N-CSR

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: 811-04236

JPMorgan Trust II

(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, 2019 through June 30, 2020

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

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

ITEM 1. REPORTS TO STOCKHOLDERS.

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).

Annual Report

J.P. Morgan Small Cap Funds

June 30, 2020

JPMorgan Small Cap Blend Fund

JPMorgan Small Cap Core Fund

JPMorgan Small Cap Equity Fund

JPMorgan Small Cap Growth Fund

JPMorgan Small Cap Value Fund

JPMorgan U.S. Small Company Fund

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

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

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

CONTENTS

Letter to Shareholders	1
Market Overview	2
Fund Commentaries:
JPMorgan Small Cap Blend Fund	3
JPMorgan Small Cap Core Fund	5
JPMorgan Small Cap Equity Fund	7
JPMorgan Small Cap Growth Fund	9
JPMorgan Small Cap Value Fund	11
JPMorgan U.S. Small Company Fund	13
Schedules of Portfolio Investments	15
Financial Statements	48
Financial Highlights	64
Notes to Financial Statements	82
Report of Independent Registered Public Accounting Firm	96
Trustees	97
Officers	100
Schedule of Shareholder Expenses	101
Liquidity Risk Management Program	105
Tax Letter	106
Privacy Policy — Located at the back of this Annual Report

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

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

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

LETTER TO SHAREHOLDERS

JULY 28, 2020 (Unaudited)

Dear Shareholders,

While every epoch holds challenges and opportunities, the current year has brought unprecedented challenges that impacted communities both globally and locally. J.P. Morgan Asset Management has directly confronted the challenges of this year, with sensitivity, urgency and a clear vision, serving our shareholders, clients and communities with unwavering commitment.

  “J.P. Morgan Asset Management has directly confronted the challenges of this year, with sensitivity, urgency and a clear vision, serving our shareholders, clients and communities with unwavering commitment.”
— Andrea L. Lisher

The advent of the COVID-19 pandemic and the ensuing closure of large parts of global, national and local economies also brought severe stress to financial markets. Daily market volatility spiked and yields on U.S. Treasury bonds fell to record lows in March 2020 and by the end of the first quarter of 2020, the value of the S&P 500 Index had declined by 20%. However, the U.S. Federal Reserve, along with other leading central banks, slashed interest rates and unleashed a range of initiatives to seek to ensure liquidity and stability in financial markets. From their lows on March 23, 2020 to the end of the reporting period, the S&P 500 and the Bloomberg Barclays U.S.

Aggregate Index rebounded by 39.3% and 5.0%, respectively, amid accommodative central bank policies, government stimulus programs and global efforts to halt the spread of COVID-19.

Many have faced significant challenges throughout the past year, whether related to the COVID-19 pandemic or the recent acts of racism and discrimination around the world. JPMorgan Chase & Co. has recommitted its firm stance against any form of racism, discrimination, or social injustice. As Brian Lamb, Global Head of Diversity & Inclusion for JPMorgan Chase & Co., recently said, “We are working across the entire firm — being intentional to strengthen our inclusive environment where our employees, customers and partners feel welcomed and valued in the communities where we do business.” To learn more, please visit JPMorgan Chase & Co.’s Diversity & Inclusion web site.

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

JUNE 30, 2020 J.P. MORGAN SMALL CAP FUNDS 1

J.P. Morgan Small Cap Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)

While U.S. equity markets generally outperformed other financial markets in the second half of 2019, global prices for a broad range of assets fell sharply in the first quarter of 2020 as large sectors of global, national and local economies shut down in response to the COVID-19 pandemic. However, equity markets rebounded somewhat in the final three months of the reporting period as stimulus programs from leading central banks and governments took hold and countries in Asia and Europe showed progress in halting the spread of virus.

In late July 2019, the U.S. Federal Reserve (the “Fed”) cut interest rates for the first time in more than a decade as U.S. economic growth showed signs of slowing, even as U.S. unemployment remained at historically low levels. The central bank followed with two more interest rate cuts in September and October 2019. In response to lower rates and improved or stable economic data, equity prices in the U.S. generally rose in the final months of 2019.

Further support for U.S. equity markets came from a “Phase One” trade agreement between the U.S. and China that reduced existing tariffs and headed off the implementation of new tariffs scheduled to take effect December 15, 2019. U.S. investor sentiment remained positive through January 2020 and weathered a brief flare up in military tension between the U.S. and Iran.

While the S&P 500 reached six new closing highs in February – the last one on February 19 – the final weeks of the month were marked by a broad sell-off of assets and a sharp rise in financial market volatility in reaction to the spread of COVID-19 and the expected economic damage to follow. In early March 2020, the World Health Organization declared COVID-19 a pandemic and as businesses, schools and other institutions across the country began to close, U.S. weekly unemployment claims reached record highs. By the end of the first quarter of 2020, the S&P 500 had declined by 20%.

A U.S. government stimulus package, valued at 10% of U.S. gross domestic product, and the Fed’s decision to slash interest rates further and restart its quantitative easing asset purchasing program -- along with a range of other stimulus programs -- provided support for U.S. and global equity markets in the following months. As economies in Asia and Europe, as well as parts of the U.S., began to reopen in the second quarter of 2020, global prices both for equity and fixed income assets rose. Within U.S. equity markets, large cap stocks generally outperformed mid cap and small cap stocks and growth stocks outperformed value stocks during the reporting period.

2 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2020

JPMorgan Small Cap Blend Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*	(0.24)%
Russell 2000 Index	(6.63)%
Net Assets as of 6/30/2020 (In Thousands)	$472,859

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 twelve months ended June 30, 2020. The Fund’s security selection and overweight position in the information technology 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 consumer discretionary sector was the sole sector detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Teladoc Health Inc. and Inphi Corp. and its out-of-Benchmark position in Horizon Therapeutics PLC. Shares of Teladoc Health, a provider of online health care services, rose amid investor expectations that the company would benefit from at-home quarantines in response to the COVID-19 pandemic. Shares of Inphi, a semiconductor components manufacturer, rose amid investor expectations that it would benefit from the global transition to 5G telecommunications networks. Shares of Horizon Therapeutics, a pharmaceuticals company, rose after an advisory committee of the U.S. Food and Drug Administration recommended approval of the company’s drug for thyroid eye disease.

Leading individual detractors from relative performance included the Fund’s underweight position in Quidel Corp., its out-of-Benchmark position in Sage Therapeutics Inc. and its overweight position in Cinemark Holdings Inc. Shares of Quidel, a medical diagnostics testing manufacturer, rose amid investor expectations for increased demand for COVID-19 testing kits. Shares of Sage Therapeutics, a drug development company, fell after its treatment for depressive disorder failed in a Phase 3 clinical trial. Shares of Cinemark Holdings, a cinema chain operator, fell after the company closed movie theaters in response to at-home quarantines due to the COVID-19 pandemic.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers utilized a bottom-up approach to stock selection, researching individual companies in an effort

to construct a portfolio of companies that are attractively valued and stocks that have a history of growth. The Fund’s portfolio managers preferred to invest in high quality companies with durable franchises that, in their view, possessed the ability to generate consistent earnings. The Fund is positioned to invest in small cap companies across both growth and value styles.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Independent Bank Corp.	1.1	%
	2.	ITT, Inc.	1.0
	3.	Simpson Manufacturing Co., Inc.	0.9
	4.	Lithia Motors, Inc., Class A	0.9
	5.	Applied Industrial Technologies, Inc.	0.9
	6.	Texas Roadhouse, Inc.	0.9
	7.	Littelfuse, Inc.	0.8
	8.	Helen of Troy Ltd.	0.8
	9.	Inphi Corp.	0.7
	10.	Terreno Realty Corp.	0.7

PORTFOLIO COMPOSITION BY SECTOR***
Industrials	16.7	%
Information Technology	16.7
Financials	14.1
Health Care	13.7
Consumer Discretionary	10.8
Real Estate	6.3
Utilities	3.1
Consumer Staples	2.2
Materials	2.2
Communication Services	2.1
Energy	2.0
Short-Term Investments	10.1

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

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

*** Percentages indicated are based on total investments as of June 30, 2020. The Fund’s portfolio composition is subject to change.

JUNE 30, 2020 J.P. MORGAN SMALL CAP FUNDS 3

JPMorgan Small Cap Blend Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020

	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 19, 1997
With Sales Charge*			(5.50	)%		8.31	%		13.28	%
Without Sales Charge			(0.24	)		9.48			13.89
CLASS C SHARES	January 7, 1998
With CDSC**			(1.75	)		8.93			13.31
Without CDSC			(0.75	)		8.93			13.31
CLASS I SHARES	April 5, 1999		0.02			9.75			14.21
CLASS R6 SHARES	July 2, 2018		0.27			10.03			14.54

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)

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

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

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Small Cap Blend Fund and the Russell 2000 Index from June 30, 2010 to June 30, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Russell 2000 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 2000 Index is an unmanaged index which measures the performance of the

2000 smallest stocks (on the basis of capitalization) in the Russell 3000 Index. Investors cannot invest directly in an index.

Effective June 1, 2018 (“the Effective Date”), the Fund’s investment strategies changed. Although past performance is not necessarily an indication of how the Fund will perform in the future, in view of these changes, the Fund’s performance record prior to this date might be less relevant for investors considering whether to purchase shares of the Fund.

Class A Shares have a $1,000 minimum initial investment and carry a 5.25% sales charge.

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

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 JUNE 30, 2020

JPMorgan Small Cap Core Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class R5 Shares)* .		(12.04)%
Russell 2000 Index		(6.63)%
Net Assets as of 6/30/2020 (In Thousands)	$	349,861

INVESTMENT OBJECTIVE**

The JPMorgan Small Cap Core Fund (the “Fund”) seeks capital growth over the long term.

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

The Fund’s Class R5 Shares underperformed the Russell 2000 Index (the “Benchmark”) for the twelve months ended June 30, 2020.

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

Leading individual detractors from relative performance included the Fund’s underweight position in Teladoc Health Inc. and its overweight positions in Tivity Health Inc. and MRC Global Inc. Shares of Teladoc Health, a provider of online health care services, rose amid investor expectations that the company would benefit from at-home quarantines in response to the COVID-19 pandemic. Shares of Tivity Health, a provider of weight loss and fitness products, fell after the company reported lower-than-expected earnings and revenue for the fourth quarter of 2019. Shares of MRC Global, a supplier of hardware to the petroleum and natural industries, fell amid a sharp decline in global demand for oil and natural gas during the reporting period.

Leading individual contributors to relative performance included the Fund’s overweight positions in Stamps.com Inc. and Aircastle Ltd. and its out-of-Benchmark position in Horizon Therapeutics PLC. Shares of Stamps.com, an internet provider of postal services, rose after the company reported better-than-expected earnings for the fourth quarter of 2019 and issued an upbeat earnings forecast for 2020. Shares of Aircastle, an aircraft leasing company, rose ahead of its acquisition by Marubeni Corp. for $2.4 billion. Shares of Horizon Therapeutics, a pharmaceuticals company, rose after an advisory committee of the U.S. Food and Drug Administration recommended approval of the company’s drug for thyroid eye disease.

HOW WAS THE FUND POSITIONED?

In accordance with its investment process, the Fund’s portfolio managers take limited sector bets and construct the Fund so

that stock selection is typically the primary driver of the Fund’s relative performance versus the Benchmark. The Fund’s portfolio managers employ a bottom-up approach to stock selection, using quantitative screening and proprietary analysis to construct a portfolio of companies that they believe are attractively valued and possess strong momentum. During the reporting period, the Fund was managed and positioned in accordance with this investment process.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Deckers Outdoor Corp.	1.1	%
	2.	Magellan Health, Inc.	1.0
	3.	Horizon Therapeutics plc	0.8
	4.	Argan, Inc.	0.8
	5.	ArcBest Corp.	0.8
	6.	Hub Group, Inc., Class A	0.8
	7.	Sanmina Corp.	0.8
	8.	STAG Industrial, Inc.	0.7
	9.	Cornerstone OnDemand, Inc.	0.7
	10.	Commercial Metals Co.	0.7

PORTFOLIO COMPOSITION BY SECTOR***
Health Care	19.3	%
Financials	15.0
Industrials	14.4
Information Technology	11.7
Consumer Discretionary	9.9
Real Estate	6.1
Materials	4.4
Utilities	3.1
Consumer Staples	2.6
Communication Services	2.5
Energy	1.9
Short-Term Investments	9.1

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

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

*** Percentages indicated are based on total investments as of June 30, 2020. The Fund’s portfolio composition is subject to change.

JUNE 30, 2020 J.P. MORGAN SMALL CAP FUNDS 5

JPMorgan Small Cap Core Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020

	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 31, 2016
With Sales Charge*			(17.00	)%		1.31	%		9.71	%
Without Sales Charge			(12.40	)		2.41			10.30
CLASS C SHARES	May 31, 2016
With CDSC**			(13.86	)		1.99			10.08
Without CDSC			(12.86	)		1.99			10.08
CLASS I SHARES	January 3, 2017		(12.20	)		2.64			10.42
CLASS R2 SHARES	July 31, 2017		(12.63	)		2.06			9.73
CLASS R3 SHARES	July 31, 2017		(12.42	)		2.32			10.01
CLASS R4 SHARES	July 31, 2017		(12.19	)		2.58			10.28
CLASS R5 SHARES	January 1, 1997		(12.04	)		2.78			10.50
CLASS R6 SHARES	May 31, 2016		(11.97	)		2.83			10.53

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)

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

Returns for Class A, Class C, Class I, Class R2, Class R3, Class R4 and Class R6 Shares prior to their inception dates are based on the performance of Class R5 Shares. The actual returns of Class A, Class C, Class I, Class R2, Class R3 and Class R4 Shares would have been lower than those shown because these classes have higher expenses than Class R5 Shares. The actual returns of the Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 Shares.

The graph illustrates comparative performance for $10,000 invested in Class R5 Shares of the JPMorgan Small Cap Core Fund and the Russell 2000 Index from June 30, 2010 to June 30, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not

include a sales charge. The performance of the Russell 2000 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 2000 Index is an unmanaged index which measures the performance of the 2000 smallest stocks (on the basis of capitalization) in the Russell 3000 Index. Investors cannot invest directly in an index.

Class R5 Shares have no minimum initial investment.

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

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

6 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2020

JPMorgan Small Cap Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*	(4.11)%
Russell 2000 Index	(6.63)%
Net Assets as of 6/30/2020 (In Thousands)	$6,595,486

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 twelve months ended June 30, 2020. The Fund’s security selection and underweight position in the consumer discretionary sector and its security selection in the industrials sector were leading contributors to performance relative to the Benchmark, while the Fund’s underweight position and security selection in the health care sector and its security selection 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 Pool Corp. and West Pharmaceutical Services Inc. and its overweight position in Kinsale Capital Group Inc. Shares of Pool, a distributor or swimming pool supplies, rose amid investor expectations for increased demand for its products during at-home quarantines in response to the COVID-19 pandemic and after the company increased its quarter dividend by 22% and increased its share repurchase program by $200 million. Shares of West Pharmaceutical Services, a manufacturer of drugs, vaccines and consumer health care products, rose amid investor expectations that the company will benefit from demand for testing and treatments during the COVID-19 pandemic. Shares of Kinsale Capital Group, a provider of property and casualty insurance, rose amid consecutive quarters of better-than-expected earnings growth.

