72			28
	24.20		63.87			349,316		0.71			0.46			0.72			94
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN SMALL CAP FUNDS 87

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

(Dollar values in thousands)

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 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 Sustainable Leaders Fund(1)	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM I	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	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 July 1, 2021, JPMorgan Small Cap Core Fund changed its name to JPMorgan Small Cap Sustainable Leaders Fund.

The investment objective of JPMorgan Small Cap Blend Fund (“Small Cap Blend Fund”), JPMorgan Small Cap Equity Fund (“Small Cap Equity Fund”) and JPMorgan Small Cap Sustainable Leaders Fund (“Small Cap Sustainable Leaders 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’ prospectus.

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

88 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2021

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.

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.

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”):

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	$	1,270,904	$	—	$	—		$	1,270,904
Rights		—		—		—	(a)		—	(a)
Short-Term Investments
Investment Companies		18,585		—		—			18,585
Investment of Cash Collateral from Securities Loaned		54,649		—		—			54,649
Total Short-Term Investments		73,234		—		—			73,234
Total Investments in Securities	$	1,344,138	$	—	$	—	(a)	$	1,344,138

(a) Amount rounds to less than one thousand.

DECEMBER 31, 2021 J.P. MORGAN SMALL CAP FUNDS 89

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

Small Cap Equity Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	8,313,224	$	—	$	—	$	8,313,224

(a) Please refer to the SOI’s for specifics of portfolio holdings.

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	$	5,902,621	$	—	$	—		$	5,902,621
Rights		—		—		—	(a)		—	(a)
Short-Term Investments
Investment Companies		66,211		—		—			66,211
Investment of Cash Collateral from Securities Loaned		317,688		—		—			317,688
Total Short-Term Investments		383,899		—		—			383,899
Total Investments in Securities	$	6,286,520	$	—	$	—	(a)	$	6,286,520

(a) Amount rounds to less than one thousand.

Small Cap Sustainable Leaders Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks	$	296,070	$	—	$	—		$	296,070
Rights		—		—		—	(a)		—	(a)
Short-Term Investments
Investment Companies		2,753		—		—			2,753
Investment of Cash Collateral from Securities Loaned		15,506		—		—			15,506
Total Short-Term Investments		18,259		—		—			18,259
Total Investments in Securities	$	314,329	$	—	$	—	(a)	$	314,329

(a) Amount rounds to less than one thousand.

Small Cap Value Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	1,629,373	$	—	$	—	$	1,629,373
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	563	$	—	$	—	$	563

(a) Please refer to the SOI’s for specifics of portfolio holdings.

90 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2021

SMID Cap Equity Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	399,742	$	—	$	—	$	399,742

(a) Please refer to the SOI’s for specifics of portfolio holdings.

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	$	1,083,385	$	—	$	—	$	1,083,385
Rights		—		—		165		165
Short-Term Investments
Investment Companies		39,305		—		—		39,305
Investment of Cash Collateral from Securities Loaned		70,018		—		—		70,018
Total Short-Term Investments		109,323		—		—		109,323
Total Investments in Securities	$	1,192,708	$	—	$	165	$	1,192,873
Appreciation in Other Financial Instruments
Futures Contracts	$	648	$	—	$	—	$	648

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 the interest earned on cash collateral investments but are required to pay the borrower a rebate for the use of the 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.

DECEMBER 31, 2021 J.P. MORGAN SMALL CAP FUNDS 91

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

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, 2021.

	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	$	53,036	$	(53,036	)	$	—
Small Cap Equity Fund		158,685		(158,685	)		—
Small Cap Growth Fund		311,873		(311,873	)		—
Small Cap Sustainable Leaders Fund		14,883		(14,883	)		—
Small Cap Value Fund		75,613		(75,613	)		—
SMID Cap Equity Fund		160		(159	)**		1
U.S. Small Company Fund		67,297		(67,297	)		—

  * Collateral posted reflects the value of securities on loan and does not include any additional amounts received from the borrower.

** Subsequent to December 31, 2021, additional collateral was received from borrowers.

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

JPMIM voluntarily waived investment advisory fees charged to the Funds to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.12% to 0.06%. For the six months ended December 31, 2021, JPMIM waived fees associated with the Funds’ investment in the JPMorgan U.S. Government Money Market Fund as follows:

Small Cap Blend Fund	$	2
Small Cap Equity Fund		3
Small Cap Growth Fund		16
Small Cap Sustainable Leaders Fund		1
Small Cap Value Fund		3
SMID Cap Equity Fund		—	(a)
U.S. Small Company Fund		3

(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).

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

Small Cap Blend Fund

For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	36,638	$	155,101	$	173,151	$	(2	)	$	(1	)	$	18,585		18,578	$	9		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		55,003		119,000		128,001		(9	)*		—	(c)		45,993		46,002		24	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		7,059		61,092		59,495		—			—			8,656		8,656		1	*		—
Total	$	98,700	$	335,193	$	360,647	$	(11	)	$	(1	)	$	73,234			$	34		$	—

(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.

92 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2021

(b) The rate shown is the current yield as of December 31, 2021.

(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).

Small Cap Equity Fund

For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	206,013	$	819,095	$	786,840	$	(18	)	$	(8	)	$	238,242		238,147	$	74		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		102,028		337,000		307,000		(13	)*		(3	)		132,012		132,038		37	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		11,448		143,894		126,188		—			—			29,154		29,154		2	*		—
Total	$	319,489	$	1,299,989	$	1,220,028	$	(31	)	$	(11	)	$	399,408			$	113		$	—

(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, 2021.

  * Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).

Small Cap Growth Fund

For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	176,586	$	697,024	$	807,396	$	16		$	(19	)	$	66,211		66,184	$	21		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		467,313		824,000		1,044,001		(101	)*		23			247,234		247,284		170	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		54,843		371,332		355,721		—			—			70,454		70,454		6	*		—
Total	$	698,742	$	1,892,356	$	2,207,118	$	(85	)	$	4		$	383,899			$	197		$	—

(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, 2021.

  * Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).

DECEMBER 31, 2021 J.P. MORGAN SMALL CAP FUNDS 93

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

Small Cap Sustainable Leaders Fund

For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	3,128	$	40,608	$	40,983	$	—	(c)	$	—	(c)	$	2,753		2,751	$	1		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		37,097		86,000		111,001		(6	)*		3			12,093		12,096		7	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		5,704		43,176		45,467		—			—			3,413		3,413		—	*(c)		—
Total	$	45,929	$	169,784	$	197,451	$	(6	)	$	3		$	18,259			$	8		$	—

(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, 2021.

(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).

Small Cap Value Fund

For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	52,749	$	185,947	$	200,583	$	(5	)	$	—	(c)	$	38,108		38,093	$	12		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		89,300		128,001		156,699		(12	)*		(2	)		60,588		60,600		29	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		8,507		96,417		86,587		—			—			18,337		18,337		1	*		—
Total	$	150,556	$	410,365	$	443,869	$	(17	)	$	(2	)	$	117,033			$	42		$	—

(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, 2021.

(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).

SMID Cap Equity Fund

For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	5,812	$	48,412	$	46,414	$	(1	)	$	—	(c)	$	7,809		7,806	$	3		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		—		6,858		6,699		—			—			159		159		—	*(c)		—
Total	$	5,812	$	55,270	$	53,113	$	(1	)	$	—	(c)	$	7,968			$	3		$	—

(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, 2021.

(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).

94 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2021

U.S. Small Company Fund

For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	30,588	$	173,371	$	164,653	$	(1	)	$	—	(c)	$	39,305		39,289	$	8		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		84,603		123,001		148,999		(14	)*		(1	)		58,590		58,602		31	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		10,743		70,441		69,756		—			—			11,428		11,428		1	*		—
Total	$	125,934	$	366,813	$	383,408	$	(15	)	$	(1	)	$	109,323			$	40		$	—

(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, 2021.

(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 Sustainable Leaders Fund, Small Cap Value 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.

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, 2021:

	Small Cap Sustainable Leaders Fund		Small Cap Value Fund		U.S. Small Company Fund
Futures Contracts:
Average Notional Balance Long	$	1,318	$	38,549	$	23,822
Ending Notional Balance Long		—		37,676		36,330

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

DECEMBER 31, 2021 J.P. MORGAN SMALL CAP FUNDS 95

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

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, 2021 are as follows:

	Class A		Class C			Class I		Class L		Class R2			Class R3			Class R4			Class R5			Class R6		Total
Small Cap Blend Fund
Transfer agency fees	$	9	$	1		$	3		n/a		n/a			n/a			n/a			n/a		$	1	$	14
Small Cap Equity Fund
Transfer agency fees		112		2			26		n/a	$	1		$	—	(a)	$	—	(a)	$	6			12		159
Small Cap Growth Fund
Transfer agency fees		24		2			11	$	4		2			1			—	(a)		1			47		92
Small Cap Sustainable Leaders Fund
Transfer agency fees		1		—	(a)		1		n/a		—	(a)		—	(a)		—	(a)		3			2		7
Small Cap Value Fund
Transfer agency fees		15		1			6		n/a		11			2			—	(a)		1			16		52
SMID Cap Equity Fund
Transfer agency fees		14		1			6		n/a		n/a			—	(a)		—	(a)		n/a			1		22
U.S. Small Company Fund
Transfer agency fees		5		2			6		3		4			—	(a)		—	(a)		—	(a)		8		28

(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, 2021, 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 permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser 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 Equity Fund	0.65
Small Cap Growth Fund	0.65
Small Cap Sustainable Leaders 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.

96 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2021

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, 2021, the effective annualized rate was 0.075% 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 Equity Fund		0.25			0.75			0.50	%		0.25	%
Small Cap Growth Fund		0.25			0.75			0.50			0.25
Small Cap Sustainable Leaders 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

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, 2021, JPMDS retained the following:

	Front-End Sales Charge		CDSC
Small Cap Blend Fund	$	41	$	—
Small Cap Equity Fund		2		—
Small Cap Growth Fund		13		—
Small Cap Sustainable Leaders Fund		2		—	(a)
Small Cap Value Fund		7		—
SMID Cap Equity Fund		3		—
U.S. Small Company Fund		8		—	(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 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 Sustainable Leaders Fund		0.25			0.25			0.25			n/a			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.

DECEMBER 31, 2021 J.P. MORGAN SMALL CAP FUNDS 97

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

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 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 Sustainable Leaders Fund		1.14	(1)		1.64	(1)		0.89	(1)		n/a		1.39	(1)		1.14	(1)		0.89	(1)		0.70	(1)		0.65	(1)
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			1.64			0.89			n/a		n/a			1.14			0.89			n/a			0.64
U.S. Small Company Fund		n/a			n/a			n/a			n/a		n/a			n/a			n/a			n/a			n/a

⁽¹⁾  The contractual expense limitation percentages are in place until at least June 30, 2023.

Except as noted above, the expense limitation agreements were in effect for the six months ended December 31, 2021 and the contractual expense limitation percentages in the table above are in place until at least October 31, 2022.

For the six months ended December 31, 2021, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees		Total		Contractual Reimbursements
Small Cap Blend Fund	$	79	$	52	$	12	$	143	$	—
Small Cap Equity Fund		—		—		280		280		—
Small Cap Growth Fund		104		69		41		214		47
Small Cap Sustainable Leaders Fund		165		106		41		312		—
Small Cap Value Fund		1		—		38		39		—
SMID Cap Equity Fund		60		40		19		119		1

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, 2021 were as follows:

Small Cap Blend Fund	$	12
Small Cap Equity Fund		98
Small Cap Growth Fund		32
Small Cap Sustainable Leaders Fund		2
Small Cap Value Fund		14
SMID Cap Equity Fund		4
U.S. Small Company Fund		9

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.

98 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2021

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, 2021, Small Cap Equity Fund, Small Cap Growth Fund, Small Cap Sustainable Leaders Fund, SMID Cap Equity Fund and U.S. Small Company 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.

4. Investment Transactions

During the six months ended December 31, 2021, purchases and sales of investments (excluding short-term investments and transfers in-kind) were as follows:

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Small Cap Blend Fund	$	396,238	$	227,759
Small Cap Equity Fund		480,851		1,256,974
Small Cap Growth Fund		999,590		1,356,558
Small Cap Sustainable Leaders Fund		354,769		394,072
Small Cap Value Fund		329,520		318,205
SMID Cap Equity Fund		33,799		93,286
U.S. Small Company Fund		303,385		357,500

During the six months ended December 31, 2021, 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, 2021 were as follows:

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Small Cap Blend Fund	$	1,088,046	$	304,903	$	48,811	$	256,092
Small Cap Equity Fund		5,245,471		3,182,716		114,963		3,067,753
Small Cap Growth Fund		4,785,278		1,960,646		459,404		1,501,242
Small Cap Sustainable Leaders Fund		321,240		34,278		41,189		(6,911	)
Small Cap Value Fund		1,255,951		427,982		53,997		373,985
SMID Cap Equity Fund		296,014		107,529		3,801		103,728
U.S. Small Company Fund		961,326		292,679		60,484		232,195

Late year ordinary losses incurred after December 31 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, 2021, the following Funds deferred to July 1, 2021 the following late year ordinary losses and specified ordinary losses of:

	Late Year Ordinary Loss Deferral		Specified Ordinary Losses
Small Cap Growth Fund	$	21,161	$	—
Small Cap Sustainable Leaders Fund		—		574
SMID Cap Equity Fund		95		—
U.S. Small Company Fund		21		—

DECEMBER 31, 2021 J.P. MORGAN SMALL CAP FUNDS 99

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

During the year ended June 30, 2021, the following Funds utilized capital loss carryforwards as follows:

	Capital Loss Utilized
	Short-Term
Small Cap Sustainable Leaders Fund	$	2,830
Small Cap Value Fund		31,422
U.S. Small Company Fund		40

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, 2021.

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 October 31, 2022.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended December 31, 2021.

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 1.25%, which has decreased to 1.00% pursuant to the amendment referenced below (the “Applicable Margin”), plus the greater of the federal funds effective rate or one month London Interbank Offered Rate (“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 10, 2021, the Credit Facility has been amended and restated for a term of 364 days, unless extended, and to include a reduction of the Applicable Margin charged for borrowing under the Credit Facility from 1.25% to 1.00%.

The Funds did not utilize the Credit Facility during the six months ended December 31, 2021.

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.

100 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2021

As of December 31, 2021, 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		65.5	%
Small Cap Equity Fund		—		—			3		46.0
Small Cap Growth Fund		—		—			1		16.7
Small Cap Sustainable Leaders Fund		—		—			2		50.9
Small Cap Value Fund		—		—			1		10.7
SMID Cap Equity Fund		1		24.9	%		1		13.7
U.S. Small Company Fund		—		—			3		43.1

As of December 31, 2021, J.P. Morgan Investor Funds and JPMorgan SmartRetirement Funds, which are affiliated funds of funds, each 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		19.2	%		12.7	%

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

Because Small Cap Value Fund invests 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. On March 5, 2021, the U.K. Financial Conduct Authority (“FCA”) publicly announced that (i) immediately after December 31, 2021, publication of the 1-week and 2-month U.S. Dollar LIBOR settings will permanently cease; (ii) immediately after June 30, 2023, publication of the overnight and 12-month U.S. Dollar LIBOR settings will permanently cease; and (iii) immediately after June 30, 2023, the 1-month, 3-month and 6-month U.S. Dollar LIBOR settings will cease to be provided or, subject to the FCA’s consideration of the case, be provided on a synthetic basis and no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness will not be restored. There is no assurance that the dates announced by the FCA will not change or that the administrator of LIBOR and/or regulators will not take further action that could impact the availability, composition or characteristics of LIBOR or the currencies and/or tenors for which LIBOR is published. Public and private sector industry initiatives are currently underway to implement new or alternative reference rates to be used in place of LIBOR. There is no assurance that 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 of a Fund’s loans, notes, derivatives and other instruments or investments comprising some or all of a Fund’s investments 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, 2021 J.P. MORGAN SMALL CAP FUNDS 101

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

8. Redemption in-kind

On June 15, 2021, certain shareholders sold Class R6 Shares of Small Cap Sustainable Leaders 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:

	Value			Realized Gains (Losses)		Type
Small Cap Sustainable Leaders Fund	$	121,250	*	$	48,077		Redemption in-kind

* This amount includes cash of $3,182 associated with the redemption in-kind.

102 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2021

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, 2021, and continued to hold your shares at the end of the reporting period, December 31, 2021.

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, 2021		Ending Account Value December 31, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Small Cap Blend Fund
Class A
Actual	$	1,000.00	$	1,008.30	$	6.28		1.24	%
Hypothetical		1,000.00		1,018.95		6.31		1.24
Class C
Actual		1,000.00		1,006.00		8.80		1.74
Hypothetical		1,000.00		1,016.43		8.84		1.74
Class I
Actual		1,000.00		1,009.50		5.01		0.99
Hypothetical		1,000.00		1,020.21		5.04		0.99
Class R6
Actual		1,000.00		1,010.90		3.75		0.74
Hypothetical		1,000.00		1,021.48		3.77		0.74
JPMorgan Small Cap Equity Fund
Class A
Actual		1,000.00		1,040.90		6.53		1.27
Hypothetical		1,000.00		1,018.80		6.46		1.27
Class C
Actual		1,000.00		1,038.30		8.99		1.75
Hypothetical		1,000.00		1,016.38		8.89		1.75
Class I
Actual		1,000.00		1,042.50		5.10		0.99
Hypothetical		1,000.00		1,020.21		5.04		0.99
Class R2
Actual		1,000.00		1,039.90		7.66		1.49
Hypothetical		1,000.00		1,017.69		7.58		1.49
Class R3
Actual		1,000.00		1,041.10		6.38		1.24
Hypothetical		1,000.00		1,018.95		6.31		1.24

DECEMBER 31, 2021 J.P. MORGAN SMALL CAP FUNDS 103

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Small Cap Equity Fund (continued)
Class R4
Actual	$	1,000.00	$	1,042.40	$	5.10		0.99	%
Hypothetical		1,000.00		1,020.21		5.04		0.99
Class R5
Actual		1,000.00		1,043.50		4.12		0.80
Hypothetical		1,000.00		1,021.17		4.08		0.80
Class R6
Actual		1,000.00		1,043.70		3.81		0.74
Hypothetical		1,000.00		1,021.48		3.77		0.74
JPMorgan Small Cap Growth Fund
Class A
Actual		1,000.00		931.40		6.04		1.24
Hypothetical		1,000.00		1,018.95		6.31		1.24
Class C
Actual		1,000.00		929.30		8.46		1.74
Hypothetical		1,000.00		1,016.43		8.84		1.74
Class I
Actual		1,000.00		932.50		4.82		0.99
Hypothetical		1,000.00		1,020.21		5.04		0.99
Class L
Actual		1,000.00		933.50		4.09		0.84
Hypothetical		1,000.00		1,020.97		4.28		0.84
Class R2
Actual		1,000.00		930.10		7.25		1.49
Hypothetical		1,000.00		1,017.69		7.58		1.49
Class R3
Actual		1,000.00		931.60		6.04		1.24
Hypothetical		1,000.00		1,018.95		6.31		1.24
Class R4
Actual		1,000.00		932.70		4.82		0.99
Hypothetical		1,000.00		1,020.21		5.04		0.99
Class R5
Actual		1,000.00		933.60		4.09		0.84
Hypothetical		1,000.00		1,020.97		4.28		0.84
Class R6
Actual		1,000.00		933.80		3.61		0.74
Hypothetical		1,000.00		1,021.48		3.77		0.74
JPMorgan Small Cap Sustainable Leaders Fund
Class A
Actual		1,000.00		940.50		5.58		1.14
Hypothetical		1,000.00		1,019.46		5.80		1.14
Class C
Actual		1,000.00		938.30		8.01		1.64
Hypothetical		1,000.00		1,016.94		8.34		1.64
Class I
Actual		1,000.00		941.80		4.36		0.89
Hypothetical		1,000.00		1,020.72		4.53		0.89
Class R2
Actual		1,000.00		939.40		6.79		1.39
Hypothetical		1,000.00		1,018.20		7.07		1.39
Class R3
Actual		1,000.00		940.70		5.58		1.14
Hypothetical		1,000.00		1,019.46		5.80		1.14

104 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2021

	Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Small Cap Sustainable Leaders Fund (continued)
Class R4
Actual	$	1,000.00	$	941.80	$	4.36		0.89	%
Hypothetical		1,000.00		1,020.72		4.53		0.89
Class R5
Actual		1,000.00		942.80		3.43		0.70
Hypothetical		1,000.00		1,021.68		3.57		0.70
Class R6
Actual		1,000.00		943.00		3.18		0.65
Hypothetical		1,000.00		1,021.93		3.31		0.65
JPMorgan Small Cap Value Fund
Class A
Actual		1,000.00		1,031.40		6.50		1.27
Hypothetical		1,000.00		1,018.80		6.46		1.27
Class C
Actual		1,000.00		1,029.30		8.90		1.74
Hypothetical		1,000.00		1,016.43		8.84		1.74
Class I
Actual		1,000.00		1,032.70		5.07		0.99
Hypothetical		1,000.00		1,020.21		5.04		0.99
Class R2
Actual		1,000.00		1,030.10		7.62		1.49
Hypothetical		1,000.00		1,017.69		7.58		1.49
Class R3
Actual		1,000.00		1,031.60		6.35		1.24
Hypothetical		1,000.00		1,018.95		6.31		1.24
Class R4
Actual		1,000.00		1,033.00		5.07		0.99
Hypothetical		1,000.00		1,020.21		5.04		0.99
Class R5
Actual		1,000.00		1,033.90		4.41		0.86
Hypothetical		1,000.00		1,020.87		4.38		0.86
Class R6
Actual		1,000.00		1,034.10		3.90		0.76
Hypothetical		1,000.00		1,021.37		3.87		0.76
JPMorgan SMID Cap Equity Fund
Class A
Actual		1,000.00		1,092.30		6.01		1.14
Hypothetical		1,000.00		1,019.46		5.80		1.14
Class C
Actual		1,000.00		1,089.00		8.64		1.64
Hypothetical		1,000.00		1,016.94		8.34		1.64
Class I
Actual		1,000.00		1,093.30		4.70		0.89
Hypothetical		1,000.00		1,020.72		4.53		0.89
Class R3
Actual		1,000.00		1,091.90		6.01		1.14
Hypothetical		1,000.00		1,019.46		5.80		1.14
Class R4
Actual		1,000.00		1,093.80		4.70		0.89
Hypothetical		1,000.00		1,020.72		4.53		0.89
Class R6
Actual		1,000.00		1,095.00		3.38		0.64
Hypothetical		1,000.00		1,021.98		3.26		0.64

DECEMBER 31, 2021 J.P. MORGAN SMALL CAP FUNDS 105

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan U.S. Small Company Fund
Class A
Actual	$	1,000.00	$	1,028.30	$	6.24		1.22	%
Hypothetical		1,000.00		1,019.06		6.21		1.22
Class C
Actual		1,000.00		1,025.50		8.83		1.73
Hypothetical		1,000.00		1,016.48		8.79		1.73
Class I
Actual		1,000.00		1,029.60		4.96		0.97
Hypothetical		1,000.00		1,020.32		4.94		0.97
Class L
Actual		1,000.00		1,030.40		4.15		0.81
Hypothetical		1,000.00		1,021.12		4.13		0.81
Class R2
Actual		1,000.00		1,026.70		7.56		1.48
Hypothetical		1,000.00		1,017.74		7.53		1.48
Class R3
Actual		1,000.00		1,028.00		6.19		1.21
Hypothetical		1,000.00		1,019.11		6.16		1.21
Class R4
Actual		1,000.00		1,029.80		4.91		0.96
Hypothetical		1,000.00		1,020.37		4.89		0.96
Class R5
Actual		1,000.00		1,030.30		4.15		0.81
Hypothetical		1,000.00		1,021.12		4.13		0.81
Class R6
Actual		1,000.00		1,030.90		3.63		0.71
Hypothetical		1,000.00		1,021.63		3.62		0.71

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

106 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2021

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 2021, 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, 2021.

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 investment 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 quantitative and statistical analyses of certain Funds, including risk and performance return assessment as compared to the Funds’ objectives, benchmarks, 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 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.

DECEMBER 31, 2021 J.P. MORGAN SMALL CAP FUNDS 107

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 each 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 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, as well as the Adviser’s use of affiliates to provide other services and the benefits to such affiliates of doing so.

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

108 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2021

Fee 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’ Senior 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.

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 fee structure and 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 for certain Funds by the Trustees’ independent consultant. The special analysis includes a multi-factor quantitative scoring system for summarizing a Fund’s historical investment performance. The approach relies on multiple metrics, incorporates several time periods, adjusts for risk and considers how a fund’s customized peer group (as selected by the independent consultant) has performed. 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 fifth, third and second quintiles based upon the Peer Group, and in the fifth, fourth and third quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class I shares was in the fifth, third and third quintiles based upon the Peer Group, and in the fifth, fourth and second quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class R6 shares was in the fifth quintile based upon both the Peer Group and Universe for the one-year period ended December 31, 2020. 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 Sustainable Leaders Fund’s performance for Class A shares was in the second quintile based upon the Peer Group, and in the third quintile based upon the Universe, for both the one- and three-year periods ended December 31, 2020. The Trustees noted that the performance for Class R5 shares was in the first, second and second quintiles based upon the Peer Group for the one-,

DECEMBER 31, 2021 J.P. MORGAN SMALL CAP FUNDS 109

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

three- and five-year periods ended December 31, 2020, respectively, and in the second quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2020. 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, 2020, respectively, and in the second quintile based upon the Universe for both the one- and three-year periods ended December 31, 2020. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Small Cap Equity Fund’s performance for Class A shares was in the first quintile based upon the Peer Group for each of the one-, three- and five-year periods ended December 31, 2020, and in the second, first and first quintiles based upon the Universe for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class I shares was in the first quintile based upon the Peer Group for each of the one-, three- and five-year periods ended December 31, 2020, and in the second, first and first quintiles based upon the Universe for the one-, three- and five-year periods ended December 31, 2020, 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, 2020, respectively, and in the first quintile based upon the Universe for both the one- and three-year periods ended December 31, 2020. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Small Cap Growth Fund’s performance for 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, 2020. 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 second, third and third quintiles based upon both the Peer Group and Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class I shares was in the first, second 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, 2020, respectively. The Trustees noted that the performance for Class R6 shares was in the first, second 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, 2020, 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 third, fourth and third quintiles based upon the Peer Group for the one-, three- and five-year periods ended December 31, 2020, respectively, and in the fourth quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees noted that the performance for Class I shares was in the second, fourth and third quintiles based upon the Peer Group, and in the third, fourth and fourth quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class R6 shares was in the third and fourth quintiles based upon the Peer Group for the one- and three-year periods ended December 31, 2020, respectively, and in the third, fourth and third quintiles based upon the Universe for the one-, three- and five-year periods ended December 31, 2020, 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 second, third and fifth 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, 2020, respectively. The Trustees noted that the performance for Class I 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, 2020, respectively. The Trustees noted that the performance for Class R6 shares was in the second, third and third quintiles based upon the Peer Group, and in the second, second and

110 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2021

third quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2020, 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 Small Cap Blend Fund’s net advisory fee for Class A shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the second 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 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 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 Sustainable Leaders Fund’s net advisory fee for Class A shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the second and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R5 shares was in the second quintile based upon both the Peer Group and Universe, 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 third quintile, based upon both the Peer Group and Universe, and that the actual total expenses for Class A shares were in the fourth and third quintiles, based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the third quintile, based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the second and third quintiles, based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the second 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 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 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 third and second quintiles based upon the Peer Group and Universe, respectively, 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

DECEMBER 31, 2021 J.P. MORGAN SMALL CAP FUNDS 111

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

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 third quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class A shares were in the fourth and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the 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 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 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 SMID Cap Equity Fund’s net advisory fee and actual total expenses for Class A shares were both in the first and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class I shares were in the second

quintile based upon both the Peer Group and Universe. 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 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. Small Company Fund’s net advisory fee for Class A shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the third and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the second quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the second and third quintiles based upon the Peer Group and Universe, respectively. 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.

112 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2021

SPECIAL SHAREHOLDER MEETING RESULTS

(Unaudited)

JPMorgan Trust I (“JPM I”)

JPM I held a special meeting of shareholders on October 27, 2021, for the purpose of considering and voting upon the election of Trustees, which meeting was adjourned to November 23, 2021 to allow shareholders to vote on the proposal.

When the special meeting reconvened on November 23, 2021, Trustees were elected by the shareholders of all of the series of JPM I, including Small Cap Blend Fund, Small Cap Equity Fund, Small Cap Sustainable Leaders Fund and U.S. Small Company Fund.

The results of the voting were as follows:

	Votes Received (Amounts in thousands)
Independent Nominee
John F. Finn
In Favor		218,161,076
Withheld		3,798,560
Steven P. Fisher
In Favor		219,683,469
Withheld		2,276,167
Gary L. French
In Favor		219,573,994
Withheld		2,385,642
Kathleen M. Gallagher
In Favor		219,614,901
Withheld		2,344,735
Robert J. Grassi
In Favor		219,652,125
Withheld		2,307,510
Frankie D. Hughes
In Favor		219,173,958
Withheld		2,785,677
Raymond Kanner
In Favor		219,638,172
Withheld		2,321,463
Thomas P. Lemke
In Favor		219,600,003
Withheld		2,359,633

	Votes Received (Amounts in thousands)
Lawrence R. Maffia
In Favor		219,558,283
Withheld		2,401,353
Mary E. Martinez
In Favor		219,188,002
Withheld		2,771,634
Marilyn McCoy
In Favor		218,775,511
Withheld		3,184,125
Dr. Robert A. Oden, Jr.
In Favor		218,109,306
Withheld		3,850,330
Marian U. Pardo
In Favor		219,504,107
Withheld		2,445,528
Emily A. Youssouf
In Favor		219,549,573
Withheld		2,410,062
Interested Nominee
Robert F. Deutsch
In Favor		219,143,836
Withheld		2,815,799
Nina O. Shenker
In Favor		219,183,139
Withheld		2,776,497

DECEMBER 31, 2021 J.P. MORGAN SMALL CAP FUNDS 113

SPECIAL SHAREHOLDER MEETING RESULTS

(Unaudited) (continued)

JPMorgan Trust II (“JPM II”)

JPM II held a special meeting of shareholders on October 27, 2021, for the purpose considering and voting upon the election of Trustees, which meeting was adjourned to November 23, 2021 to allow shareholders to vote on the proposal.

When the special meeting reconvened on November 23, 2021, Trustees were elected by the shareholders of all of the series of JPM II, including Small Cap Growth Fund, Small Cap Value Fund and SMID Cap Equity Fund.

The results of the voting were as follows:

	Votes Received (Amounts in thousands)
Independent Nominee
John F. Finn
In Favor		288,983,507
Withheld		6,732,052
Steven P. Fisher
In Favor		289,598,586
Withheld		6,116,973
Gary L. French
In Favor		289,542,085
Withheld		6,173,474
Kathleen M. Gallagher
In Favor		289,773,673
Withheld		5,941,887
Robert J. Grassi
In Favor		289,609,331
Withheld		6,106,229
Frankie D. Hughes
In Favor		289,641,174
Withheld		6,074,386
Raymond Kanner
In Favor		289,603,025
Withheld		6,112,535
Thomas P. Lemke
In Favor		289,581,867
Withheld		6,133,692
Lawrence R. Maffia
In Favor		289,544,612
Withheld		6,170,947

	Votes Received (Amounts in thousands)
Mary E. Martinez
In Favor		289,745,394
Withheld		5,970,165
Marilyn McCoy
In Favor		289,336,040
Withheld		6,379,520
Dr. Robert A. Oden, Jr.
In Favor		288,968,016
Withheld		6,747,543
Marian U. Pardo
In Favor		289,619,985
Withheld		6,095,575
Emily A. Youssouf
In Favor		289,555,396
Withheld		6,160,163
Interested Nominee
Robert F. Deutsch		289,562,178
In Favor		6,153,382
Withheld
Nina O. Shenker
In Favor		289,698,757
Withheld		6,016,803

114 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2021

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., 2021. All rights reserved. December 2021. SAN-SC-1221

Semi-Annual Report

JPMorgan SmartRetirement^® Funds

December 31, 2021 (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	45
Financial Highlights	72
Notes to Financial Statements	90
Schedule of Shareholder Expenses	114
Board Approval of Investment Advisory Agreements	120
Special Shareholder Meeting Results	127
Tax Letter	128

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.

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 8, 2022 (Unaudited)

Dear Shareholders,

U.S. equities led the year-long rally in developed market stocks as the global economic rebound advanced through 2021. While financial market volatility, a resurgence in the pandemic and accelerating inflation have carried into 2022, we believe that the outlook for the overall U.S. economy remains positive.

  “Throughout the year ahead, J.P. Morgan Asset Management plans to seek to deliver superior client outcomes across a broad range of innovative solutions and risk management processes built on the same fundamental practices and principles that have driven our success for more than a century.” — Andrea L. Lisher

A surge in U.S. consumer wealth — partly tied to rising values for homes and autos — and quarterly growth in corporate earnings have helped to bolster U.S. financial markets that were already well-supported by monetary and fiscal policies. Over the course of the past year, the U.S. jobless rate fell to pre-pandemic levels and reached 3.9% in December. At the same time, inflation has climbed significantly. The U.S. Federal Reserve (the “Fed”) has tapered its monthly asset purchasing program and indicated that it’s likely to raise interest rates as early as March 2022.

While rising interest rates may mark another phase of the economic cycle that presents financial markets with new challenges and opportunities, they may also signal a return to a

more normal economic environment following two years of historically low rates. Meanwhile, the path of the pandemic remains a factor in the U.S. economy. Recent data suggest the increase in new infections in late 2021 and into 2022 had some impact on the U.S. economy — though job growth remained strong — but there is hope that the latest pandemic wave may recede in coming months. Additionally, there is hope that rising prices on commodities and goods will moderate as supply chain constraints ease over time and the Fed moves generally to tamp down inflationary pressures. We expect the U.S. economy to continue expanding in 2022, even if the pace of the expansion eases from 2021.

Throughout the year ahead, J.P. Morgan Asset Management plans to seek to deliver superior client outcomes across a broad range of innovative solutions and risk management processes built on the same fundamental practices and principles that have driven our success for more than a century.

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, 2021 J.P. MORGAN SMARTRETIREMENT^® FUNDS 1

JPMorgan SmartRetirement^® Funds

FUND FACTS

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)

Fund	Fund Return*		Broad Based Securities Market Index Return		Broad Based Securities Market Index Name	Fund Net Assets as of December 31, 2021 ($000)
JPMorgan SmartRetirement® Income Fund		2.05%		1.96%	S&P Target Date Retirement Income Index		1,880,200
JPMorgan SmartRetirement® 2020 Fund		2.07%		3.18%	S&P Target Date 2020 Index		3,087,781
JPMorgan SmartRetirement® 2025 Fund		2.77%		3.51%	S&P Target Date 2025 Index		5,079,226
JPMorgan SmartRetirement® 2030 Fund		3.54%		3.97%	S&P Target Date 2030 Index		6,290,611
JPMorgan SmartRetirement® 2035 Fund		3.94%		4.57%	S&P Target Date 2035 Index		5,240,066
JPMorgan SmartRetirement® 2040 Fund		4.48%		5.00%	S&P Target Date 2040 Index		5,323,889
JPMorgan SmartRetirement® 2045 Fund		4.96%		5.25%	S&P Target Date 2045 Index		3,945,582
JPMorgan SmartRetirement® 2050 Fund		4.91%		5.36%	S&P Target Date 2050 Index		3,632,227
JPMorgan SmartRetirement® 2055 Fund		4.90%		5.37%	S&P Target Date 2055 Index		1,983,729
JPMorgan SmartRetirement® 2060 Fund		4.86%		5.34%	S&P Target Date 2060+ Index		493,641

* 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, 2021

JPMorgan SmartRetirement® Income Fund
PORTFOLIO COMPOSITION BY ASSET CLASS AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Fixed Income		63.1	%
U.S. Equity		17.4
International Equity		13.1
Alternative Assets		2.0
U.S. Treasury Obligations		0.4
Short-Term Investments		4.0
JPMorgan SmartRetirement® 2020 Fund
PORTFOLIO COMPOSITION BY ASSET CLASS AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Fixed Income		63.1	%
U.S. Equity		17.8
International Equity		13.6
Alternative Assets		1.9
U.S. Treasury Obligations		0.4
Short-Term Investments		3.2
JPMorgan SmartRetirement® 2025 Fund
PORTFOLIO COMPOSITION BY ASSET CLASS AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Fixed Income		51.6	%
U.S. Equity		25.7
International Equity		17.6
Alternative Assets		2.9
U.S. Treasury Obligations		0.6
Short-Term Investments		1.6
JPMorgan SmartRetirement® 2030 Fund
PORTFOLIO COMPOSITION BY ASSET CLASS AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Fixed Income		38.8	%
U.S. Equity		32.5
International Equity		22.5
Alternative Assets		3.7
U.S. Treasury Obligations		0.5
Short-Term Investments		2.0
JPMorgan SmartRetirement® 2035 Fund
PORTFOLIO COMPOSITION BY ASSET CLASS AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
U.S. Equity		38.8	%
International Equity		27.2
Fixed Income		27.0
Alternative Assets		4.3
U.S. Treasury Obligations		0.5
Short-Term Investments		2.2

JPMorgan SmartRetirement® 2040 Fund
PORTFOLIO COMPOSITION BY ASSET CLASS AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
U.S. Equity		44.1	%
International Equity		30.6
Fixed Income		18.0
Alternative Assets		5.0
U.S. Treasury Obligations		0.5
Short-Term Investments		1.8
JPMorgan SmartRetirement® 2045 Fund
PORTFOLIO COMPOSITION BY ASSET CLASS AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
U.S. Equity		49.3	%
International Equity		34.1
Fixed Income		8.8
Alternative Assets		5.5
U.S. Treasury Obligations		0.5
Short-Term Investments		1.8
JPMorgan SmartRetirement® 2050 Fund
PORTFOLIO COMPOSITION BY ASSET CLASS AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
U.S. Equity		49.2	%
International Equity		33.9
Fixed Income		9.1
Alternative Assets		5.5
U.S. Treasury Obligations		0.5
Short-Term Investments		1.8
JPMorgan SmartRetirement® 2055 Fund
PORTFOLIO COMPOSITION BY ASSET CLASS AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
U.S. Equity		49.3	%
International Equity		33.9
Fixed Income		9.0
Alternative Assets		5.5
U.S. Treasury Obligations		0.5
Short-Term Investments		1.8
JPMorgan SmartRetirement® 2060 Fund
PORTFOLIO COMPOSITION BY ASSET CLASS AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
U.S. Equity		48.8	%
International Equity		34.0
Fixed Income		8.6
Alternative Assets		5.4
U.S. Treasury Obligations		0.5
Short-Term Investments		2.7

DECEMBER 31, 2021 J.P. MORGAN SMARTRETIREMENT^® FUNDS 3

JPMorgan SmartRetirement^® Funds

FUNDS COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (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, U.S. equity markets generated positive returns in the second half of 2021, bolstered by continued monetary and fiscal support as well as strong consumer spending and record corporate profits. Despite historically high equity valuations in the U.S., the S&P 500 Index posted at least one record-high closing in each month during the period. Fixed income markets underperformed equity markets during the period and generally had mixed results during the period amid relatively low yields and investor expectations for rising interest rate.

Notably, the emergence of the omicron variant of COVID-19 and a global resurgence of the pandemic in the final months of 2021 led to higher volatility in financial markets and weighed on global petroleum prices.

The first months of the period saw upward momentum in U.S. equity prices following record high earnings and revenue reports from U.S. companies for the second quarter of 2021. However, equity markets slumped toward the end of September amid investor concerns about global supply chain disruptions, inflationary pressures and some weakening in U.S. consumer spending. During that month, the U.S. Federal Reserve (the “Fed”) set an initial schedule for tapering off its monthly bond purchases and indicated it may raise interest rates in late 2022 or early 2023.

Equity markets see-sawed in the final three months of the 2021. Stronger-than-expected corporate earnings and revenue for the third quarter of 2021, along with growth in jobs and consumer spending and a boom in U.S. consumer wealth, provided support for equity prices. In response to rising inflation and falling unemployment, the Fed accelerated its reduction in net asset purchases and indicated it may raise interest rates three times over 2022 and 2023.

Within U.S. equity, large cap stocks generally outperformed both mid cap and small cap stocks. Growth stocks led returns in the large cap indexes but value stocks outperformed growth stocks within mid cap and small cap indexes. Within fixed income markets, high yield bonds (also known as “junk bonds”) outperformed corporate bonds and U.S. Treasury securities.

For the six months ended December 31, 2021, the S&P 500 returned 11.67% and the Bloomberg U.S. Aggregate Index returned 0.06%.

WHAT WERE THE MAIN DRIVERS OF THE FUNDS’ PERFORMANCE?

Each of the JPMorgan SmartRetirement® Funds (Class I Shares or Class R5 Shares) underperformed their respective S&P Target Date Indexes (the “Benchmarks”) for the six months ended December 31, 2021. JPMorgan SmartRetirement® Income Fund outperformed its Benchmarks.

In terms of manager selection, the Funds’ investments in the JPMorgan International Equity Fund, JPMorgan US Research Enhanced Equity Fund, and JPMorgan US Equity Fund were leading contributors to relative performance. The Fund’s investments in the JPMorgan Growth Advantage Fund and JPMorgan Value Advantage Fund detracted from performance.

From a strategic perspective, the Funds’ overweight allocations to real estate investment trusts and high yield bonds (also known as “junk bonds”) were leading contributors to relative performance. The Fund’s underweight allocations to U.S. large cap equity and their overweight allocations to emerging markets equity detracted from relative performance.

From a tactical perspective, the Funds’ larger allocations to equity versus bonds were leading contributors to relative performance, specifically their allocations to U.S. large cap equity futures and international developed markets equity. The Funds’ overweight allocations to U.S. small cap equity detracted from relative performance.

Strategic asset allocation involves setting long-term target allocations to various asset classes and periodically rebalancing the portfolio in accordance with those targets. Tactical asset allocation generally involves a more active trading approach and seeks to take advantage of short-to-intermediate term investment opportunities.

HOW WERE THE FUNDS POSITIONED?

The Funds 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, 2021

JPMorgan SmartRetirement^® Income Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 15, 2006
With Sales Charge**			(2.64	)%		1.01	%		5.94	%		5.56	%
Without Sales Charge			1.94			5.79			6.92			6.05
CLASS C SHARES	May 15, 2006
With CDSC***			0.57			4.14			6.25			5.51
Without CDSC			1.57			5.14			6.25			5.51
CLASS I SHARES	May 15, 2006		2.00			5.96			7.06			6.18
CLASS R2 SHARES	November 3, 2008		1.73			5.35			6.47			5.69
CLASS R3 SHARES	September 9, 2016		1.87			5.64			6.73			5.95
CLASS R4 SHARES	September 9, 2016		1.92			5.90			6.99			6.14
CLASS R5 SHARES	May 15, 2006		2.05			6.01			7.15			6.30
CLASS R6 SHARES	November 3, 2014		2.11			6.19			7.26			6.36

* 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 (12/31/11 TO 12/31/21)

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, 2011 to December 31, 2021. 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, 2021 J.P. MORGAN SMARTRETIREMENT^® FUNDS 5

JPMorgan SmartRetirement^® Income Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (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, 2021

JPMorgan SmartRetirement^® 2020 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 15, 2006
With Sales Charge**			(2.69	)%		0.97	%		6.63	%		7.14	%
Without Sales Charge			1.88			5.73			7.61			7.63
CLASS C SHARES	May 15, 2006
With CDSC***			0.64			4.13			6.97			7.09
Without CDSC			1.64			5.13			6.97			7.09
CLASS I SHARES	May 15, 2006		2.00			5.93			7.77			7.77
CLASS R2 SHARES	November 3, 2008		1.71			5.38			7.20			7.29
CLASS R3 SHARES	September 9, 2016		1.84			5.61			7.45			7.54
CLASS R4 SHARES	September 9, 2016		1.94			5.88			7.72			7.74
CLASS R5 SHARES	May 15, 2006		2.07			6.08			7.89			7.91
CLASS R6 SHARES	November 3, 2014		2.06			6.12			8.00			7.98

* 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 (12/31/11 TO 12/31/21)

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, 2011 to December 31, 2021. 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, 2021 J.P. MORGAN SMARTRETIREMENT^® FUNDS 7

JPMorgan SmartRetirement^® 2020 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (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, 2021

JPMorgan SmartRetirement^® 2025 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	July 31, 2007
With Sales Charge**			(1.94	)%		3.41	%		8.04	%		8.37	%
Without Sales Charge			2.69			8.26			9.04			8.87
CLASS C SHARES	July 31, 2007
With CDSC***			1.37			6.63			8.40			8.31
Without CDSC			2.37			7.63			8.40			8.31
CLASS I SHARES	July 31, 2007		2.77			8.41			9.21			9.00
CLASS R2 SHARES	November 3, 2008		2.49			7.88			8.65			8.53
CLASS R3 SHARES	September 9, 2016		2.62			8.16			8.91			8.80
CLASS R4 SHARES	September 9, 2016		2.78			8.43			9.18			8.98
CLASS R5 SHARES	July 31, 2007		2.80			8.57			9.35			9.15
CLASS R6 SHARES	November 3, 2014		2.90			8.74			9.47			9.23

* 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 (12/31/11 TO 12/31/21)

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, 2011 to December 31, 2021. 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, 2021 J.P. MORGAN SMARTRETIREMENT^® FUNDS 9

JPMorgan SmartRetirement^® 2025 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (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, 2021

JPMorgan SmartRetirement^® 2030 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 15, 2006
With Sales Charge**			(1.30	)%		5.46	%		9.28	%		9.33	%
Without Sales Charge			3.35			10.43			10.29			9.84
CLASS C SHARES	May 15, 2006
With CDSC***			2.05			8.82			9.63			9.28
Without CDSC			3.05			9.82			9.63			9.28
CLASS I SHARES	May 15, 2006		3.43			10.64			10.45			9.98
CLASS R2 SHARES	November 3, 2008		3.15			10.07			9.89			9.51
CLASS R3 SHARES	September 9, 2016		3.33			10.35			10.17			9.77
CLASS R4 SHARES	September 9, 2016		3.44			10.65			10.45			9.97
CLASS R5 SHARES	May 15, 2006		3.54			10.77			10.60			10.14
CLASS R6 SHARES	November 3, 2014		3.54			10.88			10.71			10.20

* 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 (12/31/11 TO 12/31/21)

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, 2011 to December 31, 2021. 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, 2021 J.P. MORGAN SMARTRETIREMENT^® FUNDS 11

JPMorgan SmartRetirement^® 2030 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (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, 2021

JPMorgan SmartRetirement^® 2035 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	July 31, 2007
With Sales Charge**			(0.78	)%		8.48	%		10.54	%		10.28	%
Without Sales Charge			3.88			13.58			11.57			10.79
CLASS C SHARES	July 31, 2007
With CDSC***			2.54			11.88			10.91			10.24
Without CDSC			3.54			12.88			10.91			10.24
CLASS I SHARES	July 31, 2007		3.94			13.78			11.74			10.94
CLASS R2 SHARES	November 3, 2008		3.66			13.18			11.17			10.46
CLASS R3 SHARES	September 9, 2016		3.81			13.47			11.44			10.72
CLASS R4 SHARES	September 9, 2016		3.98			13.79			11.72			10.93
CLASS R5 SHARES	July 31, 2007		4.05			13.93			11.89			11.09
CLASS R6 SHARES	November 3, 2014		4.11			14.05			12.00			11.16

* 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 (12/31/11 TO 12/31/21)

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, 2011 to December 31, 2021. 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, 2021 J.P. MORGAN SMARTRETIREMENT^® FUNDS 13

JPMorgan SmartRetirement^® 2035 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (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, 2021

JPMorgan SmartRetirement^® 2040 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 15, 2006
With Sales Charge**			(0.38	)%		10.20	%		11.41	%		10.83	%
Without Sales Charge			4.30			15.40			12.44			11.34
CLASS C SHARES	May 15, 2006
With CDSC***			3.01			13.67			11.77			10.78
Without CDSC			4.01			14.67			11.77			10.78
CLASS I SHARES	May 15, 2006		4.41			15.58			12.62			11.49
CLASS R2 SHARES	November 3, 2008		4.13			15.00			12.04			11.00
CLASS R3 SHARES	September 9, 2016		4.26			15.31			12.31			11.27
CLASS R4 SHARES	September 9, 2016		4.42			15.58			12.60			11.47
CLASS R5 SHARES	May 15, 2006		4.48			15.74			12.76			11.64
CLASS R6 SHARES	November 3, 2014		4.53			15.86			12.88			11.71

* 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 (12/31/11 TO 12/31/21)

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, 2011 to December 31, 2021. 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, 2021 J.P. MORGAN SMARTRETIREMENT^® FUNDS 15

JPMorgan SmartRetirement^® 2040 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (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, 2021

JPMorgan SmartRetirement^® 2045 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	July 31, 2007
With Sales Charge**			0.12	%		11.88	%		11.94	%		11.11	%
Without Sales Charge			4.82			17.17			12.98			11.63
CLASS C SHARES	July 31, 2007
With CDSC***			3.52			15.48			12.31			11.05
Without CDSC			4.52			16.48			12.31			11.05
CLASS I SHARES	July 31, 2007		4.88			17.32			13.15			11.76
CLASS R2 SHARES	November 3, 2008		4.57			16.77			12.58			11.28
CLASS R3 SHARES	September 9, 2016		4.74			17.09			12.86			11.55
CLASS R4 SHARES	September 9, 2016		4.88			17.39			13.14			11.75
CLASS R5 SHARES	July 31, 2007		4.96			17.53			13.31			11.92
CLASS R6 SHARES	November 3, 2014		5.05			17.65			13.42			11.99

* 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 (12/31/11 TO 12/31/21)

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, 2011 to December 31, 2021. 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, 2021 J.P. MORGAN SMARTRETIREMENT^® FUNDS 17

JPMorgan SmartRetirement^® 2045 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (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, 2021

JPMorgan SmartRetirement^® 2050 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	July 31, 2007
With Sales Charge**			0.01	%		11.87	%		11.93	%		11.09	%
Without Sales Charge			4.73			17.13			12.97			11.60
CLASS C SHARES	July 31, 2007
With CDSC***			3.44			15.44			12.30			11.04
Without CDSC			4.44			16.44			12.30			11.04
CLASS I SHARES	July 31, 2007		4.83			17.34			13.15			11.75
CLASS R2 SHARES	November 3, 2008		4.61			16.76			12.57			11.27
CLASS R3 SHARES	September 9, 2016		4.69			17.02			12.83			11.53
CLASS R4 SHARES	September 9, 2016		4.87			17.38			13.12			11.74
CLASS R5 SHARES	July 31, 2007		4.91			17.50			13.30			11.90
CLASS R6 SHARES	November 3, 2014		4.96			17.60			13.40			11.98

* 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 (12/31/11 TO 12/31/21)

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, 2011 to December 31, 2021. 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, 2021 J.P. MORGAN SMARTRETIREMENT^® FUNDS 19

JPMorgan SmartRetirement^® 2050 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (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, 2021

JPMorgan SmartRetirement^® 2055 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	January 31, 2012
With Sales Charge**			0.04	%		11.86	%		11.93	%		10.55	%
Without Sales Charge			4.76			17.13			12.97			11.07
CLASS C SHARES	January 31, 2012
With CDSC***			3.48			15.49			12.31			10.51
Without CDSC			4.48			16.49			12.31			10.51
CLASS I SHARES	January 31, 2012		4.90			17.36			13.16			11.22
CLASS R2 SHARES	January 31, 2012		4.61			16.75			12.58			10.74
CLASS R3 SHARES	September 9, 2016		4.73			17.06			12.85			11.00
CLASS R4 SHARES	September 9, 2016		4.86			17.37			13.14			11.20
CLASS R5 SHARES	January 31, 2012		4.95			17.53			13.31			11.37
CLASS R6 SHARES	November 3, 2014		5.03			17.68			13.42			11.44

* 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 12/31/21)

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, 2021. 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, 2021 J.P. MORGAN SMARTRETIREMENT^® FUNDS 21

JPMorgan SmartRetirement^® 2055 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (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, 2021

JPMorgan SmartRetirement^® 2060 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	August 31, 2016
With Sales Charge**			0.11	%		11.96	%		11.94	%		11.51	%
Without Sales Charge			4.83			17.22			12.97			12.48
CLASS C SHARES	August 31, 2016
With CDSC***			3.48			15.48			12.30			11.81
Without CDSC			4.48			16.48			12.30			11.81
CLASS I SHARES	August 31, 2016		4.86			17.39			13.16			12.65
CLASS R2 SHARES	August 31, 2016		4.60			16.81			12.58			12.09
CLASS R3 SHARES	September 9, 2016		4.72			17.07			12.84			12.35
CLASS R4 SHARES	September 9, 2016		4.90			17.37			13.13			12.64
CLASS R5 SHARES	August 31, 2016		4.92			17.54			13.30			12.79
CLASS R6 SHARES	August 31, 2016		5.01			17.68			13.41			12.92

* 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 12/31/21)

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, 2021. 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, 2021 J.P. MORGAN SMARTRETIREMENT^® FUNDS 23

JPMorgan SmartRetirement^® 2060 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (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, 2021

JPMorgan SmartRetirement^® Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment Companies — 88.8%
Alternative Assets — 1.5%
JPMorgan Realty Income Fund Class R6 Shares (a)		1,658		28,414
Fixed Income — 58.9%
JPMorgan Core Bond Fund Class R6 Shares (a)		40,122		474,646
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		4,680		36,032
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		4,739		36,350
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		2,758		24,682
JPMorgan High Yield Fund Class R6 Shares (a)		10,288		74,688
JPMorgan Income Fund Class R6 Shares (a)		5,266		49,452
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		12,929		142,088
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		27,992		271,801
Total Fixed Income				1,109,739
International Equity — 13.1%
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		813		30,902
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		1,541		29,532
JPMorgan International Equity Fund Class R6 Shares (a)		5,784		121,225
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		3,109		63,944
Total International Equity				245,603
U.S. Equity — 15.3%
JPMorgan Equity Income Fund Class R6 Shares (a)		3,741		89,251
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		173		11,614
JPMorgan Small Cap Growth Fund Class R6 Shares * (a)		282		7,250
JPMorgan Small Cap Value Fund Class R6 Shares (a)		179		5,487
JPMorgan U.S. Equity Fund Class R6 Shares (a)		7,819		173,507
Total U.S. Equity				287,109
Total Investment Companies (Cost $1,436,626)				1,670,865
Exchange-Traded Funds — 6.4%
Alternative Assets — 0.5%
JPMorgan BetaBuilders MSCI US REIT ETF (a)		77		8,535
Fixed Income — 3.8%
JPMorgan High Yield Research Enhanced ETF (a)		1,410		73,005

INVESTMENTS	SHARES (000)		VALUE ($000)
U.S. Equity — 2.1%
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a)		420		38,565
Total Exchange-Traded Funds (Cost $107,832)				120,105
	PRINCIPAL AMOUNT ($000)
U.S. Treasury Obligations — 0.4%
U.S. Treasury Notes 1.38%, 1/31/2022 (b) (Cost $7,627)		7,619		7,627
	SHARES (000)
Short-Term Investments — 4.0%
Investment Companies — 4.0%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (c) (Cost $74,525)		74,525		74,525
Total Investments — 99.6% (Cost $1,626,610)				1,873,122
Other Assets Less Liabilities — 0.4%				7,078
NET ASSETS — 100.0%				1,880,200

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, 2021.
*	Non-income producing security.

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, 2021 J.P. MORGAN SMARTRETIREMENT^® FUNDS 25

JPMorgan SmartRetirement^® Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

Futures contracts outstanding as of December 31, 2021 (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		403		03/2022		EUR		19,642		656
MSCI EAFE E-Mini Index		115		03/2022		USD		13,341		389
Russell 2000 E-Mini Index		81		03/2022		USD		9,083		267
S&P 500 E-Mini Index		201		03/2022		USD		47,820		996
U.S. Treasury 10 Year Note		1,163		03/2022		USD		151,572		1,322
										3,630

Abbreviations

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

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN SMARTRETIREMENT^® FUNDS DECEMBER 31, 2021

JPMorgan SmartRetirement^® 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment Companies — 89.3%
Alternative Assets — 1.4%
JPMorgan Realty Income Fund Class R6 Shares (a)		2,585		44,307
Fixed Income — 58.8%
JPMorgan Core Bond Fund Class R6 Shares (a)		65,742		777,723
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		7,826		60,259
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		7,277		55,818
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		4,761		42,615
JPMorgan High Yield Fund Class R6 Shares (a)		15,395		111,770
JPMorgan Income Fund Class R6 Shares (a)		9,491		89,119
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		21,092		231,800
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		45,940		446,075
Total Fixed Income				1,815,179
International Equity — 13.4%
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		1,277		48,575
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		2,658		50,937
JPMorgan International Equity Fund Class R6 Shares (a)		9,803		205,472
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		5,353		110,104
Total International Equity				415,088
U.S. Equity — 15.7%
JPMorgan Equity Income Fund Class R6 Shares (a)		6,187		147,621
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		310		20,889
JPMorgan Small Cap Growth Fund Class R6 Shares * (a)		292		7,511
JPMorgan Small Cap Value Fund Class R6 Shares (a)		365		11,165
JPMorgan U.S. Equity Fund Class R6 Shares (a)		13,440		298,242
Total U.S. Equity				485,428
Total Investment Companies (Cost $2,379,602)				2,760,002
Exchange-Traded Funds — 6.4%
Alternative Assets — 0.5%
JPMorgan BetaBuilders MSCI US REIT ETF (a)		129		14,358
Fixed Income — 3.9%
JPMorgan High Yield Research Enhanced ETF (a)		2,330		120,646

INVESTMENTS	SHARES (000)		VALUE ($000)
U.S. Equity — 2.0%
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a)		668		61,390
Total Exchange-Traded Funds (Cost $176,682)				196,394
	PRINCIPAL AMOUNT ($000)
U.S. Treasury Obligations — 0.4%
U.S. Treasury Notes 1.38%, 1/31/2022 (b) (Cost $11,249)		11,237		11,248
	SHARES (000)
Short-Term Investments — 3.2%
Investment Companies — 3.2%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (c) (Cost $99,183)		99,183		99,183
Total Investments — 99.3% (Cost $2,666,716)				3,066,827
Other Assets Less Liabilities — 0.7%				20,954
NET ASSETS — 100.0%				3,087,781

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, 2021.
*	Non-income producing security.

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, 2021 J.P. MORGAN SMARTRETIREMENT^® FUNDS 27

JPMorgan SmartRetirement^® 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

Futures contracts outstanding as of December 31, 2021 (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		667		03/2022		EUR		32,509		1,087
MSCI EAFE E-Mini Index		84		03/2022		USD		9,745		293
Russell 2000 E-Mini Index		134		03/2022		USD		15,025		442
S&P 500 E-Mini Index		279		03/2022		USD		66,378		1,381
U.S. Treasury 10 Year Note		1,933		03/2022		USD		251,924		2,194
										5,397

Abbreviations

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

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN SMARTRETIREMENT^® FUNDS DECEMBER 31, 2021

JPMorgan SmartRetirement^® 2025 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment Companies — 91.0%
Alternative Assets — 2.2%
JPMorgan Realty Income Fund Class R6 Shares (a)		6,412		109,906
Fixed Income — 48.5%
JPMorgan Core Bond Fund Class R6 Shares (a)		100,109		1,184,286
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		10,743		82,718
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		10,421		79,927
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		6,111		54,693
JPMorgan High Yield Fund Class R6 Shares (a)		16,683		121,119
JPMorgan Income Fund Class R6 Shares (a)		12,511		117,478
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		14,072		154,653
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		68,808		668,125
Total Fixed Income				2,462,999
International Equity — 17.5%
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		3,243		123,322
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		6,543		125,363
JPMorgan International Equity Fund Class R6 Shares (a)		18,144		380,300
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		12,718		261,600
Total International Equity				890,585
U.S. Equity — 22.8%
JPMorgan Equity Income Fund Class R6 Shares (a)		14,076		335,857
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		721		48,551
JPMorgan Small Cap Growth Fund Class R6 Shares * (a)		1,060		27,266
JPMorgan Small Cap Value Fund Class R6 Shares (a)		858		26,235
JPMorgan U.S. Equity Fund Class R6 Shares (a)		32,347		717,789
Total U.S. Equity				1,155,698
Total Investment Companies (Cost $3,948,722)				4,619,188
Exchange-Traded Funds — 6.5%
Alternative Assets — 0.7%
JPMorgan BetaBuilders MSCI US REIT ETF (a)		342		37,977
Fixed Income — 3.0%
JPMorgan High Yield Research Enhanced ETF (a)		2,902		150,216

INVESTMENTS	SHARES (000)		VALUE ($000)
U.S. Equity — 2.8%
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a)		1,569		144,089
Total Exchange-Traded Funds (Cost $284,757)				332,282
	PRINCIPAL AMOUNT ($000)
U.S. Treasury Obligations — 0.6%
U.S. Treasury Notes 1.38%, 1/31/2022 (b) (Cost $29,427)		29,397		29,426
	SHARES (000)
Short-Term Investments — 1.5%
Investment Companies — 1.5%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (c) (Cost $78,587)		78,587		78,587
Total Investments — 99.6% (Cost $4,341,493)				5,059,483
Other Assets Less Liabilities — 0.4%				19,743
NET ASSETS — 100.0%				5,079,226

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, 2021.
*	Non-income producing security.

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, 2021 J.P. MORGAN SMARTRETIREMENT^® FUNDS 29

JPMorgan SmartRetirement^® 2025 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

Futures contracts outstanding as of December 31, 2021 (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		1,084		03/2022		EUR		52,833		1,766
MSCI EAFE E-Mini Index		1,182		03/2022		USD		137,124		3,838
Russell 2000 E-Mini Index		219		03/2022		USD		24,556		722
S&P 500 E-Mini Index		590		03/2022		USD		140,368		2,922
U.S. Treasury 10 Year Note		3,038		03/2022		USD		395,938		3,213
										12,461

Abbreviations

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

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN SMARTRETIREMENT^® FUNDS DECEMBER 31, 2021

JPMorgan SmartRetirement^® 2030 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment Companies — 91.3%
Alternative Assets — 2.7%
JPMorgan Realty Income Fund Class R6 Shares (a)		9,944		170,447
Fixed Income — 37.1%
JPMorgan Core Bond Fund Class R6 Shares (a)		100,135		1,184,599
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		11,762		90,571
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		11,385		87,320
JPMorgan High Yield Fund Class R6 Shares (a)		24,947		181,113
JPMorgan Income Fund Class R6 Shares (a)		11,879		111,542
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		69,226		672,189
Total Fixed Income				2,327,334
International Equity — 22.6%
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		5,041		191,712
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		10,179		195,032
JPMorgan International Equity Fund Class R6 Shares (a)		29,976		628,290
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		19,680		404,827
Total International Equity				1,419,861
U.S. Equity — 28.9%
JPMorgan Equity Income Fund Class R6 Shares (a)		21,870		521,826
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		1,109		74,649
JPMorgan Small Cap Growth Fund Class R6 Shares * (a)		1,528		39,325
JPMorgan Small Cap Value Fund Class R6 Shares (a)		1,407		43,044
JPMorgan U.S. Equity Fund Class R6 Shares (a)		51,404		1,140,650
Total U.S. Equity				1,819,494
Total Investment Companies (Cost $4,728,681)				5,737,136
Exchange-Traded Funds — 6.4%
Alternative Assets — 1.0%
JPMorgan BetaBuilders MSCI US REIT ETF (a)		541		60,102
Fixed Income — 1.9%
JPMorgan High Yield Research Enhanced ETF (a)		2,256		116,814

INVESTMENTS	SHARES (000)		VALUE ($000)
U.S. Equity — 3.5%
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a)		2,489		228,558
Total Exchange-Traded Funds (Cost $330,079)				405,474
	PRINCIPAL AMOUNT ($000)
U.S. Treasury Obligations — 0.5%
U.S. Treasury Notes 1.38%, 1/31/2022 (b) (Cost $31,336)		31,303		31,334
	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 $127,662)		127,662		127,662
Total Investments — 100.2% (Cost $5,217,758)				6,301,606
Liabilities in Excess of Other Assets — (0.2)%				(10,995	)
NET ASSETS — 100.0%				6,290,611

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, 2021.
*	Non-income producing security.

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, 2021 J.P. MORGAN SMARTRETIREMENT^® FUNDS 31

JPMorgan SmartRetirement^® 2030 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

Futures contracts outstanding as of December 31, 2021 (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		1,324		03/2022		EUR		64,531		2,157
MSCI EAFE E-Mini Index		1,469		03/2022		USD		170,419		4,762
Russell 2000 E-Mini Index		269		03/2022		USD		30,163		886
S&P 500 E-Mini Index		703		03/2022		USD		167,252		3,482
U.S. Treasury 10 Year Note		3,056		03/2022		USD		398,283		3,176
										14,463

Abbreviations

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

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN SMARTRETIREMENT^® FUNDS DECEMBER 31, 2021

JPMorgan SmartRetirement^® 2035 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment Companies — 93.2%
Alternative Assets — 3.3%
JPMorgan Realty Income Fund Class R6 Shares (a)		9,947		170,493
Fixed Income — 25.4%
JPMorgan Core Bond Fund Class R6 Shares (a)		24,179		286,034
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		91,936		775,021
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		6,689		51,502
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		6,760		51,851
JPMorgan High Yield Fund Class R6 Shares (a)		18,277		132,692
JPMorgan Income Fund Class R6 Shares (a)		3,753		35,241
Total Fixed Income				1,332,341
International Equity — 27.3%
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		20,102		385,158
JPMorgan International Equity Fund Class R6 Shares (a)		11,216		235,081
JPMorgan International Focus Fund Class R6 Shares (a)		16,647		454,623
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		17,312		356,104
Total International Equity				1,430,966
U.S. Equity — 37.2%
JPMorgan Growth Advantage Fund Class R6 Shares * (a)		13,531		473,316
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		766		51,526
JPMorgan Small Cap Growth Fund Class R6 Shares * (a)		961		24,726
JPMorgan Small Cap Value Fund Class R6 Shares (a)		654		20,006
JPMorgan U.S. Equity Fund Class R6 Shares (a)		20,642		458,049
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		11,872		434,632
JPMorgan Value Advantage Fund Class R6 Shares (a)		12,199		486,020
Total U.S. Equity				1,948,275
Total Investment Companies (Cost $3,851,337)				4,882,075
Exchange-Traded Funds — 4.6%
Alternative Assets — 1.1%
JPMorgan BetaBuilders MSCI US REIT ETF (a)		531		58,976
Fixed Income — 1.7%
JPMorgan High Yield Research Enhanced ETF (a)		1,705		88,267

INVESTMENTS	SHARES (000)		VALUE ($000)
U.S. Equity — 1.8%
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a)		1,035		95,081
Total Exchange-Traded Funds (Cost $215,270)				242,324
	PRINCIPAL AMOUNT ($000)
U.S. Treasury Obligations — 0.5%
U.S. Treasury Notes 1.38%, 1/31/2022 (b) (Cost $27,699)		27,670		27,698
	SHARES (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 $114,742)		114,742		114,742
Total Investments — 100.5% (Cost $4,209,048)				5,266,839
Liabilities in Excess of Other Assets — (0.5)%				(26,773	)
NET ASSETS — 100.0%				5,240,066

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, 2021.
*	Non-income producing security.

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, 2021 J.P. MORGAN SMARTRETIREMENT^® FUNDS 33

JPMorgan SmartRetirement^® 2035 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

Futures contracts outstanding as of December 31, 2021 (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		1,102		03/2022		EUR		53,711		1,795
MSCI EAFE E-Mini Index		1,274		03/2022		USD		147,796		4,113
Russell 2000 E-Mini Index		224		03/2022		USD		25,117		738
S&P 500 E-Mini Index		609		03/2022		USD		144,889		3,016
										9,662

Abbreviations

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

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN SMARTRETIREMENT^® FUNDS DECEMBER 31, 2021

JPMorgan SmartRetirement^® 2040 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment Companies — 92.7%
Alternative Assets — 3.7%
JPMorgan Realty Income Fund Class R6 Shares (a)		11,360		194,706
Fixed Income — 16.6%
JPMorgan Core Bond Fund Class R6 Shares (a)		15,498		183,346
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		54,500		459,433
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		5,057		38,937
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		5,111		39,201
JPMorgan High Yield Fund Class R6 Shares (a)		16,390		118,991
JPMorgan Income Fund Class R6 Shares (a)		4,649		43,659
Total Fixed Income				883,567
International Equity — 30.6%
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		22,780		436,461
JPMorgan International Equity Fund Class R6 Shares (a)		12,855		269,433
JPMorgan International Focus Fund Class R6 Shares (a)		18,887		515,810
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		19,720		405,636
Total International Equity				1,627,340
U.S. Equity — 41.8%
JPMorgan Growth Advantage Fund Class R6 Shares * (a)		15,449		540,391
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		884		59,474
JPMorgan Small Cap Growth Fund Class R6 Shares * (a)		1,066		27,424
JPMorgan Small Cap Value Fund Class R6 Shares (a)		931		28,487
JPMorgan U.S. Equity Fund Class R6 Shares (a)		23,443		520,191
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		13,835		506,489
JPMorgan Value Advantage Fund Class R6 Shares (a)		13,819		550,537
Total U.S. Equity				2,232,993
Total Investment Companies (Cost $3,707,096)				4,938,606
Exchange-Traded Funds — 4.7%
Alternative Assets — 1.3%
JPMorgan BetaBuilders MSCI US REIT ETF (a)		638		70,855
Fixed Income — 1.3%
JPMorgan High Yield Research Enhanced ETF (a)		1,379		71,385

INVESTMENTS	SHARES (000)		VALUE ($000)
U.S. Equity — 2.1%
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a)		1,160		106,535
Total Exchange-Traded Funds (Cost $214,927)				248,775
	PRINCIPAL AMOUNT ($000)
U.S. Treasury Obligations — 0.5%
U.S. Treasury Notes 1.38%, 1/31/2022 (b)		27,637		27,664
0.13%, 1/31/2023 (b)		40		40
Total U.S. Treasury Obligations (Cost $27,706)				27,704
	SHARES (000)
Short-Term Investments — 1.8%
Investment Companies — 1.8%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (c) (Cost $93,652)		93,652		93,652
Total Investments — 99.7% (Cost $4,043,381)				5,308,737
Other Assets Less Liabilities — 0.3%				15,152
NET ASSETS — 100.0%				5,323,889

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, 2021.
*	Non-income producing security.

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, 2021 J.P. MORGAN SMARTRETIREMENT^® FUNDS 35

JPMorgan SmartRetirement^® 2040 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

Futures contracts outstanding as of December 31, 2021 (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		1,115		03/2022		EUR		54,344		1,816
MSCI EAFE E-Mini Index		1,453		03/2022		USD		168,562		4,585
Russell 2000 E-Mini Index		227		03/2022		USD		25,454		748
S&P 500 E-Mini Index		619		03/2022		USD		147,268		3,066
										10,215

Abbreviations

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

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN SMARTRETIREMENT^® FUNDS DECEMBER 31, 2021

JPMorgan SmartRetirement^® 2045 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment Companies — 93.3%
Alternative Assets — 4.1%
JPMorgan Realty Income Fund Class R6 Shares (a)		9,546		163,625
Fixed Income — 7.8%
JPMorgan Core Bond Fund Class R6 Shares (a)		4,990		59,030
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		14,125		119,076
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		2,358		18,156
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		2,383		18,280
JPMorgan High Yield Fund Class R6 Shares (a)		9,203		66,810
JPMorgan Income Fund Class R6 Shares (a)		2,808		26,370
Total Fixed Income				307,722
International Equity — 34.1%
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		18,850		361,170
JPMorgan International Equity Fund Class R6 Shares (a)		10,600		222,172
JPMorgan International Focus Fund Class R6 Shares (a)		15,837		432,510
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		16,011		329,343
Total International Equity				1,345,195
U.S. Equity — 47.3%
JPMorgan Growth Advantage Fund Class R6 Shares * (a)		12,666		443,060
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		659		44,335
JPMorgan Small Cap Growth Fund Class R6 Shares * (a)		1,017		26,178
JPMorgan Small Cap Value Fund Class R6 Shares (a)		773		23,633
JPMorgan U.S. Equity Fund Class R6 Shares (a)		19,371		429,835
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		11,929		436,738
JPMorgan Value Advantage Fund Class R6 Shares (a)		11,485		457,578
Total U.S. Equity				1,861,357
Total Investment Companies (Cost $2,798,311)				3,677,899
Exchange-Traded Funds — 4.6%
Alternative Assets — 1.3%
JPMorgan BetaBuilders MSCI US REIT ETF (a)		469		52,045
Fixed Income — 1.0%
JPMorgan High Yield Research Enhanced ETF (a)		781		40,418

INVESTMENTS	SHARES (000)		VALUE ($000)
U.S. Equity — 2.3%
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a)		962		88,340
Total Exchange-Traded Funds (Cost $153,006)				180,803
	PRINCIPAL AMOUNT ($000)
U.S. Treasury Obligations — 0.5%
U.S. Treasury Notes 1.38%, 1/31/2022 (b) (Cost $20,536)		20,515		20,535
	SHARES (000)
Short-Term Investments — 1.8%
Investment Companies — 1.8%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (c) (Cost $72,505)		72,505		72,505
Total Investments — 100.2% (Cost $3,044,358)				3,951,742
Liabilities in Excess of Other Assets — (0.2)%				(6,160	)
NET ASSETS — 100.0%				3,945,582

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, 2021.
*	Non-income producing security.

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, 2021 J.P. MORGAN SMARTRETIREMENT^® FUNDS 37

JPMorgan SmartRetirement^® 2045 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

Futures contracts outstanding as of December 31, 2021 (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		826		03/2022		EUR		40,259		1,346
MSCI EAFE E-Mini Index		1,141		03/2022		USD		132,367		3,600
Russell 2000 E-Mini Index		169		03/2022		USD		18,950		557
S&P 500 E-Mini Index		382		03/2022		USD		90,883		1,892
										7,395

Abbreviations

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

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN SMARTRETIREMENT^® FUNDS DECEMBER 31, 2021

JPMorgan SmartRetirement^® 2050 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment Companies — 93.1%
Alternative Assets — 4.0%
JPMorgan Realty Income Fund Class R6 Shares (a)		8,516		145,960
Fixed Income — 8.1%
JPMorgan Core Bond Fund Class R6 Shares (a)		4,403		52,085
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		13,974		117,801
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		2,135		16,440
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		2,158		16,553
JPMorgan High Yield Fund Class R6 Shares (a)		9,190		66,719
JPMorgan Income Fund Class R6 Shares (a)		2,600		24,411
Total Fixed Income				294,009
International Equity — 33.9%
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		17,327		331,980
JPMorgan International Equity Fund Class R6 Shares (a)		9,640		202,056
JPMorgan International Focus Fund Class R6 Shares (a)		14,701		401,479
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		14,435		296,920
Total International Equity				1,232,435
U.S. Equity — 47.1%
JPMorgan Growth Advantage Fund Class R6 Shares * (a)		11,878		415,483
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		656		44,139
JPMorgan Small Cap Growth Fund Class R6 Shares * (a)		662		17,034
JPMorgan Small Cap Value Fund Class R6 Shares (a)		707		21,623
JPMorgan U.S. Equity Fund Class R6 Shares (a)		17,826		395,557
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		10,929		400,101
JPMorgan Value Advantage Fund Class R6 Shares (a)		10,388		413,844
Total U.S. Equity				1,707,781
Total Investment Companies (Cost $2,584,687)				3,380,185
Exchange-Traded Funds — 4.8%
Alternative Assets — 1.5%
JPMorgan BetaBuilders MSCI US REIT ETF (a)		480		53,274

INVESTMENTS	SHARES (000)		VALUE ($000)
Fixed Income — 1.0%
JPMorgan High Yield Research Enhanced ETF (a)		710		36,777
U.S. Equity — 2.3%
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a)		917		84,224
Total Exchange-Traded Funds (Cost $148,534)				174,275
	PRINCIPAL AMOUNT ($000)
U.S. Treasury Obligations — 0.5%
U.S. Treasury Notes 1.38%, 1/31/2022 (b) (Cost $18,603)		18,584		18,602
	SHARES (000)
Short-Term Investments — 1.8%
Investment Companies — 1.8%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (c) (Cost $66,755)		66,755		66,755
Total Investments — 100.2% (Cost $2,818,579)				3,639,817
Liabilities in Excess of Other Assets — (0.2)%				(7,590	)
NET ASSETS — 100.0%				3,632,227

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, 2021.
*	Non-income producing security.

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, 2021 J.P. MORGAN SMARTRETIREMENT^® FUNDS 39

JPMorgan SmartRetirement^® 2050 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

Futures contracts outstanding as of December 31, 2021 (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		758		03/2022		EUR		36,944		1,235
MSCI EAFE E-Mini Index		1,081		03/2022		USD		125,407		3,410
Russell 2000 E-Mini Index		155		03/2022		USD		17,380		511
S&P 500 E-Mini Index		345		03/2022		USD		82,080		1,709
										6,865

Abbreviations

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

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN SMARTRETIREMENT^® FUNDS DECEMBER 31, 2021

JPMorgan SmartRetirement^® 2055 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment Companies — 93.3%
Alternative Assets — 4.0%
JPMorgan Realty Income Fund Class R6 Shares (a)		4,664		79,934
Fixed Income — 8.1%
JPMorgan Core Bond Fund Class R6 Shares (a)		2,499		29,562
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		7,424		62,584
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		1,155		8,893
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		1,172		8,993
JPMorgan High Yield Fund Class R6 Shares (a)		4,914		35,678
JPMorgan Income Fund Class R6 Shares (a)		1,592		14,946
Total Fixed Income				160,656
International Equity — 33.9%
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		9,464		181,322
JPMorgan International Equity Fund Class R6 Shares (a)		5,204		109,085
JPMorgan International Focus Fund Class R6 Shares (a)		8,184		223,494
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		7,755		159,520
Total International Equity				673,421
U.S. Equity — 47.3%
JPMorgan Growth Advantage Fund Class R6 Shares * (a)		6,399		223,840
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		376		25,313
JPMorgan Small Cap Growth Fund Class R6 Shares * (a)		394		10,146
JPMorgan Small Cap Value Fund Class R6 Shares (a)		456		13,940
JPMorgan U.S. Equity Fund Class R6 Shares (a)		9,829		218,105
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		5,868		214,820
JPMorgan Value Advantage Fund Class R6 Shares (a)		5,782		230,363
Total U.S. Equity				936,527
Total Investment Companies (Cost $1,474,211)				1,850,538
Exchange-Traded Funds — 4.6%
Alternative Assets — 1.5%
JPMorgan BetaBuilders MSCI US REIT ETF (a)		261		28,982

INVESTMENTS	SHARES (000)		VALUE ($000)
Fixed Income — 0.9%
JPMorgan High Yield Research Enhanced ETF (a)		362		18,759
U.S. Equity — 2.2%
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a)		474		43,498
Total Exchange-Traded Funds (Cost $76,596)				91,239
	PRINCIPAL AMOUNT ($000)
U.S. Treasury Obligations — 0.5%
U.S. Treasury Notes 1.38%, 1/31/2022 (b) (Cost $9,698)		9,688		9,697
	SHARES (000)
Short-Term Investments — 1.8%
Investment Companies — 1.8%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (c) (Cost $36,074)		36,074		36,074
Total Investments — 100.2% (Cost $1,596,579)				1,987,548
Liabilities in Excess of Other Assets — (0.2)%				(3,819	)
NET ASSETS — 100.0%				1,983,729

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, 2021.
*	Non-income producing security.

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, 2021 J.P. MORGAN SMARTRETIREMENT^® FUNDS 41

JPMorgan SmartRetirement^® 2055 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

Futures contracts outstanding as of December 31, 2021 (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		411		03/2022		EUR		20,032		670
MSCI EAFE E-Mini Index		587		03/2022		USD		68,097		1,852
Russell 2000 E-Mini Index		84		03/2022		USD		9,419		277
S&P 500 E-Mini Index		186		03/2022		USD		44,252		921
										3,720

Abbreviations

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

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN SMARTRETIREMENT^® FUNDS DECEMBER 31, 2021

JPMorgan SmartRetirement^® 2060 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment Companies — 93.0%
Alternative Assets — 4.1%
JPMorgan Realty Income Fund Class R6 Shares (a)		1,171		20,063
Fixed Income — 8.2%
JPMorgan Core Bond Fund Class R6 Shares (a)		641		7,587
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		1,669		14,066
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		308		2,370
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		269		2,061
JPMorgan High Yield Fund Class R6 Shares (a)		1,542		11,192
JPMorgan Income Fund Class R6 Shares (a)		353		3,318
Total Fixed Income				40,594
International Equity — 34.1%
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		2,347		44,975
JPMorgan International Equity Fund Class R6 Shares (a)		1,336		28,005
JPMorgan International Focus Fund Class R6 Shares (a)		1,922		52,480
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		2,082		42,834
Total International Equity				168,294
U.S. Equity — 46.6%
JPMorgan Growth Advantage Fund Class R6 Shares * (a)		1,592		55,696
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		92		6,179
JPMorgan Small Cap Growth Fund Class R6 Shares * (a)		104		2,682
JPMorgan Small Cap Value Fund Class R6 Shares (a)		91		2,772
JPMorgan U.S. Equity Fund Class R6 Shares (a)		2,402		53,308
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		1,436		52,563
JPMorgan Value Advantage Fund Class R6 Shares (a)		1,424		56,749
Total U.S. Equity				229,949
Total Investment Companies (Cost $394,450)				458,900
Exchange-Traded Funds — 4.1%
Alternative Assets — 1.4%
JPMorgan BetaBuilders MSCI US REIT ETF (a)		63		6,953
Fixed Income — 0.4%
JPMorgan High Yield Research Enhanced ETF (a)		35		1,815

INVESTMENTS	SHARES (000)		VALUE ($000)
U.S. Equity — 2.3%
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a)		127		11,620
Total Exchange-Traded Funds (Cost $19,005)				20,388
	PRINCIPAL AMOUNT ($000)
U.S. Treasury Obligations — 0.5%
U.S. Treasury Notes 1.38%, 1/31/2022 (b) (Cost $2,572)		2,569		2,571
	SHARES (000)
Short-Term Investments — 2.7%
Investment Companies — 2.7%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (c) (Cost $13,487)		13,487		13,487
Total Investments — 100.3% (Cost $429,514)				495,346
Liabilities in Excess of Other Assets — (0.3)%				(1,705	)
NET ASSETS — 100.0%				493,641

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, 2021.
*	Non-income producing security.

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, 2021 J.P. MORGAN SMARTRETIREMENT^® FUNDS 43

JPMorgan SmartRetirement^® 2060 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

Futures contracts outstanding as of December 31, 2021 (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		96		03/2022		EUR		4,679		156
MSCI EAFE E-Mini Index		135		03/2022		USD		15,661		420
Russell 2000 E-Mini Index		20		03/2022		USD		2,243		66
S&P 500 E-Mini Index		53		03/2022		USD		12,609		273
										915

Abbreviations

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

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN SMARTRETIREMENT^® FUNDS DECEMBER 31, 2021

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2021 (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	$	7,627	$	11,248	$	29,426
Investments in affiliates, at value		1,865,495		3,055,579		5,030,057
Receivables:
Investment securities sold		12,250		22,869		48,676
Fund shares sold		2,686		7,075		18,306
Interest from non-affiliates		44		65		169
Dividends from affiliates		424		724		922
Variation margin on futures contracts		968		2,257		4,391
Due from adviser		24		28		35
Total Assets		1,889,518		3,099,845		5,131,982
LIABILITIES:
Payables:
Due to custodian		154		279		369
Distributions		1,181		1,622		3,639
Investment securities purchased		—		—		31,962
Fund shares redeemed		7,591		9,565		15,885
Accrued liabilities:
Distribution fees		149		195		303
Service fees		115		232		372
Custodian and accounting fees		26		43		65
Trustees’ and Chief Compliance Officer’s fees		—		—		—	(a)
Other		102		128		161
Total Liabilities		9,318		12,064		52,756
Net Assets	$	1,880,200	$	3,087,781	$	5,079,226

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN SMARTRETIREMENT^® FUNDS 45

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)

	JPMorgan SmartRetirement® Income Fund			JPMorgan SmartRetirement® 2020 Fund			JPMorgan SmartRetirement® 2025 Fund
NET ASSETS:
Paid-in-Capital	$	1,624,453		$	2,676,316		$	4,286,995
Total distributable earnings (loss)		255,747			411,465			792,231
Total Net Assets	$	1,880,200		$	3,087,781		$	5,079,226
Net Assets:
Class A	$	525,033		$	608,215		$	984,847
Class C		9,951			13,623			25,980
Class I		121,179			222,854			303,568
Class R2		66,198			117,750			172,469
Class R3		14,312			32,725			29,873
Class R4		4,574			8,078			12,321
Class R5		468,123			907,987			1,383,115
Class R6		670,830			1,176,549			2,167,053
Total	$	1,880,200		$	3,087,781		$	5,079,226
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		31,799			35,549			53,320
Class C		606			801			1,414
Class I		7,319			12,961			16,380
Class R2		4,020			6,909			9,383
Class R3		871			1,923			1,625
Class R4		277			471			667
Class R5		28,214			52,731			74,545
Class R6		40,443			68,312			116,773
Net Asset Value (a):
Class A — Redemption price per share	$	16.51		$	17.11		$	18.47
Class C — Offering price per share (b)		16.43			17.02			18.38
Class I — Offering and redemption price per share		16.56			17.19			18.53
Class R2 — Offering and redemption price per share		16.47			17.04			18.38
Class R3 — Offering and redemption price per share		16.43			17.01			18.38
Class R4 — Offering and redemption price per share		16.53			17.15			18.48
Class R5 — Offering and redemption price per share		16.59			17.22			18.55
Class R6 — Offering and redemption price per share		16.59			17.22			18.56
Class A maximum sales charge		4.50	%		4.50	%		4.50	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	17.29		$	17.92		$	19.34
Cost of investments in non-affiliates	$	7,627		$	11,249		$	29,427
Cost of investments in affiliates		1,618,983			2,655,467			4,312,066

(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.