Leading individual detractors from relative performance included the Fund’s overweight positions in Cinemark Holdings Inc. and Patterson-UTI Energy Inc. and its out-of-Benchmark position in Core Laboratories NV. Shares of Cinemark Holdings, a cinema chain operator, fell after the company closed movie theaters due to the COVID-19 pandemic. Shares of Patterson-UTI Energy, a provider of oil field services to the energy sector, fell amid a sharp decline in global prices for petroleum during the reporting period. Shares of Core Laboratories, a provider of oilfield services to the energy sector, fell amid a sharp decline in global prices for petroleum during the reporting period.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers employed a bottom-up approach to stock selection, constructing portfolios based on company fundamentals and proprietary analysis. The Fund’s portfolio managers looked for companies that, in their view, had leading competitive advantages, predictable and durable business models, and sustainable free cash flow generation with management teams committed to increasing intrinsic value.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Pool Corp.	2.7	%
	2.	AptarGroup, Inc.	2.3
	3.	Toro Co. (The)	2.3
	4.	Catalent, Inc.	2.2
	5.	Molina Healthcare, Inc.	1.7
	6.	West Pharmaceutical Services, Inc.	1.7
	7.	BJ’s Wholesale Club Holdings, Inc.	1.6
	8.	LCI Industries	1.5
	9.	Brunswick Corp.	1.5
	10.	Performance Food Group Co.	1.5

PORTFOLIO COMPOSITION BY SECTOR***
Industrials	19.4	%
Financials	16.5
Information Technology	12.5
Health Care	12.4
Consumer Discretionary	11.4
Materials	6.1
Real Estate	5.7
Consumer Staples	4.7
Utilities	2.2
Others (each less than 1.0%)	0.9
Short-Term Investments	8.2

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

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

*** Percentages indicated are based on total investments as of June 30, 2020. The Fund’s portfolio composition is subject to change.

JUNE 30, 2020 J.P. MORGAN SMALL CAP FUNDS 7

JPMorgan Small Cap Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020

	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	December 20, 1994
With Sales Charge*			(9.14	)%		5.34	%		11.71	%
Without Sales Charge			(4.11	)		6.48			12.31
CLASS C SHARES	February 19, 2005
With CDSC**			(5.56	)		5.97			11.76
Without CDSC			(4.56	)		5.97			11.76
CLASS I SHARES	May 7, 1996		(3.83	)		6.78			12.63
CLASS R2 SHARES	November 3, 2008		(4.32	)		6.22			12.03
CLASS R3 SHARES	September 9, 2016		(4.08	)		6.50			12.32
CLASS R4 SHARES	September 9, 2016		(3.83	)		6.78			12.63
CLASS R5 SHARES	May 15, 2006		(3.65	)		6.99			12.86
CLASS R6 SHARES	May 31, 2016		(3.60	)		7.04			12.88

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)

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

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

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

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

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Small Cap Equity Fund and the Russell 2000 Index from

June 30, 2010 to June 30, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Russell 2000 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 2000 Index is an unmanaged index which measures the performance of the 2000 smallest stocks (on the basis of capitalization) in the Russell 3000 Index. Investors cannot invest directly in an index.

Class A Shares have a $1,000 minimum initial investment and carry a 5.25% sales charge.

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

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 JUNE 30, 2020

JPMorgan Small Cap Growth Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		16.99%
Russell 2000 Growth Index		3.48%
Net Assets as of 6/30/2020 (In Thousands)	$	3,960,153

INVESTMENT OBJECTIVE**

The JPMorgan Small Cap Growth Fund (the “Fund”) seeks long-term capital growth primarily by investing in a portfolio of equity securities of small-capitalization and emerging growth companies.

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

The Fund’s Class A Shares, without a sales charge, outperformed the Russell 2000 Growth Index (the “Benchmark”) for the twelve months ended June 30, 2020. The Fund’s security selection and overweight position in the information technology sector and its security selection in the health care sector were leading contributors to performance relative to the Benchmark. While there were no sector detractors from relative performance, the utilities sector, in which the Fund had no holdings, and the Fund’s security selection in the consumer discretionary sector were the smallest contributors to relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Teladoc Health Inc. and Inphi Inc., and its out-of-Benchmark position in Horizon Therapeutics PLC. Shares of Teladoc Health, a provider of online health care services, rose amid investor expectations that the company would benefit from at-home quarantines in response to the COVID-19 pandemic. Shares of Inphi, a semiconductor components manufacturer, rose amid investor expectations that it would benefit from the global transition to so-called 5G telecommunications networks. Shares of Horizon Therapeutics, a pharmaceuticals company, rose after an advisory committee of the U.S. Food and Drug Administration recommended approval of the company’s drug for thyroid eye disease.

Leading individual detractors from relative performance included the Fund’s underweight position in Quidel Corp., its overweight position in Hudson Ltd. and its out-of-Benchmark position in Sage Therapeutics Inc. Shares of Quidel, a medical diagnostics testing manufacturer that was not held in the Fund, rose amid investor expectations for increased demand for COVID-19 testing kits. Shares of Hudson, a retailer of travel products, fell as passenger traffic fell sharply in response to the COVID-19 pandemic. Shares of Sage Therapeutics, a drug development company, fell after its treatment for depressive disorder failed in a Phase 3 clinical trial.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers utilized a bottom-up approach to stock selection, researching individual companies in an effort to construct portfolios of stocks that have strong fundamentals. The Fund’s portfolio managers preferred to invest in high quality companies with durable franchises that, in their view, possessed the ability to generate strong future earnings growth.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Inphi Corp.	1.6	%
	2.	Natera, Inc.	1.5
	3.	Advanced Drainage Systems, Inc.	1.5
	4.	National Vision Holdings, Inc.	1.3
	5.	John Bean Technologies Corp.	1.3
	6.	Halozyme Therapeutics, Inc.	1.3
	7.	Lithia Motors, Inc., Class A	1.3
	8.	Horizon Therapeutics plc	1.3
	9.	MKS Instruments, Inc.	1.3
	10.	Envestnet, Inc.	1.3

PORTFOLIO COMPOSITION BY SECTOR***
Health Care	26.5	%
Information Technology	23.3
Industrials	15.3
Consumer Discretionary	14.1
Financials	3.4
Consumer Staples	3.1
Real Estate	2.1
Communication Services	2.0
Short-Term Investments	10.2

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

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

*** Percentages indicated are based on total investments as of June 30, 2020. The Fund’s portfolio composition is subject to change.

JUNE 30, 2020 J.P. MORGAN SMALL CAP FUNDS 9

JPMorgan Small Cap Growth Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020

	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	July 1, 1991
With Sales Charge*			10.85	%		12.66	%		15.66	%
Without Sales Charge			16.99			13.87			16.29
CLASS C SHARES	November 4, 1997
With CDSC**			15.42			13.30			15.70
Without CDSC			16.42			13.30			15.70
CLASS I SHARES	March 26, 1996		17.31			14.16			16.58
CLASS L SHARES	February 19, 2005		17.46			14.33			16.75
CLASS R2 SHARES	November 3, 2008		16.71			13.59			15.99
CLASS R3 SHARES	July 31, 2017		16.93			13.86			16.28
CLASS R4 SHARES	July 31, 2017		17.32			14.16			16.58
CLASS R5 SHARES	September 9, 2016		17.49			14.33			16.75
CLASS R6 SHARES	November 30, 2010		17.60			14.45			16.86

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)

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

Returns for Class R3 Shares prior to their inception date are based on the performance of Class A Shares. Prior performance for Class R3 Shares has been adjusted to reflect the differences in expenses between classes.

Returns for Class R4 Shares prior to their inception date are based on the performance of Class I Shares. Prior performance for Class R4 Shares has been adjusted to reflect the differences in expenses between classes.

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

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Small Cap Growth Fund and the Russell 2000 Growth Index from June 30, 2010 to June 30, 2020. The performance of the Fund

assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Russell 2000 Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 2000 Growth Index is an unmanaged index which measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. Investors cannot invest directly in an index.

Class A Shares have a $1,000 minimum initial investment and carry a 5.25% sales charge.

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

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 JUNE 30, 2020

JPMorgan Small Cap Value Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		(16.52)%
Russell 2000 Value Index . . .		(17.48)%
Net Assets as of 6/30/2020 (In Thousands)	$	955,573

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 twelve months ended June 30, 2020. The Fund’s security selection in the consumer discretionary and utilities sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the real estate sector and its underweight position and security selection in the consumer staples sector were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Stamps.com Inc., FTI Consulting Inc. and Clearway Energy Inc. Shares of Stamps.com, an internet provider of postal services, rose after the company reported better-than-expected earnings for the fourth quarter of 2019 and issued an upbeat earnings forecast for 2020. Shares of FTI Consulting, a provider of business and regulatory advisory services, rose in late 2019 after the company reported better-than-expected earnings for its third quarter of 2019 and after the company unveiled a restructuring plan late in the reporting period. Shares of Clearway, an energy utility, rose after the company reported better-than-expected revenue for the first quarter of 2020.

Leading individual detractors from relative performance included the Fund’s overweight positions in Allscripts Healthcare Solutions Inc., Sinclair Broadcast Group Inc. and MRC Global Inc. Shares of Allscripts Healthcare Solutions, a health care information technology provider, fell after consecutive quarters of lower-than-expected earnings during the reporting period. Shares of Sinclair Broadcast Group, a television broadcaster, fell amid investor expectations for declining advertising revenue in response to the COVID-19 pandemic. Shares of MRC Global, a supplier of hardware to the petroleum and natural gas industries, fell amid a sharp decline in global demand for oil and natural gas during the reporting period.

HOW WAS THE FUND POSITIONED?

In accordance its investment process, the Fund’s portfolio managers take limited sector bets and construct the Fund so

that stock selection is typically the primary driver of the Fund’s relative performance versus the Benchmark. The Fund’s portfolio managers use a quantitative ranking methodology to identify stocks in each sector that, in their view, trade at attractive levels. Through bottom-up fundamental research, they seek companies that they believe have attractive valuations, exhibit high earnings quality and have management teams that make effective capital deployment decisions. During the reporting period, the Fund was managed and positioned in accordance with this investment process.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Xperi Holding Corp.	1.1	%
	2.	United Bankshares, Inc.	1.0
	3.	Washington Federal, Inc.	0.9
	4.	Builders FirstSource, Inc.	0.9
	5.	Trustmark Corp.	0.9
	6.	TRI Pointe Group, Inc.	0.8
	7.	EMCOR Group, Inc.	0.8
	8.	ABM Industries, Inc.	0.8
	9.	Wabash National Corp.	0.8
	10.	ArcBest Corp.	0.8

PORTFOLIO COMPOSITION BY SECTOR***
Financials	25.4	%
Industrials	16.7
Consumer Discretionary	9.0
Real Estate	8.6
Information Technology	7.9
Health Care	6.4
Materials	5.3
Utilities	4.6
Energy	3.4
Communication Services	2.6
Consumer Staples	1.9
Short-Term Investments	8.2

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

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

*** Percentages indicated are based on total investments as of June 30, 2020. The Fund’s portfolio composition is subject to change.

JUNE 30, 2020 J.P. MORGAN SMALL CAP FUNDS 11

JPMorgan Small Cap Value Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020

	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	January 27, 1995
With Sales Charge*			(21.14	)%		(1.66	)%		6.58	%
Without Sales Charge			(16.78	)		(0.59	)		7.16
CLASS C SHARES	March 22, 1999
With CDSC**			(18.14	)		(1.13	)		6.55
Without CDSC			(17.14	)		(1.13	)		6.55
CLASS I SHARES	January 27, 1995		(16.52	)		(0.34	)		7.43
CLASS R2 SHARES	November 3, 2008		(16.92	)		(0.84	)		6.89
CLASS R3 SHARES	September 9, 2016		(16.73	)		(0.59	)		7.15
CLASS R4 SHARES	September 9, 2016		(16.52	)		(0.35	)		7.42
CLASS R5 SHARES	May 15, 2006		(16.44	)		(0.21	)		7.54
CLASS R6 SHARES	February 22, 2005		(16.33	)		(0.10	)		7.64

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)

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

Returns for Class R3 Shares prior to their inception date are based on the performance of Class A Shares. Prior performance for Class R3 Shares has been adjusted to reflect the differences in expenses between classes.

Returns for Class R4 Shares prior to their inception date are based on the performance of Class I Shares. Prior performance for Class R4 Shares has been adjusted to reflect the differences in expenses between classes.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Small Cap Value Fund and the Russell 2000 Value Index from June 30, 2010 to June 30, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 2000 Value

Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 2000 Value Index is an unmanaged index which measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index.

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

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

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 JUNE 30, 2020

JPMorgan U.S. Small Company Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class L Shares)*		(6.37)%
Russell 2000 Index		(6.63)%
Net Assets as of 6/30/2020 (In Thousands)	$	900,036

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 twelve months ended June 30, 2020. The Fund’s security selection in the consumer discretionary and financials sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the health care and information technology sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Stamps.com Inc., Forty Seven Inc. and Mersana Therapeutics Inc. Shares of Stamps.com, an internet provider of postal services, rose after the company reported better-than-expected earnings for the fourth quarter of 2019 and issued an upbeat earnings forecast for 2020. Shares of Forty Seven, a drug development company, rose ahead of its March 2020 acquisition by Gilead Sciences Inc. Shares of Mersana Therapeutics, a cancer treatment development company, rose on better-than-expected earnings for the first quarter of 2020 and positive results from trials of its treatment for ovarian cancer.

Leading individual detractors from relative performance included the Fund’s overweight positions in Allscripts Healthcare Solutions Inc. and Varex Imaging Corp., and its underweight position in Teladoc Health Inc. Shares of Allscripts Healthcare Solutions, a health care information technology provider, fell after consecutive quarters of lower-than-expected earnings during the reporting period. Shares of Varex Imaging, a manufacturer of x-ray imaging components, fell after the company reported lower-than-expected earnings and revenue for its fiscal second quarter. Shares of Teladoc Health, a provider of online health care services that was not held in the Fund, rose amid investor expectations that the company would benefit from at-home quarantines in response to the COVID-19 pandemic.

HOW WAS THE FUND POSITIONED?