46 J.P. MORGAN SMARTRETIREMENT^® FUNDS DECEMBER 31, 2021

	JPMorgan SmartRetirement® 2030 Fund			JPMorgan SmartRetirement® 2035 Fund			JPMorgan SmartRetirement® 2040 Fund
ASSETS:
Investments in non-affiliates, at value	$	31,334		$	27,698		$	27,704
Investments in affiliates, at value		6,270,272			5,239,141			5,281,033
Receivables:
Investment securities sold		44,154			34,210			37,485
Fund shares sold		16,718			13,795			11,840
Interest from non-affiliates		180			159			159
Dividends from affiliates		781			435			400
Variation margin on futures contracts		3,943			4,624			4,216
Due from adviser		41			36			37
Total Assets		6,367,423			5,320,098			5,362,874
LIABILITIES:
Payables:
Due to custodian		349			109			136
Distributions		5,357			5,556			6,128
Investment securities purchased		43,984			46,841			—
Fund shares redeemed		26,017			26,654			31,830
Accrued liabilities:
Distribution fees		378			306			295
Service fees		482			367			394
Custodian and accounting fees		74			61			62
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—	(a)		—	(a)
Other		171			138			140
Total Liabilities		76,812			80,032			38,985
Net Assets	$	6,290,611		$	5,240,066		$	5,323,889

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN SMARTRETIREMENT^® FUNDS 47

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)

	JPMorgan SmartRetirement® 2030 Fund			JPMorgan SmartRetirement® 2035 Fund			JPMorgan SmartRetirement® 2040 Fund
NET ASSETS:
Paid-in-Capital	$	5,099,863		$	3,982,009		$	3,828,880
Total distributable earnings (loss)		1,190,748			1,258,057			1,495,009
Total Net Assets	$	6,290,611		$	5,240,066		$	5,323,889
Net Assets:
Class A	$	1,159,710		$	966,152		$	918,983
Class C		21,719			13,698			15,943
Class I		411,100			277,994			351,750
Class R2		249,712			205,872			188,465
Class R3		69,193			38,892			62,332
Class R4		19,832			15,571			12,001
Class R5		1,835,546			1,351,402			1,568,935
Class R6		2,523,799			2,370,485			2,205,480
Total	$	6,290,611		$	5,240,066		$	5,323,889
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		57,263			45,928			40,204
Class C		1,086			660			715
Class I		20,224			13,120			15,320
Class R2		12,393			9,830			8,315
Class R3		3,433			1,859			2,740
Class R4		978			736			524
Class R5		89,987			63,724			68,099
Class R6		123,770			111,781			95,739
Net Asset Value (a):
Class A — Redemption price per share	$	20.25		$	21.04		$	22.86
Class C — Offering price per share (b)		19.99			20.76			22.30
Class I — Offering and redemption price per share		20.33			21.19			22.96
Class R2 — Offering and redemption price per share		20.15			20.94			22.67
Class R3 — Offering and redemption price per share		20.16			20.92			22.75
Class R4 — Offering and redemption price per share		20.29			21.15			22.91
Class R5 — Offering and redemption price per share		20.40			21.21			23.04
Class R6 — Offering and redemption price per share		20.39			21.21			23.04
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)]	$	21.20		$	22.03		$	23.94
Cost of investments in non-affiliates	$	31,336		$	27,699		$	27,706
Cost of investments in affiliates		5,186,422			4,181,349			4,015,675

(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.

48 J.P. MORGAN SMARTRETIREMENT^® FUNDS DECEMBER 31, 2021

	JPMorgan SmartRetirement® 2045 Fund		JPMorgan SmartRetirement® 2050 Fund			JPMorgan SmartRetirement® 2055 Fund		JPMorgan SmartRetirement® 2060 Fund
ASSETS:
Investments in non-affiliates, at value	$	20,535	$	18,602		$	9,697	$	2,571
Investments in affiliates, at value		3,931,207		3,621,215			1,977,851		492,775
Receivables:
Investment securities sold		24,266		19,726			9,180		1,088
Fund shares sold		12,027		12,413			7,871		1,696
Interest from non-affiliates		118		107			56		15
Dividends from affiliates		232		212			116		17
Variation margin on futures contracts		2,081		2,475			920		391
Due from adviser		31		32			25		23
Other assets		—		—			—		16
Total Assets		3,990,497		3,674,782			2,005,716		498,592
LIABILITIES:
Payables:
Due to custodian		82		76			46		10
Distributions		5,363		6,038			2,639		832
Investment securities purchased		6,716		12,420			3,872		2,519
Fund shares redeemed		32,091		23,406			15,095		1,522
Accrued liabilities:
Distribution fees		225		187			115		19
Service fees		274		271			139		23
Custodian and accounting fees		46		42			23		11
Trustees’ and Chief Compliance Officer’s fees		—		—	(a)		—		—	(a)
Other		118		115			58		15
Total Liabilities		44,915		42,555			21,987		4,951
Net Assets	$	3,945,582	$	3,632,227		$	1,983,729	$	493,641

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN SMARTRETIREMENT^® FUNDS 49

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2021 (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
NET ASSETS:
Paid-in-Capital	$	2,844,036		$	2,639,676		$	1,498,938		$	407,607
Total distributable earnings (loss)		1,101,546			992,551			484,791			86,034
Total Net Assets	$	3,945,582		$	3,632,227		$	1,983,729		$	493,641
Net Assets:
Class A	$	716,066		$	557,463		$	310,513		$	47,726
Class C		9,193			9,837			6,771			2,873
Class I		208,187			262,910			117,046			29,461
Class R2		151,561			136,776			102,252			9,865
Class R3		25,687			29,912			12,180			7,564
Class R4		7,703			8,571			2,558			709
Class R5		1,053,139			1,186,522			568,931			106,506
Class R6		1,774,046			1,440,236			863,478			288,937
Total	$	3,945,582		$	3,632,227		$	1,983,729		$	493,641
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		31,233			24,138			11,216			2,104
Class C		409			435			248			128
Class I		9,031			11,320			4,215			1,295
Class R2		6,667			5,976			3,715			437
Class R3		1,126			1,302			442			334
Class R4		335			370			92			31
Class R5		45,607			50,968			20,464			4,683
Class R6		76,848			61,834			31,042			12,682
Net Asset Value (a):
Class A — Redemption price per share	$	22.93		$	23.09		$	27.69		$	22.69
Class C — Offering price per share (b)		22.47			22.59			27.27			22.43
Class I — Offering and redemption price per share		23.05			23.22			27.77			22.74
Class R2 — Offering and redemption price per share		22.73			22.89			27.52			22.58
Class R3 — Offering and redemption price per share		22.81			22.98			27.57			22.67
Class R4 — Offering and redemption price per share		23.00			23.19			27.74			22.74
Class R5 — Offering and redemption price per share		23.09			23.28			27.80			22.74
Class R6 — Offering and redemption price per share		23.09			23.29			27.82			22.78
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)]	$	24.01		$	24.18		$	28.99		$	23.76
Cost of investments in non-affiliates	$	20,536		$	18,603		$	9,698		$	2,572
Cost of investments in affiliates		3,023,822			2,799,976			1,586,881			426,942

(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.

50 J.P. MORGAN SMARTRETIREMENT^® FUNDS DECEMBER 31, 2021

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)

(Amounts in thousands)

	JPMorgan SmartRetirement® Income Fund			JPMorgan SmartRetirement® 2020 Fund			JPMorgan SmartRetirement® 2025 Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	3		$	5		$	12
Dividend income from affiliates		25,309			42,081			67,128
Total investment income		25,312			42,086			67,140
EXPENSES:
Distribution fees:
Class A		698			840			1,357
Class C		40			56			101
Class R2		179			314			457
Class R3		19			43			41
Service fees:
Class A		698			840			1,357
Class C		13			19			34
Class I		161			300			407
Class R2		90			157			228
Class R3		19			43			41
Class R4		6			10			18
Class R5		256			488			727
Custodian and accounting fees		27			47			73
Interest expense to affiliates		—			—	(a)		—	(a)
Professional fees		23			29			37
Trustees’ and Chief Compliance Officer’s fees		15			17			19
Printing and mailing costs		31			41			56
Registration and filing fees		58			65			64
Transfer agency fees (See Note 2.G.)		61			52			67
Other		39			58			98
Total expenses		2,433			3,419			5,182
Less fees waived		(545	)		(411	)		(472	)
Less expense reimbursements		(178	)		(229	)		(294	)
Net expenses		1,710			2,779			4,416
Net investment income (loss)		23,602			39,307			62,724
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		—	(a)		1			1
Investments in affiliates		15,834			31,104			54,646
Futures contracts		(2,573	)		(5,752	)		(8,924	)
Foreign currency transactions		(5	)		(100	)		(94	)
Net realized gain (loss)		13,256			25,253			45,629
Distributions of capital gains received from investment company affiliates		34,912			59,612			129,669
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(2	)		(3	)		(6	)
Investments in affiliates		(37,116	)		(66,111	)		(109,762	)
Futures contracts		4,673			7,102			17,845
Foreign currency translations		(9	)		16			(14	)
Change in net unrealized appreciation/depreciation		(32,454	)		(58,996	)		(91,937	)
Net realized/unrealized gains (losses)		15,714			25,869			83,361
Change in net assets resulting from operations	$	39,316		$	65,176		$	146,085

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN SMARTRETIREMENT^® FUNDS 51

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)

(Amounts in thousands)

	JPMorgan SmartRetirement® 2030 Fund			JPMorgan SmartRetirement® 2035 Fund			JPMorgan SmartRetirement® 2040 Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	13		$	12		$	12
Dividend income from affiliates		82,603			73,313			74,528
Total investment income		82,616			73,325			74,540
EXPENSES:
Distribution fees:
Class A		1,564			1,306			1,231
Class C		83			53			61
Class R2		643			534			483
Class R3		89			52			78
Service fees:
Class A		1,564			1,306			1,231
Class C		28			18			20
Class I		540			362			457
Class R2		321			267			242
Class R3		89			52			78
Class R4		26			23			18
Class R5		950			704			811
Custodian and accounting fees		85			71			72
Professional fees		41			35			36
Trustees’ and Chief Compliance Officer’s fees		21			19			19
Printing and mailing costs		64			60			64
Registration and filing fees		66			63			62
Transfer agency fees (See Note 2.G.)		80			70			72
Other		96			83			84
Total expenses		6,350			5,078			5,119
Less fees waived		(546	)		(457	)		(437	)
Less expense reimbursements		(330	)		(294	)		(299	)
Net expenses		5,474			4,327			4,383
Net investment income (loss)		77,142			68,998			70,157
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		2			2			2
Investments in affiliates		65,421			80,282			94,365
Futures contracts		(11,629	)		(7,212	)		(5,363	)
Foreign currency transactions		(187	)		(93	)		(82	)
Net realized gain (loss)		53,607			72,979			88,922
Distributions of capital gains received from investment company affiliates		196,511			257,328			289,727
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(8	)		(6	)		(7	)
Investments in affiliates		(129,535	)		(208,223	)		(232,166	)
Futures contracts		21,320			17,074			17,584
Foreign currency translations		26			(7	)		(5	)
Change in net unrealized appreciation/depreciation		(108,197	)		(191,162	)		(214,594	)
Net realized/unrealized gains (losses)		141,921			139,145			164,055
Change in net assets resulting from operations	$	219,063		$	208,143		$	234,212

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN SMARTRETIREMENT^® FUNDS DECEMBER 31, 2021

	JPMorgan SmartRetirement® 2045 Fund			JPMorgan SmartRetirement® 2050 Fund			JPMorgan SmartRetirement® 2055 Fund			JPMorgan SmartRetirement® 2060 Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	9		$	8		$	4		$	1
Dividend income from affiliates		54,674			49,864			26,978			6,618
Total investment income		54,683			49,872			26,982			6,619
EXPENSES:
Distribution fees:
Class A		948			753			427			58
Class C		38			37			25			10
Class R2		397			350			264			23
Class R3		33			38			16			9
Service fees:
Class A		948			753			427			58
Class C		13			12			8			3
Class I		272			336			149			35
Class R2		199			175			132			12
Class R3		33			38			16			9
Class R4		12			12			4			1
Class R5		544			597			280			50
Custodian and accounting fees		53			49			27			13
Interest expense to affiliates		—			—	(a)		—			—	(a)
Professional fees		30			29			23			17
Trustees’ and Chief Compliance Officer’s fees		17			17			15			13
Printing and mailing costs		60			67			58			29
Registration and filing fees		59			65			62			58
Transfer agency fees (See Note 2.G.)		59			53			34			16
Other		64			83			57			22
Total expenses		3,779			3,464			2,024			436
Less fees waived		(338	)		(272	)		(161	)		(27	)
Less expense reimbursements		(257	)		(262	)		(209	)		(146	)
Net expenses		3,184			2,930			1,654			263
Net investment income (loss)		51,499			46,942			25,328			6,356
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		2			—	(a)		(2	)		—	(a)
Investments in affiliates		72,549			68,911			22,321			4,403
Futures contracts		(6,262	)		(5,109	)		(2,628	)		(590	)
Foreign currency transactions		(71	)		(133	)		(8	)		(10	)
Net realized gain (loss)		66,218			63,669			19,683			3,803
Distributions of capital gains received from investment company affiliates		237,649			217,963			118,823			28,783
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(4	)		(4	)		(3	)		(2	)
Investments in affiliates		(177,156	)		(165,729	)		(75,760	)		(17,883	)
Futures contracts		12,792			11,809			6,327			1,497
Foreign currency translations		6			14			29			(3	)
Change in net unrealized appreciation/depreciation		(164,362	)		(153,910	)		(69,407	)		(16,391	)
Net realized/unrealized gains (losses)		139,505			127,722			69,099			16,195
Change in net assets resulting from operations	$	191,004		$	174,664		$	94,427		$	22,551

(a) Amount rounds to less than one thousand

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN SMARTRETIREMENT^® FUNDS 53

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, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	23,602		$	46,443		$	39,307		$	79,027
Net realized gain (loss)		13,256			143,668			25,253			305,551
Distributions of capital gains received from investment company affiliates		34,912			24,921			59,612			44,697
Change in net unrealized appreciation/depreciation		(32,454	)		142,886			(58,996	)		214,064
Change in net assets resulting from operations		39,316			357,918			65,176			643,339
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(49,714	)		(29,257	)		(70,887	)		(40,350	)
Class C		(925	)		(513	)		(1,571	)		(714	)
Class I		(11,619	)		(8,746	)		(26,004	)		(16,616	)
Class R2		(6,262	)		(3,582	)		(13,723	)		(6,558	)
Class R3		(1,338	)		(831	)		(3,811	)		(1,795	)
Class R4		(431	)		(671	)		(936	)		(1,243	)
Class R5		(45,260	)		(29,372	)		(107,101	)		(60,286	)
Class R6		(64,380	)		(37,987	)		(138,585	)		(72,330	)
Total distributions to shareholders		(179,929	)		(110,959	)		(362,618	)		(199,892	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(93,778	)		(803,054	)		(148,132	)		(1,504,153	)
NET ASSETS:
Change in net assets		(234,391	)		(556,095	)		(445,574	)		(1,060,706	)
Beginning of period		2,114,591			2,670,686			3,533,355			4,594,061
End of period	$	1,880,200		$	2,114,591		$	3,087,781		$	3,533,355

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN SMARTRETIREMENT^® FUNDS DECEMBER 31, 2021

	JPMorgan SmartRetirement® 2025 Fund						JPMorgan SmartRetirement® 2030 Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	62,724		$	107,790		$	77,142		$	111,071
Net realized gain (loss)		45,629			426,817			53,607			492,447
Distributions of capital gains received from investment company affiliates		129,669			75,752			196,511			93,103
Change in net unrealized appreciation/depreciation		(91,937	)		589,555			(108,197	)		902,245
Change in net assets resulting from operations		146,085			1,199,914			219,063			1,598,866
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(104,318	)		(54,655	)		(123,240	)		(56,130	)
Class C		(2,720	)		(1,053	)		(2,267	)		(849	)
Class I		(32,137	)		(21,331	)		(43,704	)		(22,391	)
Class R2		(18,011	)		(8,524	)		(26,374	)		(10,307	)
Class R3		(3,153	)		(1,910	)		(7,352	)		(2,983	)
Class R4		(1,315	)		(1,860	)		(2,105	)		(2,066	)
Class R5		(148,742	)		(80,847	)		(197,330	)		(88,416	)
Class R6		(232,501	)		(111,838	)		(270,686	)		(110,576	)
Total distributions to shareholders		(542,897	)		(282,018	)		(673,058	)		(293,718	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(101,060	)		(1,651,982	)		63,222			(1,557,402	)
NET ASSETS:
Change in net assets		(497,872	)		(734,086	)		(390,773	)		(252,254	)
Beginning of period		5,577,098			6,311,184			6,681,384			6,933,638
End of period	$	5,079,226		$	5,577,098		$	6,290,611		$	6,681,384

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN SMARTRETIREMENT^® FUNDS 55

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, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	68,998		$	88,581		$	70,157		$	80,955
Net realized gain (loss)		72,979			545,361			88,922			565,220
Distributions of capital gains received from investment company affiliates		257,328			132,114			289,727			133,731
Change in net unrealized appreciation/depreciation		(191,162	)		815,892			(214,594	)		936,132
Change in net assets resulting from operations		208,143			1,581,948			234,212			1,716,038
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(140,012	)		(51,319	)		(139,018	)		(50,176	)
Class C		(2,017	)		(574	)		(2,461	)		(679	)
Class I		(40,151	)		(18,844	)		(52,970	)		(20,846	)
Class R2		(29,925	)		(9,507	)		(28,602	)		(9,046	)
Class R3		(5,662	)		(2,168	)		(9,378	)		(3,101	)
Class R4		(2,252	)		(2,288	)		(1,805	)		(1,981	)
Class R5		(199,214	)		(74,372	)		(240,945	)		(82,957	)
Class R6		(345,001	)		(109,791	)		(333,753	)		(107,073	)
Total distributions to shareholders		(764,234	)		(268,863	)		(808,932	)		(275,859	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		262,804			(1,259,280	)		304,282			(1,154,947	)
NET ASSETS:
Change in net assets		(293,287	)		53,805			(270,438	)		285,232
Beginning of period		5,533,353			5,479,548			5,594,327			5,309,095
End of period	$	5,240,066		$	5,533,353		$	5,323,889		$	5,594,327

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN SMARTRETIREMENT^® FUNDS DECEMBER 31, 2021

	JPMorgan SmartRetirement® 2045 Fund						JPMorgan SmartRetirement® 2050 Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	51,499		$	54,345		$	46,942		$	49,010
Net realized gain (loss)		66,218			388,341			63,669			341,300
Distributions of capital gains received from investment company affiliates		237,649			102,189			217,963			92,207
Change in net unrealized appreciation/depreciation		(164,362	)		807,463			(153,910	)		743,645
Change in net assets resulting from operations		191,004			1,352,338			174,664			1,226,162
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(103,314	)		(34,295	)		(79,828	)		(29,255	)
Class C		(1,374	)		(424	)		(1,435	)		(373	)
Class I		(29,745	)		(14,357	)		(37,084	)		(15,020	)
Class R2		(22,188	)		(6,601	)		(19,791	)		(5,911	)
Class R3		(3,706	)		(1,361	)		(4,243	)		(1,472	)
Class R4		(1,109	)		(1,196	)		(1,217	)		(1,165	)
Class R5		(154,771	)		(52,399	)		(169,458	)		(53,293	)
Class R6		(256,541	)		(74,967	)		(205,609	)		(63,098	)
Total distributions to shareholders		(572,748	)		(185,600	)		(518,665	)		(169,587	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		208,014			(874,836	)		218,289			(745,921	)
NET ASSETS:
Change in net assets		(173,730	)		291,902			(125,712	)		310,654
Beginning of period		4,119,312			3,827,410			3,757,939			3,447,285
End of period	$	3,945,582		$	4,119,312		$	3,632,227		$	3,757,939

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN SMARTRETIREMENT^® FUNDS 57

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, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	25,328		$	24,798		$	6,356		$	4,761
Net realized gain (loss)		19,683			132,408			3,803			17,032
Distributions of capital gains received from investment company affiliates		118,823			45,689			28,783			8,685
Change in net unrealized appreciation/depreciation		(69,407	)		410,984			(16,391	)		86,023
Change in net assets resulting from operations		94,427			613,879			22,551			116,501
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(34,576	)		(13,498	)		(3,837	)		(1,650	)
Class C		(745	)		(208	)		(227	)		(46	)
Class I		(12,726	)		(6,232	)		(2,332	)		(1,279	)
Class R2		(11,186	)		(3,637	)		(778	)		(261	)
Class R3		(1,327	)		(513	)		(599	)		(211	)
Class R4		(278	)		(422	)		(56	)		(59	)
Class R5		(62,495	)		(21,652	)		(8,523	)		(2,686	)
Class R6		(95,074	)		(28,393	)		(23,096	)		(6,715	)
Total distributions to shareholders		(218,407	)		(74,555	)		(39,448	)		(12,907	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		125,878			(233,510	)		61,444			66,878
NET ASSETS:
Change in net assets		1,898			305,814			44,547			170,472
Beginning of period		1,981,831			1,676,017			449,094			278,622
End of period	$	1,983,729		$	1,981,831		$	493,641		$	449,094

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN SMARTRETIREMENT^® FUNDS DECEMBER 31, 2021

	JPMorgan SmartRetirement® Income Fund						JPMorgan SmartRetirement® 2020 Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	23,506		$	66,951		$	29,993		$	108,083
Distributions reinvested		47,820			28,223			67,718			38,971
Cost of shares redeemed		(87,759	)		(306,697	)		(154,799	)		(535,286	)
Change in net assets resulting from Class A capital transactions		(16,433	)		(211,523	)		(57,088	)		(388,232	)
Class C
Proceeds from shares issued		290			907			582			1,770
Distributions reinvested		911			502			1,523			685
Cost of shares redeemed		(2,041	)		(10,698	)		(2,798	)		(15,138	)
Change in net assets resulting from Class C capital transactions		(840	)		(9,289	)		(693	)		(12,683	)
Class I
Proceeds from shares issued		5,114			24,249			9,707			38,294
Distributions reinvested		11,512			8,663			25,909			16,518
Cost of shares redeemed		(30,199	)		(187,827	)		(70,775	)		(318,779	)
Change in net assets resulting from Class I capital transactions		(13,573	)		(154,915	)		(35,159	)		(263,967	)
Class R2
Proceeds from shares issued		3,993			10,528			5,712			14,993
Distributions reinvested		6,128			3,481			13,521			6,448
Cost of shares redeemed		(12,811	)		(45,558	)		(22,072	)		(69,725	)
Change in net assets resulting from Class R2 capital transactions		(2,690	)		(31,549	)		(2,839	)		(48,284	)
Class R3
Proceeds from shares issued		1,336			2,989			1,793			7,542
Distributions reinvested		1,186			656			3,474			1,575
Cost of shares redeemed		(2,754	)		(10,979	)		(5,951	)		(20,097	)
Change in net assets resulting from Class R3 capital transactions		(232	)		(7,334	)		(684	)		(10,980	)
Class R4
Proceeds from shares issued		254			4,124			2,117			5,368
Distributions reinvested		430			670			936			1,242
Cost of shares redeemed		(1,131	)		(17,538	)		(5,194	)		(25,806	)
Change in net assets resulting from Class R4 capital transactions		(447	)		(12,744	)		(2,141	)		(19,196	)
Class R5
Proceeds from shares issued		21,957			48,124			46,044			94,561
Distributions reinvested		44,093			28,694			105,784			59,519
Cost of shares redeemed		(112,233	)		(253,450	)		(196,152	)		(543,027	)
Change in net assets resulting from Class R5 capital transactions		(46,183	)		(176,632	)		(44,324	)		(388,947	)
Class R6
Proceeds from shares issued		74,475			164,782			129,127			288,130
Distributions reinvested		59,379			34,761			129,704			67,366
Cost of shares redeemed		(147,234	)		(398,611	)		(264,035	)		(727,360	)
Change in net assets resulting from Class R6 capital transactions		(13,380	)		(199,068	)		(5,204	)		(371,864	)
Total change in net assets resulting from capital transactions	$	(93,778	)	$	(803,054	)	$	(148,132	)	$	(1,504,153	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 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, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
SHARE TRANSACTIONS:
Class A
Issued		1,326			3,878			1,600			5,920
Reinvested		2,877			1,630			3,930			2,122
Redeemed		(4,908	)		(17,753	)		(8,142	)		(29,229	)
Change in Class A Shares		(705	)		(12,245	)		(2,612	)		(21,187	)
Class C
Issued		17			53			32			97
Reinvested		55			29			89			38
Redeemed		(115	)		(630	)		(150	)		(838	)
Change in Class C Shares		(43	)		(548	)		(29	)		(703	)
Class I
Issued		285			1,401			512			2,085
Reinvested		690			499			1,496			895
Redeemed		(1,689	)		(10,855	)		(3,710	)		(17,384	)
Change in Class I Shares		(714	)		(8,955	)		(1,702	)		(14,404	)
Class R2
Issued		225			613			305			822
Reinvested		370			202			789			352
Redeemed		(726	)		(2,638	)		(1,181	)		(3,810	)
Change in Class R2 Shares		(131	)		(1,823	)		(87	)		(2,636	)
Class R3
Issued		75			174			96			418
Reinvested		72			38			203			86
Redeemed		(154	)		(639	)		(316	)		(1,112	)
Change in Class R3 Shares		(7	)		(427	)		(17	)		(608	)
Class R4
Issued		14			237			111			291
Reinvested		26			39			54			68
Redeemed		(62	)		(990	)		(271	)		(1,377	)
Change in Class R4 Shares		(22	)		(714	)		(106	)		(1,018	)
Class R5
Issued		1,230			2,765			2,442			5,147
Reinvested		2,637			1,650			6,094			3,221
Redeemed		(6,273	)		(14,556	)		(10,326	)		(29,314	)
Change in Class R5 Shares		(2,406	)		(10,141	)		(1,790	)		(20,946	)
Class R6
Issued		4,188			9,479			6,845			15,639
Reinvested		3,553			1,999			7,468			3,645
Redeemed		(8,220	)		(22,938	)		(13,876	)		(39,316	)
Change in Class R6 Shares		(479	)		(11,460	)		437			(20,032	)

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN SMARTRETIREMENT^® FUNDS DECEMBER 31, 2021

	JPMorgan SmartRetirement® 2025 Fund						JPMorgan SmartRetirement® 2030 Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	66,320		$	168,112		$	79,531		$	183,569
Distributions reinvested		99,818			52,753			118,303			54,151
Cost of shares redeemed		(253,040	)		(611,007	)		(265,966	)		(699,120	)
Change in net assets resulting from Class A capital transactions		(86,902	)		(390,142	)		(68,132	)		(461,400	)
Class C
Proceeds from shares issued		2,199			4,521			1,099			3,118
Distributions reinvested		2,617			997			2,148			794
Cost of shares redeemed		(3,785	)		(13,586	)		(2,282	)		(13,403	)
Change in net assets resulting from Class C capital transactions		1,031			(8,068	)		965			(9,491	)
Class I
Proceeds from shares issued		20,121			73,511			31,377			85,188
Distributions reinvested		31,994			20,906			43,440			22,117
Cost of shares redeemed		(104,499	)		(401,636	)		(133,520	)		(386,076	)
Change in net assets resulting from Class I capital transactions		(52,384	)		(307,219	)		(58,703	)		(278,771	)
Class R2
Proceeds from shares issued		9,984			29,734			15,113			37,620
Distributions reinvested		17,754			8,377			26,084			10,153
Cost of shares redeemed		(33,734	)		(98,225	)		(38,501	)		(114,340	)
Change in net assets resulting from Class R2 capital transactions		(5,996	)		(60,114	)		2,696			(66,567	)
Class R3
Proceeds from shares issued		3,492			9,535			5,666			15,890
Distributions reinvested		2,419			1,443			6,565			2,610
Cost of shares redeemed		(9,973	)		(24,947	)		(11,293	)		(27,397	)
Change in net assets resulting from Class R3 capital transactions		(4,062	)		(13,969	)		938			(8,897	)
Class R4
Proceeds from shares issued		478			11,465			3,201			13,616
Distributions reinvested		1,315			1,859			2,105			2,065
Cost of shares redeemed		(6,182	)		(41,334	)		(6,564	)		(48,076	)
Change in net assets resulting from Class R4 capital transactions		(4,389	)		(28,010	)		(1,258	)		(32,395	)
Class R5
Proceeds from shares issued		92,128			176,628			111,686			212,941
Distributions reinvested		144,865			79,121			191,705			86,164
Cost of shares redeemed		(285,258	)		(713,014	)		(313,663	)		(680,832	)
Change in net assets resulting from Class R5 capital transactions		(48,265	)		(457,265	)		(10,272	)		(381,727	)
Class R6
Proceeds from shares issued		228,379			471,508			280,406			535,051
Distributions reinvested		218,166			103,284			251,856			102,565
Cost of shares redeemed		(346,638	)		(961,987	)		(335,274	)		(955,770	)
Change in net assets resulting from Class R6 capital transactions		99,907			(387,195	)		196,988			(318,154	)
Total change in net assets resulting from capital transactions	$	(101,060	)	$	(1,651,982	)	$	63,222		$	(1,557,402	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 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, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
SHARE TRANSACTIONS:
Class A
Issued		3,320			8,831			3,631			8,980
Reinvested		5,368			2,760			5,804			2,640
Redeemed		(12,480	)		(32,242	)		(12,015	)		(34,505	)
Change in Class A Shares		(3,792	)		(20,651	)		(2,580	)		(22,885	)
Class C
Issued		110			238			51			154
Reinvested		142			52			107			39
Redeemed		(190	)		(723	)		(105	)		(674	)
Change in Class C Shares		62			(433	)		53			(481	)
Class I
Issued		1,000			3,854			1,419			4,151
Reinvested		1,714			1,091			2,122			1,074
Redeemed		(5,155	)		(21,133	)		(6,031	)		(19,150	)
Change in Class I Shares		(2,441	)		(16,188	)		(2,490	)		(13,925	)
Class R2
Issued		506			1,574			694			1,845
Reinvested		960			440			1,287			498
Redeemed		(1,683	)		(5,176	)		(1,769	)		(5,625	)
Change in Class R2 Shares		(217	)		(3,162	)		212			(3,282	)
Class R3
Issued		178			507			260			793
Reinvested		131			76			324			128
Redeemed		(498	)		(1,311	)		(516	)		(1,358	)
Change in Class R3 Shares		(189	)		(728	)		68			(437	)
Class R4
Issued		23			601			145			670
Reinvested		71			98			103			101
Redeemed		(302	)		(2,094	)		(293	)		(2,252	)
Change in Class R4 Shares		(208	)		(1,395	)		(45	)		(1,481	)
Class R5
Issued		4,629			9,223			5,109			10,271
Reinvested		7,748			4,122			9,329			4,170
Redeemed		(14,163	)		(37,066	)		(14,232	)		(32,893	)
Change in Class R5 Shares		(1,786	)		(23,721	)		206			(18,452	)
Class R6
Issued		11,403			24,640			12,771			25,992
Reinvested		11,661			5,376			12,256			4,964
Redeemed		(17,151	)		(50,000	)		(15,210	)		(46,347	)
Change in Class R6 Shares		5,913			(19,984	)		9,817			(15,391	)

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN SMARTRETIREMENT^® FUNDS DECEMBER 31, 2021

	JPMorgan SmartRetirement® 2035 Fund						JPMorgan SmartRetirement® 2040 Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	70,700		$	149,808		$	69,273		$	149,150
Distributions reinvested		133,609			49,367			133,092			48,243
Cost of shares redeemed		(245,258	)		(498,110	)		(209,858	)		(540,345	)
Change in net assets resulting from Class A capital transactions		(40,949	)		(298,935	)		(7,493	)		(342,952	)
Class C
Proceeds from shares issued		1,439			2,477			1,280			2,167
Distributions reinvested		1,939			538			2,403			648
Cost of shares redeemed		(2,095	)		(8,893	)		(1,858	)		(7,768	)
Change in net assets resulting from Class C capital transactions		1,283			(5,878	)		1,825			(4,953	)
Class I
Proceeds from shares issued		21,792			63,851			24,860			65,661
Distributions reinvested		40,134			18,693			52,853			20,779
Cost of shares redeemed		(100,451	)		(330,141	)		(126,394	)		(256,388	)
Change in net assets resulting from Class I capital transactions		(38,525	)		(247,597	)		(48,681	)		(169,948	)
Class R2
Proceeds from shares issued		12,700			36,972			12,755			29,819
Distributions reinvested		29,522			9,339			28,132			8,734
Cost of shares redeemed		(33,774	)		(105,010	)		(31,294	)		(91,896	)
Change in net assets resulting from Class R2 capital transactions		8,448			(58,699	)		9,593			(53,343	)
Class R3
Proceeds from shares issued		4,492			14,223			4,270			13,440
Distributions reinvested		4,710			1,682			8,644			2,737
Cost of shares redeemed		(13,561	)		(23,397	)		(9,223	)		(24,767	)
Change in net assets resulting from Class R3 capital transactions		(4,359	)		(7,492	)		3,691			(8,590	)
Class R4
Proceeds from shares issued		676			10,782			1,587			8,597
Distributions reinvested		2,252			2,288			1,805			1,981
Cost of shares redeemed		(8,509	)		(44,939	)		(6,194	)		(39,792	)
Change in net assets resulting from Class R4 capital transactions		(5,581	)		(31,869	)		(2,802	)		(29,214	)
Class R5
Proceeds from shares issued		100,142			182,206			91,731			180,251
Distributions reinvested		190,322			71,746			231,038			79,972
Cost of shares redeemed		(250,490	)		(599,721	)		(251,612	)		(537,704	)
Change in net assets resulting from Class R5 capital transactions		39,974			(345,769	)		71,157			(277,481	)
Class R6
Proceeds from shares issued		259,881			471,631			260,633			432,971
Distributions reinvested		325,459			102,553			312,197			99,225
Cost of shares redeemed		(282,827	)		(837,225	)		(295,838	)		(800,662	)
Change in net assets resulting from Class R6 capital transactions		302,513			(263,041	)		276,992			(268,466	)
Total change in net assets resulting from capital transactions	$	262,804		$	(1,259,280	)	$	304,282		$	(1,154,947	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 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, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
SHARE TRANSACTIONS:
Class A
Issued		3,029			6,937			2,711			6,398
Reinvested		6,302			2,276			5,777			2,073
Redeemed		(10,244	)		(23,200	)		(8,049	)		(23,401	)
Change in Class A Shares		(913	)		(13,987	)		439			(14,930	)
Class C
Issued		62			117			51			95
Reinvested		93			25			107			28
Redeemed		(91	)		(427	)		(74	)		(348	)
Change in Class C Shares		64			(285	)		84			(225	)
Class I
Issued		913			2,944			959			2,794
Reinvested		1,878			857			2,283			889
Redeemed		(4,198	)		(15,367	)		(4,847	)		(11,212	)
Change in Class I Shares		(1,407	)		(11,566	)		(1,605	)		(7,529	)
Class R2
Issued		540			1,710			504			1,274
Reinvested		1,400			433			1,232			379
Redeemed		(1,434	)		(4,855	)		(1,228	)		(3,985	)
Change in Class R2 Shares		506			(2,712	)		508			(2,332	)
Class R3
Issued		196			669			170			590
Reinvested		223			78			377			118
Redeemed		(575	)		(1,093	)		(358	)		(1,076	)
Change in Class R3 Shares		(156	)		(346	)		189			(368	)
Class R4
Issued		27			492			61			364
Reinvested		106			105			78			85
Redeemed		(350	)		(1,945	)		(234	)		(1,599	)
Change in Class R4 Shares		(217	)		(1,348	)		(95	)		(1,150	)
Class R5
Issued		4,275			8,312			3,596			7,631
Reinvested		8,894			3,284			9,939			3,409
Redeemed		(10,595	)		(27,202	)		(9,786	)		(22,667	)
Change in Class R5 Shares		2,574			(15,606	)		3,749			(11,627	)
Class R6
Issued		11,081			21,552			10,194			18,408
Reinvested		15,208			4,688			13,429			4,228
Redeemed		(11,925	)		(38,255	)		(11,458	)		(33,901	)
Change in Class R6 Shares		14,364			(12,015	)		12,165			(11,265	)

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN SMARTRETIREMENT^® FUNDS DECEMBER 31, 2021

	JPMorgan SmartRetirement® 2045 Fund						JPMorgan SmartRetirement® 2050 Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	57,591		$	126,279		$	60,095		$	129,862
Distributions reinvested		98,607			33,006			75,093			27,608
Cost of shares redeemed		(165,837	)		(362,544	)		(147,847	)		(394,929	)
Change in net assets resulting from Class A capital transactions		(9,639	)		(203,259	)		(12,659	)		(237,459	)
Class C
Proceeds from shares issued		518			1,658			847			1,943
Distributions reinvested		1,330			400			1,390			355
Cost of shares redeemed		(1,954	)		(5,926	)		(1,186	)		(6,123	)
Change in net assets resulting from Class C capital transactions		(106	)		(3,868	)		1,051			(3,825	)
Class I
Proceeds from shares issued		17,029			47,633			24,315			63,496
Distributions reinvested		29,593			14,231			37,046			14,988
Cost of shares redeemed		(117,719	)		(218,038	)		(115,300	)		(189,213	)
Change in net assets resulting from Class I capital transactions		(71,097	)		(156,174	)		(53,939	)		(110,729	)
Class R2
Proceeds from shares issued		10,808			26,524			10,959			25,996
Distributions reinvested		21,711			6,428			19,449			5,732
Cost of shares redeemed		(30,930	)		(72,374	)		(23,134	)		(71,094	)
Change in net assets resulting from Class R2 capital transactions		1,589			(39,422	)		7,274			(39,366	)
Class R3
Proceeds from shares issued		3,575			8,395			3,563			9,649
Distributions reinvested		3,177			1,098			3,657			1,231
Cost of shares redeemed		(8,435	)		(17,164	)		(7,345	)		(15,603	)
Change in net assets resulting from Class R3 capital transactions		(1,683	)		(7,671	)		(125	)		(4,723	)
Class R4
Proceeds from shares issued		775			7,064			1,338			6,482
Distributions reinvested		1,109			1,197			1,217			1,164
Cost of shares redeemed		(5,270	)		(26,449	)		(3,952	)		(26,069	)
Change in net assets resulting from Class R4 capital transactions		(3,386	)		(18,188	)		(1,397	)		(18,423	)
Class R5
Proceeds from shares issued		86,535			165,568			96,456			187,302
Distributions reinvested		146,085			50,155			156,722			49,901
Cost of shares redeemed		(179,676	)		(468,426	)		(162,528	)		(396,379	)
Change in net assets resulting from Class R5 capital transactions		52,944			(252,703	)		90,650			(159,176	)
Class R6
Proceeds from shares issued		217,776			382,367			195,449			362,898
Distributions reinvested		241,020			69,093			190,661			56,660
Cost of shares redeemed		(219,404	)		(645,011	)		(198,676	)		(591,778	)
Change in net assets resulting from Class R6 capital transactions		239,392			(193,551	)		187,434			(172,220	)
Total change in net assets resulting from capital transactions	$	208,014		$	(874,836	)	$	218,289		$	(745,921	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 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, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
SHARE TRANSACTIONS:
Class A
Issued		2,265			5,555			2,351			5,690
Reinvested		4,267			1,450			3,226			1,207
Redeemed		(6,405	)		(16,028	)		(5,694	)		(17,311	)
Change in Class A Shares		127			(9,023	)		(117	)		(10,414	)
Class C
Issued		20			74			34			85
Reinvested		59			18			61			16
Redeemed		(78	)		(271	)		(48	)		(284	)
Change in Class C Shares		1			(179	)		47			(183	)
Class I
Issued		667			2,085			938			2,759
Reinvested		1,273			622			1,582			651
Redeemed		(4,562	)		(9,645	)		(4,438	)		(8,304	)
Change in Class I Shares		(2,622	)		(6,938	)		(1,918	)		(4,894	)
Class R2
Issued		430			1,163			431			1,144
Reinvested		947			285			843			253
Redeemed		(1,220	)		(3,201	)		(916	)		(3,145	)
Change in Class R2 Shares		157			(1,753	)		358			(1,748	)
Class R3
Issued		142			375			141			433
Reinvested		138			48			158			54
Redeemed		(330	)		(750	)		(285	)		(688	)
Change in Class R3 Shares		(50	)		(327	)		14			(201	)
Class R4
Issued		31			310			51			280
Reinvested		48			53			52			51
Redeemed		(200	)		(1,082	)		(148	)		(1,048	)
Change in Class R4 Shares		(121	)		(719	)		(45	)		(717	)
Class R5
Issued		3,413			7,172			3,790			8,064
Reinvested		6,273			2,190			6,675			2,164
Redeemed		(7,074	)		(20,090	)		(6,302	)		(17,023	)
Change in Class R5 Shares		2,612			(10,728	)		4,163			(6,795	)
Class R6
Issued		8,584			16,575			7,620			15,708
Reinvested		10,349			3,014			8,114			2,454
Redeemed		(8,599	)		(27,880	)		(7,708	)		(25,307	)
Change in Class R6 Shares		10,334			(8,291	)		8,026			(7,145	)

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN SMARTRETIREMENT^® FUNDS DECEMBER 31, 2021

	JPMorgan SmartRetirement® 2055 Fund						JPMorgan SmartRetirement® 2060 Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	46,551		$	102,988		$	13,412		$	27,984
Distributions reinvested		32,279			12,790			3,727			1,624
Cost of shares redeemed		(103,212	)		(198,254	)		(18,514	)		(38,547	)
Change in net assets resulting from Class A capital transactions		(24,382	)		(82,476	)		(1,375	)		(8,939	)
Class C
Proceeds from shares issued		334			805			929			578
Distributions reinvested		744			208			183			38
Cost of shares redeemed		(354	)		(1,600	)		(119	)		(328	)
Change in net assets resulting from Class C capital transactions		724			(587	)		993			288
Class I
Proceeds from shares issued		13,870			41,365			8,178			25,524
Distributions reinvested		12,722			6,219			2,331			1,278
Cost of shares redeemed		(65,897	)		(96,167	)		(30,725	)		(11,837	)
Change in net assets resulting from Class I capital transactions		(39,305	)		(48,583	)		(20,216	)		14,965
Class R2
Proceeds from shares issued		10,304			22,527			1,902			3,959
Distributions reinvested		10,856			3,518			778			258
Cost of shares redeemed		(21,121	)		(40,183	)		(2,299	)		(2,378	)
Change in net assets resulting from Class R2 capital transactions		39			(14,138	)		381			1,839
Class R3
Proceeds from shares issued		2,242			5,366			1,755			4,144
Distributions reinvested		1,175			441			565			198
Cost of shares redeemed		(4,714	)		(8,190	)		(1,939	)		(3,018	)
Change in net assets resulting from Class R3 capital transactions		(1,297	)		(2,383	)		381			1,324
Class R4
Proceeds from shares issued		305			3,795			209			749
Distributions reinvested		278			421			56			59
Cost of shares redeemed		(2,054	)		(11,835	)		(801	)		(1,229	)
Change in net assets resulting from Class R4 capital transactions		(1,471	)		(7,619	)		(536	)		(421	)
Class R5
Proceeds from shares issued		68,015			142,692			28,975			52,131
Distributions reinvested		61,925			21,497			8,518			2,680
Cost of shares redeemed		(74,538	)		(225,366	)		(19,432	)		(40,411	)
Change in net assets resulting from Class R5 capital transactions		55,402			(61,177	)		18,061			14,400
Class R6
Proceeds from shares issued		136,007			245,506			74,272			124,843
Distributions reinvested		87,136			25,976			20,668			5,886
Cost of shares redeemed		(86,975	)		(288,029	)		(31,185	)		(87,307	)
Change in net assets resulting from Class R6 capital transactions		136,168			(16,547	)		63,755			43,422
Total change in net assets resulting from capital transactions	$	125,878		$	(233,510	)	$	61,444		$	66,878

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 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, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
SHARE TRANSACTIONS:
Class A
Issued		1,565			3,915			564			1,340
Reinvested		1,157			484			163			77
Redeemed		(3,443	)		(7,516	)		(779	)		(1,852	)
Change in Class A Shares		(721	)		(3,117	)		(52	)		(435	)
Class C
Issued		11			31			39			27
Reinvested		27			8			8			2
Redeemed		(12	)		(62	)		(5	)		(16	)
Change in Class C Shares		26			(23	)		42			13
Class I
Issued		463			1,568			342			1,207
Reinvested		454			234			102			61
Redeemed		(2,201	)		(3,691	)		(1,294	)		(558	)
Change in Class I Shares		(1,284	)		(1,889	)		(850	)		710
Class R2
Issued		348			856			81			189
Reinvested		392			134			34			12
Redeemed		(709	)		(1,522	)		(97	)		(111	)
Change in Class R2 Shares		31			(532	)		18			90
Class R3
Issued		77			206			74			201
Reinvested		42			17			25			9
Redeemed		(159	)		(315	)		(82	)		(143	)
Change in Class R3 Shares		(40	)		(92	)		17			67
Class R4
Issued		10			141			8			36
Reinvested		10			16			3			3
Redeemed		(67	)		(413	)		(33	)		(58	)
Change in Class R4 Shares		(47	)		(256	)		(22	)		(19	)
Class R5
Issued		2,279			5,360			1,216			2,450
Reinvested		2,210			809			372			127
Redeemed		(2,493	)		(8,329	)		(814	)		(1,858	)
Change in Class R5 Shares		1,996			(2,160	)		774			719
Class R6
Issued		4,555			9,180			3,117			5,876
Reinvested		3,107			976			901			279
Redeemed		(2,915	)		(10,829	)		(1,308	)		(4,120	)
Change in Class R6 Shares		4,747			(673	)		2,710			2,035

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN SMARTRETIREMENT^® FUNDS DECEMBER 31, 2021

THIS PAGE IS INTENTIONALLY LEFT BLANK

DECEMBER 31, 2021 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, 2021 (Unaudited)	$	17.87	$	0.20		$	0.13	$	0.33	$	(0.27	)	$	(1.42	)	$	(1.69	)
Year Ended June 30, 2021		16.21		0.30			2.14		2.44		(0.37	)		(0.41	)		(0.78	)
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	)
Class C
Six Months Ended December 31, 2021 (Unaudited)		17.79		0.14			0.13		0.27		(0.21	)		(1.42	)		(1.63	)
Year Ended June 30, 2021		16.13		0.19			2.13		2.32		(0.25	)		(0.41	)		(0.66	)
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	)
Class I
Six Months Ended December 31, 2021 (Unaudited)		17.91		0.21			0.14		0.35		(0.28	)		(1.42	)		(1.70	)
Year Ended June 30, 2021		16.24		0.32			2.15		2.47		(0.39	)		(0.41	)		(0.80	)
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	)
Class R2
Six Months Ended December 31, 2021 (Unaudited)		17.82		0.16			0.14		0.30		(0.23	)		(1.42	)		(1.65	)
Year Ended June 30, 2021		16.17		0.23			2.12		2.35		(0.29	)		(0.41	)		(0.70	)
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	)
Class R3
Six Months Ended December 31, 2021 (Unaudited)		17.78		0.18			0.14		0.32		(0.25	)		(1.42	)		(1.67	)
Year Ended June 30, 2021		16.14		0.28			2.11		2.39		(0.34	)		(0.41	)		(0.75	)
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, 2021 (Unaudited)		17.89		0.20			0.14		0.34		(0.28	)		(1.42	)		(1.70	)
Year Ended June 30, 2021		16.21		0.31			2.15		2.46		(0.37	)		(0.41	)		(0.78	)
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, 2021 (Unaudited)		17.94		0.22			0.14		0.36		(0.29	)		(1.42	)		(1.71	)
Year Ended June 30, 2021		16.28		0.35			2.13		2.48		(0.41	)		(0.41	)		(0.82	)
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	)
Class R6
Six Months Ended December 31, 2021 (Unaudited)		17.94		0.23			0.14		0.37		(0.30	)		(1.42	)		(1.72	)
Year Ended June 30, 2021		16.28		0.36			2.14		2.50		(0.43	)		(0.41	)		(0.84	)
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	)

(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.

70 J.P. MORGAN SMARTRETIREMENT^® FUNDS DECEMBER 31, 2021

		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)
$	16.51		1.88	%	$	525,033		0.34	%		2.19	%		0.54	%		5	%
	17.87		15.27			580,693		0.32			1.76			0.53			32
	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
	16.43		1.57			9,951		0.97			1.55			1.03			5
	17.79		14.58			11,547		0.95			1.11			1.03			32
	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
	16.56		2.00			121,179		0.22			2.31			0.27			5
	17.91		15.43			143,855		0.20			1.84			0.27			32
	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
	16.47		1.73			66,198		0.75			1.78			0.78			5
	17.82		14.74			73,969		0.75			1.34			0.78			32
	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
	16.43		1.87			14,312		0.50			2.02			0.53			5
	17.78		15.01			15,618		0.50			1.60			0.52			32
	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
	16.53		1.92			4,574		0.25			2.27			0.27			5
	17.89		15.38			5,349		0.25			1.82			0.27			32
	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
	16.59		2.05			468,123		0.10			2.42			0.12			5
	17.94		15.47			549,434		0.10			1.99			0.12			32
	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
	16.59		2.11			670,830		0.00			2.55			0.02			5
	17.94		15.59			734,126		0.00			2.08			0.02			32
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 J.P. MORGAN SMARTRETIREMENT^® FUNDS 71

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® 2020 Fund
Class A
Six Months Ended December 31, 2021 (Unaudited)	$	18.97	$	0.20		$	0.14	$	0.34	$	(0.28	)	$	(1.92	)	$	(2.20	)
Year Ended June 30, 2021		17.14		0.31			2.38		2.69		(0.38	)		(0.48	)		(0.86	)
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	)
Class C
Six Months Ended December 31, 2021 (Unaudited)		18.87		0.15			0.14		0.29		(0.22	)		(1.92	)		(2.14	)
Year Ended June 30, 2021		17.05		0.19			2.37		2.56		(0.26	)		(0.48	)		(0.74	)
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	)
Class I
Six Months Ended December 31, 2021 (Unaudited)		19.05		0.22			0.13		0.35		(0.29	)		(1.92	)		(2.21	)
Year Ended June 30, 2021		17.21		0.33			2.39		2.72		(0.40	)		(0.48	)		(0.88	)
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	)
Class R2
Six Months Ended December 31, 2021 (Unaudited)		18.90		0.17			0.14		0.31		(0.25	)		(1.92	)		(2.17	)
Year Ended June 30, 2021		17.08		0.24			2.37		2.61		(0.31	)		(0.48	)		(0.79	)
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	)
Class R3
Six Months Ended December 31, 2021 (Unaudited)		18.87		0.19			0.14		0.33		(0.27	)		(1.92	)		(2.19	)
Year Ended June 30, 2021		17.06		0.29			2.36		2.65		(0.36	)		(0.48	)		(0.84	)
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, 2021 (Unaudited)		19.01		0.23			0.12		0.35		(0.29	)		(1.92	)		(2.21	)
Year Ended June 30, 2021		17.16		0.34			2.38		2.72		(0.39	)		(0.48	)		(0.87	)
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, 2021 (Unaudited)		19.07		0.23			0.15		0.38		(0.31	)		(1.92	)		(2.23	)
Year Ended June 30, 2021		17.23		0.36			2.39		2.75		(0.43	)		(0.48	)		(0.91	)
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	)
Class R6
Six Months Ended December 31, 2021 (Unaudited)		19.08		0.25			0.13		0.38		(0.32	)		(1.92	)		(2.24	)
Year Ended June 30, 2021		17.23		0.38			2.40		2.78		(0.45	)		(0.48	)		(0.93	)
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	)

(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, 2021

		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)
$	17.11		1.88	%	$	608,215		0.40	%		2.12	%		0.52	%		6	%
	18.97		15.90			723,758		0.38			1.68			0.52			33
	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
	17.02		1.64			13,623		1.00			1.53			1.03			6
	18.87		15.18			15,662		0.98			1.04			1.02			33
	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
	17.19		1.94			222,854		0.25			2.28			0.27			6
	19.05		16.06			279,318		0.23			1.80			0.26			33
	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
	17.04		1.71			117,750		0.75			1.81			0.77			6
	18.90		15.48			132,238		0.75			1.32			0.77			33
	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
	17.01		1.84			32,725		0.50			2.06			0.52			6
	18.87		15.74			36,610		0.50			1.57			0.51			33
	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
	17.15		1.94			8,078		0.25			2.37			0.27			6
	19.01		16.11			10,965		0.25			1.83			0.26			33
	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
	17.22		2.07			907,987		0.10			2.45			0.12			6
	19.07		16.22			1,039,921		0.10			1.97			0.11			33
	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
	17.22		2.06			1,176,549		0.00			2.57			0.02			6
	19.08		16.40			1,294,883		0.00			2.07			0.01			33
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 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, 2021 (Unaudited)	$	20.09	$	0.21		$	0.31	$	0.52	$	(0.34	)	$	(1.80	)	$	(2.14	)
Year Ended June 30, 2021		17.34		0.29			3.31		3.60		(0.36	)		(0.49	)		(0.85	)
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	)
Class C
Six Months Ended December 31, 2021 (Unaudited)		20.01		0.16			0.29		0.45		(0.28	)		(1.80	)		(2.08	)
Year Ended June 30, 2021		17.27		0.17			3.31		3.48		(0.25	)		(0.49	)		(0.74	)
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	)
Class I
Six Months Ended December 31, 2021 (Unaudited)		20.15		0.23			0.31		0.54		(0.36	)		(1.80	)		(2.16	)
Year Ended June 30, 2021		17.39		0.32			3.32		3.64		(0.39	)		(0.49	)		(0.88	)
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	)
Class R2
Six Months Ended December 31, 2021 (Unaudited)		20.01		0.18			0.30		0.48		(0.31	)		(1.80	)		(2.11	)
Year Ended June 30, 2021		17.27		0.22			3.30		3.52		(0.29	)		(0.49	)		(0.78	)
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	)
Class R3
Six Months Ended December 31, 2021 (Unaudited)		20.01		0.20			0.30		0.50		(0.33	)		(1.80	)		(2.13	)
Year Ended June 30, 2021		17.27		0.27			3.30		3.57		(0.34	)		(0.49	)		(0.83	)
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, 2021 (Unaudited)		20.11		0.22			0.30		0.52		(0.35	)		(1.80	)		(2.15	)
Year Ended June 30, 2021		17.34		0.32			3.32		3.64		(0.38	)		(0.49	)		(0.87	)
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, 2021 (Unaudited)		20.18		0.25			0.29		0.54		(0.37	)		(1.80	)		(2.17	)
Year Ended June 30, 2021		17.41		0.35			3.33		3.68		(0.42	)		(0.49	)		(0.91	)
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	)
Class R6
Six Months Ended December 31, 2021 (Unaudited)		20.18		0.26			0.30		0.56		(0.38	)		(1.80	)		(2.18	)
Year Ended June 30, 2021		17.41		0.37			3.33		3.70		(0.44	)		(0.49	)		(0.93	)
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	)

(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, 2021

		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)
$	18.47		2.69	%	$	984,847		0.43	%		2.05	%		0.52	%		7	%
	20.09		21.06			1,147,634		0.41			1.52			0.52			32
	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
	18.38		2.37			25,980		1.00			1.54			1.03			7
	20.01		20.39			27,048		1.00			0.91			1.02			32
	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
	18.53		2.77			303,568		0.25			2.24			0.27			7
	20.15		21.25			379,329		0.25			1.66			0.26			32
	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
	18.38		2.49			172,469		0.75			1.76			0.77			7
	20.01		20.68			192,084		0.75			1.18			0.77			32
	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
	18.38		2.62			29,873		0.50			1.97			0.52			7
	20.01		21.00			36,301		0.50			1.44			0.52			32
	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
	18.48		2.72			12,321		0.25			2.15			0.27			7
	20.11		21.32			17,587		0.25			1.69			0.26			32
	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
	18.55		2.80			1,383,115		0.10			2.42			0.11			7
	20.18		21.48			1,540,051		0.10			1.84			0.11			32
	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
	18.56		2.90			2,167,053		0.00			2.56			0.01			7
	20.18		21.61			2,237,064		0.00			1.94			0.01			32
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 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, 2021 (Unaudited)	$	21.89	$	0.23		$	0.48		$	0.71	$	(0.40	)	$	(1.95	)	$	(2.35	)
Year Ended June 30, 2021		18.17		0.28			4.27			4.55		(0.34	)		(0.49	)		(0.83	)
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	)
Class C
Six Months Ended December 31, 2021 (Unaudited)		21.64		0.17			0.47			0.64		(0.34	)		(1.95	)		(2.29	)
Year Ended June 30, 2021		17.96		0.15			4.24			4.39		(0.22	)		(0.49	)		(0.71	)
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	)
Class I
Six Months Ended December 31, 2021 (Unaudited)		21.97		0.25			0.48			0.73		(0.42	)		(1.95	)		(2.37	)
Year Ended June 30, 2021		18.22		0.31			4.30			4.61		(0.37	)		(0.49	)		(0.86	)
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	)
Class R2
Six Months Ended December 31, 2021 (Unaudited)		21.80		0.20			0.47			0.67		(0.37	)		(1.95	)		(2.32	)
Year Ended June 30, 2021		18.09		0.21			4.26			4.47		(0.27	)		(0.49	)		(0.76	)
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	)
Class R3
Six Months Ended December 31, 2021 (Unaudited)		21.80		0.23			0.47			0.70		(0.39	)		(1.95	)		(2.34	)
Year Ended June 30, 2021		18.10		0.26			4.26			4.52		(0.33	)		(0.49	)		(0.82	)
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, 2021 (Unaudited)		21.93		0.25			0.48			0.73		(0.42	)		(1.95	)		(2.37	)
Year Ended June 30, 2021		18.18		0.31			4.29			4.60		(0.36	)		(0.49	)		(0.85	)
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, 2021 (Unaudited)		22.04		0.27			0.48			0.75		(0.44	)		(1.95	)		(2.39	)
Year Ended June 30, 2021		18.28		0.34			4.32			4.66		(0.41	)		(0.49	)		(0.90	)
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	)
Class R6
Six Months Ended December 31, 2021 (Unaudited)		22.03		0.29			0.47			0.76		(0.45	)		(1.95	)		(2.40	)
Year Ended June 30, 2021		18.27		0.37			4.31			4.68		(0.43	)		(0.49	)		(0.92	)
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	)

(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, 2021

		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)
$	20.25		3.35	%	$	1,159,710		0.43	%		2.07	%		0.52	%		8	%
	21.89		25.39			1,310,223		0.41			1.35			0.52			38
	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
	19.99		3.05			21,719		1.00			1.55			1.03			8
	21.64		24.72			22,367		1.00			0.76			1.03			38
	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
	20.33		3.43			411,100		0.25			2.26			0.26			8
	21.97		25.69			498,963		0.25			1.50			0.26			38
	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
	20.15		3.15			249,712		0.75			1.80			0.77			8
	21.80		25.04			265,500		0.75			1.02			0.76			38
	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
	20.16		3.33			69,193		0.50			2.06			0.51			8
	21.80		25.30			73,364		0.50			1.30			0.51			38
	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
	20.29		3.44			19,832		0.25			2.29			0.27			8
	21.93		25.69			22,446		0.25			1.53			0.26			38
	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
	20.40		3.49			1,835,546		0.10			2.45			0.11			8
	22.04		25.86			1,978,329		0.10			1.68			0.11			38
	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
	20.39		3.54			2,523,799		0.00			2.59			0.01			8
	22.03		26.00			2,510,192		0.00			1.78			0.01			38
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 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, 2021 (Unaudited)	$	23.65	$	0.26		$	0.62		$	0.88	$	(0.48	)	$	(3.01	)	$	(3.49	)
Year Ended June 30, 2021		18.76		0.28			5.60			5.88		(0.35	)		(0.64	)		(0.99	)
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	)
Class C
Six Months Ended December 31, 2021 (Unaudited)		23.41		0.20			0.59			0.79		(0.43	)		(3.01	)		(3.44	)
Year Ended June 30, 2021		18.59		0.15			5.54			5.69		(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	)
Class I
Six Months Ended December 31, 2021 (Unaudited)		23.80		0.29			0.61			0.90		(0.50	)		(3.01	)		(3.51	)
Year Ended June 30, 2021		18.87		0.32			5.63			5.95		(0.38	)		(0.64	)		(1.02	)
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	)
Class R2
Six Months Ended December 31, 2021 (Unaudited)		23.57		0.23			0.60			0.83		(0.45	)		(3.01	)		(3.46	)
Year Ended June 30, 2021		18.70		0.21			5.57			5.78		(0.27	)		(0.64	)		(0.91	)
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	)
Class R3
Six Months Ended December 31, 2021 (Unaudited)		23.54		0.26			0.60			0.86		(0.47	)		(3.01	)		(3.48	)
Year Ended June 30, 2021		18.68		0.27			5.56			5.83		(0.33	)		(0.64	)		(0.97	)
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, 2021 (Unaudited)		23.75		0.27			0.64			0.91		(0.50	)		(3.01	)		(3.51	)
Year Ended June 30, 2021		18.83		0.33			5.60			5.93		(0.37	)		(0.64	)		(1.01	)
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, 2021 (Unaudited)		23.81		0.32			0.61			0.93		(0.52	)		(3.01	)		(3.53	)
Year Ended June 30, 2021		18.89		0.36			5.62			5.98		(0.42	)		(0.64	)		(1.06	)
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	)
Class R6
Six Months Ended December 31, 2021 (Unaudited)		23.81		0.34			0.60			0.94		(0.53	)		(3.01	)		(3.54	)
Year Ended June 30, 2021		18.89		0.38			5.62			6.00		(0.44	)		(0.64	)		(1.08	)
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	)

(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, 2021

		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		3.88	%	$	966,152		0.43	%		2.21	%		0.52	%		13	%
	23.65		31.88			1,107,857		0.42			1.31			0.52			35
	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
	20.76		3.54			13,698		1.00			1.73			1.03			13
	23.41		31.12			13,950		1.00			0.69			1.03			35
	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
	21.19		3.94			277,994		0.25			2.43			0.26			13
	23.80		32.11			345,692		0.25			1.47			0.26			35
	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
	20.94		3.66			205,872		0.75			1.97			0.77			13
	23.57		31.43			219,749		0.75			0.97			0.76			35
	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
	20.92		3.81			38,892		0.50			2.15			0.52			13
	23.54		31.77			47,424		0.50			1.25			0.52			35
	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
	21.15		3.98			15,571		0.25			2.21			0.27			13
	23.75		32.07			22,627		0.25			1.51			0.26			35
	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
	21.21		4.05			1,351,402		0.10			2.63			0.11			13
	23.81		32.23			1,456,188		0.10			1.65			0.11			35
	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
	21.21		4.11			2,370,485		0.00			2.80			0.01			13
	23.81		32.37			2,319,866		0.00			1.73			0.01			35
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 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, 2021 (Unaudited)	$	25.76	$	0.29		$	0.77		$	1.06	$	(0.55	)	$	(3.41	)	$	(3.96	)
Year Ended June 30, 2021		19.90		0.28			6.68			6.96		(0.34	)		(0.76	)		(1.10	)
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	)
Class C
Six Months Ended December 31, 2021 (Unaudited)		25.26		0.22			0.74			0.96		(0.51	)		(3.41	)		(3.92	)
Year Ended June 30, 2021		19.58		0.13			6.55			6.68		(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	)
Class I
Six Months Ended December 31, 2021 (Unaudited)		25.85		0.32			0.77			1.09		(0.57	)		(3.41	)		(3.98	)
Year Ended June 30, 2021		19.97		0.31			6.71			7.02		(0.38	)		(0.76	)		(1.14	)
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	)
Class R2
Six Months Ended December 31, 2021 (Unaudited)		25.59		0.26			0.76			1.02		(0.53	)		(3.41	)		(3.94	)
Year Ended June 30, 2021		19.79		0.20			6.62			6.82		(0.26	)		(0.76	)		(1.02	)
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	)
Class R3
Six Months Ended December 31, 2021 (Unaudited)		25.66		0.29			0.75			1.04		(0.54	)		(3.41	)		(3.95	)
Year Ended June 30, 2021		19.83		0.27			6.64			6.91		(0.32	)		(0.76	)		(1.08	)
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, 2021 (Unaudited)		25.81		0.29			0.79			1.08		(0.57	)		(3.41	)		(3.98	)
Year Ended June 30, 2021		19.93		0.33			6.67			7.00		(0.36	)		(0.76	)		(1.12	)
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, 2021 (Unaudited)		25.93		0.35			0.76			1.11		(0.59	)		(3.41	)		(4.00	)
Year Ended June 30, 2021		20.03		0.35			6.72			7.07		(0.41	)		(0.76	)		(1.17	)
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	)
Class R6
Six Months Ended December 31, 2021 (Unaudited)		25.93		0.37			0.75			1.12		(0.60	)		(3.41	)		(4.01	)
Year Ended June 30, 2021		20.03		0.38			6.72			7.10		(0.44	)		(0.76	)		(1.20	)
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	)

(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, 2021

		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)
$	22.86		4.30	%	$	918,983		0.43	%		2.22	%		0.52	%		13	%
	25.76		35.63			1,024,243		0.42			1.19			0.52			33
	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
	22.30		4.01			15,943		1.00			1.74			1.03			13
	25.26		34.75			15,949		1.00			0.58			1.04			33
	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
	22.96		4.41			351,750		0.25			2.43			0.26			13
	25.85		35.83			437,592		0.25			1.32			0.26			33
	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
	22.67		4.17			188,465		0.75			1.97			0.77			13
	25.59		35.12			199,824		0.75			0.86			0.77			33
	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
	22.75		4.26			62,332		0.50			2.26			0.52			13
	25.66		35.52			65,461		0.50			1.15			0.51			33
	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
	22.91		4.38			12,001		0.25			2.22			0.27			13
	25.81		35.83			15,979		0.25			1.43			0.26			33
	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
	23.04		4.48			1,568,935		0.10			2.64			0.11			13
	25.93		36.03			1,668,542		0.10			1.51			0.11			33
	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
	23.04		4.53			2,205,480		0.00			2.81			0.01			13
	25.93		36.17			2,166,737		0.00			1.61			0.01			33
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 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, 2021 (Unaudited)	$	25.52	$	0.28		$	0.90		$	1.18	$	(0.59	)	$	(3.18	)	$	(3.77	)
Year Ended June 30, 2021		19.19		0.24			7.07			7.31		(0.30	)		(0.68	)		(0.98	)
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	)
Class C
Six Months Ended December 31, 2021 (Unaudited)		25.12		0.20			0.88			1.08		(0.55	)		(3.18	)		(3.73	)
Year Ended June 30, 2021		18.96		0.10			6.98			7.08		(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	)
Class I
Six Months Ended December 31, 2021 (Unaudited)		25.63		0.31			0.89			1.20		(0.60	)		(3.18	)		(3.78	)
Year Ended June 30, 2021		19.27		0.28			7.09			7.37		(0.33	)		(0.68	)		(1.01	)
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	)
Class R2
Six Months Ended December 31, 2021 (Unaudited)		25.37		0.25			0.86			1.11		(0.57	)		(3.18	)		(3.75	)
Year Ended June 30, 2021		19.10		0.16			7.04			7.20		(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	)
Class R3
Six Months Ended December 31, 2021 (Unaudited)		25.42		0.28			0.88			1.16		(0.59	)		(3.18	)		(3.77	)
Year Ended June 30, 2021		19.12		0.23			7.03			7.26		(0.28	)		(0.68	)		(0.96	)
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, 2021 (Unaudited)		25.58		0.26			0.94			1.20		(0.60	)		(3.18	)		(3.78	)
Year Ended June 30, 2021		19.22		0.29			7.07			7.36		(0.32	)		(0.68	)		(1.00	)
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, 2021 (Unaudited)		25.66		0.34			0.88			1.22		(0.61	)		(3.18	)		(3.79	)
Year Ended June 30, 2021		19.29		0.32			7.10			7.42		(0.37	)		(0.68	)		(1.05	)
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	)
Class R6
Six Months Ended December 31, 2021 (Unaudited)		25.65		0.36			0.88			1.24		(0.62	)		(3.18	)		(3.80	)
Year Ended June 30, 2021		19.28		0.34			7.10			7.44		(0.39	)		(0.68	)		(1.07	)
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	)

(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, 2021

		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)
$	22.93		4.82	%	$	716,066		0.43	%		2.20	%		0.52	%		15	%
	25.52		38.75			793,971		0.42			1.07			0.52			32
	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
	22.47		4.52			9,193		1.00			1.58			1.04			15
	25.12		37.99			10,242		1.00			0.46			1.04			32
	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
	23.05		4.88			208,187		0.25			2.37			0.27			15
	25.63		38.97			298,715		0.25			1.23			0.27			32
	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
	22.73		4.57			151,561		0.75			1.92			0.77			15
	25.37		38.36			165,130		0.75			0.71			0.77			32
	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
	22.81		4.74			25,687		0.50			2.19			0.52			15
	25.42		38.65			29,888		0.50			1.01			0.52			32
	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
	23.00		4.88			7,703		0.25			2.01			0.27			15
	25.58		39.01			11,680		0.25			1.29			0.27			32
	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
	23.09		4.96			1,053,139		0.10			2.63			0.12			15
	25.66		39.20			1,103,307		0.10			1.41			0.12			32
	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
	23.09		5.05			1,774,046		0.00			2.80			0.02			15
	25.65		39.36			1,706,379		0.00			1.48			0.02			32
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 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, 2021 (Unaudited)	$	25.66	$	0.28		$	0.88		$	1.16	$	(0.59	)	$	(3.14	)	$	(3.73	)
Year Ended June 30, 2021		19.30		0.25			7.10			7.35		(0.29	)		(0.70	)		(0.99	)
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	)
Class C
Six Months Ended December 31, 2021 (Unaudited)		25.22		0.22			0.85			1.07		(0.56	)		(3.14	)		(3.70	)
Year Ended June 30, 2021		19.05		0.09			7.02			7.11		(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	)
Class I
Six Months Ended December 31, 2021 (Unaudited)		25.77		0.32			0.87			1.19		(0.60	)		(3.14	)		(3.74	)
Year Ended June 30, 2021		19.38		0.28			7.14			7.42		(0.33	)		(0.70	)		(1.03	)
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	)
Class R2
Six Months Ended December 31, 2021 (Unaudited)		25.48		0.25			0.87			1.12		(0.57	)		(3.14	)		(3.71	)
Year Ended June 30, 2021		19.20		0.16			7.07			7.23		(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	)
Class R3
Six Months Ended December 31, 2021 (Unaudited)		25.55		0.28			0.88			1.16		(0.59	)		(3.14	)		(3.73	)
Year Ended June 30, 2021		19.23		0.24			7.06			7.30		(0.28	)		(0.70	)		(0.98	)
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, 2021 (Unaudited)		25.73		0.29			0.91			1.20		(0.60	)		(3.14	)		(3.74	)
Year Ended June 30, 2021		19.34		0.29			7.11			7.40		(0.31	)		(0.70	)		(1.01	)
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, 2021 (Unaudited)		25.82		0.34			0.88			1.22		(0.62	)		(3.14	)		(3.76	)
Year Ended June 30, 2021		19.41		0.32			7.15			7.47		(0.36	)		(0.70	)		(1.06	)
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	)
Class R6
Six Months Ended December 31, 2021 (Unaudited)		25.83		0.36			0.87			1.23		(0.63	)		(3.14	)		(3.77	)
Year Ended June 30, 2021		19.42		0.34			7.16			7.50		(0.39	)		(0.70	)		(1.09	)
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	)

(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, 2021

		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)
$	23.09		4.73	%	$	557,463		0.43	%		2.15	%		0.53	%		16	%
	25.66		38.77			622,310		0.42			1.08			0.52			33
	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
	22.59		4.44			9,837		1.00			1.72			1.05			16
	25.22		37.97			9,790		1.00			0.39			1.06			33
	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
	23.22		4.83			262,910		0.25			2.41			0.27			16
	25.77		38.99			341,114		0.25			1.20			0.27			33
	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
	22.89		4.61			136,776		0.75			1.96			0.77			16
	25.48		38.33			143,149		0.75			0.71			0.77			33
	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
	22.98		4.74			29,912		0.50			2.20			0.52			16
	25.55		38.64			32,912		0.50			1.05			0.52			33
	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
	23.19		4.87			8,571		0.25			2.23			0.27			16
	25.73		38.98			10,679		0.25			1.26			0.27			33
	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
	23.28		4.91			1,186,522		0.10			2.63			0.12			16
	25.82		39.25			1,208,319		0.10			1.37			0.12			33
	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
	23.29		4.96			1,440,236		0.00			2.78			0.02			16
	25.83		39.36			1,389,666		0.00			1.48			0.02			33
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 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, 2021 (Unaudited)	$	29.64	$	0.32		$	1.06		$	1.38	$	(0.70	)	$	(2.63	)	$	(3.33	)
Year Ended June 30, 2021		22.16		0.29			8.18			8.47		(0.34	)		(0.65	)		(0.99	)
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	)
Class C
Six Months Ended December 31, 2021 (Unaudited)		29.29		0.26			1.02			1.28		(0.67	)		(2.63	)		(3.30	)
Year Ended June 30, 2021		21.99		0.12			8.11			8.23		(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	)
Class I
Six Months Ended December 31, 2021 (Unaudited)		29.70		0.36			1.06			1.42		(0.72	)		(2.63	)		(3.35	)
Year Ended June 30, 2021		22.21		0.33			8.19			8.52		(0.38	)		(0.65	)		(1.03	)
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	)
Class R2
Six Months Ended December 31, 2021 (Unaudited)		29.51		0.28			1.04			1.32		(0.68	)		(2.63	)		(3.31	)
Year Ended June 30, 2021		22.11		0.19			8.15			8.34		(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	)
Class R3
Six Months Ended December 31, 2021 (Unaudited)		29.54		0.32			1.04			1.36		(0.70	)		(2.63	)		(3.33	)
Year Ended June 30, 2021		22.10		0.26			8.15			8.41		(0.32	)		(0.65	)		(0.97	)
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, 2021 (Unaudited)		29.68		0.29			1.12			1.41		(0.72	)		(2.63	)		(3.35	)
Year Ended June 30, 2021		22.18		0.34			8.17			8.51		(0.36	)		(0.65	)		(1.01	)
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, 2021 (Unaudited)		29.73		0.40			1.03			1.43		(0.73	)		(2.63	)		(3.36	)
Year Ended June 30, 2021		22.23		0.37			8.20			8.57		(0.42	)		(0.65	)		(1.07	)
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	)
Class R6
Six Months Ended December 31, 2021 (Unaudited)		29.74		0.43			1.03			1.46		(0.75	)		(2.63	)		(3.38	)
Year Ended June 30, 2021		22.24		0.39			8.21			8.60		(0.45	)		(0.65	)		(1.10	)
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	)

(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, 2021

		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)
$	27.69		4.80	%	$	310,513		0.42	%		2.12	%		0.53	%		14	%
	29.64		38.80			353,792		0.42			1.10			0.53			35
	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
	27.27		4.48			6,771		1.00			1.76			1.06			14
	29.29		37.96			6,503		1.00			0.47			1.06			35
	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
	27.77		4.90			117,046		0.25			2.40			0.28			14
	29.70		38.98			163,327		0.25			1.24			0.28			35
	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
	27.52		4.61			102,252		0.75			1.89			0.78			14
	29.51		38.29			108,729		0.75			0.72			0.78			35
	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
	27.57		4.73			12,180		0.50			2.16			0.54			14
	29.54		38.64			14,248		0.50			1.00			0.53			35
	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
	27.74		4.86			2,558		0.25			1.94			0.28			14
	29.68		38.98			4,137		0.25			1.30			0.28			35
	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
	27.80		4.95			568,931		0.10			2.65			0.13			14
	29.73		39.20			549,015		0.10			1.41			0.13			35
	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
	27.82		5.03			863,478		0.00			2.81			0.03			14
	29.74		39.32			782,080		0.00			1.47			0.03			35
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 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, 2021 (Unaudited)	$	23.51	$	0.29		$	0.83		$	1.12		$	(0.57	)	$	(1.37	)	$	(1.94	)
Year Ended June 30, 2021		17.52		0.22			6.47			6.69			(0.26	)		(0.44	)		(0.70	)
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, 2021 (Unaudited)		23.31		0.23			0.80			1.03			(0.54	)		(1.37	)		(1.91	)
Year Ended June 30, 2021		17.43		0.08			6.45			6.53			(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, 2021 (Unaudited)		23.56		0.30			0.83			1.13			(0.58	)		(1.37	)		(1.95	)
Year Ended June 30, 2021		17.55		0.25			6.49			6.74			(0.29	)		(0.44	)		(0.73	)
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, 2021 (Unaudited)		23.44		0.25			0.81			1.06			(0.55	)		(1.37	)		(1.92	)
Year Ended June 30, 2021		17.49		0.15			6.46			6.61			(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, 2021 (Unaudited)		23.51		0.27			0.82			1.09			(0.56	)		(1.37	)		(1.93	)
Year Ended June 30, 2021		17.52		0.21			6.47			6.68			(0.25	)		(0.44	)		(0.69	)
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, 2021 (Unaudited)		23.55		0.24			0.90			1.14			(0.58	)		(1.37	)		(1.95	)
Year Ended June 30, 2021		17.54		0.30			6.44			6.74			(0.29	)		(0.44	)		(0.73	)
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, 2021 (Unaudited)		23.56		0.34			0.80			1.14			(0.59	)		(1.37	)		(1.96	)
Year Ended June 30, 2021		17.54		0.28			6.50			6.78			(0.32	)		(0.44	)		(0.76	)
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, 2021 (Unaudited)		23.59		0.35			0.81			1.16			(0.60	)		(1.37	)		(1.97	)
Year Ended June 30, 2021		17.57		0.30			6.50			6.80			(0.34	)		(0.44	)		(0.78	)
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, 2021

		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)
$	22.69		4.83	%	$	47,726		0.43	%		2.37	%		0.59	%		17	%
	23.51		38.70			50,703		0.42			1.05			0.59			36
	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
	22.43		4.48			2,873		1.01			1.97			1.10			17
	23.31		37.99			1,992		1.00			0.40			1.12			36
	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
	22.74		4.86			29,461		0.26			2.53			0.32			17
	23.56		38.99			50,531		0.25			1.17			0.32			36
	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
	22.58		4.60			9,865		0.76			2.10			0.84			17
	23.44		38.34			9,829		0.75			0.72			0.84			36
	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
	22.67		4.72			7,564		0.51			2.29			0.59			17
	23.51		38.64			7,448		0.50			0.99			0.59			36
	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
	22.74		4.90			709		0.26			1.96			0.36			17
	23.55		38.98			1,255		0.25			1.44			0.36			36
	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
	22.74		4.92			106,506		0.11			2.79			0.17			17
	23.56		39.25			92,080		0.10			1.31			0.17			36
	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
	22.78		5.01			288,937		0.01			2.94			0.07			17
	23.59		39.32			235,256		0.00			1.41			0.08			36
	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, 2021 J.P. MORGAN SMARTRETIREMENT^® FUNDS 89

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

(Dollar values in thousands)

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, 2021

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”):

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	$	120,105	$	—	$	—	$	120,105
Investment Companies		1,670,865		—		—		1,670,865
U.S. Treasury Obligations		—		7,627		—		7,627
Short-Term Investments
Investment Companies		74,525		—		—		74,525
Total Investments in Securities	$	1,865,495	$	7,627	$	—	$	1,873,122
Appreciation in Other Financial Instruments
Futures Contracts	$	3,630	$	—	$	—	$	3,630

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	$	196,394	$	—	$	—	$	196,394
Investment Companies		2,760,002		—		—		2,760,002
U.S. Treasury Obligations		—		11,248		—		11,248
Short-Term Investments
Investment Companies		99,183		—		—		99,183
Total Investments in Securities	$	3,055,579	$	11,248	$	—	$	3,066,827
Appreciation in Other Financial Instruments
Futures Contracts	$	5,397	$	—	$	—	$	5,397

DECEMBER 31, 2021 J.P. MORGAN SMARTRETIREMENT^® FUNDS 91

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

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	$	332,282	$	—	$	—	$	332,282
Investment Companies		4,619,188		—		—		4,619,188
U.S. Treasury Obligations		—		29,426		—		29,426
Short-Term Investments
Investment Companies		78,587		—		—		78,587
Total Investments in Securities	$	5,030,057	$	29,426	$	—	$	5,059,483
Appreciation in Other Financial Instruments
Futures Contracts	$	12,461	$	—	$	—	$	12,461

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	$	405,474	$	—	$	—	$	405,474
Investment Companies		5,737,136		—		—		5,737,136
U.S. Treasury Obligations		—		31,334		—		31,334
Short-Term Investments
Investment Companies		127,662		—		—		127,662
Total Investments in Securities	$	6,270,272	$	31,334	$	—	$	6,301,606
Appreciation in Other Financial Instruments
Futures Contracts	$	14,463	$	—	$	—	$	14,463

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	$	242,324	$	—	$	—	$	242,324
Investment Companies		4,882,075		—		—		4,882,075
U.S. Treasury Obligations		—		27,698		—		27,698
Short-Term Investments
Investment Companies		114,742		—		—		114,742
Total Investments in Securities	$	5,239,141	$	27,698	$	—	$	5,266,839
Appreciation in Other Financial Instruments
Futures Contracts	$	9,662	$	—	$	—	$	9,662

92 J.P. MORGAN SMARTRETIREMENT^® FUNDS DECEMBER 31, 2021

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	$	248,775	$	—	$	—	$	248,775
Investment Companies		4,938,606		—		—		4,938,606
U.S. Treasury Obligations		—		27,704		—		27,704
Short-Term Investments
Investment Companies		93,652		—		—		93,652
Total Investments in Securities	$	5,281,033	$	27,704	$	—	$	5,308,737
Appreciation in Other Financial Instruments
Futures Contracts	$	10,215	$	—	$	—	$	10,215

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	$	180,803	$	—	$	—	$	180,803
Investment Companies		3,677,899		—		—		3,677,899
U.S. Treasury Obligations		—		20,535		—		20,535
Short-Term Investments
Investment Companies		72,505		—		—		72,505
Total Investments in Securities	$	3,931,207	$	20,535	$	—	$	3,951,742
Appreciation in Other Financial Instruments
Futures Contracts	$	7,395	$	—	$	—	$	7,395

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	$	174,275	$	—	$	—	$	174,275
Investment Companies		3,380,185		—		—		3,380,185
U.S. Treasury Obligations		—		18,602		—		18,602
Short-Term Investments
Investment Companies		66,755		—		—		66,755
Total Investments in Securities	$	3,621,215	$	18,602	$	—	$	3,639,817
Appreciation in Other Financial Instruments
Futures Contracts	$	6,865	$	—	$	—	$	6,865

DECEMBER 31, 2021 J.P. MORGAN SMARTRETIREMENT^® FUNDS 93

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

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	$	91,239	$	—	$	—	$	91,239
Investment Companies		1,850,538		—		—		1,850,538
U.S. Treasury Obligations		—		9,697		—		9,697
Short-Term Investments
Investment Companies		36,074		—		—		36,074
Total Investments in Securities	$	1,977,851	$	9,697	$	—	$	1,987,548
Appreciation in Other Financial Instruments
Futures Contracts	$	3,720	$	—	$	—	$	3,720

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	$	20,388	$	—	$	—	$	20,388
Investment Companies		458,900		—		—		458,900
U.S. Treasury Obligations		—		2,571		—		2,571
Short-Term Investments
Investment Companies		13,487		—		—		13,487
Total Investments in Securities	$	492,775	$	2,571	$	—	$	495,346
Appreciation in Other Financial Instruments
Futures Contracts	$	915	$	—	$	—	$	915

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 a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the tables below to be affiliated issuers. Underlying Funds’ and ETFs’ distributions may be reinvested into such Underlying Funds and ETFs. Reinvestment amounts are included in the purchases at cost amounts in the tables below.

94 J.P. MORGAN SMARTRETIREMENT^® FUNDS DECEMBER 31, 2021

JPMorgan SmartRetirement^® Income Fund    

For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders MSCI US REIT ETF (a)	$	10,379	$	2,884	$	6,271	$	687		$	856		$	8,535		77	$	111	$	—
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a)		43,853		—		6,030		1,515			(773	)		38,565		420		225		—
JPMorgan Core Bond Fund Class R6 Shares (a)		536,966		12,134		65,829		611			(9,236	)		474,646		40,122		5,352		3,511
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		39,796		849		2,958		(48	)		(1,607	)		36,032		4,680		849		—
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		35,531		1,198		—		—			(5,827	)		30,902		813		212		986
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		32,872		1,584		—		—			(4,924	)		29,532		1,541		809		774
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		39,746		1,280		2,953		(104	)		(1,619	)		36,350		4,739		1,279		—
JPMorgan Equity Income Fund Class R6 Shares (a)		107,569		2,621		25,771		4,990			(158	)		89,251		3,741		920		1,700
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		27,305		396		2,993		(103	)		77			24,682		2,758		397		—
JPMorgan High Yield Fund Class R6 Shares (a)		79,357		1,785		5,725		192			(921	)		74,688		10,288		1,785		—
JPMorgan High Yield Research Enhanced ETF (a)		81,234		—		7,354		(71	)		(804	)		73,005		1,410		1,913		—
JPMorgan Income Fund Class R6 Shares (a)		56,262		1,011		6,900		(66	)		(855	)		49,452		5,266		1,011		—
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		161,067		1,886		22,640		1,372			403			142,088		12,929		1,886		—
JPMorgan International Equity Fund Class R6 Shares (a)		134,782		11,628		23,623		4,772			(6,334	)		121,225		5,784		2,599		5,322
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		70,633		2,655		9,003		824			(1,165	)		63,944		3,109		2,655		—
JPMorgan Large Cap Value Fund Class R6 Shares (a)		62,604		76		61,405		(3,780	)		2,505			—		—		76		—
JPMorgan Realty Income Fund Class R6 Shares (a)		30,380		2,328		6,841		1,174			1,373			28,414		1,658		186		2,142
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		306,095		3,013		33,313		644			(4,638	)		271,801		27,992		2,354		660
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		13,967		1,843		2,927		1,683			(2,952	)		11,614		173		42		1,800
JPMorgan Small Cap Growth Fund Class R6 Shares* (a)		7,764		817		—		—			(1,331	)		7,250		282		—		816
JPMorgan Small Cap Value Fund Class R6 Shares (a)		9,634		775		4,203		1,594			(2,313	)		5,487		179		26		749
JPMorgan U.S. Equity Fund Class R6 Shares (a)		132,930		49,817		12,315		(52	)		3,127			173,507		7,819		611		16,452
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		49,551		246,776		221,802		—			—			74,525		74,525		11		—
Total	$	2,070,277	$	347,356	$	530,856	$	15,834		$	(37,116	)	$	1,865,495			$	25,309	$	34,912

(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, 2021.

* Non-income producing security.

DECEMBER 31, 2021 J.P. MORGAN SMARTRETIREMENT^® FUNDS 95

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

JPMorgan SmartRetirement^® 2020 Fund

For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders MSCI US REIT ETF (a)	$	16,470	$	—	$	4,656	$	1,001		$	1,543		$	14,358		129	$	246	$	—
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a)		71,627		—		11,789		3,252			(1,700	)		61,390		668		374		—
JPMorgan Core Bond Fund Class R6 Shares (a)		899,837		26,227		134,198		1,182			(15,325	)		777,723		65,742		8,845		5,752
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		67,643		1,426		5,993		(149	)		(2,668	)		60,259		7,826		1,426		—
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		59,664		9,658		11,598		3,885			(13,034	)		48,575		1,277		333		1,550
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		56,698		2,732		—		—			(8,493	)		50,937		2,658		1,396		1,335
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		67,606		2,089		11,026		(399	)		(2,452	)		55,818		7,277		2,089		—
JPMorgan Equity Income Fund Class R6 Shares (a)		179,451		4,300		43,953		9,514			(1,691	)		147,621		6,187		1,545		2,755
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		47,132		668		5,122		(264	)		201			42,615		4,761		668		—
JPMorgan High Yield Fund Class R6 Shares (a)		124,668		7,882		19,685		850			(1,945	)		111,770		15,395		2,713		—
JPMorgan High Yield Research Enhanced ETF (a)		140,677		—		18,649		(16	)		(1,366	)		120,646		2,330		3,225		—
JPMorgan Income Fund Class R6 Shares (a)		96,774		1,784		7,796		(82	)		(1,561	)		89,119		9,491		1,785		—
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		269,612		3,124		43,851		2,209			706			231,800		21,092		3,124		—
JPMorgan International Equity Fund Class R6 Shares (a)		225,439		20,570		37,546		8,858			(11,849	)		205,472		9,803		4,404		9,020
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		121,591		4,377		15,422		1,823			(2,265	)		110,104		5,353		4,377		—
JPMorgan Large Cap Value Fund Class R6 Shares (a)		105,393		126		103,217		(6,520	)		4,218			—		—		126		—
JPMorgan Realty Income Fund Class R6 Shares (a)		52,285		3,563		15,957		4,568			(152	)		44,307		2,585		305		3,257
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		512,947		12,975		73,265		1,278			(7,860	)		446,075		45,940		3,898		1,083
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		24,462		4,049		4,642		311			(3,291	)		20,889		310		91		3,958
JPMorgan Small Cap Growth Fund Class R6 Shares* (a)		8,044		845		—		—			(1,378	)		7,511		292		—		846
JPMorgan Small Cap Value Fund Class R6 Shares (a)		10,797		1,577		—		—			(1,209	)		11,165		365		54		1,523
JPMorgan U.S. Equity Fund Class R6 Shares (a)		224,449		92,271		23,741		(197	)		5,460			298,242		13,440		1,042		28,533
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		103,481		409,646		413,944		—			—			99,183		99,183		15		—
Total	$	3,486,747	$	609,889	$	1,006,050	$	31,104		$	(66,111	)	$	3,055,579			$	42,081	$	59,612

(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, 2021.

* Non-income producing security.

96 J.P. MORGAN SMARTRETIREMENT^® FUNDS DECEMBER 31, 2021

JPMorgan SmartRetirement^® 2025 Fund

For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders MSCI US REIT ETF (a)	$	40,363	$	—	$	7,971	$	1,004		$	4,581		$	37,977		342	$	490	$	—
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a)		165,896		—		25,591		7,200			(3,416	)		144,089		1,569		878		—
JPMorgan Core Bond Fund Class R6 Shares (a)		1,303,516		66,798		164,599		1,055			(22,484	)		1,184,286		100,109		13,098		8,580
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		90,173		1,959		5,639		(63	)		(3,712	)		82,718		10,743		1,958		—
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		133,692		20,684		8,532		246			(22,768	)		123,322		3,243		846		3,934
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		138,405		22,223		15,504		(128	)		(19,633	)		125,363		6,543		3,225		3,085
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		90,122		2,920		9,176		(477	)		(3,462	)		79,927		10,421		2,920		—
JPMorgan Equity Income Fund Class R6 Shares (a)		412,524		9,774		105,360		21,725			(2,806	)		335,857		14,076		3,485		6,289
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		53,916		836		—		—			(59	)		54,693		6,111		836		—
JPMorgan High Yield Fund Class R6 Shares (a)		151,225		3,100		32,061		1,759			(2,904	)		121,119		16,683		3,099		—
JPMorgan High Yield Research Enhanced ETF (a)		159,614		—		7,728		(58	)		(1,612	)		150,216		2,902		3,925		—
JPMorgan Income Fund Class R6 Shares (a)		117,327		2,252		—		—			(2,101	)		117,478		12,511		2,253		—
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		168,253		2,015		17,474		503			1,356			154,653		14,072		2,015		—
JPMorgan International Equity Fund Class R6 Shares (a)		409,703		24,847		48,376		15,419			(21,293	)		380,300		18,144		8,151		16,695
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		285,391		10,398		33,272		4,118			(5,035	)		261,600		12,718		10,399		—
JPMorgan Large Cap Value Fund Class R6 Shares (a)		164,404		202		161,422		(9,764	)		6,580			—		—		202		—
JPMorgan Realty Income Fund Class R6 Shares (a)		120,677		8,860		29,948		5,561			4,756			109,906		6,412		735		8,125
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		750,208		23,291		95,530		1,447			(11,291	)		668,125		68,808		5,787		1,621
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		54,450		7,701		8,091		2,612			(8,121	)		48,551		721		173		7,527
JPMorgan Small Cap Growth Fund Class R6 Shares* (a)		29,200		3,070		—		—			(5,004	)		27,266		1,060		—		3,070
JPMorgan Small Cap Value Fund Class R6 Shares (a)		25,371		3,705		—		—			(2,841	)		26,235		858		126		3,579
JPMorgan U.S. Equity Fund Class R6 Shares (a)		604,327		130,688		31,220		2,487			11,507			717,789		32,347		2,516		67,164
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		38,436		588,317		548,166		—			—			78,587		78,587		11		—
Total	$	5,507,193	$	933,640	$	1,355,660	$	54,646		$	(109,762	)	$	5,030,057			$	67,128	$	129,669

(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, 2021.

* Non-income producing security.

DECEMBER 31, 2021 J.P. MORGAN SMARTRETIREMENT^® FUNDS 97

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

JPMorgan SmartRetirement^® 2030 Fund

For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders MSCI US REIT ETF (a)	$	61,088	$	—	$	9,686	$	1,172		$	7,528		$	60,102		541	$	775	$	—
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a)		242,728		—		19,404		5,383			(149	)		228,558		2,489		1,355		—
JPMorgan Core Bond Fund Class R6 Shares (a)		1,264,679		87,707		146,698		882			(21,971	)		1,184,599		100,135		12,801		8,507
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		98,344		4,723		8,220		(324	)		(3,952	)		90,571		11,762		2,152		—
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		200,641		43,615		18,977		5,556			(39,123	)		191,712		5,041		1,315		6,116
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		206,155		29,103		9,355		(477	)		(30,394	)		195,032		10,179		5,083		4,862
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		98,467		3,004		10,023		(337	)		(3,791	)		87,320		11,385		3,004		—
JPMorgan Equity Income Fund Class R6 Shares (a)		631,805		15,405		154,170		26,183			2,603			521,826		21,870		5,560		9,846
JPMorgan High Yield Fund Class R6 Shares (a)		177,028		15,655		9,980		506			(2,096	)		181,113		24,947		4,087		—
JPMorgan High Yield Research Enhanced ETF (a)		140,746		—		22,545		(38	)		(1,349	)		116,814		2,256		3,207		—
JPMorgan Income Fund Class R6 Shares (a)		121,379		2,239		10,019		(108	)		(1,949	)		111,542		11,879		2,239		—
JPMorgan International Equity Fund Class R6 Shares (a)		651,027		52,428		64,454		15,004			(25,715	)		628,290		29,976		13,467		27,582
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		428,333		16,093		37,779		4,658			(6,478	)		404,827		19,680		16,092		—
JPMorgan Large Cap Value Fund Class R6 Shares (a)		195,802		246		192,574		(11,312	)		7,838			—		—		246		—
JPMorgan Realty Income Fund Class R6 Shares (a)		187,029		13,548		45,756		8,396			7,230			170,447		9,944		1,114		12,433
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		734,599		28,015		80,641		(204	)		(9,580	)		672,189		69,226		5,742		1,631
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		80,852		11,838		9,615		2,992			(11,418	)		74,649		1,109		267		11,573
JPMorgan Small Cap Growth Fund Class R6 Shares* (a)		42,114		4,428		—		—			(7,217	)		39,325		1,528		—		4,428
JPMorgan Small Cap Value Fund Class R6 Shares (a)		41,625		6,080		—		—			(4,661	)		43,044		1,407		207		5,872
JPMorgan U.S. Equity Fund Class R6 Shares (a)		972,123		182,759		36,830		7,489			15,109			1,140,650		51,404		3,877		103,661
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		57,850		586,212		516,400		—			—			127,662		127,662		13		—
Total	$	6,634,414	$	1,103,098	$	1,403,126	$	65,421		$	(129,535	)	$	6,270,272			$	82,603	$	196,511

(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, 2021.

* Non-income producing security.

98 J.P. MORGAN SMARTRETIREMENT^® FUNDS DECEMBER 31, 2021

JPMorgan SmartRetirement^® 2035 Fund

For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders MSCI US REIT ETF (a)	$	59,551	$	—	$	9,093	$	1,101		$	7,417		$	58,976		531	$	761	$	—
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a)		108,148		—		15,559		1,540			952			95,081		1,035		571		—
JPMorgan Core Bond Fund Class R6 Shares (a)		302,367		17,189		28,514		(355	)		(4,653	)		286,034		24,179		3,059		2,026
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		814,139		71,461		97,323		219			(13,475	)		775,021		91,936		9,961		5,174
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		57,466		1,246		4,738		(187	)		(2,285	)		51,502		6,689		1,246		—
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		400,619		55,139		9,124		(4	)		(61,472	)		385,158		20,102		10,339		9,889
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		57,537		1,876		4,985		(299	)		(2,278	)		51,851		6,760		1,875		—
JPMorgan Growth Advantage Fund Class R6 Shares* (a)		353,781		170,689		29,143		5,760			(27,771	)		473,316		13,531		—		58,414
JPMorgan High Yield Fund Class R6 Shares (a)		131,016		11,014		8,183		514			(1,669	)		132,692		18,277		3,001		—
JPMorgan High Yield Research Enhanced ETF (a)		97,730		—		8,497		3			(969	)		88,267		1,705		2,315		—
JPMorgan Income Fund Class R6 Shares (a)		43,146		801		7,891		(154	)		(661	)		35,241		3,753		802		—
JPMorgan International Equity Fund Class R6 Shares (a)		240,996		24,748		26,644		1,042			(5,061	)		235,081		11,216		5,039		10,320
JPMorgan International Focus Fund Class R6 Shares (a)		487,572		27,497		54,997		9,471			(14,920	)		454,623		16,647		8,644		—
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		361,980		14,155		17,857		2,062			(4,236	)		356,104		17,312		14,156		—
JPMorgan Large Cap Value Fund Class R6 Shares (a)		162,040		204		159,347		(9,384	)		6,487			—		—		204		—
JPMorgan Realty Income Fund Class R6 Shares (a)		185,406		13,539		43,994		7,208			8,334			170,493		9,947		1,109		12,431
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		49,370		8,171		—		—			(6,015	)		51,526		766		184		7,988
JPMorgan Small Cap Growth Fund Class R6 Shares* (a)		17,512		11,510		—		—			(4,296	)		24,726		961		—		2,784
JPMorgan Small Cap Value Fund Class R6 Shares (a)		19,346		2,826		—		—			(2,166	)		20,006		654		96		2,729
JPMorgan U.S. Equity Fund Class R6 Shares (a)		487,829		44,971		90,035		27,460			(12,176	)		458,049		20,642		1,717		43,253
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		72,915		526,606		484,779		—			—			114,742		114,742		10		—
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		321,474		116,935		—		—			(3,777	)		434,632		11,872		2,210		46,402
JPMorgan Value Advantage Fund Class R6 Shares (a)		661,074		61,931		207,737		34,285			(63,533	)		486,020		12,199		6,014		55,918
Total	$	5,493,014	$	1,182,508	$	1,308,440	$	80,282		$	(208,223	)	$	5,239,141			$	73,313	$	257,328

(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, 2021.

* Non-income producing security.

DECEMBER 31, 2021 J.P. MORGAN SMARTRETIREMENT^® FUNDS 99

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

JPMorgan SmartRetirement^® 2040 Fund

For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan BetaBuilders MSCI US REIT ETF (a)	$	69,027	$	—	$	8,272	$	993		$	9,107		$	70,855		638	$	914		$	—
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a)		120,598		8,200		25,024		1,655			1,106			106,535		1,160		640			—
JPMorgan Core Bond Fund Class R6 Shares (a)		193,285		3,327		9,916		(322	)		(3,028	)		183,346		15,498		1,971			1,356
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		484,600		29,346		46,268		(531	)		(7,714	)		459,433		54,500		6,107			3,177
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		42,904		936		3,049		(116	)		(1,738	)		38,937		5,057		936			—
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		457,971		62,640		13,770		(162	)		(70,218	)		436,461		22,780		11,962			11,441
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		42,957		1,408		3,233		(190	)		(1,741	)		39,201		5,111		1,408			—
JPMorgan Growth Advantage Fund Class R6 Shares* (a)		402,560		193,240		30,100		6,574			(31,883	)		540,391		15,449		—			66,691
JPMorgan High Yield Fund Class R6 Shares (a)		116,931		11,345		8,264		567			(1,588	)		118,991		16,390		2,668			—
JPMorgan High Yield Research Enhanced ETF (a)		80,061		—		7,898		12			(790	)		71,385		1,379		1,883			—
JPMorgan Income Fund Class R6 Shares (a)		43,602		838		—		—			(781	)		43,659		4,649		837			—
JPMorgan International Equity Fund Class R6 Shares (a)		274,989		17,603		18,173		1,141			(6,127	)		269,433		12,855		5,775			11,828
JPMorgan International Focus Fund Class R6 Shares (a)		569,418		34,203		81,192		12,135			(18,754	)		515,810		18,887		10,174			—
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		409,904		16,125		18,029		2,221			(4,585	)		405,636		19,720		16,124			—
JPMorgan Large Cap Value Fund Class R6 Shares (a)		163,936		206		160,994		(9,711	)		6,563			—		—		205			—
JPMorgan Managed Income Fund Class L Shares (a)		1		—		1		—			—	(b)		—		—		—	(b)		—
JPMorgan Realty Income Fund Class R6 Shares (a)		215,307		14,915		53,016		9,617			7,883			194,706		11,360		1,246			13,669
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		56,985		9,432		—		—			(6,943	)		59,474		884		212			9,220
JPMorgan Small Cap Growth Fund Class R6 Shares* (a)		29,369		3,088		—		—			(5,033	)		27,424		1,066		—			3,088
JPMorgan Small Cap Value Fund Class R6 Shares (a)		27,548		4,023		—		—			(3,084	)		28,487		931		137			3,886
JPMorgan U.S. Equity Fund Class R6 Shares (a)		547,710		49,877		93,159		30,237			(14,474	)		520,191		23,443		1,921			47,956
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a)(c)		49,724		561,527		517,599		—			—			93,652		93,652		9			—
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		382,814		136,516		8,346		3,740			(8,235	)		506,489		13,835		2,586			54,074
JPMorgan Value Advantage Fund Class R6 Shares (a)		752,200		70,153		238,212		36,505			(70,109	)		550,537		13,819		6,813			63,341
Total	$	5,534,401	$	1,228,948	$	1,344,515	$	94,365		$	(232,166	)	$	5,281,033			$	74,528		$	289,727

(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) Amount rounds to less than one thousand.

(c) The rate shown is the current yield as of December 31, 2021.

* Non-income producing security.

100 J.P. MORGAN SMARTRETIREMENT^® FUNDS DECEMBER 31, 2021

JPMorgan SmartRetirement^® 2045 Fund

For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders MSCI US REIT ETF (a)	$	55,477	$	15,222	$	26,251	$	2,692		$	4,905		$	52,045		469	$	651	$	—
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a)		101,059		17,690		32,291		2,313			(431	)		88,340		962		528		—
JPMorgan Core Bond Fund Class R6 Shares (a)		63,151		1,094		4,106		(171	)		(938	)		59,030		4,990		657		437
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		126,119		2,399		7,308		(265	)		(1,869	)		119,076		14,125		1,576		823
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		19,925		435		1,341		(51	)		(812	)		18,156		2,358		436		—
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		372,008		73,550		27,333		1,168			(58,223	)		361,170		18,850		9,714		9,291
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		19,949		656		1,426		(84	)		(815	)		18,280		2,383		655		—
JPMorgan Growth Advantage Fund Class R6 Shares* (a)		328,672		163,512		28,095		6,121			(27,150	)		443,060		12,666		—		54,679
JPMorgan High Yield Fund Class R6 Shares (a)		74,304		1,611		8,462		482			(1,125	)		66,810		9,203		1,611		—
JPMorgan High Yield Research Enhanced ETF (a)		40,839		—		—		—			(421	)		40,418		781		1,019		—
JPMorgan Income Fund Class R6 Shares (a)		32,123		561		5,806		(14	)		(494	)		26,370		2,808		562		—
JPMorgan International Equity Fund Class R6 Shares (a)		219,954		14,516		8,059		509			(4,748	)		222,172		10,600		4,762		9,753
JPMorgan International Focus Fund Class R6 Shares (a)		477,725		24,286		64,065		8,764			(14,200	)		432,510		15,837		8,458		—
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		337,660		23,944		29,876		2,426			(4,811	)		329,343		16,011		13,092		—
JPMorgan Large Cap Value Fund Class R6 Shares (a)		120,448		152		118,200		(7,222	)		4,822			—		—		152		—
JPMorgan Realty Income Fund Class R6 Shares (a)		168,449		12,358		31,841		6,279			8,380			163,625		9,546		1,073		11,285
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		42,479		7,032		—		—			(5,176	)		44,335		659		158		6,873
JPMorgan Small Cap Growth Fund Class R6 Shares* (a)		13,293		17,013		—		—			(4,128	)		26,178		1,017		—		2,948
JPMorgan Small Cap Value Fund Class R6 Shares (a)		22,854		3,338		—		—			(2,559	)		23,633		773		114		3,224
JPMorgan U.S. Equity Fund Class R6 Shares (a)		452,520		40,627		77,506		25,509			(11,315	)		429,835		19,371		1,564		39,063
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		62,095		423,416		413,006		—			—			72,505		72,505		7		—
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		330,027		110,519		—		—			(3,808	)		436,738		11,929		2,223		46,627
JPMorgan Value Advantage Fund Class R6 Shares (a)		614,213		58,308		186,796		24,093			(52,240	)		457,578		11,485		5,662		52,646
Total	$	4,095,343	$	1,012,239	$	1,071,768	$	72,549		$	(177,156	)	$	3,931,207			$	54,674	$	237,649

(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, 2021.

* Non-income producing security.

DECEMBER 31, 2021 J.P. MORGAN SMARTRETIREMENT^® FUNDS 101

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

JPMorgan SmartRetirement^® 2050 Fund

For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders MSCI US REIT ETF (a)	$	50,810	$	13,991	$	18,494	$	2,088		$	4,879		$	53,274		480	$	598	$	—
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a)		92,017		14,733		24,021		1,859			(364	)		84,224		917		491		—
JPMorgan Core Bond Fund Class R6 Shares (a)		58,444		980		6,357		(235	)		(747	)		52,085		4,403		595		385
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		116,718		10,760		7,722		(178	)		(1,777	)		117,801		13,974		1,457		815
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		18,137		395		1,303		(56	)		(733	)		16,440		2,135		396		—
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		344,754		68,202		28,546		2,285			(54,715	)		331,980		17,327		8,908		8,520
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		18,159		595		1,380		(86	)		(735	)		16,553		2,158		595		—
JPMorgan Growth Advantage Fund Class R6 Shares* (a)		301,307		159,338		25,484		7,917			(27,595	)		415,483		11,878		—		50,599
JPMorgan High Yield Fund Class R6 Shares (a)		69,083		7,790		9,561		546			(1,139	)		66,719		9,190		1,515		—
JPMorgan High Yield Research Enhanced ETF (a)		37,160		—		—		—			(383	)		36,777		710		927		—
JPMorgan Income Fund Class R6 Shares (a)		29,657		521		5,298		(12	)		(457	)		24,411		2,600		522		—
JPMorgan International Equity Fund Class R6 Shares (a)		203,542		13,202		10,975		762			(4,475	)		202,056		9,640		4,331		8,870
JPMorgan International Focus Fund Class R6 Shares (a)		436,949		30,723		61,353		7,292			(12,132	)		401,479		14,701		7,737		—
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		308,500		21,398		30,723		1,964			(4,219	)		296,920		14,435		11,803		—
JPMorgan Large Cap Value Fund Class R6 Shares (a)		110,670		139		108,429		(6,811	)		4,431			—		—		139		—
JPMorgan Realty Income Fund Class R6 Shares (a)		154,767		11,305		33,568		6,071			7,385			145,960		8,516		984		10,320
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		42,292		7,000		—		—			(5,153	)		44,139		656		158		6,843
JPMorgan Small Cap Growth Fund Class R6 Shares* (a)		12,251		12,920		5,522		236			(2,851	)		17,034		662		—		1,918
JPMorgan Small Cap Value Fund Class R6 Shares (a)		20,910		3,054		—		—			(2,341	)		21,623		707		104		2,950
JPMorgan U.S. Equity Fund Class R6 Shares (a)		415,918		37,856		70,294		16,605			(4,528	)		395,557		17,826		1,443		36,413
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		49,691		399,562		382,498		—			—			66,755		66,755		7		—
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		303,125		115,942		14,948		5,956			(9,974	)		400,101		10,929		2,033		42,716
JPMorgan Value Advantage Fund Class R6 Shares (a)		563,082		52,735		176,575		22,708			(48,106	)		413,844		10,388		5,121		47,614
Total	$	3,757,943	$	983,141	$	1,023,051	$	68,911		$	(165,729	)	$	3,621,215			$	49,864	$	217,963

(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, 2021.

* Non-income producing security.

102 J.P. MORGAN SMARTRETIREMENT^® FUNDS DECEMBER 31, 2021

JPMorgan SmartRetirement^® 2055 Fund

For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders MSCI US REIT ETF (a)	$	26,521	$	8,393	$	9,747	$	1,100		$	2,715		$	28,982		261	$	339	$	—
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a)		45,899		9,219		12,566		1,661			(715	)		43,498		474		254		—
JPMorgan Core Bond Fund Class R6 Shares (a)		29,571		536		—		—			(545	)		29,562		2,499		318		219
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		59,055		4,609		—		—			(1,080	)		62,584		7,424		775		433
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		9,097		206		—		—			(410	)		8,893		1,155		206		—
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		180,184		40,021		10,767		6			(28,122	)		181,322		9,464		4,863		4,651
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		9,108		310		—		—			(425	)		8,993		1,172		309		—
JPMorgan Growth Advantage Fund Class R6 Shares* (a)		157,997		87,877		10,672		2,104			(13,466	)		223,840		6,399		—		27,625
JPMorgan High Yield Fund Class R6 Shares (a)		35,175		840		—		—			(337	)		35,678		4,914		841		—
JPMorgan High Yield Research Enhanced ETF (a)		18,634		3,199		2,903		12			(183	)		18,759		362		438		—
JPMorgan Income Fund Class R6 Shares (a)		14,927		286		—		—			(267	)		14,946		1,592		287		—
JPMorgan International Equity Fund Class R6 Shares (a)		108,994		10,117		7,879		15			(2,162	)		109,085		5,204		2,338		4,789
JPMorgan International Focus Fund Class R6 Shares (a)		229,632		14,459		17,770		409			(3,236	)		223,494		8,184		4,249		—
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		161,315		9,546		10,156		630			(1,815	)		159,520		7,755		6,341		—
JPMorgan Large Cap Value Fund Class R6 Shares (a)		57,577		75		56,414		(3,543	)		2,305			—		—		75		—
JPMorgan Realty Income Fund Class R6 Shares (a)		81,047		6,148		14,337		2,096			4,980			79,934		4,664		524		5,625
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		24,253		4,015		—		—			(2,955	)		25,313		376		90		3,924
JPMorgan Small Cap Growth Fund Class R6 Shares* (a)		10,865		1,143		—		—			(1,862	)		10,146		394		—		1,142
JPMorgan Small Cap Value Fund Class R6 Shares (a)		13,480		1,969		—		—			(1,509	)		13,940		456		67		1,902
JPMorgan U.S. Equity Fund Class R6 Shares (a)		218,987		23,300		30,900		9,543			(2,825	)		218,105		9,829		780		19,553
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		24,408		190,903		179,237		—			—			36,074		36,074		4		—
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		156,887		64,485		4,590		(302	)		(1,660	)		214,820		5,868		1,089		23,005
JPMorgan Value Advantage Fund Class R6 Shares (a)		295,273		33,491		84,805		8,590			(22,186	)		230,363		5,782		2,791		25,955
Total	$	1,968,886	$	515,147	$	452,743	$	22,321		$	(75,760	)	$	1,977,851			$	26,978	$	118,823

(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, 2021.

* Non-income producing security.

DECEMBER 31, 2021 J.P. MORGAN SMARTRETIREMENT^® FUNDS 103

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

JPMorgan SmartRetirement^® 2060 Fund

For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders MSCI US REIT ETF (a)	$	5,842	$	5,477	$	5,292	$	682		$	244		$	6,953		63	$	81	$	—
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a)		10,432		10,334		9,447		2,262			(1,961	)		11,620		127		66		—
JPMorgan Core Bond Fund Class R6 Shares (a)		6,319		1,400		—		—			(132	)		7,587		641		72		56
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		14,037		277		—		—			(248	)		14,066		1,669		181		97
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		2,091		380		—		—			(101	)		2,370		308		50		—
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		40,683		13,987		3,170		(69	)		(6,456	)		44,975		2,347		1,187		1,134
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		2,087		71		—		—			(97	)		2,061		269		71		—
JPMorgan Growth Advantage Fund Class R6 Shares* (a)		35,935		25,696		3,368		933			(3,500	)		55,696		1,592		—		6,641
JPMorgan High Yield Fund Class R6 Shares (a)		7,847		3,464		—		—			(119	)		11,192		1,542		264		—
JPMorgan High Yield Research Enhanced ETF (a)		3,702		1,694		3,573		20			(28	)		1,815		35		34		—
JPMorgan Income Fund Class R6 Shares (a)		3,313		64		—		—			(59	)		3,318		353		64		—
JPMorgan International Equity Fund Class R6 Shares (a)		24,808		5,821		2,038		7			(593	)		28,005		1,336		600		1,195
JPMorgan International Focus Fund Class R6 Shares (a)		52,253		6,338		5,382		16			(745	)		52,480		1,922		1,014		—
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		36,568		8,925		2,316		58			(401	)		42,834		2,082		1,623		—
JPMorgan Large Cap Value Fund Class R6 Shares (a)		13,576		17		13,381		(719	)		507			—		—		17		—
JPMorgan Realty Income Fund Class R6 Shares (a)		18,693		2,200		2,461		168			1,463			20,063		1,171		122		1,357
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		5,213		1,601		—		—			(635	)		6,179		92		19		843
JPMorgan Small Cap Growth Fund Class R6 Shares* (a)		2,170		998		—		—			(486	)		2,682		104		—		302
JPMorgan Small Cap Value Fund Class R6 Shares (a)		2,681		391		—		—			(300	)		2,772		91		13		378
JPMorgan U.S. Equity Fund Class R6 Shares (a)		49,128		8,709		5,717		110			1,078			53,308		2,402		183		4,763
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		6,147		84,112		76,772		—			—			13,487		13,487		1		—
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		35,559		19,638		1,965		157			(826	)		52,563		1,436		267		5,612
JPMorgan Value Advantage Fund Class R6 Shares (a)		66,794		10,371		16,706		778			(4,488	)		56,749		1,424		689		6,405
Total	$	445,878	$	211,965	$	151,588	$	4,403		$	(17,883	)	$	492,775			$	6,618	$	28,783

(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, 2021.

* Non-income producing security.

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.

104 J.P. MORGAN SMARTRETIREMENT^® FUNDS DECEMBER 31, 2021

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, interest rate 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, foreign exchange 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, 2021:

	JPMorgan SmartRetirement® Income Fund		JPMorgan SmartRetirement® 2020 Fund		JPMorgan SmartRetirement® 2025 Fund		JPMorgan SmartRetirement® 2030 Fund		JPMorgan SmartRetirement® 2035 Fund
Futures Contracts:
Average Notional Balance Long	$	204,476	$	324,686	$	640,905	$	681,984	$	328,439
Average Notional Balance Short		37,486		64,639		96,441		114,245		110,302
Ending Notional Balance Long		241,458		375,581		750,819		830,648		371,513
	JPMorgan SmartRetirement® 2040 Fund		JPMorgan SmartRetirement® 2045 Fund		JPMorgan SmartRetirement® 2050 Fund		JPMorgan SmartRetirement® 2055 Fund		JPMorgan SmartRetirement® 2060 Fund
Futures Contracts:
Average Notional Balance Long	$	331,585	$	242,932	$	226,564	$	118,179	$	28,945
Average Notional Balance Short		112,499		81,685		74,850		38,614		8,489
Ending Notional Balance Long		395,628		282,459		261,811		141,800		35,192

DECEMBER 31, 2021 J.P. MORGAN SMARTRETIREMENT^® FUNDS 105

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

E. Summary of Derivatives Information

The following tables present the value of derivatives held as of December 31, 2021 by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities:

	JPMorgan SmartRetirement® Income Fund		JPMorgan SmartRetirement® 2020 Fund		JPMorgan SmartRetirement® 2025 Fund		JPMorgan SmartRetirement® 2030 Fund		JPMorgan SmartRetirement® 2035 Fund
Equity Risk Exposure:
Unrealized Appreciation on Futures Contracts*	$	2,308	$	3,203	$	9,248	$	11,287	$	9,662
Interest Rate Risk Exposure:
Unrealized Appreciation on Futures Contracts*		1,322		2,194		3,213		3,176		—
Net Fair Value of Derivative Contracts:
Unrealized Appreciation (Depreciation) on Futures Contracts*		3,630		5,397		12,461		14,463		9,662
	JPMorgan SmartRetirement® 2040 Fund		JPMorgan SmartRetirement® 2045 Fund		JPMorgan SmartRetirement® 2050 Fund		JPMorgan SmartRetirement® 2055 Fund		JPMorgan SmartRetirement® 2060 Fund
Equity Risk Exposure:
Unrealized Appreciation on Futures Contracts*	$	10,215	$	7,395	$	6,865	$	3,720	$	915
Interest Rate Risk Exposure:
Unrealized Appreciation on Futures Contracts*		—		—		—		—		—
Net Fair Value of Derivative Contracts:
Unrealized Appreciation (Depreciation) on Futures Contracts*		10,215		7,395		6,865		3,720		915

* Includes cumulative appreciation/(depreciation) on futures contracts, if any, as reported on the SOIs. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

The following tables present the effect of derivatives on the Statements of Operations for the six months ended December 31, 2021, by primary underlying risk exposure:

	JPMorgan SmartRetirement® Income Fund			JPMorgan SmartRetirement® 2020 Fund			JPMorgan SmartRetirement® 2025 Fund			JPMorgan SmartRetirement® 2030 Fund			JPMorgan SmartRetirement® 2035 Fund
Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:
Equity Risk Exposure:
Futures Contracts	$	1,693		$	1,501		$	2,321		$	971		$	767
Interest Rate Risk Exposure:
Futures Contracts		(4,266	)		(7,253	)		(11,245	)		(12,600	)		(7,979	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Equity Risk Exposure:
Futures Contracts		2,651			3,714			12,724			15,698			13,935
Interest Rate Risk Exposure:
Futures Contracts		2,022			3,388			5,121			5,622			3,139

106 J.P. MORGAN SMARTRETIREMENT^® FUNDS DECEMBER 31, 2021

	JPMorgan SmartRetirement® 2040 Fund			JPMorgan SmartRetirement® 2045 Fund			JPMorgan SmartRetirement® 2050 Fund			JPMorgan SmartRetirement® 2055 Fund			JPMorgan SmartRetirement® 2060 Fund
Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:
Equity Risk Exposure:
Futures Contracts	$	2,685		$	(359	)	$	307		$	156		$	19
Interest Rate Risk Exposure:
Futures Contracts		(8,048	)		(5,903	)		(5,416	)		(2,784	)		(609	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Equity Risk Exposure:
Futures Contracts		14,415			10,468			9,674			5,230			1,256
Interest Rate Risk Exposure:
Futures Contracts		3,169			2,324			2,135			1,097			241

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. 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. 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. 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, 2021 are as follows:

	Class A		Class C			Class I		Class R2		Class R3			Class R4			Class R5		Class R6		Total
JPMorgan SmartRetirement® Income Fund
Transfer agency fees	$	43	$	—	(a)	$	2	$	3	$	—	(a)	$	—	(a)	$	5	$	8	$	61
JPMorgan SmartRetirement® 2020 Fund
Transfer agency fees		29		1			2		3		1			—	(a)		6		10		52
JPMorgan SmartRetirement® 2025 Fund
Transfer agency fees		37		2			3		4		1			—	(a)		7		13		67
JPMorgan SmartRetirement® 2030 Fund
Transfer agency fees		45		2			3		5		1			—	(a)		9		15		80
JPMorgan SmartRetirement® 2035 Fund
Transfer agency fees		39		2			3		4		1			—	(a)		7		14		70
JPMorgan SmartRetirement® 2040 Fund
Transfer agency fees		39		2			3		5		1			—	(a)		8		14		72
JPMorgan SmartRetirement® 2045 Fund
Transfer agency fees		31		2			3		4		1			—	(a)		6		12		59
JPMorgan SmartRetirement® 2050 Fund
Transfer agency fees		25		1			3		4		1			—	(a)		7		12		53
JPMorgan SmartRetirement® 2055 Fund
Transfer agency fees		13		1			2		3		1			—	(a)		4		10		34
JPMorgan SmartRetirement® 2060 Fund
Transfer agency fees		4		1			1		1		1			—	(a)		1		7		16

(a) Amount rounds to less than one thousand.

The Funds invested in Underlying Funds and ETFs and, as a result, bear a portion of the expenses incurred by these Underlying Funds and ETFs. These expenses are not reflected in the expenses shown on the 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. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of December 31, 2021, no liability for Federal

DECEMBER 31, 2021 J.P. MORGAN SMARTRETIREMENT^® FUNDS 107

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

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.

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 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, 2021, JPMDS retained the following:

	Front-End Sales Charge		CDSC
JPMorgan SmartRetirement® Income Fund	$	1	$	—
JPMorgan SmartRetirement® 2020 Fund		1		—
JPMorgan SmartRetirement® 2025 Fund		3		—
JPMorgan SmartRetirement® 2030 Fund		7		—	(a)
JPMorgan SmartRetirement® 2035 Fund		5		—	(a)
JPMorgan SmartRetirement® 2040 Fund		4		—	(a)
JPMorgan SmartRetirement® 2045 Fund		3		—	(a)
JPMorgan SmartRetirement® 2050 Fund		5		—	(a)
JPMorgan SmartRetirement® 2055 Fund		2		—	(a)
JPMorgan SmartRetirement® 2060 Fund		1		—

(a) Amount rounds to less than one thousand.

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.

108 J.P. MORGAN SMARTRETIREMENT^® FUNDS DECEMBER 31, 2021

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		0.34	%(1)		0.97	%(2)		0.22	%(3)		0.75	%		0.50	%		0.25	%		0.10	%		0.00	%
JPMorgan SmartRetirement® 2020 Fund		0.40	(1)		1.00	(2)		0.25	(3)		0.75			0.50			0.25			0.10			0.00
JPMorgan SmartRetirement® 2025 Fund		0.43	(1)		1.00			0.25			0.75			0.50			0.25			0.10			0.00
JPMorgan SmartRetirement® 2030 Fund		0.43	(1)		1.00			0.25			0.75			0.50			0.25			0.10			0.00
JPMorgan SmartRetirement® 2035 Fund		0.43	(1)		1.00			0.25			0.75			0.50			0.25			0.10			0.00
JPMorgan SmartRetirement® 2040 Fund		0.43	(1)		1.00			0.25			0.75			0.50			0.25			0.10			0.00
JPMorgan SmartRetirement® 2045 Fund		0.43	(1)		1.00			0.25			0.75			0.50			0.25			0.10			0.00
JPMorgan SmartRetirement® 2050 Fund		0.43	(1)		1.00			0.25			0.75			0.50			0.25			0.10			0.00
JPMorgan SmartRetirement® 2055 Fund		0.42			1.00			0.25			0.75			0.50			0.25			0.10			0.00
JPMorgan SmartRetirement® 2060 Fund		0.42			1.00			0.25			0.75			0.50			0.25			0.10			0.00

⁽¹⁾  Prior to November 1, 2021, 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 and JPMorgan SmartRetirement^® 2050 Fund were 0.33%, 0.39%, 0.42%, 0.42%, 0.42%, 0.42%, 0.42% and 0.42%, respectively.

⁽²⁾  Prior to November 1, 2021, the contractual expense limitations for Class C Shares of JPMorgan SmartRetirement^® Income Fund and JPMorgan SmartRetirement^® 2020 Fund were 0.96% and 0.99%, respectively.

⁽³⁾  Prior to November 1, 2021, the contractual expense limitations for Class I Shares of JPMorgan SmartRetirement^® Income Fund and JPMorgan SmartRetirement^® 2020 Fund were 0.21% and 0.24%, respectively.

Except as noted above, the expense limitation agreements were in effect for the six months ended December 31, 2021 and the contractual expense limitation percentages in the table above are in place until at least October 31, 2022.

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 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, 2021, 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
	Service Fees		Contractual Reimbursements
JPMorgan SmartRetirement® Income Fund	$	545	$	178
JPMorgan SmartRetirement® 2020 Fund		411		229
JPMorgan SmartRetirement® 2025 Fund		472		294
JPMorgan SmartRetirement® 2030 Fund		546		330
JPMorgan SmartRetirement® 2035 Fund		457		294
JPMorgan SmartRetirement® 2040 Fund		437		299
JPMorgan SmartRetirement® 2045 Fund		338		257
JPMorgan SmartRetirement® 2050 Fund		272		262
JPMorgan SmartRetirement® 2055 Fund		161		209
JPMorgan SmartRetirement® 2060 Fund		27		146

DECEMBER 31, 2021 J.P. MORGAN SMARTRETIREMENT^® FUNDS 109

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

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.

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, 2021, purchases and sales of investments (excluding short-term investments) were as follows:

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Purchases of U.S. Government		Sales of U.S. Government
JPMorgan SmartRetirement® Income Fund	$	100,579	$	309,054	$	—	$	1,659
JPMorgan SmartRetirement® 2020 Fund		200,243		592,107		—		3,097
JPMorgan SmartRetirement® 2025 Fund		345,322		807,493		—		4,366
JPMorgan SmartRetirement® 2030 Fund		516,886		886,726		—		5,248
JPMorgan SmartRetirement® 2035 Fund		655,902		823,661		—		7,050
JPMorgan SmartRetirement® 2040 Fund		667,421		826,916		40		6,569
JPMorgan SmartRetirement® 2045 Fund		588,821		658,762		—		4,808
JPMorgan SmartRetirement® 2050 Fund		583,579		640,552		—		4,761
JPMorgan SmartRetirement® 2055 Fund		324,243		273,505		—		3,096
JPMorgan SmartRetirement® 2060 Fund		127,854		74,817		—		685

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, 2021 were as follows:

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
JPMorgan SmartRetirement® Income Fund	$	1,626,610	$	256,039	$	5,897	$	250,142
JPMorgan SmartRetirement® 2020 Fund		2,666,716		415,964		10,456		405,508
JPMorgan SmartRetirement® 2025 Fund		4,341,493		753,743		23,292		730,451
JPMorgan SmartRetirement® 2030 Fund		5,217,758		1,131,093		32,782		1,098,311
JPMorgan SmartRetirement® 2035 Fund		4,209,048		1,073,542		6,089		1,067,453
JPMorgan SmartRetirement® 2040 Fund		4,043,381		1,280,134		4,563		1,275,571
JPMorgan SmartRetirement® 2045 Fund		3,044,358		917,087		2,308		914,779
JPMorgan SmartRetirement® 2050 Fund		2,818,579		830,059		1,956		828,103
JPMorgan SmartRetirement® 2055 Fund		1,596,579		395,947		1,258		394,689
JPMorgan SmartRetirement® 2060 Fund		429,514		67,020		273		66,747

At June 30, 2021, the Funds did not have any net capital loss carryforwards.

110 J.P. MORGAN SMARTRETIREMENT^® FUNDS DECEMBER 31, 2021

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, 2021, the Funds deferred to July 1, 2021 the following specified ordinary losses of:

	Specified Ordinary Losses
JPMorgan SmartRetirement® Income Fund	$	173
JPMorgan SmartRetirement® 2020 Fund		229
JPMorgan SmartRetirement® 2030 Fund		549
JPMorgan SmartRetirement® 2035 Fund		314
JPMorgan SmartRetirement® 2040 Fund		277
JPMorgan SmartRetirement® 2045 Fund		364
JPMorgan SmartRetirement® 2050 Fund		45
JPMorgan SmartRetirement® 2055 Fund		79
JPMorgan SmartRetirement® 2060 Fund		24

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, 2021. Average borrowings from the Facility during the six months ended December 31, 2021 were as follows:

	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
JPMorgan SmartRetirement® 2060 Fund	$	2,933		0.82	%		1	$	—	(a)

(a) Amount rounds to less than one thousand.

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 October 31, 2022.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended December 31, 2021.

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 1.25%, which has decreased to 1.00% pursuant to the amendment referenced below (the “Applicable Margin”), plus the greater of the federal funds effective rate or one month London Interbank Offered Rate (“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 10, 2021, the Credit Facility has been amended and restated for a term of 364 days, unless extended, and to include a reduction of the Applicable Margin charged for borrowing under the Credit Facility from 1.25% to 1.00%.

The Funds did not utilize the Credit Facility during the six months ended December 31, 2021.

DECEMBER 31, 2021 J.P. MORGAN SMARTRETIREMENT^® FUNDS 111

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

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, 2021, 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		41.6	%
JPMorgan SmartRetirement® 2020 Fund		2		44.3
JPMorgan SmartRetirement® 2025 Fund		2		46.5
JPMorgan SmartRetirement® 2030 Fund		2		43.4
JPMorgan SmartRetirement® 2035 Fund		2		45.0
JPMorgan SmartRetirement® 2040 Fund		2		44.9
JPMorgan SmartRetirement® 2045 Fund		2		46.0
JPMorgan SmartRetirement® 2050 Fund		2		47.1
JPMorgan SmartRetirement® 2055 Fund		2		47.9
JPMorgan SmartRetirement® 2060 Fund		1		34.7

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

As of December 31, 2021, the Funds owned in the aggregate, shares representing more than 10% of the net assets of the following Underlying Funds:

	% of Net Assets
JPMorgan Emerging Markets Strategic Debt Fund		67.6	%
JPMorgan Realty Income Fund		60.3
JPMorgan Emerging Markets Research Enhanced Equity Fund		56.3
JPMorgan International Focus Fund		54.0
JPMorgan International Research Enhanced Equity Fund		48.3
JPMorgan International Equity Fund		47.7
JPMorgan High Yield Research Enhanced ETF		46.5
JPMorgan Inflation Managed Bond Fund		40.2
JPMorgan Emerging Markets Debt Fund		36.6
JPMorgan U.S. Research Enhanced Equity Fund		34.2
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF		25.4
JPMorgan BetaBuilders MSCI US REIT ETF		24.7
JPMorgan Value Advantage Fund		20.3
JPMorgan Short Duration Core Plus Fund		19.8
JPMorgan U.S. Equity Fund		19.6
JPMorgan Floating Rate Income Fund		18.1
JPMorgan High Yield Fund		14.0
JPMorgan Growth Advantage Fund		13.0
JPMorgan Small Cap Value Fund		12.7
JPMorgan Core Bond Fund		11.7

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

112 J.P. MORGAN SMARTRETIREMENT^® FUNDS DECEMBER 31, 2021

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 the 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. On March 5, 2021, the U.K. Financial Conduct Authority (“FCA”) publicly announced that (i) immediately after December 31, 2021, publication of the 1-week and 2-month U.S. Dollar LIBOR settings will permanently cease; (ii) immediately after June 30, 2023, publication of the overnight and 12-month U.S. Dollar LIBOR settings will permanently cease; and (iii) immediately after June 30, 2023, the 1-month, 3-month and 6-month U.S. Dollar LIBOR settings will cease to be provided or, subject to the FCA’s consideration of the case, be provided on a synthetic basis and no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness will not be restored. There is no assurance that the dates announced by the FCA will not change or that the administrator of LIBOR and/or regulators will not take further action that could impact the availability, composition or characteristics of LIBOR or the currencies and/or tenors for which LIBOR is published. Public and private sector industry initiatives are currently underway to implement new or alternative reference rates to be used in place of LIBOR. There is no assurance that 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 of a Fund’s loans, notes, derivatives and other instruments or investments comprising some or all of a Fund’s investments 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, 2021 J.P. MORGAN SMARTRETIREMENT^® 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 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, 2021, and continued to hold your shares at the end of the reporting period, December 31, 2021.

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, 2021		Ending Account Value December 31, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan SmartRetirement® Income Fund
Class A
Actual	$	1,000.00	$	1,018.80	$	1.73		0.34	%
Hypothetical		1,000.00		1,023.49		1.73		0.34
Class C
Actual		1,000.00		1,015.70		4.93		0.97
Hypothetical		1,000.00		1,020.32		4.94		0.97
Class I
Actual		1,000.00		1,020.00		1.12		0.22
Hypothetical		1,000.00		1,024.10		1.12		0.22
Class R2
Actual		1,000.00		1,017.30		3.81		0.75
Hypothetical		1,000.00		1,021.42		3.82		0.75
Class R3
Actual		1,000.00		1,018.70		2.54		0.50
Hypothetical		1,000.00		1,022.68		2.55		0.50
Class R4
Actual		1,000.00		1,019.20		1.27		0.25
Hypothetical		1,000.00		1,023.95		1.28		0.25
Class R5
Actual		1,000.00		1,020.50		0.51		0.10
Hypothetical		1,000.00		1,024.70		0.51		0.10
Class R6
Actual		1,000.00		1,021.10		0.00		0.00
Hypothetical		1,000.00		1,025.21		0.00		0.00

114 J.P. MORGAN SMARTRETIREMENT^® FUNDS DECEMBER 31, 2021

	Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan SmartRetirement® 2020 Fund
Class A
Actual	$	1,000.00	$	1,018.80	$	2.04		0.40	%
Hypothetical		1,000.00		1,023.19		2.04		0.40
Class C
Actual		1,000.00		1,016.40		5.08		1.00
Hypothetical		1,000.00		1,020.16		5.09		1.00
Class I
Actual		1,000.00		1,019.40		1.27		0.25
Hypothetical		1,000.00		1,023.95		1.28		0.25
Class R2
Actual		1,000.00		1,017.10		3.81		0.75
Hypothetical		1,000.00		1,021.42		3.82		0.75
Class R3
Actual		1,000.00		1,018.40		2.54		0.50
Hypothetical		1,000.00		1,022.68		2.55		0.50
Class R4
Actual		1,000.00		1,019.40		1.27		0.25
Hypothetical		1,000.00		1,023.95		1.28		0.25
Class R5
Actual		1,000.00		1,020.70		0.51		0.10
Hypothetical		1,000.00		1,024.70		0.51		0.10
Class R6
Actual		1,000.00		1,020.60		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		1,026.90		2.20		0.43
Hypothetical		1,000.00		1,023.04		2.19		0.43
Class C
Actual		1,000.00		1,023.70		5.10		1.00
Hypothetical		1,000.00		1,020.16		5.09		1.00
Class I
Actual		1,000.00		1,027.70		1.28		0.25
Hypothetical		1,000.00		1,023.95		1.28		0.25
Class R2
Actual		1,000.00		1,024.90		3.83		0.75
Hypothetical		1,000.00		1,021.42		3.82		0.75
Class R3
Actual		1,000.00		1,026.20		2.55		0.50
Hypothetical		1,000.00		1,022.68		2.55		0.50
Class R4
Actual		1,000.00		1,027.20		1.28		0.25
Hypothetical		1,000.00		1,023.95		1.28		0.25
Class R5
Actual		1,000.00		1,028.00		0.51		0.10
Hypothetical		1,000.00		1,024.70		0.51		0.10
Class R6
Actual		1,000.00		1,029.00		0.00		0.00
Hypothetical		1,000.00		1,025.21		0.00		0.00

DECEMBER 31, 2021 J.P. MORGAN SMARTRETIREMENT^® FUNDS 115

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan SmartRetirement® 2030 Fund
Class A
Actual	$	1,000.00	$	1,033.50	$	2.20		0.43	%
Hypothetical		1,000.00		1,023.04		2.19		0.43
Class C
Actual		1,000.00		1,030.50		5.12		1.00
Hypothetical		1,000.00		1,020.16		5.09		1.00
Class I
Actual		1,000.00		1,034.30		1.28		0.25
Hypothetical		1,000.00		1,023.95		1.28		0.25
Class R2
Actual		1,000.00		1,031.50		3.84		0.75
Hypothetical		1,000.00		1,021.42		3.82		0.75
Class R3
Actual		1,000.00		1,033.30		2.56		0.50
Hypothetical		1,000.00		1,022.68		2.55		0.50
Class R4
Actual		1,000.00		1,034.40		1.28		0.25
Hypothetical		1,000.00		1,023.95		1.28		0.25
Class R5
Actual		1,000.00		1,034.90		0.51		0.10
Hypothetical		1,000.00		1,024.70		0.51		0.10
Class R6
Actual		1,000.00		1,035.40		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		1,038.80		2.21		0.43
Hypothetical		1,000.00		1,023.04		2.19		0.43
Class C
Actual		1,000.00		1,035.40		5.13		1.00
Hypothetical		1,000.00		1,020.16		5.09		1.00
Class I
Actual		1,000.00		1,039.40		1.29		0.25
Hypothetical		1,000.00		1,023.95		1.28		0.25
Class R2
Actual		1,000.00		1,036.60		3.85		0.75
Hypothetical		1,000.00		1,021.42		3.82		0.75
Class R3
Actual		1,000.00		1,038.10		2.57		0.50
Hypothetical		1,000.00		1,022.68		2.55		0.50
Class R4
Actual		1,000.00		1,039.80		1.29		0.25
Hypothetical		1,000.00		1,023.95		1.28		0.25
Class R5
Actual		1,000.00		1,040.50		0.51		0.10
Hypothetical		1,000.00		1,024.70		0.51		0.10
Class R6
Actual		1,000.00		1,041.10		0.00		0.00
Hypothetical		1,000.00		1,025.21		0.00		0.00

116 J.P. MORGAN SMARTRETIREMENT^® FUNDS DECEMBER 31, 2021

	Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan SmartRetirement® 2040 Fund
Class A
Actual	$	1,000.00	$	1,043.00	$	2.21		0.43	%
Hypothetical		1,000.00		1,023.04		2.19		0.43
Class C
Actual		1,000.00		1,040.10		5.14		1.00
Hypothetical		1,000.00		1,020.16		5.09		1.00
Class I
Actual		1,000.00		1,044.10		1.29		0.25
Hypothetical		1,000.00		1,023.95		1.28		0.25
Class R2
Actual		1,000.00		1,041.70		3.86		0.75
Hypothetical		1,000.00		1,021.42		3.82		0.75
Class R3
Actual		1,000.00		1,042.60		2.57		0.50
Hypothetical		1,000.00		1,022.68		2.55		0.50
Class R4
Actual		1,000.00		1,043.80		1.29		0.25
Hypothetical		1,000.00		1,023.95		1.28		0.25
Class R5
Actual		1,000.00		1,044.80		0.52		0.10
Hypothetical		1,000.00		1,024.70		0.51		0.10
Class R6
Actual		1,000.00		1,045.30		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		1,048.20		2.22		0.43
Hypothetical		1,000.00		1,023.04		2.19		0.43
Class C
Actual		1,000.00		1,045.20		5.16		1.00
Hypothetical		1,000.00		1,020.16		5.09		1.00
Class I
Actual		1,000.00		1,048.80		1.29		0.25
Hypothetical		1,000.00		1,023.95		1.28		0.25
Class R2
Actual		1,000.00		1,045.70		3.87		0.75
Hypothetical		1,000.00		1,021.42		3.82		0.75
Class R3
Actual		1,000.00		1,047.40		2.58		0.50
Hypothetical		1,000.00		1,022.68		2.55		0.50
Class R4
Actual		1,000.00		1,048.80		1.29		0.25
Hypothetical		1,000.00		1,023.95		1.28		0.25
Class R5
Actual		1,000.00		1,049.60		0.52		0.10
Hypothetical		1,000.00		1,024.70		0.51		0.10
Class R6
Actual		1,000.00		1,050.50		0.00		0.00
Hypothetical		1,000.00		1,025.21		0.00		0.00

DECEMBER 31, 2021 J.P. MORGAN SMARTRETIREMENT^® FUNDS 117

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan SmartRetirement® 2050 Fund
Class A
Actual	$	1,000.00	$	1,047.30	$	2.22		0.43	%
Hypothetical		1,000.00		1,023.04		2.19		0.43
Class C
Actual		1,000.00		1,044.40		5.15		1.00
Hypothetical		1,000.00		1,020.16		5.09		1.00
Class I
Actual		1,000.00		1,048.30		1.29		0.25
Hypothetical		1,000.00		1,023.95		1.28		0.25
Class R2
Actual		1,000.00		1,046.10		3.87		0.75
Hypothetical		1,000.00		1,021.42		3.82		0.75
Class R3
Actual		1,000.00		1,047.40		2.58		0.50
Hypothetical		1,000.00		1,022.68		2.55		0.50
Class R4
Actual		1,000.00		1,048.70		1.29		0.25
Hypothetical		1,000.00		1,023.95		1.28		0.25
Class R5
Actual		1,000.00		1,049.10		0.52		0.10
Hypothetical		1,000.00		1,024.70		0.51		0.10
Class R6
Actual		1,000.00		1,049.60		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		1,048.00		2.17		0.42
Hypothetical		1,000.00		1,023.09		2.14		0.42
Class C
Actual		1,000.00		1,044.80		5.15		1.00
Hypothetical		1,000.00		1,020.16		5.09		1.00
Class I
Actual		1,000.00		1,049.00		1.29		0.25
Hypothetical		1,000.00		1,023.95		1.28		0.25
Class R2
Actual		1,000.00		1,046.10		3.87		0.75
Hypothetical		1,000.00		1,021.42		3.82		0.75
Class R3
Actual		1,000.00		1,047.30		2.58		0.50
Hypothetical		1,000.00		1,022.68		2.55		0.50
Class R4
Actual		1,000.00		1,048.60		1.29		0.25
Hypothetical		1,000.00		1,023.95		1.28		0.25
Class R5
Actual		1,000.00		1,049.50		0.52		0.10
Hypothetical		1,000.00		1,024.70		0.51		0.10
Class R6
Actual		1,000.00		1,050.30		0.00		0.00
Hypothetical		1,000.00		1,025.21		0.00		0.00

118 J.P. MORGAN SMARTRETIREMENT^® FUNDS DECEMBER 31, 2021

	Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan SmartRetirement® 2060 Fund
Class A
Actual	$	1,000.00	$	1,048.30	$	2.22		0.43	%
Hypothetical		1,000.00		1,023.04		2.19		0.43
Class C
Actual		1,000.00		1,044.80		5.21		1.01
Hypothetical		1,000.00		1,020.11		5.14		1.01
Class I
Actual		1,000.00		1,048.60		1.34		0.26
Hypothetical		1,000.00		1,023.89		1.33		0.26
Class R2
Actual		1,000.00		1,046.00		3.92		0.76
Hypothetical		1,000.00		1,021.37		3.87		0.76
Class R3
Actual		1,000.00		1,047.20		2.63		0.51
Hypothetical		1,000.00		1,022.63		2.60		0.51
Class R4
Actual		1,000.00		1,049.00		1.34		0.26
Hypothetical		1,000.00		1,023.89		1.33		0.26
Class R5
Actual		1,000.00		1,049.20		0.57		0.11
Hypothetical		1,000.00		1,024.65		0.56		0.11
Class R6
Actual		1,000.00		1,050.10		0.05		0.01
Hypothetical		1,000.00		1,025.16		0.05		0.01

* 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, 2021 J.P. MORGAN SMARTRETIREMENT^® FUNDS 119

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 2021, 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, 2021.

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 investment 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 quantitative and statistical analyses of certain Funds and/or Underlying Funds, including risk and performance return assessment as compared to the Funds’ and/or Underlying Funds’ objectives, benchmarks, 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 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

120 J.P. MORGAN SMARTRETIREMENT^® FUNDS DECEMBER 31, 2021

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 each Fund 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 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 for each Fund and/or 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 each 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, as well as the Adviser’s use of affiliates to provide other services and the benefits to such affiliates of doing so.

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

DECEMBER 31, 2021 J.P. MORGAN SMARTRETIREMENT^® FUNDS 121

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

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 Fee 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.

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 fee structure and 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 for certain Funds by the Trustees’ independent consultant. The special analysis includes a multi-factor quantitative scoring system for summarizing a Fund’s historical investment performance. The approach relies on multiple metrics, incorporates several time periods, adjusts for risk and considers how a fund’s customized peer group (as selected by the independent consultant) has performed. 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 third, third and second 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, 2020, respectively. The Trustees noted that the performance for Class I shares was in the second, third and second quintiles based upon the Universe for the one-, three- and five-year periods ended December 31, 2020, 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, 2020, respectively, and in the second quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2020. 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, fifth and fourth 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, 2020, respectively. The Trustees noted that the performance for

122 J.P. MORGAN SMARTRETIREMENT^® FUNDS DECEMBER 31, 2021

Class I shares was in the fourth, fifth and fourth quintiles based upon the Peer Group for the one-, three- and five-year periods ended December 31, 2020, respectively, and in the fourth quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees noted that the performance for Class R6 shares was in the fourth, fifth and fifth quintiles based upon the Peer Group, and in the third, fourth and fourth quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2020, 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 third, fourth and third quintiles based upon the Peer Group for the one-, three- and five-year periods ended December 31, 2020, respectively, and in the fourth quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees noted that the performance for Class I shares was in the third, fourth and fourth quintiles based upon both the Peer Group and Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class R6 shares was in the third, fifth and fourth quintiles based upon the Peer Group, and in the third, fourth and third quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2020, 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 SmartRetirement 2030 Fund’s performance for Class A shares was in the third, fourth and fourth quintiles based upon the Peer Group for the one-, three- and five-year periods ended December 30, 2020, respectively, and in the fourth quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees noted that the performance for Class I shares was in the third, fourth and fourth quintiles based upon the Peer Group for the one-, three- and five-year periods ended December 30, 2020, respectively, and in the fourth quintile based upon the Universe for each of the one-, three- and five-year periods ended

December 31, 2020. The Trustees noted that the performance for Class R6 shares was in the fourth, fifth and fourth quintiles based upon the Peer Group, and in the third, fourth and third quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2020, 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 SmartRetirement 2035 Fund’s performance for Class A shares was in the second, fifth and third quintiles based upon the Peer Group, and in the third, fourth and fourth quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class I shares was in the third, fourth and fourth quintiles based upon both the Peer Group and Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class R6 shares was in the third, fifth and fourth quintiles based upon the Peer Group, and in the third, fourth and third quintiles, based upon the Universe, for the one-, three- and five-year periods ended December 31, 2020, 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 SmartRetirement 2040 Fund’s performance for Class A shares was in the third, fifth and third quintiles based upon the Peer Group, and in the third, fourth and fourth quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class I shares was in the third, fifth and fourth quintiles based upon the Peer Group, and in the third, fourth and fourth quintiles based upon Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class R6 shares was in the fourth, fifth and fourth quintiles based upon the Peer Group, and in the third, fourth and third quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2020, 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, 2021 J.P. MORGAN SMARTRETIREMENT^® FUNDS 123

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

The Trustees noted that the SmartRetirement 2045 Fund’s performance for Class A shares was in the third, fifth and third quintiles based upon the Peer Group, and in the third, fourth and fourth quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class I shares was in the third, fifth and fourth quintiles based upon the Peer Group, and in the third, fourth and fourth quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class R6 shares was in the fourth, fifth and fourth quintiles based upon the Peer Group for the one-, three- and five-year periods ended December 31, 2020, respectively, and in the third quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2020. 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 2050 Fund’s performance for Class A and Class I shares was in the third, fifth and fourth quintiles based upon the Peer Group, and in the third, fourth and fourth quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class R6 shares was in the fourth, fifth and fifth quintiles based upon the Peer Group, and in the third, fourth and fourth quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2020, 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 SmartRetirement 2055 Fund’s performance for Class A shares was in the fourth, fifth and fourth quintiles based upon the Peer Group, and in the third, fourth and fourth quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class I shares was in the third, fifth and fourth quintiles based upon the Peer Group, and in the third, fourth and fourth quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class R6 shares was in the fourth, fifth and fifth quintiles based upon the Peer Group, and in the third, fourth and fourth quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2020, 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 SmartRetirement 2060 Fund’s performance for Class A, Class I and Class R6 shares was in the third and fifth 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, 2020, 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 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 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 the Universe, and that the

124 J.P. MORGAN SMARTRETIREMENT^® FUNDS DECEMBER 31, 2021

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 first 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 fourth 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 first 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 second 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 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 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 first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class R6 shares were in the first 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 second 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 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 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 first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class R6 shares were in the first 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 second 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 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 fourth 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 first 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 second 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 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 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 first quintile based upon both the Peer Group and Universe, and

DECEMBER 31, 2021 J.P. MORGAN SMARTRETIREMENT^® FUNDS 125

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

that the actual total expenses for Class R6 shares were in the first 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 second 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 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 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 first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class R6 shares were in the first 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 second 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 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 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 first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class R6 shares were in the first 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 second and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted 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 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 first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class R6 shares were in the first 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 both the Peer Group and Universe, and that the actual total expenses 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 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 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 first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class R6 shares were in the first 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.

126 J.P. MORGAN SMARTRETIREMENT^® FUNDS DECEMBER 31, 2021

SPECIAL SHAREHOLDER MEETING RESULTS

(Unaudited)

The Trust held a special meeting of shareholders on October 27, 2021, for the purpose of considering and voting upon the election of Trustees, which meeting was adjourned to November 23, 2021 to allow shareholders to vote on the proposal.

When the special meeting reconvened on November 23, 2021, Trustees were elected by the shareholders of all of the series of the Trust, including the Funds.

The results of the voting were as follows:

	Votes Received (Amounts in thousands)
Independent Nominee
John F. Finn
In Favor		218,161,076
Withheld		3,798,560
Steven P. Fisher
In Favor		219,683,469
Withheld		2,276,167
Gary L. French
In Favor		219,573,994
Withheld		2,385,642
Kathleen M. Gallagher
In Favor		219,614,901
Withheld		2,344,735
Robert J. Grassi
In Favor		219,652,125
Withheld		2,307,510
Frankie D. Hughes
In Favor		219,173,958
Withheld		2,785,677
Raymond Kanner
In Favor		219,638,172
Withheld		2,321,463
Thomas P. Lemke
In Favor		219,600,003
Withheld		2,359,633

	Votes Received (Amounts in thousands)
Lawrence R. Maffia
In Favor		219,558,283
Withheld		2,401,353
Mary E. Martinez
In Favor		219,188,002
Withheld		2,771,634
Marilyn McCoy
In Favor		218,775,511
Withheld		3,184,125
Dr. Robert A. Oden, Jr.
In Favor		218,109,306
Withheld		3,850,330
Marian U. Pardo
In Favor		219,504,107
Withheld		2,445,528
Emily A. Youssouf
In Favor		219,549,573
Withheld		2,410,062
Interested Nominee
Robert F. Deutsch
In Favor		219,143,836
Withheld		2,815,799
Nina O. Shenker
In Favor		219,183,139
Withheld		2,776,497

DECEMBER 31, 2021 J.P. MORGAN SMARTRETIREMENT^® FUNDS 127

TAX LETTER

(Unaudited)

(Dollar values in thousands)

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, 2021. 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, 2021. The information necessary to complete your income tax returns for the calendar year ending December 31, 2021 will be provided under separate cover.

Foreign Source Income and Foreign Tax Credit Pass Through

For the fiscal year ended June 30, 2021, the Funds elected to pass through to shareholders taxes paid to foreign countries.

Gross income and foreign tax expenses were as follows or amounts as finally determined:

	Total Foreign Source Income		Total Foreign Tax Credit
JPMorgan SmartRetirement Income Fund®	$	4,828	$	435
JPMorgan SmartRetirement® 2020 Fund		8,891		800
JPMorgan SmartRetirement® 2025 Fund		18,672		1,673
JPMorgan SmartRetirement® 2030 Fund		25,907		2,321
JPMorgan SmartRetirement® 2035 Fund		30,496		2,769
JPMorgan SmartRetirement® 2040 Fund		33,422		3,024
JPMorgan SmartRetirement® 2045 Fund		26,736		2,421
JPMorgan SmartRetirement® 2050 Fund		24,043		2,177
JPMorgan SmartRetirement® 2055 Fund		12,205		1,106
JPMorgan SmartRetirement® 2060 Fund		2,158		196

128 J.P. MORGAN SMARTRETIREMENT^® FUNDS DECEMBER 31, 2021

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., 2021.  All rights reserved. December 2021. SAN-SR-1221

Semi-Annual Report

JPMorgan SmartRetirement^® Blend Funds

December 31, 2021 (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	5
Schedules of Portfolio Investments	16
Financial Statements	98
Financial Highlights	122
Notes to Financial Statements	142
Schedule of Shareholder Expenses	166
Board Approval of Investment Advisory Agreements	171
Special Shareholder Meeting Results	177

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.

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 8, 2022 (Unaudited)

Dear Shareholders,

U.S. equities led the year-long rally in developed market stocks as the global economic rebound advanced through 2021. While financial market volatility, a resurgence in the pandemic and accelerating inflation have carried into 2022, we believe that the outlook for the overall U.S. economy remains positive.

  “Throughout the year ahead, J.P. Morgan Asset Management plans to seek to deliver superior client outcomes across a broad range of innovative solutions and risk management processes built on the same fundamental practices and principles that have driven our success for more than a century.” — Andrea L. Lisher

A surge in U.S. consumer wealth — partly tied to rising values for homes and autos — and quarterly growth in corporate earnings have helped to bolster U.S. financial markets that were already well-supported by monetary and fiscal policies. Over the course of the past year, the U.S. jobless rate fell to pre-pandemic levels and reached 3.9% in December. At the same time, inflation has climbed significantly. The U.S. Federal Reserve (the “Fed”) has tapered its monthly asset purchasing program and indicated that it’s likely to raise interest rates as early as March 2022.

While rising interest rates may mark another phase of the economic cycle that presents financial markets with new challenges and opportunities, they may also signal a return to a

more normal economic environment following two years of historically low rates. Meanwhile, the path of the pandemic remains a factor in the U.S. economy. Recent data suggest the increase in new infections in late 2021 and into 2022 had some impact on the U.S. economy — though job growth remained strong — but there is hope that the latest pandemic wave may recede in coming months. Additionally, there is hope that rising prices on commodities and goods will moderate as supply chain constraints ease over time and the Fed moves generally to tamp down inflationary pressures. We expect the U.S. economy to continue expanding in 2022, even if the pace of the expansion eases from 2021.

Throughout the year ahead, J.P. Morgan Asset Management plans to seek to deliver superior client outcomes across a broad range of innovative solutions and risk management processes built on the same fundamental practices and principles that have driven our success for more than a century.

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, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 1

JPMorgan SmartRetirement^® Blend Funds

FUND FACTS

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)

Fund	Fund Return*		Broad Based Securities Market Index Return		Broad Based Securities Market Index Name	Fund Net Assets as of December 31, 2021 ($000)
JPMorgan SmartRetirement® Blend Income Fund		2.05%		1.96%	S&P Target Date Retirement Income Index	$	703,176
JPMorgan SmartRetirement® Blend 2020 Fund		2.04%		3.18%	S&P Target Date 2020 Index	$	1,303,281
JPMorgan SmartRetirement® Blend 2025 Fund		2.79%		3.51%	S&P Target Date 2025 Index	$	2,205,396
JPMorgan SmartRetirement® Blend 2030 Fund		3.37%		3.97%	S&P Target Date 2030 Index	$	2,567,512
JPMorgan SmartRetirement® Blend 2035 Fund		4.13%		4.57%	S&P Target Date 2035 Index	$	2,399,915
JPMorgan SmartRetirement® Blend 2040 Fund		4.62%		5.00%	S&P Target Date 2040 Index	$	2,167,527
JPMorgan SmartRetirement® Blend 2045 Fund		5.09%		5.25%	S&P Target Date 2045 Index	$	1,752,289
JPMorgan SmartRetirement® Blend 2050 Fund		5.08%		5.36%	S&P Target Date 2050 Index	$	1,341,597
JPMorgan SmartRetirement® Blend 2055 Fund		5.11%		5.37%	S&P Target Date 2055 Index	$	725,176
JPMorgan SmartRetirement® Blend 2060 Fund		5.10%		5.34%	S&P Target Date 2060+ Index	$	234,151

* 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, 2021

JPMorgan SmartRetirement^® Blend Income Fund

PORTFOLIO COMPOSITION BY ASSET CLASS AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Investment Companies		41.5	%
Exchange-Traded Funds		29.3
Corporate Bonds		8.5
Asset-Backed Securities		5.2
Mortgage-Backed Securities		4.8
U.S. Treasury Obligations		4.3
Collateralized Mortgage Obligations		1.2
Others (each less than 1.0%)		0.6
Short-Term Investments		4.6

JPMorgan SmartRetirement^® Blend 2020 Fund

PORTFOLIO COMPOSITION BY ASSET CLASS AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Investment Companies		42.1	%
Exchange-Traded Funds		29.2
Corporate Bonds		8.4
Asset-Backed Securities		5.3
Mortgage-Backed Securities		5.2
U.S. Treasury Obligations		3.5
Collateralized Mortgage Obligations		1.5
Others (each less than 1.0%)		0.5
Short-Term Investments		4.3

JPMorgan SmartRetirement^® Blend 2025 Fund

PORTFOLIO COMPOSITION BY ASSET CLASS AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Investment Companies		43.1	%
Exchange-Traded Funds		31.9
Corporate Bonds		7.6
U.S. Treasury Obligations		4.9
Asset-Backed Securities		4.6
Mortgage-Backed Securities		4.1
Collateralized Mortgage Obligations		1.1
Others (each less than 1.0%)		0.4
Short-Term Investments		2.3

JPMorgan SmartRetirement^® Blend 2030 Fund

PORTFOLIO COMPOSITION BY ASSET CLASS AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Investment Companies		43.4	%
Exchange-Traded Funds		35.7
Corporate Bonds		6.1
U.S. Treasury Obligations		3.9
Asset-Backed Securities		3.8
Mortgage-Backed Securities		3.2
Others (each less than 1.0%)		1.3
Short-Term Investments		2.6

JPMorgan SmartRetirement^® Blend 2035 Fund

PORTFOLIO COMPOSITION BY ASSET CLASS AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Investment Companies		54.6	%
Exchange-Traded Funds		38.5
Corporate Bonds		1.4
U.S. Treasury Obligations		1.3
Others (each less than 1.0%)		1.9
Short-Term Investments		2.3

JPMorgan SmartRetirement^® Blend 2040 Fund

PORTFOLIO COMPOSITION BY ASSET CLASS AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
U.S. Equity		41.9	%
International Equity		32.4
Fixed Income		18.0
Alternative Assets		4.9
U.S. Treasury Obligations		0.5
Short-Term Investments		2.3

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 3

JPMorgan SmartRetirement^® Blend Funds

FUND FACTS

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)

JPMorgan SmartRetirement^® Blend 2045 Fund

PORTFOLIO COMPOSITION BY ASSET CLASS AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
U.S. Equity		47.2	%
International Equity		36.3
Fixed Income		8.6
Alternative Assets		5.5
U.S. Treasury Obligations		0.4
Short-Term Investments		2.0

JPMorgan SmartRetirement^® Blend 2050 Fund

PORTFOLIO COMPOSITION BY ASSET CLASS AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
U.S. Equity		47.1	%
International Equity		36.3
Fixed Income		8.7
Alternative Assets		5.4
U.S. Treasury Obligations		0.4
Short-Term Investments		2.1

JPMorgan SmartRetirement^® Blend 2055 Fund

PORTFOLIO COMPOSITION BY ASSET CLASS AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
U.S. Equity		46.9	%
International Equity		36.2
Fixed Income		8.8
Alternative Assets		5.5
U.S. Treasury Obligations		0.4
Short-Term Investments		2.2

JPMorgan SmartRetirement^® Blend 2060 Fund

PORTFOLIO COMPOSITION BY ASSET CLASS AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
U.S. Equity		46.9	%
International Equity		36.3
Fixed Income		8.6
Alternative Assets		5.5
U.S. Treasury Obligations		0.4
Short-Term Investments		2.3

4 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

JPMorgan SmartRetirement^® Blend Funds

FUNDS COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (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, U.S. equity markets generated positive returns in the second half of 2021, bolstered by continued monetary and fiscal support as well as strong consumer spending and record corporate profits. Despite historically high equity valuations in the U.S., the S&P 500 Index posted at least one record-high closing in each month during the period. Fixed income markets underperformed equity markets during the period and generally had mixed results during the period amid relatively low yields and investor expectations for rising interest rate.

Notably, the emergence of the omicron variant of COVID-19 and a global resurgence of the pandemic in the final months of 2021 led to higher volatility in financial markets and weighed on global petroleum prices.

The first months of the period saw upward momentum in U.S. equity prices following record-high earnings and revenue reports from U.S. companies for the second quarter of 2021. However, equity markets slumped toward the end of September amid investor concerns about global supply chain disruptions, inflationary pressures and some weakening in U.S. consumer spending. During that month, the U.S. Federal Reserve (the “Fed”) set an initial schedule for tapering off its monthly bond purchases and indicated it may raise interest rates in late 2022 or early 2023.

Equity markets see-sawed in the final three months of 2021. Stronger-than-expected corporate earnings and revenue for the third quarter of 2021, along with growth in jobs and consumer spending and a boom in U.S. consumer wealth, provided support for equity prices. In response to rising inflation and falling unemployment, the Fed accelerated its reduction in net asset purchases and indicated it may raise interest rates three times over 2022 and 2023.

Within U.S. equity, large cap stocks generally outperformed both mid cap and small cap stocks. Growth stocks led returns in the large cap indexes but value stocks outperformed growth stocks within mid cap and small cap indexes. Within fixed income markets, high yield bonds (also known as “junk bonds”) outperformed corporate bonds and U.S. Treasury securities.

For the six months ended December 31, 2021, the S&P 500 returned 11.67% and the Bloomberg U.S. Aggregate Index returned 0.06%.

WHAT WERE THE MAIN DRIVERS OF THE FUNDS’ PERFORMANCE?

The Class R6 Shares of all nine SmartRetirement^® Blend Funds underperformed their respective S&P Target Date Indexes (the “Benchmarks”) for the six months ended December 31, 2021. The Class R6 Shares of the SmartRetirement^® Blend Income Fund outperformed its respective Benchmark.

In terms of manager selection, the Fund’s investments in the JPMorgan Research Enhanced High Yield ETF and the JPMorgan Short Duration Core Plus Fund were leading contributors to relative performance. The Fund’s investments in the JPMorgan Core Bond Fund and the JPMorgan US Aggregate Bond ETF detracted from performance.

From a strategic perspective, the Funds’ larger allocations to real estate investment trusts and high yield bonds (also known as “junk bonds”) contributed to relative performance. The Funds’ smaller allocations to U.S. large cap stocks and their larger allocations to emerging markets equity detracted from relative performance.

From a tactical perspective, the Funds’ allocations to equity versus bonds were leading contributors to relative performance, specifically their allocations to U.S. large cap equity futures and international developed markets equity. Conversely, their higher allocations to U.S. small cap equity detracted modestly 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.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 5

JPMorgan SmartRetirement^® Blend Income Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS I SHARES	July 2, 2012		1.92	%		6.01	%		6.93	%		5.76	%
CLASS R2 SHARES	July 2, 2012		1.65			5.52			6.40			5.28
CLASS R3 SHARES	May 31, 2017		1.84			5.80			6.66			5.56
CLASS R4 SHARES	May 31, 2017		1.92			6.05			6.93			5.83
CLASS R5 SHARES	July 2, 2012		1.99			6.22			7.09			5.95
CLASS R6 SHARES	July 2, 2012		2.05			6.33			7.20			6.03

* Not annualized.

LIFE OF FUND PERFORMANCE (7/2/12 TO 12/31/21)

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, 2021. 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.

6 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

JPMorgan SmartRetirement^® Blend 2020 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS I SHARES	July 2, 2012		1.91	%		6.09	%		7.67	%		7.17	%
CLASS R2 SHARES	July 2, 2012		1.68			5.59			7.14			6.68
CLASS R3 SHARES	May 31, 2017		1.78			5.83			7.40			6.97
CLASS R4 SHARES	May 31, 2017		1.96			6.08			7.67			7.24
CLASS R5 SHARES	July 2, 2012		1.98			6.25			7.83			7.36
CLASS R6 SHARES	July 2, 2012		2.04			6.36			7.94			7.44

* Not annualized.

LIFE OF FUND PERFORMANCE (7/2/12 TO 12/31/21)

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, 2021. 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.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 7

JPMorgan SmartRetirement^® Blend 2025 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS I SHARES	July 2, 2012		2.66	%		8.80	%		9.10	%		8.32	%
CLASS R2 SHARES	July 2, 2012		2.37			8.26			8.55			7.82
CLASS R3 SHARES	May 31, 2017		2.53			8.50			8.82			8.11
CLASS R4 SHARES	May 31, 2017		2.66			8.78			9.10			8.38
CLASS R5 SHARES	July 2, 2012		2.73			8.96			9.26			8.50
CLASS R6 SHARES	July 2, 2012		2.79			9.07			9.37			8.59

* Not annualized.

LIFE OF FUND PERFORMANCE (7/2/12 TO 12/31/21)

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, 2021. 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.

8 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

JPMorgan SmartRetirement^® Blend 2030 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS I SHARES	July 2, 2012		3.28	%		11.11	%		10.27	%		9.28	%
CLASS R2 SHARES	July 2, 2012		3.00			10.55			9.71			8.77
CLASS R3 SHARES	May 31, 2017		3.12			10.77			9.98			9.06
CLASS R4 SHARES	May 31, 2017		3.27			11.09			10.26			9.34
CLASS R5 SHARES	July 2, 2012		3.31			11.22			10.42			9.46
CLASS R6 SHARES	July 2, 2012		3.37			11.33			10.53			9.54

* Not annualized.

LIFE OF FUND PERFORMANCE (7/2/12 TO 12/31/21)

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, 2021. 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.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 9

JPMorgan SmartRetirement^® Blend 2035 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS I SHARES	July 2, 2012		4.04	%		13.82	%		11.32	%		10.10	%
CLASS R2 SHARES	July 2, 2012		3.76			13.25			10.75			9.59
CLASS R3 SHARES	May 31, 2017		3.88			13.53			11.04			9.89
CLASS R4 SHARES	May 31, 2017		4.04			13.81			11.32			10.17
CLASS R5 SHARES	July 2, 2012		4.11			13.97			11.48			10.29
CLASS R6 SHARES	July 2, 2012		4.13			14.09			11.59			10.37

* Not annualized.

LIFE OF FUND PERFORMANCE (7/2/12 TO 12/31/21)

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, 2021. 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.

10 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

JPMorgan SmartRetirement^® Blend 2040 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS I SHARES	July 2, 2012		4.46	%		15.61	%		12.13	%		10.68	%
CLASS R2 SHARES	July 2, 2012		4.19			15.05			11.58			10.17
CLASS R3 SHARES	May 31, 2017		4.34			15.33			11.85			10.47
CLASS R4 SHARES	May 31, 2017		4.46			15.61			12.14			10.75
CLASS R5 SHARES	July 2, 2012		4.56			15.81			12.31			10.87
CLASS R6 SHARES	July 2, 2012		4.62			15.94			12.42			10.96

* Not annualized.

LIFE OF FUND PERFORMANCE (7/2/12 TO 12/31/21)

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, 2021. 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.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 11

JPMorgan SmartRetirement^® Blend 2045 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS I SHARES	July 2, 2012		4.93	%		17.41	%		12.60	%		10.91	%
CLASS R2 SHARES	July 2, 2012		4.66			16.86			12.04			10.40
CLASS R3 SHARES	May 31, 2017		4.81			17.16			12.33			10.71
CLASS R4 SHARES	May 31, 2017		4.93			17.44			12.60			10.98
CLASS R5 SHARES	July 2, 2012		5.00			17.60			12.79			11.11
CLASS R6 SHARES	July 2, 2012		5.09			17.75			12.89			11.20

* Not annualized.

LIFE OF FUND PERFORMANCE (7/2/12 TO 12/31/21)

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, 2021. 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.

12 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

JPMorgan SmartRetirement^® Blend 2050 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS I SHARES	July 2, 2012		4.95	%		17.46	%		12.68	%		10.96	%
CLASS R2 SHARES	July 2, 2012		4.67			16.88			12.12			10.45
CLASS R3 SHARES	May 31, 2017		4.82			17.21			12.41			10.75
CLASS R4 SHARES	May 31, 2017		4.95			17.48			12.68			11.02
CLASS R5 SHARES	July 2, 2012		5.02			17.65			12.86			11.14
CLASS R6 SHARES	July 2, 2012		5.08			17.76			12.97			11.23

* Not annualized.

LIFE OF FUND PERFORMANCE (7/2/12 TO 12/31/21)

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, 2021. 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.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 13

JPMorgan SmartRetirement^® Blend 2055 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS I SHARES	July 2, 2012		4.95	%		17.49	%		12.62	%		10.89	%
CLASS R2 SHARES	July 2, 2012		4.68			16.92			12.06			10.38
CLASS R3 SHARES	May 31, 2017		4.81			17.19			12.34			10.68
CLASS R4 SHARES	May 31, 2017		4.92			17.46			12.62			10.96
CLASS R5 SHARES	July 2, 2012		5.02			17.66			12.79			11.08
CLASS R6 SHARES	July 2, 2012		5.11			17.81			12.90			11.17

* Not annualized.

LIFE OF FUND PERFORMANCE (7/2/12 TO 12/31/21)

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, 2021. 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.