In accordance with its investment process, the Fund’s portfolio managers take limited sector bets and construct the Fund so that stock selection is typically the primary driver of the Fund’s

performance relative to the Benchmark. The Fund’s portfolio managers use a quantitative ranking methodology to identify stocks in each sector that, in their view, trade at attractive levels. Through bottom-up fundamental research, they seek companies that they believe have attractive valuations, exhibit high earnings quality and have management teams that make effective capital deployment decisions. During the reporting period, the Fund was managed and positioned in accordance with this investment process.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	TRI Pointe Group, Inc.	1.1	%
	2.	EMCOR Group, Inc.	1.0
	3.	Xperi Holding Corp.	1.0
	4.	Avaya Holdings Corp.	1.0
	5.	Wabash National Corp.	0.8
	6.	Trustmark Corp.	0.8
	7.	Allscripts Healthcare Solutions, Inc.	0.8
	8.	Rambus, Inc.	0.8
	9.	Washington Federal, Inc.	0.8
	10.	Perficient, Inc.	0.8

PORTFOLIO COMPOSITION BY SECTOR***
Health Care	19.2	%
Industrials	14.6
Financials	13.9
Information Technology	12.6
Consumer Discretionary	10.2
Real Estate	5.5
Materials	3.9
Consumer Staples	2.7
Utilities	2.7
Communication Services	2.4
Energy	1.6
Short-Term Investments	10.7

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

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

*** Percentages indicated are based on total investments as of June 30, 2020. The Fund’s portfolio composition is subject to change.

JUNE 30, 2020 J.P. MORGAN SMALL CAP FUNDS 13

JPMorgan U.S. Small Company Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020

	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	November 1, 2007
With Sales Charge*			(11.63	)%		0.79	%		9.21	%
Without Sales Charge			(6.76	)		1.88			9.80
CLASS C SHARES	November 1, 2007
With CDSC**			(8.25	)		1.36			9.25
Without CDSC			(7.25	)		1.36			9.25
CLASS I SHARES	September 10, 2001		(6.51	)		2.15			10.09
CLASS L SHARES	November 4, 1993		(6.37	)		2.30			10.27
CLASS R2 SHARES	November 1, 2011		(7.01	)		1.63			9.57
CLASS R3 SHARES	September 9, 2016		(6.78	)		1.88			9.80
CLASS R4 SHARES	September 9, 2016		(6.55	)		2.13			10.08
CLASS R5 SHARES	September 9, 2016		(6.36	)		2.29			10.27
CLASS R6 SHARES	November 1, 2011		(6.27	)		2.41			10.36

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)

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

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

Returns for Class R2 and Class R3 shares prior to their inception dates are based on the performance of the Class A Shares. The actual returns of Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A Shares. The actual returns for Class R3 Shares would have been similar to those shown because Class R3 Shares have similar expenses to Class A Shares.

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

The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan U.S. Small Company Fund and the Russell 2000 Index from June 30, 2010 to June 30, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 2000 Index does not reflect the deduction of expenses associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 2000 Index is an unmanaged index which measures the performance of the 2000 smallest stocks (on the basis of capitalization) in the Russell 3000 Index. Investors cannot invest directly in an index.

Class L Shares have a $3,000,000 minimum initial investment.

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

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

14 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2020

JPMorgan Small Cap Blend Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 96.4%
Aerospace & Defense — 0.7%
Curtiss-Wright Corp.		24		2,159
National Presto Industries, Inc.		15		1,301
				3,460
Auto Components — 0.7%
Fox Factory Holding Corp. *		27		2,202
LCI Industries (a)		11		1,229
				3,431
Automobiles — 0.5%
Winnebago Industries, Inc. (a)		38		2,531
Banks — 9.8%
BancFirst Corp.		67		2,720
Camden National Corp.		92		3,189
City Holding Co.		25		1,603
Columbia Banking System, Inc.		115		3,271
Community Trust Bancorp, Inc.		57		1,861
Cullen/Frost Bankers, Inc. (a)		20		1,481
First Busey Corp.		155		2,890
First Commonwealth Financial Corp.		243		2,016
First Financial Bancorp		132		1,838
First Financial Bankshares, Inc.		48		1,388
First Hawaiian, Inc.		85		1,465
First Merchants Corp.		97		2,667
Great Western Bancorp, Inc.		147		2,023
Heritage Commerce Corp.		270		2,030
Heritage Financial Corp.		33		661
Independent Bank Corp.		167		2,481
Independent Bank Corp.		49		3,298
Lakeland Bancorp, Inc.		240		2,739
S&T Bancorp, Inc.		39		903
Signature Bank		8		828
Simmons First National Corp., Class A		162		2,772
Trustmark Corp.		61		1,507
				45,631
Biotechnology — 8.5%
ACADIA Pharmaceuticals, Inc. * (a)		32		1,570
ADC Therapeutics SA (Switzerland) * (a)		40		1,877
Alector, Inc. *		32		772
Allogene Therapeutics, Inc. * (a)		21		880
Amicus Therapeutics, Inc. *		171		2,580
Atara Biotherapeutics, Inc. *		97		1,407
Avrobio, Inc. *		66		1,148
Biohaven Pharmaceutical Holding Co. Ltd. *		35		2,575
Blueprint Medicines Corp. *		27		2,069

INVESTMENTS	SHARES (000)		VALUE ($000)
Biotechnology — continued
Bridgebio Pharma, Inc. * (a)		30		979
Coherus Biosciences, Inc. * (a)		106		1,899
FibroGen, Inc. *		43		1,731
G1 Therapeutics, Inc. *		51		1,232
Generation Bio Co. *		16		343
Global Blood Therapeutics, Inc. * (a)		20		1,232
Halozyme Therapeutics, Inc. *		114		3,055
Heron Therapeutics, Inc. * (a)		86		1,267
Homology Medicines, Inc. *		57		862
Immunomedics, Inc. *		25		878
Intercept Pharmaceuticals, Inc. * (a)		20		941
Natera, Inc. *		70		3,489
Orchard Therapeutics plc, ADR (United Kingdom) *		44		261
REGENXBIO, Inc. * (a)		30		1,090
REVOLUTION Medicines, Inc. *		24		758
Rubius Therapeutics, Inc. * (a)		68		408
Sage Therapeutics, Inc. * (a)		25		1,056
Twist Bioscience Corp. * (a)		62		2,828
Viela Bio, Inc. * (a)		28		1,226
				40,413
Building Products — 3.8%
Advanced Drainage Systems, Inc.		69		3,388
AZEK Co., Inc. (The) *		26		839
CSW Industrials, Inc.		35		2,431
Fortune Brands Home & Security, Inc.		17		1,118
Simpson Manufacturing Co., Inc.		57		4,780
Trex Co., Inc. * (a)		19		2,520
UFP Industries, Inc.		56		2,754
				17,830
Capital Markets — 1.3%
Evercore, Inc., Class A		29		1,730
Focus Financial Partners, Inc., Class A *		41		1,365
LPL Financial Holdings, Inc.		41		3,180
				6,275
Chemicals — 1.6%
Innospec, Inc.		32		2,462
Stepan Co.		23		2,221
Valvoline, Inc.		137		2,656
				7,339
Commercial Services & Supplies — 2.5%
Brady Corp., Class A		53		2,463
Brink’s Co. (The)		25		1,160
Cimpress plc (Ireland) *		23		1,756

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN SMALL CAP FUNDS 15

JPMorgan Small Cap Blend Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Commercial Services & Supplies — continued
Deluxe Corp.		51		1,205
Kimball International, Inc., Class B		126		1,462
MSA Safety, Inc.		20		2,289
UniFirst Corp.		8		1,470
				11,805
Communications Equipment — 1.2%
Ciena Corp. *		34		1,868
EchoStar Corp., Class A *		69		1,937
Viavi Solutions, Inc. * (a)		133		1,693
				5,498
Construction & Engineering — 0.5%
Comfort Systems USA, Inc.		64		2,598
Containers & Packaging — 0.7%
Graphic Packaging Holding Co.		154		2,153
Silgan Holdings, Inc.		43		1,390
				3,543
Distributors — 0.5%
Pool Corp.		9		2,380
Diversified Consumer Services — 0.3%
Bright Horizons Family Solutions, Inc. *		9		1,077
OneSpaWorld Holdings Ltd. (Bahamas) (a)		44		212
				1,289
Diversified Telecommunication Services — 0.7%
Bandwidth, Inc., Class A * (a)		14		1,757
Liberty Latin America Ltd., Class C (Chile) *		187		1,768
				3,525
Electric Utilities — 0.3%
Portland General Electric Co.		37		1,548
Electrical Equipment — 0.7%
Generac Holdings, Inc. *		18		2,246
nVent Electric plc		55		1,030
				3,276
Electronic Equipment, Instruments & Components — 3.2%
CTS Corp. (a)		93		1,873
ePlus, Inc. *		24		1,694
Fabrinet (Thailand) *		40		2,470
Littelfuse, Inc.		24		4,171
Plexus Corp. * (a)		29		2,018
SYNNEX Corp.		23		2,811
				15,037

INVESTMENTS	SHARES (000)		VALUE ($000)
Equity Real Estate Investment Trusts (REITs) — 6.8%
American Campus Communities, Inc.		65		2,279
American Homes 4 Rent, Class A		120		3,238
Brixmor Property Group, Inc.		166		2,126
CubeSmart		38		1,020
EastGroup Properties, Inc.		13		1,518
Equity Commonwealth		78		2,519
Highwoods Properties, Inc.		54		2,024
JBG SMITH Properties		68		2,011
National Health Investors, Inc.		15		913
Rayonier, Inc.		82		2,041
Rexford Industrial Realty, Inc.		73		3,024
RLJ Lodging Trust		167		1,578
Sunstone Hotel Investors, Inc.		290		2,364
Terreno Realty Corp. (a)		69		3,648
Washington		78		1,741
				32,044
Food & Staples Retailing — 0.9%
Grocery Outlet Holding Corp. *		51		2,071
Performance Food Group Co. *		74		2,147
				4,218
Food Products — 1.1%
Flowers Foods, Inc.		100		2,243
Freshpet, Inc. *		35		2,901
				5,144
Gas Utilities — 1.6%
Chesapeake Utilities Corp.		21		1,774
ONE Gas, Inc.		42		3,254
Southwest Gas Holdings, Inc. (a)		39		2,690
				7,718
Health Care Equipment & Supplies — 1.9%
iRhythm Technologies, Inc. *		21		2,407
Nevro Corp. *		22		2,660
Shockwave Medical, Inc. *		40		1,884
Utah Medical Products, Inc.		21		1,825
				8,776
Health Care Providers & Services — 2.1%
Acadia Healthcare Co., Inc. * (a)		45		1,131
Amedisys, Inc. *		13		2,590
Encompass Health Corp.		41		2,533
Ensign Group, Inc. (The)		44		1,835
Providence Service Corp. (The) *		22		1,735
				9,824

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Health Care Technology — 0.1%
Evolent Health, Inc., Class A * (a)		97		690
Hotels, Restaurants & Leisure — 2.2%
Boyd Gaming Corp.		84		1,764
Cheesecake Factory, Inc. (The) (a)		38		860
Cracker Barrel Old Country Store, Inc.		14		1,553
Planet Fitness, Inc., Class A *		30		1,802
Texas Roadhouse, Inc.		83		4,345
				10,324
Household Durables — 1.4%
Helen of Troy Ltd. *		22		4,080
La-Z-Boy, Inc.		36		964
TRI Pointe Group, Inc. *		96		1,414
				6,458
Industrial Conglomerates — 0.2%
Carlisle Cos., Inc.		10		1,172
Insurance — 2.4%
Argo Group International Holdings Ltd.		10		366
eHealth, Inc. *		16		1,532
James River Group Holdings Ltd.		24		1,088
Old Republic International Corp.		116		1,891
Safety Insurance Group, Inc.		23		1,768
Selective Insurance Group, Inc. (a)		44		2,322
Selectquote, Inc. *		42		1,061
Third Point Reinsurance Ltd. (Bermuda) *		180		1,348
				11,376
Interactive Media & Services — 0.2%
Cars.com, Inc. *		139		801
Internet & Direct Marketing Retail — 0.5%
Farfetch Ltd., Class A (United Kingdom) *		79		1,371
RealReal, Inc. (The) * (a)		76		968
				2,339
IT Services — 1.7%
CSG Systems International, Inc.		57		2,349
I3 Verticals, Inc., Class A *		40		1,224
ManTech International Corp., Class A		37		2,528
Science Applications International Corp.		26		2,022
				8,123
Leisure Products — 0.3%
Callaway Golf Co. (a)		88		1,541
Life Sciences Tools & Services — 0.4%
10X Genomics, Inc., Class A *		9		759

INVESTMENTS	SHARES (000)		VALUE ($000)
Life Sciences Tools & Services — continued
Adaptive Biotechnologies Corp. *		12		595
Personalis, Inc. *		45		579
				1,933
Machinery — 6.0%
Alamo Group, Inc. (a)		23		2,330
Allison Transmission Holdings, Inc.		54		1,981
Blue Bird Corp. *		181		2,719
Graco, Inc.		32		1,550
Hillenbrand, Inc.		86		2,338
ITT, Inc.		84		4,953
John Bean Technologies Corp.		36		3,070
Kadant, Inc.		25		2,520
Lincoln Electric Holdings, Inc.		33		2,762
Mueller Industries, Inc.		75		2,006
Watts Water Technologies, Inc., Class A		27		2,226
				28,455
Marine — 0.2%
Kirby Corp. *		14		761
Media — 1.4%
Hemisphere Media Group, Inc. *		156		1,535
New York Times Co. (The), Class A (a)		68		2,840
Nexstar Media Group, Inc., Class A (a)		25		2,111
				6,486
Multiline Retail — 0.5%
Ollie’s Bargain Outlet Holdings, Inc. * (a)		23		2,259
Multi-Utilities — 0.4%
Unitil Corp.		43		1,922
Oil, Gas & Consumable Fuels — 2.2%
CNX Resources Corp. * (a)		183		1,583
Delek US Holdings, Inc. (a)		72		1,252
EQT Corp. (a)		134		1,596
Equitrans Midstream Corp.		174		1,446
Matador Resources Co. * (a)		257		2,185
PDC Energy, Inc. *		175		2,177
				10,239
Personal Products — 0.3%
Inter Parfums, Inc.		34		1,640
Pharmaceuticals — 1.6%
Arvinas, Inc. * (a)		13		440
Horizon Therapeutics plc *		53		2,957
MyoKardia, Inc. *		6		563
Revance Therapeutics, Inc. *		90		2,188