14 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

JPMorgan SmartRetirement^® Blend 2060 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS I SHARES	August 31, 2016		4.97	%		17.47	%		12.71	%		12.17	%
CLASS R2 SHARES	August 31, 2016		4.71			16.93			12.15			11.61
CLASS R3 SHARES	May 31, 2017		4.83			17.16			12.42			11.88
CLASS R4 SHARES	May 31, 2017		4.94			17.48			12.70			12.16
CLASS R5 SHARES	August 31, 2016		5.05			17.66			12.88			12.34
CLASS R6 SHARES	August 31, 2016		5.10			17.76			13.00			12.44

* Not annualized.

LIFE OF FUND PERFORMANCE (8/31/16 TO 12/31/21)

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, 2021. 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.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 15

JPMorgan SmartRetirement^® Blend Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment Companies — 41.4%
Fixed Income — 26.9%
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		1,645		12,663
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		1,803		13,829
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		1,077		9,637
JPMorgan High Yield Fund Class R6 Shares (a)		3,389		24,607
JPMorgan Income Fund Class R6 Shares (a)		1,957		18,373
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		4,812		52,884
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		5,883		57,122
Total Fixed Income				189,115
U.S. Equity — 14.5%
JPMorgan Equity Index Fund Class R6 Shares (a)		1,429		102,211
Total Investment Companies (Cost $251,646)				291,326
Exchange-Traded Funds — 29.2%
Alternative Assets — 1.9%
JPMorgan BetaBuilders MSCI US REIT ETF (a)		120		13,338
Fixed Income — 11.0%
JPMorgan High Yield Research Enhanced ETF (a)		576		29,795
JPMorgan U.S. Aggregate Bond ETF (a)		884		47,650
Total Fixed Income				77,445
International Equity — 13.1%
iShares Core MSCI Emerging Markets ETF		386		23,095
JPMorgan BetaBuilders International Equity ETF (a)		1,149		68,527
Total International Equity				91,622
U.S. Equity — 3.2%
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a)		156		14,367
JPMorgan BetaBuilders U.S. Small Cap Equity ETF (a)		131		8,641
Total U.S. Equity				23,008
Total Exchange-Traded Funds (Cost $179,879)				205,413

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — 8.5%
Aerospace & Defense — 0.2%
Boeing Co. (The)
1.95%, 2/1/2024		35		35
1.43%, 2/4/2024		25		25
2.50%, 3/1/2025		85		87
2.75%, 2/1/2026		30		31
2.20%, 2/4/2026		15		15
2.70%, 2/1/2027		765		778
3.45%, 11/1/2028		63		66
L3Harris Technologies, Inc. 1.80%, 1/15/2031		71		68
Leidos, Inc. 2.30%, 2/15/2031		26		25
Northrop Grumman Corp.
5.15%, 5/1/2040		95		123
3.85%, 4/15/2045		179		203
Raytheon Technologies Corp.
2.25%, 7/1/2030		143		142
3.75%, 11/1/2046		78		87
				1,685
Airlines — 0.0% (b)
American Airlines Pass-Through Trust Series 2021-1, Class A Shares, 2.88%, 7/11/2034		266		263
Auto Components — 0.0% (b)
Lear Corp. 2.60%, 1/15/2032		40		39
Automobiles — 0.4%
Daimler Finance North America LLC (Germany) 1.45%, 3/2/2026 (c)		186		184
General Motors Co. 6.80%, 10/1/2027		330		405
Hyundai Capital America
1.15%, 11/10/2022 (c)		363		363
1.30%, 1/8/2026 (c)		40		39
2.38%, 10/15/2027 (c)		350		348
1.80%, 1/10/2028 (c)		60		58
Nissan Motor Acceptance Co. LLC 2.80%, 1/13/2022 (c)		166		166
Nissan Motor Co. Ltd. (Japan) 4.35%, 9/17/2027 (c)		400		432
Stellantis Finance US, Inc. 1.71%, 1/29/2027 (c)		200		197
				2,192
Banks — 1.8%
ABN AMRO Bank NV (Netherlands) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.80%), 1.54%, 6/16/2027 (c) (d)		200		196
AIB Group plc (Ireland) 4.75%, 10/12/2023 (c)		600		635

SEE NOTES TO FINANCIAL STATEMENTS.

16 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Banks — continued
Australia & New Zealand Banking Group Ltd. (Australia) 4.40%, 5/19/2026 (c)		200		219
Banco Santander SA (Spain)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 1.72%, 9/14/2027 (d)		200		196
2.75%, 12/3/2030		400		392
Bank of America Corp.
4.00%, 1/22/2025		400		427
(SOFR + 1.01%), 1.20%, 10/24/2026 (d)		199		195
(ICE LIBOR USD 3 Month + 1.51%), 3.71%, 4/24/2028 (d)		484		525
(SOFR + 1.32%), 2.69%, 4/22/2032 (d)		70		71
(SOFR + 1.93%), 2.68%, 6/19/2041 (d)		419		403
Bank of Ireland Group plc (Ireland)
4.50%, 11/25/2023 (c)		200		212
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 2.03%, 9/30/2027 (c) (d)		200		196
Barclays plc (United Kingdom)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.80%), 1.01%, 12/10/2024 (d)		200		199
3.65%, 3/16/2025		400		422
4.34%, 1/10/2028		200		218
BNP Paribas SA (France) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.05%), 2.59%, 8/12/2035 (c) (d)		200		192
Citigroup, Inc.
3.88%, 3/26/2025		697		743
(ICE LIBOR USD 3 Month + 1.39%), 3.67%, 7/24/2028 (d)		125		135
(ICE LIBOR USD 3 Month + 1.15%), 3.52%, 10/27/2028 (d)		183		196
(ICE LIBOR USD 3 Month + 1.17%), 3.88%, 1/24/2039 (d)		145		165
Commonwealth Bank of Australia (Australia) 3.31%, 3/11/2041 (c)		250		255
Credit Agricole SA (France) 4.38%, 3/17/2025 (c)		400		430
HSBC Holdings plc (United Kingdom)
(SOFR + 1.29%), 1.59%, 5/24/2027 (d)		200		196
(SOFR + 1.73%), 2.01%, 9/22/2028 (d)		745		729
Intesa Sanpaolo SpA (Italy) Series XR, 3.25%, 9/23/2024 (c)		200		208
KeyCorp 2.25%, 4/6/2027		141		143

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Banks — continued
Lloyds Banking Group plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.85%), 1.63%, 5/11/2027 (d)		200		197
Mitsubishi UFJ Financial Group, Inc. (Japan) 3.74%, 3/7/2029		322		352
NatWest Group plc (United Kingdom)
3.88%, 9/12/2023		200		209
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 1.64%, 6/14/2027 (d)		200		197
(ICE LIBOR USD 3 Month + 1.87%), 4.44%, 5/8/2030 (d)		200		224
Santander UK Group Holdings plc (United Kingdom) (SOFR + 0.99%), 1.67%, 6/14/2027 (d)		200		196
Societe Generale SA (France)
4.25%, 4/14/2025 (c)		400		426
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.30%), 2.89%, 6/9/2032 (c) (d)		245		244
Standard Chartered plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.17%), 1.32%, 10/14/2023 (c) (d)		620		621
Sumitomo Mitsui Trust Bank Ltd. (Japan) 1.55%, 3/25/2026 (c)		200		198
UniCredit SpA (Italy) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.20%), 1.98%, 6/3/2027 (c) (d)		200		195
Wells Fargo & Co.
4.10%, 6/3/2026		185		202
4.30%, 7/22/2027		580		646
Westpac Banking Corp. (Australia)
2.96%, 11/16/2040		15		15
3.13%, 11/18/2041		80		79
				11,899
Beverages — 0.1%
Anheuser-Busch InBev Worldwide, Inc. (Belgium) 3.75%, 7/15/2042		565		616
Keurig Dr Pepper, Inc.
3.20%, 5/1/2030		104		109
3.80%, 5/1/2050		98		109
				834

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 17

JPMorgan SmartRetirement^® Blend Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Biotechnology — 0.2%
AbbVie, Inc.
2.95%, 11/21/2026		95		100
3.20%, 11/21/2029		251		268
4.05%, 11/21/2039		445		511
4.25%, 11/21/2049		75		90
Amgen, Inc. 3.15%, 2/21/2040		175		179
Biogen, Inc.
2.25%, 5/1/2030		85		84
3.15%, 5/1/2050		77		74
Gilead Sciences, Inc.
1.65%, 10/1/2030		167		160
2.60%, 10/1/2040		108		104
Regeneron Pharmaceuticals, Inc. 1.75%, 9/15/2030		166		157
				1,727
Building Products — 0.0% (b)
Masco Corp. 2.00%, 10/1/2030		167		160
Capital Markets — 0.8%
Brookfield Finance, Inc. (Canada) 3.50%, 3/30/2051		201		211
Credit Suisse Group AG (Switzerland)
(SOFR + 0.98%), 1.31%, 2/2/2027 (c) (d)		250		242
4.28%, 1/9/2028 (c)		500		542
Deutsche Bank AG (Germany) (SOFR + 1.87%), 2.13%, 11/24/2026 (d)		450		449
Goldman Sachs Group, Inc. (The)
(SOFR + 0.57%), 0.67%, 3/8/2024 (d)		303		302
4.25%, 10/21/2025		688		749
(SOFR + 0.91%), 1.95%, 10/21/2027 (d)		70		70
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028 (d)		287		309
(ICE LIBOR USD 3 Month + 1.37%), 4.02%, 10/31/2038 (d)		85		97
Macquarie Group Ltd. (Australia)
(SOFR + 1.07%), 1.34%, 1/12/2027 (c) (d)		185		180
(SOFR + 1.53%), 2.87%, 1/14/2033 (c) (d)		100		100
Morgan Stanley
5.00%, 11/24/2025		722		808
3.95%, 4/23/2027		195		215
(ICE LIBOR USD 3 Month + 1.43%), 4.46%, 4/22/2039 (d)		105		126
(SOFR + 1.49%), 3.22%, 4/22/2042 (d)		40		42
UBS Group AG (Switzerland) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 2.09%, 2/11/2032 (c) (d)		250		242
				4,684

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Chemicals — 0.0% (b)
DuPont de Nemours, Inc. 5.32%, 11/15/2038		84		108
International Flavors & Fragrances, Inc. 3.47%, 12/1/2050 (c)		50		52
LYB International Finance III LLC 1.25%, 10/1/2025		52		51
Nutrien Ltd. (Canada) 5.00%, 4/1/2049		46		62
				273
Commercial Services & Supplies — 0.0% (b)
Republic Services, Inc. 1.75%, 2/15/2032		155		146
Construction & Engineering — 0.0% (b)
Quanta Services, Inc. 2.35%, 1/15/2032		135		131
Construction Materials — 0.0% (b)
Martin Marietta Materials, Inc. Series CB, 2.50%, 3/15/2030		169		170
Consumer Finance — 0.5%
AerCap Ireland Capital DAC (Ireland)
3.15%, 2/15/2024		150		155
6.50%, 7/15/2025		150		171
4.63%, 10/15/2027		450		499
3.00%, 10/29/2028		150		152
Avolon Holdings Funding Ltd. (Ireland)
3.63%, 5/1/2022 (c)		75		75
2.88%, 2/15/2025 (c)		78		80
5.50%, 1/15/2026 (c)		290		320
2.13%, 2/21/2026 (c)		60		59
4.25%, 4/15/2026 (c)		10		11
2.53%, 11/18/2027 (c)		383		372
Capital One Financial Corp.
3.80%, 1/31/2028		177		192
(SOFR + 1.27%), 2.62%, 11/2/2032 (d)		85		85
General Motors Financial Co., Inc.
1.25%, 1/8/2026		164		160
4.35%, 1/17/2027		40		44
2.70%, 6/10/2031		45		45
Park Aerospace Holdings Ltd. (Ireland)
4.50%, 3/15/2023 (c)		295		304
5.50%, 2/15/2024 (c)		22		24
				2,748
Containers & Packaging — 0.0% (b)
Graphic Packaging International LLC 1.51%, 4/15/2026 (c)		99		97

SEE NOTES TO FINANCIAL STATEMENTS.

18 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Diversified Financial Services — 0.1%
LSEGA Financing plc (United Kingdom) 2.00%, 4/6/2028 (c)		200		197
Shell International Finance BV (Netherlands)
2.38%, 11/7/2029		169		174
3.13%, 11/7/2049		86		88
				459
Diversified Telecommunication Services — 0.2%
AT&T, Inc.
2.30%, 6/1/2027		233		237
2.75%, 6/1/2031		302		308
3.50%, 6/1/2041		227		233
3.55%, 9/15/2055		152		153
Verizon Communications, Inc.
3.15%, 3/22/2030		215		227
2.65%, 11/20/2040		79		75
3.85%, 11/1/2042		282		316
				1,549
Electric Utilities — 0.4%
Appalachian Power Co. Series Y, 4.50%, 3/1/2049		60		72
Duke Energy Corp. 3.40%, 6/15/2029		158		168
Duke Energy Indiana LLC Series YYY, 3.25%, 10/1/2049		43		44
Edison International 5.75%, 6/15/2027		70		80
Emera US Finance LP (Canada) 4.75%, 6/15/2046		92		108
Entergy Arkansas LLC 2.65%, 6/15/2051		36		33
Entergy Louisiana LLC
4.00%, 3/15/2033		67		76
2.90%, 3/15/2051		20		20
Evergy, Inc. 2.90%, 9/15/2029		175		179
FirstEnergy Transmission LLC 4.55%, 4/1/2049 (c)		80		91
Fortis, Inc. (Canada) 3.06%, 10/4/2026		110		115
ITC Holdings Corp. 2.95%, 5/14/2030 (c)		53		54
Jersey Central Power & Light Co. 4.30%, 1/15/2026 (c)		78		85
Massachusetts Electric Co. 4.00%, 8/15/2046 (c)		34		37
New England Power Co. (United Kingdom) 2.81%, 10/6/2050 (c)		111		103
NRG Energy, Inc.
2.00%, 12/2/2025 (c)		40		40
2.45%, 12/2/2027 (c)		165		164

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Electric Utilities — continued
OGE Energy Corp. 0.70%, 5/26/2023		55		55
Oklahoma Gas and Electric Co. 0.55%, 5/26/2023		65		65
Pacific Gas and Electric Co.
1.37%, 3/10/2023		225		223
1.70%, 11/15/2023		65		65
3.45%, 7/1/2025		75		78
2.95%, 3/1/2026		137		139
3.75%, 8/15/2042 (e)		41		38
4.30%, 3/15/2045		25		25
PacifiCorp 4.15%, 2/15/2050		53		63
Southern California Edison Co.
Series 20C, 1.20%, 2/1/2026		77		75
Series C, 4.13%, 3/1/2048		54		61
				2,356
Electrical Equipment — 0.0% (b)
Eaton Corp. 4.15%, 11/2/2042		123		144
Energy Equipment & Services — 0.0% (b)
Baker Hughes Holdings LLC 3.34%, 12/15/2027		115		123
Schlumberger Holdings Corp. 4.00%, 12/21/2025 (c)		115		123
				246
Entertainment — 0.1%
Activision Blizzard, Inc. 1.35%, 9/15/2030		88		81
Walt Disney Co. (The)
2.65%, 1/13/2031		152		158
3.50%, 5/13/2040		150		165
				404
Equity Real Estate Investment Trusts (REITs) — 0.6%
Alexandria Real Estate Equities, Inc. 3.38%, 8/15/2031		177		191
American Campus Communities Operating Partnership LP 2.25%, 1/15/2029		60		59
American Tower Corp.
1.50%, 1/31/2028		65		62
1.88%, 10/15/2030		421		398
3.10%, 6/15/2050		51		50
2.95%, 1/15/2051		33		31
Brixmor Operating Partnership LP
2.25%, 4/1/2028		70		70
2.50%, 8/16/2031		40		39
Corporate Office Properties LP 2.75%, 4/15/2031		113		112

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 19

JPMorgan SmartRetirement^® Blend Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Equity Real Estate Investment Trusts (REITs) — continued
Crown Castle International Corp. 3.10%, 11/15/2029		175		183
Digital Realty Trust LP 3.70%, 8/15/2027		161		174
Equinix, Inc. 2.90%, 11/18/2026		122		126
Healthcare Trust of America Holdings LP 2.00%, 3/15/2031		166		157
Healthpeak Properties, Inc.
2.13%, 12/1/2028		121		121
2.88%, 1/15/2031		175		182
Life Storage LP 2.40%, 10/15/2031		110		108
Mid-America Apartments LP 3.60%, 6/1/2027		135		146
Office Properties Income Trust 2.40%, 2/1/2027		140		136
Physicians Realty LP 2.63%, 11/1/2031		45		45
Realty Income Corp. 1.80%, 3/15/2033		115		108
Sabra Health Care LP 3.20%, 12/1/2031		80		78
Safehold Operating Partnership LP 2.85%, 1/15/2032		146		143
Scentre Group Trust 1 (Australia) 3.63%, 1/28/2026 (c)		272		290
UDR, Inc.
2.10%, 8/1/2032		167		159
1.90%, 3/15/2033		40		37
WP Carey, Inc.
4.25%, 10/1/2026		45		49
2.40%, 2/1/2031		71		70
2.25%, 4/1/2033		370		351
				3,675
Food & Staples Retailing — 0.2%
7-Eleven, Inc.
0.63%, 2/10/2023 (c)		260		259
1.30%, 2/10/2028 (c)		48		46
2.50%, 2/10/2041 (c)		50		46
Alimentation Couche-Tard, Inc. (Canada)
2.95%, 1/25/2030 (c)		175		181
3.44%, 5/13/2041 (c)		115		118
3.63%, 5/13/2051 (c)		125		131
CVS Pass-Through Trust Series 2014, 4.16%, 8/11/2036 (c)		38		42
Kroger Co. (The) 3.95%, 1/15/2050		99		114
Sysco Corp. 2.40%, 2/15/2030		234		235
				1,172
Food Products — 0.1%
Bunge Ltd. Finance Corp. 2.75%, 5/14/2031		145		147
Conagra Brands, Inc. 1.38%, 11/1/2027		237		227

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Food Products — continued
Smithfield Foods, Inc. 3.00%, 10/15/2030 (c)		179		178
Tyson Foods, Inc. 3.55%, 6/2/2027		129		139
				691
Gas Utilities — 0.0% (b)
Atmos Energy Corp.
0.63%, 3/9/2023		40		40
2.85%, 2/15/2052		85		82
CenterPoint Energy Resources Corp. 1.75%, 10/1/2030		174		165
				287
Health Care Equipment & Supplies — 0.0% (b)
Becton Dickinson and Co. 4.67%, 6/6/2047		30		38
Boston Scientific Corp. 4.55%, 3/1/2039		55		66
DH Europe Finance II SARL 3.25%, 11/15/2039		46		49
Zimmer Biomet Holdings, Inc. 2.60%, 11/24/2031		104		104
				257
Health Care Providers & Services — 0.2%
Anthem, Inc. 2.25%, 5/15/2030		168		167
Banner Health 1.90%, 1/1/2031		100		97
Bon Secours Mercy Health, Inc. Series 20-2, 3.21%, 6/1/2050		65		68
CommonSpirit Health
1.55%, 10/1/2025		30		30
2.78%, 10/1/2030		65		66
3.91%, 10/1/2050		25		28
CVS Health Corp. 4.88%, 7/20/2035		70		86
HCA, Inc.
5.25%, 6/15/2026		378		426
3.50%, 7/15/2051		110		112
MedStar Health, Inc. Series 20A, 3.63%, 8/15/2049		70		76
MidMichigan Health Series 2020, 3.41%, 6/1/2050		15		16
MultiCare Health System 2.80%, 8/15/2050		46		45
PeaceHealth Obligated Group Series 2020, 3.22%, 11/15/2050		55		58
Piedmont Healthcare, Inc. 2.86%, 1/1/2052		85		83
Quest Diagnostics, Inc. 2.80%, 6/30/2031		137		141
Universal Health Services, Inc. 2.65%, 1/15/2032 (c)		85		84
West Virginia United Health System Obligated Group Series 2020, 3.13%, 6/1/2050		160		157
				1,740

SEE NOTES TO FINANCIAL STATEMENTS.

20 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Hotels, Restaurants & Leisure — 0.0% (b)
Starbucks Corp. 3.35%, 3/12/2050		86		90
Household Durables — 0.0% (b)
Lennar Corp.
4.50%, 4/30/2024		35		37
5.00%, 6/15/2027		194		220
				257
Household Products — 0.0% (b)
Kimberly-Clark Corp. 3.70%, 6/1/2043		122		134
Independent Power and Renewable Electricity Producers — 0.1%
Alexander Funding Trust 1.84%, 11/15/2023 (c)		370		372
Exelon Generation Co. LLC 3.25%, 6/1/2025		345		361
Southern Power Co. 5.15%, 9/15/2041		115		141
				874
Industrial Conglomerates — 0.1%
GE Capital International Funding Co. Unlimited Co.
4.42%, 11/15/2035		325		388
Insurance — 0.2%
American International Group, Inc.
3.40%, 6/30/2030		121		131
4.38%, 6/30/2050		95		118
Athene Global Funding
2.75%, 6/25/2024 (c)		134		138
1.45%, 1/8/2026 (c)		205		202
Brown & Brown, Inc. 2.38%, 3/15/2031		168		164
Empower Finance 2020 LP (Canada) 3.08%, 9/17/2051 (c)		136		137
New York Life Insurance Co. 3.75%, 5/15/2050 (c)		178		203
Northwestern Mutual Global Funding 1.70%, 6/1/2028 (c)		75		74
Teachers Insurance & Annuity Association of America 3.30%, 5/15/2050 (c)		169		176
				1,343
IT Services — 0.0% (b)
CGI, Inc. (Canada) 2.30%, 9/14/2031 (c)		138		133
Global Payments, Inc. 3.20%, 8/15/2029		139		145
				278
Leisure Products — 0.0% (b)
Hasbro, Inc. 3.90%, 11/19/2029		118		130

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Machinery — 0.0% (b)
Otis Worldwide Corp. 3.11%, 2/15/2040		115		118
Media — 0.2%
Charter Communications Operating LLC
2.25%, 1/15/2029		50		49
2.80%, 4/1/2031		304		302
3.50%, 6/1/2041		50		49
3.50%, 3/1/2042		30		29
3.70%, 4/1/2051		174		168
Comcast Corp.
3.25%, 11/1/2039		149		157
2.80%, 1/15/2051		104		100
Cox Communications, Inc.
1.80%, 10/1/2030 (c)		90		84
2.95%, 10/1/2050 (c)		80		75
Discovery Communications LLC 3.63%, 5/15/2030		150		160
ViacomCBS, Inc.
4.38%, 3/15/2043		97		111
5.85%, 9/1/2043		50		67
				1,351
Metals & Mining — 0.1%
Anglo American Capital plc (South Africa) 3.63%, 9/11/2024 (c)		200		210
Glencore Funding LLC (Australia) 2.50%, 9/1/2030 (c)		158		153
Steel Dynamics, Inc. 1.65%, 10/15/2027		122		119
Vale Overseas Ltd. (Brazil) 3.75%, 7/8/2030		140		145
				627
Multiline Retail — 0.0% (b)
Kohl’s Corp. 3.38%, 5/1/2031		146		148
Nordstrom, Inc. 4.25%, 8/1/2031		142		140
				288
Multi-Utilities — 0.0% (b)
Berkshire Hathaway Energy Co. 2.85%, 5/15/2051		78		75
Consumers Energy Co. 3.25%, 8/15/2046		34		36
WEC Energy Group, Inc. 1.38%, 10/15/2027		84		81
				192
Oil, Gas & Consumable Fuels — 0.7%
Boardwalk Pipelines LP 4.45%, 7/15/2027		85		93
BP Capital Markets America, Inc.
3.63%, 4/6/2030		275		303
2.77%, 11/10/2050		77		73

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 21

JPMorgan SmartRetirement^® Blend Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
Chevron USA, Inc. 3.25%, 10/15/2029		115		124
ConocoPhillips 3.75%, 10/1/2027 (c)		90		99
Coterra Energy, Inc. 3.90%, 5/15/2027 (c)		65		70
Diamondback Energy, Inc. 3.25%, 12/1/2026		158		167
Enable Midstream Partners LP
3.90%, 5/15/2024 (e)		360		375
4.40%, 3/15/2027		175		189
5.00%, 5/15/2044 (e)		210		226
Energy Transfer LP 3.90%, 7/15/2026		264		284
Enterprise Products Operating LLC 4.45%, 2/15/2043		137		156
Exxon Mobil Corp. 3.00%, 8/16/2039		265		268
Flex Intermediate Holdco LLC
3.36%, 6/30/2031 (c)		75		75
4.32%, 12/30/2039 (c)		55		57
Gray Oak Pipeline LLC
2.60%, 10/15/2025 (c)		245		245
3.45%, 10/15/2027 (c)		130		136
HollyFrontier Corp.
2.63%, 10/1/2023		92		94
5.88%, 4/1/2026		49		55
MPLX LP
2.65%, 8/15/2030		160		160
4.50%, 4/15/2038		86		96
NGPL PipeCo LLC 3.25%, 7/15/2031 (c)		80		81
Phillips 66 Partners LP 3.55%, 10/1/2026		85		90
Pioneer Natural Resources Co. 1.90%, 8/15/2030		112		106
Plains All American Pipeline LP 4.65%, 10/15/2025		235		256
Sabine Pass Liquefaction LLC 5.63%, 3/1/2025		178		198
TotalEnergies Capital International SA (France) 2.99%, 6/29/2041		175		177
TransCanada PipeLines Ltd. (Canada) 4.10%, 4/15/2030		178		199
				4,452
Pharmaceuticals — 0.2%
AstraZeneca plc (United Kingdom) 6.45%, 9/15/2037		20		29
Bristol-Myers Squibb Co.
3.40%, 7/26/2029		108		118
4.13%, 6/15/2039		90		106
2.35%, 11/13/2040		244		232
Merck & Co., Inc. 2.35%, 6/24/2040		133		127

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pharmaceuticals — continued
Royalty Pharma plc
1.75%, 9/2/2027		19		19
3.30%, 9/2/2040		78		77
3.55%, 9/2/2050		45		45
Takeda Pharmaceutical Co. Ltd. (Japan) 3.03%, 7/9/2040		600		611
Utah Acquisition Sub, Inc. 3.95%, 6/15/2026		80		86
Viatris, Inc.
3.85%, 6/22/2040		111		118
4.00%, 6/22/2050		63		67
				1,635
Professional Services — 0.0% (b)
IHS Markit Ltd. 4.25%, 5/1/2029		130		148
Road & Rail — 0.1%
CSX Corp. 3.80%, 11/1/2046		93		105
Kansas City Southern 4.70%, 5/1/2048		72		90
Norfolk Southern Corp. 3.05%, 5/15/2050		90		92
Penske Truck Leasing Co. LP 1.20%, 11/15/2025 (c)		195		189
Triton Container International Ltd. (Bermuda) 2.05%, 4/15/2026 (c)		200		198
Union Pacific Corp. 3.55%, 8/15/2039		121		134
				808
Semiconductors & Semiconductor Equipment — 0.2%
Analog Devices, Inc. 2.80%, 10/1/2041		85		86
Broadcom, Inc.
1.95%, 2/15/2028 (c)		210		208
4.15%, 11/15/2030		501		556
3.19%, 11/15/2036 (c)		27		27
KLA Corp. 3.30%, 3/1/2050		122		130
Microchip Technology, Inc.
0.97%, 2/15/2024		110		109
0.98%, 9/1/2024 (c)		140		137
NXP BV (China)
2.50%, 5/11/2031 (c)		130		130
3.25%, 5/11/2041 (c)		135		138
Xilinx, Inc. 2.38%, 6/1/2030		228		231
				1,752
Software — 0.1%
Citrix Systems, Inc. 1.25%, 3/1/2026		35		34
Oracle Corp.
2.30%, 3/25/2028		90		90
2.95%, 4/1/2030		222		225
3.80%, 11/15/2037		216		225

SEE NOTES TO FINANCIAL STATEMENTS.

22 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Software — continued
VMware, Inc.
1.40%, 8/15/2026		154		151
4.70%, 5/15/2030		143		167
				892
Specialty Retail — 0.1%
AutoZone, Inc. 3.63%, 4/15/2025		122		130
Lowe’s Cos., Inc. 3.70%, 4/15/2046		178		195
O’Reilly Automotive, Inc. 3.90%, 6/1/2029		178		197
Tractor Supply Co. 1.75%, 11/1/2030		169		158
				680
Technology Hardware, Storage & Peripherals — 0.1%
Apple, Inc. 3.45%, 2/9/2045		219		244
Dell International LLC 6.20%, 7/15/2030		370		467
				711
Thrifts & Mortgage Finance — 0.1%
BPCE SA (France) (SOFR + 1.52%), 1.65%, 10/6/2026 (c) (d)		750		740
Tobacco — 0.1%
Altria Group, Inc. 2.45%, 2/4/2032		145		138
BAT Capital Corp. (United Kingdom)
2.26%, 3/25/2028		168		164
4.39%, 8/15/2037		110		116
3.73%, 9/25/2040		143		137
				555
Trading Companies & Distributors — 0.1%
Air Lease Corp.
3.38%, 7/1/2025		175		183
2.88%, 1/15/2026		90		93
1.88%, 8/17/2026		245		240
				516
Wireless Telecommunication Services — 0.1%
Rogers Communications, Inc. (Canada) 3.70%, 11/15/2049		122		128
T-Mobile USA, Inc.
2.55%, 2/15/2031		381		380
3.00%, 2/15/2041		237		231
				739
Total Corporate Bonds (Cost $60,818)				59,726

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — 5.2%
ACC Auto Trust
Series 2021-A, Class A, 1.08%, 4/15/2027 (c)		247		246
Series 2021-A, Class B, 1.79%, 4/15/2027 (c)		340		338
ACC Trust Series 2021-1, Class B, 1.43%, 7/22/2024 (c)		280		279
Accelerated LLC Series 2021-1H, Class B, 1.90%, 10/20/2040 ‡ (c)		214		211
Affirm Asset Securitization Trust Series 2021-A, Class A, 0.88%, 8/15/2025 (c)		285		285
Ajax Mortgage Loan Trust Series 2021-B, Class A, 2.24%, 6/25/2066 (c) (e)		421		418
Aligned Data Centers Issuer LLC Series 2021-1A, Class A2, 1.94%, 8/15/2046 (c)		315		310
American Airlines Pass-Through Trust
Series 2016-2, Class AA, 3.20%, 6/15/2028		277		278
Series 2016-3, Class AA, 3.00%, 10/15/2028		366		363
Series 2021-1, Class B, 3.95%, 7/11/2030		335		332
Series 2019-1, Class AA, 3.15%, 2/15/2032		433		437
American Credit Acceptance Receivables Trust
Series 2021-1, Class A, 0.35%, 5/13/2024 (c)		133		133
Series 2021-1, Class B, 0.61%, 3/13/2025 (c)		130		130
Series 2020-4, Class C, 1.31%, 12/14/2026 (c)		285		285
AmeriCredit Automobile Receivables Trust
Series 2020-3, Class B, 0.76%, 12/18/2025		255		254
Series 2020-3, Class C, 1.06%, 8/18/2026		120		120
AMSR Trust
Series 2020-SFR2, Class E1, 4.03%, 7/17/2037 ‡ (c)		150		154
Series 2020-SFR3, Class E2, 2.76%, 9/17/2037 (c)		100		99
Series 2020-SFR4, Class D, 2.01%, 11/17/2037 ‡ (c)		335		326
Series 2020-SFR4, Class E2, 2.46%, 11/17/2037 ‡ (c)		140		137
Series 2021-SFR2, Class E2, 2.58%, 8/17/2038 ‡ (c)		120		117
Aqua Finance Trust Series 2020-AA, Class C, 3.97%, 7/17/2046 ‡ (c)		100		103
Arivo Acceptance Auto Loan Receivables Trust Series 2021-1A, Class A, 1.19%, 1/15/2027 (c)		84		84

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 23

JPMorgan SmartRetirement^® Blend Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Business Jet Securities LLC
Series 2019-1, Class A, 4.21%, 7/15/2034 (c)		49		49
Series 2020-1A, Class A, 2.98%, 11/15/2035 (c)		90		90
Series 2021-1A, Class A, 2.16%, 4/15/2036 (c)		324		319
Series 2021-1A, Class B, 2.92%, 4/15/2036 ‡ (c)		442		433
BXG Receivables Note Trust Series 2020-A, Class A, 1.55%, 2/28/2036 (c)		147		146
CarMax Auto Owner Trust Series 2020-4, Class C, 1.30%, 8/17/2026		110		110
Carvana Auto Receivables Trust
Series 2019-4A, Class D, 3.07%, 7/15/2025 (c)		75		77
Series 2020-P1, Class C, 1.32%, 11/9/2026		200		197
CF Hippolyta LLC Series 2021-1A, Class A1, 1.53%, 3/15/2061 (c)		217		213
CFMT LLC Series 2020-HB4, Class A, 0.95%, 12/26/2030 (c) (f)		124		124
CPS Auto Receivables Trust
Series 2021-A, Class B, 0.61%, 2/18/2025 (c)		135		135
Series 2021-B, Class C, 1.23%, 3/15/2027 (c)		270		268
Credit Acceptance Auto Loan Trust
Series 2020-3A, Class A, 1.24%, 10/15/2029 (c)		570		569
Series 2020-2A, Class C, 2.73%, 11/15/2029 (c)		260		265
Series 2021-2A, Class A, 0.96%, 2/15/2030 (c)		560		557
Series 2021-3A, Class A, 1.00%, 5/15/2030 (c)		475		471
Credito Real USA Auto Receivables Trust Series 2021-1A, Class A, 1.35%, 2/16/2027 (c)		100		100
Crossroads Asset Trust
Series 2021-A, Class A2, 0.82%, 3/20/2024 (c)		89		89
Series 2021-A, Class B, 1.12%, 6/20/2025 ‡ (c)		195		194
DataBank Issuer Series 2021-1A, Class A2, 2.06%, 2/27/2051 (c)		205		201
Delta Air Lines Pass-Through Trust Series 2020-1, Class A, 2.50%, 6/10/2028		197		196
Diamond Resorts Owner Trust Series 2021-1A, Class A, 1.51%, 11/21/2033 (c)		70		69

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Drive Auto Receivables Trust Series 2020-1, Class D, 2.70%, 5/17/2027		150		153
DT Auto Owner Trust
Series 2021-1A, Class C, 0.84%, 10/15/2026 (c)		160		159
Series 2021-2A, Class C, 1.10%, 2/16/2027 (c)		190		188
Elara HGV Timeshare Issuer LLC Series 2021-A, Class B, 1.74%, 8/27/2035 ‡ (c)		361		357
Exeter Automobile Receivables Trust
Series 2021-1A, Class A3, 0.34%, 3/15/2024		106		106
Series 2021-2A, Class C, 0.98%, 6/15/2026		305		304
FHF Trust Series 2021-1A, Class A, 1.27%, 3/15/2027 (c)		111		110
Finance of America HECM Buyout Series 2021-HB1, Class A, 0.88%, 2/25/2031 ‡ (c) (f)		295		294
First Investors Auto Owner Trust Series 2021-1A, Class B, 0.89%, 3/15/2027 (c)		165		164
Flagship Credit Auto Trust
Series 2018-1, Class D, 3.86%, 4/15/2024 (c)		100		102
Series 2021-2, Class A, 0.37%, 12/15/2026 (c)		551		549
Series 2021-1, Class B, 0.68%, 2/16/2027 (c)		205		203
Series 2020-4, Class C, 1.28%, 2/16/2027 (c)		210		210
FREED ABS Trust
Series 2021-1CP, Class A, 0.66%, 3/20/2028 (c)		49		49
Series 2021-2, Class A, 0.68%, 6/19/2028 (c)		89		89
Series 2021-2, Class B, 1.03%, 6/19/2028 ‡ (c)		330		328
Genesis Sales Finance Master Trust Series 2020-AA, Class A, 1.65%, 9/22/2025 (c)		231		232
GLS Auto Receivables Issuer Trust Series 2020-4A, Class B, 0.87%, 12/16/2024 (c)		130		130
Home Partners of America Trust
Series 2021-2, Class C, 2.40%, 12/17/2026 ‡ (c)		420		413
Series 2021-3, Class D, 3.00%, 1/17/2041 (c)		255		254
JetBlue Pass-Through Trust Series 2020-1, Class B, 7.75%, 11/15/2028		149		173

SEE NOTES TO FINANCIAL STATEMENTS.

24 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Lakeview CDO LLC
1.83%, 11/10/2032 ‡ (f)		12		12
2.33%, 11/10/2032 ‡ (f)		165		165
Lendbuzz Securitization Trust Series 2021-1A, Class A, 1.46%, 6/15/2026 (c)		443		440
Lendingpoint Asset Securitization Trust
Series 2021-A, Class A, 1.00%, 12/15/2028 (c)		536		534
Series 2021-A, Class B, 1.46%, 12/15/2028 ‡ (c)		100		99
Series 2021-B, Class A, 1.11%, 2/15/2029 (c)		555		553
Series 2021-B, Class B, 1.68%, 2/15/2029 ‡ (c)		215		213
LendingPoint Asset Securitization Trust Series 2020-REV1, Class A, 2.73%, 10/15/2028 (c)		437		440
LL ABS Trust Series 2021-1A, Class A, 1.07%, 5/15/2029 (c)		207		205
Mariner Finance Issuance Trust
Series 2019-AA, Class A, 2.96%, 7/20/2032 (c)		365		369
Series 2021-AA, Class A, 1.86%, 3/20/2036 (c)		425		418
Marlette Funding Trust
Series 2021-1A, Class A, 0.60%, 6/16/2031 (c)		101		101
Series 2021-1A, Class B, 1.00%, 6/16/2031 ‡ (c)		333		332
Mercury Financial Credit Card Master Trust Series 2021-1A, Class A, 1.54%, 3/20/2026 (c)		455		455
Mission Lane Credit Card Master Trust Series 2021-A, Class A, 1.59%, 9/15/2026 (c)		365		362
MVW LLC Series 2021-2A, Class C, 2.23%, 5/20/2039 ‡ (c)		518		515
NMEF Funding LLC Series 2021-A, Class B, 1.85%, 12/15/2027 ‡ (c)		260		259
NRZ Excess Spread-Collateralized Notes
Series 2020-PLS1, Class A, 3.84%, 12/25/2025 (c)		330		331
Series 2021-FNT1, Class A, 2.98%, 3/25/2026 (c)		233		231
Series 2021-FNT2, Class A, 3.23%, 5/25/2026 (c)		589		585
Octane Receivables Trust
Series 2020-1A, Class A, 1.71%, 2/20/2025 (c)		157		157

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2021-1A, Class A, 0.93%, 3/22/2027 (c)		272		271
OneMain Financial Issuance Trust Series 2020-2A, Class D, 3.45%, 9/14/2035 ‡ (c)		120		125
Oportun Funding LLC Series 2020-1, Class A, 2.20%, 5/15/2024 (c)		37		38
Oportun Funding XIV LLC Series 2021-A, Class A, 1.21%, 3/8/2028 (c)		247		246
Oportun Issuance Trust Series 2021-B, Class A, 1.47%, 5/8/2031 (c)		830		825
Orange Lake Timeshare Trust Series 2016-A, Class A, 2.61%, 3/8/2029 (c)		60		61
Pagaya AI Debt Selection Trust
Series 2021-1, Class A, 1.18%, 11/15/2027 (c)		537		536
Series 2021-HG1, Class A, 1.22%, 1/16/2029 (c)		635		632
Series 2021-3, Class A, 1.15%, 5/15/2029 (c)		267		266
Prestige Auto Receivables Trust Series 2020-1A, Class C, 1.31%, 11/16/2026 (c)		265		265
PRET LLC Series 2021-RN4, Class A1, 2.49%, 10/25/2051 (c) (f)		186		185
Pretium Mortgage Credit Partners I LLC
Series 2021-NPL1, Class A1, 2.24%, 9/27/2060 (c) (e)		650		644
Series 2021-NPL4, Class A1, 2.36%, 10/27/2060 ‡ (c) (e)		487		483
Progress Residential Trust
Series 2020-SFR3, Class A, 1.29%, 10/17/2027 (c)		180		176
Series 2020-SFR3, Class B, 1.50%, 10/17/2027 ‡ (c)		130		127
Series 2020-SFR1, Class E, 3.03%, 4/17/2037 (c)		300		302
Series 2021-SFR2, Class D, 2.20%, 4/19/2038 ‡ (c)		889		869
Regional Management Issuance Trust Series 2021-1, Class A, 1.68%, 3/17/2031 (c)		390		385
Republic Finance Issuance Trust
Series 2020-A, Class A, 2.47%, 11/20/2030 (c)		210		213
Series 2021-A, Class A, 2.30%, 12/22/2031 (c)		608		607
Santander Consumer Auto Receivables Trust Series 2021-AA, Class B, 0.71%, 8/17/2026 (c)		220		216

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 25

JPMorgan SmartRetirement^® Blend Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

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		170		170
Sierra Timeshare Receivables Funding LLC Series 2021-2A, Class B, 1.80%, 9/20/2038 ‡ (c)		197		196
Theorem Funding Trust Series 2021-1A, Class A, 1.21%, 12/15/2027 (c)		450		449
Tricolor Auto Securitization Trust
Series 2021-1A, Class B, 1.00%, 6/17/2024 (c)		190		189
Series 2021-1A, Class C, 1.33%, 9/16/2024 (c)		270		269
United Airlines Pass-Through Trust
Series 2016-2, Class B, 3.65%, 10/7/2025		85		84
Series 2019-2, Class B, 3.50%, 5/1/2028		163		161
Series 2016-2, Class A, 3.10%, 10/7/2028		87		86
Series 2018-1, Class A, 3.70%, 3/1/2030		223		226
Upstart Pass-Through Trust Series 2021-ST2, Class A, 2.50%, 4/20/2027 (c)		102		103
Upstart Securitization Trust
Series 2020-3, Class A, 1.70%, 11/20/2030 (c)		209		210
Series 2021-1, Class A, 0.87%, 3/20/2031 (c)		85		85
US Auto Funding Series 2021-1A, Class B, 1.49%, 3/17/2025 (c)		195		193
VCAT LLC
Series 2021-NPL1, Class A1, 2.29%, 12/26/2050 ‡ (c) (e)		199		199
Series 2021-NPL2, Class A1, 2.12%, 3/27/2051 (c) (e)		217		216
Veros Auto Receivables Trust Series 2021-1, Class A, 0.92%, 10/15/2026 (c)		178		178
VOLT XCII LLC Series 2021-NPL1, Class A1, 1.89%, 2/27/2051 (c) (e)		211		210
VOLT XCIII LLC Series 2021-NPL2, Class A1, 1.89%, 2/27/2051 (c) (e)		843		836
VOLT XCIV LLC Series 2021-NPL3, Class A1, 2.24%, 2/27/2051 (c) (e)		728		725
VOLT XCIX LLC Series 2021-NPL8, Class A1, 2.12%, 4/25/2051 (c) (e)		454		452
VOLT XCV LLC Series 2021-NPL4, Class A1, 2.24%, 3/27/2051 ‡ (c) (e)		357		354
VOLT XCVI LLC Series 2021-NPL5, Class A1, 2.12%, 3/27/2051 (c) (e)		543		541
VOLT XCVII LLC Series 2021-NPL6, Class A1, 2.24%, 4/25/2051 (c) (e)		655		651

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Westlake Automobile Receivables Trust
Series 2020-3A, Class C, 1.24%, 11/17/2025 (c)		100		100
Series 2020-3A, Class D, 1.65%, 2/17/2026 (c)		140		140
Series 2021-1A, Class C, 0.95%, 3/16/2026 (c)		625		622
Total Asset-Backed Securities (Cost $36,972)				36,771
Mortgage-Backed Securities — 4.8%
FHLMC UMBS, 30 Year
Pool # ZL3032, 3.50%, 5/1/2042		225		242
Pool # QB4026, 2.50%, 10/1/2050		715		738
Pool # QB4045, 2.50%, 10/1/2050		455		466
Pool # QB4484, 2.50%, 10/1/2050		269		277
Pool # QB4542, 2.50%, 10/1/2050		226		234
Pool # RA4224, 3.00%, 11/1/2050		124		130
Pool # QB8503, 2.50%, 2/1/2051		368		376
FNMA UMBS, 30 Year
Pool # CA2826, 5.50%, 12/1/2048		531		586
Pool # FM3118, 3.00%, 5/1/2050		213		224
Pool # BQ2894, 3.00%, 9/1/2050		406		423
Pool # BQ3996, 2.50%, 10/1/2050		293		302
Pool # BQ5243, 3.50%, 10/1/2050		123		130
Pool # CA7398, 3.50%, 10/1/2050		457		488
Pool # CA8637, 4.00%, 1/1/2051		898		985
FNMA, Other
Pool # AM3010, 5.07%, 3/1/2028		211		245
Pool # BL8639, 1.09%, 4/1/2028		238		230
Pool # AM5319, 4.34%, 1/1/2029		193		221
Pool # BL5457, 2.57%, 7/1/2029		270		284
Pool # BS0448, 1.27%, 12/1/2029		453		437
Pool # BL9748, 1.60%, 12/1/2029		140		138
Pool # AN7593, 2.99%, 12/1/2029		130		140
Pool # AN8285, 3.11%, 3/1/2030		135		148
Pool # AM8544, 3.08%, 4/1/2030		61		66
Pool # BL9045, 1.58%, 7/1/2030		364		358
Pool # BL9251, 1.45%, 10/1/2030		360		350
Pool # BL9891, 1.37%, 12/1/2030		251		243
Pool # AN6149, 3.14%, 7/1/2032		405		448
Pool # BM3226, 3.44%, 10/1/2032 (f)		593		663
Pool # AN7923, 3.33%, 1/1/2033		250		281
Pool # AN9067, 3.51%, 5/1/2033		140		158
Pool # BL1012, 4.03%, 12/1/2033		130		155
Pool # BL0900, 4.08%, 2/1/2034		75		89

SEE NOTES TO FINANCIAL STATEMENTS.

26 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mortgage-Backed Securities — continued
Pool # AN4430, 3.61%, 1/1/2037		225		251
Pool # BF0230, 5.50%, 1/1/2058		697		821
Pool # BF0497, 3.00%, 7/1/2060		320		337
GNMA II, 30 Year
Pool # BY3432, 3.50%, 9/20/2050		398		432
Pool # BR3929, 3.50%, 10/20/2050		224		244
Pool # BW1726, 3.50%, 10/20/2050		327		351
Pool # BS8546, 2.50%, 12/20/2050		792		808
Pool # BR3928, 3.00%, 12/20/2050		402		435
Pool # BU7538, 3.00%, 12/20/2050		305		330
Pool # 785294, 3.50%, 1/20/2051		791		862
Pool # CA8452, 3.00%, 2/20/2051		968		1,029
Pool # CB1543, 3.00%, 2/20/2051		675		711
Pool # CA3588, 3.50%, 2/20/2051		638		683
Pool # CB1536, 3.50%, 2/20/2051		754		819
Pool # CB1542, 3.00%, 3/20/2051		527		555
Pool # CB4433, 3.00%, 3/20/2051		858		888
Pool # CC0070, 3.00%, 3/20/2051		116		123
Pool # CC8726, 3.00%, 3/20/2051		148		159
Pool # CC8738, 3.00%, 3/20/2051		178		189
Pool # CC8723, 3.50%, 3/20/2051		850		922
Pool # CC0088, 4.00%, 3/20/2051		113		121
Pool # CC0092, 4.00%, 3/20/2051		147		157
Pool # CC8727, 3.00%, 4/20/2051		244		257
Pool # CC8739, 3.00%, 4/20/2051		612		650
Pool # CC8740, 3.00%, 4/20/2051		548		580
Pool # CC8751, 3.00%, 4/20/2051		123		130
Pool # CA3563, 3.50%, 7/20/2051		416		451
Pool # CE2586, 3.50%, 7/20/2051		625		678
Pool # MA7534, 2.50%, 8/20/2051		8,216		8,423
Pool # MA7649, 2.50%, 10/20/2051		318		326
Pool # CK1527, 3.50%, 12/20/2051		410		441
GNMA II, Other Pool # 785183, 2.94%, 10/20/2070 (f)		431		444
Total Mortgage-Backed Securities (Cost $34,449)				33,862
U.S. Treasury Obligations — 4.3%
U.S. Treasury Bonds
1.13%, 5/15/2040		2,142		1,877
1.13%, 8/15/2040		3,540		3,091
1.88%, 2/15/2041		520		515
2.25%, 5/15/2041		134		141
3.13%, 2/15/2043		994		1,198
2.25%, 8/15/2046		455		481
1.38%, 8/15/2050		5,481		4,802

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
1.63%, 11/15/2050		1,505		1,402
1.88%, 2/15/2051		340		336
U.S. Treasury Notes
1.38%, 1/31/2022 (g)		2,324		2,326
1.75%, 7/31/2024		430		440
0.25%, 8/31/2025		4,049		3,921
0.50%, 8/31/2027		4,462		4,257
1.13%, 8/31/2028		850		834
0.63%, 8/15/2030		758		707
0.88%, 11/15/2030		1,250		1,188
1.13%, 2/15/2031		520		505
1.63%, 5/15/2031		200		203
U.S. Treasury STRIPS Bonds
1.02%, 8/15/2026 (h)		1,015		956
1.16%, 5/15/2027 (h)		1,035		962
Total U.S. Treasury Obligations (Cost $30,844)				30,142
Collateralized Mortgage Obligations — 1.2%
Bayview Finance LLC 0.00%, 7/12/2033 ‡		445		445
Bayview Financing Trust Series 2021-2F, Class M1, 1.60%, 12/31/2049 ‡ (c) (f)		29		29
Cascade MH Asset Trust Series 2021-MH1, Class A1, 1.75%, 2/25/2046 (c)		508		500
CFMT LLC Series 2021-HB5, Class A, 0.80%, 2/25/2031 (c) (f)		471		470
CSMC Trust Series 2021-RPL1, Class A1, 1.67%, 9/27/2060 (c) (f)		475		471
FMC GMSR Issuer Trust Series 2021-GT2, Class A, 3.85%, 10/25/2026 (c) (f)		265		263
FNMA Trust, Whole Loan Series 2002-W8, Class A1, 6.50%, 6/25/2042		177		199
FNMA, Grantor Trust, Whole Loan Series 2001-T12, Class A1, 6.50%, 8/25/2041		74		83
FNMA, REMIC
Series 2018-72, Class VB, 3.50%, 10/25/2031		146		155
Series 2019-7, Class CA, 3.50%, 11/25/2057		932		975
FNMA, REMIC Trust, Whole Loan Series 2002-W3, Class A4, 6.50%, 11/25/2041		358		404
GNMA
Series 2015-H11, Class FC, 0.63%, 5/20/2065 (f)		212		213
Series 2021-H14, Class YD, 8.54%, 6/20/2071 (f)		365		479
Legacy Mortgage Asset Trust Series 2021-GS1, Class A1, 1.89%, 10/25/2066 (c) (e)		203		202

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 27

JPMorgan SmartRetirement^® Blend Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
LHOME Mortgage Trust Series 2021-RTL1, Class A1, 2.09%, 9/25/2026 (c) (f)		150		149
PRPM LLC
Series 2021-2, Class A1, 2.12%, 3/25/2026 (c) (f)		367		365
Series 2021-10, Class A1, 2.49%, 10/25/2026 (c) (e)		141		140
Seasoned Credit Risk Transfer Trust
Series 2018-1, Class M60C, 3.50%, 5/25/2057		240		253
Series 2019-2, Class M55D, 4.00%, 8/25/2058		304		322
Series 2020-3, Class M5TW, 3.00%, 5/25/2060 ‡		539		562
Toorak Mortgage Corp. Ltd. Series 2020-1, Class A1, 2.73%, 3/25/2023 (c) (e)		130		130
Towd Point Mortgage Trust Series 2021-R1, Class A1, 2.92%, 11/30/2060 (c) (f)		771		770
ZH Trust
Series 2021-1, Class A, 2.25%, 2/18/2027 (c)		130		128
Series 2021-2, Class A, 2.35%, 10/17/2027 (c)		415		412
Total Collateralized Mortgage Obligations (Cost $8,154)				8,119
Commercial Mortgage-Backed Securities — 0.4%
ACRE Commercial Mortgage Ltd. (Cayman Islands)
Series 2021-FL4, Class A, 0.93%, 12/18/2037 (c) (f)		210		210
Series 2021-FL4, Class AS, 1.20%, 12/18/2037 (c) (f)		230		229
BPR Trust Series 2021-KEN, Class A, 1.36%, 2/15/2029 (c) (f)		200		200
FHLMC, Multi-Family Structured Credit Risk Series 2021-MN2, Class M1, 1.85%, 7/25/2041 (c) (f)		346		339
FHLMC, Multi-Family Structured Pass-Through Certificates
Series K-1511, Class A1, 3.28%, 10/25/2030		324		352
Series K-1510, Class A2, 3.72%, 1/25/2031		115		132
FNMA ACES
Series 2021-M3, Class 1A1, 1.00%, 11/25/2033		107		105
Series 2021-M3, Class X1, IO, 2.00%, 11/25/2033 (f)		607		78
FREMF Mortgage Trust
Series 2017-KGX1, Class BFX, 3.59%, 10/25/2027 (c) (f)		210		215

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2015-K48, Class C, 3.64%, 8/25/2048 (c) (f)		15		16
Series 2016-K56, Class B, 3.94%, 6/25/2049 (c) (f)		165		177
Series 2017-K728, Class C, 3.65%, 11/25/2050 (c) (f)		75		77
KKR Industrial Portfolio Trust Series 2021-KDIP, Class B, 0.91%, 12/15/2037 ‡ (c) (f)		176		175
SLG Office Trust Series 2021-OVA, Class A, 2.59%, 7/15/2041 (c)		360		368
Total Commercial Mortgage-Backed Securities (Cost $2,713)				2,673
Foreign Government Securities — 0.1%
Republic of Chile (Chile) 2.55%, 1/27/2032		200		199
Republic of Colombia (Colombia) 4.00%, 2/26/2024		200		207
Republic of Panama (Panama) 3.16%, 1/23/2030		200		207
Republic of Peru (Peru) 2.78%, 12/1/2060		49		43
United Mexican States (Mexico) 2.66%, 5/24/2031		400		390
Total Foreign Government Securities (Cost $1,088)				1,046
	SHARES (000)
Short-Term Investments — 4.6%
Investment Companies — 4.6%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (i) (Cost $32,278)		32,278		32,278
Total Investments — 99.7% (Cost $638,841)				701,356
Other Assets Less Liabilities — 0.3%				1,820
NET ASSETS — 100.0%				703,176

Percentages indicated are based on net assets.

Abbreviations

ABS	Asset-Backed Securities
ACES	Alternative Credit Enhancement Securities
CDO	Collateralized Debt Obligations
CSMC	Credit Suisse Mortgage Trust
ETF	Exchange-Traded Fund
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
ICE	Intercontinental Exchange

SEE NOTES TO FINANCIAL STATEMENTS.

28 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

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.
LIBOR	London Interbank Offered Rate
REIT	Real Estate Investment Trust
REMIC	Real Estate Mortgage Investment Conduit
SOFR	Secured Overnight Financing Rate
STRIPS	Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
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)	Amount rounds to less than 0.1% of net assets.
(c)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.

(d)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of December 31, 2021.
(e)	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, 2021.
(f)	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, 2021.
(g)	All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(h)	The rate shown is the effective yield as of December 31, 2021.
(i)	The rate shown is the current yield as of December 31, 2021.
‡	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, 2021 (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		155		03/2022		EUR		7,555		252
MSCI EAFE E-Mini Index		47		03/2022		USD		5,452		148
Russell 2000 E-Mini Index		31		03/2022		USD		3,476		102
S&P 500 E-Mini Index		58		03/2022		USD		13,799		288
U.S. Treasury 10 Year Note		262		03/2022		USD		34,146		276
										1,066

Abbreviations

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 29

JPMorgan SmartRetirement^® Blend 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment Companies — 41.7%
Fixed Income — 26.8%
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		3,145		24,215
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		3,136		24,053
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		1,898		16,991
JPMorgan High Yield Fund Class R6 Shares (a)		5,987		43,468
JPMorgan Income Fund Class R6 Shares (a)		3,793		35,618
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		8,838		97,130
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		11,066		107,449
Total Fixed Income				348,924
U.S. Equity — 14.9%
JPMorgan Equity Index Fund Class R6 Shares (a)		2,718		194,396
Total Investment Companies (Cost $470,831)				543,320
Exchange-Traded Funds — 28.9%
Alternative Assets — 1.9%
JPMorgan BetaBuilders MSCI US REIT ETF (a)		224		24,845
Fixed Income — 10.7%
JPMorgan High Yield Research Enhanced ETF (a)		1,070		55,384
JPMorgan U.S. Aggregate Bond ETF (a)		1,562		84,233
Total Fixed Income				139,617
International Equity — 13.0%
iShares Core MSCI Emerging Markets ETF		689		41,246
JPMorgan BetaBuilders International Equity ETF (a)		2,130		126,991
Total International Equity				168,237
U.S. Equity — 3.3%
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a)		287		26,331
JPMorgan BetaBuilders U.S. Small Cap Equity ETF (a)		260		17,080
Total U.S. Equity				43,411
Total Exchange-Traded Funds (Cost $327,853)				376,110

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — 8.3%
Aerospace & Defense — 0.3%
Boeing Co. (The)
1.95%, 2/1/2024		75		76
1.43%, 2/4/2024		70		70
2.50%, 3/1/2025		210		214
2.75%, 2/1/2026		70		72
2.20%, 2/4/2026		45		45
2.70%, 2/1/2027		1,403		1,426
3.45%, 11/1/2028		155		162
L3Harris Technologies, Inc. 1.80%, 1/15/2031		159		152
Leidos, Inc. 2.30%, 2/15/2031		63		61
Northrop Grumman Corp.
5.15%, 5/1/2040		191		248
3.85%, 4/15/2045		409		463
Raytheon Technologies Corp.
2.25%, 7/1/2030		322		321
3.75%, 11/1/2046		192		214
				3,524
Airlines — 0.0% (b)
American Airlines Pass-Through Trust Series 2021-1, Class A Shares, 2.88%, 7/11/2034		549		544
Auto Components — 0.0% (b)
Lear Corp. 2.60%, 1/15/2032		85		84
Automobiles — 0.4%
General Motors Co. 6.80%, 10/1/2027		640		786
Hyundai Capital America
1.15%, 11/10/2022 (c)		834		836
1.30%, 1/8/2026 (c)		80		78
2.38%, 10/15/2027 (c)		680		676
Kia Corp. (South Korea) 3.25%, 4/21/2026 (c)		235		247
Nissan Motor Acceptance Co. LLC 2.80%, 1/13/2022 (c)		322		322
Nissan Motor Co. Ltd. (Japan)
3.52%, 9/17/2025 (c)		253		265
4.35%, 9/17/2027 (c)		855		923
Stellantis Finance US, Inc. 1.71%, 1/29/2027 (c)		239		235
				4,368
Banks — 1.5%
ABN AMRO Bank NV (Netherlands) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.80%), 1.54%, 6/16/2027 (c) (d)		200		196
AIB Group plc (Ireland) 4.75%, 10/12/2023 (c)		845		894

SEE NOTES TO FINANCIAL STATEMENTS.

30 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Banks — continued
Australia & New Zealand Banking Group Ltd. (Australia) 4.40%, 5/19/2026 (c)		500		547
Banco Santander SA (Spain)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 1.72%, 9/14/2027 (d)		200		196
2.75%, 12/3/2030		600		587
Bank of America Corp.
4.00%, 1/22/2025		400		427
(ICE LIBOR USD 3 Month + 1.51%), 3.71%, 4/24/2028 (d)		1,094		1,188
(SOFR + 1.93%), 2.68%, 6/19/2041 (d)		950		914
Bank of Ireland Group plc (Ireland)
4.50%, 11/25/2023 (c)		360		381
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 2.03%, 9/30/2027 (c) (d)		200		196
Barclays plc (United Kingdom)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.80%), 1.01%, 12/10/2024 (d)		338		336
3.65%, 3/16/2025		845		892
4.34%, 1/10/2028		235		257
BNP Paribas SA (France) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.05%), 2.59%, 8/12/2035 (c) (d)		230		220
Citigroup, Inc.
3.88%, 3/26/2025		1,165		1,243
(ICE LIBOR USD 3 Month + 1.39%), 3.67%, 7/24/2028 (d)		250		270
(SOFR + 1.17%), 2.56%, 5/1/2032 (d)		20		20
(ICE LIBOR USD 3 Month + 1.17%), 3.88%, 1/24/2039 (d)		328		373
Commonwealth Bank of Australia (Australia) 3.31%, 3/11/2041 (c)		250		255
Credit Agricole SA (France) 4.38%, 3/17/2025 (c)		880		945
HSBC Holdings plc (United Kingdom)
(SOFR + 1.29%), 1.59%, 5/24/2027 (d)		600		587
(ICE LIBOR USD 3 Month + 1.55%), 4.04%, 3/13/2028 (d)		200		216
(SOFR + 1.73%), 2.01%, 9/22/2028 (d)		1,495		1,463
Intesa Sanpaolo SpA (Italy) Series XR, 3.25%, 9/23/2024 (c)		300		312
Lloyds Banking Group plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.85%), 1.63%, 5/11/2027 (d)		200		197

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Banks — continued
Mitsubishi UFJ Financial Group, Inc. (Japan) 3.74%, 3/7/2029		724		791
Mizuho Financial Group, Inc. (Japan) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.67%), 1.23%, 5/22/2027 (d)		200		194
NatWest Group plc (United Kingdom)
3.88%, 9/12/2023		335		349
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 1.64%, 6/14/2027 (d)		210		207
(ICE LIBOR USD 3 Month + 1.87%), 4.44%, 5/8/2030 (d)		315		354
Santander UK Group Holdings plc (United Kingdom) (SOFR + 0.99%), 1.67%, 6/14/2027 (d)		200		196
Societe Generale SA (France)
4.25%, 4/14/2025 (c)		700		745
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 1.49%, 12/14/2026 (c) (d)		260		253
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.30%), 2.89%, 6/9/2032 (c) (d)		415		414
Sumitomo Mitsui Trust Bank Ltd. (Japan) 1.55%, 3/25/2026 (c)		293		291
UniCredit SpA (Italy)
6.57%, 1/14/2022 (c)		350		350
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.20%), 1.98%, 6/3/2027 (c) (d)		200		195
Wells Fargo & Co.
4.30%, 7/22/2027		900		1,003
(SOFR + 2.53%), 3.07%, 4/30/2041 (d)		53		54
Westpac Banking Corp. (Australia)
2.96%, 11/16/2040		50		49
3.13%, 11/18/2041		165		164
				18,721
Beverages — 0.1%
Anheuser-Busch InBev Worldwide, Inc. (Belgium) 3.75%, 7/15/2042		1,200		1,308
Keurig Dr Pepper, Inc.
3.20%, 5/1/2030		223		236
3.80%, 5/1/2050		217		240
				1,784

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 31

JPMorgan SmartRetirement^® Blend 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Biotechnology — 0.2%
AbbVie, Inc.
2.95%, 11/21/2026		235		248
4.05%, 11/21/2039		870		998
4.25%, 11/21/2049		180		216
Amgen, Inc. 3.15%, 2/21/2040		394		404
Biogen, Inc.
2.25%, 5/1/2030		215		212
3.15%, 5/1/2050		176		169
Gilead Sciences, Inc. 2.60%, 10/1/2040		227		219
Regeneron Pharmaceuticals, Inc. 1.75%, 9/15/2030		379		358
				2,824
Building Products — 0.0% (b)
Masco Corp. 2.00%, 10/1/2030		380		365
Capital Markets — 0.6%
Brookfield Finance, Inc. (Canada) 3.50%, 3/30/2051		456		478
Credit Suisse Group AG (Switzerland)
(SOFR + 0.98%), 1.31%, 2/2/2027 (c) (d)		250		242
4.28%, 1/9/2028 (c)		995		1,080
Deutsche Bank AG (Germany) (SOFR + 1.87%), 2.13%, 11/24/2026 (d)		735		734
Goldman Sachs Group, Inc. (The)
4.25%, 10/21/2025		600		655
(SOFR + 0.91%), 1.95%, 10/21/2027 (d)		150		149
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028 (d)		616		664
(ICE LIBOR USD 3 Month + 1.37%), 4.02%, 10/31/2038 (d)		177		202
Macquarie Group Ltd. (Australia)
(SOFR + 1.07%), 1.34%, 1/12/2027 (c) (d)		370		360
(SOFR + 1.53%), 2.87%, 1/14/2033 (c) (d)		200		199
Morgan Stanley
5.00%, 11/24/2025		1,025		1,147
(ICE LIBOR USD 3 Month + 1.43%), 4.46%, 4/22/2039 (d)		219		263
(SOFR + 1.49%), 3.22%, 4/22/2042 (d)		150		157
UBS Group AG (Switzerland) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 2.09%, 2/11/2032 (c) (d)		450		435
				6,765
Chemicals — 0.0% (b)
DuPont de Nemours, Inc. 5.32%, 11/15/2038		170		219

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Chemicals — continued
International Flavors & Fragrances, Inc. 3.47%, 12/1/2050 (c)		100		105
LYB International Finance III LLC 1.25%, 10/1/2025		111		109
Nutrien Ltd. (Canada) 5.00%, 4/1/2049		95		127
				560
Construction & Engineering — 0.0% (b)
Quanta Services, Inc. 2.35%, 1/15/2032		270		262
Construction Materials — 0.0% (b)
Martin Marietta Materials, Inc. Series CB, 2.50%, 3/15/2030		387		390
Consumer Finance — 0.5%
AerCap Ireland Capital DAC (Ireland)
3.15%, 2/15/2024		300		309
6.50%, 7/15/2025		205		234
4.63%, 10/15/2027		810		897
3.00%, 10/29/2028		150		152
Avolon Holdings Funding Ltd. (Ireland)
3.63%, 5/1/2022 (c)		105		106
2.88%, 2/15/2025 (c)		171		175
5.50%, 1/15/2026 (c)		530		586
2.13%, 2/21/2026 (c)		115		113
4.25%, 4/15/2026 (c)		20		21
2.53%, 11/18/2027 (c)		916		889
Capital One Financial Corp.
3.80%, 1/31/2028		402		437
(SOFR + 1.27%), 2.62%, 11/2/2032 (d)		175		175
General Motors Financial Co., Inc.
1.25%, 1/8/2026		328		321
4.35%, 1/17/2027		79		87
Park Aerospace Holdings Ltd. (Ireland)
4.50%, 3/15/2023 (c)		505		521
5.50%, 2/15/2024 (c)		49		53
				5,076
Containers & Packaging — 0.0% (b)
Graphic Packaging International LLC 1.51%, 4/15/2026 (c)		198		194
Diversified Financial Services — 0.0% (b)
Shell International Finance BV (Netherlands)
2.38%, 11/7/2029		393		401
3.13%, 11/7/2049		205		211
				612

SEE NOTES TO FINANCIAL STATEMENTS.

32 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Diversified Telecommunication Services — 0.2%
AT&T, Inc.
2.30%, 6/1/2027		522		531
2.75%, 6/1/2031		690		704
3.50%, 6/1/2041		518		532
3.55%, 9/15/2055		305		306
Verizon Communications, Inc.
3.15%, 3/22/2030		200		212
2.65%, 11/20/2040		185		176
3.85%, 11/1/2042		634		708
				3,169
Electric Utilities — 0.5%
Appalachian Power Co. Series Y, 4.50%, 3/1/2049		125		150
Duke Energy Corp. 3.40%, 6/15/2029		361		383
Duke Energy Indiana LLC Series YYY, 3.25%, 10/1/2049		97		100
Edison International 5.75%, 6/15/2027		195		222
Emera US Finance LP (Canada) 4.75%, 6/15/2046		197		232
Entergy Arkansas LLC 2.65%, 6/15/2051		72		67
Entergy Louisiana LLC
4.00%, 3/15/2033		150		170
2.90%, 3/15/2051		60		59
Evergy, Inc. 2.90%, 9/15/2029		394		403
FirstEnergy Transmission LLC 4.55%, 4/1/2049 (c)		179		204
Fortis, Inc. (Canada) 3.06%, 10/4/2026		251		261
ITC Holdings Corp. 2.95%, 5/14/2030 (c)		126		129
Jersey Central Power & Light Co. 4.30%, 1/15/2026 (c)		182		197
Massachusetts Electric Co. 4.00%, 8/15/2046 (c)		98		107
New England Power Co. (United Kingdom) 2.81%, 10/6/2050 (c)		253		234
NRG Energy, Inc.
2.00%, 12/2/2025 (c)		90		91
2.45%, 12/2/2027 (c)		305		302
OGE Energy Corp. 0.70%, 5/26/2023		105		105
Oklahoma Gas and Electric Co. 0.55%, 5/26/2023		125		124
Pacific Gas and Electric Co.
1.37%, 3/10/2023		425		423
1.70%, 11/15/2023		130		130
3.45%, 7/1/2025		120		124
2.95%, 3/1/2026		264		269

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Electric Utilities — continued
3.75%, 8/15/2042 (e)		71		66
4.30%, 3/15/2045		65		66
PacifiCorp 4.15%, 2/15/2050		113		134
Southern California Edison Co.
Series 20C, 1.20%, 2/1/2026		176		172
Series C, 4.13%, 3/1/2048		121		136
				5,060
Electrical Equipment — 0.0% (b)
Eaton Corp. 4.15%, 11/2/2042		272		318
Energy Equipment & Services — 0.0% (b)
Baker Hughes Holdings LLC 3.34%, 12/15/2027		263		280
Schlumberger Holdings Corp. 4.00%, 12/21/2025 (c)		264		285
				565
Entertainment — 0.0% (b)
Activision Blizzard, Inc. 1.35%, 9/15/2030		181		167
Walt Disney Co. (The) 3.50%, 5/13/2040		327		358
				525
Equity Real Estate Investment Trusts (REITs) — 0.6%
Alexandria Real Estate Equities, Inc. 3.38%, 8/15/2031		401		432
American Campus Communities Operating Partnership LP 2.25%, 1/15/2029		110		109
American Tower Corp.
1.50%, 1/31/2028		155		148
1.88%, 10/15/2030		928		876
3.10%, 6/15/2050		117		114
2.95%, 1/15/2051		76		72
Brixmor Operating Partnership LP
2.25%, 4/1/2028		140		140
2.50%, 8/16/2031		80		78
Corporate Office Properties LP 2.75%, 4/15/2031		225		224
Crown Castle International Corp. 3.10%, 11/15/2029		394		411
Digital Realty Trust LP 3.70%, 8/15/2027		344		373
Equinix, Inc. 2.90%, 11/18/2026		284		294
Healthcare Trust of America Holdings LP 2.00%, 3/15/2031		379		359
Healthpeak Properties, Inc.
2.13%, 12/1/2028		248		248
2.88%, 1/15/2031		394		410

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 33

JPMorgan SmartRetirement^® Blend 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Equity Real Estate Investment Trusts (REITs) — continued
Life Storage LP 2.40%, 10/15/2031		220		216
Mid-America Apartments LP 3.60%, 6/1/2027		350		378
Office Properties Income Trust 2.40%, 2/1/2027		275		266
Physicians Realty LP 2.63%, 11/1/2031		100		100
Realty Income Corp. 1.80%, 3/15/2033		220		206
Sabra Health Care LP 3.20%, 12/1/2031		160		156
Safehold Operating Partnership LP 2.85%, 1/15/2032		299		293
Scentre Group Trust 1 (Australia) 3.63%, 1/28/2026 (c)		510		544
UDR, Inc.
2.10%, 8/1/2032		380		361
1.90%, 3/15/2033		50		46
WP Carey, Inc.
4.25%, 10/1/2026		115		126
2.40%, 2/1/2031		148		146
2.25%, 4/1/2033		10		9
				7,135
Food & Staples Retailing — 0.1%
7-Eleven, Inc.
0.95%, 2/10/2026 (c)		120		117
1.30%, 2/10/2028 (c)		96		91
2.50%, 2/10/2041 (c)		99		91
Alimentation Couche-Tard, Inc. (Canada)
2.95%, 1/25/2030 (c)		394		407
3.63%, 5/13/2051 (c)		225		237
CVS Pass-Through Trust Series 2014, 4.16%, 8/11/2036 (c)		99		108
Kroger Co. (The) 3.95%, 1/15/2050		213		245
Sysco Corp. 2.40%, 2/15/2030		546		548
				1,844
Food Products — 0.1%
Bunge Ltd. Finance Corp. 2.75%, 5/14/2031		285		289
Conagra Brands, Inc. 1.38%, 11/1/2027		357		341
Smithfield Foods, Inc. 3.00%, 10/15/2030 (c)		403		402
				1,032
Gas Utilities — 0.0% (b)
Atmos Energy Corp.
0.63%, 3/9/2023		75		75
2.85%, 2/15/2052		175		169
CenterPoint Energy Resources Corp. 1.75%, 10/1/2030		176		167
				411

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Health Care Equipment & Supplies — 0.0% (b)
Becton Dickinson and Co. 4.67%, 6/6/2047		63		79
Boston Scientific Corp. 4.55%, 3/1/2039		127		152
DH Europe Finance II SARL 3.25%, 11/15/2039		103		110
Zimmer Biomet Holdings, Inc. 2.60%, 11/24/2031		213		214
				555
Health Care Providers & Services — 0.3%
Banner Health 1.90%, 1/1/2031		246		239
Bon Secours Mercy Health, Inc. Series 20-2, 3.21%, 6/1/2050		150		158
Children’s Hospital of Philadelphia (The) Series 2020, 2.70%, 7/1/2050		185		180
CommonSpirit Health
1.55%, 10/1/2025		65		64
2.78%, 10/1/2030		150		154
3.91%, 10/1/2050		65		72
CVS Health Corp. 4.88%, 7/20/2035		170		208
HCA, Inc.
5.25%, 6/15/2026		858		966
3.50%, 7/15/2051		175		178
MedStar Health, Inc. Series 20A, 3.63%, 8/15/2049		130		142
MidMichigan Health Series 2020, 3.41%, 6/1/2050		40		43
MultiCare Health System 2.80%, 8/15/2050		113		110
PeaceHealth Obligated Group Series 2020, 3.22%, 11/15/2050		135		141
Piedmont Healthcare, Inc. 2.86%, 1/1/2052		165		161
Quest Diagnostics, Inc. 2.80%, 6/30/2031		286		295
Universal Health Services, Inc. 2.65%, 1/15/2032 (c)		160		157
West Virginia United Health System Obligated Group Series 2020, 3.13%, 6/1/2050		300		295
				3,563
Hotels, Restaurants & Leisure — 0.0% (b)
Starbucks Corp. 3.35%, 3/12/2050		205		214
Household Durables — 0.0% (b)
Lennar Corp.
4.50%, 4/30/2024		65		69
5.00%, 6/15/2027		441		499
				568

SEE NOTES TO FINANCIAL STATEMENTS.

34 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Independent Power and Renewable Electricity Producers — 0.1%
Alexander Funding Trust 1.84%, 11/15/2023 (c)		650		652
Exelon Generation Co. LLC 3.25%, 6/1/2025		788		826
Southern Power Co. 5.15%, 9/15/2041		205		251
				1,729
Industrial Conglomerates — 0.0% (b)
GE Capital International Funding Co. Unlimited Co. 4.42%, 11/15/2035		484		578
Insurance — 0.2%
American International Group, Inc.
3.40%, 6/30/2030		264		286
4.38%, 6/30/2050		194		242
Athene Global Funding
2.50%, 1/14/2025 (c)		111		114
1.45%, 1/8/2026 (c)		400		393
Brown & Brown, Inc. 2.38%, 3/15/2031		386		376
Empower Finance 2020 LP (Canada) 3.08%, 9/17/2051 (c)		285		288
New York Life Insurance Co. 3.75%, 5/15/2050 (c)		408		464
Northwestern Mutual Global Funding 1.70%, 6/1/2028 (c)		150		148
Teachers Insurance & Annuity Association of America 3.30%, 5/15/2050 (c)		393		410
				2,721
IT Services — 0.1%
CGI, Inc. (Canada)
1.45%, 9/14/2026 (c)		156		153
2.30%, 9/14/2031 (c)		279		269
Global Payments, Inc. 3.20%, 8/15/2029		297		309
				731
Leisure Products — 0.0% (b)
Hasbro, Inc. 3.90%, 11/19/2029		232		256
Machinery — 0.0% (b)
Otis Worldwide Corp. 3.11%, 2/15/2040		100		103
Media — 0.2%
Charter Communications Operating LLC
2.80%, 4/1/2031		686		678
3.70%, 4/1/2051		403		390
Comcast Corp.
3.25%, 11/1/2039		332		350
2.80%, 1/15/2051		172		166

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Media — continued
Cox Communications, Inc.
1.80%, 10/1/2030 (c)		220		207
2.95%, 10/1/2050 (c)		185		173
Discovery Communications LLC 3.63%, 5/15/2030		342		366
ViacomCBS, Inc.
4.38%, 3/15/2043		210		238
5.85%, 9/1/2043		65		88
				2,656
Metals & Mining — 0.1%
Anglo American Capital plc (South Africa) 3.63%, 9/11/2024 (c)		235		247
Glencore Funding LLC (Australia) 2.50%, 9/1/2030 (c)		315		304
Steel Dynamics, Inc. 1.65%, 10/15/2027		244		239
Vale Overseas Ltd. (Brazil) 3.75%, 7/8/2030		265		274
				1,064
Multiline Retail — 0.0% (b)
Kohl’s Corp. 3.38%, 5/1/2031		291		297
Nordstrom, Inc. 4.25%, 8/1/2031		217		213
				510
Multi-Utilities — 0.0% (b)
Berkshire Hathaway Energy Co. 2.85%, 5/15/2051		184		177
Consumers Energy Co. 3.25%, 8/15/2046		97		103
WEC Energy Group, Inc. 1.38%, 10/15/2027		199		192
				472
Oil, Gas & Consumable Fuels — 0.9%
Boardwalk Pipelines LP 4.45%, 7/15/2027		165		181
BP Capital Markets America, Inc.
3.63%, 4/6/2030		614		678
2.77%, 11/10/2050		187		177
Chevron USA, Inc. 3.25%, 10/15/2029		220		238
ConocoPhillips 3.75%, 10/1/2027 (c)		189		207
Coterra Energy, Inc. 3.90%, 5/15/2027 (c)		125		134
Diamondback Energy, Inc. 3.25%, 12/1/2026		315		332
Enable Midstream Partners LP
3.90%, 5/15/2024 (e)		720		753
4.40%, 3/15/2027		345		372
5.00%, 5/15/2044 (e)		420		451
Energy Transfer LP 3.90%, 7/15/2026		592		637
Enterprise Products Operating LLC 4.45%, 2/15/2043		287		327

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 35

JPMorgan SmartRetirement^® Blend 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
Exxon Mobil Corp. 3.00%, 8/16/2039		593		600
Flex Intermediate Holdco LLC
3.36%, 6/30/2031 (c)		140		140
4.32%, 12/30/2039 (c)		100		103
Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates) 2.94%, 9/30/2040 (c)		200		199
Gray Oak Pipeline LLC
2.60%, 10/15/2025 (c)		455		456
3.45%, 10/15/2027 (c)		259		270
HollyFrontier Corp.
2.63%, 10/1/2023		182		185
5.88%, 4/1/2026		97		109
Lundin Energy Finance BV (Netherlands) 3.10%, 7/15/2031 (c)		200		201
MPLX LP
2.65%, 8/15/2030		368		366
4.50%, 4/15/2038		205		230
NGPL PipeCo LLC 3.25%, 7/15/2031 (c)		155		157
Phillips 66 Partners LP 3.55%, 10/1/2026		194		206
Pioneer Natural Resources Co. 1.90%, 8/15/2030		249		236
Plains All American Pipeline LP 4.65%, 10/15/2025		511		557
Sabine Pass Liquefaction LLC 5.63%, 3/1/2025		402		446
TotalEnergies Capital International SA (France)
2.99%, 6/29/2041		394		399
TransCanada PipeLines Ltd. (Canada) 4.10%, 4/15/2030		402		448
				9,795
Pharmaceuticals — 0.2%
AstraZeneca plc (United Kingdom) 6.45%, 9/15/2037		45		66
Bristol-Myers Squibb Co.
3.40%, 7/26/2029		270		296
4.13%, 6/15/2039		225		266
Royalty Pharma plc
1.75%, 9/2/2027		39		38
3.30%, 9/2/2040		171		171
3.55%, 9/2/2050		114		113
Takeda Pharmaceutical Co. Ltd. (Japan) 3.03%, 7/9/2040		700		712
Utah Acquisition Sub, Inc. 3.95%, 6/15/2026		200		216
Viatris, Inc. 4.00%, 6/22/2050		155		165
				2,043

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Professional Services — 0.0% (b)
IHS Markit Ltd. 4.25%, 5/1/2029		233		265
Road & Rail — 0.1%
CSX Corp. 3.80%, 11/1/2046		191		215
Kansas City Southern 4.70%, 5/1/2048		143		178
Norfolk Southern Corp. 3.05%, 5/15/2050		187		190
Penske Truck Leasing Co. LP 1.20%, 11/15/2025 (c)		451		440
Triton Container International Ltd. (Bermuda) 2.05%, 4/15/2026 (c)		400		397
Union Pacific Corp. 3.55%, 8/15/2039		270		299
				1,719
Semiconductors & Semiconductor Equipment — 0.3%
Analog Devices, Inc. 2.80%, 10/1/2041		171		173
Broadcom, Inc.
1.95%, 2/15/2028 (c)		418		413
4.15%, 11/15/2030		1,102		1,222
3.19%, 11/15/2036 (c)		59		59
KLA Corp. 3.30%, 3/1/2050		242		259
Microchip Technology, Inc.
0.97%, 2/15/2024		205		203
0.98%, 9/1/2024 (c)		280		275
NXP BV (China)
2.50%, 5/11/2031 (c)		260		260
3.25%, 5/11/2041 (c)		265		271
TSMC Global Ltd. (Taiwan) 1.38%, 9/28/2030 (c)		280		260
Xilinx, Inc. 2.38%, 6/1/2030		471		477
				3,872
Software — 0.1%
Citrix Systems, Inc. 1.25%, 3/1/2026		65		63
Oracle Corp.
2.30%, 3/25/2028		90		90
2.95%, 4/1/2030		498		504
3.80%, 11/15/2037		479		500
VMware, Inc.
1.40%, 8/15/2026		308		303
4.70%, 5/15/2030		320		372
				1,832
Specialty Retail — 0.1%
Lowe’s Cos., Inc. 3.70%, 4/15/2046		402		441
O’Reilly Automotive, Inc. 3.90%, 6/1/2029		200		221
Tractor Supply Co. 1.75%, 11/1/2030		390		365
				1,027

SEE NOTES TO FINANCIAL STATEMENTS.