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN SMALL CAP FUNDS 17

JPMorgan Small Cap Blend Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Pharmaceuticals — continued
TherapeuticsMD, Inc. *		307		384
Tricida, Inc. * (a)		42		1,146
				7,678
Professional Services — 0.3%
FTI Consulting, Inc. *		14		1,568
Road & Rail — 1.0%
Marten Transport Ltd.		89		2,236
Saia, Inc. * (a)		24		2,673
				4,909
Semiconductors & Semiconductor Equipment — 4.5%
Cabot Microelectronics Corp.		17		2,345
Cree, Inc. * (a)		26		1,556
Enphase Energy, Inc. *		41		1,963
Entegris, Inc.		47		2,799
FormFactor, Inc. *		34		1,001
Inphi Corp. * (a)		31		3,683
MKS Instruments, Inc.		26		2,937
Monolithic Power Systems, Inc.		7		1,711
Semtech Corp. *		38		1,964
SolarEdge Technologies, Inc. * (a)		11		1,495
				21,454
Software — 7.3%
Anaplan, Inc. *		40		1,810
Avalara, Inc. *		15		2,051
Bill.Com Holdings, Inc. *		18		1,615
Blackline, Inc. *		21		1,740
CyberArk Software Ltd. *		17		1,722
Dynatrace, Inc. *		20		801
Elastic NV *		27		2,531
Envestnet, Inc. *		40		2,917
Everbridge, Inc. *		13		1,767
Globant SA (Argentina) * (a)		12		1,848
HubSpot, Inc. *		12		2,800
Medallia, Inc. * (a)		46		1,152
Nuance Communications, Inc. * (a)		120		3,033
Progress Software Corp.		22		853
Proofpoint, Inc. *		15		1,637
Smartsheet, Inc., Class A *		48		2,441
Upland Software, Inc. * (a)		63		2,178
Zendesk, Inc. *		19		1,666
				34,562
Specialty Retail — 2.8%
Aaron’s, Inc.		14		638

INVESTMENTS	SHARES (000)		VALUE ($000)
Specialty Retail — continued
Floor & Decor Holdings, Inc., Class A *		23		1,318
Hudson Ltd., Class A *		118		573
Lithia Motors, Inc., Class A		32		4,777
National Vision Holdings, Inc. *		102		3,113
Vroom, Inc. *		19		996
Williams-Sonoma, Inc. (a)		21		1,713
				13,128
Textiles, Apparel & Luxury Goods — 2.0%
Carter’s, Inc.		32		2,572
Columbia Sportswear Co. (a)		20		1,595
Kontoor Brands, Inc.		77		1,380
Oxford Industries, Inc. (a)		44		1,916
Steven Madden Ltd. (a)		73		1,802
				9,265
Thrifts & Mortgage Finance — 1.8%
Premier Financial Corp.		187		3,301
Radian Group, Inc.		112		1,737
WSFS Financial Corp.		113		3,249
				8,287
Trading Companies & Distributors — 1.9%
Applied Industrial Technologies, Inc.		70		4,370
Rush Enterprises, Inc., Class A		42		1,752
SiteOne Landscape Supply, Inc. * (a)		25		2,853
				8,975
Water Utilities — 0.9%
American States Water Co.		24		1,902
Middlesex Water Co.		35		2,364
				4,266
Total Common Stocks (Cost $407,786)				455,744
	NO. OF RIGHTS (000)
Rights — 0.0% (b)
Biotechnology — 0.0% (b)
Clementia Pharmaceuticals, Inc. (Canada) * ‡ (Cost $—)		51		—	(c)

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 10.9%
Investment Companies — 3.6%
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (d) (e) (Cost $17,247)		17,239		17,254
Investment of Cash Collateral from Securities Loaned — 7.3%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (d) (e)		28,004		28,015
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (d) (e)		6,247		6,247
Total Investment of Cash Collateral from Securities Loaned (Cost $34,260)				34,262
Total Short-Term Investments (Cost $51,507)				51,516
Total Investments — 107.3% (Cost $459,293)				507,260
Liabilities in Excess of Other Assets — (7.3)%				(34,401	)
NET ASSETS — 100.0%				472,859

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 June 30, 2020. The total value of securities on loan at June 30, 2020 is approximately $33,465,000.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Amount rounds to less than one thousand.
(d)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(e)	The rate shown is the current yield as of June 30, 2020.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN SMALL CAP FUNDS 19

JPMorgan Small Cap Core Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.6%
Aerospace & Defense — 0.8%
AAR Corp.		46		951
Aerojet Rocketdyne Holdings, Inc. *		5		202
Moog, Inc., Class A		5		257
Park Aerospace Corp.		47		527
Vectrus, Inc. *		21		1,013
				2,950
Air Freight & Logistics — 0.9%
Echo Global Logistics, Inc. *		10		221
Hub Group, Inc., Class A *		61		2,909
				3,130
Airlines — 0.3%
Hawaiian Holdings, Inc.		78		1,101
Auto Components — 1.2%
Adient plc *		85		1,401
American Axle & Manufacturing Holdings, Inc. *		55		420
Cooper Tire & Rubber Co.		29		790
Dana, Inc.		111		1,349
Goodyear Tire & Rubber Co. (The)		39		349
Modine Manufacturing Co. *		8		42
				4,351
Banks — 7.9%
Ameris Bancorp		16		367
Associated Banc-Corp.		24		327
Bancorp, Inc. (The) *		67		661
Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		66		1,602
Bar Harbor Bankshares		18		407
Business First Bancshares, Inc.		14		210
California Bancorp, Inc. *		4		64
Capital Bancorp, Inc. *		5		56
Capstar Financial Holdings, Inc.		12		138
Cathay General Bancorp		11		298
CB Financial Services, Inc.		3		61
Central Valley Community Bancorp		4		68
Citizens Holding Co.		3		65
Community Trust Bancorp, Inc.		2		62
ConnectOne Bancorp, Inc.		110		1,765
Customers Bancorp, Inc. *		50		604
Enterprise Financial Services Corp.		2		65
Financial Institutions, Inc.		26		477
First BanCorp (Puerto Rico)		251		1,401
First Bank		6		41
First Business Financial Services, Inc.		6		106
First Choice Bancorp		2		31

INVESTMENTS	SHARES (000)		VALUE ($000)
Banks — continued
First Community Bankshares, Inc.		5		109
First Hawaiian, Inc.		12		203
First Horizon National Corp.		186		1,851
First Internet Bancorp		8		136
Great Southern Bancorp, Inc.		9		379
Hancock Whitney Corp.		34		719
Hanmi Financial Corp.		48		461
Hilltop Holdings, Inc.		38		708
IBERIABANK Corp.		22		999
Investar Holding Corp.		13		184
Investors Bancorp, Inc.		305		2,592
Macatawa Bank Corp.		13		102
Meridian Corp. *		4		65
Metropolitan Bank Holding Corp. *		5		167
Mid Penn Bancorp, Inc. (a)		4		81
Northeast Bank		6		99
OceanFirst Financial Corp.		116		2,049
PacWest Bancorp		34		678
Popular, Inc. (Puerto Rico)		43		1,610
RBB Bancorp		7		91
Select Bancorp, Inc. *		51		419
Shore Bancshares, Inc.		9		97
Sierra Bancorp		4		79
Signature Bank		4		380
Sterling Bancorp		36		421
Synovus Financial Corp.		32		651
Umpqua Holdings Corp.		111		1,179
United Community Banks, Inc.		25		502
Wintrust Financial Corp.		11		492
Zions Bancorp NA		43		1,459
				27,838
Biotechnology — 8.8%
Aduro Biotech, Inc. *		248		572
Akebia Therapeutics, Inc. *		46		623
Alector, Inc. *		39		941
Allogene Therapeutics, Inc. *		37		1,584
Amicus Therapeutics, Inc. *		77		1,166
AnaptysBio, Inc. *		66		1,471
Arrowhead Pharmaceuticals, Inc. * (a)		41		1,758
Assembly Biosciences, Inc. *		35		821
Atara Biotherapeutics, Inc. *		7		101
Bluebird Bio, Inc. *		6		337
Blueprint Medicines Corp. *		16		1,279
Bridgebio Pharma, Inc. * (a)		19		634

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Biotechnology — continued
Catalyst Pharmaceuticals, Inc. *		162		749
Coherus Biosciences, Inc. * (a)		50		890
Concert Pharmaceuticals, Inc. * (a)		25		253
Dicerna Pharmaceuticals, Inc. * (a)		58		1,466
Esperion Therapeutics, Inc. * (a)		19		983
FibroGen, Inc. *		16		667
Gritstone Oncology, Inc. *		11		74
Heron Therapeutics, Inc. * (a)		82		1,205
Homology Medicines, Inc. *		30		454
Immunomedics, Inc. *		64		2,258
Insmed, Inc. * (a)		35		967
Jounce Therapeutics, Inc. *		31		216
Kura Oncology, Inc. *		5		79
MeiraGTx Holdings plc * (a)		27		336
Mustang Bio, Inc. *		466		1,483
Principia Biopharma, Inc. *		1		78
Radius Health, Inc. *		4		57
REVOLUTION Medicines, Inc. *		12		366
Rhythm Pharmaceuticals, Inc. *		20		439
Sage Therapeutics, Inc. *		16		682
Sarepta Therapeutics, Inc. *		7		1,170
Sutro Biopharma, Inc. * (a)		9		72
Syros Pharmaceuticals, Inc. *		189		2,015
TCR2 Therapeutics, Inc. * (a)		19		288
Viela Bio, Inc. * (a)		24		1,027
Vir Biotechnology, Inc. * (a)		26		1,053
Xencor, Inc. *		15		481
Y-mAbs Therapeutics, Inc. *		3		126
				31,221
Building Products — 1.1%
Builders FirstSource, Inc. *		35		717
Caesarstone Ltd.		45		537
Cornerstone Building Brands, Inc. *		34		207
JELD-WEN Holding, Inc. *		12		190
Masonite International Corp. *		14		1,073
PGT Innovations, Inc. *		10		160
Quanex Building Products Corp.		34		476
UFP Industries, Inc.		7		323
				3,683
Capital Markets — 1.7%
Blucora, Inc. *		58		660
Cowen, Inc., Class A (a)		79		1,273
Federated Hermes, Inc., Class B		70		1,656
Focus Financial Partners, Inc., Class A *		5		175

INVESTMENTS	SHARES (000)		VALUE ($000)
Capital Markets — continued
Houlihan Lokey, Inc.		9		477
Piper Sandler Cos.		4		231
Stifel Financial Corp.		19		887
Virtus Investment Partners, Inc.		6		709
				6,068
Chemicals — 1.7%
FutureFuel Corp.		25		305
Koppers Holdings, Inc. *		54		1,019
Kraton Corp. *		29		509
Minerals Technologies, Inc.		10		479
Orion Engineered Carbons SA (Luxembourg)		70		740
PolyOne Corp.		51		1,343
Trinseo SA		33		726
Tronox Holdings plc, Class A (a)		105		758
				5,879
Commercial Services & Supplies — 2.4%
ABM Industries, Inc.		34		1,227
ACCO Brands Corp.		183		1,298
Brink’s Co. (The)		13		610
Herman Miller, Inc.		23		539
HNI Corp.		42		1,283
KAR Auction Services, Inc.		23		315
Kimball International, Inc., Class B		68		791
Knoll, Inc.		84		1,022
Quad/Graphics, Inc.		91		297
Steelcase, Inc., Class A		82		993
				8,375
Communications Equipment — 0.8%
Cambium Networks Corp. *		93		682
Ciena Corp. *		9		460
Extreme Networks, Inc. *		203		881
KVH Industries, Inc. *		42		373
PCTEL, Inc. *		53		352
				2,748
Construction & Engineering — 3.1%
Argan, Inc.		66		3,114
Comfort Systems USA, Inc.		19		779
EMCOR Group, Inc.		22		1,443
Great Lakes Dredge & Dock Corp. *		109		1,009
MasTec, Inc. *		50		2,231
Primoris Services Corp.		50		892
Sterling Construction Co., Inc. *		68		712
Tutor Perini Corp. *		46		557
				10,737

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN SMALL CAP FUNDS 21

JPMorgan Small Cap Core Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Construction Materials — 0.2%
US Concrete, Inc. * (a)		25		625
Consumer Finance — 0.4%
Enova International, Inc. *		16		244
Nelnet, Inc., Class A		14		688
Oportun Financial Corp. * (a)		25		341
				1,273
Containers & Packaging — 0.2%
Myers Industries, Inc.		17		249
O-I Glass, Inc.		32		288
				537
Distributors — 0.4%
Core-Mark Holding Co., Inc.		52		1,300
Diversified Consumer Services — 0.7%
American Public Education, Inc. *		11		329
Houghton Mifflin Harcourt Co. *		689		1,247
Strategic Education, Inc. (a)		3		507
WW International, Inc. *		15		383
				2,466
Diversified Telecommunication Services — 0.9%
ATN International, Inc.		4		260
IDT Corp., Class B *		174		1,135
Liberty Latin America Ltd., Class A (Chile) *		76		739
Liberty Latin America Ltd., Class C (Chile) *		37		352
Ooma, Inc. * (a)		43		711
				3,197
Electric Utilities — 0.8%
Genie Energy Ltd., Class B		10		73
IDACORP, Inc.		8		695
Portland General Electric Co.		32		1,338
Spark Energy, Inc., Class A (a)		119		845
				2,951
Electrical Equipment — 0.7%
Atkore International Group, Inc. *		76		2,087
Powell Industries, Inc.		7		200
				2,287
Electronic Equipment, Instruments & Components — 2.9%
Benchmark Electronics, Inc.		60		1,288
Fabrinet (Thailand) *		11		707
Itron, Inc. * (a)		6		378
Kimball Electronics, Inc. *		9		121
Methode Electronics, Inc.		66		2,074

INVESTMENTS	SHARES (000)		VALUE ($000)
Electronic Equipment, Instruments & Components — continued
Sanmina Corp. *		115		2,876
ScanSource, Inc. *		35		841
Vishay Intertechnology, Inc. (a)		59		899
Vishay Precision Group, Inc. *		41		1,003
				10,187
Energy Equipment & Services — 0.4%
NexTier Oilfield Solutions, Inc. *		86		209
Select Energy Services, Inc., Class A *		162		797
Solaris Oilfield Infrastructure, Inc., Class A (a)		70		517
				1,523
Entertainment — 0.1%
Cinemark Holdings, Inc.		26		296
Equity Real Estate Investment Trusts (REITs) — 6.0%
Acadia Realty Trust		17		214
Alexander & Baldwin, Inc.		11		137
Alexander’s, Inc.		1		265
American Assets Trust, Inc.		9		245
American Finance Trust, Inc.		50		398
Armada Hoffler Properties, Inc.		97		962
BRT Apartments Corp.		7		76
CatchMark Timber Trust, Inc., Class A		66		584
Chatham Lodging Trust		13		79
City Office REIT, Inc.		102		1,021
Columbia Property Trust, Inc.		23		297
Community Healthcare Trust, Inc.		3		139
CorEnergy Infrastructure Trust, Inc. (a)		10		87
CorePoint Lodging, Inc.		9		37
Cousins Properties, Inc.		26		763
DiamondRock Hospitality Co.		80		441
EastGroup Properties, Inc.		2		225
Essential Properties Realty Trust, Inc. (a)		15		220
First Industrial Realty Trust, Inc.		45		1,730
Getty Realty Corp.		5		151
Gladstone Commercial Corp.		47		878
Global Medical REIT, Inc.		6		68
Global Net Lease, Inc.		103		1,723
Highwoods Properties, Inc.		4		147
Hudson Pacific Properties, Inc.		15		374
Investors Real Estate Trust		2		134
Monmouth Real Estate Investment Corp.		43		617
New Senior Investment Group, Inc.		67		244
One Liberty Properties, Inc.		3		49
Physicians Realty Trust		38		671
PotlatchDeltic Corp.		26		985