36 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Technology Hardware, Storage & Peripherals — 0.1%
Dell International LLC 6.20%, 7/15/2030		762		962
Thrifts & Mortgage Finance — 0.1%
BPCE SA (France) (SOFR + 1.52%), 1.65%, 10/6/2026 (c) (d)		1,045		1,031
Tobacco — 0.1%
Altria Group, Inc. 2.45%, 2/4/2032		285		271
BAT Capital Corp. (United Kingdom)
2.26%, 3/25/2028		386		375
4.39%, 8/15/2037		205		216
3.73%, 9/25/2040		315		303
				1,165
Trading Companies & Distributors — 0.1%
Air Lease Corp.
3.38%, 7/1/2025		345		360
2.88%, 1/15/2026		180		186
1.88%, 8/17/2026		495		486
				1,032
Wireless Telecommunication Services — 0.1%
America Movil SAB de CV (Mexico) 2.88%, 5/7/2030		200		207
Rogers Communications, Inc. (Canada) 3.70%, 11/15/2049		270		283
T-Mobile USA, Inc.
2.55%, 2/15/2031		876		872
3.00%, 2/15/2041		543		530
				1,892
Total Corporate Bonds (Cost $110,375)				108,487
Asset-Backed Securities — 5.3%
ACC Auto Trust
Series 2021-A, Class A, 1.08%, 4/15/2027 (c)		490		489
Series 2021-A, Class B, 1.79%, 4/15/2027 (c)		675		669
ACC Trust Series 2021-1, Class B, 1.43%, 7/22/2024 (c)		560		558
Accelerated LLC Series 2021-1H, Class B, 1.90%, 10/20/2040 ‡ (c)		432		424
Affirm Asset Securitization Trust Series 2021-A, Class A, 0.88%, 8/15/2025 (c)		530		530
Ajax Mortgage Loan Trust Series 2021-B, Class A, 2.24%, 6/25/2066 (c) (e)		833		827

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Aligned Data Centers Issuer LLC Series 2021-1A, Class A2, 1.94%, 8/15/2046 (c)		635		625
American Airlines Pass-Through Trust
Series 2016-2, Class AA, 3.20%, 6/15/2028		553		556
Series 2016-3, Class AA, 3.00%, 10/15/2028		732		727
Series 2021-1, Class B, 3.95%, 7/11/2030		690		684
Series 2019-1, Class AA, 3.15%, 2/15/2032		881		889
American Credit Acceptance Receivables Trust
Series 2021-1, Class B, 0.61%, 3/13/2025 (c)		265		265
Series 2020-4, Class C, 1.31%, 12/14/2026 (c)		705		705
AmeriCredit Automobile Receivables Trust Series 2020-3, Class C, 1.06%, 8/18/2026		295		294
AMSR Trust
Series 2020-SFR2, Class E1, 4.03%, 7/17/2037 ‡ (c)		315		324
Series 2020-SFR3, Class E2, 2.76%, 9/17/2037 (c)		165		164
Series 2020-SFR4, Class D, 2.01%, 11/17/2037 ‡ (c)		645		627
Series 2020-SFR4, Class E2, 2.46%, 11/17/2037 ‡ (c)		290		283
Series 2021-SFR2, Class E2, 2.58%, 8/17/2038 ‡ (c)		255		248
Aqua Finance Trust Series 2020-AA, Class C, 3.97%, 7/17/2046 ‡ (c)		250		258
Arivo Acceptance Auto Loan Receivables Trust Series 2021-1A, Class A, 1.19%, 1/15/2027 (c)		168		168
Business Jet Securities LLC
Series 2020-1A, Class A, 2.98%, 11/15/2035 (c)		215		215
Series 2021-1A, Class A, 2.16%, 4/15/2036 (c)		645		633
Series 2021-1A, Class B, 2.92%, 4/15/2036 ‡ (c)		888		869
BXG Receivables Note Trust Series 2020-A, Class A, 1.55%, 2/28/2036 (c)		361		358
CarMax Auto Owner Trust Series 2020-4, Class C, 1.30%, 8/17/2026		270		269
Carvana Auto Receivables Trust Series 2020-P1, Class C, 1.32%, 11/9/2026		375		370

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 37

JPMorgan SmartRetirement^® Blend 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
CF Hippolyta LLC Series 2021-1A, Class A1, 1.53%, 3/15/2061 (c)		424		416
CFMT LLC Series 2020-HB4, Class A, 0.95%, 12/26/2030 (c) (f)		240		240
Continental Finance Credit Card ABS Master Trust Series 2020-1A, Class A, 2.24%, 12/15/2028 (c)		170		169
CPS Auto Receivables Trust
Series 2021-A, Class B, 0.61%, 2/18/2025 (c)		230		230
Series 2021-B, Class C, 1.23%, 3/15/2027 (c)		540		535
Credit Acceptance Auto Loan Trust
Series 2020-2A, Class C, 2.73%, 11/15/2029 (c)		645		658
Series 2021-2A, Class A, 0.96%, 2/15/2030 (c)		935		929
Series 2021-3A, Class A, 1.00%, 5/15/2030 (c)		940		932
Credito Real USA Auto Receivables Trust Series 2021-1A, Class A, 1.35%, 2/16/2027 (c)		249		248
Crossroads Asset Trust Series 2021-A, Class A2, 0.82%, 3/20/2024 (c)		163		163
DataBank Issuer Series 2021-1A, Class A2, 2.06%, 2/27/2051 (c)		405		397
Delta Air Lines Pass-Through Trust
Series 2015-1, Class B, 4.25%, 7/30/2023		165		170
Series 2020-1, Class A, 2.50%, 6/10/2028		407		406
Diamond Resorts Owner Trust Series 2021-1A, Class A, 1.51%, 11/21/2033 (c)		189		187
DT Auto Owner Trust Series 2021-1A, Class C, 0.84%, 10/15/2026 (c)		315		312
Elara HGV Timeshare Issuer LLC
Series 2021-A, Class B, 1.74%, 8/27/2035 ‡ (c)		409		404
Series 2021-A, Class C, 2.09%, 8/27/2035 (c)		193		189
FHF Trust Series 2021-1A, Class A, 1.27%, 3/15/2027 (c)		218		217
First Investors Auto Owner Trust Series 2021-1A, Class B, 0.89%, 3/15/2027 (c)		330		327
Flagship Credit Auto Trust
Series 2021-1, Class B, 0.68%, 2/16/2027 (c)		410		406
Series 2020-4, Class C, 1.28%, 2/16/2027 (c)		525		524

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
FREED ABS Trust
Series 2021-1CP, Class A, 0.66%, 3/20/2028 (c)		99		99
Series 2021-2, Class A, 0.68%, 6/19/2028 (c)		176		176
Series 2021-2, Class B, 1.03%, 6/19/2028 ‡ (c)		655		652
Genesis Sales Finance Master Trust Series 2020-AA, Class A, 1.65%, 9/22/2025 (c)		572		574
GLS Auto Receivables Issuer Trust Series 2020-4A, Class B, 0.87%, 12/16/2024 (c)		250		250
Home Partners of America Trust
Series 2021-2, Class C, 2.40%, 12/17/2026 ‡ (c)		864		850
Series 2021-3, Class D, 3.00%, 1/17/2041 (c)		470		468
JetBlue Pass-Through Trust Series 2020-1, Class B, 7.75%, 11/15/2028		308		358
Lakeview CDO LLC
1.83%, 11/10/2032 ‡ (f)		24		24
2.33%, 11/10/2032 ‡ (f)		330		330
Lendbuzz Securitization Trust Series 2021-1A, Class A, 1.46%, 6/15/2026 (c)		908		903
Lendingpoint Asset Securitization Trust
Series 2021-A, Class A, 1.00%, 12/15/2028 (c)		1,065		1,062
Series 2021-A, Class B, 1.46%, 12/15/2028 ‡ (c)		370		367
Series 2021-B, Class A, 1.11%, 2/15/2029 (c)		1,124		1,120
Series 2021-B, Class B, 1.68%, 2/15/2029 ‡ (c)		430		426
LendingPoint Asset Securitization Trust Series 2020-REV1, Class A, 2.73%, 10/15/2028 (c)		1,079		1,085
LL ABS Trust Series 2021-1A, Class A, 1.07%, 5/15/2029 (c)		413		411
Mariner Finance Issuance Trust
Series 2019-AA, Class A, 2.96%, 7/20/2032 (c)		900		911
Series 2021-AA, Class A, 1.86%, 3/20/2036 (c)		850		835
Marlette Funding Trust
Series 2021-1A, Class A, 0.60%, 6/16/2031 (c)		202		202
Series 2021-1A, Class B, 1.00%, 6/16/2031 ‡ (c)		666		663

SEE NOTES TO FINANCIAL STATEMENTS.

38 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Mercury Financial Credit Card Master Trust Series 2021-1A, Class A, 1.54%, 3/20/2026 (c)		910		909
Mission Lane Credit Card Master Trust Series 2021-A, Class A, 1.59%, 9/15/2026 (c)		725		720
MVW LLC Series 2021-2A, Class C, 2.23%, 5/20/2039 ‡ (c)		1,068		1,062
NMEF Funding LLC Series 2021-A, Class B, 1.85%, 12/15/2027 ‡ (c)		525		523
NRZ Excess Spread-Collateralized Notes
Series 2020-PLS1, Class A, 3.84%, 12/25/2025 (c)		638		641
Series 2021-FNT1, Class A, 2.98%, 3/25/2026 (c)		438		434
Series 2021-FNT2, Class A, 3.23%, 5/25/2026 (c)		1,174		1,164
Octane Receivables Trust
Series 2020-1A, Class A, 1.71%, 2/20/2025 (c)		385		386
Series 2021-1A, Class A, 0.93%, 3/22/2027 (c)		541		539
OneMain Financial Issuance Trust Series 2020-2A, Class D, 3.45%, 9/14/2035 ‡ (c)		230		239
Oportun Funding LLC Series 2020-1, Class A, 2.20%, 5/15/2024 (c)		92		92
Oportun Issuance Trust Series 2021-B, Class A, 1.47%, 5/8/2031 (c)		1,660		1,649
Orange Lake Timeshare Trust Series 2016-A, Class A, 2.61%, 3/8/2029 (c)		147		148
Pagaya AI Debt Selection Trust
Series 2021-1, Class A, 1.18%, 11/15/2027 (c)		1,051		1,049
Series 2021-HG1, Class A, 1.22%, 1/16/2029 (c)		1,269		1,265
Series 2021-3, Class A, 1.15%, 5/15/2029 (c)		1,196		1,190
Prestige Auto Receivables Trust Series 2020-1A, Class C, 1.31%, 11/16/2026 (c)		660		660
PRET LLC Series 2021-RN4, Class A1, 2.49%, 10/25/2051 (c) (f)		1,103		1,097
Pretium Mortgage Credit Partners I LLC
Series 2021-NPL1, Class A1, 2.24%, 9/27/2060 (c) (e)		1,299		1,288
Series 2021-NPL4, Class A1, 2.36%, 10/27/2060 ‡ (c) (e)		1,003		994

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Progress Residential Trust
Series 2020-SFR3, Class A, 1.29%, 10/17/2027 (c)		440		431
Series 2020-SFR3, Class B, 1.50%, 10/17/2027 ‡ (c)		310		302
Series 2020-SFR1, Class E, 3.03%, 4/17/2037 (c)		550		554
Series 2021-SFR2, Class D, 2.20%, 4/19/2038 ‡ (c)		1,775		1,737
Regional Management Issuance Trust Series 2021-1, Class A, 1.68%, 3/17/2031 (c)		770		760
Republic Finance Issuance Trust
Series 2020-A, Class A, 2.47%, 11/20/2030 (c)		515		522
Series 2021-A, Class A, 2.30%, 12/22/2031 (c)		1,254		1,253
Santander Consumer Auto Receivables Trust Series 2021-AA, Class B, 0.71%, 8/17/2026 (c)		445		437
Santander Drive Auto Receivables Trust Series 2020-4, Class C, 1.01%, 1/15/2026		420		421
Sierra Timeshare Receivables Funding LLC Series 2021-2A, Class B, 1.80%, 9/20/2038 ‡ (c)		403		400
Theorem Funding Trust Series 2021-1A, Class A, 1.21%, 12/15/2027 (c)		894		892
Tricolor Auto Securitization Trust
Series 2021-1A, Class B, 1.00%, 6/17/2024 (c)		270		269
Series 2021-1A, Class C, 1.33%, 9/16/2024 (c)		310		309
United Airlines Pass-Through Trust
Series 2016-2, Class B, 3.65%, 10/7/2025		168		166
Series 2019-2, Class B, 3.50%, 5/1/2028		393		389
Series 2016-2, Class A, 3.10%, 10/7/2028		173		172
Series 2018-1, Class A, 3.70%, 3/1/2030		447		451
Upstart Pass-Through Trust Series 2021-ST2, Class A, 2.50%, 4/20/2027 (c)		208		209
Upstart Securitization Trust
Series 2020-3, Class A, 1.70%, 11/20/2030 (c)		515		517
Series 2021-1, Class A, 0.87%, 3/20/2031 (c)		165		164
US Auto Funding Series 2021-1A, Class B, 1.49%, 3/17/2025 (c)		390		387
VCAT LLC
Series 2021-NPL1, Class A1, 2.29%, 12/26/2050 ‡ (c) (e)		395		394

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 39

JPMorgan SmartRetirement^® Blend 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Series 2021-NPL2, Class A1, 2.12%, 3/27/2051 (c) (e)		418		417
Veros Auto Receivables Trust Series 2021-1, Class A, 0.92%, 10/15/2026 (c)		353		352
VOLT XCII LLC Series 2021-NPL1, Class A1, 1.89%, 2/27/2051 (c) (e)		422		420
VOLT XCIII LLC Series 2021-NPL2, Class A1, 1.89%, 2/27/2051 (c) (e)		1,679		1,665
VOLT XCIV LLC Series 2021-NPL3, Class A1, 2.24%, 2/27/2051 (c) (e)		1,449		1,442
VOLT XCIX LLC Series 2021-NPL8, Class A1, 2.12%, 4/25/2051 (c) (e)		677		674
VOLT XCV LLC Series 2021-NPL4, Class A1, 2.24%, 3/27/2051 ‡ (c) (e)		713		708
VOLT XCVI LLC Series 2021-NPL5, Class A1, 2.12%, 3/27/2051 (c) (e)		1,087		1,082
VOLT XCVII LLC Series 2021-NPL6, Class A1, 2.24%, 4/25/2051 (c) (e)		1,307		1,299
Westlake Automobile Receivables Trust
Series 2020-3A, Class C, 1.24%, 11/17/2025 (c)		245		245
Series 2020-3A, Class D, 1.65%, 2/17/2026 (c)		340		341
Total Asset-Backed Securities (Cost $69,064)				68,683
Mortgage-Backed Securities — 5.2%
FHLMC UMBS, 30 Year
Pool # ZL3032, 3.50%, 5/1/2042		450		485
Pool # QB4026, 2.50%, 10/1/2050		1,758		1,814
Pool # QB4045, 2.50%, 10/1/2050		1,119		1,146
Pool # QB4484, 2.50%, 10/1/2050		669		690
Pool # QB4542, 2.50%, 10/1/2050		557		575
Pool # RA4224, 3.00%, 11/1/2050		253		265
Pool # QB8503, 2.50%, 2/1/2051		697		712
FNMA Pool # BS4290, 1.95%, 10/1/2029		600		609
FNMA UMBS, 30 Year
Pool # CA2826, 5.50%, 12/1/2048		1,307		1,444
Pool # FM3118, 3.00%, 5/1/2050		426		449
Pool # BQ2894, 3.00%, 9/1/2050		1,007		1,049
Pool # BQ3996, 2.50%, 10/1/2050		723		743
Pool # BQ5243, 3.50%, 10/1/2050		307		324
Pool # CA7398, 3.50%, 10/1/2050		1,127		1,203
Pool # CA8637, 4.00%, 1/1/2051		1,797		1,968
FNMA, Other
Pool # AM3010, 5.07%, 3/1/2028		423		490
Pool # BL8639, 1.09%, 4/1/2028		590		570

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pool # AM5319, 4.34%, 1/1/2029		386		442
Pool # BL5457, 2.57%, 7/1/2029		670		705
Pool # BS0448, 1.27%, 12/1/2029		877		846
Pool # BL9748, 1.60%, 12/1/2029		344		339
Pool # AN7593, 2.99%, 12/1/2029		260		280
Pool # AN8285, 3.11%, 3/1/2030		265		290
Pool # AM8544, 3.08%, 4/1/2030		117		127
Pool # BL9045, 1.58%, 7/1/2030		905		890
Pool # BL9251, 1.45%, 10/1/2030		680		661
Pool # BL9891, 1.37%, 12/1/2030		493		476
Pool # AN6149, 3.14%, 7/1/2032		810		896
Pool # BM3226, 3.44%, 10/1/2032 (f)		1,118		1,249
Pool # AN7923, 3.33%, 1/1/2033		505		569
Pool # AN9067, 3.51%, 5/1/2033		275		311
Pool # BL1012, 4.03%, 12/1/2033		265		316
Pool # BL0900, 4.08%, 2/1/2034		155		185
Pool # AN4430, 3.61%, 1/1/2037		549		614
Pool # BF0230, 5.50%, 1/1/2058		1,394		1,639
Pool # BF0497, 3.00%, 7/1/2060		635		670
GNMA II, 30 Year
Pool # BY3432, 3.50%, 9/20/2050		979		1,062
Pool # BR3929, 3.50%, 10/20/2050		449		489
Pool # BW1726, 3.50%, 10/20/2050		616		662
Pool # BS8546, 2.50%, 12/20/2050		1,585		1,616
Pool # BR3928, 3.00%, 12/20/2050		789		853
Pool # BU7538, 3.00%, 12/20/2050		597		646
Pool # 785294, 3.50%, 1/20/2051		1,578		1,719
Pool # CA8452, 3.00%, 2/20/2051		1,941		2,062
Pool # CB1543, 3.00%, 2/20/2051		1,355		1,427
Pool # CA3588, 3.50%, 2/20/2051		1,280		1,371
Pool # CB1536, 3.50%, 2/20/2051		1,508		1,637
Pool # CB1542, 3.00%, 3/20/2051		1,054		1,111
Pool # CB4433, 3.00%, 3/20/2051		1,712		1,772
Pool # CC0070, 3.00%, 3/20/2051		228		241
Pool # CC8726, 3.00%, 3/20/2051		291		312
Pool # CC8738, 3.00%, 3/20/2051		355		379
Pool # CC8723, 3.50%, 3/20/2051		1,695		1,839
Pool # CC0088, 4.00%, 3/20/2051		226		242
Pool # CC0092, 4.00%, 3/20/2051		293		315
Pool # CC8727, 3.00%, 4/20/2051		488		514
Pool # CC8739, 3.00%, 4/20/2051		1,218		1,295
Pool # CC8740, 3.00%, 4/20/2051		1,095		1,160
Pool # CC8751, 3.00%, 4/20/2051		242		255
Pool # CA3563, 3.50%, 7/20/2051		828		896
Pool # CE2586, 3.50%, 7/20/2051		1,245		1,351

SEE NOTES TO FINANCIAL STATEMENTS.

40 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mortgage-Backed Securities — continued
Pool # MA7534, 2.50%, 8/20/2051		13,080		13,411
Pool # MA7649, 2.50%, 10/20/2051		908		931
Pool # CK1527, 3.50%, 12/20/2051		750		807
GNMA II, Other Pool # 785183, 2.94%, 10/20/2070 (f)		809		834
Total Mortgage-Backed Securities (Cost $68,433)				67,250
U.S. Treasury Obligations — 3.4%
U.S. Treasury Bonds
1.13%, 5/15/2040		3,457		3,030
1.13%, 8/15/2040		8,272		7,222
1.88%, 2/15/2041		935		925
2.25%, 5/15/2041		259		272
3.13%, 2/15/2043		2,300		2,772
1.38%, 8/15/2050		12,637		11,070
1.63%, 11/15/2050		1,919		1,788
U.S. Treasury Notes
1.38%, 1/31/2022 (g)		4,099		4,104
0.13%, 9/15/2023		4,000		3,963
1.38%, 1/31/2025		3,000		3,034
0.88%, 6/30/2026		572		563
1.25%, 3/31/2028		1,635		1,620
1.00%, 7/31/2028		1,720		1,675
1.13%, 8/31/2028		500		490
1.63%, 5/15/2031		455		461
U.S. Treasury STRIPS Bonds 1.16%, 5/15/2027 (h)		2,065		1,919
Total U.S. Treasury Obligations (Cost $45,470)				44,908
Collateralized Mortgage Obligations — 1.4%
Bayview Finance LLC 0.00%, 7/12/2033 ‡		890		890
Bayview Financing Trust Series 2021-2F, Class M1, 1.60%, 12/31/2049 ‡ (c) (f)		57		57
Cascade MH Asset Trust Series 2021-MH1, Class A1, 1.75%, 2/25/2046 (c)		1,016		999
CFMT LLC Series 2021-HB5, Class A, 0.80%, 2/25/2031 (c) (f)		939		937
CSMC Trust Series 2021-RPL1, Class A1, 1.67%, 9/27/2060 (c) (f)		946		938
FMC GMSR Issuer Trust Series 2021-GT2, Class A, 3.85%, 10/25/2026 (c) (f)		550		545
FNMA Trust, Whole Loan Series 2002-W8, Class A1, 6.50%, 6/25/2042		354		398
FNMA, Grantor Trust, Whole Loan Series 2001-T12, Class A1, 6.50%, 8/25/2041		148		165

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
FNMA, REMIC
Series 2018-72, Class VB, 3.50%, 10/25/2031		284		301
Series 2019-7, Class CA, 3.50%, 11/25/2057		1,863		1,951
FNMA, REMIC Trust, Whole Loan Series 2002-W3, Class A4, 6.50%, 11/25/2041		715		807
GNMA
Series 2015-H11, Class FC, 0.63%, 5/20/2065 (f)		524		526
Series 2021-H14, Class YD, 8.54%, 6/20/2071 (f)		755		990
Legacy Mortgage Asset Trust Series 2021-GS1, Class A1, 1.89%, 10/25/2066 (c) (e)		401		400
LHOME Mortgage Trust Series 2021-RTL1, Class A1, 2.09%, 9/25/2026 (c) (f)		260		259
PRPM LLC
Series 2021-2, Class A1, 2.12%, 3/25/2026 (c) (f)		668		664
Series 2021-10, Class A1, 2.49%, 10/25/2026 (c) (e)		291		290
Seasoned Credit Risk Transfer Trust
Series 2018-1, Class M60C, 3.50%, 5/25/2057		481		505
Series 2019-2, Class M55D, 4.00%, 8/25/2058		649		689
Series 2019-3, Class M55D, 4.00%, 10/25/2058		483		514
Series 2020-3, Class M5TW, 3.00%, 5/25/2060 ‡		1,155		1,206
Series 2020-3, Class TTW, 3.00%, 5/25/2060 ‡		1,234		1,283
Toorak Mortgage Corp. Ltd. Series 2020-1, Class A1, 2.73%, 3/25/2023 (c) (e)		250		250
Towd Point Mortgage Trust Series 2021-R1, Class A1, 2.92%, 11/30/2060 (c) (f)		1,538		1,534
ZH Trust
Series 2021-1, Class A, 2.25%, 2/18/2027 (c)		260		256
Series 2021-2, Class A, 2.35%, 10/17/2027 (c)		835		829
Total Collateralized Mortgage Obligations (Cost $18,289)				18,183

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 41

JPMorgan SmartRetirement^® Blend 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — 0.4%
ACRE Commercial Mortgage Ltd. (Cayman Islands)
Series 2021-FL4, Class A, 0.93%, 12/18/2037 (c) (f)		414		413
Series 2021-FL4, Class AS, 1.20%, 12/18/2037 (c) (f)		455		453
BPR Trust Series 2021-KEN, Class A, 1.36%, 2/15/2029 (c) (f)		335		335
FHLMC, Multi-Family Structured Credit Risk Series 2021-MN2, Class M1, 1.85%, 7/25/2041 (c) (f)		692		679
FHLMC, Multi-Family Structured Pass-Through Certificates
Series K-1511, Class A1, 3.28%, 10/25/2030		644		698
Series K-1510, Class A2, 3.72%, 1/25/2031		235		270
FNMA ACES
Series 2021-M3, Class 1A1, 1.00%, 11/25/2033		220		217
Series 2021-M3, Class X1, IO, 2.00%, 11/25/2033 (f)		1,284		165
FREMF Mortgage Trust
Series 2017-KGX1, Class BFX, 3.59%, 10/25/2027 (c) (f)		435		444
Series 2015-K48, Class C, 3.64%, 8/25/2048 (c) (f)		35		36
Series 2016-K56, Class B, 3.94%, 6/25/2049 (c) (f)		330		355
Series 2016-K722, Class B, 3.87%, 7/25/2049 (c) (f)		180		186
Series 2017-K728, Class C, 3.65%, 11/25/2050 (c) (f)		185		191
KKR Industrial Portfolio Trust Series 2021-KDIP, Class B, 0.91%, 12/15/2037 ‡ (c) (f)		353		350
SLG Office Trust Series 2021-OVA, Class A, 2.59%, 7/15/2041 (c)		725		742
Total Commercial Mortgage-Backed Securities (Cost $5,614)				5,534
Foreign Government Securities — 0.1%
Republic of Colombia (Colombia) 4.00%, 2/26/2024		250		258
Republic of Panama (Panama) 3.16%, 1/23/2030		250		259
Republic of Peru (Peru) 2.78%, 12/1/2060		125		110
United Mexican States (Mexico) 2.66%, 5/24/2031		848		826
Total Foreign Government Securities (Cost $1,508)				1,453

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 4.3%
Investment Companies — 4.3%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (i) (Cost $55,698)		55,698		55,698
Total Investments — 99.0% (Cost $1,173,135)				1,289,626
Other Assets Less Liabilities — 1.0%				13,655
NET ASSETS — 100.0%				1,303,281

Percentages indicated are based on net assets.

Abbreviations

ABS	Asset-Backed Securities
ACES	Alternative Credit Enhancement Securities
CDO	Collateralized Debt Obligations
CSMC	Credit Suisse Mortgage Trust
ETF	Exchange-Traded Fund
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
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.
LIBOR	London Interbank Offered Rate
REIT	Real Estate Investment Trust
REMIC	Real Estate Mortgage Investment Conduit
SOFR	Secured Overnight Financing Rate
STRIPS	Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
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)	Amount rounds to less than 0.1% of net assets.
(c)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(d)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of December 31, 2021.
(e)	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, 2021.

SEE NOTES TO FINANCIAL STATEMENTS.

42 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

(f)	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, 2021.
(g)	All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(h)	The rate shown is the effective yield as of December 31, 2021.
(i)	The rate shown is the current yield as of December 31, 2021.
‡	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, 2021 (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		291		03/2022		EUR		14,183		474
MSCI EAFE E-Mini Index		86		03/2022		USD		9,977		272
Russell 2000 E-Mini Index		57		03/2022		USD		6,391		188
S&P 500 E-Mini Index		87		03/2022		USD		20,698		431
U.S. Treasury 10 Year Note		459		03/2022		USD		59,821		521
										1,886

Abbreviations

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 43

JPMorgan SmartRetirement^® Blend 2025 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment Companies — 43.2%
Fixed Income — 19.1%
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		4,308		33,173
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		4,812		36,909
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		2,436		21,805
JPMorgan High Yield Fund Class R6 Shares (a)		7,281		52,861
JPMorgan Income Fund Class R6 Shares (a)		4,464		41,919
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		6,170		67,810
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		17,145		166,478
Total Fixed Income				420,955
International Equity — 4.8%
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		5,540		106,155
U.S. Equity — 19.3%
JPMorgan Equity Index Fund Class R6 Shares (a)		5,938		424,598
Total Investment Companies (Cost $782,500)				951,708
Exchange-Traded Funds — 31.9%
Alternative Assets — 2.9%
JPMorgan BetaBuilders MSCI US REIT ETF (a)		576		63,976
Fixed Income — 9.5%
JPMorgan High Yield Research Enhanced ETF (a)		1,428		73,940
JPMorgan U.S. Aggregate Bond ETF (a)		2,507		135,222
Total Fixed Income				209,162
International Equity — 14.5%
JPMorgan BetaBuilders International Equity ETF (a)		5,373		320,287
U.S. Equity — 5.0%
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a)		722		66,265
JPMorgan BetaBuilders U.S. Small Cap Equity ETF (a)		657		43,255
Total U.S. Equity				109,520
Total Exchange-Traded Funds (Cost $606,265)				702,945

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — 7.6%
Aerospace & Defense — 0.3%
BAE Systems plc (United Kingdom) 3.40%, 4/15/2030 (b)		1,020		1,089
Boeing Co. (The)
1.95%, 2/1/2024		100		101
1.43%, 2/4/2024		135		135
2.50%, 3/1/2025		276		282
2.75%, 2/1/2026		95		98
2.20%, 2/4/2026		85		85
2.70%, 2/1/2027		1,722		1,751
3.45%, 11/1/2028		200		209
L3Harris Technologies, Inc. 1.80%, 1/15/2031		210		200
Leidos, Inc. 2.30%, 2/15/2031		83		80
Northrop Grumman Corp.
5.15%, 5/1/2040		242		314
3.85%, 4/15/2045		521		590
Raytheon Technologies Corp.
2.25%, 7/1/2030		422		421
3.75%, 11/1/2046		241		268
2.82%, 9/1/2051		385		372
				5,995
Airlines — 0.0% (c)
American Airlines Pass-Through Trust Series 2021-1, Class A Shares, 2.88%, 7/11/2034		744		737
Auto Components — 0.0% (c)
Lear Corp. 2.60%, 1/15/2032		110		108
Automobiles — 0.3%
General Motors Co. 6.80%, 10/1/2027		810		994
Hyundai Capital America
1.15%, 11/10/2022 (b)		1,074		1,078
2.65%, 2/10/2025 (b)		700		717
1.30%, 1/8/2026 (b)		100		97
2.38%, 10/15/2027 (b)		835		830
1.80%, 1/10/2028 (b)		155		150
Kia Corp. (South Korea) 3.25%, 4/21/2026 (b)		250		263
Nissan Motor Acceptance Co. LLC 2.80%, 1/13/2022 (b)		404		404
Nissan Motor Co. Ltd. (Japan)
3.52%, 9/17/2025 (b)		318		333
4.35%, 9/17/2027 (b)		970		1,048
Stellantis Finance US, Inc. 1.71%, 1/29/2027 (b)		330		324
				6,238

SEE NOTES TO FINANCIAL STATEMENTS.

44 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Banks — 1.5%
ABN AMRO Bank NV (Netherlands) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.80%), 1.54%, 6/16/2027 (b) (d)		300		294
AIB Group plc (Ireland) 4.75%, 10/12/2023 (b)		970		1,026
Australia & New Zealand Banking Group Ltd. (Australia) 4.40%, 5/19/2026 (b)		1,070		1,171
Banco Santander SA (Spain)
1.85%, 3/25/2026		400		398
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 1.72%, 9/14/2027 (d)		200		196
2.75%, 12/3/2030		600		588
Bank of America Corp.
4.00%, 1/22/2025		1,674		1,788
(SOFR + 1.01%), 1.20%, 10/24/2026 (d)		592		580
(ICE LIBOR USD 3 Month + 1.51%), 3.71%, 4/24/2028 (d)		1,407		1,527
(SOFR + 1.21%), 2.57%, 10/20/2032 (d)		370		372
(SOFR + 1.93%), 2.68%, 6/19/2041 (d)		1,243		1,196
Bank of Ireland Group plc (Ireland)
4.50%, 11/25/2023 (b)		490		519
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 2.03%, 9/30/2027 (b) (d)		215		211
Banque Federative du Credit Mutuel SA (France) 1.60%, 10/4/2026 (b)		365		360
Barclays plc (United Kingdom)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.80%), 1.01%, 12/10/2024 (d)		424		421
3.65%, 3/16/2025		970		1,024
4.34%, 1/10/2028		300		328
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.30%), 2.89%, 11/24/2032 (d)		200		201
BNP Paribas SA (France)
(SOFR + 1.61%), 1.90%, 9/30/2028 (b) (d)		770		751
(SOFR + 1.22%), 2.16%, 9/15/2029 (b) (d)		364		357
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.05%), 2.59%, 8/12/2035 (b) (d)		290		278
Citigroup, Inc.
3.88%, 3/26/2025		1,510		1,612
(ICE LIBOR USD 3 Month + 1.39%), 3.67%, 7/24/2028 (d)		550		593

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Banks — continued
(ICE LIBOR USD 3 Month + 1.15%), 3.52%, 10/27/2028 (d)		502		538
(SOFR + 1.18%), 2.52%, 11/3/2032 (d)		130		130
(ICE LIBOR USD 3 Month + 1.17%), 3.88%, 1/24/2039 (d)		418		475
Commonwealth Bank of Australia (Australia) 3.31%, 3/11/2041 (b)		290		296
Credit Agricole SA (France)
4.38%, 3/17/2025 (b)		1,070		1,149
(SOFR + 0.89%), 1.25%, 1/26/2027 (b) (d)		357		347
DNB Bank ASA (Norway) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.68%), 1.60%, 3/30/2028 (b) (d)		335		327
HSBC Holdings plc (United Kingdom)
(SOFR + 1.29%), 1.59%, 5/24/2027 (d)		1,000		978
(ICE LIBOR USD 3 Month + 1.55%), 4.04%, 3/13/2028 (d)		200		216
(SOFR + 1.73%), 2.01%, 9/22/2028 (d)		1,885		1,845
(SOFR + 1.29%), 2.21%, 8/17/2029 (d)		205		201
Intesa Sanpaolo SpA (Italy) Series XR, 3.25%, 9/23/2024 (b)		435		453
Lloyds Banking Group plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.85%), 1.63%, 5/11/2027 (d)		220		217
Mitsubishi UFJ Financial Group, Inc. (Japan) 3.74%, 3/7/2029		934		1,020
Mizuho Financial Group, Inc. (Japan) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.67%), 1.23%, 5/22/2027 (d)		230		223
NatWest Group plc (United Kingdom)
3.88%, 9/12/2023		470		491
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 1.64%, 6/14/2027 (d)		287		283
(ICE LIBOR USD 3 Month + 1.87%), 4.44%, 5/8/2030 (d)		410		460
Nordea Bank Abp (Finland) 1.50%, 9/30/2026 (b)		200		197
Santander UK Group Holdings plc (United Kingdom) (SOFR + 0.99%), 1.67%, 6/14/2027 (d)		230		225
Societe Generale SA (France)
4.25%, 4/14/2025 (b)		850		905
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 1.49%, 12/14/2026 (b) (d)		320		312

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 45

JPMorgan SmartRetirement^® Blend 2025 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Banks — continued
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 1.79%, 6/9/2027 (b) (d)		270		264
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.30%), 2.89%, 6/9/2032 (b) (d)		625		623
Standard Chartered plc (United Kingdom)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.17%), 1.32%, 10/14/2023 (b) (d)		1,260		1,261
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 1.46%, 1/14/2027 (b) (d)		200		194
Sumitomo Mitsui Trust Bank Ltd. (Japan) 1.55%, 3/25/2026 (b)		395		392
UniCredit SpA (Italy) 6.57%, 1/14/2022 (b)		350		351
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.20%), 1.98%, 6/3/2027 (b) (d)		200		195
(USD ICE Swap Rate 5 Year + 3.70%), 5.86%, 6/19/2032 (b) (d)		200		219
Wells Fargo & Co.
4.30%, 7/22/2027		1,701		1,895
(SOFR + 2.53%), 3.07%, 4/30/2041 (d)		156		160
Westpac Banking Corp. (Australia)
2.96%, 11/16/2040		70		69
3.13%, 11/18/2041		224		222
				32,924
Beverages — 0.1%
Anheuser-Busch InBev Worldwide, Inc. (Belgium) 3.75%, 7/15/2042		1,530		1,668
Keurig Dr Pepper, Inc.
3.20%, 5/1/2030		287		303
3.80%, 5/1/2050		276		306
				2,277
Biotechnology — 0.2%
AbbVie, Inc.
2.95%, 11/21/2026		300		316
3.20%, 11/21/2029		720		770
4.05%, 11/21/2039		1,065		1,221
4.25%, 11/21/2049		240		289
Amgen, Inc. 3.15%, 2/21/2040		496		509
Biogen, Inc.
2.25%, 5/1/2030		272		268
3.15%, 5/1/2050		232		223

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Biotechnology — continued
Gilead Sciences, Inc.
1.65%, 10/1/2030		481		461
2.60%, 10/1/2040		288		277
Regeneron Pharmaceuticals, Inc. 1.75%, 9/15/2030		481		455
				4,789
Building Products — 0.0% (c)
Masco Corp. 2.00%, 10/1/2030		482		463
Capital Markets — 0.6%
Brookfield Finance, Inc. (Canada) 3.50%, 3/30/2051		523		548
Credit Suisse Group AG (Switzerland)
(SOFR + 0.98%), 1.31%, 2/2/2027 (b) (d)		250		242
4.28%, 1/9/2028 (b)		1,120		1,215
Deutsche Bank AG (Germany) (SOFR + 1.87%), 2.13%, 11/24/2026 (d)		905		904
Goldman Sachs Group, Inc. (The)
(SOFR + 0.57%), 0.67%, 3/8/2024 (d)		792		788
4.25%, 10/21/2025		1,486		1,622
Series VAR, (SOFR + 0.79%), 1.09%, 12/9/2026 (d)		1,295		1,262
(SOFR + 0.91%), 1.95%, 10/21/2027 (d)		200		199
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028 (d)		783		843
(SOFR + 1.25%), 2.38%, 7/21/2032 (d)		120		118
(ICE LIBOR USD 3 Month + 1.37%), 4.02%, 10/31/2038 (d)		219		250
Macquarie Group Ltd. (Australia)
(SOFR + 1.07%), 1.34%, 1/12/2027 (b) (d)		470		458
(SOFR + 1.53%), 2.87%, 1/14/2033 (b) (d)		250		249
Morgan Stanley
5.00%, 11/24/2025		2,097		2,347
(SOFR + 0.72%), 0.98%, 12/10/2026 (d)		340		330
(ICE LIBOR USD 3 Month + 1.43%), 4.46%, 4/22/2039 (d)		270		324
(SOFR + 1.49%), 3.22%, 4/22/2042 (d)		245		257
UBS Group AG (Switzerland) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 2.09%, 2/11/2032 (b) (d)		580		561
				12,517
Chemicals — 0.0% (c)
DuPont de Nemours, Inc. 5.32%, 11/15/2038		218		281

SEE NOTES TO FINANCIAL STATEMENTS.

46 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Chemicals — continued
International Flavors & Fragrances, Inc. 3.47%, 12/1/2050 (b)		351		367
LYB International Finance III LLC 1.25%, 10/1/2025		142		140
Nutrien Ltd. (Canada) 5.00%, 4/1/2049		121		162
				950
Commercial Services & Supplies — 0.0% (c)
Republic Services, Inc. 1.75%, 2/15/2032		385		363
Construction & Engineering — 0.0% (c)
Quanta Services, Inc. 2.35%, 1/15/2032		370		359
Construction Materials — 0.0% (c)
Martin Marietta Materials, Inc. Series CB, 2.50%, 3/15/2030		489		493
Consumer Finance — 0.3%
AerCap Ireland Capital DAC (Ireland)
3.15%, 2/15/2024		500		516
6.50%, 7/15/2025		275		314
4.63%, 10/15/2027		1,005		1,112
3.00%, 10/29/2028		150		152
Avolon Holdings Funding Ltd. (Ireland)
3.63%, 5/1/2022 (b)		135		136
2.88%, 2/15/2025 (b)		110		112
5.50%, 1/15/2026 (b)		1,075		1,188
2.13%, 2/21/2026 (b)		150		147
4.25%, 4/15/2026 (b)		25		26
2.53%, 11/18/2027 (b)		1,132		1,100
Capital One Financial Corp.
3.80%, 1/31/2028		503		548
(SOFR + 1.27%), 2.62%, 11/2/2032 (d)		235		234
General Motors Financial Co., Inc.
1.25%, 1/8/2026		415		407
4.35%, 1/17/2027		100		110
2.70%, 6/10/2031		150		149
Park Aerospace Holdings Ltd. (Ireland)
4.50%, 3/15/2023 (b)		595		614
5.50%, 2/15/2024 (b)		31		33
				6,898
Containers & Packaging — 0.0% (c)
Graphic Packaging International LLC 1.51%, 4/15/2026 (b)		259		254
Diversified Financial Services — 0.1%
Element Fleet Management Corp. (Canada) 1.60%, 4/6/2024 (b)		145		145

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Diversified Financial Services — continued
LSEGA Financing plc (United Kingdom) 2.00%, 4/6/2028 (b)		465		459
Shell International Finance BV (Netherlands)
2.38%, 11/7/2029		489		500
3.13%, 11/7/2049		251		258
				1,362
Diversified Telecommunication Services — 0.2%
AT&T, Inc.
2.30%, 6/1/2027		668		680
2.75%, 6/1/2031		886		904
3.50%, 6/1/2041		664		682
3.55%, 9/15/2055		398		399
Verizon Communications, Inc.
3.15%, 3/22/2030		641		678
2.65%, 11/20/2040		236		224
3.85%, 11/1/2042		822		919
				4,486
Electric Utilities — 0.3%
Appalachian Power Co. Series Y, 4.50%, 3/1/2049		156		187
Duke Energy Corp. 3.40%, 6/15/2029		464		492
Duke Energy Indiana LLC Series YYY, 3.25%, 10/1/2049		123		127
Duke Energy Progress LLC 2.90%, 8/15/2051		170		169
Edison International 5.75%, 6/15/2027		265		302
Emera US Finance LP (Canada) 4.75%, 6/15/2046		253		298
Entergy Arkansas LLC 2.65%, 6/15/2051		88		82
Entergy Louisiana LLC
4.00%, 3/15/2033		202		230
2.90%, 3/15/2051		80		78
Evergy, Inc. 2.90%, 9/15/2029		512		524
FirstEnergy Transmission LLC 4.55%, 4/1/2049 (b)		235		268
Fortis, Inc. (Canada) 3.06%, 10/4/2026		334		348
ITC Holdings Corp. 2.95%, 5/14/2030 (b)		156		159
Jersey Central Power & Light Co. 4.30%, 1/15/2026 (b)		236		256
Massachusetts Electric Co. 4.00%, 8/15/2046 (b)		118		129
New England Power Co. (United Kingdom) 2.81%, 10/6/2050 (b)		328		303
NRG Energy, Inc.
2.00%, 12/2/2025 (b)		115		116
2.45%, 12/2/2027 (b)		410		406

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 47

JPMorgan SmartRetirement^® Blend 2025 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Electric Utilities — continued
OGE Energy Corp. 0.70%, 5/26/2023		140		139
Oklahoma Gas and Electric Co. 0.55%, 5/26/2023		170		169
Pacific Gas and Electric Co.
1.37%, 3/10/2023		695		691
1.70%, 11/15/2023		175		175
3.45%, 7/1/2025		140		145
2.95%, 3/1/2026		346		352
3.75%, 8/15/2042 (e)		86		80
4.30%, 3/15/2045		90		91
PacifiCorp 4.15%, 2/15/2050		144		170
Southern California Edison Co.
Series 20C, 1.20%, 2/1/2026		232		227
Series C, 4.13%, 3/1/2048		152		171
				6,884
Electrical Equipment — 0.0% (c)
Eaton Corp. 4.15%, 11/2/2042		349		408
Energy Equipment & Services — 0.0% (c)
Baker Hughes Holdings LLC 3.34%, 12/15/2027		338		360
Schlumberger Holdings Corp. 4.00%, 12/21/2025 (b)		338		364
				724
Entertainment — 0.1%
Activision Blizzard, Inc. 1.35%, 9/15/2030		244		225
Walt Disney Co. (The)
2.65%, 1/13/2031		440		458
3.50%, 5/13/2040		424		464
				1,147
Equity Real Estate Investment Trusts (REITs) — 0.4%
Alexandria Real Estate Equities, Inc. 3.38%, 8/15/2031		503		542
American Campus Communities Operating Partnership LP 2.25%, 1/15/2029		150		148
American Tower Corp.
1.50%, 1/31/2028		205		196
1.88%, 10/15/2030		1,190		1,125
3.10%, 6/15/2050		151		147
2.95%, 1/15/2051		98		93
Brixmor Operating Partnership LP
2.25%, 4/1/2028		180		179
2.50%, 8/16/2031		110		108
Corporate Office Properties LP 2.75%, 4/15/2031		295		293

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Equity Real Estate Investment Trusts (REITs) — continued
Crown Castle International Corp. 3.10%, 11/15/2029		495		517
CubeSmart LP 2.00%, 2/15/2031		570		549
Digital Realty Trust LP 3.70%, 8/15/2027		458		496
Equinix, Inc. 2.90%, 11/18/2026		360		373
Healthcare Trust of America Holdings LP 2.00%, 3/15/2031		475		449
Healthpeak Properties, Inc.
2.13%, 12/1/2028		334		334
2.88%, 1/15/2031		495		515
Life Storage LP 2.40%, 10/15/2031		305		300
Mid-America Apartments LP 3.60%, 6/1/2027		450		486
Office Properties Income Trust 2.40%, 2/1/2027		375		363
Physicians Realty LP 2.63%, 11/1/2031		135		135
Realty Income Corp. 1.80%, 3/15/2033		275		258
Sabra Health Care LP 3.20%, 12/1/2031		215		210
Safehold Operating Partnership LP 2.85%, 1/15/2032		406		398
Scentre Group Trust 1 (Australia) 3.63%, 1/28/2026 (b)		630		672
UDR, Inc.
2.10%, 8/1/2032		482		458
1.90%, 3/15/2033		65		60
WP Carey, Inc.
4.25%, 10/1/2026		150		164
2.40%, 2/1/2031		183		180
2.25%, 4/1/2033		20		19
				9,767
Food & Staples Retailing — 0.2%
7-Eleven, Inc.
0.63%, 2/10/2023 (b)		660		658
0.95%, 2/10/2026 (b)		155		150
1.30%, 2/10/2028 (b)		124		118
2.50%, 2/10/2041 (b)		125		115
Alimentation Couche-Tard, Inc. (Canada)
2.95%, 1/25/2030 (b)		495		511
3.44%, 5/13/2041 (b)		300		309
3.63%, 5/13/2051 (b)		335		352
CVS Pass-Through Trust Series 2014, 4.16%, 8/11/2036 (b)		129		142
Kroger Co. (The) 3.95%, 1/15/2050		258		297
Sysco Corp. 2.40%, 2/15/2030		699		701
				3,353

SEE NOTES TO FINANCIAL STATEMENTS.

48 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Food Products — 0.1%
Bunge Ltd. Finance Corp. 2.75%, 5/14/2031		395		401
Conagra Brands, Inc. 1.38%, 11/1/2027		465		444
Mondelez International, Inc. 1.88%, 10/15/2032		316		301
Smithfield Foods, Inc. 3.00%, 10/15/2030 (b)		508		506
Tyson Foods, Inc. 3.55%, 6/2/2027		342		368
				2,020
Gas Utilities — 0.0% (c)
Atmos Energy Corp.
0.63%, 3/9/2023		95		95
2.85%, 2/15/2052		245		238
CenterPoint Energy Resources Corp. 1.75%, 10/1/2030		238		225
				558
Health Care Equipment & Supplies — 0.1%
Becton Dickinson and Co.
4.67%, 6/6/2047		84		106
3.79%, 5/20/2050		252		282
Boston Scientific Corp.
4.00%, 3/1/2029		168		187
4.55%, 3/1/2039		158		189
DH Europe Finance II SARL 3.25%, 11/15/2039		123		131
Zimmer Biomet Holdings, Inc. 2.60%, 11/24/2031		287		289
				1,184
Health Care Providers & Services — 0.2%
Anthem, Inc. 2.25%, 5/15/2030		488		487
Banner Health 1.90%, 1/1/2031		323		314
Bon Secours Mercy Health, Inc. Series 20-2, 3.21%, 6/1/2050		195		205
Children’s Hospital of Philadelphia (The) Series 2020, 2.70%, 7/1/2050		240		233
CommonSpirit Health
1.55%, 10/1/2025		85		84
2.78%, 10/1/2030		195		200
3.91%, 10/1/2050		80		89
CVS Health Corp. 4.88%, 7/20/2035		225		275
HCA, Inc.
5.25%, 6/15/2026		1,104		1,243
3.50%, 7/15/2051		265		270
MedStar Health, Inc. Series 20A, 3.63%, 8/15/2049		165		180

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Health Care Providers & Services — continued
MidMichigan Health Series 2020, 3.41%, 6/1/2050		50		53
MultiCare Health System 2.80%, 8/15/2050		149		144
PeaceHealth Obligated Group Series 2020, 3.22%, 11/15/2050		175		183
Piedmont Healthcare, Inc. 2.86%, 1/1/2052		230		224
Quest Diagnostics, Inc. 2.80%, 6/30/2031		379		392
Universal Health Services, Inc. 2.65%, 1/15/2032 (b)		225		221
West Virginia United Health System Obligated Group Series 2020, 3.13%, 6/1/2050		375		369
				5,166
Hotels, Restaurants & Leisure — 0.0% (c)
Starbucks Corp. 3.35%, 3/12/2050		251		262
Household Durables — 0.0% (c)
Lennar Corp.
4.50%, 4/30/2024		85		90
5.00%, 6/15/2027		570		645
MDC Holdings, Inc. 3.97%, 8/6/2061		275		263
				998
Household Products — 0.0% (c)
Kimberly-Clark Corp. 3.70%, 6/1/2043		345		380
Independent Power and Renewable Electricity Producers — 0.1%
Alexander Funding Trust 1.84%, 11/15/2023 (b)		840		843
Exelon Generation Co. LLC
3.25%, 6/1/2025		1,014		1,062
5.75%, 10/1/2041		210		250
Southern Power Co. 5.15%, 9/15/2041		260		318
				2,473
Industrial Conglomerates — 0.1%
GE Capital International Funding Co. Unlimited Co. 4.42%, 11/15/2035		578		689
Roper Technologies, Inc. 1.75%, 2/15/2031		481		452
				1,141
Insurance — 0.2%
American International Group, Inc.
3.40%, 6/30/2030		344		372
4.38%, 6/30/2050		244		304
Athene Global Funding
0.95%, 1/8/2024 (b)		501		498
2.75%, 6/25/2024 (b)		349		360
2.50%, 1/14/2025 (b)		141		145

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 49

JPMorgan SmartRetirement^® Blend 2025 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Insurance — continued
Brown & Brown, Inc. 2.38%, 3/15/2031		488		475
Empower Finance 2020 LP (Canada) 3.08%, 9/17/2051 (b)		352		356
New York Life Insurance Co. 3.75%, 5/15/2050 (b)		510		580
Northwestern Mutual Global Funding 1.70%, 6/1/2028 (b)		200		198
Teachers Insurance & Annuity Association of America 3.30%, 5/15/2050 (b)		495		516
				3,804
IT Services — 0.0% (c)
CGI, Inc. (Canada)
1.45%, 9/14/2026 (b)		215		210
2.30%, 9/14/2031 (b)		385		371
Global Payments, Inc. 3.20%, 8/15/2029		395		411
				992
Leisure Products — 0.0% (c)
Hasbro, Inc. 3.90%, 11/19/2029		291		321
Life Sciences Tools & Services — 0.0% (c)
Thermo Fisher Scientific, Inc. 2.00%, 10/15/2031		345		340
Machinery — 0.0% (c)
Otis Worldwide Corp. 3.11%, 2/15/2040		334		343
Media — 0.2%
Charter Communications Operating LLC
2.25%, 1/15/2029		150		146
2.80%, 4/1/2031		892		882
3.50%, 3/1/2042		115		112
3.70%, 4/1/2051		532		514
Comcast Corp.
3.25%, 11/1/2039		431		455
2.80%, 1/15/2051		305		294
Cox Communications, Inc.
1.80%, 10/1/2030 (b)		278		262
2.95%, 10/1/2050 (b)		236		220
Discovery Communications LLC 3.63%, 5/15/2030		433		463
ViacomCBS, Inc.
4.38%, 3/15/2043		280		319
5.85%, 9/1/2043		55		74
				3,741

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Metals & Mining — 0.1%
Anglo American Capital plc (South Africa)
3.63%, 9/11/2024 (b)		320		336
Glencore Funding LLC (Australia) 2.50%, 9/1/2030 (b)		398		386
Steel Dynamics, Inc. 1.65%, 10/15/2027		316		309
Vale Overseas Ltd. (Brazil) 3.75%, 7/8/2030		335		346
				1,377
Multiline Retail — 0.0% (c)
Kohl’s Corp. 3.38%, 5/1/2031		392		399
Nordstrom, Inc. 4.25%, 8/1/2031		292		287
				686
Multi-Utilities — 0.1%
Berkshire Hathaway Energy Co. 2.85%, 5/15/2051		241		232
CenterPoint Energy, Inc. 1.45%, 6/1/2026		225		221
Consumers Energy Co. 3.25%, 8/15/2046		117		124
San Diego Gas & Electric Co. 2.95%, 8/15/2051		370		372
Southern Co. Gas Capital Corp. Series 21A, 3.15%, 9/30/2051		170		168
WEC Energy Group, Inc. 1.38%, 10/15/2027		266		256
				1,373
Oil, Gas & Consumable Fuels — 0.6%
Boardwalk Pipelines LP 4.45%, 7/15/2027		205		224
BP Capital Markets America, Inc.
3.63%, 4/6/2030		755		833
2.77%, 11/10/2050		238		224
Chevron USA, Inc. 3.25%, 10/15/2029		275		297
ConocoPhillips 3.75%, 10/1/2027 (b)		238		261
Coterra Energy, Inc. 3.90%, 5/15/2027 (b)		155		167
Diamondback Energy, Inc. 3.25%, 12/1/2026		398		420
Enable Midstream Partners LP
3.90%, 5/15/2024 (e)		985		1,029
4.40%, 3/15/2027		475		513
5.00%, 5/15/2044 (e)		565		607
Energy Transfer LP 3.90%, 7/15/2026		734		789
Enterprise Products Operating LLC 4.45%, 2/15/2043		354		404
Exxon Mobil Corp. 3.00%, 8/16/2039		734		743
Flex Intermediate Holdco LLC
3.36%, 6/30/2031 (b)		195		195
4.32%, 12/30/2039 (b)		135		139
Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates) 2.94%, 9/30/2040 (b)		250		249

SEE NOTES TO FINANCIAL STATEMENTS.

50 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
Gray Oak Pipeline LLC
2.60%, 10/15/2025 (b)		550		550
3.45%, 10/15/2027 (b)		334		349
HollyFrontier Corp.
2.63%, 10/1/2023		232		236
5.88%, 4/1/2026		123		138
Lundin Energy Finance BV (Netherlands)
2.00%, 7/15/2026 (b)		200		199
3.10%, 7/15/2031 (b)		200		201
MPLX LP
2.65%, 8/15/2030		476		474
4.50%, 4/15/2038		256		287
NGPL PipeCo LLC 3.25%, 7/15/2031 (b)		210		213
Phillips 66 Partners LP 3.55%, 10/1/2026		245		261
Pioneer Natural Resources Co. 1.90%, 8/15/2030		319		303
Plains All American Pipeline LP 4.65%, 10/15/2025		629		686
Sabine Pass Liquefaction LLC 5.63%, 3/1/2025		509		565
TotalEnergies Capital International SA (France)
2.99%, 6/29/2041		495		501
TransCanada PipeLines Ltd. (Canada) 4.10%, 4/15/2030		509		568
				12,625
Pharmaceuticals — 0.2%
AstraZeneca plc (United Kingdom) 6.45%, 9/15/2037		55		81
Bristol-Myers Squibb Co.
4.13%, 6/15/2039		295		349
2.35%, 11/13/2040		533		505
Merck & Co., Inc. 2.35%, 6/24/2040		348		331
Royalty Pharma plc
1.75%, 9/2/2027		54		53
3.30%, 9/2/2040		261		260
3.55%, 9/2/2050		144		143
Takeda Pharmaceutical Co. Ltd. (Japan) 3.03%, 7/9/2040		1,220		1,242
Utah Acquisition Sub, Inc. 3.95%, 6/15/2026		263		284
Viatris, Inc.
3.85%, 6/22/2040		292		309
4.00%, 6/22/2050		203		216
				3,773

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Professional Services — 0.0% (c)
IHS Markit Ltd. 4.25%, 5/1/2029		303		345
Road & Rail — 0.1%
CSX Corp. 3.80%, 11/1/2046		241		271
Kansas City Southern 4.70%, 5/1/2048		192		239
Norfolk Southern Corp. 3.05%, 5/15/2050		237		241
Penske Truck Leasing Co. LP 1.20%, 11/15/2025 (b)		586		571
Triton Container International Ltd. (Bermuda) 2.05%, 4/15/2026 (b)		800		795
Union Pacific Corp. 3.55%, 8/15/2039		345		382
				2,499
Semiconductors & Semiconductor Equipment — 0.2%
Analog Devices, Inc. 2.80%, 10/1/2041		236		239
Broadcom, Inc.
1.95%, 2/15/2028 (b)		529		523
4.15%, 11/15/2030		1,448		1,606
3.19%, 11/15/2036 (b)		78		78
KLA Corp. 3.30%, 3/1/2050		412		440
Microchip Technology, Inc.
0.97%, 2/15/2024		260		258
0.98%, 9/1/2024 (b)		380		373
NXP BV (China)
2.50%, 5/11/2031 (b)		355		355
3.25%, 5/11/2041 (b)		365		373
TSMC Global Ltd. (Taiwan) 1.38%, 9/28/2030 (b)		370		343
Xilinx, Inc. 2.38%, 6/1/2030		639		647
				5,235
Software — 0.1%
Citrix Systems, Inc. 1.25%, 3/1/2026		85		83
Oracle Corp.
2.30%, 3/25/2028		165		164
2.95%, 4/1/2030		643		651
3.80%, 11/15/2037		619		646
VMware, Inc.
1.40%, 8/15/2026		421		414
4.70%, 5/15/2030		415		483
				2,441
Specialty Retail — 0.1%
Lowe’s Cos., Inc.
1.70%, 10/15/2030		240		228
3.70%, 4/15/2046		509		558
O’Reilly Automotive, Inc. 3.90%, 6/1/2029		510		563

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 51

JPMorgan SmartRetirement^® Blend 2025 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Specialty Retail — continued
Tractor Supply Co. 1.75%, 11/1/2030		501		469
				1,818
Technology Hardware, Storage & Peripherals — 0.1%
Apple, Inc.
3.45%, 2/9/2045		634		707
2.70%, 8/5/2051		295		292
Dell International LLC 6.20%, 7/15/2030		970		1,224
				2,223
Thrifts & Mortgage Finance — 0.1%
BPCE SA (France) (SOFR + 1.52%), 1.65%, 10/6/2026 (b) (d)		1,267		1,250
Tobacco — 0.1%
Altria Group, Inc. 2.45%, 2/4/2032		375		356
BAT Capital Corp. (United Kingdom)
2.26%, 3/25/2028		482		470
4.39%, 8/15/2037		265		279
3.73%, 9/25/2040		398		382
				1,487
Trading Companies & Distributors — 0.1%
Air Lease Corp.
3.38%, 7/1/2025		440		459
2.88%, 1/15/2026		250		258
1.88%, 8/17/2026		700		688
				1,405
Wireless Telecommunication Services — 0.1%
America Movil SAB de CV (Mexico) 2.88%, 5/7/2030		250		258
Rogers Communications, Inc. (Canada) 3.70%, 11/15/2049		345		362
T-Mobile USA, Inc.
2.55%, 2/15/2031		1,127		1,122
3.00%, 2/15/2041		704		687
				2,429
Total Corporate Bonds (Cost $171,251)				168,185
U.S. Treasury Obligations — 4.9%
U.S. Treasury Bonds
1.13%, 5/15/2040		6,973		6,112
1.13%, 8/15/2040		7,459		6,513
1.88%, 2/15/2041		2,210		2,187
2.25%, 5/15/2041		259		272
3.13%, 2/15/2043		409		493

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
2.25%, 8/15/2046		1,235		1,306
1.38%, 8/15/2050		17,076		14,957
1.63%, 11/15/2050		1,836		1,711
1.88%, 2/15/2051		460		455
U.S. Treasury Notes
1.38%, 1/31/2022 (f)		11,479		11,491
1.75%, 7/31/2024		4,945		5,056
0.25%, 8/31/2025		15,830		15,335
0.38%, 11/30/2025		2,000		1,940
0.50%, 2/28/2026		8,960		8,706
0.50%, 8/31/2027		5,815		5,549
1.13%, 2/29/2028		4,000		3,942
1.25%, 3/31/2028		2,200		2,180
1.25%, 4/30/2028		2,990		2,963
1.00%, 7/31/2028		1,570		1,528
0.63%, 8/15/2030		2,205		2,056
0.88%, 11/15/2030		1,215		1,155
1.13%, 2/15/2031		5,895		5,721
1.63%, 5/15/2031		585		592
U.S. Treasury STRIPS Bonds
1.02%, 8/15/2026 (g)		2,735		2,576
1.16%, 5/15/2027 (g)		2,780		2,583
Total U.S. Treasury Obligations (Cost $109,147)				107,379
Asset-Backed Securities — 4.6%
ACC Auto Trust
Series 2021-A, Class A, 1.08%, 4/15/2027 (b)		648		646
Series 2021-A, Class B, 1.79%, 4/15/2027 (b)		925		917
ACC Trust Series 2021-1, Class B, 1.43%, 7/22/2024 (b)		735		732
Accelerated LLC Series 2021-1H, Class B, 1.90%, 10/20/2040 ‡ (b)		597		586
Affirm Asset Securitization Trust Series 2021-A, Class A, 0.88%, 8/15/2025 (b)		695		695
Ajax Mortgage Loan Trust Series 2021-B, Class A, 2.24%, 6/25/2066 (b) (e)		1,077		1,069
Aligned Data Centers Issuer LLC Series 2021-1A, Class A2, 1.94%, 8/15/2046 (b)		870		857
American Airlines Pass-Through Trust
Series 2016-2, Class AA, 3.20%, 6/15/2028		714		718
Series 2016-3, Class AA, 3.00%, 10/15/2028		935		929

SEE NOTES TO FINANCIAL STATEMENTS.

52 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Series 2021-1, Class B, 3.95%, 7/11/2030		935		926
Series 2019-1, Class AA, 3.15%, 2/15/2032		1,155		1,166
American Credit Acceptance Receivables Trust
Series 2021-1, Class B, 0.61%, 3/13/2025 (b)		335		335
Series 2020-4, Class C, 1.31%, 12/14/2026 (b)		920		920
AmeriCredit Automobile Receivables Trust
Series 2020-3, Class B, 0.76%, 12/18/2025		825		824
Series 2020-3, Class C, 1.06%, 8/18/2026		385		384
AMSR Trust
Series 2020-SFR2, Class E1, 4.03%, 7/17/2037 ‡ (b)		430		442
Series 2020-SFR3, Class E2, 2.76%, 9/17/2037 (b)		220		219
Series 2020-SFR4, Class D, 2.01%, 11/17/2037 ‡ (b)		810		787
Series 2020-SFR4, Class E2, 2.46%, 11/17/2037 ‡ (b)		404		394
Series 2021-SFR2, Class E2, 2.58%, 8/17/2038 ‡ (b)		340		331
Aqua Finance Trust Series 2020-AA, Class C, 3.97%, 7/17/2046 ‡ (b)		325		336
Arivo Acceptance Auto Loan Receivables Trust Series 2021-1A, Class A, 1.19%, 1/15/2027 (b)		215		214
Business Jet Securities LLC
Series 2020-1A, Class A, 2.98%, 11/15/2035 (b)		285		284
Series 2021-1A, Class A, 2.16%, 4/15/2036 (b)		843		827
Series 2021-1A, Class B, 2.92%, 4/15/2036 ‡ (b)		1,161		1,137
BXG Receivables Note Trust Series 2020-A, Class A, 1.55%, 2/28/2036 (b)		473		469
CarMax Auto Owner Trust Series 2020-4, Class C, 1.30%, 8/17/2026		350		349
Carvana Auto Receivables Trust Series 2020-P1, Class C, 1.32%, 11/9/2026		470		464
CF Hippolyta LLC Series 2021-1A, Class A1, 1.53%, 3/15/2061 (b)		579		568
CFMT LLC Series 2020-HB4, Class A, 0.95%, 12/26/2030 (b) (h)		300		301
Continental Finance Credit Card ABS Master Trust Series 2020-1A, Class A, 2.24%, 12/15/2028 (b)		210		209

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
CPS Auto Receivables Trust
Series 2021-A, Class B, 0.61%, 2/18/2025 (b)		295		295
Series 2021-B, Class C, 1.23%, 3/15/2027 (b)		730		723
Credit Acceptance Auto Loan Trust
Series 2020-3A, Class A, 1.24%, 10/15/2029 (b)		1,845		1,844
Series 2020-2A, Class C, 2.73%, 11/15/2029 (b)		845		862
Series 2021-2A, Class A, 0.96%, 2/15/2030 (b)		1,215		1,208
Series 2021-3A, Class A, 1.00%, 5/15/2030 (b)		1,285		1,274
Credito Real USA Auto Receivables Trust Series 2021-1A, Class A, 1.35%, 2/16/2027 (b)		329		329
Crossroads Asset Trust Series 2021-A, Class A2, 0.82%, 3/20/2024 (b)		205		205
DataBank Issuer Series 2021-1A, Class A2, 2.06%, 2/27/2051 (b)		525		515
Delta Air Lines Pass-Through Trust
Series 2015-1, Class B, 4.25%, 7/30/2023		210		217
Series 2020-1, Class A, 2.50%, 6/10/2028		552		549
Diamond Resorts Owner Trust Series 2021-1A, Class A, 1.51%, 11/21/2033 (b)		252		250
DT Auto Owner Trust
Series 2021-1A, Class C, 0.84%, 10/15/2026 (b)		400		397
Series 2021-2A, Class C, 1.10%, 2/16/2027 (b)		250		248
Elara HGV Timeshare Issuer LLC
Series 2021-A, Class B, 1.74%, 8/27/2035 ‡ (b)		549		542
Series 2021-A, Class C, 2.09%, 8/27/2035 (b)		231		227
Exeter Automobile Receivables Trust Series 2021-2A, Class C, 0.98%, 6/15/2026		835		832
FHF Trust
Series 2021-2A, Class A, 0.83%, 12/15/2026 (b)		1,298		1,289
Series 2021-1A, Class A, 1.27%, 3/15/2027 (b)		920		914
First Investors Auto Owner Trust Series 2021-1A, Class B, 0.89%, 3/15/2027 (b)		420		416

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 53

JPMorgan SmartRetirement^® Blend 2025 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Flagship Credit Auto Trust
Series 2021-2, Class A, 0.37%, 12/15/2026 (b)		1,507		1,501
Series 2021-1, Class B, 0.68%, 2/16/2027 (b)		530		525
Series 2020-4, Class C, 1.28%, 2/16/2027 (b)		690		689
FREED ABS Trust
Series 2021-1CP, Class A, 0.66%, 3/20/2028 (b)		127		127
Series 2021-2, Class A, 0.68%, 6/19/2028 (b)		240		240
Series 2021-2, Class B, 1.03%, 6/19/2028 ‡ (b)		900		895
Genesis Sales Finance Master Trust Series 2020-AA, Class A, 1.65%, 9/22/2025 (b)		750		752
GLS Auto Receivables Issuer Trust Series 2020-4A, Class B, 0.87%, 12/16/2024 (b)		315		315
Home Partners of America Trust
Series 2021-2, Class C, 2.40%, 12/17/2026 ‡ (b)		1,169		1,150
Series 2021-3, Class D, 3.00%, 1/17/2041 (b)		720		717
JetBlue Pass-Through Trust Series 2020-1, Class B, 7.75%, 11/15/2028		417		485
Lakeview CDO LLC
1.83%, 11/10/2032 ‡ (h)		30		30
2.33%, 11/10/2032 ‡ (h)		425		425
Lendbuzz Securitization Trust Series 2021-1A, Class A, 1.46%, 6/15/2026 (b)		1,229		1,223
Lendingpoint Asset Securitization Trust
Series 2021-A, Class A, 1.00%, 12/15/2028 (b)		1,458		1,454
Series 2021-A, Class B, 1.46%, 12/15/2028 ‡ (b)		550		545
Series 2021-B, Class A, 1.11%, 2/15/2029 (b)		1,542		1,538
Series 2021-B, Class B, 1.68%, 2/15/2029 ‡ (b)		595		589
LendingPoint Asset Securitization Trust Series 2020-REV1, Class A, 2.73%, 10/15/2028 (b)		1,420		1,429
LL ABS Trust Series 2021-1A, Class A, 1.07%, 5/15/2029 (b)		561		558
Mariner Finance Issuance Trust
Series 2019-AA, Class A, 2.96%, 7/20/2032 (b)		1,180		1,194

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2021-AA, Class A, 1.86%, 3/20/2036 (b)		1,145		1,125
Marlette Funding Trust
Series 2021-1A, Class A, 0.60%, 6/16/2031 (b)		272		272
Series 2021-1A, Class B, 1.00%, 6/16/2031 ‡ (b)		897		893
Mercury Financial Credit Card Master Trust Series 2021-1A, Class A, 1.54%, 3/20/2026 (b)		1,225		1,224
Mission Lane Credit Card Master Trust Series 2021-A, Class A, 1.59%, 9/15/2026 (b)		995		988
MVW LLC
Series 2021-2A, Class C, 2.23%, 5/20/2039 ‡ (b)		1,447		1,438
Series 2021-1WA, Class B, 1.44%, 1/22/2041 ‡ (b)		234		231
NMEF Funding LLC Series 2021-A, Class B, 1.85%, 12/15/2027 ‡ (b)		710		707
NRZ Excess Spread-Collateralized Notes
Series 2020-PLS1, Class A, 3.84%, 12/25/2025 (b)		798		801
Series 2021-FNT1, Class A, 2.98%, 3/25/2026 (b)		634		628
Series 2021-FNT2, Class A, 3.23%, 5/25/2026 (b)		1,609		1,597
Octane Receivables Trust
Series 2020-1A, Class A, 1.71%, 2/20/2025 (b)		521		523
Series 2021-1A, Class A, 0.93%, 3/22/2027 (b)		729		725
OneMain Financial Issuance Trust Series 2020-2A, Class D, 3.45%, 9/14/2035 ‡ (b)		295		307
Oportun Funding LLC Series 2020-1, Class A, 2.20%, 5/15/2024 (b)		121		121
Oportun Issuance Trust Series 2021-B, Class A, 1.47%, 5/8/2031 (b)		2,235		2,221
Orange Lake Timeshare Trust Series 2016-A, Class A, 2.61%, 3/8/2029 (b)		196		197
Pagaya AI Debt Selection Trust
Series 2021-1, Class A, 1.18%, 11/15/2027 (b)		1,372		1,369
Series 2021-HG1, Class A, 1.22%, 1/16/2029 (b)		1,731		1,724
Series 2021-3, Class A, 1.15%, 5/15/2029 (b)		1,819		1,810

SEE NOTES TO FINANCIAL STATEMENTS.

54 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Prestige Auto Receivables Trust Series 2020-1A, Class C, 1.31%, 11/16/2026 (b)		865		865
PRET LLC Series 2021-RN4, Class A1, 2.49%, 10/25/2051 (b) (h)		1,490		1,483
Pretium Mortgage Credit Partners I LLC
Series 2021-NPL1, Class A1, 2.24%, 9/27/2060 (b) (e)		1,751		1,736
Series 2021-NPL4, Class A1, 2.36%, 10/27/2060 ‡ (b) (e)		1,355		1,343
Progress Residential Trust
Series 2020-SFR3, Class A, 1.29%, 10/17/2027 (b)		569		558
Series 2020-SFR3, Class B, 1.50%, 10/17/2027 ‡ (b)		420		410
Series 2020-SFR1, Class E, 3.03%, 4/17/2037 (b)		855		861
Series 2021-SFR2, Class D, 2.20%, 4/19/2038 ‡ (b)		2,393		2,340
Regional Management Issuance Trust Series 2021-1, Class A, 1.68%, 3/17/2031 (b)		995		982
Republic Finance Issuance Trust
Series 2020-A, Class A, 2.47%, 11/20/2030 (b)		675		685
Series 2021-A, Class A, 2.30%, 12/22/2031 (b)		1,697		1,695
Santander Consumer Auto Receivables Trust Series 2021-AA, Class B, 0.71%, 8/17/2026 (b)		560		550
Santander Drive Auto Receivables Trust Series 2020-4, Class C, 1.01%, 1/15/2026		550		551
Sierra Timeshare Receivables Funding LLC
Series 2021-1A, Class B, 1.34%, 11/20/2037 ‡ (b)		416		410
Series 2021-2A, Class B, 1.80%, 9/20/2038 ‡ (b)		542		538
Theorem Funding Trust Series 2021-1A, Class A, 1.21%, 12/15/2027 (b)		1,220		1,218
Tricolor Auto Securitization Trust
Series 2021-1A, Class B, 1.00%, 6/17/2024 (b)		270		269
Series 2021-1A, Class C, 1.33%, 9/16/2024 (b)		315		314
United Airlines Pass-Through Trust
Series 2016-2, Class B, 3.65%, 10/7/2025		217		214
Series 2019-2, Class B, 3.50%, 5/1/2028		512		507
Series 2016-1, Class A, 3.45%, 7/7/2028		534		541

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2016-2, Class A, 3.10%, 10/7/2028		777		768
Series 2018-1, Class A, 3.70%, 3/1/2030		584		591
Upstart Pass-Through Trust Series 2021-ST2, Class A, 2.50%, 4/20/2027 (b)		267		267
Upstart Securitization Trust
Series 2020-3, Class A, 1.70%, 11/20/2030 (b)		676		678
Series 2021-1, Class A, 0.87%, 3/20/2031 (b)		211		210
US Auto Funding Series 2021-1A, Class B, 1.49%, 3/17/2025 (b)		530		526
VCAT LLC
Series 2021-NPL1, Class A1, 2.29%, 12/26/2050 ‡ (b) (e)		498		498
Series 2021-NPL2, Class A1, 2.12%, 3/27/2051 (b) (e)		565		564
Veros Auto Receivables Trust Series 2021-1, Class A, 0.92%, 10/15/2026 (b)		580		579
VOLT XCII LLC Series 2021-NPL1, Class A1, 1.89%, 2/27/2051 (b) (e)		544		541
VOLT XCIII LLC Series 2021-NPL2, Class A1, 1.89%, 2/27/2051 (b) (e)		2,163		2,146
VOLT XCIV LLC Series 2021-NPL3, Class A1, 2.24%, 2/27/2051 (b) (e)		1,869		1,859
VOLT XCIX LLC Series 2021-NPL8, Class A1, 2.12%, 4/25/2051 (b) (e)		989		985
VOLT XCV LLC Series 2021-NPL4, Class A1, 2.24%, 3/27/2051 ‡ (b) (e)		918		912
VOLT XCVI LLC Series 2021-NPL5, Class A1, 2.12%, 3/27/2051 (b) (e)		1,419		1,413
VOLT XCVII LLC Series 2021-NPL6, Class A1, 2.24%, 4/25/2051 (b) (e)		1,762		1,751
Westlake Automobile Receivables Trust
Series 2020-3A, Class C, 1.24%, 11/17/2025 (b)		325		326
Series 2020-3A, Class D, 1.65%, 2/17/2026 (b)		445		446
Series 2021-1A, Class C, 0.95%, 3/16/2026 (b)		1,680		1,669
Total Asset-Backed Securities (Cost $102,809)				102,252
Mortgage-Backed Securities — 4.1%
FHLMC UMBS, 30 Year
Pool # ZL3032, 3.50%, 5/1/2042		582		626
Pool # QB4026, 2.50%, 10/1/2050		2,308		2,380
Pool # QB4045, 2.50%, 10/1/2050		1,467		1,503
Pool # QB4484, 2.50%, 10/1/2050		884		913
Pool # QB4542, 2.50%, 10/1/2050		728		752

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 55

JPMorgan SmartRetirement^® Blend 2025 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mortgage-Backed Securities — continued
Pool # RA4224, 3.00%, 11/1/2050		322		338
Pool # QB8503, 2.50%, 2/1/2051		899		918
FNMA UMBS, 30 Year
Pool # CA2826, 5.50%, 12/1/2048		1,715		1,895
Pool # FM3118, 3.00%, 5/1/2050		577		608
Pool # BQ2894, 3.00%, 9/1/2050		1,325		1,380
Pool # BQ3996, 2.50%, 10/1/2050		946		973
Pool # BQ5243, 3.50%, 10/1/2050		403		425
Pool # CA7398, 3.50%, 10/1/2050		1,483		1,583
Pool # BR4318, 3.00%, 1/1/2051		256		267
Pool # CA8637, 4.00%, 1/1/2051		2,271		2,489
FNMA, Other
Pool # AM3010, 5.07%, 3/1/2028		571		662
Pool # BL8639, 1.09%, 4/1/2028		773		746
Pool # AM5319, 4.34%, 1/1/2029		513		587
Pool # BL5457, 2.57%, 7/1/2029		875		921
Pool # BS0448, 1.27%, 12/1/2029		1,094		1,055
Pool # BL9748, 1.60%, 12/1/2029		448		442
Pool # AN7593, 2.99%, 12/1/2029		335		361
Pool # AN8285, 3.11%, 3/1/2030		340		372
Pool # AM8544, 3.08%, 4/1/2030		145		157
Pool # BL9045, 1.58%, 7/1/2030		1,180		1,161
Pool # BL9251, 1.45%, 10/1/2030		850		826
Pool # BL9891, 1.37%, 12/1/2030		611		590
Pool # AN6149, 3.14%, 7/1/2032		1,025		1,134
Pool # BM3226, 3.44%, 10/1/2032 (h)		1,400		1,564
Pool # AN7923, 3.33%, 1/1/2033		640		721
Pool # AN9067, 3.51%, 5/1/2033		345		390
Pool # BL1012, 4.03%, 12/1/2033		335		400
Pool # BL0900, 4.08%, 2/1/2034		190		226
Pool # AN4430, 3.61%, 1/1/2037		724		809
Pool # BF0230, 5.50%, 1/1/2058		1,906		2,243
Pool # BF0497, 3.00%, 7/1/2060		868		915
FNMA/FHLMC UMBS, Single Family, 30 Year TBA, 2.50%, 2/25/2052 (i)		2,705		2,753
GNMA II, 30 Year
Pool # BY3432, 3.50%, 9/20/2050		1,289		1,399
Pool # BR3929, 3.50%, 10/20/2050		562		611
Pool # BW1726, 3.50%, 10/20/2050		773		831
Pool # BS8546, 2.50%, 12/20/2050		2,038		2,077
Pool # BR3928, 3.00%, 12/20/2050		979		1,059
Pool # BU7538, 3.00%, 12/20/2050		749		810
Pool # 785294, 3.50%, 1/20/2051		2,044		2,227
Pool # CA8452, 3.00%, 2/20/2051		2,504		2,661
Pool # CA9005, 3.00%, 2/20/2051		516		552

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pool # CB1543, 3.00%, 2/20/2051		1,773		1,868
Pool # CA3588, 3.50%, 2/20/2051		1,650		1,767
Pool # CB1536, 3.50%, 2/20/2051		1,976		2,146
Pool # CB1542, 3.00%, 3/20/2051		1,379		1,453
Pool # CB4433, 3.00%, 3/20/2051		2,308		2,389
Pool # CC0070, 3.00%, 3/20/2051		309		326
Pool # CC8726, 3.00%, 3/20/2051		393		421
Pool # CC8738, 3.00%, 3/20/2051		478		510
Pool # CC8723, 3.50%, 3/20/2051		2,283		2,477
Pool # CC0088, 4.00%, 3/20/2051		304		325
Pool # CC0092, 4.00%, 3/20/2051		392		421
Pool # CC8727, 3.00%, 4/20/2051		659		694
Pool # CC8739, 3.00%, 4/20/2051		1,643		1,746
Pool # CC8740, 3.00%, 4/20/2051		1,478		1,565
Pool # CC8751, 3.00%, 4/20/2051		326		344
Pool # CA3563, 3.50%, 7/20/2051		1,128		1,221
Pool # CE2586, 3.50%, 7/20/2051		1,704		1,849
Pool # MA7534, 2.50%, 8/20/2051		15,501		15,892
Pool # MA7649, 2.50%, 10/20/2051		1,524		1,562
Pool # CK1527, 3.50%, 12/20/2051		1,165		1,254
GNMA II, Other Pool # 785183, 2.94%, 10/20/2070 (h)		1,021		1,052
Total Mortgage-Backed Securities (Cost $91,123)				89,594
Collateralized Mortgage Obligations — 1.1%
Bayview Finance LLC 0.00%, 7/12/2033 ‡		1,217		1,217
Bayview Financing Trust Series 2021-2F, Class M1, 1.60%, 12/31/2049 ‡ (b) (h)		77		77
Cascade MH Asset Trust Series 2021-MH1, Class A1, 1.75%, 2/25/2046 (b)		1,312		1,290
CFMT LLC Series 2021-HB5, Class A, 0.80%, 2/25/2031 (b) (h)		1,212		1,210
CSMC Trust Series 2021-RPL1, Class A1, 1.67%, 9/27/2060 (b) (h)		1,217		1,207
FMC GMSR Issuer Trust Series 2021-GT2, Class A, 3.85%, 10/25/2026 (b) (h)		745		739
FNMA Trust, Whole Loan Series 2002-W8, Class A1, 6.50%, 6/25/2042		484		544
FNMA, Grantor Trust, Whole Loan Series 2001-T12, Class A1, 6.50%, 8/25/2041		247		277
FNMA, REMIC
Series 2018-72, Class VB, 3.50%, 10/25/2031		387		410
Series 2019-7, Class CA, 3.50%, 11/25/2057		2,405		2,518

SEE NOTES TO FINANCIAL STATEMENTS.

56 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
FNMA, REMIC Trust, Whole Loan Series 2002-W3, Class A4, 6.50%, 11/25/2041		978		1,103
GNMA
Series 2015-H11, Class FC, 0.63%, 5/20/2065 (h)		687		690
Series 2021-H14, Class YD, 8.54%, 6/20/2071 (h)		1,000		1,312
Legacy Mortgage Asset Trust Series 2021-GS1, Class A1, 1.89%, 10/25/2066 (b) (e)		509		508
LHOME Mortgage Trust Series 2021-RTL1, Class A1, 2.09%, 9/25/2026 (b) (h)		465		463
PRPM LLC
Series 2021-2, Class A1, 2.12%, 3/25/2026 (b) (h)		902		895
Series 2021-10, Class A1, 2.49%, 10/25/2026 (b) (e)		393		392
Seasoned Credit Risk Transfer Trust
Series 2018-1, Class M60C, 3.50%, 5/25/2057		658		691
Series 2019-2, Class M55D, 4.00%, 8/25/2058		1,194		1,268
Series 2019-3, Class M55D, 4.00%, 10/25/2058		1,109		1,180
Series 2020-3, Class M5TW, 3.00%, 5/25/2060 ‡		1,540		1,607
Series 2020-3, Class TTW, 3.00%, 5/25/2060 ‡		1,576		1,638
Toorak Mortgage Corp. Ltd. Series 2020-1, Class A1, 2.73%, 3/25/2023 (b) (e)		330		331
Towd Point Mortgage Trust Series 2021-R1, Class A1, 2.92%, 11/30/2060 (b) (h)		2,099		2,095
ZH Trust
Series 2021-1, Class A, 2.25%, 2/18/2027 (b)		355		350
Series 2021-2, Class A, 2.35%, 10/17/2027 (b)		1,150		1,141
Total Collateralized Mortgage Obligations (Cost $25,306)				25,153
Commercial Mortgage-Backed Securities — 0.3%
ACRE Commercial Mortgage Ltd. (Cayman Islands)
Series 2021-FL4, Class A, 0.93%, 12/18/2037 (b) (h)		521		519
Series 2021-FL4, Class AS, 1.20%, 12/18/2037 (b) (h)		575		573
BPR Trust Series 2021-KEN, Class A, 1.36%, 2/15/2029 (b) (h)		415		415

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
FHLMC, Multi-Family Structured Credit Risk
Series 2021-MN2, Class M1, 1.85%, 7/25/2041 (b) (h)		944		925
Series 2021-MN1, Class M1, 2.05%, 1/25/2051 (b) (h)		320		319
FHLMC, Multi-Family Structured Pass-Through Certificates
Series K-1511, Class A1, 3.28%, 10/25/2030		804		871
Series K-1510, Class A2, 3.72%, 1/25/2031		295		339
FNMA ACES
Series 2021-M3, Class 1A1, 1.00%, 11/25/2033		281		277
Series 2021-M3, Class X1, IO, 2.00%, 11/25/2033 (h)		1,630		209
FREMF Mortgage Trust
Series 2017-KGX1, Class BFX, 3.59%, 10/25/2027 (b) (h)		585		597
Series 2015-K48, Class C, 3.64%, 8/25/2048 (b) (h)		50		52
Series 2016-K56, Class B, 3.94%, 6/25/2049 (b) (h)		450		484
Series 2017-K728, Class C, 3.65%, 11/25/2050 (b) (h)		230		238
KKR Industrial Portfolio Trust Series 2021-KDIP, Class B, 0.91%, 12/15/2037 ‡ (b) (h)		443		439
SLG Office Trust Series 2021-OVA, Class A, 2.59%, 7/15/2041 (b)		885		906
Total Commercial Mortgage-Backed Securities (Cost $7,267)				7,163
Foreign Government Securities — 0.1%
Kingdom of Saudi Arabia (Saudi Arabia) 2.25%, 2/2/2033 (b)		200		195
Republic of Colombia (Colombia) 4.00%, 2/26/2024		300		310
Republic of Panama (Panama) 3.16%, 1/23/2030		300		311
Republic of Peru (Peru) 2.78%, 12/1/2060		162		143
United Mexican States (Mexico) 2.66%, 5/24/2031		1,035		1,009
Total Foreign Government Securities (Cost $2,038)				1,968

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 57

JPMorgan SmartRetirement^® Blend 2025 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 2.3%
Investment Companies — 2.3%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (j) (Cost $50,693)		50,693		50,693
Total Investments — 100.1% (Cost $1,948,399)				2,207,040
Liabilities in Excess of Other Assets — (0.1)%				(1,644	)
NET ASSETS — 100.0%				2,205,396

Percentages indicated are based on net assets.

Abbreviations

ABS	Asset-Backed Securities
ACES	Alternative Credit Enhancement Securities
CDO	Collateralized Debt Obligations
CSMC	Credit Suisse Mortgage Trust
ETF	Exchange-Traded Fund
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
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.
LIBOR	London Interbank Offered Rate
REIT	Real Estate Investment Trust
REMIC	Real Estate Mortgage Investment Conduit
SOFR	Secured Overnight Financing Rate
STRIPS	Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
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)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(c)	Amount rounds to less than 0.1% of net assets.
(d)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of December 31, 2021.
(e)	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, 2021.
(f)	All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(g)	The rate shown is the effective yield as of December 31, 2021.
(h)	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, 2021.
(i)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(j)	The rate shown is the current yield as of December 31, 2021.
‡	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.