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Equity Real Estate Investment Trusts (REITs) — continued
Retail Properties of America, Inc., Class A		127		929
Retail Value, Inc.		16		193
Rexford Industrial Realty, Inc.		7		289
Ryman Hospitality Properties, Inc.		1		38
Sabra Health Care REIT, Inc.		22		320
STAG Industrial, Inc. (a)		90		2,644
Sunstone Hotel Investors, Inc.		139		1,131
Urban Edge Properties		37		433
Xenia Hotels & Resorts, Inc.		123		1,144
				21,082
Food & Staples Retailing — 1.4%
BJ’s Wholesale Club Holdings, Inc. *		23		857
Performance Food Group Co. *		53		1,536
PriceSmart, Inc.		28		1,689
Rite Aid Corp. * (a)		39		672
				4,754
Food Products — 0.6%
Sanderson Farms, Inc.		17		1,918
TreeHouse Foods, Inc. *		4		160
				2,078
Gas Utilities — 1.0%
Chesapeake Utilities Corp.		8		697
New Jersey Resources Corp.		16		534
Southwest Gas Holdings, Inc.		18		1,233
Spire, Inc.		14		907
				3,371
Health Care Equipment & Supplies — 3.3%
Accuray, Inc. * (a)		254		516
Alphatec Holdings, Inc. * (a)		102		478
Apyx Medical Corp. *		105		581
Axogen, Inc. *		32		293
CONMED Corp. (a)		5		351
Cutera, Inc. *		75		916
Inogen, Inc. * (a)		16		561
Integer Holdings Corp. *		6		431
Invacare Corp.		116		739
Natus Medical, Inc. *		36		792
NuVasive, Inc. *		16		896
OraSure Technologies, Inc. *		62		725
Orthofix Medical, Inc. *		64		2,062
SI-BONE, Inc. *		49		775
Sientra, Inc. * (a)		71		275
Utah Medical Products, Inc.		6		496

INVESTMENTS	SHARES (000)		VALUE ($000)
Health Care Equipment & Supplies — continued
ViewRay, Inc. * (a)		280		628
				11,515
Health Care Providers & Services — 4.4%
American Renal Associates Holdings, Inc. * (a)		69		451
AMN Healthcare Services, Inc. *		45		2,031
Apollo Medical Holdings, Inc. *		10		170
Cross Country Healthcare, Inc. *		122		750
Hanger, Inc. *		36		596
Magellan Health, Inc. *		50		3,614
MEDNAX, Inc. * (a)		96		1,648
National HealthCare Corp.		18		1,155
Owens & Minor, Inc. (a)		156		1,191
Select Medical Holdings Corp. *		93		1,374
Surgery Partners, Inc. *		114		1,324
Tenet Healthcare Corp. *		67		1,219
				15,523
Health Care Technology — 0.3%
NextGen Healthcare, Inc. *		57		622
Omnicell, Inc. *		5		367
				989
Hotels, Restaurants & Leisure — 1.0%
Bloomin’ Brands, Inc. (a)		68		729
Boyd Gaming Corp.		12		253
Brinker International, Inc.		22		538
Dine Brands Global, Inc. (a)		15		648
International Game Technology plc		73		650
Penn National Gaming, Inc. * (a)		21		631
				3,449
Household Durables — 2.7%
Cavco Industries, Inc. *		2		424
Hamilton Beach Brands Holding Co., Class A		5		59
Helen of Troy Ltd. *		7		1,298
KB Home		45		1,377
Lifetime Brands, Inc.		12		81
Meritage Homes Corp. *		32		2,429
Sonos, Inc. *		128		1,865
Taylor Morrison Home Corp. *		25		484
Universal Electronics, Inc. *		28		1,297
				9,314
Household Products — 0.2%
Central Garden & Pet Co. *		10		360
Central Garden & Pet Co., Class A *		14		465
				825

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN SMALL CAP FUNDS 23

JPMorgan Small Cap Core Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Independent Power and Renewable Electricity Producers — 1.3%
Atlantic Power Corp. *		65		130
Clearway Energy, Inc.		63		1,329
Clearway Energy, Inc., Class C		57		1,308
TerraForm Power, Inc., Class A		82		1,518
Vistra Energy Corp.		13		251
				4,536
Insurance — 1.0%
Ambac Financial Group, Inc. *		20		292
American Equity Investment Life Holding Co.		25		623
Argo Group International Holdings Ltd.		6		199
CNO Financial Group, Inc.		40		626
FedNat Holding Co.		45		498
National General Holdings Corp.		22		474
ProSight Global, Inc. *		28		251
Selective Insurance Group, Inc.		5		289
Stewart Information Services Corp.		2		68
Third Point Reinsurance Ltd. (Bermuda) *		13		100
United Insurance Holdings Corp.		8		63
Watford Holdings Ltd. (Bermuda) *		4		65
				3,548
Interactive Media & Services — 0.4%
Cars.com, Inc. *		126		725
Yelp, Inc. *		25		578
				1,303
Internet & Direct Marketing Retail — 0.3%
Groupon, Inc. * (a)		24		431
Quotient Technology, Inc. *		88		647
				1,078
IT Services — 2.0%
KBR, Inc.		92		2,073
NIC, Inc.		36		827
Perspecta, Inc.		14		330
Science Applications International Corp.		19		1,468
StarTek, Inc. *		209		1,063
Unisys Corp. * (a)		104		1,130
				6,891
Leisure Products — 0.3%
Acushnet Holdings Corp. (a)		31		1,078
Life Sciences Tools & Services — 0.5%
Adaptive Biotechnologies Corp. *		14		653
Personalis, Inc. *		72		935
				1,588

INVESTMENTS	SHARES (000)		VALUE ($000)
Machinery — 1.3%
Altra Industrial Motion Corp.		12		392
Columbus McKinnon Corp.		27		899
Gencor Industries, Inc. *		8		101
Meritor, Inc. *		38		751
Mueller Industries, Inc.		11		292
Park-Ohio Holdings Corp.		6		92
Terex Corp.		95		1,790
TriMas Corp. *		14		326
				4,643
Marine — 0.2%
Costamare, Inc. (Monaco)		125		697
Media — 1.2%
AMC Networks, Inc., Class A * (a)		23		538
Fluent, Inc. *		99		177
Gray Television, Inc. *		54		749
Meredith Corp. (a)		58		850
Nexstar Media Group, Inc., Class A (a)		12		975
Sinclair Broadcast Group, Inc., Class A (a)		41		751
				4,040
Metals & Mining — 1.2%
Commercial Metals Co.		127		2,594
Ryerson Holding Corp. *		20		110
SunCoke Energy, Inc.		66		194
Warrior Met Coal, Inc. (a)		61		932
Worthington Industries, Inc.		12		459
				4,289
Mortgage Real Estate Investment Trusts (REITs) — 1.3%
Apollo Commercial Real Estate Finance, Inc.		57		560
ARMOUR Residential REIT, Inc.		11		102
Capstead Mortgage Corp.		38		207
Colony Credit Real Estate, Inc.		16		110
Dynex Capital, Inc. (a)		13		180
Ellington Financial, Inc.		3		35
Great Ajax Corp.		4		35
Ladder Capital Corp.		42		343
PennyMac Mortgage Investment Trust		98		1,719
Redwood Trust, Inc. (a)		129		905
TPG RE Finance Trust, Inc. (a)		13		108
Two Harbors Investment Corp.		19		97
				4,401
Multiline Retail — 0.4%
Big Lots, Inc.		20		852
Dillard’s, Inc., Class A (a)		9		235

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Multiline Retail — continued
Macy’s, Inc.		48		332
				1,419
Multi-Utilities — 0.2%
Black Hills Corp.		11		622
Oil, Gas & Consumable Fuels — 1.6%
Arch Resources, Inc. (a)		13		365
Berry Corp.		111		534
CVR Energy, Inc.		29		578
Delek US Holdings, Inc. (a)		62		1,079
Dorian LPG Ltd. *		55		426
Falcon Minerals Corp. (a)		44		142
Magnolia Oil & Gas Corp., Class A *		30		182
Par Pacific Holdings, Inc. * (a)		42		376
PDC Energy, Inc. *		13		165
Renewable Energy Group, Inc. * (a)		72		1,778
REX American Resources Corp. *		1		53
				5,678
Paper & Forest Products — 1.5%
Boise Cascade Co.		45		1,692
Louisiana-Pacific Corp.		28		726
PH Glatfelter Co.		9		144
Schweitzer-Mauduit International, Inc. (a)		72		2,414
Verso Corp., Class A		30		355
				5,331
Personal Products — 0.5%
Edgewell Personal Care Co. *		51		1,595
Pharmaceuticals — 3.4%
AMAG Pharmaceuticals, Inc. * (a)		9		72
Arvinas, Inc. * (a)		1		32
Cara Therapeutics, Inc. * (a)		22		384
Endo International plc *		379		1,300
Horizon Therapeutics plc *		56		3,125
Intersect ENT, Inc. *		73		991
Lannett Co., Inc. * (a)		232		1,684
Menlo Therapeutics, Inc. * (a)		70		121
NGM Biopharmaceuticals, Inc. * (a)		51		1,009
Phibro Animal Health Corp., Class A		14		355
Revance Therapeutics, Inc. *		7		163
TherapeuticsMD, Inc. * (a)		131		164
WaVe Life Sciences Ltd. * (a)		126		1,314
Zogenix, Inc. *		31		840
Zynerba Pharmaceuticals, Inc. * (a)		56		187
				11,741

INVESTMENTS	SHARES (000)		VALUE ($000)
Professional Services — 2.5%
Barrett Business Services, Inc.		36		1,904
CBIZ, Inc. * (a)		46		1,100
Heidrick & Struggles International, Inc.		32		697
ICF International, Inc.		13		869
Insperity, Inc.		3		201
Kelly Services, Inc., Class A		16		260
Korn Ferry (a)		58		1,789
TriNet Group, Inc. *		22		1,328
TrueBlue, Inc. *		39		595
				8,743
Real Estate Management & Development — 0.5%
Jones Lang LaSalle, Inc.		2		230
Realogy Holdings Corp.		177		1,312
RMR Group, Inc. (The), Class A		5		141
				1,683
Road & Rail — 0.9%
ArcBest Corp.		116		3,081
Semiconductors & Semiconductor Equipment — 2.5%
Advanced Energy Industries, Inc. *		18		1,233
Alpha & Omega Semiconductor Ltd. *		66		721
GSI Technology, Inc. *		64		461
Ichor Holdings Ltd. *		29		781
NVE Corp.		7		427
Onto Innovation, Inc. * (a)		22		749
PDF Solutions, Inc. *		20		397
Photronics, Inc. *		164		1,820
Rambus, Inc. * (a)		16		242
SMART Global Holdings, Inc. * (a)		43		1,174
Ultra Clean Holdings, Inc. *		39		885
				8,890
Software — 4.1%
ACI Worldwide, Inc. *		6		172
American Software, Inc., Class A		39		618
Avaya Holdings Corp. * (a)		97		1,197
Cornerstone OnDemand, Inc. *		68		2,625
Domo, Inc., Class B *		27		875
eGain Corp. *		161		1,792
Envestnet, Inc. *		7		500
j2 Global, Inc. *		21		1,308
Majesco *		57		451
MicroStrategy, Inc., Class A *		11		1,283
Model N, Inc. *		7		254
Rimini Street, Inc. *		88		453

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN SMALL CAP FUNDS 25

JPMorgan Small Cap Core Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Software — continued
Rosetta Stone, Inc. *		17		288
SVMK, Inc. *		23		543
Verint Systems, Inc. *		30		1,351
Zuora, Inc., Class A *		62		789
				14,499
Specialty Retail — 2.3%
Bed Bath & Beyond, Inc. (a)		70		745
Genesco, Inc. *		25		537
Guess?, Inc.		68		658
Hibbett Sports, Inc. * (a)		54		1,133
Office Depot, Inc.		387		910
Rent-A-Center, Inc.		84		2,333
Signet Jewelers Ltd. (a)		13		136
Zumiez, Inc. *		55		1,514
				7,966
Technology Hardware, Storage & Peripherals — 0.2%
Diebold Nixdorf, Inc. * (a)		123		743
Textiles, Apparel & Luxury Goods — 1.4%
Deckers Outdoor Corp. *		21		4,065
Wolverine World Wide, Inc.		32		769
				4,834
Thrifts & Mortgage Finance — 3.7%
ESSA Bancorp, Inc.		4		49
Essent Group Ltd.		62		2,262
Flagstar Bancorp, Inc.		64		1,871
FS Bancorp, Inc.		2		86
HomeStreet, Inc.		13		330
Luther Burbank Corp.		17		174
MGIC Investment Corp.		92		753
MMA Capital Holdings, Inc. *		2		51
Mr Cooper Group, Inc. *		137		1,702
NMI Holdings, Inc., Class A *		22		354
OP Bancorp		19		132
PennyMac Financial Services, Inc.		19		804
Provident Bancorp, Inc.		36		286
Provident Financial Services, Inc.		111		1,600
Radian Group, Inc.		76		1,171
Standard AVB Financial Corp.		3		65
Walker & Dunlop, Inc.		26		1,328
				13,018
Tobacco — 0.1%
Vector Group Ltd.		44		442

INVESTMENTS	SHARES (000)		VALUE ($000)
Trading Companies & Distributors — 1.3%
Beacon Roofing Supply, Inc. *		25		651
BMC Stock Holdings, Inc. *		81		2,042
GMS, Inc. *		58		1,424
Triton International Ltd. (Bermuda)		10		290
Veritiv Corp. * (a)		18		302
				4,709
Water Utilities — 0.0% (b)
Consolidated Water Co. Ltd. (Cayman Islands)		3		48
Wireless Telecommunication Services — 0.2%
Spok Holdings, Inc.		68		633
Total Common Stocks (Cost $326,363)				341,390
Short-Term Investments — 9.7%
Investment Companies — 2.6%
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (c) (d)(Cost $9,176)		9,169		9,177
Investment of Cash Collateral from Securities Loaned — 7.1%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (c) (d)		20,998		21,006
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (c) (d)		3,876		3,876
Total Investment of Cash Collateral from Securities Loaned (Cost $24,876)				24,882
Total Short-Term Investments (Cost $34,052)				34,059
Total Investments — 107.3% (Cost $360,415)				375,449
Liabilities in Excess of Other Assets — (7.3)%				(25,588	)
NET ASSETS — 100.0%				349,861