58 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

Futures contracts outstanding as of December 31, 2021 (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		475		03/2022		EUR		23,151		774
MSCI EAFE E-Mini Index		150		03/2022		USD		17,402		473
Russell 2000 E-Mini Index		94		03/2022		USD		10,540		310
S&P 500 E-Mini Index		393		03/2022		USD		93,500		1,947
U.S. Treasury 10 Year Note		771		03/2022		USD		100,482		806
										4,310

Abbreviations

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 59

JPMorgan SmartRetirement^® Blend 2030 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment Companies — 43.5%
Fixed Income — 12.6%
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		4,711		36,276
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		4,547		34,875
JPMorgan High Yield Fund Class R6 Shares (a)		6,665		48,388
JPMorgan Income Fund Class R6 Shares (a)		4,839		45,434
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		16,246		157,752
Total Fixed Income				322,725
International Equity — 6.2%
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		8,248		158,038
U.S. Equity — 24.7%
JPMorgan Equity Index Fund Class R6 Shares (a)		8,873		634,542
Total Investment Companies (Cost $863,099)				1,115,305
Exchange-Traded Funds — 35.8%
Alternative Assets — 3.7%
JPMorgan BetaBuilders MSCI US REIT ETF (a)		848		94,135
Fixed Income — 7.7%
JPMorgan High Yield Research Enhanced ETF (a)		1,382		71,548
JPMorgan U.S. Aggregate Bond ETF (a)		2,312		124,689
Total Fixed Income				196,237
International Equity — 18.2%
JPMorgan BetaBuilders International Equity ETF (a)		7,860		468,589
U.S. Equity — 6.2%
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a)		1,052		96,582
JPMorgan BetaBuilders U.S. Small Cap Equity ETF (a)		948		62,392
Total U.S. Equity				158,974
Total Exchange-Traded Funds (Cost $778,156)				917,935
	PRINCIPAL AMOUNT ($000)
Corporate Bonds — 6.1%
Aerospace & Defense — 0.2%
BAE Systems plc (United Kingdom) 3.40%, 4/15/2030 (b)		885		945

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Aerospace & Defense — continued
Boeing Co. (The)
1.17%, 2/4/2023		85		85
1.95%, 2/1/2024		85		86
1.43%, 2/4/2024		170		170
2.50%, 3/1/2025		249		254
2.75%, 2/1/2026		85		87
2.20%, 2/4/2026		105		105
2.70%, 2/1/2027		1,496		1,522
3.45%, 11/1/2028		180		188
L3Harris Technologies, Inc. 1.80%, 1/15/2031		174		166
Leidos, Inc. 2.30%, 2/15/2031		68		65
Northrop Grumman Corp.
5.15%, 5/1/2040		220		285
3.85%, 4/15/2045		449		509
Raytheon Technologies Corp.
2.25%, 7/1/2030		373		372
3.75%, 11/1/2046		211		235
2.82%, 9/1/2051		385		372
				5,446
Airlines — 0.0% (c)
American Airlines Pass-Through Trust Series 2021-1, Class A Shares, 2.88%, 7/11/2034		719		712
Auto Components — 0.0% (c)
Lear Corp. 2.60%, 1/15/2032		105		103
Automobiles — 0.2%
General Motors Co. 6.80%, 10/1/2027		722		886
Hyundai Capital America
1.15%, 11/10/2022 (b)		945		948
2.65%, 2/10/2025 (b)		596		611
1.30%, 1/8/2026 (b)		90		87
2.38%, 10/15/2027 (b)		730		726
1.80%, 1/10/2028 (b)		140		135
Kia Corp. (South Korea) 3.25%, 4/21/2026 (b)		250		263
Nissan Motor Acceptance Co. LLC 2.80%, 1/13/2022 (b)		361		361
Nissan Motor Co. Ltd. (Japan)
3.52%, 9/17/2025 (b)		289		303
4.35%, 9/17/2027 (b)		910		982
Stellantis Finance US, Inc. 1.71%, 1/29/2027 (b)		312		307
				5,609

SEE NOTES TO FINANCIAL STATEMENTS.

60 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Banks — 1.3%
ABN AMRO Bank NV (Netherlands) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.80%), 1.54%, 6/16/2027 (b) (d)		300		294
AIB Group plc (Ireland) 4.75%, 10/12/2023 (b)		865		915
Australia & New Zealand Banking Group Ltd. (Australia) 4.40%, 5/19/2026 (b)		930		1,018
Banco Santander SA (Spain)
1.85%, 3/25/2026		400		398
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 1.72%, 9/14/2027 (d)		200		196
2.75%, 12/3/2030		600		588
Bank of America Corp.
4.00%, 1/22/2025		1,524		1,627
(SOFR + 1.01%), 1.20%, 10/24/2026 (d)		511		501
(ICE LIBOR USD 3 Month + 1.51%), 3.71%, 4/24/2028 (d)		1,230		1,334
(SOFR + 1.21%), 2.57%, 10/20/2032 (d)		410		412
(SOFR + 1.93%), 2.68%, 6/19/2041 (d)		1,081		1,041
Bank of Ireland Group plc (Ireland)
4.50%, 11/25/2023 (b)		460		487
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 2.03%, 9/30/2027 (b) (d)		203		199
Banque Federative du Credit Mutuel SA (France) 1.60%, 10/4/2026 (b)		345		340
Barclays plc (United Kingdom)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.80%), 1.01%, 12/10/2024 (d)		385		382
3.65%, 3/16/2025		865		915
4.34%, 1/10/2028		265		289
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.30%), 2.89%, 11/24/2032 (d)		200		201
BNP Paribas SA (France)
(SOFR + 1.61%), 1.90%, 9/30/2028 (b) (d)		665		649
(SOFR + 1.22%), 2.16%, 9/15/2029 (b) (d)		346		339
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.05%), 2.59%, 8/12/2035 (b) (d)		250		240
Citigroup, Inc.
3.88%, 3/26/2025		1,316		1,405
(ICE LIBOR USD 3 Month + 1.39%), 3.67%, 7/24/2028 (d)		500		539

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Banks — continued
(ICE LIBOR USD 3 Month + 1.15%), 3.52%, 10/27/2028 (d)		442		474
(SOFR + 1.17%), 2.56%, 5/1/2032 (d)		110		111
(SOFR + 1.18%), 2.52%, 11/3/2032 (d)		140		140
(ICE LIBOR USD 3 Month + 1.17%), 3.88%, 1/24/2039 (d)		367		417
Commonwealth Bank of Australia (Australia) 3.31%, 3/11/2041 (b)		255		260
Credit Agricole SA (France)
4.38%, 3/17/2025 (b)		930		999
(SOFR + 0.89%), 1.25%, 1/26/2027 (b) (d)		317		308
DNB Bank ASA (Norway) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.68%), 1.60%, 3/30/2028 (b) (d)		320		312
HSBC Holdings plc (United Kingdom)
(SOFR + 1.29%), 1.59%, 5/24/2027 (d)		880		861
(ICE LIBOR USD 3 Month + 1.55%), 4.04%, 3/13/2028 (d)		200		216
(SOFR + 1.73%), 2.01%, 9/22/2028 (d)		1,660		1,625
(SOFR + 1.29%), 2.21%, 8/17/2029 (d)		200		196
Intesa Sanpaolo SpA (Italy) Series XR, 3.25%, 9/23/2024 (b)		400		416
Lloyds Banking Group plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.85%), 1.63%, 5/11/2027 (d)		205		202
Mitsubishi UFJ Financial Group, Inc. (Japan) 3.74%, 3/7/2029		813		888
Mizuho Financial Group, Inc. (Japan) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.67%), 1.23%, 5/22/2027 (d)		210		204
NatWest Group plc (United Kingdom)
3.88%, 9/12/2023		440		459
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 1.64%, 6/14/2027 (d)		269		265
(ICE LIBOR USD 3 Month + 1.87%), 4.44%, 5/8/2030 (d)		375		421
Nordea Bank Abp (Finland) 1.50%, 9/30/2026 (b)		200		197
Santander UK Group Holdings plc (United Kingdom) (SOFR + 0.99%), 1.67%, 6/14/2027 (d)		215		210
Societe Generale SA (France)
4.25%, 4/14/2025 (b)		780		829

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 61

JPMorgan SmartRetirement^® Blend 2030 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Banks — continued
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 1.49%, 12/14/2026 (b) (d)		300		292
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 1.79%, 6/9/2027 (b) (d)		255		250
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.30%), 2.89%, 6/9/2032 (b) (d)		590		589
Standard Chartered plc (United Kingdom)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.17%), 1.32%, 10/14/2023 (b) (d)		1,105		1,106
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 1.46%, 1/14/2027 (b) (d)		200		194
Sumitomo Mitsui Trust Bank Ltd. (Japan) 1.55%, 3/25/2026 (b)		367		364
UniCredit SpA (Italy)
6.57%, 1/14/2022 (b)		350		351
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.20%), 1.98%, 6/3/2027 (b) (d)		265		258
Wells Fargo & Co.
4.30%, 7/22/2027		1,500		1,671
(SOFR + 2.10%), 2.39%, 6/2/2028 (d)		484		492
Westpac Banking Corp. (Australia)
2.96%, 11/16/2040		50		49
3.13%, 11/18/2041		217		215
				30,150
Beverages — 0.1%
Anheuser-Busch InBev Worldwide, Inc. (Belgium) 3.75%, 7/15/2042		1,340		1,461
Keurig Dr Pepper, Inc.
3.20%, 5/1/2030		249		263
3.80%, 5/1/2050		244		270
				1,994
Biotechnology — 0.2%
AbbVie, Inc.
2.95%, 11/21/2026		265		279
3.20%, 11/21/2029		624		667
4.05%, 11/21/2039		930		1,068
4.25%, 11/21/2049		210		252
Amgen, Inc.
3.15%, 2/21/2040		429		440
3.00%, 1/15/2052		100		97

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Biotechnology — continued
Biogen, Inc.
2.25%, 5/1/2030		236		233
3.15%, 5/1/2050		202		194
Gilead Sciences, Inc.
1.65%, 10/1/2030		415		397
2.60%, 10/1/2040		253		244
Regeneron Pharmaceuticals, Inc. 1.75%, 9/15/2030		415		392
				4,263
Building Products — 0.0% (c)
Masco Corp. 2.00%, 10/1/2030		416		399
Capital Markets — 0.5%
Brookfield Finance, Inc. (Canada) 3.50%, 3/30/2051		485		508
Credit Suisse Group AG (Switzerland)
(SOFR + 0.98%), 1.31%, 2/2/2027 (b) (d)		250		242
4.28%, 1/9/2028 (b)		1,015		1,101
Deutsche Bank AG (Germany)
(SOFR + 1.87%), 2.13%, 11/24/2026 (d)		795		794
(SOFR + 1.72%), 3.04%, 5/28/2032 (d)		408		411
Goldman Sachs Group, Inc. (The)
(SOFR + 0.57%), 0.67%, 3/8/2024 (d)		728		725
4.25%, 10/21/2025		1,293		1,410
Series VAR, (SOFR + 0.79%), 1.09%, 12/9/2026 (d)		1,149		1,120
(SOFR + 0.91%), 1.95%, 10/21/2027 (d)		195		194
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028 (d)		693		746
(SOFR + 1.25%), 2.38%, 7/21/2032 (d)		205		202
(ICE LIBOR USD 3 Month + 1.37%), 4.02%, 10/31/2038 (d)		198		226
Macquarie Group Ltd. (Australia)
(SOFR + 1.07%), 1.34%, 1/12/2027 (b) (d)		420		409
(SOFR + 1.53%), 2.87%, 1/14/2033 (b) (d)		200		199
Morgan Stanley
5.00%, 11/24/2025		1,852		2,072
(SOFR + 0.72%), 0.98%, 12/10/2026 (d)		310		301
(SOFR + 1.20%), 2.51%, 10/20/2032 (d)		415		415
(ICE LIBOR USD 3 Month + 1.43%), 4.46%, 4/22/2039 (d)		244		293
(SOFR + 1.49%), 3.22%, 4/22/2042 (d)		255		267

SEE NOTES TO FINANCIAL STATEMENTS.

62 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Capital Markets — continued
UBS Group AG (Switzerland) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 2.09%, 2/11/2032 (b) (d)		540		523
				12,158
Chemicals — 0.0% (c)
DuPont de Nemours, Inc. 5.32%, 11/15/2038		197		254
International Flavors & Fragrances, Inc. 3.47%, 12/1/2050 (b)		300		314
LYB International Finance III LLC 1.25%, 10/1/2025		127		125
Nutrien Ltd. (Canada) 5.00%, 4/1/2049		111		149
				842
Commercial Services & Supplies — 0.0% (c)
Republic Services, Inc. 1.75%, 2/15/2032		350		330
Construction & Engineering — 0.0% (c)
Quanta Services, Inc. 2.35%, 1/15/2032		350		340
Construction Materials — 0.0% (c)
Martin Marietta Materials, Inc. Series CB, 2.50%, 3/15/2030		423		427
Consumer Finance — 0.3%
AerCap Ireland Capital DAC (Ireland)
3.15%, 2/15/2024		400		413
6.50%, 7/15/2025		200		229
2.45%, 10/29/2026		150		151
4.63%, 10/15/2027		880		973
Avolon Holdings Funding Ltd. (Ireland)
3.63%, 5/1/2022 (b)		425		428
2.88%, 2/15/2025 (b)		207		211
5.50%, 1/15/2026 (b)		650		718
2.13%, 2/21/2026 (b)		110		108
4.25%, 4/15/2026 (b)		20		21
2.53%, 11/18/2027 (b)		1,092		1,061
Capital One Financial Corp.
3.80%, 1/31/2028		437		476
(SOFR + 1.27%), 2.62%, 11/2/2032 (d)		230		229
General Motors Financial Co., Inc.
1.20%, 10/15/2024		145		144
1.25%, 1/8/2026		369		362
4.35%, 1/17/2027		90		99
2.70%, 6/10/2031		155		154
Park Aerospace Holdings Ltd. (Ireland)
4.50%, 3/15/2023 (b)		575		594
5.50%, 2/15/2024 (b)		59		63
				6,434

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Containers & Packaging — 0.0% (c)
Graphic Packaging International LLC 1.51%, 4/15/2026 (b)		238		234
Diversified Financial Services — 0.0% (c)
Element Fleet Management Corp. (Canada) 1.60%, 4/6/2024 (b)		130		130
LSEGA Financing plc (United Kingdom) 2.00%, 4/6/2028 (b)		430		424
Shell International Finance BV (Netherlands)
2.38%, 11/7/2029		423		433
3.13%, 11/7/2049		215		221
				1,208
Diversified Telecommunication Services — 0.2%
AT&T, Inc.
2.30%, 6/1/2027		582		592
2.75%, 6/1/2031		777		794
3.50%, 6/1/2041		584		600
3.55%, 9/15/2055		369		370
NBN Co. Ltd. (Australia) 2.63%, 5/5/2031 (b)		500		502
Verizon Communications, Inc.
2.10%, 3/22/2028		350		351
3.15%, 3/22/2030		561		594
2.65%, 11/20/2040		204		194
3.85%, 11/1/2042		719		802
				4,799
Electric Utilities — 0.3%
Appalachian Power Co. Series Y, 4.50%, 3/1/2049		140		168
Duke Energy Corp. 3.40%, 6/15/2029		403		427
Duke Energy Indiana LLC Series YYY, 3.25%, 10/1/2049		113		117
Duke Energy Progress LLC 2.90%, 8/15/2051		165		164
Duquesne Light Holdings, Inc. 2.78%, 1/7/2032 (b)		85		84
Edison International 5.75%, 6/15/2027		225		257
Emera US Finance LP (Canada) 4.75%, 6/15/2046		223		263
Entergy Arkansas LLC 2.65%, 6/15/2051		84		78
Entergy Louisiana LLC
4.00%, 3/15/2033		166		188
2.90%, 3/15/2051		70		69
Evergy, Inc. 2.90%, 9/15/2029		441		451
FirstEnergy Transmission LLC 4.55%, 4/1/2049 (b)		210		240
Fortis, Inc. (Canada) 3.06%, 10/4/2026		283		295

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 63

JPMorgan SmartRetirement^® Blend 2030 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Electric Utilities — continued
Indiana Michigan Power Co. 3.25%, 5/1/2051		150		154
ITC Holdings Corp. 2.95%, 5/14/2030 (b)		136		139
Jersey Central Power & Light Co. 4.30%, 1/15/2026 (b)		212		230
Massachusetts Electric Co. 4.00%, 8/15/2046 (b)		103		112
New England Power Co. (United Kingdom) 2.81%, 10/6/2050 (b)		280		259
NRG Energy, Inc.
2.00%, 12/2/2025 (b)		105		106
2.45%, 12/2/2027 (b)		365		361
OGE Energy Corp. 0.70%, 5/26/2023		130		129
Ohio Power Co. Series R, 2.90%, 10/1/2051		200		193
Oklahoma Gas and Electric Co. 0.55%, 5/26/2023		160		159
Pacific Gas and Electric Co.
1.37%, 3/10/2023		665		660
1.70%, 11/15/2023		170		170
3.45%, 7/1/2025		130		135
2.95%, 3/1/2026		328		333
3.75%, 8/15/2042 (e)		79		74
4.30%, 3/15/2045		80		81
PacifiCorp 4.15%, 2/15/2050		135		160
Public Service Co. of Oklahoma Series K, 3.15%, 8/15/2051		90		91
Southern California Edison Co.
Series 20C, 1.20%, 2/1/2026		202		198
Series C, 4.13%, 3/1/2048		131		147
				6,692
Electrical Equipment — 0.0% (c)
Eaton Corp. 4.15%, 11/2/2042		303		354
Rockwell Automation, Inc. 2.80%, 8/15/2061		90		88
				442
Energy Equipment & Services — 0.0% (c)
Baker Hughes Holdings LLC 3.34%, 12/15/2027		295		314
Schlumberger Holdings Corp. 4.00%, 12/21/2025 (b)		296		319
				633
Entertainment — 0.0% (c)
Activision Blizzard, Inc. 1.35%, 9/15/2030		236		218
Walt Disney Co. (The)
2.65%, 1/13/2031		386		402
3.50%, 5/13/2040		371		406
				1,026

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Equity Real Estate Investment Trusts (REITs) — 0.4%
Alexandria Real Estate Equities, Inc. 3.38%, 8/15/2031		437		470
American Campus Communities Operating Partnership LP 2.25%, 1/15/2029		150		148
American Tower Corp.
1.50%, 1/31/2028		185		177
1.88%, 10/15/2030		1,039		983
3.10%, 6/15/2050		136		132
2.95%, 1/15/2051		88		83
Brixmor Operating Partnership LP
2.25%, 4/1/2028		170		169
2.50%, 8/16/2031		100		98
Corporate Office Properties LP 2.75%, 4/15/2031		271		269
Crown Castle International Corp. 3.10%, 11/15/2029		429		448
CubeSmart LP 2.00%, 2/15/2031		505		486
Digital Realty Trust LP 3.70%, 8/15/2027		397		430
Equinix, Inc.
2.90%, 11/18/2026		314		325
2.00%, 5/15/2028		424		417
Healthcare Trust of America Holdings LP 2.00%, 3/15/2031		414		392
Healthpeak Properties, Inc.
2.13%, 12/1/2028		323		324
2.88%, 1/15/2031		429		447
Life Storage LP 2.40%, 10/15/2031		290		285
Mid-America Apartments LP 3.60%, 6/1/2027		380		410
Office Properties Income Trust
2.65%, 6/15/2026		280		278
2.40%, 2/1/2027		350		339
Physicians Realty LP 2.63%, 11/1/2031		130		130
Realty Income Corp. 1.80%, 3/15/2033		275		258
Sabra Health Care LP 3.20%, 12/1/2031		205		200
Safehold Operating Partnership LP 2.85%, 1/15/2032		391		383
Scentre Group Trust 1 (Australia) 3.63%, 1/28/2026 (b)		565		603
UDR, Inc.
2.10%, 8/1/2032		416		395
1.90%, 3/15/2033		65		60
WP Carey, Inc.
4.25%, 10/1/2026		135		148
2.40%, 2/1/2031		163		160
2.45%, 2/1/2032		160		156

SEE NOTES TO FINANCIAL STATEMENTS.

64 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Equity Real Estate Investment Trusts (REITs) — continued
2.25%, 4/1/2033		90		85
				9,688
Food & Staples Retailing — 0.1%
7-Eleven, Inc.
0.63%, 2/10/2023 (b)		595		593
1.30%, 2/10/2028 (b)		112		107
2.50%, 2/10/2041 (b)		112		103
Alimentation Couche-Tard, Inc. (Canada)
2.95%, 1/25/2030 (b)		429		443
3.44%, 5/13/2041 (b)		300		309
3.63%, 5/13/2051 (b)		335		352
CVS Pass-Through Trust Series 2014, 4.16%, 8/11/2036 (b)		114		125
Kroger Co. (The) 3.95%, 1/15/2050		222		255
Sysco Corp. 2.40%, 2/15/2030		603		605
				2,892
Food Products — 0.1%
Bunge Ltd. Finance Corp. 2.75%, 5/14/2031		370		376
Conagra Brands, Inc. 1.38%, 11/1/2027		404		386
Mondelez International, Inc. 1.88%, 10/15/2032		281		268
Smithfield Foods, Inc. 3.00%, 10/15/2030 (b)		443		440
Tyson Foods, Inc. 3.55%, 6/2/2027		309		333
				1,803
Gas Utilities — 0.0% (c)
Atmos Energy Corp.
0.63%, 3/9/2023		85		85
2.85%, 2/15/2052		230		223
CenterPoint Energy Resources Corp. 1.75%, 10/1/2030		202		191
				499
Health Care Equipment & Supplies — 0.0% (c)
Becton Dickinson and Co.
4.67%, 6/6/2047		73		92
3.79%, 5/20/2050		216		243
Boston Scientific Corp.
4.00%, 3/1/2029		148		164
4.55%, 3/1/2039		137		164
DH Europe Finance II SARL 3.25%, 11/15/2039		119		127
Zimmer Biomet Holdings, Inc. 2.60%, 11/24/2031		278		279
				1,069

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Health Care Providers & Services — 0.2%
Anthem, Inc. 2.25%, 5/15/2030		422		420
Banner Health 1.90%, 1/1/2031		288		280
Beth Israel Lahey Health, Inc. Series L, 3.08%, 7/1/2051		115		113
Bon Secours Mercy Health, Inc. Series 20-2, 3.21%, 6/1/2050		175		184
Children’s Hospital of Philadelphia (The) Series 2020, 2.70%, 7/1/2050		215		209
CommonSpirit Health
1.55%, 10/1/2025		75		74
2.78%, 10/1/2030		170		175
3.91%, 10/1/2050		75		83
CVS Health Corp. 4.88%, 7/20/2035		205		251
Hackensack Meridian Health, Inc. Series 2020, 2.68%, 9/1/2041		350		341
HCA, Inc.
5.25%, 6/15/2026		968		1,090
3.50%, 7/15/2051		270		275
MedStar Health, Inc. Series 20A, 3.63%, 8/15/2049		150		164
MidMichigan Health Series 2020, 3.41%, 6/1/2050		45		48
MultiCare Health System 2.80%, 8/15/2050		132		128
PeaceHealth Obligated Group Series 2020, 3.22%, 11/15/2050		160		167
Piedmont Healthcare, Inc. 2.86%, 1/1/2052		215		210
Quest Diagnostics, Inc. 2.80%, 6/30/2031		339		350
Universal Health Services, Inc. 2.65%, 1/15/2032 (b)		245		241
West Virginia United Health System Obligated Group Series 2020, 3.13%, 6/1/2050		340		334
				5,137
Hotels, Restaurants & Leisure — 0.0% (c)
Starbucks Corp. 3.35%, 3/12/2050		214		224
Household Durables — 0.0% (c)
Lennar Corp.
4.50%, 4/30/2024		75		80
5.00%, 6/15/2027		756		855
				935
Household Products — 0.0% (c)
Kimberly-Clark Corp. 3.70%, 6/1/2043		297		327
Independent Power and Renewable Electricity Producers — 0.1%
Alexander Funding Trust 1.84%, 11/15/2023 (b)		670		672

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 65

JPMorgan SmartRetirement^® Blend 2030 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Independent Power and Renewable Electricity Producers — continued
Exelon Generation Co. LLC
3.25%, 6/1/2025		892		934
5.75%, 10/1/2041		205		244
Southern Power Co. 5.15%, 9/15/2041		230		282
				2,132
Industrial Conglomerates — 0.0% (c)
GE Capital International Funding Co. Unlimited Co. 4.42%, 11/15/2035		522		623
Roper Technologies, Inc. 1.75%, 2/15/2031		415		390
				1,013
Insurance — 0.1%
American International Group, Inc.
3.40%, 6/30/2030		296		320
4.38%, 6/30/2050		222		277
Athene Global Funding
0.95%, 1/8/2024 (b)		441		439
2.75%, 6/25/2024 (b)		313		323
2.50%, 1/14/2025 (b)		124		127
Brown & Brown, Inc. 2.38%, 3/15/2031		422		411
Empower Finance 2020 LP (Canada) 3.08%, 9/17/2051 (b)		316		319
New York Life Insurance Co. 3.75%, 5/15/2050 (b)		438		498
Northwestern Mutual Global Funding 1.70%, 6/1/2028 (b)		190		188
Teachers Insurance & Annuity Association of America 3.30%, 5/15/2050 (b)		429		447
				3,349
Internet & Direct Marketing Retail — 0.0% (c)
eBay, Inc. 2.60%, 5/10/2031		760		767
IT Services — 0.0% (c)
CGI, Inc. (Canada)
1.45%, 9/14/2026 (b)		204		199
2.30%, 9/14/2031 (b)		366		353
Global Payments, Inc. 3.20%, 8/15/2029		367		382
				934
Leisure Products — 0.0% (c)
Hasbro, Inc. 3.90%, 11/19/2029		259		286
Life Sciences Tools & Services — 0.0% (c)
Thermo Fisher Scientific, Inc. 2.00%, 10/15/2031		325		320

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Machinery — 0.0% (c)
Otis Worldwide Corp. 3.11%, 2/15/2040		294		302
Media — 0.1%
Charter Communications Operating LLC
2.25%, 1/15/2029		175		171
2.80%, 4/1/2031		782		774
3.50%, 3/1/2042		160		155
3.70%, 4/1/2051		467		451
Comcast Corp.
3.25%, 11/1/2039		380		401
2.80%, 1/15/2051		270		260
Cox Communications, Inc.
1.80%, 10/1/2030 (b)		248		234
2.95%, 10/1/2050 (b)		205		191
Discovery Communications LLC 3.63%, 5/15/2030		379		405
ViacomCBS, Inc.
4.00%, 1/15/2026		229		247
4.38%, 3/15/2043		243		277
5.85%, 9/1/2043		35		47
				3,613
Metals & Mining — 0.1%
Anglo American Capital plc (South Africa) 3.63%, 9/11/2024 (b)		295		310
Glencore Funding LLC (Australia) 2.50%, 9/1/2030 (b)		346		334
Steel Dynamics, Inc. 1.65%, 10/15/2027		275		269
Teck Resources Ltd. (Canada) 6.25%, 7/15/2041		190		252
Vale Overseas Ltd. (Brazil) 3.75%, 7/8/2030		290		300
				1,465
Multiline Retail — 0.0% (c)
Kohl’s Corp. 3.38%, 5/1/2031		364		371
Nordstrom, Inc. 4.25%, 8/1/2031		272		267
				638
Multi-Utilities — 0.1%
Berkshire Hathaway Energy Co. 2.85%, 5/15/2051		204		196
CenterPoint Energy, Inc. 1.45%, 6/1/2026		211		207
Consumers Energy Co. 3.25%, 8/15/2046		102		108
Puget Energy, Inc. 2.38%, 6/15/2028		258		254
San Diego Gas & Electric Co. 2.95%, 8/15/2051		350		352
Southern Co. Gas Capital Corp. Series 21A, 3.15%, 9/30/2051		160		158

SEE NOTES TO FINANCIAL STATEMENTS.

66 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Multi-Utilities — continued
WEC Energy Group, Inc. 1.38%, 10/15/2027		236		228
				1,503
Oil, Gas & Consumable Fuels — 0.5%
Boardwalk Pipelines LP 4.45%, 7/15/2027		185		202
BP Capital Markets America, Inc.
3.63%, 4/6/2030		659		727
2.77%, 11/10/2050		208		196
3.00%, 3/17/2052		75		73
Cheniere Corpus Christi Holdings LLC 5.88%, 3/31/2025		375		416
Chevron USA, Inc. 3.25%, 10/15/2029		250		270
ConocoPhillips 3.75%, 10/1/2027 (b)		216		237
Coterra Energy, Inc. 3.90%, 5/15/2027 (b)		140		150
Diamondback Energy, Inc. 3.25%, 12/1/2026		346		365
Enable Midstream Partners LP
3.90%, 5/15/2024 (e)		925		967
4.40%, 3/15/2027		445		480
5.00%, 5/15/2044 (e)		525		564
Energy Transfer LP 3.90%, 7/15/2026		643		691
Enterprise Products Operating LLC 4.45%, 2/15/2043		317		362
Exxon Mobil Corp. 3.00%, 8/16/2039		643		651
Flex Intermediate Holdco LLC
3.36%, 6/30/2031 (b)		180		180
4.32%, 12/30/2039 (b)		130		134
Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates) 2.94%, 9/30/2040 (b)		200		199
Gray Oak Pipeline LLC
2.60%, 10/15/2025 (b)		500		501
3.45%, 10/15/2027 (b)		306		319
HollyFrontier Corp.
2.63%, 10/1/2023		202		206
5.88%, 4/1/2026		109		122
Lundin Energy Finance BV (Netherlands)
2.00%, 7/15/2026 (b)		200		199
3.10%, 7/15/2031 (b)		200		201
MPLX LP
2.65%, 8/15/2030		410		408
4.50%, 4/15/2038		226		253
NGPL PipeCo LLC 3.25%, 7/15/2031 (b)		195		198
Phillips 66 Partners LP 3.55%, 10/1/2026		214		228
Pioneer Natural Resources Co. 1.90%, 8/15/2030		281		267
Plains All American Pipeline LP 4.65%, 10/15/2025		556		606

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Oil, Gas & Consumable Fuels — continued
Sabine Pass Liquefaction LLC 5.63%, 3/1/2025		438		486
TotalEnergies Capital International SA (France)
2.99%, 6/29/2041		429		435
TransCanada PipeLines Ltd. (Canada) 4.10%, 4/15/2030		438		489
Williams Cos., Inc. (The) 2.60%, 3/15/2031		235		233
				12,015
Pharmaceuticals — 0.1%
AstraZeneca plc (United Kingdom) 6.45%, 9/15/2037		50		74
Bristol-Myers Squibb Co.
4.13%, 6/15/2039		265		313
2.35%, 11/13/2040		457		434
Merck & Co., Inc. 2.35%, 6/24/2040		312		297
Royalty Pharma plc
1.75%, 9/2/2027		48		47
3.30%, 9/2/2040		225		224
3.55%, 9/2/2050		129		128
Takeda Pharmaceutical Co. Ltd. (Japan) 3.03%, 7/9/2040		1,065		1,083
Utah Acquisition Sub, Inc. 3.95%, 6/15/2026		227		245
Viatris, Inc.
3.85%, 6/22/2040		252		267
4.00%, 6/22/2050		181		193
				3,305
Professional Services — 0.0% (c)
IHS Markit Ltd. 4.25%, 5/1/2029		285		324
Road & Rail — 0.1%
CSX Corp. 3.80%, 11/1/2046		219		246
Kansas City Southern 4.70%, 5/1/2048		178		221
Norfolk Southern Corp. 3.05%, 5/15/2050		215		219
Penske Truck Leasing Co. LP 1.20%, 11/15/2025 (b)		510		497
Triton Container International Ltd. (Bermuda)
2.05%, 4/15/2026 (b)		700		696
Union Pacific Corp. 3.55%, 8/15/2039		297		329
				2,208
Semiconductors & Semiconductor Equipment — 0.2%
Analog Devices, Inc. 2.80%, 10/1/2041		224		227
Broadcom, Inc.
1.95%, 2/15/2028 (b)		470		465
4.15%, 11/15/2030		1,271		1,409
3.19%, 11/15/2036 (b)		69		69

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 67

JPMorgan SmartRetirement^® Blend 2030 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Semiconductors & Semiconductor Equipment — continued
KLA Corp. 3.30%, 3/1/2050		370		395
Microchip Technology, Inc.
0.97%, 2/15/2024		235		233
0.98%, 9/1/2024 (b)		360		353
NXP BV (China)
2.50%, 5/11/2031 (b)		330		330
3.25%, 5/11/2041 (b)		340		348
TSMC Global Ltd. (Taiwan) 1.38%, 9/28/2030 (b)		350		325
Xilinx, Inc. 2.38%, 6/1/2030		610		618
				4,772
Software — 0.1%
Citrix Systems, Inc. 1.25%, 3/1/2026		80		78
Oracle Corp.
2.30%, 3/25/2028		210		209
2.95%, 4/1/2030		560		566
3.80%, 11/15/2037		540		564
VMware, Inc.
1.40%, 8/15/2026		394		387
4.70%, 5/15/2030		364		424
				2,228
Specialty Retail — 0.1%
Lowe’s Cos., Inc.
1.70%, 10/15/2030		235		223
3.70%, 4/15/2046		438		480
O’Reilly Automotive, Inc. 3.90%, 6/1/2029		449		496
Tractor Supply Co. 1.75%, 11/1/2030		436		408
				1,607
Technology Hardware, Storage & Peripherals — 0.1%
Apple, Inc.
3.45%, 2/9/2045		548		611
2.70%, 8/5/2051		315		312
Dell International LLC 6.20%, 7/15/2030		850		1,073
				1,996
Thrifts & Mortgage Finance — 0.0% (c)
BPCE SA (France) (SOFR + 1.52%), 1.65%, 10/6/2026 (b) (d)		1,114		1,099
Tobacco — 0.1%
Altria Group, Inc. 2.45%, 2/4/2032		340		323
BAT Capital Corp. (United Kingdom)
2.26%, 3/25/2028		416		405
4.39%, 8/15/2037		255		269

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Tobacco — continued
3.73%, 9/25/2040		346		332
				1,329
Trading Companies & Distributors — 0.1%
Air Lease Corp.
3.38%, 7/1/2025		390		407
2.88%, 1/15/2026		235		242
1.88%, 8/17/2026		675		664
				1,313
Wireless Telecommunication Services — 0.1%
America Movil SAB de CV (Mexico) 2.88%, 5/7/2030		220		227
Rogers Communications, Inc. (Canada) 3.70%, 11/15/2049		303		318
T-Mobile USA, Inc.
2.55%, 2/15/2031		988		984
3.00%, 2/15/2041		613		598
				2,127
Total Corporate Bonds (Cost $160,156)				157,460
U.S. Treasury Obligations — 3.9%
U.S. Treasury Bonds
1.13%, 5/15/2040		8,243		7,225
1.13%, 8/15/2040		6,510		5,684
1.88%, 2/15/2041		2,350		2,326
2.25%, 5/15/2041		341		358
3.13%, 2/15/2043		710		856
2.25%, 8/15/2046		930		983
1.25%, 5/15/2050		160		136
1.38%, 8/15/2050		13,925		12,198
1.63%, 11/15/2050		2,118		1,973
1.88%, 2/15/2051		3,590		3,552
2.38%, 5/15/2051		70		77
U.S. Treasury Notes
1.38%, 1/31/2022 (f)		13,809		13,823
0.13%, 9/15/2023		2		2
0.13%, 2/15/2024		5,695		5,621
1.75%, 7/31/2024		7,180		7,341
0.38%, 11/30/2025		4,423		4,289
0.88%, 6/30/2026		707		696
0.50%, 8/31/2027		9,794		9,345
1.13%, 2/29/2028		3,335		3,287
1.25%, 3/31/2028		2,045		2,027
1.25%, 4/30/2028		3,385		3,354

SEE NOTES TO FINANCIAL STATEMENTS.

68 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
U.S. Treasury Obligations — continued
1.00%, 7/31/2028		2,205		2,147
0.63%, 8/15/2030		1,960		1,828
0.88%, 11/15/2030		1,100		1,046
1.13%, 2/15/2031		5,895		5,721
1.63%, 5/15/2031		510		516
U.S. Treasury STRIPS Bonds
1.02%, 8/15/2026 (g)		2,540		2,392
1.16%, 5/15/2027 (g)		2,585		2,402
Total U.S. Treasury Obligations (Cost $102,569)				101,205
Asset-Backed Securities — 3.7%
ACC Auto Trust
Series 2021-A, Class A, 1.08%, 4/15/2027 (b)		625		624
Series 2021-A, Class B, 1.79%, 4/15/2027 (b)		865		857
ACC Trust Series 2021-1, Class B, 1.43%, 7/22/2024 (b)		685		682
Accelerated LLC Series 2021-1H, Class B, 1.90%, 10/20/2040 ‡ (b)		564		554
Affirm Asset Securitization Trust Series 2021-A, Class A, 0.88%, 8/15/2025 (b)		640		640
Ajax Mortgage Loan Trust Series 2021-B, Class A, 2.24%, 6/25/2066 (b) (e)		984		977
Aligned Data Centers Issuer LLC Series 2021-1A, Class A2, 1.94%, 8/15/2046 (b)		815		803
American Airlines Pass-Through Trust
Series 2016-2, Class AA, 3.20%, 6/15/2028		653		656
Series 2016-3, Class AA, 3.00%, 10/15/2028		864		858
Series 2021-1, Class B, 3.95%, 7/11/2030		903		895
Series 2019-1, Class AA, 3.15%, 2/15/2032		1,085		1,095
American Credit Acceptance Receivables Trust
Series 2021-1, Class B, 0.61%, 3/13/2025 (b)		295		295
Series 2020-4, Class C, 1.31%, 12/14/2026 (b)		820		820
AmeriCredit Automobile Receivables Trust
Series 2020-3, Class B, 0.76%, 12/18/2025		735		734
Series 2020-3, Class C, 1.06%, 8/18/2026		340		339
AMSR Trust
Series 2020-SFR2, Class E1, 4.03%, 7/17/2037 ‡ (b)		420		431

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2020-SFR3, Class E2, 2.76%, 9/17/2037 (b)		215		214
Series 2020-SFR4, Class D, 2.01%, 11/17/2037 ‡ (b)		725		705
Series 2020-SFR4, Class E2, 2.46%, 11/17/2037 ‡ (b)		390		381
Series 2021-SFR2, Class E2, 2.58%, 8/17/2038 ‡ (b)		330		321
Aqua Finance Trust Series 2020-AA, Class C, 3.97%, 7/17/2046 ‡ (b)		290		300
Arivo Acceptance Auto Loan Receivables Trust Series 2021-1A, Class A, 1.19%, 1/15/2027 (b)		192		191
Business Jet Securities LLC
Series 2020-1A, Class A, 2.98%, 11/15/2035 (b)		253		253
Series 2021-1A, Class A, 2.16%, 4/15/2036 (b)		771		757
Series 2021-1A, Class B, 2.92%, 4/15/2036 ‡ (b)		1,065		1,044
BXG Receivables Note Trust Series 2020-A, Class A, 1.55%, 2/28/2036 (b)		421		417
CarMax Auto Owner Trust Series 2020-4, Class C, 1.30%, 8/17/2026		315		314
Carvana Auto Receivables Trust Series 2020-P1, Class C, 1.32%, 11/9/2026		430		424
CF Hippolyta LLC Series 2021-1A, Class A1, 1.53%, 3/15/2061 (b)		521		511
CFMT LLC Series 2020-HB4, Class A, 0.95%, 12/26/2030 (b) (h)		268		269
Continental Finance Credit Card ABS Master Trust Series 2020-1A, Class A, 2.24%, 12/15/2028 (b)		190		189
CPS Auto Receivables Trust
Series 2021-A, Class B, 0.61%, 2/18/2025 (b)		265		265
Series 2021-B, Class C, 1.23%, 3/15/2027 (b)		675		669
Credit Acceptance Auto Loan Trust
Series 2020-3A, Class A, 1.24%, 10/15/2029 (b)		1,645		1,646
Series 2020-2A, Class C, 2.73%, 11/15/2029 (b)		750		765
Series 2021-2A, Class A, 0.96%, 2/15/2030 (b)		1,110		1,103
Series 2021-3A, Class A, 1.00%, 5/15/2030 (b)		1,205		1,195

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 69

JPMorgan SmartRetirement^® Blend 2030 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Credito Real USA Auto Receivables Trust Series 2021-1A, Class A, 1.35%, 2/16/2027 (b)		310		309
Crossroads Asset Trust Series 2021-A, Class A2, 0.82%, 3/20/2024 (b)		182		182
DataBank Issuer Series 2021-1A, Class A2, 2.06%, 2/27/2051 (b)		480		471
Delta Air Lines Pass-Through Trust
Series 2015-1, Class B, 4.25%, 7/30/2023		189		195
Series 2020-1, Class A, 2.50%, 6/10/2028		533		530
Diamond Resorts Owner Trust Series 2021-1A, Class A, 1.51%, 11/21/2033 (b)		193		191
DT Auto Owner Trust
Series 2021-1A, Class C, 0.84%, 10/15/2026 (b)		355		352
Series 2021-2A, Class C, 1.10%, 2/16/2027 (b)		240		238
Elara HGV Timeshare Issuer LLC
Series 2021-A, Class B, 1.74%, 8/27/2035 ‡ (b)		534		528
Series 2021-A, Class C, 2.09%, 8/27/2035 (b)		241		236
Exeter Automobile Receivables Trust Series 2021-2A, Class C, 0.98%, 6/15/2026		785		782
FHF Trust
Series 2021-2A, Class A, 0.83%, 12/15/2026 (b)		1,209		1,201
Series 2021-1A, Class A, 1.27%, 3/15/2027 (b)		1,024		1,017
Finance of America HECM Buyout Series 2021-HB1, Class A, 0.88%, 2/25/2031 ‡ (b) (h)		692		691
First Investors Auto Owner Trust Series 2021-1A, Class B, 0.89%, 3/15/2027 (b)		375		372
Flagship Credit Auto Trust
Series 2021-2, Class A, 0.37%, 12/15/2026 (b)		1,410		1,405
Series 2021-1, Class B, 0.68%, 2/16/2027 (b)		485		480
Series 2020-4, Class C, 1.28%, 2/16/2027 (b)		610		609
FREED ABS Trust
Series 2021-1CP, Class A, 0.66%, 3/20/2028 (b)		116		115
Series 2021-2, Class A, 0.68%, 6/19/2028 (b)		224		224

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2021-2, Class B, 1.03%, 6/19/2028 ‡ (b)		840		837
Genesis Sales Finance Master Trust Series 2020-AA, Class A, 1.65%, 9/22/2025 (b)		670		672
GLS Auto Receivables Issuer Trust Series 2020-4A, Class B, 0.87%, 12/16/2024 (b)		285		285
GLS Auto Receivables Trust Series 2021-2A, Class B, 0.77%, 9/15/2025 (b)		345		343
Home Partners of America Trust
Series 2021-2, Class C, 2.40%, 12/17/2026 ‡ (b)		1,129		1,111
Series 2021-3, Class D, 3.00%, 1/17/2041 (b)		685		682
JetBlue Pass-Through Trust Series 2020-1, Class B, 7.75%, 11/15/2028		403		468
Lakeview CDO LLC
1.83%, 11/10/2032 ‡ (h)		28		28
2.33%, 11/10/2032 ‡ (h)		390		390
Lendbuzz Securitization Trust Series 2021-1A, Class A, 1.46%, 6/15/2026 (b)		1,185		1,179
Lendingpoint Asset Securitization Trust
Series 2021-A, Class A, 1.00%, 12/15/2028 (b)		1,367		1,363
Series 2021-A, Class B, 1.46%, 12/15/2028 ‡ (b)		535		530
Series 2021-B, Class A, 1.11%, 2/15/2029 (b)		1,470		1,465
Series 2021-B, Class B, 1.68%, 2/15/2029 ‡ (b)		570		564
LendingPoint Asset Securitization Trust Series 2020-REV1, Class A, 2.73%, 10/15/2028 (b)		1,264		1,272
LL ABS Trust Series 2021-1A, Class A, 1.07%, 5/15/2029 (b)		527		524
Mariner Finance Issuance Trust
Series 2019-AA, Class A, 2.96%, 7/20/2032 (b)		1,055		1,067
Series 2021-AA, Class A, 1.86%, 3/20/2036 (b)		1,065		1,047
Marlette Funding Trust
Series 2021-1A, Class A, 0.60%, 6/16/2031 (b)		253		253
Series 2021-1A, Class B, 1.00%, 6/16/2031 ‡ (b)		833		829
Mercury Financial Credit Card Master Trust
Series 2021-1A, Class A, 1.54%, 3/20/2026 (b)		1,135		1,134

SEE NOTES TO FINANCIAL STATEMENTS.

70 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Series 2021-1A, Class B, 2.33%, 3/20/2026 (b)		285		283
Mission Lane Credit Card Master Trust Series 2021-A, Class A, 1.59%, 9/15/2026 (b)		935		928
MVW LLC
Series 2021-2A, Class C, 2.23%, 5/20/2039 ‡ (b)		1,398		1,389
Series 2021-1WA, Class B, 1.44%, 1/22/2041 ‡ (b)		217		214
NMEF Funding LLC Series 2021-A, Class B, 1.85%, 12/15/2027 ‡ (b)		650		647
NRZ Excess Spread-Collateralized Notes
Series 2020-PLS1, Class A, 3.84%, 12/25/2025 (b)		716		719
Series 2021-FNT1, Class A, 2.98%, 3/25/2026 (b)		548		543
Series 2021-FNT2, Class A, 3.23%, 5/25/2026 (b)		1,507		1,495
Octane Receivables Trust
Series 2020-1A, Class A, 1.71%, 2/20/2025 (b)		473		475
Series 2021-1A, Class A, 0.93%, 3/22/2027 (b)		676		672
OneMain Financial Issuance Trust Series 2020-2A, Class D, 3.45%, 9/14/2035 ‡ (b)		260		270
Oportun Funding LLC Series 2020-1, Class A, 2.20%, 5/15/2024 (b)		107		107
Oportun Funding XIV LLC Series 2021-A, Class A, 1.21%, 3/8/2028 (b)		593		592
Oportun Issuance Trust Series 2021-B, Class A, 1.47%, 5/8/2031 (b)		2,075		2,062
Orange Lake Timeshare Trust Series 2016-A, Class A, 2.61%, 3/8/2029 (b)		173		174
Pagaya AI Debt Selection Trust
Series 2021-1, Class A, 1.18%, 11/15/2027 (b)		1,283		1,280
Series 2021-HG1, Class A, 1.22%, 1/16/2029 (b)		1,624		1,617
Series 2021-3, Class A, 1.15%, 5/15/2029 (b)		1,718		1,711
Prestige Auto Receivables Trust Series 2020-1A, Class C, 1.31%, 11/16/2026 (b)		765		765
PRET LLC Series 2021-RN4, Class A1, 2.49%, 10/25/2051 (b) (h)		1,441		1,434

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pretium Mortgage Credit Partners I LLC
Series 2021-NPL1, Class A1, 2.24%, 9/27/2060 (b) (e)		1,627		1,612
Series 2021-NPL4, Class A1, 2.36%, 10/27/2060 ‡ (b) (e)		1,307		1,296
Progress Residential Trust
Series 2020-SFR3, Class A, 1.29%, 10/17/2027 (b)		514		504
Series 2020-SFR3, Class B, 1.50%, 10/17/2027 ‡ (b)		380		371
Series 2020-SFR1, Class E, 3.03%, 4/17/2037 (b)		810		816
Series 2021-SFR2, Class D, 2.20%, 4/19/2038 ‡ (b)		2,223		2,174
Regional Management Issuance Trust Series 2021-1, Class A, 1.68%, 3/17/2031 (b)		910		899
Republic Finance Issuance Trust
Series 2020-A, Class A, 2.47%, 11/20/2030 (b)		600		609
Series 2021-A, Class A, 2.30%, 12/22/2031 (b)		1,640		1,638
Santander Consumer Auto Receivables Trust Series 2021-AA, Class B, 0.71%, 8/17/2026 (b)		495		486
Santander Drive Auto Receivables Trust Series 2020-4, Class C, 1.01%, 1/15/2026		485		486
Sierra Timeshare Receivables Funding LLC
Series 2021-1A, Class B, 1.34%, 11/20/2037 ‡ (b)		391		385
Series 2021-2A, Class B, 1.80%, 9/20/2038 ‡ (b)		533		528
Theorem Funding Trust Series 2021-1A, Class A, 1.21%, 12/15/2027 (b)		1,147		1,145
Tricolor Auto Securitization Trust
Series 2021-1A, Class B, 1.00%, 6/17/2024 (b)		270		269
Series 2021-1A, Class C, 1.33%, 9/16/2024 (b)		310		309
United Airlines Pass-Through Trust
Series 2016-2, Class B, 3.65%, 10/7/2025		194		192
Series 2019-2, Class B, 3.50%, 5/1/2028		460		455
Series 2016-2, Class A, 3.10%, 10/7/2028		205		203
Series 2018-1, Class A, 3.70%, 3/1/2030		532		538
Upstart Pass-Through Trust Series 2021-ST2, Class A, 2.50%, 4/20/2027 (b)		241		242

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 71

JPMorgan SmartRetirement^® Blend 2030 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Upstart Securitization Trust
Series 2020-3, Class A, 1.70%, 11/20/2030 (b)		603		604
Series 2021-1, Class A, 0.87%, 3/20/2031 (b)		190		190
Series 2021-4, Class A, 0.84%, 9/20/2031 (b)		295		292
US Auto Funding Series 2021-1A, Class B, 1.49%, 3/17/2025 (b)		500		496
VCAT LLC
Series 2021-NPL1, Class A1, 2.29%, 12/26/2050 ‡ (b) (e)		441		440
Series 2021-NPL2, Class A1, 2.12%, 3/27/2051 (b) (e)		527		526
Veros Auto Receivables Trust Series 2021-1, Class A, 0.92%, 10/15/2026 (b)		543		542
VOLT XCII LLC Series 2021-NPL1, Class A1, 1.89%, 2/27/2051 (b) (e)		491		488
VOLT XCIII LLC Series 2021-NPL2, Class A1, 1.89%, 2/27/2051 (b) (e)		1,980		1,964
VOLT XCIV LLC Series 2021-NPL3, Class A1, 2.24%, 2/27/2051 (b) (e)		1,709		1,700
VOLT XCIX LLC Series 2021-NPL8, Class A1, 2.12%, 4/25/2051 (b) (e)		1,139		1,134
VOLT XCV LLC Series 2021-NPL4, Class A1, 2.24%, 3/27/2051 ‡ (b) (e)		839		833
VOLT XCVI LLC Series 2021-NPL5, Class A1, 2.12%, 3/27/2051 (b) (e)		1,306		1,300
VOLT XCVII LLC Series 2021-NPL6, Class A1, 2.24%, 4/25/2051 (b) (e)		1,634		1,624
Westlake Automobile Receivables Trust
Series 2020-3A, Class C, 1.24%, 11/17/2025 (b)		285		286
Series 2020-3A, Class D, 1.65%, 2/17/2026 (b)		400		401
Series 2021-1A, Class C, 0.95%, 3/16/2026 (b)		1,560		1,550
Total Asset-Backed Securities (Cost $96,798)				96,268
Mortgage-Backed Securities — 3.2%
FHLMC UMBS, 30 Year
Pool # ZL3032, 3.50%, 5/1/2042		532		573
Pool # QA6772, 3.50%, 1/1/2050		452		484
Pool # QB4026, 2.50%, 10/1/2050		2,064		2,129
Pool # QB4045, 2.50%, 10/1/2050		1,310		1,342
Pool # QB4484, 2.50%, 10/1/2050		781		806
Pool # QB4542, 2.50%, 10/1/2050		649		670
Pool # RA4224, 3.00%, 11/1/2050		299		314
Pool # QB8503, 2.50%, 2/1/2051		825		843

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
FNMA UMBS, 30 Year
Pool # CA2826, 5.50%, 12/1/2048		1,532		1,692
Pool # FM3118, 3.00%, 5/1/2050		536		564
Pool # BQ2894, 3.00%, 9/1/2050		1,182		1,230
Pool # BQ3996, 2.50%, 10/1/2050		845		868
Pool # BQ5243, 3.50%, 10/1/2050		360		380
Pool # CA7398, 3.50%, 10/1/2050		1,320		1,409
Pool # BR4318, 3.00%, 1/1/2051		227		236
Pool # CA8637, 4.00%, 1/1/2051		2,018		2,213
FNMA, Other
Pool # AM3010, 5.07%, 3/1/2028		533		618
Pool # BL8639, 1.09%, 4/1/2028		689		665
Pool # AM5319, 4.34%, 1/1/2029		482		552
Pool # BL5457, 2.57%, 7/1/2029		780		821
Pool # BS0448, 1.27%, 12/1/2029		985		950
Pool # BL9748, 1.60%, 12/1/2029		398		393
Pool # AN7593, 2.99%, 12/1/2029		295		318
Pool # AN8285, 3.11%, 3/1/2030		300		328
Pool # AM8544, 3.08%, 4/1/2030		135		147
Pool # BL9045, 1.58%, 7/1/2030		1,056		1,038
Pool # BL9251, 1.45%, 10/1/2030		775		753
Pool # BL9891, 1.37%, 12/1/2030		547		528
Pool # AN6149, 3.14%, 7/1/2032		910		1,006
Pool # BM3226, 3.44%, 10/1/2032 (h)		1,275		1,425
Pool # AN7923, 3.33%, 1/1/2033		565		636
Pool # AN9067, 3.51%, 5/1/2033		310		350
Pool # BL1012, 4.03%, 12/1/2033		300		358
Pool # BL0900, 4.08%, 2/1/2034		170		203
Pool # AN4430, 3.61%, 1/1/2037		645		721
Pool # BF0230, 5.50%, 1/1/2058		1,788		2,105
Pool # BF0497, 3.00%, 7/1/2060		814		858
FNMA/FHLMC UMBS, Single Family, 30 Year TBA, 2.50%, 2/25/2052 (i)		2,460		2,504
GNMA II, 30 Year
Pool # BY3432, 3.50%, 9/20/2050		1,145		1,242
Pool # BR3929, 3.50%, 10/20/2050		496		541
Pool # BW1726, 3.50%, 10/20/2050		703		755
Pool # BS8546, 2.50%, 12/20/2050		1,834		1,869
Pool # BR3928, 3.00%, 12/20/2050		877		949
Pool # BU7538, 3.00%, 12/20/2050		669		724
Pool # 785294, 3.50%, 1/20/2051		1,870		2,038
Pool # CA8452, 3.00%, 2/20/2051		2,292		2,436
Pool # CA9005, 3.00%, 2/20/2051		437		467
Pool # CB1543, 3.00%, 2/20/2051		1,625		1,713
Pool # CA3588, 3.50%, 2/20/2051		1,511		1,618

SEE NOTES TO FINANCIAL STATEMENTS.

72 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mortgage-Backed Securities — continued
Pool # CB1536, 3.50%, 2/20/2051		1,814		1,969
Pool # CB1542, 3.00%, 3/20/2051		1,266		1,334
Pool # CB4433, 3.00%, 3/20/2051		2,141		2,216
Pool # CC0070, 3.00%, 3/20/2051		287		302
Pool # CC8726, 3.00%, 3/20/2051		365		391
Pool # CC8738, 3.00%, 3/20/2051		456		486
Pool # CC8723, 3.50%, 3/20/2051		2,122		2,303
Pool # CC0088, 4.00%, 3/20/2051		283		302
Pool # CC0092, 4.00%, 3/20/2051		364		391
Pool # CC8727, 3.00%, 4/20/2051		613		645
Pool # CC8739, 3.00%, 4/20/2051		1,524		1,620
Pool # CC8740, 3.00%, 4/20/2051		1,371		1,452
Pool # CC8751, 3.00%, 4/20/2051		306		323
Pool # CA3563, 3.50%, 7/20/2051		1,061		1,148
Pool # CE2586, 3.50%, 7/20/2051		1,603		1,739
Pool # MA7534, 2.50%, 8/20/2051		13,727		14,075
Pool # MA7649, 2.50%, 10/20/2051		1,459		1,496
Pool # CK1527, 3.50%, 12/20/2051		1,105		1,189
GNMA II, Other Pool # 785183, 2.94%, 10/20/2070 (h)		923		951
Total Mortgage-Backed Securities (Cost $83,104)				81,714
Collateralized Mortgage Obligations — 0.9%
Bayview Finance LLC 0.00%, 7/12/2033 ‡		1,139		1,139
Bayview Financing Trust Series 2021-2F, Class M1, 1.60%, 12/31/2049 ‡ (b) (h)		72		72
Cascade MH Asset Trust Series 2021-MH1, Class A1, 1.75%, 2/25/2046 (b)		1,200		1,180
CFMT LLC Series 2021-HB5, Class A, 0.80%, 2/25/2031 (b) (h)		1,486		1,483
CSMC Trust Series 2021-RPL1, Class A1, 1.67%, 9/27/2060 (b) (h)		1,096		1,087
FMC GMSR Issuer Trust Series 2021-GT2, Class A, 3.85%, 10/25/2026 (b) (h)		720		714
FNMA Trust, Whole Loan Series 2002-W8, Class A1, 6.50%, 6/25/2042		454		510
FNMA, Grantor Trust, Whole Loan Series 2001-T12, Class A1, 6.50%, 8/25/2041		231		258
FNMA, REMIC
Series 2018-72, Class VB, 3.50%, 10/25/2031		371		393
Series 2019-7, Class CA, 3.50%, 11/25/2057		2,201		2,304
FNMA, REMIC Trust, Whole Loan Series 2002-W3, Class A4, 6.50%, 11/25/2041		917		1,035

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
GNMA
Series 2015-H11, Class FC, 0.63%, 5/20/2065 (h)		610		613
Series 2021-H14, Class YD, 8.54%, 6/20/2071 (h)		977		1,281
Legacy Mortgage Asset Trust Series 2021-GS1, Class A1, 1.89%, 10/25/2066 (b) (e)		455		454
LHOME Mortgage Trust Series 2021-RTL1, Class A1, 2.09%, 9/25/2026 (b) (h)		330		329
PRPM LLC
Series 2021-2, Class A1, 2.12%, 3/25/2026 (b) (h)		914		908
Series 2021-10, Class A1, 2.49%, 10/25/2026 (b) (e)		383		382
Seasoned Credit Risk Transfer Trust
Series 2018-1, Class M60C, 3.50%, 5/25/2057		619		650
Series 2019-2, Class M55D, 4.00%, 8/25/2058		1,129		1,199
Series 2019-3, Class M55D, 4.00%, 10/25/2058		1,053		1,120
Series 2020-3, Class M5TW, 3.00%, 5/25/2060 ‡		1,386		1,447
Series 2020-3, Class TTW, 3.00%, 5/25/2060 ‡		1,405		1,461
Toorak Mortgage Corp. Ltd. Series 2020-1, Class A1, 2.73%, 3/25/2023 (b) (e)		290		290
Towd Point Mortgage Trust Series 2021-R1, Class A1, 2.92%, 11/30/2060 (b) (h)		1,968		1,963
ZH Trust
Series 2021-1, Class A, 2.25%, 2/18/2027 (b)		330		325
Series 2021-2, Class A, 2.35%, 10/17/2027 (b)		1,090		1,082
Total Collateralized Mortgage Obligations (Cost $23,819)				23,679
Commercial Mortgage-Backed Securities — 0.3%
ACRE Commercial Mortgage Ltd. (Cayman Islands)
Series 2021-FL4, Class A, 0.93%, 12/18/2037 (b) (h)		464		463
Series 2021-FL4, Class AS, 1.20%, 12/18/2037 (b) (h)		510		507
BPR Trust Series 2021-KEN, Class A, 1.36%, 2/15/2029 (b) (h)		475		475
FHLMC, Multi-Family Structured Credit Risk Series 2021-MN2, Class M1, 1.85%, 7/25/2041 (b) (h)		884		868

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 73

JPMorgan SmartRetirement^® Blend 2030 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — continued
FHLMC, Multi-Family Structured Pass-Through Certificates
Series K-1511, Class A1, 3.28%, 10/25/2030		715		775
Series K-1510, Class A2, 3.72%, 1/25/2031		265		304
FNMA ACES
Series 2021-M3, Class 1A1, 1.00%, 11/25/2033		256		253
Series 2021-M3, Class X1, IO, 2.00%, 11/25/2033 (h)		1,476		189
FREMF Mortgage Trust
Series 2017-KGX1, Class BFX, 3.59%, 10/25/2027 (b) (h)		570		582
Series 2015-K48, Class C, 3.64%, 8/25/2048 (b) (h)		40		42
Series 2016-K56, Class B, 3.94%, 6/25/2049 (b) (h)		415		445
Series 2016-K722, Class B, 3.87%, 7/25/2049 (b) (h)		275		284
Series 2016-K58, Class B, 3.74%, 9/25/2049 (b) (h)		415		444
Series 2017-K728, Class C, 3.65%, 11/25/2050 (b) (h)		215		222
KKR Industrial Portfolio Trust Series 2021-KDIP, Class B, 0.91%, 12/15/2037 ‡ (b) (h)		394		391
SLG Office Trust Series 2021-OVA, Class A, 2.59%, 7/15/2041 (b)		925		947
Total Commercial Mortgage-Backed Securities (Cost $7,294)				7,191
Foreign Government Securities — 0.1%
Kingdom of Saudi Arabia (Saudi Arabia) 2.25%, 2/2/2033 (b)		200		194
Republic of Colombia (Colombia) 4.00%, 2/26/2024		300		310
Republic of Panama (Panama) 3.16%, 1/23/2030		300		311
Republic of Peru (Peru) 2.78%, 12/1/2060		147		129
United Mexican States (Mexico) 2.66%, 5/24/2031		905		882
Total Foreign Government Securities (Cost $1,893)				1,826

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 2.6%
Investment Companies — 2.6%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (j) (Cost $68,021)		68,021		68,021
Total Investments — 100.1% (Cost $2,184,909)				2,570,604
Liabilities in Excess of Other Assets — (0.1)%				(3,092	)
NET ASSETS — 100.0%				2,567,512

Percentages indicated are based on net assets.

Abbreviations

ABS	Asset-Backed Securities
ACES	Alternative Credit Enhancement Securities
CDO	Collateralized Debt Obligations
CSMC	Credit Suisse Mortgage Trust
ETF	Exchange-Traded Fund
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
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.
LIBOR	London Interbank Offered Rate
REIT	Real Estate Investment Trust
REMIC	Real Estate Mortgage Investment Conduit
SOFR	Secured Overnight Financing Rate
STRIPS	Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
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)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(c)	Amount rounds to less than 0.1% of net assets.
(d)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of December 31, 2021.
(e)	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, 2021.

SEE NOTES TO FINANCIAL STATEMENTS.

74 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

(f)	All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(g)	The rate shown is the effective yield as of December 31, 2021.
(h)	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, 2021.
(i)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(j)	The rate shown is the current yield as of December 31, 2021.
‡	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, 2021 (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		554		03/2022		EUR		27,002		902
MSCI EAFE E-Mini Index		177		03/2022		USD		20,534		558
Russell 2000 E-Mini Index		109		03/2022		USD		12,222		359
S&P 500 E-Mini Index		458		03/2022		USD		108,963		2,269
U.S. Treasury 10 Year Note		737		03/2022		USD		96,052		756
										4,844

Abbreviations

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 75

JPMorgan SmartRetirement^® Blend 2035 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment Companies — 55.1%
Fixed Income — 17.6%
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		37,230		313,853
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		3,316		25,533
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		2,795		21,438
JPMorgan High Yield Fund Class R6 Shares (a)		6,113		44,384
JPMorgan Income Fund Class R6 Shares (a)		1,842		17,295
Total Fixed Income				422,503
International Equity — 7.3%
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		9,083		174,026
U.S. Equity — 30.2%
JPMorgan Equity Index Fund Class R6 Shares (a)		10,144		725,429
Total Investment Companies (Cost $1,057,032)				1,321,958
Exchange-Traded Funds — 38.8%
Alternative Assets — 4.4%
JPMorgan BetaBuilders MSCI US REIT ETF (a)		961		106,716
Fixed Income — 5.2%
JPMorgan High Yield Research Enhanced ETF (a)		1,128		58,374
JPMorgan U.S. Aggregate Bond ETF (a)		1,262		68,079
Total Fixed Income				126,453
International Equity — 22.0%
JPMorgan BetaBuilders International Equity ETF (a)		8,821		525,854
U.S. Equity — 7.2%
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a)		1,126		103,379
JPMorgan BetaBuilders U.S. Small Cap Equity ETF (a)		1,053		69,274
Total U.S. Equity				172,653
Total Exchange-Traded Funds (Cost $788,868)				931,676
	PRINCIPAL AMOUNT ($000)
Corporate Bonds — 1.4%
Aerospace & Defense — 0.2%
BAE Systems plc (United Kingdom) 3.40%, 4/15/2030 (b)		400		427

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Aerospace & Defense — continued
Boeing Co. (The) 2.70%, 2/1/2027		594		604
L3Harris Technologies, Inc. 1.80%, 1/15/2031		40		38
Leidos, Inc. 2.30%, 2/15/2031		7		7
Northrop Grumman Corp.
5.15%, 5/1/2040		37		48
3.85%, 4/15/2045		106		120
Raytheon Technologies Corp.
2.25%, 7/1/2030		80		79
3.75%, 11/1/2046		52		58
2.82%, 9/1/2051		70		68
				1,449
Airlines — 0.0% (c)
American Airlines Pass-Through Trust Series 2021-1, Class A Shares, 2.88%, 7/11/2034		147		146
Auto Components — 0.0% (c)
Lear Corp. 2.60%, 1/15/2032		25		25
Automobiles — 0.0% (c)
Daimler Finance North America LLC (Germany)
1.45%, 3/2/2026 (b)		150		148
Hyundai Capital America
3.00%, 2/10/2027 (b)		200		207
2.38%, 10/15/2027 (b)		198		197
				552
Banks — 0.4%
ABN AMRO Bank NV (Netherlands) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.80%), 1.54%, 6/16/2027 (b) (d)		200		196
AIB Group plc (Ireland) 4.75%, 10/12/2023 (b)		400		423
Australia & New Zealand Banking Group Ltd. (Australia) 4.40%, 5/19/2026 (b)		200		219
Banco Santander SA (Spain) 2.75%, 12/3/2030		200		196
Bank of America Corp.
4.00%, 1/22/2025		338		360
(SOFR + 1.01%), 1.20%, 10/24/2026 (d)		106		104
(ICE LIBOR USD 3 Month + 1.51%), 3.71%, 4/24/2028 (d)		278		302
(SOFR + 1.21%), 2.57%, 10/20/2032 (d)		80		80
(SOFR + 1.93%), 2.68%, 6/19/2041 (d)		224		216
Barclays plc (United Kingdom) 3.65%, 3/16/2025		400		422
BNP Paribas SA (France) (SOFR + 1.61%), 1.90%, 9/30/2028 (b) (d)		200		195

SEE NOTES TO FINANCIAL STATEMENTS.

76 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Banks — continued
Citigroup, Inc.
3.88%, 3/26/2025		290		309
(ICE LIBOR USD 3 Month + 1.39%), 3.67%, 7/24/2028 (d)		200		216
(ICE LIBOR USD 3 Month + 1.15%), 3.52%, 10/27/2028 (d)		100		107
(ICE LIBOR USD 3 Month + 1.17%), 3.88%, 1/24/2039 (d)		88		100
Credit Agricole SA (France) 4.38%, 3/17/2025 (b)		400		430
HSBC Holdings plc (United Kingdom)
(SOFR + 1.29%), 1.59%, 5/24/2027 (d)		200		195
(SOFR + 1.73%), 2.01%, 9/22/2028 (d)		400		391
Lloyds Banking Group plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.85%), 1.63%, 5/11/2027 (d)		200		197
Mitsubishi UFJ Financial Group, Inc. (Japan) 3.74%, 3/7/2029		184		201
NatWest Group plc (United Kingdom) (ICE LIBOR USD 3 Month + 1.87%), 4.44%, 5/8/2030 (d)		200		225
Societe Generale SA (France) 4.25%, 4/14/2025 (b)		400		426
Standard Chartered plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.17%), 1.32%, 10/14/2023 (b) (d)		250		250
Wells Fargo & Co.
4.30%, 7/22/2027		344		384
(SOFR + 2.53%), 3.07%, 4/30/2041 (d)		18		18
Westpac Banking Corp. (Australia)
2.96%, 11/16/2040		44		43
3.13%, 11/18/2041		45		45
				6,250
Beverages — 0.0% (c)
Anheuser-Busch InBev Worldwide, Inc. (Belgium) 3.75%, 7/15/2042		378		412
Keurig Dr Pepper, Inc.
3.20%, 5/1/2030		60		63
3.80%, 5/1/2050		58		65
				540
Biotechnology — 0.0% (c)
AbbVie, Inc.
3.20%, 11/21/2029		198		212
4.05%, 11/21/2039		392		450

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Biotechnology — continued
Amgen, Inc. 3.15%, 2/21/2040		96		98
Biogen, Inc.
2.25%, 5/1/2030		52		52
3.15%, 5/1/2050		40		38
Gilead Sciences, Inc.
1.65%, 10/1/2030		90		86
2.60%, 10/1/2040		52		50
Regeneron Pharmaceuticals, Inc. 1.75%, 9/15/2030		88		83
				1,069
Building Products — 0.0% (c)
Masco Corp. 2.00%, 10/1/2030		88		84
Capital Markets — 0.2%
Brookfield Finance, Inc. (Canada) 3.50%, 3/30/2051		114		119
Credit Suisse Group AG (Switzerland) 4.28%, 1/9/2028 (b)		500		543
Deutsche Bank AG (Germany) (SOFR + 1.87%), 2.13%, 11/24/2026 (d)		300		300
Goldman Sachs Group, Inc. (The)
(SOFR + 0.57%), 0.67%, 3/8/2024 (d)		145		144
4.25%, 10/21/2025		290		316
(SOFR + 0.80%), 1.43%, 3/9/2027 (d)		75		73
(SOFR + 0.91%), 1.95%, 10/21/2027 (d)		40		40
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028 (d)		105		113
(SOFR + 1.25%), 2.38%, 7/21/2032 (d)		80		79
(ICE LIBOR USD 3 Month + 1.37%), 4.02%, 10/31/2038 (d)		70		80
Macquarie Group Ltd. (Australia) (SOFR + 1.53%), 2.87%, 1/14/2033 (b) (d)		150		150
Morgan Stanley
5.00%, 11/24/2025		400		447
(ICE LIBOR USD 3 Month + 1.43%), 4.46%, 4/22/2039 (d)		88		105
(SOFR + 1.49%), 3.22%, 4/22/2042 (d)		40		42
UBS Group AG (Switzerland) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 2.09%, 2/11/2032 (b) (d)		200		194
				2,745
Chemicals — 0.0% (c)
DuPont de Nemours, Inc. 5.32%, 11/15/2038		70		91
International Flavors & Fragrances, Inc. 3.47%, 12/1/2050 (b)		66		69

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 77

JPMorgan SmartRetirement^® Blend 2035 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Chemicals — continued
LYB International Finance III LLC 1.25%, 10/1/2025		30		29
				189
Construction & Engineering — 0.0% (c)
Quanta Services, Inc. 2.35%, 1/15/2032		75		73
Construction Materials — 0.0% (c)
Martin Marietta Materials, Inc. Series CB, 2.50%, 3/15/2030		92		93
Consumer Finance — 0.1%
AerCap Ireland Capital DAC (Ireland) 4.63%, 10/15/2027		300		332
Avolon Holdings Funding Ltd. (Ireland)
5.50%, 1/15/2026 (b)		259		286
2.53%, 11/18/2027 (b)		369		358
Capital One Financial Corp.
3.80%, 1/31/2028		102		111
(SOFR + 1.27%), 2.62%, 11/2/2032 (d)		45		45
General Motors Financial Co., Inc.
1.20%, 10/15/2024		105		104
2.70%, 6/10/2031		90		90
				1,326
Containers & Packaging — 0.0% (c)
Graphic Packaging International LLC 1.51%, 4/15/2026 (b)		49		48
Diversified Financial Services — 0.0% (c)
Hutchison Whampoa International 14 Ltd. (United Kingdom) 3.63%, 10/31/2024 (b)		250		265
Shell International Finance BV (Netherlands)
2.38%, 11/7/2029		100		102
3.13%, 11/7/2049		52		54
				421
Diversified Telecommunication Services — 0.0% (c)
AT&T, Inc.
2.30%, 6/1/2027		128		130
2.75%, 6/1/2031		168		172
3.50%, 6/1/2041		128		132
3.55%, 9/15/2055		76		76
Verizon Communications, Inc.
2.10%, 3/22/2028		60		60
3.15%, 3/22/2030		124		131
2.65%, 11/20/2040		44		42
3.85%, 11/1/2042		162		181
				924

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Electric Utilities — 0.1%
Duke Energy Corp. 3.40%, 6/15/2029		100		106
Duke Energy Progress LLC 2.90%, 8/15/2051		40		40
Duquesne Light Holdings, Inc. 2.78%, 1/7/2032 (b)		20		20
Edison International 5.75%, 6/15/2027		76		87
Emera US Finance LP (Canada) 4.75%, 6/15/2046		52		61
Entergy Louisiana LLC 4.00%, 3/15/2033		40		45
Evergy, Inc. 2.90%, 9/15/2029		96		98
FirstEnergy Transmission LLC 4.55%, 4/1/2049 (b)		44		50
Fortis, Inc. (Canada) 3.06%, 10/4/2026		70		73
Indiana Michigan Power Co. 3.25%, 5/1/2051		55		56
ITC Holdings Corp. 2.95%, 5/14/2030 (b)		30		31
Jersey Central Power & Light Co. 4.30%, 1/15/2026 (b)		44		48
Massachusetts Electric Co. 4.00%, 8/15/2046 (b)		13		14
New England Power Co. (United Kingdom) 2.81%, 10/6/2050 (b)		62		57
NRG Energy, Inc. 2.45%, 12/2/2027 (b)		118		117
OGE Energy Corp. 0.70%, 5/26/2023		30		30
Oklahoma Gas and Electric Co. 0.55%, 5/26/2023		35		35
Pacific Gas and Electric Co.
1.37%, 3/10/2023		115		114
1.70%, 11/15/2023		35		35
2.95%, 3/1/2026		51		52
3.75%, 8/15/2042 (e)		62		58
Southern California Edison Co.
Series 20C, 1.20%, 2/1/2026		40		39
Series C, 4.13%, 3/1/2048		30		34
				1,300
Electrical Equipment — 0.0% (c)
Eaton Corp. 4.15%, 11/2/2042		70		82
Energy Equipment & Services — 0.0% (c)
Baker Hughes Holdings LLC 3.34%, 12/15/2027		66		70
Schlumberger Holdings Corp. 4.00%, 12/21/2025 (b)		66		71
				141
Entertainment — 0.0% (c)
Activision Blizzard, Inc. 1.35%, 9/15/2030		48		44
Walt Disney Co. (The)
2.65%, 1/13/2031		90		94

SEE NOTES TO FINANCIAL STATEMENTS.

78 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Entertainment — continued
3.50%, 5/13/2040		84		92
				230
Equity Real Estate Investment Trusts (REITs) — 0.2%
Alexandria Real Estate Equities, Inc. 3.38%, 8/15/2031		102		110
American Campus Communities Operating Partnership LP 2.25%, 1/15/2029		30		30
American Tower Corp.
1.88%, 10/15/2030		256		241
3.10%, 6/15/2050		27		26
2.95%, 1/15/2051		17		16
Brixmor Operating Partnership LP
2.25%, 4/1/2028		40		39
2.50%, 8/16/2031		20		20
Corporate Office Properties LP 2.75%, 4/15/2031		54		54
Crown Castle International Corp. 3.10%, 11/15/2029		96		100
CubeSmart LP 2.00%, 2/15/2031		102		98
Digital Realty Trust LP 3.70%, 8/15/2027		90		98
Equinix, Inc.
2.90%, 11/18/2026		70		73
2.00%, 5/15/2028		89		87
Federal Realty Investment Trust 1.25%, 2/15/2026		70		69
Healthcare Trust of America Holdings LP 2.00%, 3/15/2031		88		83
Healthpeak Properties, Inc.
2.13%, 12/1/2028		67		67
2.88%, 1/15/2031		96		100
Life Storage LP 2.40%, 10/15/2031		60		59
Mid-America Apartments LP 3.60%, 6/1/2027		105		113
Office Properties Income Trust
2.65%, 6/15/2026		60		60
2.40%, 2/1/2027		75		72
Physicians Realty LP 2.63%, 11/1/2031		25		25
Public Storage
1.95%, 11/9/2028		32		32
2.25%, 11/9/2031		27		27
Sabra Health Care LP 3.20%, 12/1/2031		45		44
Safehold Operating Partnership LP 2.85%, 1/15/2032		80		78
Scentre Group Trust 1 (Australia) 3.63%, 1/28/2026 (b)		158		169
UDR, Inc. 2.10%, 8/1/2032		88		84

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Equity Real Estate Investment Trusts (REITs) — continued
WP Carey, Inc.
4.25%, 10/1/2026		26		28
2.40%, 2/1/2031		36		35
2.45%, 2/1/2032		40		40
				2,177
Food & Staples Retailing — 0.0% (c)
7-Eleven, Inc. 0.63%, 2/10/2023 (b)		120		120
Alimentation Couche-Tard, Inc. (Canada)
2.95%, 1/25/2030 (b)		96		99
3.44%, 5/13/2041 (b)		60		62
3.63%, 5/13/2051 (b)		65		68
Kroger Co. (The) 3.95%, 1/15/2050		58		67
Sysco Corp. 2.40%, 2/15/2030		132		132
				548
Food Products — 0.0% (c)
Bunge Ltd. Finance Corp. 2.75%, 5/14/2031		75		76
Conagra Brands, Inc. 1.38%, 11/1/2027		90		86
Mondelez International, Inc. 1.88%, 10/15/2032		60		57
Smithfield Foods, Inc. 3.00%, 10/15/2030 (b)		118		118
				337
Gas Utilities — 0.0% (c)
Atmos Energy Corp.
0.63%, 3/9/2023		20		20
2.85%, 2/15/2052		45		44
CenterPoint Energy Resources Corp. 1.75%, 10/1/2030		40		38
				102
Health Care Equipment & Supplies — 0.0% (c)
Becton Dickinson and Co. 3.79%, 5/20/2050		52		58
Boston Scientific Corp.
4.00%, 3/1/2029		40		45
4.55%, 3/1/2039		36		43
DH Europe Finance II SARL 3.25%, 11/15/2039		30		32
Zimmer Biomet Holdings, Inc. 2.60%, 11/24/2031		57		57
				235
Health Care Providers & Services — 0.0% (c)
Anthem, Inc. 2.25%, 5/15/2030		100		100
Banner Health 1.90%, 1/1/2031		100		97
Beth Israel Lahey Health, Inc. Series L, 3.08%, 7/1/2051		25		25

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 79

JPMorgan SmartRetirement^® Blend 2035 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Health Care Providers & Services — continued
Children’s Hospital of Philadelphia (The) Series 2020, 2.70%, 7/1/2050		70		68
CommonSpirit Health 2.78%, 10/1/2030		74		76
CVS Health Corp. 2.70%, 8/21/2040		92		89
HCA, Inc.
5.25%, 6/15/2026		224		251
3.50%, 7/15/2051		50		51
Piedmont Healthcare, Inc. 2.86%, 1/1/2052		45		44
Quest Diagnostics, Inc. 2.80%, 6/30/2031		70		72
Universal Health Services, Inc. 2.65%, 1/15/2032 (b)		45		44
				917
Hotels, Restaurants & Leisure — 0.0% (c)
Starbucks Corp. 3.35%, 3/12/2050		52		54
Household Durables — 0.0% (c)
Lennar Corp. 5.00%, 6/15/2027		155		175
MDC Holdings, Inc. 3.97%, 8/6/2061		55		53
				228
Household Products — 0.0% (c)
Kimberly-Clark Corp. 3.70%, 6/1/2043		35		39
Independent Power and Renewable Electricity Producers — 0.0% (c)
Alexander Funding Trust 1.84%, 11/15/2023 (b)		198		199
Exelon Generation Co. LLC
3.25%, 6/1/2025		194		202
5.75%, 10/1/2041		40		48
Southern Power Co. 5.15%, 9/15/2041		74		91
				540
Industrial Conglomerates — 0.0% (c)
Roper Technologies, Inc. 1.75%, 2/15/2031		90		85
Insurance — 0.0% (c)
American International Group, Inc.
3.40%, 6/30/2030		66		71
4.38%, 6/30/2050		74		92
Athene Global Funding 2.75%, 6/25/2024 (b)		92		95
Brown & Brown, Inc. 2.38%, 3/15/2031		92		90
F&G Global Funding 1.75%, 6/30/2026 (b)		40		40
New York Life Insurance Co. 3.75%, 5/15/2050 (b)		106		120
Northwestern Mutual Global Funding 1.70%, 6/1/2028 (b)		40		40
Teachers Insurance & Annuity Association of America 3.30%, 5/15/2050 (b)		96		100
				648

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Internet & Direct Marketing Retail — 0.0% (c)
eBay, Inc. 2.60%, 5/10/2031		160		162
IT Services — 0.0% (c)
CGI, Inc. (Canada)
1.45%, 9/14/2026 (b)		42		41
2.30%, 9/14/2031 (b)		75		72
Global Payments, Inc. 3.20%, 8/15/2029		77		80
				193
Life Sciences Tools & Services — 0.0% (c)
Thermo Fisher Scientific, Inc. 2.00%, 10/15/2031		70		69
Machinery — 0.0% (c)
Otis Worldwide Corp. 3.11%, 2/15/2040		66		68
Media — 0.0% (c)
Charter Communications Operating LLC
2.25%, 1/15/2029		35		34
2.80%, 4/1/2031		162		160
3.50%, 3/1/2042		35		34
3.70%, 4/1/2051		96		93
Comcast Corp. 3.25%, 11/1/2039		84		89
Cox Communications, Inc.
1.80%, 10/1/2030 (b)		60		57
2.95%, 10/1/2050 (b)		44		41
Discovery Communications LLC 3.63%, 5/15/2030		88		94
ViacomCBS, Inc.
4.00%, 1/15/2026		60		65
4.38%, 3/15/2043		52		59
5.85%, 9/1/2043		50		67
				793
Metals & Mining — 0.0% (c)
Anglo American Capital plc (South Africa) 3.63%, 9/11/2024 (b)		400		420
Glencore Funding LLC (Australia) 2.50%, 9/1/2030 (b)		96		93
Steel Dynamics, Inc. 1.65%, 10/15/2027		60		59
Teck Resources Ltd. (Canada) 6.25%, 7/15/2041		40		53
Vale Overseas Ltd. (Brazil) 3.75%, 7/8/2030		96		99
				724
Multiline Retail — 0.0% (c)
Kohl’s Corp. 3.38%, 5/1/2031		74		75
Nordstrom, Inc. 4.25%, 8/1/2031		80		79
				154

SEE NOTES TO FINANCIAL STATEMENTS.