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 June 30, 2020. The total value of securities on loan at June 30, 2020 is approximately $23,895,000.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of June 30, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2020

Futures contracts outstanding as of June 30, 2020 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Russell 2000 E-Mini Index		63		09/2020		USD		4,524		94

Abbreviations
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN SMALL CAP FUNDS 27

JPMorgan Small Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 94.8%
Auto Components — 1.6%
LCI Industries (a)		920		105,785
Automobiles — 0.9%
Thor Industries, Inc. (a)		574		61,183
Banks — 8.2%
BankUnited, Inc.		2,554		51,714
Commerce Bancshares, Inc. (a)		1,244		74,003
Cullen/Frost Bankers, Inc. (a)		666		49,790
First Financial Bancorp		2,778		38,590
First Hawaiian, Inc.		3,288		56,687
First Horizon National Corp. (a)		5,131		51,105
IBERIABANK Corp.		750		34,139
Signature Bank		533		56,997
Western Alliance Bancorp		1,835		69,483
Wintrust Financial Corp. (a)		1,227		53,508
				536,016
Beverages — 0.9%
Primo Water Corp. (a)		4,181		57,495
Building Products — 1.0%
Fortune Brands Home & Security, Inc.		1,057		67,555
Capital Markets — 5.9%
Assetmark Financial Holdings, Inc. * (a)		811		22,130
Eaton Vance Corp.		1,333		51,463
FactSet Research Systems, Inc. (a)		184		60,313
Focus Financial Partners, Inc., Class A *		1,925		63,636
Lazard Ltd., Class A		2,157		61,747
Moelis & Co., Class A (a)		1,875		58,439
Morningstar, Inc.		513		72,323
				390,051
Chemicals — 2.9%
GCP Applied Technologies, Inc. *		2,632		48,896
PQ Group Holdings, Inc. *		3,534		46,791
Quaker Chemical Corp. (a)		520		96,490
				192,177
Commercial Services & Supplies — 3.7%
Brady Corp., Class A		1,502		70,340
BrightView Holdings, Inc. * (a)		152		1,702
Casella Waste Systems, Inc., Class A *		31		1,616
IAA, Inc. * (a)		1,889		72,875
KAR Auction Services, Inc.		500		6,875
MSA Safety, Inc. (a)		813		93,017
				246,425

INVESTMENTS	SHARES (000)		VALUE ($000)
Construction & Engineering — 0.9%
WillScot Corp. * (a)		5,043		61,983
Containers & Packaging — 3.4%
AptarGroup, Inc.		1,437		160,870
Crown Holdings, Inc. *		978		63,679
				224,549
Distributors — 2.8%
Pool Corp. (a)		691		187,958
Diversified Consumer Services — 0.7%
Bright Horizons Family Solutions, Inc. *		394		46,126
Electric Utilities — 1.1%
Portland General Electric Co.		1,751		73,200
Electrical Equipment — 1.2%
Generac Holdings, Inc. *		631		76,932
Electronic Equipment, Instruments & Components — 1.1%
nLight, Inc. * (a)		2,119		47,158
Novanta, Inc. *		260		27,770
				74,928
Equity Real Estate Investment Trusts (REITs) — 5.1%
American Campus Communities, Inc. (a)		581		20,304
CubeSmart		2,962		79,936
EastGroup Properties, Inc.		853		101,183
National Retail Properties, Inc.		2,016		71,522
Outfront Media, Inc.		2,365		33,515
RLJ Lodging Trust		1,078		10,172
Ryman Hospitality Properties, Inc.		500		17,300
				333,932
Food & Staples Retailing — 4.0%
BJ’s Wholesale Club Holdings, Inc. * (a)		3,033		113,051
Casey’s General Stores, Inc.		307		45,860
Performance Food Group Co. * (a)		3,573		104,110
				263,021
Health Care Equipment & Supplies — 3.3%
Envista Holdings Corp. * (a)		1,552		32,734
ICU Medical, Inc. * (a)		380		69,972
West Pharmaceutical Services, Inc.		507		115,098
				217,804
Health Care Providers & Services — 5.6%
Chemed Corp.		100		45,278
Encompass Health Corp. (a)		1,676		103,795
HealthEquity, Inc. * (a)		823		48,264
Molina Healthcare, Inc. *		663		117,982

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Health Care Providers & Services — continued
Premier, Inc., Class A * (a)		1,635		56,039
				371,358
Health Care Technology — 0.2%
HMS Holdings Corp. *		432		13,979
Hotels, Restaurants & Leisure — 2.1%
Dunkin’ Brands Group, Inc.		524		34,151
Monarch Casino & Resort, Inc. * (a)		509		17,364
Planet Fitness, Inc., Class A * (a)		671		40,665
Wendy’s Co. (The)		2,270		49,438
				141,618
Insurance — 3.2%
Kinsale Capital Group, Inc. (a)		633		98,174
RLI Corp. (a)		1,168		95,893
Selectquote, Inc. *		564		14,282
				208,349
IT Services — 1.0%
WEX, Inc. * (a)		409		67,512
Leisure Products — 2.5%
Acushnet Holdings Corp. (a)		1,675		58,290
Brunswick Corp.		1,646		105,346
				163,636
Life Sciences Tools & Services — 1.1%
Syneos Health, Inc. * (a)		1,219		71,003
Machinery — 9.4%
Altra Industrial Motion Corp. (a)		1,740		55,449
Douglas Dynamics, Inc.		996		34,975
Gates Industrial Corp. plc * (a)		3,260		33,510
Lincoln Electric Holdings, Inc. (a)		1,205		101,545
Nordson Corp.		266		50,470
RBC Bearings, Inc. *		672		90,138
Toro Co. (The)		2,348		155,754
Welbilt, Inc. *		3,055		18,604
Woodward, Inc. (a)		969		75,156
				615,601
Media — 0.2%
EW Scripps Co. (The), Class A (a)		1,452		12,702
Multi-Utilities — 1.2%
NorthWestern Corp.		1,401		76,402
Pharmaceuticals — 2.7%
Catalent, Inc. *		2,057		150,807
Prestige Consumer Healthcare, Inc. * (a)		692		26,002
				176,809

INVESTMENTS	SHARES (000)		VALUE ($000)
Professional Services — 1.0%
CoreLogic, Inc. (a)		1,004		67,516
Real Estate Management & Development — 0.9%
Cushman & Wakefield plc * (a)		4,819		60,046
Road & Rail — 2.0%
Knight-Swift Transportation Holdings, Inc. (a)		1,605		66,932
Landstar System, Inc. (a)		576		64,647
				131,579
Semiconductors & Semiconductor Equipment — 3.2%
Cabot Microelectronics Corp.		702		97,955
Monolithic Power Systems, Inc.		164		38,981
Power Integrations, Inc.		601		71,037
				207,973
Software — 7.7%
Aspen Technology, Inc. * (a)		743		76,934
Bill.Com Holdings, Inc. *		640		57,745
Envestnet, Inc. *		735		54,053
Guidewire Software, Inc. * (a)		659		73,002
Medallia, Inc. * (a)		1,594		40,232
Q2 Holdings, Inc. * (a)		1,084		93,033
RealPage, Inc. * (a)		733		47,637
Tyler Technologies, Inc. *		189		65,550
				508,186
Specialty Retail — 0.4%
National Vision Holdings, Inc. *		921		28,099
Textiles, Apparel & Luxury Goods — 0.7%
Carter’s, Inc.		607		49,019
Trading Companies & Distributors — 1.0%
Applied Industrial Technologies, Inc. (a)		1,016		63,402
Total Common Stocks (Cost $4,549,256)				6,251,909
Exchange-Traded Funds — 0.7%
U.S. Equity — 0.7%
iShares Russell 2000 ETF (a) (Cost $48,119)		338		48,342
Short-Term Investments — 8.5%
Investment Companies — 4.2%
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (b) (c) (Cost $276,293)		276,154		276,403
Investment of Cash Collateral from Securities Loaned — 4.3%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (b) (c)		252,994		253,095

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN SMALL CAP FUNDS 29

JPMorgan Small Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — continued
Investment of Cash Collateral from Securities Loaned — continued
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (b) (c)		32,048		32,048
Total Investment of Cash Collateral from Securities Loaned (cost $285,143)				285,143
Total Short-Term Investments (Cost $561,436)				561,546
Total Investments — 104.0% (Cost $5,158,811)				6,861,797
Liabilities in Excess of Other Assets — (4.0)%				(266,311	)
NET ASSETS — 100.0%				6,595,486

Percentages indicated are based on net assets.

Abbreviations

ETF	Exchange-Traded Fund
(a)	The security or a portion of this security is on loan at June 30, 2020. The total value of securities on loan at June 30, 2020 is approximately $281,563,000.
(b)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of June 30, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2020

JPMorgan Small Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.3%
Auto Components — 1.0%
Fox Factory Holding Corp. * (a)		494		40,826
Automobiles — 1.2%
Winnebago Industries, Inc. (a)		705		46,937
Banks — 1.0%
First Financial Bankshares, Inc.		891		25,744
Signature Bank		144		15,368
				41,112
Biotechnology — 19.0%
ACADIA Pharmaceuticals, Inc. * (a)		601		29,126
ADC Therapeutics SA (Switzerland) * (a)		740		34,624
Alector, Inc. * (a)		586		14,327
Allogene Therapeutics, Inc. * (a)		381		16,325
Amicus Therapeutics, Inc. *		3,173		47,855
Atara Biotherapeutics, Inc. *		1,791		26,092
Avrobio, Inc. * (a)		1,220		21,298
Biohaven Pharmaceutical Holding Co. Ltd. * (a)		653		47,754
Blueprint Medicines Corp. *		492		38,373
Bridgebio Pharma, Inc. * (a)		557		18,166
Coherus Biosciences, Inc. * (a)		1,973		35,229
FibroGen, Inc. * (a)		792		32,109
G1 Therapeutics, Inc. *		942		22,844
Generation Bio Co. *		303		6,364
Global Blood Therapeutics, Inc. * (a)		362		22,856
Halozyme Therapeutics, Inc. *		2,113		56,637
Heron Therapeutics, Inc. * (a)		1,598		23,507
Homology Medicines, Inc. *		1,052		15,985
Immunomedics, Inc. * (a)		459		16,261
Intercept Pharmaceuticals, Inc. * (a)		364		17,447
Natera, Inc. *		1,298		64,699
Orchard Therapeutics plc, ADR (United Kingdom) *		808		4,851
REGENXBIO, Inc. * (a)		549		20,214
REVOLUTION Medicines, Inc. * (a)		446		14,069
Rubius Therapeutics, Inc. * (a)		1,266		7,568
Sage Therapeutics, Inc. * (a)		471		19,582
Twist Bioscience Corp. * (a)		1,158		52,453
Viela Bio, Inc. * (a)		525		22,737
				749,352
Building Products — 5.0%
Advanced Drainage Systems, Inc.		1,272		62,838
AZEK Co., Inc. (The) *		488		15,563
Fortune Brands Home & Security, Inc.		324		20,706
Simpson Manufacturing Co., Inc. (a)		616		51,927
Trex Co., Inc. * (a)		359		46,708
				197,742

INVESTMENTS	SHARES (000)		VALUE ($000)
Capital Markets — 1.4%
Evercore, Inc., Class A		545		32,087
Focus Financial Partners, Inc., Class A *		766		25,325
				57,412
Commercial Services & Supplies — 1.6%
Brink’s Co. (The)		473		21,508
MSA Safety, Inc.		371		42,461
				63,969
Communications Equipment — 0.9%
Ciena Corp. *		639		34,595
Distributors — 1.1%
Pool Corp.		162		44,072
Diversified Consumer Services — 0.6%
Bright Horizons Family Solutions, Inc.*		170		19,982
OneSpaWorld Holdings Ltd. (Bahamas) (a)		825		3,937
				23,919
Diversified Telecommunication Services — 0.8%
Bandwidth, Inc., Class A * (a)		257		32,587
Electrical Equipment — 1.1%
Generac Holdings, Inc. *		342		41,645
Electronic Equipment, Instruments & Components — 0.8%
Littelfuse, Inc.		178		30,394
Equity Real Estate Investment Trusts (REITs) — 2.3%
CubeSmart		701		18,925
EastGroup Properties, Inc.		237		28,152
National Health Investors, Inc.		279		16,941
Terreno Realty Corp. (a)		525		27,653
				91,671
Food & Staples Retailing — 2.0%
Grocery Outlet Holding Corp. * (a)		941		38,404
Performance Food Group Co. * (a)		1,367		39,831
				78,235
Food Products — 1.4%
Freshpet, Inc. *		643		53,815
Health Care Equipment & Supplies — 3.3%
iRhythm Technologies, Inc. * (a)		384		44,448
Nevro Corp. * (a)		413		49,345
Shockwave Medical, Inc. *		738		34,938
				128,731
Health Care Providers & Services — 1.7%
Acadia Healthcare Co., Inc. * (a)		835		20,975
Amedisys, Inc. *		242		48,006
				68,981

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN SMALL CAP FUNDS 31

JPMorgan Small Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Health Care Technology — 0.3%
Evolent Health, Inc., Class A * (a)		1,797		12,792
Hotels, Restaurants & Leisure — 3.0%
Boyd Gaming Corp.		1,565		32,714
Planet Fitness, Inc., Class A *		552		33,429
Texas Roadhouse, Inc. (a)		1,023		53,801
				119,944
Household Durables — 1.6%
Helen of Troy Ltd. *		197		37,209
TRI Pointe Group, Inc. *		1,785		26,225
				63,434
Industrial Conglomerates — 0.5%
Carlisle Cos., Inc.		182		21,736
Insurance — 1.2%
eHealth, Inc. * (a)		289		28,407
Selectquote, Inc. *		777		19,674
				48,081
Internet & Direct Marketing Retail — 1.1%
Farfetch Ltd., Class A (United Kingdom) * (a)		1,472		25,421
RealReal, Inc. (The) * (a)		1,404		17,961
				43,382
IT Services — 1.8%
I3 Verticals, Inc., Class A * (a)		751		22,708
ManTech International Corp., Class A		685		46,883
				69,591
Life Sciences Tools & Services — 0.9%
10X Genomics, Inc., Class A *		158		14,073
Adaptive Biotechnologies Corp. * (a)		228		11,041
Personalis, Inc. *		828		10,733
				35,847
Machinery — 3.0%
Graco, Inc.		599		28,743
ITT, Inc.		590		34,672
John Bean Technologies Corp.		662		56,943
				120,358
Marine — 0.4%
Kirby Corp. *		264		14,122
Media — 1.3%
New York Times Co. (The), Class A (a)		1,253		52,663
Multiline Retail — 1.1%
Ollie’s Bargain Outlet Holdings, Inc. * (a)		429		41,891

INVESTMENTS	SHARES (000)		VALUE ($000)
Pharmaceuticals — 3.6%
Arvinas, Inc. * (a)		244		8,167
Horizon Therapeutics plc * (a)		986		54,793
MyoKardia, Inc. *		108		10,453
Revance Therapeutics, Inc. * (a)		1,662		40,583
TherapeuticsMD, Inc. *		5,698		7,122
Tricida, Inc. * (a)		774		21,259
				142,377
Professional Services — 0.7%
FTI Consulting, Inc. *		254		29,091
Road & Rail — 1.3%
Saia, Inc. * (a)		446		49,560
Semiconductors & Semiconductor Equipment — 8.5%
Cree, Inc. * (a)		488		28,867
Enphase Energy, Inc. *		765		36,402
Entegris, Inc. (a)		879		51,915
Inphi Corp. *		581		68,308
MKS Instruments, Inc. (a)		481		54,469
Monolithic Power Systems, Inc.		134		31,680
Semtech Corp. * (a)		698		36,424
SolarEdge Technologies, Inc. * (a)		200		27,720
				335,785
Software — 13.4%
Anaplan, Inc. *		741		33,566
Avalara, Inc. * (a)		286		38,038
Bill.Com Holdings, Inc. * (a)		332		29,949
Blackline, Inc. * (a)		389		32,281
CyberArk Software Ltd. *		322		31,943
Dynatrace, Inc. *		365		14,839
Elastic NV * (a)		509		46,944
Envestnet, Inc. *		736		54,109
Everbridge, Inc. * (a)		237		32,777
Globant SA (Argentina) * (a)		229		34,277
HubSpot, Inc. *		231		51,848
Medallia, Inc. * (a)		847		21,375
Proofpoint, Inc.*		273		30,366
Smartsheet, Inc., Class A * (a)		889		45,266
Zendesk, Inc. * (a)		349		30,857
				528,435
Specialty Retail — 4.5%
Aaron’s, Inc.		261		11,842
Floor & Decor Holdings, Inc., Class A *		424		24,446
Hudson Ltd., Class A *		2,182		10,628
Lithia Motors, Inc., Class A (a)		373		56,465

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Specialty Retail — continued
National Vision Holdings, Inc. *		1,892		57,742
Vroom, Inc. *		354		18,468
				179,591
Trading Companies & Distributors — 2.9%
Applied Industrial Technologies, Inc.		489		30,494
Rush Enterprises, Inc., Class A		784		32,491
SiteOne Landscape Supply, Inc. * (a)		464		52,922
				115,907
Total Common Stocks (Cost $2,885,532)				3,850,582
	NO. OF RIGHTS (000)
Rights — 0.0% (b)
Biotechnology — 0.0% (b)
Clementia Pharmaceuticals, Inc. (Canada) * ‡ (Cost $ — )		927		—	(c)
	SHARES (000)
Short-Term Investments — 11.1%
Investment Companies — 3.1%
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (d) (e) (Cost $123,393)		123,317		123,428

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment of Cash Collateral from Securities Loaned — 8.0%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (d) (e)		283,992		284,105
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (d) (e)		32,903		32,903
Total Investment of Cash Collateral from Securities Loaned (cost $317,005)				317,008
Total Short-Term Investments (Cost $440,398)				440,436
Total Investments — 108.4% (Cost $3,325,930)				4,291,018
Liabilities in Excess of Other Assets — (8.4)%				(330,865	)
NET ASSETS — 100.0%				3,960,153

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 June 30, 2020. The total value of securities on loan at June 30, 2020 is approximately $305,026,000.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Amount rounds to less than one thousand.
(d)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(e)	The rate shown is the current yield as of June 30, 2020.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN SMALL CAP FUNDS 33

JPMorgan Small Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 99.1%
Aerospace & Defense — 0.6%
AAR Corp.		70		1,449
Maxar Technologies, Inc. (a)		142		2,545
Moog, Inc., Class A		27		1,446
				5,440
Air Freight & Logistics — 1.1%
Echo Global Logistics, Inc. *		261		5,639
Hub Group, Inc., Class A *		99		4,757
				10,396
Airlines — 0.4%
Hawaiian Holdings, Inc.		108		1,514
SkyWest, Inc.		57		1,862
				3,376
Auto Components — 1.4%
Adient plc *		188		3,085
American Axle & Manufacturing Holdings, Inc. *		62		474
Cooper Tire & Rubber Co.		62		1,709
Cooper-Standard Holdings, Inc. * (a)		6		73
Gentherm, Inc. *		90		3,481
Goodyear Tire & Rubber Co. (The)		320		2,862
Stoneridge, Inc. *		82		1,686
				13,370
Banks — 16.4%
1st Source Corp.		76		2,718
American National Bankshares, Inc.		5		113
Atlantic Capital Bancshares, Inc. *		54		658
Atlantic Union Bankshares Corp.		6		137
BancFirst Corp.		89		3,611
BancorpSouth Bank		55		1,251
BankFinancial Corp.		159		1,337
Bankwell Financial Group, Inc.		17		269
Banner Corp.		30		1,132
Brookline Bancorp, Inc.		164		1,651
Bryn Mawr Bank Corp.		22		603
Cadence BanCorp		326		2,890
Cathay General Bancorp		146		3,837
Central Pacific Financial Corp.		317		5,078
Central Valley Community Bancorp		17		265
Century Bancorp, Inc., Class A (a)		3		218
CIT Group, Inc.		230		4,768
Citizens & Northern Corp.		10		200
City Holding Co. (a)		45		2,959
Codorus Valley Bancorp, Inc.		12		163
Columbia Banking System, Inc.		141		3,982

INVESTMENTS	SHARES (000)		VALUE ($000)
Banks — continued
Community Bank System, Inc.		89		5,092
Community Trust Bancorp, Inc.		86		2,829
Customers Bancorp, Inc. *		80		957
East West Bancorp, Inc.		9		317
Enterprise Financial Services Corp.		150		4,665
Equity Bancshares, Inc., Class A *		69		1,202
Farmers National Banc Corp.		78		927
Financial Institutions, Inc.		49		914
First Bancorp		22		539
First BanCorp (Puerto Rico)		857		4,788
First Citizens BancShares, Inc., Class A (a)		6		2,349
First Commonwealth Financial Corp.		682		5,644
First Community Bankshares, Inc. (a)		43		959
First Financial Corp.		15		538
First Hawaiian, Inc.		67		1,153
First Interstate BancSystem, Inc., Class A		25		770
First Midwest Bancorp, Inc.		129		1,725
First Northwest Bancorp		16		195
Flushing Financial Corp.		103		1,191
Glacier Bancorp, Inc. (a)		42		1,475
Great Southern Bancorp, Inc.		26		1,049
Great Western Bancorp, Inc.		275		3,780
Hancock Whitney Corp.		18		386
Hilltop Holdings, Inc.		170		3,129
Home BancShares, Inc.		272		4,185
HomeTrust Bancshares, Inc.		80		1,278
Hope Bancorp, Inc.		607		5,598
Independent Bank Corp.		39		576
Investors Bancorp, Inc.		688		5,851
Mackinac Financial Corp.		17		176
Mercantile Bank Corp.		14		307
OFG Bancorp (Puerto Rico)		74		985
Pacific Premier Bancorp, Inc.		72		1,552
People’s United Financial, Inc.		60		692
Preferred Bank (a)		12		531
Renasant Corp.		10		256
Republic Bancorp, Inc., Class A		14		451
S&T Bancorp, Inc.		16		380
Select Bancorp, Inc. *		152		1,240
South State Corp.		117		5,569
Tompkins Financial Corp.		16		1,030
TriState Capital Holdings, Inc. *		18		283
Trustmark Corp. (a)		366		8,965
UMB Financial Corp.		158		8,124
Umpqua Holdings Corp.		417		4,440
United Bankshares, Inc.		371		10,249

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Banks — continued
Valley National Bancorp		32		254
Washington Trust Bancorp, Inc.		27		874
Webster Financial Corp.		79		2,257
West BanCorp, Inc.		9		162
Westamerica BanCorp (a)		116		6,678
				157,356
Biotechnology — 2.5%
89bio, Inc. * (a)		95		1,897
Arcus Biosciences, Inc. * (a)		192		4,746
Enanta Pharmaceuticals, Inc. * (a)		20		1,019
Epizyme, Inc. *		136		2,189
Fate Therapeutics, Inc. * (a)		101		3,452
Five Prime Therapeutics, Inc. *		93		569
Iovance Biotherapeutics, Inc. * (a)		138		3,796
Myriad Genetics, Inc. *		57		641
Protagonist Therapeutics, Inc. *		330		5,832
				24,141
Building Products — 1.3%
Builders FirstSource, Inc. *		434		8,990
Caesarstone Ltd.		43		507
Masonite International Corp. *		6		482
Quanex Building Products Corp.		119		1,654
Resideo Technologies, Inc. *		23		265
UFP Industries, Inc.		9		446
				12,344
Capital Markets — 1.5%
Blucora, Inc. *		96		1,091
Cowen, Inc., Class A (a)		157		2,537
Donnelley Financial Solutions, Inc. * (a)		128		1,073
Oppenheimer Holdings, Inc., Class A		10		224
Piper Sandler Cos.		20		1,207
Stifel Financial Corp.		153		7,270
Virtus Investment Partners, Inc.		12		1,349
				14,751
Chemicals — 1.4%
FutureFuel Corp.		156		1,868
HB Fuller Co.		7		312
Koppers Holdings, Inc. *		34		646
Kraton Corp. *		64		1,097
Minerals Technologies, Inc.		87		4,070
PolyOne Corp.		80		2,098
Trinseo SA		104		2,302
Tronox Holdings plc, Class A (a)		122		883
				13,276

INVESTMENTS	SHARES (000)		VALUE ($000)
Commercial Services & Supplies — 2.3%
ABM Industries, Inc.		232		8,429
ACCO Brands Corp.		796		5,654
Deluxe Corp. (a)		82		1,928
Ennis, Inc.		59		1,070
HNI Corp.		46		1,418
Pitney Bowes, Inc. (a)		156		405
Quad/Graphics, Inc.		473		1,537
Steelcase, Inc., Class A		154		1,860
				22,301
Communications Equipment — 0.9%
ADTRAN, Inc.		233		2,551
Cambium Networks Corp. *		99		726
Comtech Telecommunications Corp. (a)		25		424
Infinera Corp. * (a)		518		3,064
NetScout Systems, Inc. *		88		2,239
				9,004
Construction & Engineering — 3.8%
Aegion Corp. *		31		498
Arcosa, Inc.		124		5,224
Argan, Inc.		77		3,668
Dycom Industries, Inc. *		25		1,035
EMCOR Group, Inc. (a)		129		8,512
Fluor Corp.		96		1,160
MasTec, Inc. * (a)		115		5,169
MYR Group, Inc. *		123		3,909
Tutor Perini Corp. *		574		6,989
				36,164
Consumer Finance — 0.6%
EZCORP, Inc., Class A * (a)		147		928
Navient Corp.		309		2,172
Nelnet, Inc., Class A		64		3,064
				6,164
Containers & Packaging — 0.1%
Myers Industries, Inc.		39		562
Distributors — 0.4%
Core-Mark Holding Co., Inc. (a)		153		3,818
Diversified Consumer Services — 0.8%
American Public Education, Inc. *		75		2,229
Houghton Mifflin Harcourt Co. *		388		702
K12, Inc. * (a)		163		4,451
				7,382

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN SMALL CAP FUNDS 35

JPMorgan Small Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Diversified Financial Services — 0.1%
Banco Latinoamericano de Comercio Exterior SA, Class E (Panama)		79		903
Marlin Business Services Corp.		23		192
				1,095
Diversified Telecommunication Services — 0.7%
Consolidated Communications Holdings, Inc. * (a)		550		3,726
Liberty Latin America Ltd., Class A (Chile) * (a)		137		1,327
Liberty Latin America Ltd., Class C (Chile) *		178		1,677
				6,730
Electric Utilities — 0.9%
IDACORP, Inc.		11		961
Portland General Electric Co.		183		7,643
Spark Energy, Inc., Class A (a)		66		469
				9,073
Electrical Equipment — 0.3%
Bloom Energy Corp., Class A * (a)		10		106
LSI Industries, Inc.		41		268
Powell Industries, Inc.		105		2,873
				3,247
Electronic Equipment, Instruments & Components — 2.4%
Bel Fuse, Inc., Class B		167		1,796
Benchmark Electronics, Inc.		313		6,762
OSI Systems, Inc. * (a)		8		597
Sanmina Corp. *		145		3,621
ScanSource, Inc. *		253		6,083
TTM Technologies, Inc. * (a)		349		4,136
				22,995
Energy Equipment & Services — 1.1%
Bristow Group, Inc. *		20		274
Dril-Quip, Inc. * (a)		29		876
Matrix Service Co. *		404		3,922
NexTier Oilfield Solutions, Inc. * (a)		1,105		2,708
Patterson-UTI Energy, Inc.		67		232
SEACOR Holdings, Inc. *		82		2,331
Select Energy Services, Inc., Class A *		74		363
				10,706
Entertainment — 0.6%
Cinemark Holdings, Inc. (a)		175		2,020
Eros International plc (India) * (a)		1,068		3,374
				5,394

INVESTMENTS	SHARES (000)		VALUE ($000)
Equity Real Estate Investment Trusts (REITs) — 9.1%
Acadia Realty Trust (a)		118		1,536
Agree Realty Corp. (a)		31		2,030
Alexander & Baldwin, Inc.		141		1,716
American Assets Trust, Inc.		163		4,524
American Finance Trust, Inc. (a)		122		971
City Office REIT, Inc.		125		1,260
CoreCivic, Inc.		55		519
CorEnergy Infrastructure Trust, Inc. (a)		29		264
CoreSite Realty Corp.		20		2,445
DiamondRock Hospitality Co.		772		4,271
Easterly Government Properties, Inc. (a)		165		3,822
Essential Properties Realty Trust, Inc.		64		947
First Industrial Realty Trust, Inc.		105		4,025
Franklin Street Properties Corp.		42		213
GEO Group, Inc. (The)		84		991
Getty Realty Corp.		145		4,314
Gladstone Commercial Corp.		162		3,034
Hersha Hospitality Trust		18		105
Highwoods Properties, Inc.		21		788
Kite Realty Group Trust		63		729
Lexington Realty Trust (a)		326		3,435
Mack-Cali Realty Corp.		188		2,875
Monmouth Real Estate Investment Corp.		16		227
New Senior Investment Group, Inc.		136		494
Pebblebrook Hotel Trust		75		1,024
Physicians Realty Trust		216		3,783
Piedmont Office Realty Trust, Inc., Class A		188		3,126
PotlatchDeltic Corp.		138		5,228
PS Business Parks, Inc.		17		2,224
Retail Opportunity Investments Corp.		261		2,957
Retail Properties of America, Inc., Class A (a)		179		1,310
RLJ Lodging Trust		154		1,452
Saul Centers, Inc.		8		271
Service Properties Trust		22		159
SITE Centers Corp.		174		1,412
STAG Industrial, Inc.		152		4,451
Summit Hotel Properties, Inc.		51		300
Sunstone Hotel Investors, Inc.		943		7,685
Terreno Realty Corp. (a)		27		1,400
UMH Properties, Inc.		25		318
Urban Edge Properties		58		687
Urstadt Biddle Properties, Inc., Class A		55		651
Xenia Hotels & Resorts, Inc.		275		2,567
				86,540