80 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Multi-Utilities — 0.0% (c)
Berkshire Hathaway Energy Co. 2.85%, 5/15/2051		44		42
CenterPoint Energy, Inc. 1.45%, 6/1/2026		44		43
Consumers Energy Co. 3.25%, 8/15/2046		30		32
Puget Energy, Inc. 2.38%, 6/15/2028		54		53
San Diego Gas & Electric Co. 2.95%, 8/15/2051		70		71
WEC Energy Group, Inc. 1.38%, 10/15/2027		44		42
				283
Oil, Gas & Consumable Fuels — 0.2%
BP Capital Markets America, Inc.
3.63%, 4/6/2030		158		175
2.77%, 11/10/2050		44		41
Cheniere Corpus Christi Holdings LLC 5.88%, 3/31/2025		75		83
Diamondback Energy, Inc. 3.25%, 12/1/2026		96		101
Enable Midstream Partners LP
3.90%, 5/15/2024 (e)		190		198
4.40%, 3/15/2027		90		97
5.00%, 5/15/2044 (e)		105		113
Energy Transfer LP 3.90%, 7/15/2026		146		157
Exxon Mobil Corp. 3.00%, 8/16/2039		146		148
Flex Intermediate Holdco LLC
3.36%, 6/30/2031 (b)		40		40
4.32%, 12/30/2039 (b)		30		31
Gray Oak Pipeline LLC 2.60%, 10/15/2025 (b)		198		198
HollyFrontier Corp.
2.63%, 10/1/2023		22		22
5.88%, 4/1/2026		90		101
MPLX LP
2.65%, 8/15/2030		88		88
4.50%, 4/15/2038		52		58
NGPL PipeCo LLC 3.25%, 7/15/2031 (b)		40		41
Phillips 66 Partners LP 3.55%, 10/1/2026		44		47
Pioneer Natural Resources Co. 1.90%, 8/15/2030		58		55
Plains All American Pipeline LP 4.65%, 10/15/2025		150		164
Sabine Pass Liquefaction LLC 5.63%, 3/1/2025		102		113
TotalEnergies Capital International SA (France)
2.99%, 6/29/2041		96		97
TransCanada PipeLines Ltd. (Canada) 4.10%, 4/15/2030		102		114
Williams Cos., Inc. (The) 2.60%, 3/15/2031		50		50
				2,332

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pharmaceuticals — 0.0% (c)
Bristol-Myers Squibb Co. 2.35%, 11/13/2040		260		247
Royalty Pharma plc
1.75%, 9/2/2027		11		11
3.30%, 9/2/2040		40		39
3.55%, 9/2/2050		26		26
Takeda Pharmaceutical Co. Ltd. (Japan) 3.03%, 7/9/2040		400		406
Utah Acquisition Sub, Inc. 3.95%, 6/15/2026		60		65
Viatris, Inc. 3.85%, 6/22/2040		96		102
				896
Professional Services — 0.0% (c)
IHS Markit Ltd. 4.25%, 5/1/2029		70		80
Road & Rail — 0.0% (c)
Kansas City Southern 4.70%, 5/1/2048		37		46
Penske Truck Leasing Co. LP 1.20%, 11/15/2025 (b)		106		103
Triton Container International Ltd. (Bermuda) 2.05%, 4/15/2026 (b)		150		149
Union Pacific Corp. 3.55%, 8/15/2039		70		78
				376
Semiconductors & Semiconductor Equipment — 0.0% (c)
Analog Devices, Inc. 2.80%, 10/1/2041		46		47
Broadcom, Inc.
4.15%, 11/15/2030		338		374
3.19%, 11/15/2036 (b)		18		18
KLA Corp. 3.30%, 3/1/2050		50		53
Microchip Technology, Inc. 0.98%, 9/1/2024 (b)		75		74
NXP BV (China)
2.50%, 5/11/2031 (b)		70		70
3.25%, 5/11/2041 (b)		75		77
Xilinx, Inc. 2.38%, 6/1/2030		127		129
				842
Software — 0.0% (c)
Citrix Systems, Inc. 1.25%, 3/1/2026		15		15
Oracle Corp.
2.30%, 3/25/2028		25		25
2.95%, 4/1/2030		124		125
3.80%, 11/15/2037		124		130
VMware, Inc.
1.40%, 8/15/2026		83		82
4.70%, 5/15/2030		84		97
				474

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 81

JPMorgan SmartRetirement^® Blend 2035 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Specialty Retail — 0.0% (c)
Lowe’s Cos., Inc.
1.70%, 10/15/2030		40		38
3.70%, 4/15/2046		102		111
O’Reilly Automotive, Inc. 3.90%, 6/1/2029		106		117
Tractor Supply Co. 1.75%, 11/1/2030		100		94
				360
Technology Hardware, Storage & Peripherals — 0.0% (c)
Apple, Inc.
3.45%, 2/9/2045		128		143
2.70%, 8/5/2051		50		49
Dell International LLC 6.20%, 7/15/2030		246		311
				503
Thrifts & Mortgage Finance — 0.0% (c)
BPCE SA (France) (SOFR + 1.52%), 1.65%, 10/6/2026 (b) (d)		250		247
Tobacco — 0.0% (c)
Altria Group, Inc. 2.45%, 2/4/2032		70		66
BAT Capital Corp. (United Kingdom)
2.26%, 3/25/2028		92		90
4.39%, 8/15/2037		55		58
3.73%, 9/25/2040		96		92
				306
Trading Companies & Distributors — 0.0% (c)
Air Lease Corp.
2.88%, 1/15/2026		50		52
1.88%, 8/17/2026		210		206
				258
Wireless Telecommunication Services — 0.0% (c)
T-Mobile USA, Inc.
2.55%, 2/15/2031		212		211
3.00%, 2/15/2041		128		125
				336
Total Corporate Bonds (Cost $33,811)				33,053
U.S. Treasury Obligations — 1.4%
U.S. Treasury Bonds
1.13%, 5/15/2040		550		482
1.13%, 8/15/2040		737		643
1.38%, 11/15/2040		1,482		1,351
1.88%, 2/15/2041		775		767
2.25%, 5/15/2041		61		64
3.13%, 2/15/2043		360		434

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
2.25%, 8/15/2046		195		206
1.25%, 5/15/2050		30		25
1.38%, 8/15/2050		1,865		1,634
1.63%, 11/15/2050		2,174		2,026
1.88%, 2/15/2051		165		163
U.S. Treasury Notes
1.38%, 1/31/2022 (f)		10,540		10,551
0.13%, 1/15/2024		946		934
0.13%, 2/15/2024		2,390		2,359
0.50%, 2/28/2026		4,267		4,146
0.63%, 12/31/2027		2,137		2,045
1.13%, 2/29/2028		1,225		1,207
1.25%, 3/31/2028		415		411
1.00%, 7/31/2028		305		297
0.88%, 11/15/2030		716		681
1.13%, 2/15/2031		1,375		1,334
1.63%, 5/15/2031		110		111
U.S. Treasury STRIPS Bonds
1.02%, 8/15/2026 (g)		515		485
1.16%, 5/15/2027 (g)		525		488
Total U.S. Treasury Obligations (Cost $33,100)				32,844
Asset-Backed Securities — 0.8%
ACC Auto Trust
Series 2021-A, Class A, 1.08%, 4/15/2027 (b)		131		131
Series 2021-A, Class B, 1.79%, 4/15/2027 (b)		185		183
ACC Trust Series 2021-1, Class B, 1.43%, 7/22/2024 (b)		145		144
Accelerated LLC Series 2021-1H, Class B, 1.90%, 10/20/2040 ‡ (b)		117		115
Affirm Asset Securitization Trust Series 2021-A, Class A, 0.88%, 8/15/2025 (b)		220		220
Ajax Mortgage Loan Trust Series 2021-B, Class A, 2.24%, 6/25/2066 (b) (e)		198		196
Aligned Data Centers Issuer LLC Series 2021-1A, Class A2, 1.94%, 8/15/2046 (b)		170		167
American Airlines Pass-Through Trust
Series 2016-2, Class AA, 3.20%, 6/15/2028		132		133
Series 2016-3, Class AA, 3.00%, 10/15/2028		174		173
Series 2021-1, Class B, 3.95%, 7/11/2030		184		183
Series 2019-1, Class AA, 3.15%, 2/15/2032		138		139
AMSR Trust
Series 2020-SFR2, Class E1, 4.03%, 7/17/2037 ‡ (b)		102		105

SEE NOTES TO FINANCIAL STATEMENTS.

82 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Series 2020-SFR3, Class E2, 2.76%, 9/17/2037 (b)		100		99
Series 2020-SFR4, Class E2, 2.46%, 11/17/2037 ‡ (b)		100		98
Series 2021-SFR2, Class E2, 2.58%, 8/17/2038 ‡ (b)		100		97
Business Jet Securities LLC
Series 2021-1A, Class A, 2.16%, 4/15/2036 (b)		156		153
Series 2021-1A, Class B, 2.92%, 4/15/2036 ‡ (b)		212		208
CarNow Auto Receivables Trust Series 2021-1A, Class A, 0.97%, 10/15/2024 (b)		147		147
CF Hippolyta LLC Series 2021-1A, Class A1, 1.53%, 3/15/2061 (b)		236		232
CPS Auto Receivables Trust
Series 2021-A, Class A, 0.35%, 1/16/2024 (b)		28		28
Series 2021-A, Class B, 0.61%, 2/18/2025 (b)		135		135
Series 2021-A, Class C, 0.83%, 9/15/2026 (b)		450		447
Series 2021-B, Class C, 1.23%, 3/15/2027 (b)		140		139
Credit Acceptance Auto Loan Trust
Series 2021-2A, Class A, 0.96%, 2/15/2030 (b)		380		378
Series 2021-3A, Class A, 1.00%, 5/15/2030 (b)		250		248
Credito Real USA Auto Receivables Trust Series 2021-1A, Class A, 1.35%, 2/16/2027 (b)		194		193
Crossroads Asset Trust
Series 2021-A, Class A2, 0.82%, 3/20/2024 (b)		120		120
Series 2021-A, Class B, 1.12%, 6/20/2025 ‡ (b)		155		154
DataBank Issuer Series 2021-1A, Class A2, 2.06%, 2/27/2051 (b)		265		260
Diamond Resorts Owner Trust Series 2021-1A, Class A, 1.51%, 11/21/2033 (b)		112		111
DT Auto Owner Trust Series 2021-2A, Class C, 1.10%, 2/16/2027 (b)		295		293
Elara HGV Timeshare Issuer LLC
Series 2021-A, Class B, 1.74%, 8/27/2035 ‡ (b)		197		195
Exeter Automobile Receivables Trust
Series 2021-1A, Class C, 0.74%, 1/15/2026		350		349
Series 2021-2A, Class C, 0.98%, 6/15/2026		165		164

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
FHF Trust Series 2021-1A, Class A, 1.27%, 3/15/2027 (b)		347		345
Finance of America HECM Buyout Series 2021-HB1, Class A, 0.88%, 2/25/2031 ‡ (b) (h)		139		139
Flagship Credit Auto Trust
Series 2021-2, Class A, 0.37%, 12/15/2026 (b)		294		293
Series 2021-1, Class B, 0.68%, 2/16/2027 (b)		100		99
FREED ABS Trust
Series 2021-1CP, Class A, 0.66%, 3/20/2028 (b)		28		28
Series 2021-2, Class A, 0.68%, 6/19/2028 (b)		48		48
Series 2021-2, Class B, 1.03%, 6/19/2028 ‡ (b)		175		174
GLS Auto Receivables Trust Series 2021-2A, Class B, 0.77%, 9/15/2025 (b)		205		204
Hilton Grand Vacations Trust Series 2017-AA, Class A, 2.66%, 12/26/2028 (b)		20		20
Home Partners of America Trust
Series 2021-2, Class C, 2.40%, 12/17/2026 ‡ (b)		230		226
Series 2021-3, Class D, 3.00%, 1/17/2041 (b)		155		154
JetBlue Pass-Through Trust Series 2020-1, Class B, 7.75%, 11/15/2028		82		96
Lakeview CDO LLC
1.83%, 11/10/2032 ‡ (h)		6		6
2.33%, 11/10/2032 ‡ (h)		100		100
Lendbuzz Securitization Trust Series 2021-1A, Class A, 1.46%, 6/15/2026 (b)		246		245
Lendingpoint Asset Securitization Trust
Series 2021-A, Class A, 1.00%, 12/15/2028 (b)		285		284
Series 2021-A, Class B, 1.46%, 12/15/2028 ‡ (b)		100		99
Series 2021-B, Class A, 1.11%, 2/15/2029 (b)		300		299
Series 2021-B, Class B, 1.68%, 2/15/2029 ‡ (b)		120		119
LL ABS Trust Series 2021-1A, Class A, 1.07%, 5/15/2029 (b)		114		113
Mariner Finance Issuance Trust Series 2021-AA, Class A, 1.86%, 3/20/2036 (b)		195		192
Marlette Funding Trust
Series 2021-1A, Class A, 0.60%, 6/16/2031 (b)		52		52

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 83

JPMorgan SmartRetirement^® Blend 2035 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Series 2021-1A, Class B, 1.00%, 6/16/2031 ‡ (b)		170		169
Mercury Financial Credit Card Master Trust
Series 2021-1A, Class A, 1.54%, 3/20/2026 (b)		235		235
Series 2021-1A, Class B, 2.33%, 3/20/2026 (b)		245		243
Mission Lane Credit Card Master Trust Series 2021-A, Class A, 1.59%, 9/15/2026 (b)		195		194
MVW LLC Series 2021-2A, Class C, 2.23%, 5/20/2039 ‡ (b)		285		283
NMEF Funding LLC Series 2021-A, Class B, 1.85%, 12/15/2027 ‡ (b)		299		298
NRZ Excess Spread-Collateralized Notes
Series 2021-FNT1, Class A, 2.98%, 3/25/2026 (b)		278		276
Series 2021-FNT2, Class A, 3.23%, 5/25/2026 (b)		316		313
Octane Receivables Trust Series 2021-1A, Class A, 0.93%, 3/22/2027 (b)		138		137
Oportun Funding XIV LLC
Series 2021-A, Class A, 1.21%, 3/8/2028 (b)		118		118
Series 2021-A, Class B, 1.76%, 3/8/2028 ‡ (b)		370		369
Oportun Issuance Trust Series 2021-B, Class A, 1.47%, 5/8/2031 (b)		425		422
Pagaya AI Debt Selection Trust
Series 2021-1, Class A, 1.18%, 11/15/2027 (b)		510		509
Series 2021-HG1, Class A, 1.22%, 1/16/2029 (b)		341		339
Series 2021-3, Class A, 1.15%, 5/15/2029 (b)		321		319
PRET LLC Series 2021-RN4, Class A1, 2.49%, 10/25/2051 (b) (h)		98		98
Pretium Mortgage Credit Partners I LLC
Series 2021-NPL1, Class A1, 2.24%, 9/27/2060 (b) (e)		331		328
Series 2021-NPL4, Class A1, 2.36%, 10/27/2060 ‡ (b) (e)		270		268
Progress Residential Trust
Series 2020-SFR1, Class E, 3.03%, 4/17/2037 (b)		205		207
Series 2021-SFR2, Class D, 2.20%, 4/19/2038 ‡ (b)		453		443
Regional Management Issuance Trust Series 2021-1, Class A, 1.68%, 3/17/2031 (b)		185		183

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Republic Finance Issuance Trust Series 2021-A, Class A, 2.30%, 12/22/2031 (b)		334		334
Sierra Timeshare Receivables Funding LLC
Series 2021-1A, Class B, 1.34%, 11/20/2037 ‡ (b)		163		160
Series 2021-2A, Class B, 1.80%, 9/20/2038 ‡ (b)		108		107
Theorem Funding Trust Series 2021-1A, Class A, 1.21%, 12/15/2027 (b)		240		240
Tricolor Auto Securitization Trust
Series 2021-1A, Class B, 1.00%, 6/17/2024 (b)		180		180
Series 2021-1A, Class C, 1.33%, 9/16/2024 (b)		180		179
United Airlines Pass-Through Trust
Series 2019-2, Class B, 3.50%, 5/1/2028		79		79
Series 2016-2, Class A, 3.10%, 10/7/2028		39		39
Series 2018-1, Class A, 3.70%, 3/1/2030		107		108
United Auto Credit Securitization Trust Series 2021-1, Class C, 0.84%, 6/10/2026 (b)		180		179
Upstart Securitization Trust Series 2021-1, Class A, 0.87%, 3/20/2031 (b)		116		115
US Auto Funding Series 2021-1A, Class B, 1.49%, 3/17/2025 (b)		105		104
VCAT LLC Series 2021-NPL2, Class A1, 2.12%, 3/27/2051 (b) (e)		108		108
Veros Auto Receivables Trust Series 2021-1, Class A, 0.92%, 10/15/2026 (b)		132		132
VOLT XCII LLC Series 2021-NPL1, Class A1, 1.89%, 2/27/2051 (b) (e)		122		121
VOLT XCIII LLC Series 2021-NPL2, Class A1, 1.89%, 2/27/2051 (b) (e)		401		397
VOLT XCIV LLC Series 2021-NPL3, Class A1, 2.24%, 2/27/2051 (b) (e)		347		345
VOLT XCIX LLC Series 2021-NPL8, Class A1, 2.12%, 4/25/2051 (b) (e)		269		268
VOLT XCV LLC Series 2021-NPL4, Class A1, 2.24%, 3/27/2051 ‡ (b) (e)		246		244
VOLT XCVI LLC Series 2021-NPL5, Class A1, 2.12%, 3/27/2051 (b) (e)		262		261
VOLT XCVII LLC Series 2021-NPL6, Class A1, 2.24%, 4/25/2051 (b) (e)		336		334
Westlake Automobile Receivables Trust Series 2021-1A, Class C, 0.95%, 3/16/2026 (b)		315		313
Total Asset-Backed Securities (Cost $19,692)				19,570

SEE NOTES TO FINANCIAL STATEMENTS.

84 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mortgage-Backed Securities — 0.7%
FHLMC UMBS, 30 Year
Pool # ZL3032, 3.50%, 5/1/2042		110		118
Pool # QA6772, 3.50%, 1/1/2050		749		804
Pool # RA4224, 3.00%, 11/1/2050		230		241
Pool # QB8503, 2.50%, 2/1/2051		260		266
FNMA Pool # BS4290, 1.95%, 10/1/2029		500		507
FNMA UMBS, 30 Year
Pool # BO1362, 4.00%, 6/1/2049		121		130
Pool # FM3118, 3.00%, 5/1/2050		185		195
Pool # BR4318, 3.00%, 1/1/2051		399		416
Pool # BQ8009, 4.00%, 2/1/2051		628		688
Pool # BQ8010, 4.00%, 2/1/2051		657		712
Pool # BU1805, 2.50%, 12/1/2051		305		313
FNMA, Other
Pool # AM4660, 3.77%, 12/1/2025		119		129
Pool # BL2588, 2.97%, 8/1/2026		290		307
Pool # AM3010, 5.07%, 3/1/2028		110		128
Pool # AM5319, 4.34%, 1/1/2029		96		110
Pool # BL3774, 2.77%, 8/1/2031		100		107
Pool # BL3648, 2.85%, 8/1/2031		100		108
Pool # BL3700, 2.92%, 8/1/2031		100		108
Pool # BF0230, 5.50%, 1/1/2058		309		363
Pool # BF0497, 3.00%, 7/1/2060		170		180
FNMA/FHLMC UMBS, Single Family, 30 Year TBA, 2.50%, 2/25/2052 (i)		2,820		2,870
GNMA II, 30 Year
Pool # 783525, 4.50%, 12/20/2031		32		33
Pool # 784602, 4.00%, 5/20/2038		110		117
Pool # BS8546, 2.50%, 12/20/2050		344		351
Pool # 785294, 3.50%, 1/20/2051		375		409
Pool # CA8452, 3.00%, 2/20/2051		467		496
Pool # CA9005, 3.00%, 2/20/2051		403		431
Pool # CB1543, 3.00%, 2/20/2051		320		337
Pool # CA3588, 3.50%, 2/20/2051		305		327
Pool # CB1536, 3.50%, 2/20/2051		784		851
Pool # CB1542, 3.00%, 3/20/2051		402		423
Pool # CB4433, 3.00%, 3/20/2051		656		679
Pool # CC0070, 3.00%, 3/20/2051		58		61
Pool # CC8726, 3.00%, 3/20/2051		74		79
Pool # CC8738, 3.00%, 3/20/2051		89		95
Pool # CC8723, 3.50%, 3/20/2051		777		843
Pool # CC0088, 4.00%, 3/20/2051		57		60
Pool # CC0092, 4.00%, 3/20/2051		75		81
Pool # CC8727, 3.00%, 4/20/2051		124		131
Pool # CC8739, 3.00%, 4/20/2051		311		330

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pool # CC8740, 3.00%, 4/20/2051		281		298
Pool # CC8751, 3.00%, 4/20/2051		64		68
Pool # CE9911, 3.00%, 7/20/2051		164		173
Pool # CE9913, 3.00%, 7/20/2051		89		94
Pool # CE9914, 3.00%, 7/20/2051		89		94
Pool # CE9915, 3.00%, 7/20/2051		178		187
Pool # CA3563, 3.50%, 7/20/2051		332		359
Pool # CE2586, 3.50%, 7/20/2051		362		393
Pool # MA7649, 2.50%, 10/20/2051		417		427
Pool # CK1527, 3.50%, 12/20/2051		240		258
Total Mortgage-Backed Securities (Cost $17,470)				17,285
Collateralized Mortgage Obligations — 0.3%
Bayview Finance LLC 0.00%, 7/12/2033 ‡		244		244
Bayview Financing Trust Series 2021-2F, Class M1, 1.60%, 12/31/2049 ‡ (b) (h)		15		15
Cascade MH Asset Trust Series 2021-MH1, Class A1, 1.75%, 2/25/2046 (b)		242		238
CFMT LLC Series 2021-HB5, Class A, 0.80%, 2/25/2031 (b) (h)		467		467
CSMC Trust Series 2021-RPL1, Class A1, 1.67%, 9/27/2060 (b) (h)		229		227
FMC GMSR Issuer Trust Series 2021-GT2, Class A, 3.85%, 10/25/2026 (b) (h)		150		149
FNMA Trust, Whole Loan Series 2002-W8, Class A1, 6.50%, 6/25/2042		94		106
FNMA, Grantor Trust, Whole Loan
Series 2001-T12, Class A1, 6.50%, 8/25/2041		197		220
Series 2002-T4, Class A1, 6.50%, 12/25/2041		22		25
FNMA, REMIC
Series 2017-35, Class VA, 4.00%, 7/25/2028		152		160
Series 2018-72, Class VB, 3.50%, 10/25/2031		344		364
Series 2011-41, Class KA, 4.00%, 1/25/2041		15		16
Series 2019-7, Class CA, 3.50%, 11/25/2057		444		464
FNMA, REMIC Trust, Whole Loan Series 2002-W3, Class A4, 6.50%, 11/25/2041		190		215
GNMA
Series 2015-H16, Class FG, 0.52%, 7/20/2065 (h)		81		81
Series 2021-H14, Class YD, 8.54%, 6/20/2071 (h)		195		256

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 85

JPMorgan SmartRetirement^® Blend 2035 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Legacy Mortgage Asset Trust Series 2021-GS1, Class A1, 1.89%, 10/25/2066 (b) (e)		104		103
LHOME Mortgage Trust Series 2021-RTL1, Class A1, 2.09%, 9/25/2026 (b) (h)		340		338
PRPM LLC
Series 2021-2, Class A1, 2.12%, 3/25/2026 (b) (h)		405		402
Series 2021-10, Class A1, 2.49%, 10/25/2026 (b) (e)		97		97
Seasoned Credit Risk Transfer Trust
Series 2018-1, Class M60C, 3.50%, 5/25/2057		247		260
Series 2018-3, Class M55D, 4.00%, 8/25/2057 ‡ (h)		315		335
Series 2018-2, Class M55D, 4.00%, 11/25/2057		397		423
Series 2018-4, Class M55D, 4.00%, 3/25/2058		67		71
Series 2019-2, Class M55D, 4.00%, 8/25/2058		345		366
Series 2019-3, Class M55D, 4.00%, 10/25/2058		344		366
Towd Point Mortgage Trust Series 2021-R1, Class A1, 2.92%, 11/30/2060 (b) (h)		410		409
ZH Trust
Series 2021-1, Class A, 2.25%, 2/18/2027 (b)		100		98
Series 2021-2, Class A, 2.35%, 10/17/2027 (b)		225		224
Total Collateralized Mortgage Obligations (Cost $6,770)				6,739
Commercial Mortgage-Backed Securities — 0.1%
ACRE Commercial Mortgage Ltd. (Cayman Islands)
Series 2021-FL4, Class A, 0.93%, 12/18/2037 (b) (h)		180		180
Series 2021-FL4, Class AS, 1.20%, 12/18/2037 (b) (h)		115		114
BPR Trust Series 2021-KEN, Class A, 1.36%, 2/15/2029 (b) (h)		220		220
FHLMC, Multi-Family Structured Credit Risk Series 2021-MN2, Class M1, 1.85%, 7/25/2041 (b) (h)		183		179
FNMA ACES
Series 2016-M6, Class A1, 2.14%, 5/25/2026		27		27
Series 2017-M15, Class A1, 2.96%, 9/25/2027 (h)		267		280

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2018-M10, Class A1, 3.37%, 7/25/2028 (h)		171		180
Series 2019-M21, Class 1A1, 1.95%, 5/25/2029		210		215
Series 2021-M3, Class 1A1, 1.00%, 11/25/2033		334		329
Series 2021-M3, Class X1, IO, 2.00%, 11/25/2033 (h)		859		110
FREMF Mortgage Trust
Series 2017-KGX1, Class BFX, 3.59%, 10/25/2027 (b) (h)		115		118
Series 2016-K56, Class B, 3.94%, 6/25/2049 (b) (h)		85		91
Series 2016-K722, Class B, 3.87%, 7/25/2049 (b) (h)		45		46
Series 2016-K58, Class B, 3.74%, 9/25/2049 (b) (h)		465		498
SLG Office Trust Series 2021-OVA, Class A, 2.59%, 7/15/2041 (b)		195		200
Total Commercial Mortgage-Backed Securities (Cost $2,822)				2,787
Foreign Government Securities — 0.0% (c)
United Mexican States (Mexico) 2.66%, 5/24/2031 (Cost $400)		400		389
	SHARES (000)
Short-Term Investments — 2.3%
Investment Companies — 2.3%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (j) (Cost $56,367)		56,367		56,367
Total Investments — 100.9% (Cost $2,016,332)				2,422,668
Liabilities in Excess of Other Assets — (0.9)%				(22,753	)
NET ASSETS — 100.0%				2,399,915

Percentages indicated are based on net assets.

Abbreviations

ABS	Asset-Backed Securities
ACES	Alternative Credit Enhancement Securities
CDO	Collateralized Debt Obligations
CSMC	Credit Suisse Mortgage Trust
ETF	Exchange-Traded Fund
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association

SEE NOTES TO FINANCIAL STATEMENTS.

86 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

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.
LIBOR	London Interbank Offered Rate
REIT	Real Estate Investment Trust
REMIC	Real Estate Mortgage Investment Conduit
SOFR	Secured Overnight Financing Rate
STRIPS	Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
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)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(c)	Amount rounds to less than 0.1% of net assets.

(d)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of December 31, 2021.
(e)	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, 2021.
(f)	All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(g)	The rate shown is the effective yield as of December 31, 2021.
(h)	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, 2021.
(i)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(j)	The rate shown is the current yield as of December 31, 2021.
‡	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, 2021 (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		509		03/2022		EUR		24,808		829
MSCI EAFE E-Mini Index		165		03/2022		USD		19,142		521
Russell 2000 E-Mini Index		134		03/2022		USD		15,025		442
S&P 500 E-Mini Index		425		03/2022		USD		101,113		2,105
										3,897

Abbreviations

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 87

JPMorgan SmartRetirement^® Blend 2040 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment Companies — 55.3%
Fixed Income — 13.3%
JPMorgan Core Bond Fund Class R6 Shares (a)		5,085		60,155
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		17,356		146,310
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		2,275		17,519
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		1,903		14,597
JPMorgan High Yield Fund Class R6 Shares (a)		4,571		33,183
JPMorgan Income Fund Class R6 Shares (a)		1,653		15,518
Total Fixed Income				287,282
International Equity — 8.2%
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		9,304		178,262
U.S. Equity — 33.8%
JPMorgan Equity Index Fund Class R6 Shares (a)		10,278		734,979
Total Investment Companies (Cost $924,496)				1,200,523
Exchange-Traded Funds — 42.9%
Alternative Assets — 5.0%
JPMorgan BetaBuilders MSCI US REIT ETF (a)		971		107,883
Fixed Income — 4.9%
JPMorgan High Yield Research Enhanced ETF (a)		885		45,831
JPMorgan U.S. Aggregate Bond ETF (a)		1,129		60,888
Total Fixed Income				106,719
International Equity — 24.6%
JPMorgan BetaBuilders International Equity ETF (a)		8,926		532,099
U.S. Equity — 8.4%
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a)		1,195		109,713
JPMorgan BetaBuilders U.S. Small Cap Equity ETF (a)		1,101		72,457
Total U.S. Equity				182,170
Total Exchange-Traded Funds (Cost $781,108)				928,871
	PRINCIPAL AMOUNT ($000)
U.S. Treasury Obligations — 0.5%
U.S. Treasury Notes 1.38%, 1/31/2022 (b) (Cost $10,295)		10,285		10,295

INVESTMENTS	SHARES (000)		VALUE ($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 $49,624)		49,624		49,624
Total Investments — 101.0% (Cost $1,765,523)				2,189,313
Liabilities in Excess of Other Assets — (1.0)%				(21,786	)
NET ASSETS — 100.0%				2,167,527

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, 2021.

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.

88 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

Futures contracts outstanding as of December 31, 2021 (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		462		03/2022		EUR		22,518		753
MSCI EAFE E-Mini Index		152		03/2022		USD		17,634		480
Russell 2000 E-Mini Index		92		03/2022		USD		10,316		303
S&P 500 E-Mini Index		399		03/2022		USD		94,926		1,976
										3,512

Abbreviations

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 89

JPMorgan SmartRetirement^® Blend 2045 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment Companies — 54.3%
Fixed Income — 6.9%
JPMorgan Core Bond Fund Class R6 Shares (a)		2,071		24,505
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		6,001		50,585
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		976		7,512
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		990		7,595
JPMorgan High Yield Fund Class R6 Shares (a)		2,598		18,859
JPMorgan Income Fund Class R6 Shares (a)		1,293		12,146
Total Fixed Income				121,202
International Equity — 9.1%
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		8,363		160,227
U.S. Equity — 38.3%
JPMorgan Equity Index Fund Class R6 Shares (a)		9,374		670,343
Total Investment Companies (Cost $715,840)				951,772
Exchange-Traded Funds — 44.0%
Alternative Assets — 5.6%
JPMorgan BetaBuilders MSCI US REIT ETF (a)		882		97,954
Fixed Income — 1.8%
JPMorgan High Yield Research Enhanced ETF (a)		559		28,941
JPMorgan U.S. Aggregate Bond ETF (a)		24		1,279
Total Fixed Income				30,220
International Equity — 27.3%
JPMorgan BetaBuilders International Equity ETF (a)		8,060		480,492
U.S. Equity — 9.3%
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a)		1,053		96,722
JPMorgan BetaBuilders U.S. Small Cap Equity ETF (a)		1,003		65,974
Total U.S. Equity				162,696
Total Exchange-Traded Funds (Cost $645,412)				771,362
	PRINCIPAL AMOUNT ($000)
U.S. Treasury Obligations — 0.4%
U.S. Treasury Notes 1.38%, 1/31/2022 (b) (Cost $7,242)		7,235		7,242

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 $34,661)		34,661		34,661
Total Investments — 100.7% (Cost $1,403,155)				1,765,037
Liabilities in Excess of Other Assets — (0.7)%				(12,748	)
NET ASSETS — 100.0%				1,752,289

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, 2021.

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.

90 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

Futures contracts outstanding as of December 31, 2021 (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		367		03/2022		EUR		17,887		598
MSCI EAFE E-Mini Index		120		03/2022		USD		13,921		379
Russell 2000 E-Mini Index		74		03/2022		USD		8,298		244
S&P 500 E-Mini Index		295		03/2022		USD		70,184		1,461
										2,682

Abbreviations

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 91

JPMorgan SmartRetirement^® Blend 2050 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment Companies — 54.5%
Fixed Income — 7.0%
JPMorgan Core Bond Fund Class R6 Shares (a)		1,598		18,906
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		4,717		39,762
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		751		5,785
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		763		5,849
JPMorgan High Yield Fund Class R6 Shares (a)		2,039		14,800
JPMorgan Income Fund Class R6 Shares (a)		1,000		9,388
Total Fixed Income				94,490
International Equity — 9.2%
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		6,419		122,984
U.S. Equity — 38.3%
JPMorgan Equity Index Fund Class R6 Shares (a)		7,181		513,529
Total Investment Companies (Cost $545,922)				731,003
Exchange-Traded Funds — 44.0%
Alternative Assets — 5.5%
JPMorgan BetaBuilders MSCI US REIT ETF (a)		662		73,490
Fixed Income — 1.8%
JPMorgan High Yield Research Enhanced ETF (a)		433		22,394
JPMorgan U.S. Aggregate Bond ETF (a)		18		986
Total Fixed Income				23,380
International Equity — 27.4%
JPMorgan BetaBuilders International Equity ETF (a)		6,190		369,045
U.S. Equity — 9.3%
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a)		801		73,530
JPMorgan BetaBuilders U.S. Small Cap Equity ETF (a)		779		51,247
Total U.S. Equity				124,777
Total Exchange-Traded Funds (Cost $493,012)				590,692
	PRINCIPAL AMOUNT ($000)
U.S. Treasury Obligations — 0.5%
U.S. Treasury Notes 1.38%, 1/31/2022 (b) (Cost $6,151)		6,145		6,151

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 $28,115)		28,115		28,115
Total Investments — 101.1% (Cost $1,073,200)				1,355,961
Liabilities in Excess of Other Assets — (1.1)%				(14,364	)
NET ASSETS — 100.0%				1,341,597

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, 2021.

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.

92 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

Futures contracts outstanding as of December 31, 2021 (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		284		03/2022		EUR		13,842		463
MSCI EAFE E-Mini Index		83		03/2022		USD		9,629		262
Russell 2000 E-Mini Index		57		03/2022		USD		6,391		188
S&P 500 E-Mini Index		238		03/2022		USD		56,623		1,178
										2,091

Abbreviations

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 93

JPMorgan SmartRetirement^® Blend 2055 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment Companies — 54.4%
Fixed Income — 7.0%
JPMorgan Core Bond Fund Class R6 Shares (a)		964		11,401
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		2,469		20,813
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		502		3,866
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		403		3,093
JPMorgan High Yield Fund Class R6 Shares (a)		946		6,869
JPMorgan Income Fund Class R6 Shares (a)		532		5,000
Total Fixed Income				51,042
International Equity — 9.2%
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		3,472		66,523
U.S. Equity — 38.2%
JPMorgan Equity Index Fund Class R6 Shares (a)		3,873		276,971
Total Investment Companies (Cost $295,675)				394,536
Exchange-Traded Funds — 44.2%
Alternative Assets — 5.6%
JPMorgan BetaBuilders MSCI US REIT ETF (a)		366		40,602
Fixed Income — 1.9%
JPMorgan High Yield Research Enhanced ETF (a)		249		12,875
JPMorgan U.S. Aggregate Bond ETF (a)		10		525
Total Fixed Income				13,400
International Equity — 27.4%
JPMorgan BetaBuilders International Equity ETF (a)		3,347		199,535
U.S. Equity — 9.3%
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a)		440		40,439
JPMorgan BetaBuilders U.S. Small Cap Equity ETF (a)		407		26,792
Total U.S. Equity				67,231
Total Exchange-Traded Funds (Cost $267,668)				320,768
	PRINCIPAL AMOUNT ($000)
U.S. Treasury Obligations — 0.4%
U.S. Treasury Notes 1.38%, 1/31/2022 (b) (Cost $3,144)		3,140		3,143

INVESTMENTS	SHARES (000)		VALUE ($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 $16,448)		16,448		16,448
Total Investments — 101.3% (Cost $582,935)				734,895
Liabilities in Excess of Other Assets — (1.3)%				(9,719	)
NET ASSETS — 100.0%				725,176

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, 2021.

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.

94 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

Futures contracts outstanding as of December 31, 2021 (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		03/2022		EUR		7,408		248
MSCI EAFE E-Mini Index		43		03/2022		USD		4,988		136
Russell 2000 E-Mini Index		31		03/2022		USD		3,476		102
S&P 500 E-Mini Index		132		03/2022		USD		31,405		653
										1,139

Abbreviations

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 95

JPMorgan SmartRetirement^® Blend 2060 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment Companies — 53.9%
Fixed Income — 6.9%
JPMorgan Core Bond Fund Class R6 Shares (a)		294		3,477
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		795		6,699
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		147		1,131
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		127		973
JPMorgan High Yield Fund Class R6 Shares (a)		333		2,418
JPMorgan Income Fund Class R6 Shares (a)		152		1,427
Total Fixed Income				16,125
International Equity — 9.1%
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		1,112		21,298
U.S. Equity — 37.9%
JPMorgan Equity Index Fund Class R6 Shares (a)		1,241		88,775
Total Investment Companies (Cost $101,811)				126,198
Exchange-Traded Funds — 43.7%
Alternative Assets — 5.5%
JPMorgan BetaBuilders MSCI US REIT ETF (a)		115		12,805
Fixed Income — 1.8%
JPMorgan High Yield Research Enhanced ETF (a)		75		3,894
JPMorgan U.S. Aggregate Bond ETF (a)		3		147
Total Fixed Income				4,041
International Equity — 27.3%
JPMorgan BetaBuilders International Equity ETF (a)		1,074		64,045
U.S. Equity — 9.1%
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a)		140		12,895
JPMorgan BetaBuilders U.S. Small Cap Equity ETF (a)		129		8,488
Total U.S. Equity				21,383
Total Exchange-Traded Funds (Cost $88,365)				102,274
	PRINCIPAL AMOUNT ($000)
U.S. Treasury Obligations — 0.4%
U.S. Treasury Notes 1.38%, 1/31/2022 (b) (Cost $1,035)		1,034		1,035

INVESTMENTS	SHARES (000)		VALUE ($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 $5,381)		5,381		5,381
Total Investments — 100.3% (Cost $196,592)				234,888
Liabilities in Excess of Other Assets — (0.3)%				(737	)
NET ASSETS — 100.0%				234,151

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, 2021.

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.

96 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

Futures contracts outstanding as of December 31, 2021 (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		46		03/2022		EUR		2,242		75
MSCI EAFE E-Mini Index		15		03/2022		USD		1,740		47
Russell 2000 E-Mini Index		13		03/2022		USD		1,458		43
S&P 500 E-Mini Index		41		03/2022		USD		9,754		203
										368

Abbreviations

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 97

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2021 (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	$	195,434	$	355,744		$	501,694
Investments in affiliates, at value		505,922		933,882			1,705,346
Receivables:
Investment securities sold		8,320		12,010			11,735
Investment securities sold — delayed delivery securities		12,914		25,805			36,022
Fund shares sold		249		418			985
Interest from non-affiliates		703		1,336			2,039
Dividends from affiliates		223		427			574
Variation margin on futures contracts		400		1,658			1,041
Due from adviser		29		33			26
Total Assets		724,194		1,331,313			2,259,462
LIABILITIES:
Payables:
Due to custodian		54		79			75
Distributions		71		128			271
Investment securities purchased		6,267		610			12,052
Investment securities purchased — delayed delivery securities		12,894		25,763			38,716
Fund shares redeemed		1,627		1,306			2,721
Accrued liabilities:
Administration fees		30		58			103
Distribution fees		2		7			10
Service fees		7		15			26
Custodian and accounting fees		14		20			30
Trustees’ and Chief Compliance Officer’s fees		—		—	(a)		—
Other		52		46			62
Total Liabilities		21,018		28,032			54,066
Net Assets	$	703,176	$	1,303,281		$	2,205,396

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

98 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

	JPMorgan SmartRetirement® Blend Income Fund		JPMorgan SmartRetirement® Blend 2020 Fund		JPMorgan SmartRetirement® Blend 2025 Fund
NET ASSETS:
Paid-in-Capital	$	640,888	$	1,187,707	$	1,939,402
Total distributable earnings (loss)		62,288		115,574		265,994
Total Net Assets	$	703,176	$	1,303,281	$	2,205,396
Net Assets:
Class I	$	5,332	$	10,389	$	23,047
Class R2		20		20		1,307
Class R3		7,555		34,653		45,089
Class R4		14,198		16,953		33,612
Class R5		17,141		19,616		51,278
Class R6		658,930		1,221,650		2,051,063
Total	$	703,176	$	1,303,281	$	2,205,396
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class I		280		488		959
Class R2		1		1		54
Class R3		396		1,630		1,879
Class R4		745		795		1,397
Class R5		899		921		2,132
Class R6		34,543		57,351		85,265
Net Asset Value (a):
Class I — Offering and redemption price per share	$	19.07	$	21.29	$	24.04
Class R2 — Offering and redemption price per share		19.11		21.34		24.02
Class R3 — Offering and redemption price per share		19.06		21.26		24.00
Class R4 — Offering and redemption price per share		19.07		21.31		24.06
Class R5 — Offering and redemption price per share		19.06		21.30		24.05
Class R6 — Offering and redemption price per share		19.08		21.30		24.06
Cost of investments in non-affiliates	$	194,945	$	354,548	$	508,941
Cost of investments in affiliates		443,896		818,587		1,439,458

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 99

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2021 (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	$	469,343	$	112,667		$	10,295
Investments in affiliates, at value		2,101,261		2,310,001			2,179,018
Cash		—		—			129
Receivables:
Investment securities sold		16,997		11,326			9,585
Investment securities sold — delayed delivery securities		33,302		479			—
Fund shares sold		1,490		1,300			1,641
Interest from non-affiliates		1,916		446			59
Dividends from affiliates		566		377			318
Variation margin on futures contracts		3,561		882			978
Due from adviser		—		47			24
Total Assets		2,628,436		2,437,525			2,202,047
LIABILITIES:
Payables:
Due to custodian		93		64			—
Distributions		250		468			266
Investment securities purchased		20,187		25,801			25,876
Investment securities purchased — delayed delivery securities		35,750		3,347			—
Fund shares redeemed		4,404		7,707			8,189
Accrued liabilities:
Investment advisory fees		6		—			—
Administration fees		120		112			101
Distribution fees		13		8			8
Service fees		32		24			21
Custodian and accounting fees		33		27			24
Trustees’ and Chief Compliance Officer’s fees		—		—	(a)		—	(a)
Other		36		52			35
Total Liabilities		60,924		37,610			34,520
Net Assets	$	2,567,512	$	2,399,915		$	2,167,527

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

100 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

	JPMorgan SmartRetirement® Blend 2030 Fund		JPMorgan SmartRetirement® Blend 2035 Fund		JPMorgan SmartRetirement® Blend 2040 Fund
NET ASSETS:
Paid-in-Capital	$	2,171,840	$	1,984,085	$	1,735,369
Total distributable earnings (loss)		395,672		415,830		432,158
Total Net Assets	$	2,567,512	$	2,399,915	$	2,167,527
Net Assets:
Class I	$	25,182	$	13,811	$	8,444
Class R2		36		27		28
Class R3		61,728		39,444		38,059
Class R4		43,917		43,350		36,510
Class R5		56,759		39,628		36,616
Class R6		2,379,890		2,263,655		2,047,870
Total	$	2,567,512	$	2,399,915	$	2,167,527
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class I		955		482		281
Class R2		1		1		1
Class R3		2,349		1,378		1,268
Class R4		1,666		1,510		1,213
Class R5		2,154		1,380		1,216
Class R6		90,271		78,844		68,042
Net Asset Value (a):
Class I — Offering and redemption price per share	$	26.36	$	28.69	$	30.10
Class R2 — Offering and redemption price per share		26.47		28.99		30.15
Class R3 — Offering and redemption price per share		26.28		28.63		30.01
Class R4 — Offering and redemption price per share		26.37		28.71		30.09
Class R5 — Offering and redemption price per share		26.35		28.71		30.10
Class R6 — Offering and redemption price per share		26.36		28.71		30.10
Cost of investments in non-affiliates	$	475,633	$	114,065	$	10,295
Cost of investments in affiliates		1,709,276		1,902,267		1,755,228

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 101

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2021 (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	$	7,242		$	6,151		$	3,143	$	1,035
Investments in affiliates, at value		1,757,795			1,349,810			731,752		233,853
Receivables:
Investment securities sold		4,585			2,032			—		515
Fund shares sold		1,440			1,095			1,043		924
Interest from non-affiliates		42			35			18		6
Dividends from affiliates		172			133			75		22
Variation margin on futures contracts		1,019			950			338		255
Due from adviser		—			—			2		10
Total Assets		1,772,295			1,360,206			736,371		236,620
LIABILITIES:
Payables:
Due to custodian		25			29			16		5
Distributions		364			210			157		31
Investment securities purchased		9,705			8,023			4,325		1,663
Fund shares redeemed		9,760			10,228			6,629		741
Accrued liabilities:
Investment advisory fees		5			1			—		—
Administration fees		79			60			31		4
Distribution fees		5			3			1		1
Service fees		15			12			6		1
Custodian and accounting fees		20			15			11		11
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—	(a)		—		—	(a)
Other		28			28			19		12
Total Liabilities		20,006			18,609			11,195		2,469
Net Assets	$	1,752,289		$	1,341,597		$	725,176	$	234,151

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

102 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

	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	$	1,381,783	$	1,052,489	$	570,557	$	195,076
Total distributable earnings (loss)		370,506		289,108		154,619		39,075
Total Net Assets	$	1,752,289	$	1,341,597	$	725,176	$	234,151
Net Assets:
Class I	$	11,730	$	4,530	$	3,233	$	655
Class R2		21		23		25		25
Class R3		23,955		13,590		4,393		2,287
Class R4		26,609		28,794		13,894		1,357
Class R5		27,791		26,061		20,046		6,435
Class R6		1,662,183		1,268,599		683,585		223,392
Total	$	1,752,289	$	1,341,597	$	725,176	$	234,151
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class I		376		145		105		27
Class R2		1		1		1		1
Class R3		771		437		143		95
Class R4		854		926		451		57
Class R5		892		838		649		268
Class R6		53,279		40,763		22,140		9,300
Net Asset Value (a):
Class I — Offering and redemption price per share	$	31.16	$	31.13	$	30.86	$	24.04
Class R2 — Offering and redemption price per share		31.21		31.15		30.90		24.05
Class R3 — Offering and redemption price per share		31.08		31.06		30.77		23.98
Class R4 — Offering and redemption price per share		31.16		31.10		30.82		24.06
Class R5 — Offering and redemption price per share		31.17		31.10		30.85		24.01
Class R6 — Offering and redemption price per share		31.20		31.12		30.88		24.02
Cost of investments in non-affiliates	$	7,242	$	6,151	$	3,144	$	1,035
Cost of investments in affiliates		1,395,913		1,067,049		579,791		195,557

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 103

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2021 (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	$	1,523		$	3,032		$	4,122
Dividend income from non-affiliates		525			938			—
Dividend income from affiliates		6,987			12,988			24,555
Total investment income		9,035			16,958			28,677
EXPENSES:
Investment advisory fees		566			1,061			1,725
Administration fees		283			530			863
Distribution fees:
Class R2		—	(a)		—	(a)		3
Class R3		11			45			62
Service fees:
Class I		7			13			28
Class R2		—	(a)		—	(a)		2
Class R3		11			45			62
Class R4		18			21			42
Class R5		10			14			32
Custodian and accounting fees		20			28			41
Interest expense to affiliates		—	(a)		—			—
Professional fees		19			21			24
Trustees’ and Chief Compliance Officer’s fees		13			15			15
Printing and mailing costs		9			15			22
Registration and filing fees		38			50			49
Transfer agency fees (See Note 2.F.)		6			8			12
Other		14			22			32
Total expenses		1,025			1,888			3,014
Less fees waived		(662	)		(1,218	)		(1,957	)
Less expense reimbursements		(194	)		(318	)		(284	)
Net expenses		169			352			773
Net investment income (loss)		8,866			16,606			27,904
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(331	)		(1,547	)		(636	)
Investments in affiliates		3,258			8,689			9,738
Futures contracts		(901	)		(1,852	)		2,476
Foreign currency transactions		(10	)		(44	)		(23	)
Net realized gain (loss)		2,016			5,246			11,555
Distributions of capital gains received from investment company affiliates		1,601			3,001			8,842
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(3,875	)		(6,533	)		(3,808	)
Investments in affiliates		4,841			7,136			12,587
Futures contracts		1,506			2,766			4,994
Foreign currency translations		1			27			2
Change in net unrealized appreciation/depreciation		2,473			3,396			13,775
Net realized/unrealized gains (losses)		6,090			11,643			34,172
Change in net assets resulting from operations	$	14,956		$	28,249		$	62,076

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

104 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

	JPMorgan SmartRetirement® Blend 2030 Fund			JPMorgan SmartRetirement® Blend 2035 Fund			JPMorgan SmartRetirement® Blend 2040 Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	3,875		$	796		$	4
Dividend income from non-affiliates		1			—			—	(a)
Dividend income from affiliates		29,714			32,409			30,000
Total investment income		33,590			33,205			30,004
EXPENSES:
Investment advisory fees		1,995			1,837			1,653
Administration fees		998			918			827
Distribution fees:
Class R2		—	(a)		1			—	(a)
Class R3		82			51			52
Service fees:
Class I		31			17			11
Class R2		—	(a)		1			—	(a)
Class R3		82			51			52
Class R4		55			52			44
Class R5		38			29			25
Custodian and accounting fees		46			40			31
Interest expense to affiliates		—	(a)		—			—
Professional fees		25			24			24
Trustees’ and Chief Compliance Officer’s fees		16			16			15
Printing and mailing costs		25			25			25
Registration and filing fees		58			47			50
Transfer agency fees (See Note 2.F.)		13			12			11
Other		36			33			32
Total expenses		3,500			3,154			2,852
Less fees waived		(2,259	)		(2,078	)		(1,874	)
Less expense reimbursements		(71	)		(368	)		(202	)
Net expenses		1,170			708			776
Net investment income (loss)		32,420			32,497			29,228
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(744	)		(13	)		1
Investments in affiliates		12,866			7,292			8,422
Futures contracts		3,152			3,460			2,857
Foreign currency transactions		(58	)		(43	)		(55	)
Net realized gain (loss)		15,216			10,696			11,225
Distributions of capital gains received from investment company affiliates		12,796			16,196			15,564
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(3,400	)		(732	)		(2	)
Investments in affiliates		24,813			35,272			38,578
Futures contracts		5,690			4,860			4,344
Foreign currency translations		46			36			20
Change in net unrealized appreciation/depreciation		27,149			39,436			42,940
Net realized/unrealized gains (losses)		55,161			66,328			69,729
Change in net assets resulting from operations	$	87,581		$	98,825		$	98,957

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 105

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2021 (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	$	3		$	3		$	2		$	1
Dividend income from non-affiliates		—	(a)		—	(a)		—	(a)		—	(a)
Dividend income from affiliates		24,196			18,613			9,980			3,094
Total investment income		24,199			18,616			9,982			3,095
EXPENSES:
Investment advisory fees		1,316			1,015			543			164
Administration fees		658			508			272			82
Distribution fees:
Class R2		—	(a)		—	(a)		—	(a)		—	(a)
Class R3		30			19			7			3
Service fees:
Class I		14			6			4			1
Class R2		—	(a)		—	(a)		—	(a)		—	(a)
Class R3		30			19			7			3
Class R4		32			35			17			1
Class R5		19			17			13			4
Custodian and accounting fees		26			20			13			13
Interest expense to affiliates		—			—			—	(a)		—
Professional fees		22			21			19			18
Trustees’ and Chief Compliance Officer’s fees		15			14			14			13
Printing and mailing costs		23			22			18			11
Registration and filing fees		50			46			39			44
Transfer agency fees (See Note 2.F.)		10			9			7			4
Other		27			25			16			9
Total expenses		2,272			1,776			989			370
Less fees waived		(1,501	)		(1,165	)		(640	)		(222	)
Less expense reimbursements		(5	)		(18	)		(34	)		(54	)
Net expenses		766			593			315			94
Net investment income (loss)		23,433			18,023			9,667			3,001
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		1			1			1			—	(a)
Investments in affiliates		5,293			5,176			2,141			441
Futures contracts		2,221			1,829			881			289
Foreign currency transactions		(42	)		(23	)		(9	)		—	(a)
Net realized gain (loss)		7,473			6,983			3,014			730
Distributions of capital gains received from investment company affiliates		13,355			10,192			5,480			1,731
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(1	)		(1	)		(1	)		(1	)
Investments in affiliates		39,055			29,522			16,435			5,079
Futures contracts		3,361			2,593			1,417			446
Foreign currency translations		(2	)		1			—	(a)		(6	)
Change in net unrealized appreciation/depreciation		42,413			32,115			17,851			5,518
Net realized/unrealized gains (losses)		63,241			49,290			26,345			7,979
Change in net assets resulting from operations	$	86,674		$	67,313		$	36,012		$	10,980

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

106 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

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, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	8,866		$	13,421		$	16,606		$	26,059
Net realized gain (loss)		2,016			29,645			5,246			66,720
Distributions of capital gains received from investment company non-affiliates		—			—	(a)		—			—
Distributions of capital gains received from investment company affiliates		1,601			1,062			3,001			2,065
Change in net unrealized appreciation/depreciation		2,473			44,178			3,396			84,000
Change in net assets resulting from operations		14,956			88,306			28,249			178,844
DISTRIBUTIONS TO SHAREHOLDERS:
Class I		(213	)		(252	)		(494	)		(472	)
Class R2		(1	)		(3	)		(1	)		(1	)
Class R3		(292	)		(310	)		(1,620	)		(1,461	)
Class R4		(584	)		(136	)		(808	)		(205	)
Class R5		(711	)		(978	)		(1,066	)		(1,518	)
Class R6		(27,374	)		(28,226	)		(60,467	)		(53,497	)
Total distributions to shareholders		(29,175	)		(29,905	)		(64,456	)		(57,154	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(46,014	)		214,256			(121,071	)		390,974
NET ASSETS:
Change in net assets		(60,233	)		272,657			(157,278	)		512,664
Beginning of period		763,409			490,752			1,460,559			947,895
End of period	$	703,176		$	763,409		$	1,303,281		$	1,460,559

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 107

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, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	27,904		$	36,493		$	32,420		$	40,044
Net realized gain (loss)		11,555			87,915			15,216			97,300
Distributions of capital gains received from investment company non-affiliates		—			—	(a)		—			—	(a)
Distributions of capital gains received from investment company affiliates		8,842			2,574			12,796			2,294
Change in net unrealized appreciation/depreciation		13,775			206,719			27,149			312,048
Change in net assets resulting from operations		62,076			333,701			87,581			451,686
DISTRIBUTIONS TO SHAREHOLDERS:
Class I		(961	)		(730	)		(1,070	)		(546	)
Class R2		(50	)		(38	)		(1	)		(7	)
Class R3		(1,861	)		(1,398	)		(2,610	)		(1,503	)
Class R4		(1,404	)		(421	)		(1,870	)		(452	)
Class R5		(2,382	)		(2,572	)		(2,709	)		(2,526	)
Class R6		(89,042	)		(66,778	)		(105,089	)		(59,270	)
Total distributions to shareholders		(95,700	)		(71,937	)		(113,349	)		(64,304	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(55,895	)		745,936			(38,457	)		789,602
NET ASSETS:
Change in net assets		(89,519	)		1,007,700			(64,225	)		1,176,984
Beginning of period		2,294,915			1,287,215			2,631,737			1,454,753
End of period	$	2,205,396		$	2,294,915		$	2,567,512		$	2,631,737

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

108 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

	JPMorgan SmartRetirement® Blend 2035  Fund						JPMorgan SmartRetirement® Blend 2040  Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	32,497		$	37,663		$	29,228		$	33,435
Net realized gain (loss)		10,696			72,229			11,225			74,276
Distributions of capital gains received from investment company non-affiliates		—			—	(a)		—			—
Distributions of capital gains received from investment company affiliates		16,196			5,947			15,564			3,163
Change in net unrealized appreciation/depreciation		39,436			330,172			42,940			345,309
Change in net assets resulting from operations		98,825			446,011			98,957			456,183
DISTRIBUTIONS TO SHAREHOLDERS:
Class I		(630	)		(247	)		(391	)		(123	)
Class R2		(2	)		(7	)		(1	)		(1	)
Class R3		(1,754	)		(576	)		(1,734	)		(513	)
Class R4		(1,968	)		(331	)		(1,678	)		(275	)
Class R5		(2,122	)		(1,283	)		(2,066	)		(904	)
Class R6		(106,172	)		(38,622	)		(98,044	)		(32,156	)
Total distributions to shareholders		(112,648	)		(41,066	)		(103,914	)		(33,972	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		22,219			839,917			31,899			620,604
NET ASSETS:
Change in net assets		8,396			1,244,862			26,942			1,042,815
Beginning of period		2,391,519			1,146,657			2,140,585			1,097,770
End of period	$	2,399,915		$	2,391,519		$	2,167,527		$	2,140,585

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 109

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, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	23,433		$	24,816		$	18,023		$	19,325
Net realized gain (loss)		7,473			54,023			6,983			45,290
Distributions of capital gains received from investment company affiliates		13,355			1,012			10,192			796
Change in net unrealized appreciation/depreciation		42,413			293,483			32,115			230,330
Change in net assets resulting from operations		86,674			373,334			67,313			295,741
DISTRIBUTIONS TO SHAREHOLDERS:
Class I		(499	)		(135	)		(196	)		(64	)
Class R2		(1	)		—	(a)		—	(a)		(1	)
Class R3		(982	)		(265	)		(571	)		(182	)
Class R4		(1,124	)		(186	)		(1,234	)		(203	)
Class R5		(1,324	)		(720	)		(1,248	)		(616	)
Class R6		(72,548	)		(23,591	)		(56,530	)		(18,379	)
Total distributions to shareholders		(76,478	)		(24,897	)		(59,779	)		(19,445	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		57,520			544,305			37,896			374,613
NET ASSETS:
Change in net assets		67,716			892,742			45,430			650,909
Beginning of period		1,684,573			791,831			1,296,167			645,258
End of period	$	1,752,289		$	1,684,573		$	1,341,597		$	1,296,167

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

110 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

	JPMorgan SmartRetirement® Blend 2055  Fund						JPMorgan SmartRetirement® Blend 2060  Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	9,667		$	10,250		$	3,001		$	2,644
Net realized gain (loss)		3,014			23,433			730			4,913
Distributions of capital gains received from investment company non-affiliates		—			—			—			—	(a)
Distributions of capital gains received from investment company affiliates		5,480			420			1,731			102
Change in net unrealized appreciation/depreciation		17,851			124,709			5,518			31,775
Change in net assets resulting from operations		36,012			158,812			10,980			39,434
DISTRIBUTIONS TO SHAREHOLDERS:
Class I		(140	)		(41	)		(25	)		(6	)
Class R2		(1	)		(1	)		(1	)		—	(a)
Class R3		(189	)		(71	)		(80	)		(26	)
Class R4		(623	)		(108	)		(28	)		(4	)
Class R5		(959	)		(437	)		(257	)		(98	)
Class R6		(30,829	)		(9,496	)		(8,310	)		(2,530	)
Total distributions to shareholders		(32,741	)		(10,154	)		(8,701	)		(2,664	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		34,109			185,399			34,687			83,806
NET ASSETS:
Change in net assets		37,380			334,057			36,966			120,576
Beginning of period		687,796			353,739			197,185			76,609
End of period	$	725,176		$	687,796		$	234,151		$	197,185

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 111

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, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CAPITAL TRANSACTIONS:
Class I
Proceeds from shares issued	$	384		$	692		$	428		$	990
Distributions reinvested		213			252			494			472
Cost of shares redeemed		(1,401	)		(1,043	)		(508	)		(4,542	)
Change in net assets resulting from Class I capital transactions		(804	)		(99	)		414			(3,080	)
Class R2
Proceeds from shares issued		—			3			—			—	(a)
Distributions reinvested		1			2			1			1
Cost of shares redeemed		(37	)		(4	)		(10	)		—
Change in net assets resulting from Class R2 capital transactions		(36	)		1			(9	)		1
Class R3
Proceeds from shares issued		127			2,463			1,718			7,508
Distributions reinvested		287			303			1,593			1,450
Cost of shares redeemed		(1,859	)		(1,170	)		(6,130	)		(10,916	)
Change in net assets resulting from Class R3 capital transactions		(1,445	)		1,596			(2,819	)		(1,958	)
Class R4
Proceeds from shares issued		2,665			12,628			1,697			14,218
Distributions reinvested		584			136			808			205
Cost of shares redeemed		(2,244	)		(1,059	)		(1,706	)		(3,570	)
Change in net assets resulting from Class R4 capital transactions		1,005			11,705			799			10,853
Class R5
Proceeds from shares issued		1,501			8,198			1,430			14,568
Distributions reinvested		711			968			1,065			1,517
Cost of shares redeemed		(6,364	)		(15,498	)		(16,687	)		(27,456	)
Change in net assets resulting from Class R5 capital transactions		(4,152	)		(6,332	)		(14,192	)		(11,371	)
Class R6
Proceeds from shares issued		44,906			401,432			79,303			801,256
Distributions reinvested		27,050			27,914			59,791			52,884
Cost of shares redeemed		(112,538	)		(221,961	)		(244,358	)		(457,611	)
Change in net assets resulting from Class R6 capital transactions		(40,582	)		207,385			(105,264	)		396,529
Total change in net assets resulting from capital transactions	$	(46,014	)	$	214,256		$	(121,071	)	$	390,974

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

112 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

	JPMorgan SmartRetirement® Blend Income Fund						JPMorgan SmartRetirement® Blend 2020 Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
SHARE TRANSACTIONS:
Class I
Issued		20			36			20			46
Reinvested		11			14			23			22
Redeemed		(71	)		(55	)		(23	)		(213	)
Change in Class I Shares		(40	)		(5	)		20			(145	)
Class R2
Issued		—			—	(a)		—			—
Reinvested		—	(a)		—	(a)		—	(a)		—	(a)
Redeemed		(2	)		—	(a)		—	(a)		—
Change in Class R2 Shares		(2	)		—	(a)		—	(a)		—	(a)
Class R3
Issued		6			132			78			363
Reinvested		15			16			75			68
Redeemed		(95	)		(62	)		(279	)		(520	)
Change in Class R3 Shares		(74	)		86			(126	)		(89	)
Class R4
Issued		136			645			76			647
Reinvested		31			7			38			10
Redeemed		(115	)		(56	)		(78	)		(175	)
Change in Class R4 Shares		52			596			36			482
Class R5
Issued		77			433			64			693
Reinvested		37			51			50			72
Redeemed		(326	)		(821	)		(763	)		(1,307	)
Change in Class R5 Shares		(212	)		(337	)		(649	)		(542	)
Class R6
Issued		2,297			21,269			3,609			37,758
Reinvested		1,415			1,478			2,798			2,489
Redeemed		(5,747	)		(11,714	)		(11,082	)		(21,456	)
Change in Class R6 Shares		(2,035	)		11,033			(4,675	)		18,791

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 113

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, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CAPITAL TRANSACTIONS:
Class I
Proceeds from shares issued	$	680		$	2,158		$	935		$	4,467
Distributions reinvested		961			730			1,067			544
Cost of shares redeemed		(648	)		(2,779	)		(1,531	)		(549	)
Change in net assets resulting from Class I capital transactions		993			109			471			4,462
Class R2
Proceeds from shares issued		60			203			10			318
Distributions reinvested		50			38			1			6
Cost of shares redeemed		(12	)		(174	)		(20	)		(362	)
Change in net assets resulting from Class R2 capital transactions		98			67			(9	)		(38	)
Class R3
Proceeds from shares issued		7,441			11,813			5,856			14,213
Distributions reinvested		1,818			1,378			2,490			1,411
Cost of shares redeemed		(11,410	)		(7,048	)		(10,653	)		(11,955	)
Change in net assets resulting from Class R3 capital transactions		(2,151	)		6,143			(2,307	)		3,669
Class R4
Proceeds from shares issued		3,805			27,781			4,401			35,809
Distributions reinvested		1,404			421			1,870			452
Cost of shares redeemed		(3,419	)		(4,431	)		(4,717	)		(5,367	)
Change in net assets resulting from Class R4 capital transactions		1,790			23,771			1,554			30,894
Class R5
Proceeds from shares issued		4,997			24,792			5,540			23,882
Distributions reinvested		2,381			2,572			2,708			2,526
Cost of shares redeemed		(27,630	)		(44,829	)		(38,486	)		(41,017	)
Change in net assets resulting from Class R5 capital transactions		(20,252	)		(17,465	)		(30,238	)		(14,609	)
Class R6
Proceeds from shares issued		163,543			1,192,857			206,893			1,282,006
Distributions reinvested		87,910			65,910			104,185			58,764
Cost of shares redeemed		(287,826	)		(525,456	)		(319,006	)		(575,546	)
Change in net assets resulting from Class R6 capital transactions		(36,373	)		733,311			(7,928	)		765,224
Total change in net assets resulting from capital transactions	$	(55,895	)	$	745,936		$	(38,457	)	$	789,602

SEE NOTES TO FINANCIAL STATEMENTS.

114 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

	JPMorgan SmartRetirement® Blend 2025 Fund						JPMorgan SmartRetirement® Blend 2030 Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
SHARE TRANSACTIONS:
Class I
Issued		27			93			35			174
Reinvested		40			31			40			22
Redeemed		(26	)		(120	)		(57	)		(22	)
Change in Class I Shares		41			4			18			174
Class R2
Issued		3			8			—	(a)		14
Reinvested		2			2			—	(a)		—	(a)
Redeemed		(1	)		(7	)		(1	)		(14	)
Change in Class R2 Shares		4			3			(1	)		—	(a)
Class R3
Issued		303			520			219			588
Reinvested		76			60			95			57
Redeemed		(462	)		(307	)		(396	)		(474	)
Change in Class R3 Shares		(83	)		273			(82	)		171
Class R4
Issued		156			1,148			163			1,366
Reinvested		58			18			71			18
Redeemed		(139	)		(198	)		(176	)		(231	)
Change in Class R4 Shares		75			968			58			1,153
Class R5
Issued		202			1,051			205			957
Reinvested		99			111			103			101
Redeemed		(1,131	)		(1,943	)		(1,441	)		(1,635	)
Change in Class R5 Shares		(830	)		(781	)		(1,133	)		(577	)
Class R6
Issued		6,652			51,528			7,706			51,696
Reinvested		3,652			2,830			3,954			2,345
Redeemed		(11,669	)		(22,582	)		(11,814	)		(22,979	)
Change in Class R6 Shares		(1,365	)		31,776			(154	)		31,062

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 115

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, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CAPITAL TRANSACTIONS:
Class I
Proceeds from shares issued	$	690		$	1,980		$	605		$	1,326
Distributions reinvested		626			223			382			121
Cost of shares redeemed		(1,022	)		(3,492	)		(1,160	)		(812	)
Change in net assets resulting from Class I capital transactions		294			(1,289	)		(173	)		635
Class R2
Proceeds from shares issued		107			600			5			72
Distributions reinvested		2			7			1			1
Cost of shares redeemed		(779	)		(84	)		(17	)		(90	)
Change in net assets resulting from Class R2 capital transactions		(670	)		523			(11	)		(17	)
Class R3
Proceeds from shares issued		2,593			9,201			2,377			11,027
Distributions reinvested		1,643			537			1,585			470
Cost of shares redeemed		(5,154	)		(4,953	)		(7,926	)		(3,745	)
Change in net assets resulting from Class R3 capital transactions		(918	)		4,785			(3,964	)		7,752
Class R4
Proceeds from shares issued		5,205			31,914			3,785			27,596
Distributions reinvested		1,968			331			1,678			275
Cost of shares redeemed		(1,776	)		(6,432	)		(3,115	)		(5,100	)
Change in net assets resulting from Class R4 capital transactions		5,397			25,813			2,348			22,771
Class R5
Proceeds from shares issued		5,719			15,680			4,263			15,227
Distributions reinvested		2,118			1,281			2,066			904
Cost of shares redeemed		(36,188	)		(25,076	)		(24,026	)		(21,996	)
Change in net assets resulting from Class R5 capital transactions		(28,351	)		(8,115	)		(17,697	)		(5,865	)
Class R6
Proceeds from shares issued		200,723			1,228,224			198,394			1,045,299
Distributions reinvested		104,483			38,048			97,186			31,917
Cost of shares redeemed		(258,739	)		(448,072	)		(244,184	)		(481,888	)
Change in net assets resulting from Class R6 capital transactions		46,467			818,200			51,396			595,328
Total change in net assets resulting from capital transactions	$	22,219		$	839,917		$	31,899		$	620,604

SEE NOTES TO FINANCIAL STATEMENTS.

116 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

	JPMorgan SmartRetirement® Blend 2035 Fund						JPMorgan SmartRetirement® Blend 2040 Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
SHARE TRANSACTIONS:
Class I
Issued		22			73			20			47
Reinvested		22			9			13			4
Redeemed		(33	)		(127	)		(37	)		(30	)
Change in Class I Shares		11			(45	)		(4	)		21
Class R2
Issued		4			25			1			2
Reinvested		—	(a)		—	(a)		—	(a)		—	(a)
Redeemed		(26	)		(3	)		(1	)		(3	)
Change in Class R2 Shares		(22	)		22			—	(a)		(1	)
Class R3
Issued		89			358			77			426
Reinvested		57			20			53			17
Redeemed		(174	)		(190	)		(256	)		(141	)
Change in Class R3 Shares		(28	)		188			(126	)		302
Class R4
Issued		178			1,116			123			924
Reinvested		69			12			56			10
Redeemed		(61	)		(264	)		(102	)		(208	)
Change in Class R4 Shares		186			864			77			726
Class R5
Issued		195			594			139			552
Reinvested		74			48			69			33
Redeemed		(1,243	)		(961	)		(785	)		(813	)
Change in Class R5 Shares		(974	)		(319	)		(577	)		(228	)
Class R6
Issued		6,876			46,557			6,501			38,396
Reinvested		3,644			1,408			3,235			1,141
Redeemed		(8,806	)		(16,752	)		(7,934	)		(17,410	)
Change in Class R6 Shares		1,714			31,213			1,802			22,127

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 117

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, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CAPITAL TRANSACTIONS:
Class I
Proceeds from shares issued	$	833		$	2,623		$	408		$	1,063
Distributions reinvested		384			115			195			64
Cost of shares redeemed		(523	)		(576	)		(692	)		(851	)
Change in net assets resulting from Class I capital transactions		694			2,162			(89	)		276
Class R2
Proceeds from shares issued		—			15			3			101
Distributions reinvested		1			—	(a)		—	(a)		1
Cost of shares redeemed		(17	)		(19	)		(27	)		(115	)
Change in net assets resulting from Class R2 capital transactions		(16	)		(4	)		(24	)		(13	)
Class R3
Proceeds from shares issued		2,122			6,396			1,518			5,350
Distributions reinvested		895			237			466			149
Cost of shares redeemed		(2,623	)		(3,250	)		(4,028	)		(2,252	)
Change in net assets resulting from Class R3 capital transactions		394			3,383			(2,044	)		3,247
Class R4
Proceeds from shares issued		4,379			18,578			3,388			20,543
Distributions reinvested		1,124			186			1,234			203
Cost of shares redeemed		(2,355	)		(4,274	)		(2,170	)		(2,806	)
Change in net assets resulting from Class R4 capital transactions		3,148			14,490			2,452			17,940
Class R5
Proceeds from shares issued		4,402			10,224			3,669			9,503
Distributions reinvested		1,311			720			1,248			615
Cost of shares redeemed		(20,813	)		(21,719	)		(17,008	)		(14,398	)
Change in net assets resulting from Class R5 capital transactions		(15,100	)		(10,775	)		(12,091	)		(4,280	)
Class R6
Proceeds from shares issued		168,414			859,668			149,423			640,331
Distributions reinvested		71,514			23,274			55,923			18,185
Cost of shares redeemed		(171,528	)		(347,893	)		(155,654	)		(301,073	)
Change in net assets resulting from Class R6 capital transactions		68,400			535,049			49,692			357,443
Total change in net assets resulting from capital transactions	$	57,520		$	544,305		$	37,896		$	374,613

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

118 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

	JPMorgan SmartRetirement® Blend 2045 Fund						JPMorgan SmartRetirement® Blend 2050 Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
SHARE TRANSACTIONS:
Class I
Issued		26			90			12			39
Reinvested		12			4			6			2
Redeemed		(17	)		(21	)		(22	)		(31	)
Change in Class I Shares		21			73			(4	)		10
Class R2
Issued		—			1			1			4
Reinvested		—	(a)		—	(a)		—	(a)		—	(a)
Redeemed		—	(a)		(1	)		(1	)		(4	)
Change in Class R2 Shares		—	(a)		—	(a)		—	(a)		—	(a)
Class R3
Issued		68			234			48			207
Reinvested		29			9			15			5
Redeemed		(83	)		(116	)		(127	)		(81	)
Change in Class R3 Shares		14			127			(64	)		131
Class R4
Issued		140			607			108			671
Reinvested		36			6			40			7
Redeemed		(75	)		(169	)		(69	)		(110	)
Change in Class R4 Shares		101			444			79			568
Class R5
Issued		141			371			117			347
Reinvested		42			26			40			22
Redeemed		(662	)		(783	)		(539	)		(520	)
Change in Class R5 Shares		(479	)		(386	)		(382	)		(151	)
Class R6
Issued		5,358			31,133			4,766			23,221
Reinvested		2,300			816			1,803			641
Redeemed		(5,413	)		(12,368	)		(4,917	)		(10,702	)
Change in Class R6 Shares		2,245			19,581			1,652			13,160

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 119

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, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CAPITAL TRANSACTIONS:
Class I
Proceeds from shares issued	$	273		$	1,009		$	136		$	252
Distributions reinvested		140			41			24			6
Cost of shares redeemed		(307	)		(442	)		(50	)		(72	)
Change in net assets resulting from Class I capital transactions		106			608			110			186
Class R2
Proceeds from shares issued		2			145			4			8
Distributions reinvested		1			1			1			—	(a)
Cost of shares redeemed		(18	)		(183	)		(15	)		(9	)
Change in net assets resulting from Class R2 capital transactions		(15	)		(37	)		(10	)		(1	)
Class R3
Proceeds from shares issued		942			4,017			510			1,541
Distributions reinvested		146			56			80			26
Cost of shares redeemed		(3,135	)		(1,634	)		(934	)		(725	)
Change in net assets resulting from Class R3 capital transactions		(2,047	)		2,439			(344	)		842
Class R4
Proceeds from shares issued		2,365			9,595			1,155			238
Distributions reinvested		623			108			28			4
Cost of shares redeemed		(2,095	)		(1,500	)		(168	)		(224	)
Change in net assets resulting from Class R4 capital transactions		893			8,203			1,015			18
Class R5
Proceeds from shares issued		3,283			8,577			1,171			3,590
Distributions reinvested		959			436			257			98
Cost of shares redeemed		(12,267	)		(11,806	)		(2,252	)		(1,830	)
Change in net assets resulting from Class R5 capital transactions		(8,025	)		(2,793	)		(824	)		1,858
Class R6
Proceeds from shares issued		103,985			353,892			55,671			132,210
Distributions reinvested		30,329			9,334			8,224			2,501
Cost of shares redeemed		(91,117	)		(186,247	)		(29,155	)		(53,808	)
Change in net assets resulting from Class R6 capital transactions		43,197			176,979			34,740			80,903
Total change in net assets resulting from capital transactions	$	34,109		$	185,399		$	34,687		$	83,806

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

120 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

	JPMorgan SmartRetirement® Blend 2055 Fund						JPMorgan SmartRetirement® Blend 2060 Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
SHARE TRANSACTIONS:
Class I
Issued		9			37			5			12
Reinvested		5			1			1			—	(a)
Redeemed		(10	)		(16	)		(2	)		(3	)
Change in Class I Shares		4			22			4			9
Class R2
Issued		—	(a)		5			—	(a)		—	(a)
Reinvested		—	(a)		—	(a)		—	(a)		—	(a)
Redeemed		—	(a)		(6	)		(1	)		—	(a)
Change in Class R2 Shares		—	(a)		(1	)		(1	)		—	(a)
Class R3
Issued		30			154			21			71
Reinvested		5			2			3			1
Redeemed		(99	)		(58	)		(38	)		(32	)
Change in Class R3 Shares		(64	)		98			(14	)		40
Class R4
Issued		77			318			49			12
Reinvested		20			4			1			—	(a)
Redeemed		(68	)		(57	)		(7	)		(12	)
Change in Class R4 Shares		29			265			43			—	(a)
Class R5
Issued		105			314			48			169
Reinvested		31			16			11			5
Redeemed		(392	)		(435	)		(93	)		(87	)
Change in Class R5 Shares		(256	)		(105	)		(34	)		87
Class R6
Issued		3,338			12,900			2,310			6,189
Reinvested		985			331			344			114
Redeemed		(2,906	)		(6,683	)		(1,206	)		(2,488	)
Change in Class R6 Shares		1,417			6,548			1,448			3,815

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 121

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, 2021 (Unaudited)	$	19.48	$	0.21		$	0.16		$	0.37	$	(0.23	)	$	(0.55	)	$	(0.78	)
Year Ended June 30, 2021		17.65		0.33			2.28			2.61		(0.34	)		(0.44	)		(0.78	)
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	)
Class R2
Six Months Ended December 31, 2021 (Unaudited)		19.47		0.13			0.19			0.32		(0.13	)		(0.55	)		(0.68	)
Year Ended June 30, 2021		17.64		0.24			2.28			2.52		(0.25	)		(0.44	)		(0.69	)
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	)
Class R3
Six Months Ended December 31, 2021 (Unaudited)		19.47		0.18			0.16			0.34		(0.20	)		(0.55	)		(0.75	)
Year Ended June 30, 2021		17.64		0.28			2.28			2.56		(0.29	)		(0.44	)		(0.73	)
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, 2021 (Unaudited)		19.48		0.21			0.16			0.37		(0.23	)		(0.55	)		(0.78	)
Year Ended June 30, 2021		17.65		0.47			2.15			2.62		(0.35	)		(0.44	)		(0.79	)
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, 2021 (Unaudited)		19.48		0.22			0.15			0.37		(0.24	)		(0.55	)		(0.79	)
Year Ended June 30, 2021		17.64		0.35			2.30			2.65		(0.37	)		(0.44	)		(0.81	)
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	)
Class R6
Six Months Ended December 31, 2021 (Unaudited)		19.49		0.23			0.16			0.39		(0.25	)		(0.55	)		(0.80	)
Year Ended June 30, 2021		17.65		0.39			2.28			2.67		(0.39	)		(0.44	)		(0.83	)
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	)

(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.

122 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

		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)
$	19.07		1.92	%	$	5,332		0.28	%		2.14	%		0.51	%		20	%
	19.48		14.98			6,243		0.27			1.75			0.56			116
	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
	19.11		1.65			20		0.78			1.33			1.04			20
	19.47		14.42			56		0.77			1.25			1.06			116
	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
	19.06		1.78			7,555		0.53			1.84			0.76			20
	19.47		14.71			9,146		0.52			1.51			0.79			116
	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
	19.07		1.92			14,198		0.28			2.16			0.51			20
	19.48		15.01			13,511		0.27			2.47			0.54			116
	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
	19.06		1.94			17,141		0.13			2.24			0.36			20
	19.48		15.21			21,633		0.12			1.88			0.40			116
	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
	19.08		2.05			658,930		0.03			2.37			0.26			20
	19.49		15.32			712,820		0.02			2.04			0.29			116
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND 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)(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, 2021 (Unaudited)	$	21.93	$	0.24		$	0.18		$	0.42	$	(0.26	)	$	(0.80	)	$	(1.06	)
Year Ended June 30, 2021		19.70		0.37			2.71			3.08		(0.38	)		(0.47	)		(0.85	)
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	)
Class R2
Six Months Ended December 31, 2021 (Unaudited)		21.96		0.17			0.20			0.37		(0.19	)		(0.80	)		(0.99	)
Year Ended June 30, 2021		19.74		0.27			2.70			2.97		(0.28	)		(0.47	)		(0.75	)
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	)
Class R3
Six Months Ended December 31, 2021 (Unaudited)		21.90		0.21			0.18			0.39		(0.23	)		(0.80	)		(1.03	)
Year Ended June 30, 2021		19.68		0.32			2.70			3.02		(0.33	)		(0.47	)		(0.80	)
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 (i) through June 30, 2017		19.12		0.08	(h)		—	(j)		0.08		(0.12	)		—			(0.12	)
Class R4
Six Months Ended December 31, 2021 (Unaudited)		21.94		0.24			0.19			0.43		(0.26	)		(0.80	)		(1.06	)
Year Ended June 30, 2021		19.72		0.45			2.63			3.08		(0.39	)		(0.47	)		(0.86	)
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 (i) through June 30, 2017		19.12		0.08	(h)		—	(j)		0.08		(0.12	)		—			(0.12	)
Class R5
Six Months Ended December 31, 2021 (Unaudited)		21.94		0.24			0.19			0.43		(0.27	)		(0.80	)		(1.07	)
Year Ended June 30, 2021		19.71		0.40			2.72			3.12		(0.42	)		(0.47	)		(0.89	)
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	)
Class R6
Six Months Ended December 31, 2021 (Unaudited)		21.94		0.26			0.18			0.44		(0.28	)		(0.80	)		(1.08	)
Year Ended June 30, 2021		19.72		0.44			2.69			3.13		(0.44	)		(0.47	)		(0.91	)
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	)

(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.

124 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

		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)
$	21.29		1.91	%	$	10,389		0.28	%		2.16	%		0.50	%		22	%
	21.93		15.85			10,270		0.27			1.73			0.53			127
	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
	21.34		1.68			20		0.78			1.50			1.05			22
	21.96		15.21			29		0.77			1.25			1.06			127
	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
	21.26		1.78			34,653		0.53			1.88			0.75			22
	21.90		15.53			38,449		0.52			1.50			0.78			127
	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
	21.31		1.96			16,953		0.28			2.15			0.50			22
	21.94		15.80			16,644		0.27			2.14			0.54			127
	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
	21.30		1.98			19,616		0.13			2.19			0.35			22
	21.94		16.01			34,438		0.12			1.88			0.38			127
	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
	21.30		2.04			1,221,650		0.03			2.37			0.25			22
	21.94		16.07			1,360,729		0.02			2.05			0.27			127
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND 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)(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, 2021 (Unaudited)	$	24.44	$	0.28		$	0.36	$	0.64	$	(0.30	)	$	(0.74	)	$	(1.04	)
Year Ended June 30, 2021		20.88		0.39			3.98		4.37		(0.40	)		(0.41	)		(0.81	)
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	)
Class R2
Six Months Ended December 31, 2021 (Unaudited)		24.43		0.21			0.36		0.57		(0.24	)		(0.74	)		(0.98	)
Year Ended June 30, 2021		20.88		0.27			3.97		4.24		(0.28	)		(0.41	)		(0.69	)
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	)
Class R3
Six Months Ended December 31, 2021 (Unaudited)		24.40		0.24			0.37		0.61		(0.27	)		(0.74	)		(1.01	)
Year Ended June 30, 2021		20.86		0.33			3.96		4.29		(0.34	)		(0.41	)		(0.75	)
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, 2021 (Unaudited)		24.46		0.28			0.36		0.64		(0.30	)		(0.74	)		(1.04	)
Year Ended June 30, 2021		20.91		0.48			3.88		4.36		(0.40	)		(0.41	)		(0.81	)
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, 2021 (Unaudited)		24.45		0.28			0.38		0.66		(0.32	)		(0.74	)		(1.06	)
Year Ended June 30, 2021		20.89		0.41			3.99		4.40		(0.43	)		(0.41	)		(0.84	)
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	)
Class R6
Six Months Ended December 31, 2021 (Unaudited)		24.46		0.30			0.37		0.67		(0.33	)		(0.74	)		(1.07	)
Year Ended June 30, 2021		20.90		0.46			3.96		4.42		(0.45	)		(0.41	)		(0.86	)
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	)

(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.

126 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

		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)
$	24.04		2.66	%	$	23,047		0.30	%		2.23	%		0.49	%		20	%
	24.44		21.19			22,423		0.29			1.67			0.53			107
	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
	24.02		2.37			1,307		0.80			1.73			1.00			20
	24.43		20.54			1,230		0.79			1.18			1.03			107
	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
	24.00		2.53			45,089		0.55			1.91			0.75			20
	24.40		20.82			47,880		0.54			1.43			0.78			107
	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
	24.06		2.66			33,612		0.30			2.22			0.49			20
	24.46		21.14			32,349		0.29			2.07			0.53			107
	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
	24.05		2.73			51,278		0.15			2.27			0.34			20
	24.45		21.35			72,428		0.14			1.79			0.38			107
	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
	24.06		2.79			2,051,063		0.05			2.45			0.24			20
	24.46		21.46			2,118,605		0.04			1.99			0.27			107
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND 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)(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, 2021 (Unaudited)	$	26.66	$	0.31		$	0.55	$	0.86	$	(0.34	)	$	(0.82	)	$	(1.16	)
Year Ended June 30, 2021		21.81		0.40			5.12		5.52		(0.41	)		(0.26	)		(0.67	)
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	)
Class R2
Six Months Ended December 31, 2021 (Unaudited)		26.76		0.20			0.59		0.79		(0.26	)		(0.82	)		(1.08	)
Year Ended June 30, 2021		21.87		0.27			5.14		5.41		(0.26	)		(0.26	)		(0.52	)
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	)
Class R3
Six Months Ended December 31, 2021 (Unaudited)		26.59		0.26			0.56		0.82		(0.31	)		(0.82	)		(1.13	)
Year Ended June 30, 2021		21.75		0.34			5.10		5.44		(0.34	)		(0.26	)		(0.60	)
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, 2021 (Unaudited)		26.67		0.30			0.56		0.86		(0.34	)		(0.82	)		(1.16	)
Year Ended June 30, 2021		21.82		0.51			5.01		5.52		(0.41	)		(0.26	)		(0.67	)
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, 2021 (Unaudited)		26.66		0.30			0.57		0.87		(0.36	)		(0.82	)		(1.18	)
Year Ended June 30, 2021		21.80		0.42			5.14		5.56		(0.44	)		(0.26	)		(0.70	)
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	)
Class R6
Six Months Ended December 31, 2021 (Unaudited)		26.67		0.33			0.56		0.89		(0.38	)		(0.82	)		(1.20	)
Year Ended June 30, 2021		21.81		0.48			5.11		5.59		(0.47	)		(0.26	)		(0.73	)
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	)

(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.

128 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

		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)
$	26.36		3.28	%	$	25,182		0.32	%		2.26	%		0.49	%		19	%
	26.66		25.56			24,992		0.32			1.62			0.52			94
	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
	26.47		3.00			36		0.82			1.47			1.02			19
	26.76		24.95			44		0.82			1.10			1.05			94
	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
	26.28		3.12			61,728		0.57			1.93			0.74			19
	26.59		25.27			64,653		0.57			1.36			0.77			94
	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
	26.37		3.27			43,917		0.32			2.24			0.49			19
	26.67		25.57			42,877		0.32			2.04			0.52			94
	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
	26.35		3.31			56,759		0.17			2.22			0.34			19
	26.66		25.79			87,630		0.17			1.72			0.37			94
	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
	26.36		3.37			2,379,890		0.07			2.46			0.24			19
	26.67		25.90			2,411,541		0.06			1.93			0.27			94
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 129

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, 2021 (Unaudited)	$	28.89	$	0.36		$	0.79		$	1.15	$	(0.42	)	$	(0.93	)	$	(1.35	)
Year Ended June 30, 2021		22.56		0.45			6.37			6.82		(0.47	)		(0.02	)		(0.49	)
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	)
Class R2
Six Months Ended December 31, 2021 (Unaudited)		28.90		0.10			0.97			1.07		(0.05	)		(0.93	)		(0.98	)
Year Ended June 30, 2021		22.58		0.37			6.32			6.69		(0.35	)		(0.02	)		(0.37	)
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	)
Class R3
Six Months Ended December 31, 2021 (Unaudited)		28.84		0.32			0.78			1.10		(0.38	)		(0.93	)		(1.31	)
Year Ended June 30, 2021		22.53		0.40			6.34			6.74		(0.41	)		(0.02	)		(0.43	)
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, 2021 (Unaudited)		28.91		0.37			0.78			1.15		(0.42	)		(0.93	)		(1.35	)
Year Ended June 30, 2021		22.59		0.62			6.20			6.82		(0.48	)		(0.02	)		(0.50	)
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, 2021 (Unaudited)		28.91		0.35			0.82			1.17		(0.44	)		(0.93	)		(1.37	)
Year Ended June 30, 2021		22.58		0.49			6.37			6.86		(0.51	)		(0.02	)		(0.53	)
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	)
Class R6
Six Months Ended December 31, 2021 (Unaudited)		28.92		0.39			0.78			1.17		(0.45	)		(0.93	)		(1.38	)
Year Ended June 30, 2021		22.58		0.56			6.33			6.89		(0.53	)		(0.02	)		(0.55	)
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	)

(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.

130 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

		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)
$	28.69		4.04	%	$	13,811		0.29	%		2.44	%		0.50	%		13	%
	28.89		30.42			13,615		0.30			1.74			0.53			50
	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
	28.99		3.76			27		0.79			0.68			1.00			13
	28.90		29.78			673		0.79			1.36			1.00			50
	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
	28.63		3.88			39,444		0.54			2.14			0.74			13
	28.84		30.07			40,550		0.55			1.51			0.77			50
	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
	28.71		4.04			43,350		0.29			2.50			0.49			13
	28.91		30.37			38,286		0.31			2.36			0.53			50
	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
	28.71		4.11			39,628		0.14			2.37			0.34			13
	28.91		30.59			68,066		0.16			1.87			0.38			50
	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
	28.71		4.13			2,263,655		0.04			2.67			0.24			13
	28.92		30.76			2,230,329		0.05			2.11			0.27			50
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 131

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, 2021 (Unaudited)	$	30.22	$	0.37		$	0.95		$	1.32	$	(0.44	)	$	(1.00	)	$	(1.44	)
Year Ended June 30, 2021		22.92		0.46			7.29			7.75		(0.45	)		—			(0.45	)
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	)
Class R2
Six Months Ended December 31, 2021 (Unaudited)		30.25		0.22			1.02			1.24		(0.34	)		(1.00	)		(1.34	)
Year Ended June 30, 2021		22.93		0.30			7.31			7.61		(0.29	)		—			(0.29	)
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	)
Class R3
Six Months Ended December 31, 2021 (Unaudited)		30.13		0.32			0.96			1.28		(0.40	)		(1.00	)		(1.40	)
Year Ended June 30, 2021		22.86		0.39			7.27			7.66		(0.39	)		—			(0.39	)
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, 2021 (Unaudited)		30.21		0.38			0.94			1.32		(0.44	)		(1.00	)		(1.44	)
Year Ended June 30, 2021		22.92		0.63			7.12			7.75		(0.46	)		—			(0.46	)
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, 2021 (Unaudited)		30.21		0.38			0.97			1.35		(0.46	)		(1.00	)		(1.46	)
Year Ended June 30, 2021		22.92		0.49			7.29			7.78		(0.49	)		—			(0.49	)
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	)
Class R6
Six Months Ended December 31, 2021 (Unaudited)		30.21		0.41			0.96			1.37		(0.48	)		(1.00	)		(1.48	)
Year Ended June 30, 2021		22.92		0.56			7.25			7.81		(0.52	)		—			(0.52	)
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	)

(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.

132 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

		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)
$	30.10		4.46	%	$	8,444		0.30	%		2.41	%		0.50	%		13	%
	30.22		34.02			8,625		0.32			1.69			0.53			41
	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
	30.15		4.19			28		0.80			1.44			1.04			13
	30.25		33.34			38		0.83			1.14			1.05			41
	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
	30.01		4.34			38,059		0.55			2.08			0.74			13
	30.13		33.66			42,002		0.57			1.46			0.77			41
	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
	30.09		4.46			36,510		0.30			2.45			0.49			13
	30.21		34.00			34,312		0.33			2.33			0.53			41
	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
	30.10		4.56			36,616		0.15			2.45			0.34			13
	30.21		34.17			54,184		0.17			1.80			0.38			41
	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
	30.10		4.62			2,047,870		0.05			2.67			0.24			13
	30.21		34.30			2,001,424		0.07			2.03			0.27			41
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 133

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, 2021 (Unaudited)	$	31.00	$	0.39		$	1.13		$	1.52		$	(0.47	)	$	(0.89	)	$	(1.36	)
Year Ended June 30, 2021		22.97		0.45			8.02			8.47			(0.44	)		—			(0.44	)
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	)
Class R2
Six Months Ended December 31, 2021 (Unaudited)		31.02		0.19			1.24			1.43			(0.35	)		(0.89	)		(1.24	)
Year Ended June 30, 2021		22.98		0.30			8.03			8.33			(0.29	)		—			(0.29	)
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	)
Class R3
Six Months Ended December 31, 2021 (Unaudited)		30.93		0.34			1.13			1.47			(0.43	)		(0.89	)		(1.32	)
Year Ended June 30, 2021		22.92		0.38			8.00			8.38			(0.37	)		—			(0.37	)
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, 2021 (Unaudited)		31.00		0.40			1.12			1.52			(0.47	)		(0.89	)		(1.36	)
Year Ended June 30, 2021		22.98		0.62			7.85			8.47			(0.45	)		—			(0.45	)
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, 2021 (Unaudited)		31.02		0.37			1.16			1.53			(0.49	)		(0.89	)		(1.38	)
Year Ended June 30, 2021		22.98		0.46			8.06			8.52			(0.48	)		—			(0.48	)
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	)
Class R6
Six Months Ended December 31, 2021 (Unaudited)		31.04		0.43			1.13			1.56			(0.51	)		(0.89	)		(1.40	)
Year Ended June 30, 2021		23.00		0.55			8.00			8.55			(0.51	)		—			(0.51	)
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	)

(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.

134 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

		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)
$	31.16		4.96	%	$	11,730		0.32	%		2.48	%		0.50	%		11	%
	31.00		37.07			10,992		0.34			1.63			0.53			36
	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
	31.21		4.66			21		0.82			1.18			1.04			11
	31.02		36.37			36		0.84			1.08			1.05			36
	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
	31.08		4.81			23,955		0.57			2.17			0.74			11
	30.93		36.74			23,407		0.59			1.37			0.77			36
	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
	31.16		4.96			26,609		0.32			2.51			0.49			11
	31.00		37.04			23,361		0.35			2.25			0.53			36
	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
	31.17		5.00			27,791		0.17			2.33			0.35			11
	31.02		37.29			42,522		0.20			1.69			0.38			36
	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
	31.20		5.09			1,662,183		0.07			2.69			0.24			11
	31.04		37.40			1,584,255		0.09			1.98			0.27			36
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 135

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, 2021 (Unaudited)	$	31.00	$	0.38		$	1.14		$	1.52		$	(0.47	)	$	(0.92	)	$	(1.39	)
Year Ended June 30, 2021		22.96		0.44			8.04			8.48			(0.44	)		—			(0.44	)
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	)
Class R2
Six Months Ended December 31, 2021 (Unaudited)		30.99		0.20			1.23			1.43			(0.35	)		(0.92	)		(1.27	)
Year Ended June 30, 2021		22.95		0.28			8.05			8.33			(0.29	)		—			(0.29	)
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	)
Class R3
Six Months Ended December 31, 2021 (Unaudited)		30.93		0.32			1.16			1.48			(0.43	)		(0.92	)		(1.35	)
Year Ended June 30, 2021		22.92		0.38			8.00			8.38			(0.37	)		—			(0.37	)
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, 2021 (Unaudited)		30.97		0.39			1.13			1.52			(0.47	)		(0.92	)		(1.39	)
Year Ended June 30, 2021		22.95		0.64			7.83			8.47			(0.45	)		—			(0.45	)
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, 2021 (Unaudited)		30.97		0.37			1.17			1.54			(0.49	)		(0.92	)		(1.41	)
Year Ended June 30, 2021		22.94		0.47			8.04			8.51			(0.48	)		—			(0.48	)
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	)
Class R6
Six Months Ended December 31, 2021 (Unaudited)		30.99		0.43			1.13			1.56			(0.51	)		(0.92	)		(1.43	)
Year Ended June 30, 2021		22.96		0.55			7.99			8.54			(0.51	)		—			(0.51	)
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	)

(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.

136 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

		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)
$	31.13		4.95	%	$	4,530		0.32	%		2.42	%		0.50	%		12	%
	31.00		37.14			4,604		0.34			1.61			0.55			35
	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
	31.15		4.67			23		0.82			1.24			1.03			12
	30.99		36.45			46		0.85			1.05			1.06			35
	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
	31.06		4.82			13,590		0.57			2.04			0.75			12
	30.93		36.76			15,505		0.59			1.38			0.78			35
	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
	31.10		4.95			28,794		0.32			2.48			0.50			12
	30.97		37.11			26,235		0.34			2.31			0.53			35
	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
	31.10		5.02			26,061		0.17			2.34			0.35			12
	30.97		37.33			37,779		0.19			1.73			0.38			35
	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
	31.12		5.08			1,268,599		0.07			2.68			0.25			12
	30.99		37.43			1,211,998		0.09			1.96			0.27			35
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 137

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, 2021 (Unaudited)	$	30.75	$	0.39		$	1.11		$	1.50		$	(0.46	)	$	(0.93	)	$	(1.39	)
Year Ended June 30, 2021		22.77		0.46			7.95			8.41			(0.43	)		—			(0.43	)
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	)
Class R2
Six Months Ended December 31, 2021 (Unaudited)		30.76		0.20			1.22			1.42			(0.35	)		(0.93	)		(1.28	)
Year Ended June 30, 2021		22.77		0.28			7.99			8.27			(0.28	)		—			(0.28	)
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	)
Class R3
Six Months Ended December 31, 2021 (Unaudited)		30.66		0.28			1.18			1.46			(0.42	)		(0.93	)		(1.35	)
Year Ended June 30, 2021		22.71		0.39			7.93			8.32			(0.37	)		—			(0.37	)
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 (j) through June 30, 2017		21.54		0.12	(i)		0.04			0.16			(0.13	)		—			(0.13	)
Class R4
Six Months Ended December 31, 2021 (Unaudited)		30.72		0.39			1.10			1.49			(0.46	)		(0.93	)		(1.39	)
Year Ended June 30, 2021		22.75		0.60			7.81			8.41			(0.44	)		—			(0.44	)
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 (j) through June 30, 2017		21.54		0.12	(i)		0.04			0.16			(0.13	)		—			(0.13	)
Class R5
Six Months Ended December 31, 2021 (Unaudited)		30.74		0.37			1.15			1.52			(0.48	)		(0.93	)		(1.41	)
Year Ended June 30, 2021		22.76		0.47			7.98			8.45			(0.47	)		—			(0.47	)
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	)
Class R6
Six Months Ended December 31, 2021 (Unaudited)		30.76		0.42			1.13			1.55			(0.50	)		(0.93	)		(1.43	)
Year Ended June 30, 2021		22.78		0.54			7.94			8.48			(0.50	)		—			(0.50	)
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	)

(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.

(k) Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.

138 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

		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)
$	30.86		4.95	%	$	3,233		0.32	%		2.47	%		0.52	%		12	%
	30.75		37.13			3,117		0.34			1.66			0.56			38
	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
	30.90		4.68			25		0.82			1.28			1.04			12
	30.76		36.45			38		0.85			1.05			1.08			38
	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
	30.77		4.81			4,393		0.57			1.80			0.76			12
	30.66		36.79			6,346		0.59			1.40			0.79			38
	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
	30.82		4.92			13,894		0.32			2.47			0.51			12
	30.72		37.15			12,967		0.34			2.16			0.55			38
	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
	30.85		5.02			20,046		0.17			2.36			0.36			12
	30.74		37.33			27,827		0.20			1.73			0.40			38
	22.76		0.00	(k)		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
	30.88		5.11			683,585		0.07			2.69			0.26			12
	30.76		37.44			637,501		0.09			1.95			0.29			38
	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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 139

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, 2021 (Unaudited)	$	23.77	$	0.31		$	0.86		$	1.17		$	(0.36	)	$	(0.54	)	$	(0.90	)
Year Ended June 30, 2021		17.63		0.35			6.12			6.47			(0.33	)		—	(h)		(0.33	)
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, 2021 (Unaudited)		23.76		0.17			0.94			1.11			(0.28	)		(0.54	)		(0.82	)
Year Ended June 30, 2021		17.61		0.23			6.14			6.37			(0.22	)		—	(h)		(0.22	)
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, 2021 (Unaudited)		23.71		0.24			0.89			1.13			(0.32	)		(0.54	)		(0.86	)
Year Ended June 30, 2021		17.58		0.29			6.12			6.41			(0.28	)		—	(h)		(0.28	)
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, 2021 (Unaudited)		23.80		0.37			0.79			1.16			(0.36	)		(0.54	)		(0.90	)
Year Ended June 30, 2021		17.65		0.32			6.16			6.48			(0.33	)		—	(h)		(0.33	)
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, 2021 (Unaudited)		23.74		0.31			0.87			1.18			(0.37	)		(0.54	)		(0.91	)
Year Ended June 30, 2021		17.60		0.38			6.12			6.50			(0.36	)		—	(h)		(0.36	)
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, 2021 (Unaudited)		23.75		0.34			0.85			1.19			(0.38	)		(0.54	)		(0.92	)
Year Ended June 30, 2021		17.61		0.43			6.09			6.52			(0.38	)		—	(h)		(0.38	)
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.

140 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

		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)
$	24.04		4.97	%	$	655		0.33	%		2.57	%		0.60	%		9	%
	23.77		36.93			540		0.34			1.63			0.66			34
	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
	24.05		4.71			25		0.82			1.37			1.20			9
	23.76		36.31			36		0.85			1.11			1.23			34
	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
	23.98		4.83			2,287		0.58			1.99			0.83			9
	23.71		36.66			2,590		0.59			1.36			0.90			34
	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
	24.06		4.94			1,357		0.32			2.99			0.59			9
	23.80		36.93			338		0.35			1.54			0.73			34
	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
	24.01		5.05			6,435		0.17			2.56			0.43			9
	23.74		37.18			7,173		0.19			1.81			0.51			34
	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
	24.02		5.10			223,392		0.07			2.77			0.33			9
	23.75		37.29			186,508		0.09			1.97			0.39			34
	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, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 141

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

(Dollar values in thousands)

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-

142 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the 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.

See the tables 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 JPMorgan SmartRetirement^® Blend Income Fund, JPMorgan SmartRetirement^® Blend 2020 Fund, JPMorgan SmartRetirement^® Blend 2025 Fund and JPMorgan SmartRetirement^® Blend 2030 Fund at December 31, 2021.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Funds’ investments are summarized into the three broad levels listed below.

• Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

• Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

• Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds’ assumptions in determining the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

The following tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”):

JPMorgan SmartRetirement^® Blend Income Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Asset-Backed Securities	$	—	$	29,756	$	7,015	$	36,771
Collateralized Mortgage Obligations		—		7,083		1,036		8,119
Commercial Mortgage-Backed Securities		—		2,498		175		2,673
Corporate Bonds		—		59,726		—		59,726
Exchange-Traded Funds		205,413		—		—		205,413
Foreign Government Securities		—		1,046		—		1,046
Investment Companies		291,326		—		—		291,326
Mortgage-Backed Securities		—		33,862		—		33,862
U.S. Treasury Obligations		—		30,142		—		30,142
Short-Term Investments
Investment Companies		32,278		—		—		32,278
Total Investments in Securities	$	529,017	$	164,113	$	8,226	$	701,356
Appreciation in Other Financial Instruments
Futures Contracts	$	1,066	$	—	$	—	$	1,066

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 143

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

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	$	—	$	55,575	$	13,108	$	68,683
Collateralized Mortgage Obligations		—		14,747		3,436		18,183
Commercial Mortgage-Backed Securities		—		5,184		350		5,534
Corporate Bonds		—		108,487		—		108,487
Exchange-Traded Funds		376,110		—		—		376,110
Foreign Government Securities		—		1,453		—		1,453
Investment Companies		543,320		—		—		543,320
Mortgage-Backed Securities		—		67,250		—		67,250
U.S. Treasury Obligations		—		44,908		—		44,908
Short-Term Investments
Investment Companies		55,698		—		—		55,698
Total Investments in Securities	$	975,128	$	297,604	$	16,894	$	1,289,626
Appreciation in Other Financial Instruments
Futures Contracts	$	1,886	$	—	$	—	$	1,886
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	$	—	$	84,036	$	18,216	$	102,252
Collateralized Mortgage Obligations		—		20,614		4,539		25,153
Commercial Mortgage-Backed Securities		—		6,724		439		7,163
Corporate Bonds		—		168,185		—		168,185
Exchange-Traded Funds		702,945		—		—		702,945
Foreign Government Securities		—		1,968		—		1,968
Investment Companies		951,708		—		—		951,708
Mortgage-Backed Securities		—		89,594		—		89,594
U.S. Treasury Obligations		—		107,379		—		107,379
Short-Term Investments
Investment Companies		50,693		—		—		50,693
Total Investments in Securities	$	1,705,346	$	478,500	$	23,194	$	2,207,040
Appreciation in Other Financial Instruments
Futures Contracts	$	4,310	$	—	$	—	$	4,310

144 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

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	$	—	$	78,477	$	17,791	$	96,268
Collateralized Mortgage Obligations		—		19,560		4,119		23,679
Commercial Mortgage-Backed Securities		—		6,800		391		7,191
Corporate Bonds		—		157,460		—		157,460
Exchange-Traded Funds		917,935		—		—		917,935
Foreign Government Securities		—		1,826		—		1,826
Investment Companies		1,115,305		—		—		1,115,305
Mortgage-Backed Securities		—		81,714		—		81,714
U.S. Treasury Obligations		—		101,205		—		101,205
Short-Term Investments
Investment Companies		68,021		—		—		68,021
Total Investments in Securities	$	2,101,261	$	447,042	$	22,301	$	2,570,604
Appreciation in Other Financial Instruments
Futures Contracts	$	4,844	$	—	$	—	$	4,844
JPMorgan SmartRetirement® Blend 2035 Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Asset-Backed Securities	$	—	$	15,394	$	4,176	$	19,570
Collateralized Mortgage Obligations		—		6,145		594		6,739
Commercial Mortgage-Backed Securities		—		2,787		—		2,787
Corporate Bonds		—		33,053		—		33,053
Exchange-Traded Funds		931,676		—		—		931,676
Foreign Government Securities		—		389		—		389
Investment Companies		1,321,958		—		—		1,321,958
Mortgage-Backed Securities		—		17,285		—		17,285
U.S. Treasury Obligations		—		32,844		—		32,844
Short-Term Investments
Investment Companies		56,367		—		—		56,367
Total Investments in Securities	$	2,310,001	$	107,897	$	4,770	$	2,422,668
Appreciation in Other Financial Instruments
Futures Contracts	$	3,897	$	—	$	—	$	3,897
There were no significant transfers into or out of level 3 for the six months ended December 31, 2021.
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	$	928,871	$	—	$	—	$	928,871
Investment Companies		1,200,523		—		—		1,200,523
U.S. Treasury Obligations		—		10,295		—		10,295
Short-Term Investments
Investment Companies		49,624		—		—		49,624
Total Investments in Securities	$	2,179,018	$	10,295	$	—	$	2,189,313
Appreciation in Other Financial Instruments
Futures Contracts	$	3,512	$	—	$	—	$	3,512

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 145

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

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	$	771,362	$	—	$	—	$	771,362
Investment Companies		951,772		—		—		951,772
U.S. Treasury Obligations		—		7,242		—		7,242
Short-Term Investments
Investment Companies		34,661		—		—		34,661
Total Investments in Securities	$	1,757,795	$	7,242	$	—	$	1,765,037
Appreciation in Other Financial Instruments
Futures Contracts	$	2,682	$	—	$	—	$	2,682
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	$	590,692	$	—	$	—	$	590,692
Investment Companies		731,003		—		—		731,003
U.S. Treasury Obligations		—		6,151		—		6,151
Short-Term Investments
Investment Companies		28,115		—		—		28,115
Total Investments in Securities	$	1,349,810	$	6,151	$	—	$	1,355,961
Appreciation in Other Financial Instruments
Futures Contracts	$	2,091	$	—	$	—	$	2,091
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	$	320,768	$	—	$	—	$	320,768
Investment Companies		394,536		—		—		394,536
U.S. Treasury Obligations		—		3,143		—		3,143
Short-Term Investments
Investment Companies		16,448		—		—		16,448
Total Investments in Securities	$	731,752	$	3,143	$	—	$	734,895
Appreciation in Other Financial Instruments
Futures Contracts	$	1,139	$	—	$	—	$	1,139
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	$	102,274	$	—	$	—	$	102,274
Investment Companies		126,198		—		—		126,198
U.S. Treasury Obligations		—		1,035		—		1,035
Short-Term Investments
Investment Companies		5,381		—		—		5,381
Total Investments in Securities	$	233,853	$	1,035	$	—	$	234,888
Appreciation in Other Financial Instruments
Futures Contracts	$	368	$	—	$	—	$	368

146 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

The following is a summary of investments for which significant unobservable inputs (level 3) were used in determining fair value:

JPMorgan SmartRetirement^® Blend Income Fund

	Balance as of June 30, 2021		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, 2021
Investments in Securities:
Asset-Backed Securities	$	5,140	$	—	$	(88	)	$	—	(a)	$	2,992	$	(1,062	)	$	497	$	(464	)	$	7,015
Collateralized Mortgage Obligations		879		—		(8	)		—	(a)		455		(290	)		—		—			1,036
Commercial Mortgage-Backed Securities		235		—		(1	)		—			—		(59	)		—		—			175
Total	$	6,254	$	—	$	(97	)	$	—	(a)	$	3,447	$	(1,411	)	$	497	$	(464	)	$	8,226

¹  Purchases include all purchases of securities and securities received in corporate actions.

²  Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

(a) Amount rounds to less than one thousand.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at December 31, 2021, which were valued using significant unobservable inputs (level 3), amounted to $(93).

This amount is included in Change in net unrealized appreciation/ depreciation on 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, 2021.

JPMorgan SmartRetirement^® Blend 2020 Fund

	Balance as of June 30, 2021		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, 2021
Investments in Securities:
Asset-Backed Securities	$	9,551	$	—	$	(174	)	$	(1	)	$	5,970	$	(2,318	)	$	998	$	(918	)	$	13,108
Collateralized Mortgage Obligations		3,691		—		(38	)		(1	)		910		(1,126	)		—		—			3,436
Commercial Mortgage-Backed Securities		470		—		(3	)		—			—		(117	)		—		—			350
Total	$	13,712	$	—	$	(215	)	$	(2	)	$	6,880	$	(3,561	)	$	998	$	(918	)	$	16,894

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.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at December 31, 2021, which were valued using significant unobservable inputs (level 3), amounted to $(205).

This amount is included in Change in net unrealized appreciation/ depreciation on 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, 2021.

JPMorgan SmartRetirement^® Blend 2025 Fund

	Balance as of June 30, 2021		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, 2021
Investments in Securities:
Asset-Backed Securities	$	13,396	$	—	$	(242	)	$	(1	)	$	8,155	$	(3,210	)	$	1,305	$	(1,187	)	$	18,216
Collateralized Mortgage Obligations		5,053		—		(50	)		(2	)		1,245		(1,707	)		—		—			4,539
Commercial Mortgage-Backed Securities		590		—		(3	)		—			—		(148	)		—		—			439
Total	$	19,039	$	—	$	(295	)	$	(3	)	$	9,400	$	(5,065	)	$	1,305	$	(1,187	)	$	23,194

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.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 147

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

The changes in net unrealized appreciation (depreciation) attributable to securities owned at December 31, 2021, which were valued using significant unobservable inputs (level 3), amounted to $(283).

This amount is included in Change in net unrealized appreciation/ depreciation on 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, 2021.

JPMorgan SmartRetirement^® Blend 2030 Fund

	Balance as of June 30, 2021		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, 2021
Investments in Securities:
Asset-Backed Securities	$	13,009	$	—	$	(226	)	$	(1	)	$	7,882	$	(2,986	)	$	1,198	$	(1,085	)	$	17,791
Collateralized Mortgage Obligations		4,428		—		(45	)		(1	)		1,165		(1,428	)		—		—			4,119
Commercial Mortgage-Backed Securities		525		—		(3	)		—			—		(131	)		—		—			391
Total	$	17,962	$	—	$	(274	)	$	(2	)	$	9,047	$	(4,545	)	$	1,198	$	(1,085	)	$	22,301

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.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at December 31, 2021, which were valued using significant unobservable inputs (level 3), amounted to $(263).

This amount is included in Change in net unrealized appreciation/ depreciation on 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, 2021.

The significant unobservable inputs used in the fair value measurement of the Funds’ 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.

JPMorgan SmartRetirement^® Blend Income Fund

Quantitative Information about Level 3 Fair Value Measurements #

	Fair Value at December 31, 2021		Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	6,625	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (19.21%)
				Yield (Discount Rate of Cash Flows)		1.04% - 3.49% (2.44%)
Asset-Backed Securities		6,625
		563	Discounted Cash Flow	Constant Prepayment Rate		100.00% (100.00%)
				Yield (Discount Rate of Cash Flows)		1.85% (1.85%)
Collateralized Mortgage Obligations		563
		175	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		2.16% (2.16%)
Commercial Mortgage-Backed Securities		175
Total	$	7,363

# The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At December 31 2021, the value of these investments was $863. The inputs for these investments 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.

148 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

JPMorgan SmartRetirement^® Blend 2020 Fund

Quantitative Information about Level 3 Fair Value Measurements #

	Fair Value at December 31, 2021		Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	12,331	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (17.83%)
				Yield (Discount Rate of Cash Flows)		1.29% - 3.49% (2.54%)
Asset-Backed Securities		12,331
		2,488	Discounted Cash Flow	Constant Prepayment Rate		100.00% (100.00%)
				Constant Default Rate		0.00% - 0.50% (0.26%)
				Yield (Discount Rate of Cash Flows)		1.65% - 1.85% (1.74%)
Collateralized Mortgage Obligations		2,488
		350	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		2.16% (2.16%)
Commercial Mortgage-Backed Securities		350
Total	$	15,169

# The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At December 31 2021, the value of these investments was $1,725. The inputs for these investments 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.

JPMorgan SmartRetirement^® Blend 2025 Fund

Quantitative Information about Level 3 Fair Value Measurements #

	Fair Value at December 31, 2021		Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	17,176	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (17.82%)
				Yield (Discount Rate of Cash Flows)		1.29% - 3.49% (2.51%)
Asset-Backed Securities		17,176
		3,246	Discounted Cash Flow	Constant Prepayment Rate		100.00% (100.00%)
				Constant Default Rate		0.00% - 0.50% (0.25%)
				Yield (Discount Rate of Cash Flows)		1.65% - 1.85% (1.75%)
Collateralized Mortgage Obligations		3,246
		439	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		2.16% (2.16%)
Commercial Mortgage-Backed Securities		439
Total	$	20,861

# The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At December 31 2021, the value of these investments was $2,333. The inputs for these investments 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.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 149

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

JPMorgan SmartRetirement^® Blend 2030 Fund

Quantitative Information about Level 3 Fair Value Measurements #

	Fair Value at December 31, 2021		Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	16,820	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (19.74%)
				Yield (Discount Rate of Cash Flows)		1.04% - 3.49% (2.45%)
Asset-Backed Securities		16,820
		2,907	Discounted Cash Flow	Constant Prepayment Rate		100.00% (100.00%)
				Constant Default Rate		0.00% - 0.50% (0.25%)
				Yield (Discount Rate of Cash Flows)		1.65% - 1.85% (1.75%)
Collateralized Mortgage Obligations		2,907
		391	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		2.16% (2.16%)
Commercial Mortgage-Backed Securities		391
Total	$	20,118

# The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At December 31 2021, the value of these investments was $2,183. The inputs for these investments 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. 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, 2021, 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, JPMorgan SmartRetirement^® Blend 2030 Fund and JPMorgan SmartRetirement^® Blend 2035 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, JPMorgan SmartRetirement^® Blend 2030 Fund and JPMorgan SmartRetirement^® Blend 2035 Fund had when-issued securities, delayed delivery securities or forward commitments outstanding as of December 31, 2021, which are shown as a Receivable for Investment securities sold — delayed delivery securities and a Payable for Investment securities purchased — delayed delivery securities, respectively, on the Statements of Assets and Liabilities. The values of these securities held at December 31, 2021 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 a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers

150 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

listed in the tables below to be affiliated issuers. Underlying Funds’ and ETFs’ distributions may be reinvested into such Underlying Funds and ETFs. Reinvestment amounts are included in the purchases at cost amounts in the tables below.

JPMorgan SmartRetirement^® Blend Income Fund

For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders International Equity ETF (a)	$	73,407	$	4,679	$	9,576	$	471		$	(454	)	$	68,527		1,149	$	1,498	$	—
JPMorgan BetaBuilders MSCI US REIT ETF (a)		14,482		—		3,279		628			1,507			13,338		120		200		—
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a)		15,151		—		1,125		306			35			14,367		156		86		—
JPMorgan BetaBuilders U.S. Small Cap Equity ETF (a)		11,146		—		2,219		92			(378	)		8,641		131		81		—
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		14,405		318		1,399		(104	)		(557	)		12,663		1,645		318		—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		14,374		483		362		(20	)		(646	)		13,829		1,803		482		—
JPMorgan Equity Index Fund Class R6 Shares (a)		70,709		37,173		14,188		357			8,160			102,211		1,429		681		1,402
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		9,500		147		—		—			(10	)		9,637		1,077		147		—
JPMorgan High Yield Fund Class R6 Shares (a)		27,273		623		3,039		115			(365	)		24,607		3,389		623		—
JPMorgan High Yield Research Enhanced ETF (a)		32,371		—		2,232		(4	)		(340	)		29,795		576		795		—
JPMorgan Income Fund Class R6 Shares (a)		19,471		364		1,126		(15	)		(321	)		18,373		1,957		363		—
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		57,050		1,881		6,669		108			514			52,884		4,812		715		—
JPMorgan Managed Income Fund Class L Shares (a)		1,866		—		1,866		(1	)		1			—		—		1		—
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		62,313		647		4,969		(56	)		(813	)		57,122		5,883		503		144
JPMorgan U.S. Aggregate Bond ETF (a)		46,037		19,767		17,648		(60	)		(446	)		47,650		884		372		55
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		39,755		105,322		112,799		—			—			32,278		32,278		5		—
JPMorgan U.S. Value Factor ETF (a)		38,593		—		38,988		1,441			(1,046	)		—		—		117		—
Total	$	547,903	$	171,404	$	221,484	$	3,258		$	4,841		$	505,922			$	6,987	$	1,601

(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, 2021.

JPMorgan SmartRetirement^® Blend 2020 Fund

For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan BetaBuilders International Equity ETF (a)	$	141,085	$	3,946	$	18,044	$	2,495		$	(2,491	)	$	126,991		2,130	$	2,820		$	—
JPMorgan BetaBuilders MSCI US REIT ETF (a)		29,400		—		8,657		1,575			2,527			24,845		224		374			—
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a)		28,495		—		2,819		809			(154	)		26,331		287		160			—
JPMorgan BetaBuilders U.S. Small Cap Equity ETF (a)		19,674		—		2,160		197			(631	)		17,080		260		148			—
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		27,986		601		3,192		(124	)		(1,056	)		24,215		3,145		600			—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		27,937		898		3,563		(150	)		(1,069	)		24,053		3,136		897			—
JPMorgan Equity Index Fund Class R6 Shares (a)		135,154		64,196		21,101		574			15,573			194,396		2,718		1,293			2,639
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		18,902		284		2,174		(107	)		86			16,991		1,898		284			—
JPMorgan High Yield Fund Class R6 Shares (a)		50,865		3,250		10,191		209			(665	)		43,468		5,987		1,139			—
JPMorgan High Yield Research Enhanced ETF (a)		60,856		2,201		7,000		(29	)		(644	)		55,384		1,070		1,475			—
JPMorgan Income Fund Class R6 Shares (a)		38,004		705		2,438		(25	)		(628	)		35,618		3,793		704			—
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		108,783		1,330		14,167		295			889			97,130		8,838		1,330			—
JPMorgan Managed Income Fund Class L Shares (a)		1		—		1		—	(c)		—			—		—		—	(c)		—
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		120,312		1,215		12,457		(94	)		(1,527	)		107,449		11,066		956			261

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 151

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

JPMorgan SmartRetirement^® Blend 2020 Fund (continued)

For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Aggregate Bond ETF (a)	$	74,074	$	64,304	$	53,319	$	187	$	(1,013	)	$	84,233		1,562	$	565	$	101
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		68,887		279,702		292,891		—		—			55,698		55,698		9		—
JPMorgan U.S. Value Factor ETF (a)		73,085		—		73,901		2,877		(2,061	)		—		—		234		—
Total	$	1,023,500	$	422,632	$	528,075	$	8,689	$	7,136		$	933,882			$	12,988	$	3,001

(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, 2021.

(c) Amount rounds to less than one thousand.

JPMorgan SmartRetirement^® Blend 2025 Fund

For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan BetaBuilders International Equity ETF (a)	$	330,989	$	14,663	$	25,159	$	993		$	(1,199	)	$	320,287		5,373	$	6,935		$	—
JPMorgan BetaBuilders MSCI US REIT ETF (a)		67,494		—		13,434		2,475			7,441			63,976		576		910			—
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a)		67,810		6,707		10,222		1,265			705			66,265		722		401			—
JPMorgan BetaBuilders U.S. Small Cap Equity ETF (a)		44,460		—		—		—			(1,205	)		43,255		657		360			—
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		37,342		819		3,355		(180	)		(1,453	)		33,173		4,308		819			—
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		109,508		17,287		3,452		(208	)		(16,980	)		106,155		5,540		2,909			2,783
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		37,384		1,271		—		—			(1,746	)		36,909		4,812		1,270			—
JPMorgan Equity Index Fund Class R6 Shares (a)		329,195		115,940		57,149		1,363			35,249			424,598		5,938		2,796			5,508
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		21,495		333		—		—			(23	)		21,805		2,436		333			—
JPMorgan High Yield Fund Class R6 Shares (a)		58,107		1,341		6,039		58			(606	)		52,861		7,281		1,341			—
JPMorgan High Yield Research Enhanced ETF (a)		72,973		7,416		5,660		(27	)		(762	)		73,940		1,428		1,882			—
JPMorgan Income Fund Class R6 Shares (a)		45,195		855		3,325		(64	)		(742	)		41,919		4,464		855			—
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		69,580		873		3,408		40			725			67,810		6,170		873			—
JPMorgan Managed Income Fund Class L Shares (a)		822		—		821		2			(3	)		—		—		—	(c)		—
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		175,229		6,113		12,428		(106	)		(2,330	)		166,478		17,145		1,421			404
JPMorgan U.S. Aggregate Bond ETF (a)		130,046		64,119		57,366		(307	)		(1,270	)		135,222		2,507		1,079			147
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		67,712		286,382		303,401		—			—			50,693		50,693		7			—
JPMorgan U.S. Value Factor ETF (a)		112,506		—		113,726		4,434			(3,214	)		—		—		364			—
Total	$	1,777,847	$	524,119	$	618,945	$	9,738		$	12,587		$	1,705,346			$	24,555		$	8,842

(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, 2021.

(c) Amount rounds to less than one thousand.

152 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

JPMorgan SmartRetirement^® Blend 2030 Fund

For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan BetaBuilders International Equity ETF (a)	$	477,892	$	24,888	$	33,885	$	870		$	(1,176	)	$	468,589		7,860	$	10,084		$	—
JPMorgan BetaBuilders MSCI US REIT ETF (a)		94,402		4,011		18,688		2,836			11,574			94,135		848		1,341			—
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a)		97,586		7,765		11,353		1,101			1,483			96,582		1,052		571			—
JPMorgan BetaBuilders U.S. Small Cap Equity ETF (a)		64,510		4,007		4,573		204			(1,756	)		62,392		948		532			—
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		37,110		840		—		—			(1,674	)		36,276		4,711		840			—
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		157,979		29,194		4,291		(258	)		(24,586	)		158,038		8,248		4,225			4,041
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		37,151		1,241		1,806		(108	)		(1,603	)		34,875		4,547		1,240			—
JPMorgan Equity Index Fund Class R6 Shares (a)		527,015		145,268		92,868		3,455			51,672			634,542		8,873		4,187			8,243
JPMorgan High Yield Fund Class R6 Shares (a)		53,649		1,235		5,990		58			(564	)		48,388		6,665		1,235			—
JPMorgan High Yield Research Enhanced ETF (a)		70,067		11,027		8,694		(126	)		(726	)		71,548		1,382		1,859			—
JPMorgan Income Fund Class R6 Shares (a)		45,375		872		—		—			(813	)		45,434		4,839		871			—
JPMorgan Managed Income Fund Class L Shares (a)		776		—		776		2			(2	)		—		—		—	(c)		—
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		164,294		14,159		18,381		(144	)		(2,176	)		157,752		16,246		1,350			382
JPMorgan U.S. Aggregate Bond ETF (a)		125,591		62,780		62,442		(49	)		(1,191	)		124,689		2,312		951			130
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		62,602		372,865		367,446		—			—			68,021		68,021		9			—
JPMorgan U.S. Value Factor ETF (a)		129,003		—		130,379		5,025			(3,649	)		—		—		419			—
Total	$	2,145,002	$	680,152	$	761,572	$	12,866		$	24,813		$	2,101,261			$	29,714		$	12,796

(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, 2021.

(c) Amount rounds to less than one thousand.

JPMorgan SmartRetirement^® Blend 2035 Fund

For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders International Equity ETF (a)	$	519,020	$	30,963	$	23,494	$	91		$	(726	)	$	525,854		8,821	$	11,189	$	—
JPMorgan BetaBuilders MSCI US REIT ETF (a)		104,627		3,582		17,426		2,515			13,418			106,716		961		1,440		—
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a)		105,721		3,941		8,679		570			1,826			103,379		1,126		622		—
JPMorgan BetaBuilders U.S. Small Cap Equity ETF (a)		71,138		3,650		3,708		—	(c)		(1,806	)		69,274		1,053		586		—
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		311,843		42,563		35,076		(1,091	)		(4,386	)		313,853		37,230		3,994		2,089
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		23,365		3,274		—		—			(1,106	)		25,533		3,316		550		—
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		172,471		36,745		7,767		(431	)		(26,992	)		174,026		9,083		4,769		4,562
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		23,390		781		1,646		(119	)		(968	)		21,438		2,795		781		—
JPMorgan Equity Index Fund Class R6 Shares (a)		601,666		124,017		62,971		1,707			61,010			725,429		10,144		4,737		9,463
JPMorgan High Yield Fund Class R6 Shares (a)		40,194		4,575		—		—			(385	)		44,384		6,113		961		—

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 153

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

JPMorgan SmartRetirement^® Blend 2035 Fund (continued)

For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan High Yield Research Enhanced ETF (a)	$	55,973	$	6,628	$	3,517	$	(99	)	$	(611	)	$	58,374		1,128	$	1,512		$	—
JPMorgan Income Fund Class R6 Shares (a)		17,272		332		—		—			(309	)		17,295		1,842		332			—
JPMorgan Managed Income Fund Class L Shares (a)		607		—		607		2			(2	)		—		—		—	(c)		—
JPMorgan U.S. Aggregate Bond ETF (a)		65,412		15,714		12,313		(304	)		(430	)		68,079		1,262		540			82
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		42,915		271,383		257,931		—			—			56,367		56,367		6			—
JPMorgan U.S. Value Factor ETF (a)		120,078		—		121,268		4,451			(3,261	)		—		—		390			—
Total	$	2,275,692	$	548,148	$	556,403	$	7,292		$	35,272		$	2,310,001			$	32,409		$	16,196

(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, 2021.

(c) Amount rounds to less than one thousand.

JPMorgan SmartRetirement^® Blend 2040 Fund

For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan BetaBuilders International Equity ETF (a)	$	522,197	$	35,869	$	25,211	$	120		$	(876	)	$	532,099		8,926	$	11,310		$	—
JPMorgan BetaBuilders MSCI US REIT ETF (a)		106,795		3,222		18,408		2,841			13,433			107,883		971		1,487			—
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a)		106,020		6,585		5,449		448			2,109			109,713		1,195		633			—
JPMorgan BetaBuilders U.S. Small Cap Equity ETF (a)		70,469		10,303		6,492		148			(1,971	)		72,457		1,101		610			—
JPMorgan Core Bond Fund Class R6 Shares(a)		56,804		7,655		3,179		(166	)		(959	)		60,155		5,085		634			444
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		145,846		18,027		14,990		(343	)		(2,230	)		146,310		17,356		1,850			978
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		15,648		2,620		—		—			(749	)		17,519		2,275		372			—
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		173,746		40,144		7,976		(421	)		(27,231	)		178,262		9,304		4,754			4,547
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		15,665		522		875		(55	)		(660	)		14,597		1,903		521			—
JPMorgan Equity Index Fund Class R6 Shares (a)		619,710		125,943		74,812		1,970			62,168			734,979		10,278		4,803			9,523
JPMorgan High Yield Fund Class R6 Shares (a)		27,335		9,755		3,603		(25	)		(279	)		33,183		4,571		751			—
JPMorgan High Yield Research Enhanced ETF (a)		46,309		—		—		—			(478	)		45,831		885		1,155			—
JPMorgan Income Fund Class R6 Shares (a)		15,498		298		—		—			(278	)		15,518		1,653		298			—
JPMorgan Managed Income Fund Class L Shares (a)		1,018		—		1,018		1			(1	)		—		—		—	(c)		—
JPMorgan U.S. Aggregate Bond ETF (a)		56,585		7,912		2,969		(120	)		(520	)		60,888		1,129		473			72
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		40,077		242,316		232,769		—			—			49,624		49,624		5			—
JPMorgan U.S. Value Factor ETF (a)		107,568		—		108,692		4,024			(2,900	)		—		—		344			—
Total	$	2,127,290	$	511,171	$	506,443	$	8,422		$	38,578		$	2,179,018			$	30,000		$	15,564

(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, 2021.

(c) Amount rounds to less than one thousand.

154 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

JPMorgan SmartRetirement^® Blend 2045 Fund

For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan BetaBuilders International Equity ETF (a)	$	457,332	$	43,275	$	19,207	$	(170	)	$	(738	)	$	480,492		8,060	$	10,085		$	—
JPMorgan BetaBuilders MSCI US REIT ETF (a)		90,216		6,193		12,583		1,229			12,899			97,954		882		1,306			—
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a)		92,164		9,622		7,393		475			1,854			96,722		1,053		573			—
JPMorgan BetaBuilders U.S. Small Cap Equity ETF (a)		62,041		5,594		—		—			(1,661	)		65,974		1,003		524			—
JPMorgan Core Bond Fund Class R6 Shares (a)		24,512		445		—		—			(452	)		24,505		2,071		263			181
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		48,544		6,271		3,250		(106	)		(874	)		50,585		6,001		674			372
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		7,684		175		—		—			(347	)		7,512		976		174			—
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		153,541		36,928		5,537		(430	)		(24,275	)		160,227		8,363		4,318			4,131
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		7,693		261		—		—			(359	)		7,595		990		261			—
JPMorgan Equity Index Fund Class R6 Shares (a)		556,933		105,068		48,782		1,133			55,991			670,343		9,374		4,335			8,669
JPMorgan High Yield Fund Class R6 Shares (a)		14,598		4,434		—		—			(173	)		18,859		2,598		427			—
JPMorgan High Yield Research Enhanced ETF (a)		29,243		—		—		—			(302	)		28,941		559		730			—
JPMorgan Income Fund Class R6 Shares (a)		12,130		233		—		—			(217	)		12,146		1,293		233			—
JPMorgan Managed Income Fund Class L Shares (a)		424		—		424		1			(1	)		—		—		—	(c)		—
JPMorgan U.S. Aggregate Bond ETF (a)		1,291		—		—		—			(12	)		1,279		24		10			2
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		31,718		207,009		204,066		—			—			34,661		34,661		4			—
JPMorgan U.S. Value Factor ETF (a)		85,298		—		86,181		3,161			(2,278	)		—		—		279			—
Total	$	1,675,362	$	425,508	$	387,423	$	5,293		$	39,055		$	1,757,795			$	24,196		$	13,355

(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, 2021.

(c) Amount rounds to less than one thousand.

JPMorgan SmartRetirement^® Blend 2050 Fund

For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders International Equity ETF (a)	$	351,512	$	41,064	$	23,034	$	13		$	(510	)	$	369,045		6,190	$	7,766	$	—
JPMorgan BetaBuilders MSCI US REIT ETF (a)		70,974		4,076		12,417		1,454			9,403			73,490		662		1,009		—
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a)		72,569		4,277		5,114		391			1,407			73,530		801		435		—
JPMorgan BetaBuilders U.S. Small Cap Equity ETF (a)		47,771		6,747		2,051		58			(1,278	)		51,247		779		409		—
JPMorgan Core Bond Fund Class R6 Shares (a)		18,912		343		—		—			(349	)		18,906		1,598		203		140
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		37,453		5,137		2,063		(65	)		(700	)		39,762		4,717		524		289
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		5,918		134		—		—			(267	)		5,785		751		134		—
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		117,034		31,795		7,085		(308	)		(18,452	)		122,984		6,419		3,310		3,166
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		5,925		200		—		—			(276	)		5,849		763		201		—

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 155

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

JPMorgan SmartRetirement^® Blend 2050 Fund (continued)

For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan Equity Index Fund Class R6 Shares (a)	$	427,884	$	83,711	$	42,075	$	1,164		$	42,845		$	513,529		7,181	$	3,329	$	6,596
JPMorgan High Yield Fund Class R6 Shares (a)		11,223		3,712		—		—			(135	)		14,800		2,039		334		—
JPMorgan High Yield Research Enhanced ETF (a)		22,628		—		—		—			(234	)		22,394		433		565		—
JPMorgan Income Fund Class R6 Shares (a)		9,375		181		—		—			(168	)		9,388		1,000		180		—
JPMorgan Managed Income Fund Class L Shares (a)		1,993		—		1,993		(2	)		2			—		—		1		—
JPMorgan U.S. Aggregate Bond ETF (a)		996		—		—		—			(10	)		986		18		8		1
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		22,235		180,054		174,174		—			—			28,115		28,115		3		—
JPMorgan U.S. Value Factor ETF (a)		64,876		—		65,591		2,471			(1,756	)		—		—		202		—
Total	$	1,289,278	$	361,431	$	335,597	$	5,176		$	29,522		$	1,349,810			$	18,613	$	10,192

(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, 2021.

(c) Amount rounds to less than one thousand.

JPMorgan SmartRetirement^® Blend 2055 Fund

For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan BetaBuilders International Equity ETF (a)	$	186,456	$	24,476	$	11,026	$	(65	)	$	(306	)	$	199,535		3,347	$	4,163		$	—
JPMorgan BetaBuilders MSCI US REIT ETF (a)		37,141		2,452		4,837		463			5,383			40,602		366		539			—
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a)		37,660		4,424		2,568		114			809			40,439		440		236			—
JPMorgan BetaBuilders U.S. Small Cap Equity ETF (a)		25,251		3,201		1,087		42			(615	)		26,792		407		224			—
JPMorgan Core Bond Fund Class R6 Shares (a)		10,070		1,532		—		—			(201	)		11,401		964		113			84
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		19,943		2,642		1,372		(36	)		(364	)		20,813		2,469		275			144
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		3,130		893		—		—			(157	)		3,866		502		77			—
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		62,868		18,417		4,716		(206	)		(9,840	)		66,523		3,472		1,785			1,707
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		3,133		106		—		—			(146	)		3,093		403		106			—
JPMorgan Equity Index Fund Class R6 Shares (a)		227,047		50,460		24,218		569			23,113			276,971		3,873		1,782			3,544
JPMorgan High Yield Fund Class R6 Shares (a)		6,772		162		—		—			(65	)		6,869		946		162			—
JPMorgan High Yield Research Enhanced ETF (a)		11,219		1,792		—		—			(136	)		12,875		249		318			—
JPMorgan Income Fund Class R6 Shares (a)		4,967		1,210		1,083		(14	)		(80	)		5,000		532		98			—
JPMorgan Managed Income Fund Class L Shares (a)		179		—		179		1			(1	)		—		—		—	(c)		—
JPMorgan U.S. Aggregate Bond ETF (a)		530		—		—		—			(5	)		525		10		4			1
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		13,254		108,615		105,421		—			—			16,448		16,448		2			—
JPMorgan U.S. Value Factor ETF (a)		34,311		—		34,630		1,273			(954	)		—		—		96			—
Total	$	683,931	$	220,382	$	191,137	$	2,141		$	16,435		$	731,752			$	9,980		$	5,480

(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, 2021.

(c) Amount rounds to less than one thousand.

156 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

JPMorgan SmartRetirement^® Blend 2060 Fund

For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan BetaBuilders International Equity ETF (a)	$	53,499	$	12,017	$	1,301	$	(22	)	$	(148	)	$	64,045		1,074	$	1,295		$	—
JPMorgan BetaBuilders MSCI US REIT ETF (a)		10,816		1,563		1,349		33			1,742			12,805		115		168			—
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a)		10,827		1,790		—		—			278			12,895		140		74			—
JPMorgan BetaBuilders U.S. Small Cap Equity ETF (a)		7,262		1,418		—		—			(192	)		8,488		129		68			—
JPMorgan Core Bond Fund Class R6 Shares (a)		2,815		727		—		—			(65	)		3,477		294		34			26
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		5,574		1,244		—		—			(119	)		6,699		795		80			46
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		840		338		—		—			(47	)		1,131		147		23			—
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		17,805		7,343		843		(26	)		(2,981	)		21,298		1,112		566			533
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		840		178		—		—			(45	)		973		127		32			—
JPMorgan Equity Index Fund Class R6 Shares (a)		65,217		21,674		5,208		89			7,003			88,775		1,241		552			1,126
JPMorgan High Yield Fund Class R6 Shares (a)		1,743		697		—		—			(22	)		2,418		333		54			—
JPMorgan High Yield Research Enhanced ETF (a)		3,347		582		—		—			(35	)		3,894		75		90			—
JPMorgan Income Fund Class R6 Shares (a)		1,425		28		—		—			(26	)		1,427		152		27			—
JPMorgan Managed Income Fund Class L Shares (a)		161		—		161		—	(c)		—	(c)		—		—		—	(c)		—
JPMorgan U.S. Aggregate Bond ETF (a)		148		—		—		—			(1	)		147		3		1			—	(c)
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		3,949		40,246		38,814		—			—			5,381		5,381		1			—
JPMorgan U.S. Value Factor ETF (a)		10,073		—		10,177		367			(263	)		—		—		29			—
Total	$	196,341	$	89,845	$	57,853	$	441		$	5,079		$	233,853			$	3,094		$	1,731

(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, 2021.

(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

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 157

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

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 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).

The table below discloses the volume of the Funds’ futures contracts activity during the six months ended December 31, 2021:

	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
Average Notional Balance Long	$	48,505	$	90,432	$	189,328	$	202,626	$	123,777	$	111,540	$	86,109	$	67,031	$	37,355	$	10,774
Average Notional Balance Short		12,866		25,127		37,738		45,698		60,024		53,842		42,166		32,569		17,237		4,950
Ending Notional Balance Long		64,428		111,070		245,075		264,773		160,088		145,394		110,290		86,485		47,277		15,194

G. Summary of Derivatives Information

The following tables present the value of derivatives held as of December 31, 2021 by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities:

	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
Equity Risk Exposure:
Unrealized Appreciation on Futures Contracts*	$	790	$	1,365	$	3,504	$	4,088	$	3,897	$	3,512	$	2,682	$	2,091	$	1,139	$	368
Interest Rate Risk Exposure:
Unrealized Appreciation on Futures Contracts*		276		521		806		756		–		–		–		–		–		–
Net Fair Value of Derivative Contracts:
Unrealized Appreciation (Depreciation) on Futures Contracts*		1,066		1,886		4,310		4,844		3,897		3,512		2,682		2,091		1,139		368

* Includes cumulative appreciation/(depreciation) on futures contracts, if any, as reported on the SOIs. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

158 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

The following tables present the effect of derivatives on the Statements of Operations for the six months ended December 31, 2021, by primary underlying risk exposure:

	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
Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:
Equity Risk Exposure:
Futures Contracts	$	436		$	739		$	6,357		$	7,596		$	6,434		$	5,413		$	4,318		$	3,448		$	1,741		$	519
Interest Rate Risk Exposure:
Futures Contracts		(1,337	)		(2,591	)		(3,881	)		(4,444	)		(2,974	)		(2,556	)		(2,097	)		(1,619	)		(860	)		(230	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Equity Risk Exposure:
Futures Contracts		922			1,619			3,271			3,771			3,635			3,272			2,497			1,926			1,063			347
Interest Rate Risk Exposure:
Futures Contracts		584			1,147			1,723			1,919			1,225			1,072			864			667			354			99

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, 2021 are as follows:

	Class I			Class R2			Class R3			Class R4			Class R5			Class R6		Total
JPMorgan SmartRetirement® Blend Income Fund
Transfer agency fees	$	—	(a)	$	—	(a)	$	—	(a)	$	—	(a)	$	—	(a)	$	6	$	6
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)		—	(a)		11		12
JPMorgan SmartRetirement® Blend 2030 Fund
Transfer agency fees		—	(a)		—	(a)		—	(a)		—	(a)		1			12		13
JPMorgan SmartRetirement® Blend 2035 Fund
Transfer agency fees		—	(a)		—	(a)		—	(a)		—	(a)		1			11		12
JPMorgan SmartRetirement® Blend 2040 Fund
Transfer agency fees		—	(a)		—	(a)		—	(a)		—	(a)		1			10		11
JPMorgan SmartRetirement® Blend 2045 Fund
Transfer agency fees		—	(a)		—	(a)		—	(a)		—	(a)		1			9		10
JPMorgan SmartRetirement® Blend 2050 Fund
Transfer agency fees		—	(a)		—	(a)		—	(a)		—	(a)		1			8		9
JPMorgan SmartRetirement® Blend 2055 Fund
Transfer agency fees		—	(a)		—	(a)		—	(a)		—	(a)		1			6		7
JPMorgan SmartRetirement® Blend 2060 Fund
Transfer agency fees		—	(a)		—	(a)		—	(a)		—	(a)		—	(a)		4		4

(a) Amount rounds to less than one thousand.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 159

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

The Funds invested in Underlying Funds and ETFs and, as a result, bear a portion of the expenses incurred by these Underlying Funds and ETFs. These expenses are not reflected in the expenses shown on the 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, 2021, 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 — Effective January 1, 2022, distributions from net investment income, if any, are generally declared and paid at least annually and are declared separately for each class. Prior to January 1, 2022, distributions from net investment income, if any, were generally declared and paid at least quarterly and were declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser 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 of 0.15% 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, 2021, the effective annualized rate was 0.075% 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	%

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.

160 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

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 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%		0.94	%		0.69	%		0.44	%		0.29	%		0.19	%

The expense limitation agreements were in effect for the six months ended December 31, 2021 and the contractual expense limitation percentages in the table above are in place until at least October 31, 2022.

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, 2021, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers									Contractual Reimbursements
	Investment Advisory Fees		Administration Fees		Service Fees			Total
JPMorgan SmartRetirement® Blend Income Fund	$	566	$	96	$	—	(a)	$	662	$	194
JPMorgan SmartRetirement® Blend 2020 Fund		1,061		156		1			1,218		318
JPMorgan SmartRetirement® Blend 2025 Fund		1,725		230		2			1,957		284
JPMorgan SmartRetirement® Blend 2030 Fund		1,995		263		1			2,259		71
JPMorgan SmartRetirement® Blend 2035 Fund		1,836		241		1			2,078		368
JPMorgan SmartRetirement® Blend 2040 Fund		1,653		220		1			1,874		202
JPMorgan SmartRetirement® Blend 2045 Fund		1,316		184		1			1,501		5
JPMorgan SmartRetirement® Blend 2050 Fund		1,015		150		—	(a)		1,165		18
JPMorgan SmartRetirement® Blend 2055 Fund		543		96		1			640		34
JPMorgan SmartRetirement® Blend 2060 Fund		164		58		—	(a)		222		54

(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, 2021, JPMorgan SmartRetirement^® Blend Income Fund, JPMorgan SmartRetirement^® Blend 2020 Fund, JPMorgan SmartRetirement^® Blend 2025 Fund, JPMorgan SmartRetirement^® Blend 2030 Fund and JPMorgan SmartRetirement^® Blend 2035 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.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 161

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

4. Investment Transactions

During the six months ended December 31, 2021, purchases and sales of investments (excluding short-term investments) were as follows:

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Purchases of U.S. Government		Sales of U.S. Government
JPMorgan SmartRetirement® Blend Income Fund	$	129,355	$	179,721	$	10,686	$	23,819
JPMorgan SmartRetirement® Blend 2020 Fund		267,301		394,247		28,679		67,254
JPMorgan SmartRetirement® Blend 2025 Fund		413,669		496,469		22,462		52,475
JPMorgan SmartRetirement® Blend 2030 Fund		473,591		562,082		23,502		60,123
JPMorgan SmartRetirement® Blend 2035 Fund		304,555		318,808		4,065		14,491
JPMorgan SmartRetirement® Blend 2040 Fund		268,855		273,673		–		3,047
JPMorgan SmartRetirement® Blend 2045 Fund		218,498		183,356		–		2,420
JPMorgan SmartRetirement® Blend 2050 Fund		181,377		161,422		–		1,741
JPMorgan SmartRetirement® Blend 2055 Fund		111,765		85,715		–		717
JPMorgan SmartRetirement® Blend 2060 Fund		49,599		19,039		–		128

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, 2021 were as follows:

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
JPMorgan SmartRetirement® Blend Income Fund	$	638,841	$	67,767	$	4,186	$	63,581
JPMorgan SmartRetirement® Blend 2020 Fund		1,173,135		125,418		7,041		118,377
JPMorgan SmartRetirement® Blend 2025 Fund		1,948,399		274,588		11,637		262,951
JPMorgan SmartRetirement® Blend 2030 Fund		2,184,909		401,896		11,357		390,539
JPMorgan SmartRetirement® Blend 2035 Fund		2,016,332		416,355		6,122		410,233
JPMorgan SmartRetirement® Blend 2040 Fund		1,765,523		430,451		3,149		427,302
JPMorgan SmartRetirement® Blend 2045 Fund		1,403,155		365,866		1,302		364,564
JPMorgan SmartRetirement® Blend 2050 Fund		1,073,200		285,738		886		284,852
JPMorgan SmartRetirement® Blend 2055 Fund		582,935		153,564		465		153,099
JPMorgan SmartRetirement® Blend 2060 Fund		196,592		38,867		203		38,664

At June 30, 2021, the Funds did not have any net capital loss carryforwards.

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, 2021, the Funds deferred to July 1, 2021 the following specified ordinary losses of:

	Specified Ordinary Losses
JPMorgan SmartRetirement® Blend Income Fund	$	55
JPMorgan SmartRetirement® Blend 2020 Fund		122
JPMorgan SmartRetirement® Blend 2025 Fund		155
JPMorgan SmartRetirement® Blend 2030 Fund		123
JPMorgan SmartRetirement® Blend 2035 Fund		156
JPMorgan SmartRetirement® Blend 2040 Fund		175
JPMorgan SmartRetirement® Blend 2045 Fund		138
JPMorgan SmartRetirement® Blend 2050 Fund		83
JPMorgan SmartRetirement® Blend 2055 Fund		36
JPMorgan SmartRetirement® Blend 2060 Fund		13

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).

162 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

The Funds had no borrowings outstanding from another fund during the six months ended December 31, 2021.

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 October 31, 2022.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended December 31, 2021.

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 1.25%, which has decreased to 1.00% pursuant to the amendment referenced below (the “Applicable Margin”), plus the greater of the federal funds effective rate or one month London Interbank Offered Rate (“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 10, 2021, the Credit Facility has been amended and restated for a term of 364 days, unless extended, and to include a reduction of the Applicable Margin charged for borrowing under the Credit Facility from 1.25% to 1.00%.

The Funds did not utilize the Credit Facility during the six months ended December 31, 2021.

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, 2021, 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		3		63.2	%
JPMorgan SmartRetirement® Blend 2020 Fund		2		58.2
JPMorgan SmartRetirement® Blend 2025 Fund		2		57.1
JPMorgan SmartRetirement® Blend 2030 Fund		2		56.8
JPMorgan SmartRetirement® Blend 2035 Fund		2		61.5
JPMorgan SmartRetirement® Blend 2040 Fund		2		62.0
JPMorgan SmartRetirement® Blend 2045 Fund		2		63.2
JPMorgan SmartRetirement® Blend 2050 Fund		2		61.3
JPMorgan SmartRetirement® Blend 2055 Fund		2		59.5
JPMorgan SmartRetirement® Blend 2060 Fund		2		54.4

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

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 163

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

As of December 31, 2021, 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 U.S. Small Cap Equity ETF		99.6	%
JPMorgan BetaBuilders International Equity ETF		88.7
JPMorgan Equity Index Fund		52.9
JPMorgan U.S. Aggregate Bond ETF		47.4
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF		40.4
JPMorgan BetaBuilders MSCI U.S. REIT ETF		40.0
JPMorgan Emerging Markets Strategic Debt Fund		27.8
JPMorgan High Yield Research Enhanced ETF		26.1
JPMorgan Emerging Markets Research Enhanced Equity Fund		26.0
JPMorgan Inflation Managed Bond Fund		16.6
JPMorgan Emerging Markets Debt Fund		15.1

The Funds are 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.

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 the 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. On March 5, 2021, the U.K. Financial Conduct Authority (“FCA”) publicly announced that (i) immediately after December 31, 2021, publication of the 1-week and 2-month U.S. Dollar LIBOR settings will permanently cease; (ii) immediately after June 30, 2023, publication of the overnight and 12-month U.S. Dollar LIBOR settings will permanently cease; and (iii) immediately after June 30, 2023, the 1-month, 3-month and 6-month U.S. Dollar LIBOR settings will cease to be provided or, subject to the FCA’s consideration of the case, be provided on a synthetic basis and no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness will not be restored. There is no assurance that the dates announced by the FCA will not change or that the administrator of LIBOR and/or regulators will not take further action that could impact the availability, composition or characteristics of LIBOR or the currencies and/or tenors for which LIBOR is published. Public and private sector industry initiatives are currently underway to implement new or alternative reference rates to be used in place of LIBOR. There is no assurance that 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 of a Fund’s loans, notes, derivatives and other instruments or investments comprising some or all of a Fund’s investments and result in costs incurred

164 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

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, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 165

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, 2021, and continued to hold your shares at the end of the reporting period, December 31, 2021.

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, 2021		Ending Account Value December 31, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan SmartRetirement® Blend Income Fund
Class I
Actual	$	1,000.00	$	1,019.20	$	1.43		0.28	%
Hypothetical		1,000.00		1,023.79		1.43		0.28
Class R2
Actual		1,000.00		1,016.50		3.96		0.78
Hypothetical		1,000.00		1,021.27		3.97		0.78
Class R3
Actual		1,000.00		1,017.80		2.70		0.53
Hypothetical		1,000.00		1,022.53		2.70		0.53
Class R4
Actual		1,000.00		1,019.20		1.43		0.28
Hypothetical		1,000.00		1,023.79		1.43		0.28
Class R5
Actual		1,000.00		1,019.40		0.66		0.13
Hypothetical		1,000.00		1,024.55		0.66		0.13
Class R6
Actual		1,000.00		1,020.50		0.15		0.03
Hypothetical		1,000.00		1,025.05		0.15		0.03
JPMorgan SmartRetirement® Blend 2020 Fund
Class I
Actual		1,000.00		1,019.10		1.42		0.28
Hypothetical		1,000.00		1,023.79		1.43		0.28
Class R2
Actual		1,000.00		1,016.80		3.97		0.78
Hypothetical		1,000.00		1,021.27		3.97		0.78

166 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

	Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan SmartRetirement® Blend 2020 Fund (continued)
Class R3
Actual	$	1,000.00	$	1,017.80	$	2.70		0.53	%
Hypothetical		1,000.00		1,022.53		2.70		0.53
Class R4
Actual		1,000.00		1,019.60		1.43		0.28
Hypothetical		1,000.00		1,023.79		1.43		0.28
Class R5
Actual		1,000.00		1,019.80		0.66		0.13
Hypothetical		1,000.00		1,024.55		0.66		0.13
Class R6
Actual		1,000.00		1,020.40		0.15		0.03
Hypothetical		1,000.00		1,025.05		0.15		0.03
JPMorgan SmartRetirement® Blend 2025 Fund
Class I
Actual		1,000.00		1,026.60		1.53		0.30
Hypothetical		1,000.00		1,023.69		1.53		0.30
Class R2
Actual		1,000.00		1,023.70		4.08		0.80
Hypothetical		1,000.00		1,021.17		4.08		0.80
Class R3
Actual		1,000.00		1,025.30		2.81		0.55
Hypothetical		1,000.00		1,022.43		2.80		0.55
Class R4
Actual		1,000.00		1,026.60		1.53		0.30
Hypothetical		1,000.00		1,023.69		1.53		0.30
Class R5
Actual		1,000.00		1,027.30		0.77		0.15
Hypothetical		1,000.00		1,024.45		0.77		0.15
Class R6
Actual		1,000.00		1,027.90		0.26		0.05
Hypothetical		1,000.00		1,024.95		0.26		0.05
JPMorgan SmartRetirement® Blend 2030 Fund
Class I
Actual		1,000.00		1,032.80		1.64		0.32
Hypothetical		1,000.00		1,023.59		1.63		0.32
Class R2
Actual		1,000.00		1,030.00		4.20		0.82
Hypothetical		1,000.00		1,021.07		4.18		0.82
Class R3
Actual		1,000.00		1,031.20		2.92		0.57
Hypothetical		1,000.00		1,022.33		2.91		0.57
Class R4
Actual		1,000.00		1,032.70		1.64		0.32
Hypothetical		1,000.00		1,023.59		1.63		0.32
Class R5
Actual		1,000.00		1,033.10		0.87		0.17
Hypothetical		1,000.00		1,024.35		0.87		0.17
Class R6
Actual		1,000.00		1,033.70		0.36		0.07
Hypothetical		1,000.00		1,024.85		0.36		0.07

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 167

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan SmartRetirement® Blend 2035 Fund
Class I
Actual	$	1,000.00	$	1,040.40	$	1.49		0.29	%
Hypothetical		1,000.00		1,023.74		1.48		0.29
Class R2
Actual		1,000.00		1,037.60		4.06		0.79
Hypothetical		1,000.00		1,021.22		4.02		0.79
Class R3
Actual		1,000.00		1,038.80		2.78		0.54
Hypothetical		1,000.00		1,022.48		2.75		0.54
Class R4
Actual		1,000.00		1,040.40		1.49		0.29
Hypothetical		1,000.00		1,023.74		1.48		0.29
Class R5
Actual		1,000.00		1,041.10		0.72		0.14
Hypothetical		1,000.00		1,024.50		0.71		0.14
Class R6
Actual		1,000.00		1,041.30		0.21		0.04
Hypothetical		1,000.00		1,025.00		0.20		0.04
JPMorgan SmartRetirement® Blend 2040 Fund
Class I
Actual		1,000.00		1,044.60		1.55		0.30
Hypothetical		1,000.00		1,023.69		1.53		0.30
Class R2
Actual		1,000.00		1,041.90		4.12		0.80
Hypothetical		1,000.00		1,021.17		4.08		0.80
Class R3
Actual		1,000.00		1,043.40		2.83		0.55
Hypothetical		1,000.00		1,022.43		2.80		0.55
Class R4
Actual		1,000.00		1,044.60		1.55		0.30
Hypothetical		1,000.00		1,023.69		1.53		0.30
Class R5
Actual		1,000.00		1,045.60		0.77		0.15
Hypothetical		1,000.00		1,024.45		0.77		0.15
Class R6
Actual		1,000.00		1,046.20		0.26		0.05
Hypothetical		1,000.00		1,024.95		0.26		0.05
JPMorgan SmartRetirement® Blend 2045 Fund
Class I
Actual		1,000.00		1,049.60		1.65		0.32
Hypothetical		1,000.00		1,023.59		1.63		0.32
Class R2
Actual		1,000.00		1,046.60		4.23		0.82
Hypothetical		1,000.00		1,021.07		4.18		0.82
Class R3
Actual		1,000.00		1,048.10		2.94		0.57
Hypothetical		1,000.00		1,022.33		2.91		0.57
Class R4
Actual		1,000.00		1,049.60		1.65		0.32
Hypothetical		1,000.00		1,023.59		1.63		0.32
Class R5
Actual		1,000.00		1,050.00		0.88		0.17
Hypothetical		1,000.00		1,024.35		0.87		0.17
Class R6
Actual		1,000.00		1,050.90		0.36		0.07
Hypothetical		1,000.00		1,024.85		0.36		0.07

168 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

	Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan SmartRetirement® Blend 2050 Fund
Class I
Actual	$	1,000.00	$	1,049.50	$	1.65		0.32	%
Hypothetical		1,000.00		1,023.59		1.63		0.32
Class R2
Actual		1,000.00		1,046.70		4.23		0.82
Hypothetical		1,000.00		1,021.07		4.18		0.82
Class R3
Actual		1,000.00		1,048.20		2.94		0.57
Hypothetical		1,000.00		1,022.33		2.91		0.57
Class R4
Actual		1,000.00		1,049.50		1.65		0.32
Hypothetical		1,000.00		1,023.59		1.63		0.32
Class R5
Actual		1,000.00		1,050.20		0.88		0.17
Hypothetical		1,000.00		1,024.35		0.87		0.17
Class R6
Actual		1,000.00		1,050.80		0.36		0.07
Hypothetical		1,000.00		1,024.85		0.36		0.07
JPMorgan SmartRetirement® Blend 2055 Fund
Class I
Actual		1,000.00		1,049.50		1.65		0.32
Hypothetical		1,000.00		1,023.59		1.63		0.32
Class R2
Actual		1,000.00		1,046.80		4.23		0.82
Hypothetical		1,000.00		1,021.07		4.18		0.82
Class R3
Actual		1,000.00		1,048.10		2.94		0.57
Hypothetical		1,000.00		1,022.33		2.91		0.57
Class R4
Actual		1,000.00		1,049.20		1.65		0.32
Hypothetical		1,000.00		1,023.59		1.63		0.32
Class R5
Actual		1,000.00		1,050.20		0.88		0.17
Hypothetical		1,000.00		1,024.35		0.87		0.17
Class R6
Actual		1,000.00		1,051.10		0.36		0.07
Hypothetical		1,000.00		1,024.85		0.36		0.07
JPMorgan SmartRetirement® Blend 2060 Fund
Class I
Actual		1,000.00		1,049.70		1.70		0.33
Hypothetical		1,000.00		1,023.54		1.68		0.33
Class R2
Actual		1,000.00		1,047.10		4.23		0.82
Hypothetical		1,000.00		1,021.07		4.18		0.82
Class R3
Actual		1,000.00		1,048.30		2.99		0.58
Hypothetical		1,000.00		1,022.28		2.96		0.58
Class R4
Actual		1,000.00		1,049.40		1.65		0.32
Hypothetical		1,000.00		1,023.59		1.63		0.32
Class R5
Actual		1,000.00		1,050.50		0.88		0.17
Hypothetical		1,000.00		1,024.35		0.87		0.17

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 169

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan SmartRetirement® Blend 2060 Fund (continued)
Class R6
Actual	$	1,000.00	$	1,051.00	$	0.36		0.07	%
Hypothetical		1,000.00		1,024.85		0.36		0.07

* 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).

170 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

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 2021, 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, 2021.

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 investment 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 quantitative and statistical analyses of certain Funds and/or Underlying Funds, including risk and performance return assessment as compared to the Funds’ and/or

Underlying Funds’ objectives, benchmarks, 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 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, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 171

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 each 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 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 for each 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 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. 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, as well as the Adviser’s use of affiliates to provide other services and the benefits to such affiliates of doing so.

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,

172 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

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 Fee 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.

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 fee structure and 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 for certain Funds by the Trustees’ independent consultant. The special analysis includes a multi-factor quantitative scoring system for summarizing a Fund’s historical investment performance. The approach relies on multiple metrics, incorporates several time periods, adjusts for risk and considers how a fund’s customized peer group (as selected by the independent consultant) has performed. 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 third quintile based upon the Peer Group for the one-year period ended December 31, 2020, and in the third, third and second quintiles based upon the Universe for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class R6 shares was in the third, second and second quintiles based upon the Universe for one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the SmartRetirement Blend 2020 Fund’s performance for Class I and Class R6 shares was in the fourth quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2020. 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.

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 173

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

The Trustees noted that the SmartRetirement Blend 2025 Fund’s performance for Class I shares was in the fourth and third quintiles based upon the Peer Group for the one- and three-year periods ended December 31, 2020, respectively, and in the fourth quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees noted that the performance for Class R6 shares was in the fourth, fourth and third quintiles based upon the Universe for the one-, three- and five-year periods ended December 31, 2020, 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 SmartRetirement Blend 2030 Fund’s performance for Class I shares was in the fourth and third quintiles based upon the Peer Group for the one- and three-year periods ended December 31, 2020, respectively, and in the fourth quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees noted that the performance for Class R6 shares was in the fourth, fourth and third quintiles based upon the Universe for the one-, three- and five-year periods ended December 31, 2020, 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 SmartRetirement Blend 2035 Fund’s performance for Class I shares was in the fourth and third quintiles based upon the Peer Group for the one- and three-year periods ended December 31, 2020, respectively, and in the fifth, fourth and fourth quintiles based upon the Universe for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class R6 shares was in the fourth quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2020. 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 Blend 2040 Fund’s performance for Class I shares was in the fourth and third quintiles based upon the Peer Group for the one- and three-year periods ended December 31, 2020, respectively, and

in the fourth quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees noted that the performance for Class R6 shares was in the fourth, fourth and third quintiles based upon the Universe for the one-, three- and five-year periods ended December 31, 2020, 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 SmartRetirement Blend 2045 Fund’s performance for Class I shares was in the fourth and third quintiles based upon the Peer Group for the one- and three-year periods ended December 31, 2020, respectively, and in the fifth, fourth and fourth quintiles based upon the Universe for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class R6 shares was in the fourth quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2020. 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 Blend 2050 Fund’s performance for Class I shares was in the fourth and third quintiles based upon the Peer Group for the one- and three-year periods ended December 31, 2020, respectively, and in the fourth quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees noted that the performance for Class R6 shares was in in the fourth quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2020. 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 Blend 2055 Fund’s performance for Class I shares was in the fourth and third quintiles based upon the Peer Group for the one- and three-year periods ended December 31, 2020, respectively, and in the fifth, fifth and fourth quintiles based upon the Universe for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class R6 shares was in the fourth quintile based upon the Universe for each of the one-, three- and five-year periods

174 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

ended December 31, 2020. 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 Blend 2060 Fund’s performance for Class I shares was in the fourth quintile based upon the Peer Group for the one-year period ended December 31, 2020, and in the fifth and fourth quintiles based upon the Universe for the one-and three-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class R6 shares was in the fifth and fourth quintiles based upon the Universe for the one- and three-year periods ended December 31, 2020, 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 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

actual total expenses for Class R6 shares were both in the first quintile based upon the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory agreement of the Underlying Funds in which the Fund invests.

The Trustees noted that the SmartRetirement Blend 2020 Fund’s 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 second quintile 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, 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 first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in first and the 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 both in the first quintile based upon the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory agreement of the Underlying Funds in which the Fund invests.

The Trustees noted that the SmartRetirement Blend 2030 Fund’s 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 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 third quintile based upon the Universe, and that the actual total expenses for Class R6 shares were in the first quintile based upon the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory agreement of the Underlying Funds in which the Fund invests.

The Trustees noted that the SmartRetirement Blend 2035 Fund’s net advisory fee was in the first quintile based upon

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 175

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

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 the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory agreement of the Underlying Funds in which the Fund invests.

The Trustees noted that the SmartRetirement Blend 2040 Fund’s net advisory fee 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 second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class RR6 shares was in the third quintile based upon the Universe, and that the actual total expenses for Class R6 shares were in the first quintile based upon the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory agreement of the Underlying Funds in which the Fund invests.

The Trustees noted that the SmartRetirement Blend 2045 Fund’s 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 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 third quintile based upon the Universe, and that the actual total expenses for Class R6 shares were in the first quintile based upon the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory agreement of the Underlying Funds in which the Fund invests.

The Trustees noted that the SmartRetirement Blend 2050 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 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 both in the first quintile based upon the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory agreement of the Underlying Funds in which the Fund invests.

The Trustees noted that the SmartRetirement Blend 2055 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 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 both in the first quintile based upon the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory agreement of the Underlying Funds in which the Fund invests.

The Trustees noted that the SmartRetirement Blend 2060 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 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 both in the first quintile based upon the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory agreement of the Underlying Funds in which the Fund invests.

176 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS DECEMBER 31, 2021

SPECIAL SHAREHOLDER MEETING RESULTS

(Unaudited)

The Trust held a special meeting of shareholders on October 27, 2021, for the purpose of considering and voting upon the election of Trustees, which meeting was adjourned to November 23, 2021 to allow shareholders to vote on the proposal.

When the special meeting reconvened on November 23, 2021, Trustees were elected by the shareholders of all of the series of the Trust, including the Funds.

The results of the voting were as follows:

	Votes Received (Amounts in thousands)
Independent Nominee
John F. Finn
In Favor		218,161,076
Withheld		3,798,560
Steven P. Fisher
In Favor		219,683,469
Withheld		2,276,167
Gary L. French
In Favor		219,573,994
Withheld		2,385,642
Kathleen M. Gallagher
In Favor		219,614,901
Withheld		2,344,735
Robert J. Grassi
In Favor		219,652,125
Withheld		2,307,510
Frankie D. Hughes
In Favor		219,173,958
Withheld		2,785,677
Raymond Kanner
In Favor		219,638,172
Withheld		2,321,463
Thomas P. Lemke
In Favor		219,600,003
Withheld		2,359,633

	Votes Received (Amounts in thousands)
Lawrence R. Maffia
In Favor		219,558,283
Withheld		2,401,353
Mary E. Martinez
In Favor		219,188,002
Withheld		2,771,634
Marilyn McCoy
In Favor		218,775,511
Withheld		3,184,125
Dr. Robert A. Oden, Jr.
In Favor		218,109,306
Withheld		3,850,330
Marian U. Pardo
In Favor		219,504,107
Withheld		2,445,528
Emily A. Youssouf
In Favor		219,549,573
Withheld		2,410,062
Interested Nominee
Robert F. Deutsch
In Favor		219,143,836
Withheld		2,815,799
Nina O. Shenker
In Favor		219,183,139
Withheld		2,776,497

DECEMBER 31, 2021 JPMORGAN SMARTRETIREMENT^® BLEND FUNDS 177

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., 2021.  All rights reserved. December 2021. SAN-SRB-1221

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 3, 2022

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 3, 2022
By:	/s/ Timothy J. Clemens
	Timothy J. Clemens
	Treasurer and Principal Financial Officer
	March 3, 2022

EX-99.CERT

EXHIBIT (B)(1)

CERTIFICATIONS

I, Brian S. Shlissel, certify that:

1. I have reviewed this report on Form N-CSR of the JPMorgan Access Balanced Fund, JPMorgan Access Growth Fund, JPMorgan Diversified Fund, JPMorgan Equity Focus Fund, JPMorgan Hedged Equity Fund, JPMorgan Mid Cap Equity Fund, JPMorgan Small Cap Blend Fund, JPMorgan Small Cap Equity Fund, JPMorgan Small Cap Sustainable Leaders 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, 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, JPMorgan SmartRetirement Blend Income Fund, JPMorgan SmartRetirement Income Fund, JPMorgan U.S. Applied Data Science Value Fund, JPMorgan U.S. Equity Fund, JPMorgan U.S. GARP Equity Fund, JPMorgan U.S. Large Cap Core Plus Fund, JPMorgan U.S. Research Enhanced Equity Fund, JPMorgan U.S. Small Company Fund, JPMorgan U.S. Sustainable Leaders Fund, JPMorgan U.S. Value Fund and JPMorgan Value Advantage Fund (the “Funds”), each a series of JPMorgan Trust I (the “Registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Funds as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Funds and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Funds, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provided reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the Funds’ disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the Funds’ internal control over financial reporting that occurred during the last fiscal quarter covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer and I have disclosed to the Funds’ auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weakness in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Funds’ ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Funds’ internal control over financial reporting.

Date: March 3, 2022	/s/ Brian S. Shlissel
	Brian S. Shlissel
	President and Principal Executive Officer

CERTIFICATIONS

I, Timothy J. Clemens, certify that:

1. I have reviewed this report on Form N-CSR of the JPMorgan Access Balanced Fund, JPMorgan Access Growth Fund, JPMorgan Diversified Fund, JPMorgan Equity Focus Fund, JPMorgan Hedged Equity Fund, JPMorgan Mid Cap Equity Fund, JPMorgan Small Cap Blend Fund, JPMorgan Small Cap Equity Fund, JPMorgan Small Cap Sustainable Leaders 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, 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, JPMorgan SmartRetirement Blend Income Fund, JPMorgan SmartRetirement Income Fund, JPMorgan U.S. Applied Data Science Value Fund, JPMorgan U.S. Equity Fund, JPMorgan U.S. GARP Equity Fund, JPMorgan U.S. Large Cap Core Plus Fund, JPMorgan U.S. Research Enhanced Equity Fund, JPMorgan U.S. Small Company Fund, JPMorgan U.S. Sustainable Leaders Fund, JPMorgan U.S. Value Fund and JPMorgan Value Advantage Fund (the “Funds”), each a series of JPMorgan Trust I (the “Registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Funds as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Funds and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Funds, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provided reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the Funds’ disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the Funds’ internal control over financial reporting that occurred during the last fiscal quarter covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer and I have disclosed to the Funds’ auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weakness in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Funds’ ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Funds’ internal control over financial reporting.

Date: March 3, 2022
	/s/ Timothy J. Clemens
	Timothy J. Clemens
	Treasurer and Principal Financial Officer

EX-99.906CERT

Certification Pursuant to Rule 30a-2(b) under the Investment Company Act of 1940

This certification is provided pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, and accompanies the report on Form N-CSR furnished to the Securities and Exchange Commission on the date hereof of the JPMorgan Access Balanced Fund, JPMorgan Access Growth Fund, JPMorgan Diversified Fund, JPMorgan Equity Focus Fund, JPMorgan Hedged Equity Fund, JPMorgan Mid Cap Equity Fund, JPMorgan Small Cap Blend Fund, JPMorgan Small Cap Equity Fund, JPMorgan Small Cap Sustainable Leaders 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, 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, JPMorgan SmartRetirement Blend Income Fund, JPMorgan SmartRetirement Income Fund, JPMorgan U.S. Applied Data Science Value Fund, JPMorgan U.S. Equity Fund, JPMorgan U.S. GARP Equity Fund, JPMorgan U.S. Large Cap Core Plus Fund, JPMorgan U.S. Research Enhanced Equity Fund, JPMorgan U.S. Small Company Fund, JPMorgan U.S. Sustainable Leaders Fund, JPMorgan U.S. Value Fund and JPMorgan Value Advantage Fund (the “Funds”), each a series of JPMorgan Trust I (the “Registrant”);

I, Brian S. Shlissel, certify that:

1. The Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of the operations of the Funds.

/s/ Brian S. Shlissel

Brian S. Shlissel

President and Principal Executive Officer

March 3, 2022

This certificate is furnished pursuant to the requirements of Form N-CSR and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.

Certification Pursuant to Rule 30a-2(b) under the Investment Company Act of 1940

This certification is provided pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, and accompanies the report on Form N-CSR furnished to the Securities and Exchange Commission on the date hereof of the JPMorgan Access Balanced Fund, JPMorgan Access Growth Fund, JPMorgan Diversified Fund, JPMorgan Equity Focus Fund, JPMorgan Hedged Equity Fund, JPMorgan Mid Cap Equity Fund, JPMorgan Small Cap Blend Fund, JPMorgan Small Cap Equity Fund, JPMorgan Small Cap Sustainable Leaders 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, 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, JPMorgan SmartRetirement Blend Income Fund, JPMorgan SmartRetirement Income Fund, JPMorgan U.S. Applied Data Science Value Fund, JPMorgan U.S. Equity Fund, JPMorgan U.S. GARP Equity Fund, JPMorgan U.S. Large Cap Core Plus Fund, JPMorgan U.S. Research Enhanced Equity Fund, JPMorgan U.S. Small Company Fund, JPMorgan U.S. Sustainable Leaders Fund, JPMorgan U.S. Value Fund and JPMorgan Value Advantage Fund (the “Funds”), each a series of JPMorgan Trust I (the “Registrant”);

I, Timothy J. Clemens, certify that:

1. The Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of the operations of the Funds.

/s/ Timothy J. Clemens

Timothy J. Clemens

Treasurer and Principal Financial Officer

March 3, 2022

This certificate is furnished pursuant to the requirements of Form N-CSR and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.