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Food & Staples Retailing — 0.6%
Rite Aid Corp. * (a)		41		705
SpartanNash Co.		222		4,707
				5,412
Food Products — 1.0%
Darling Ingredients, Inc. *		75		1,844
Farmer Bros Co. *		105		768
Fresh Del Monte Produce, Inc.		126		3,092
Sanderson Farms, Inc. (a)		31		3,628
				9,332
Gas Utilities — 1.7%
Northwest Natural Holding Co.		22		1,227
ONE Gas, Inc. (a)		70		5,417
Southwest Gas Holdings, Inc.		106		7,334
Spire, Inc.		36		2,352
				16,330
Health Care Equipment & Supplies — 0.3%
Invacare Corp.		183		1,168
LivaNova plc *		20		953
Varex Imaging Corp. * (a)		80		1,206
				3,327
Health Care Providers & Services — 1.8%
Community Health Systems, Inc. * (a)		422		1,270
Cross Country Healthcare, Inc. *		268		1,648
Magellan Health, Inc. *		62		4,517
Owens & Minor, Inc. (a)		554		4,219
Patterson Cos., Inc. (a)		50		1,109
Tenet Healthcare Corp. *		134		2,427
Tivity Health, Inc. * (a)		187		2,120
				17,310
Health Care Technology — 0.8%
Allscripts Healthcare Solutions, Inc. * (a)		1,060		7,176
Computer Programs and Systems, Inc. (a)		22		495
				7,671
Hotels, Restaurants & Leisure — 0.6%
Boyd Gaming Corp.		61		1,281
Brinker International, Inc.		66		1,574
International Game Technology plc		99		884
Marriott Vacations Worldwide Corp.		23		1,908
				5,647
Household Durables — 2.2%
Helen of Troy Ltd. *		5		924
KB Home		79		2,418

INVESTMENTS	SHARES (000)		VALUE ($000)
Household Durables — continued
Meritage Homes Corp. *		44		3,357
Purple Innovation, Inc. *		233		4,192
Sonos, Inc. *		35		505
Taylor Morrison Home Corp. *		32		617
TRI Pointe Group, Inc. *		584		8,582
				20,595
Household Products — 0.3%
Central Garden & Pet Co., Class A *		75		2,517
Independent Power and Renewable Electricity Producers — 1.1%
Atlantic Power Corp. *		1,458		2,915
Clearway Energy, Inc.		182		3,817
Clearway Energy, Inc., Class C		181		4,183
				10,915
Insurance — 2.2%
Ambac Financial Group, Inc. *		118		1,683
American Equity Investment Life Holding Co.		221		5,456
AMERISAFE, Inc.		4		245
Argo Group International Holdings Ltd.		26		889
CNO Financial Group, Inc.		508		7,905
FedNat Holding Co.		16		176
Heritage Insurance Holdings, Inc.		71		923
Horace Mann Educators Corp.		8		309
MBIA, Inc. * (a)		174		1,262
National General Holdings Corp.		32		692
ProSight Global, Inc. *		31		279
Third Point Reinsurance Ltd. (Bermuda) *		91		685
United Insurance Holdings Corp.		80		627
				21,131
Interactive Media & Services — 0.4%
Cars.com, Inc. *		451		2,596
Yelp, Inc. *		63		1,462
				4,058
IT Services — 1.0%
KBR, Inc. (a)		168		3,777
Perficient, Inc. *		9		318
Perspecta, Inc.		166		3,854
Unisys Corp. * (a)		121		1,318
				9,267
Machinery — 2.5%
AGCO Corp.		67		3,727
Astec Industries, Inc. (a)		95		4,390
CIRCOR International, Inc. *		21		540

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN SMALL CAP FUNDS 37

JPMorgan Small Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Machinery — continued
Douglas Dynamics, Inc.		29		1,033
EnPro Industries, Inc.		5		261
Graham Corp.		18		229
Hurco Cos., Inc.		12		330
LB Foster Co., Class A *		24		300
Manitowoc Co., Inc. (The) *		35		378
Meritor, Inc. *		61		1,202
Navistar International Corp. *		17		485
Terex Corp.		120		2,252
Wabash National Corp.		784		8,327
				23,454
Media — 1.0%
AMC Networks, Inc., Class A *		2		37
comScore, Inc. *		828		2,568
Gannett Co., Inc. (a)		651		898
Hemisphere Media Group, Inc. *		212		2,084
Sinclair Broadcast Group, Inc., Class A (a)		133		2,450
WideOpenWest, Inc. *		283		1,493
				9,530
Metals & Mining — 2.1%
Arconic Corp. *		24		329
Century Aluminum Co. *		229		1,634
Commercial Metals Co.		248		5,057
Kaiser Aluminum Corp.		23		1,679
SunCoke Energy, Inc.		50		148
Warrior Met Coal, Inc.		232		3,577
Worthington Industries, Inc.		213		7,937
				20,361
Mortgage Real Estate Investment Trusts (REITs) — 2.5%
ARMOUR Residential REIT, Inc.		168		1,573
Blackstone Mortgage Trust, Inc., Class A (a)		282		6,791
Cherry Hill Mortgage Investment Corp.		20		183
Dynex Capital, Inc. (a)		24		342
Ellington Financial, Inc.		26		310
Invesco Mortgage Capital, Inc. (a)		117		436
KKR Real Estate Finance Trust, Inc. (a)		139		2,296
Ladder Capital Corp.		325		2,636
PennyMac Mortgage Investment Trust		163		2,850
Redwood Trust, Inc. (a)		239		1,674
TPG RE Finance Trust, Inc. (a)		176		1,516
Two Harbors Investment Corp. (a)		563		2,835
				23,442

INVESTMENTS	SHARES (000)		VALUE ($000)
Multiline Retail — 0.8%
Big Lots, Inc.		118		4,935
Dillard’s, Inc., Class A (a)		108		2,785
				7,720
Multi-Utilities — 1.2%
Avista Corp.		95		3,457
Black Hills Corp.		100		5,666
Unitil Corp.		44		1,986
				11,109
Oil, Gas & Consumable Fuels — 2.5%
Arch Resources, Inc. (a)		68		1,921
Berry Corp.		240		1,157
CVR Energy, Inc.		155		3,123
Delek US Holdings, Inc. (a)		204		3,548
Dorian LPG Ltd. *		106		817
Green Plains, Inc. * (a)		208		2,125
Kosmos Energy Ltd. (Ghana)		240		398
Magnolia Oil & Gas Corp., Class A * (a)		260		1,577
PDC Energy, Inc. *		158		1,963
Peabody Energy Corp.		74		212
Range Resources Corp.		113		635
Renewable Energy Group, Inc. * (a)		65		1,606
REX American Resources Corp. *		41		2,844
Southwestern Energy Co. *		207		531
Talos Energy, Inc. *		65		602
W&T Offshore, Inc. * (a)		389		886
				23,945
Paper & Forest Products — 2.1%
Boise Cascade Co.		146		5,494
Domtar Corp. (a)		103		2,181
Louisiana-Pacific Corp. (a)		164		4,196
PH Glatfelter Co.		51		817
Schweitzer-Mauduit International, Inc. (a)		159		5,326
Verso Corp., Class A		185		2,208
				20,222
Personal Products — 0.2%
Edgewell Personal Care Co. *		62		1,926
Pharmaceuticals — 1.4%
Endo International plc * (a)		948		3,250
Intra-Cellular Therapies, Inc. *		77		1,971
Lannett Co., Inc. *		477		3,460
Prestige Consumer Healthcare, Inc. *		53		1,998
Xeris Pharmaceuticals, Inc. * (a)		910		2,421
				13,100

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Professional Services — 2.4%
Barrett Business Services, Inc.		98		5,213
GP Strategies Corp. *		183		1,568
Heidrick & Struggles International, Inc.		98		2,114
Huron Consulting Group, Inc. *		88		3,907
Kelly Services, Inc., Class A		244		3,853
TrueBlue, Inc. *		423		6,454
				23,109
Real Estate Management & Development — 0.2%
Realogy Holdings Corp.		286		2,117
Road & Rail — 0.9%
ArcBest Corp.		307		8,144
Covenant Transportation Group, Inc., Class A *		31		440
				8,584
Semiconductors & Semiconductor Equipment — 1.9%
Amkor Technology, Inc. *		568		6,987
Cohu, Inc.		170		2,950
NeoPhotonics Corp. *		77		680
SunPower Corp. * (a)		522		4,000
Veeco Instruments, Inc. *		252		3,401
				18,018
Software — 2.2%
ACI Worldwide, Inc. *		79		2,140
Avaya Holdings Corp. * (a)		284		3,513
MicroStrategy, Inc., Class A *		7		781
SecureWorks Corp., Class A *		79		908
Synchronoss Technologies, Inc. * (a)		863		3,046
Xperi Holding Corp.		738		10,898
				21,286
Specialty Retail — 2.9%
Aaron’s, Inc.		32		1,457
Abercrombie & Fitch Co., Class A (a)		185		1,973
Bed Bath & Beyond, Inc. (a)		226		2,397
Cato Corp. (The), Class A		171		1,396
Express, Inc. * (a)		389		600
Genesco, Inc. *		18		399
Haverty Furniture Cos., Inc.		94		1,507
Hibbett Sports, Inc. * (a)		164		3,426
Lithia Motors, Inc., Class A		8		1,271
Murphy USA, Inc. *		24		2,657
Office Depot, Inc.		1,943		4,565
Sleep Number Corp. *		35		1,462
Sonic Automotive, Inc., Class A		46		1,468

INVESTMENTS	SHARES (000)		VALUE ($000)
Specialty Retail — continued
Winmark Corp.		6		942
Zumiez, Inc. *		97		2,661
				28,181
Technology Hardware, Storage & Peripherals — 0.1%
Diebold Nixdorf, Inc. *		118		715
Textiles, Apparel & Luxury Goods — 0.7%
Fossil Group, Inc. * (a)		68		315
G-III Apparel Group Ltd. * (a)		239		3,174
Movado Group, Inc.		19		205
Wolverine World Wide, Inc.		121		2,869
				6,563
Thrifts & Mortgage Finance — 4.0%
ESSA Bancorp, Inc.		14		195
Essent Group Ltd.		166		6,032
Luther Burbank Corp.		44		437
Meridian Bancorp, Inc.		219		2,542
MGIC Investment Corp.		358		2,931
Mr Cooper Group, Inc. *		35		439
Northfield Bancorp, Inc.		440		5,068
Premier Financial Corp.		59		1,050
Radian Group, Inc.		438		6,796
Territorial Bancorp, Inc.		11		264
Washington Federal, Inc. (a)		349		9,366
Waterstone Financial, Inc.		63		927
Western New England Bancorp, Inc.		46		265
WSFS Financial Corp.		60		1,709
				38,021
Tobacco — 0.1%
Vector Group Ltd.		76		769
Trading Companies & Distributors — 2.5%
BMC Stock Holdings, Inc. *		177		4,445
DXP Enterprises, Inc. *		81		1,619
Foundation Building Materials, Inc. * (a)		84		1,313
MRC Global, Inc. *		354		2,093
NOW, Inc. * (a)		926		7,987
Titan Machinery, Inc. *		136		1,475
Veritiv Corp. * (a)		85		1,443
WESCO International, Inc. *		91		3,195
				23,570
Wireless Telecommunication Services — 0.2%
Gogo, Inc. * (a)		507		1,602
Total Common Stocks (Cost $967,296)				946,481

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN SMALL CAP FUNDS 39

JPMorgan Small Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 8.8%
Investment Companies — 1.5%
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (b) (c) (Cost $14,793)		14,785		14,798
Investment of Cash Collateral from Securities Loaned — 7.3%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (b) (c)		64,006		64,032
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (b) (c)		5,596		5,596
Total Investment of Cash Collateral from Securities Loaned (Cost $69,620)				69,628
Total Short-Term Investments (Cost $84,413)				84,426
Total Investments — 107.9% (Cost $1,051,709)				1,030,907
Liabilities in Excess of Other Assets — (7.9)%				(75,334	)
NET ASSETS — 100.0%				955,573

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 June 30, 2020. The total value of securities on loan at June 30, 2020 is approximately $67,671,000.
(b)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of June 30, 2020.
*	Non-income producing security.

Futures contracts outstanding as of June 30, 2020 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Russell 2000 E-Mini Index		132		09/2020		USD		9,480		279

Abbreviations
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2020

JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.7%
Aerospace & Defense — 0.8%
AAR Corp.		125		2,584
Maxar Technologies, Inc. (a)		204		3,664
Moog, Inc., Class A		20		1,041
				7,289
Air Freight & Logistics — 0.5%
Echo Global Logistics, Inc. * (a)		115		2,483
Hub Group, Inc., Class A *		43		2,068
				4,551
Auto Components — 1.2%
Adient plc *		68		1,118
Gentherm, Inc. *		106		4,139
Goodyear Tire & Rubber Co. (The)		101		904
Stoneridge, Inc. *		209		4,309
				10,470
Banks — 7.8%
1st Source Corp.		34		1,192
Atlantic Union Bankshares Corp.		27		624
BancFirst Corp. (a)		102		4,150
BancorpSouth Bank		137		3,123
BankFinancial Corp.		50		422
Banner Corp.		106		4,042
Brookline Bancorp, Inc.		136		1,375
Cadence BanCorp		189		1,674
Cathay General Bancorp		54		1,409
Central Pacific Financial Corp.		167		2,672
Central Valley Community Bancorp		12		192
CIT Group, Inc.		99		2,054
Columbia Banking System, Inc.		133		3,778
CVB Financial Corp.		222		4,155
Enterprise Financial Services Corp.		31		977
Equity Bancshares, Inc., Class A *		63		1,099
First Commonwealth Financial Corp.		224		1,857
First Community Bankshares, Inc.		15		332
First Hawaiian, Inc.		47		816
Flushing Financial Corp.		45		524
Great Western Bancorp, Inc.		101		1,391
Hope Bancorp, Inc.		233		2,152
IBERIABANK Corp.		20		888
Independent Bank Corp.		64		947
Investors Bancorp, Inc.		151		1,280
National Bank Holdings Corp., Class A		13		340
Old National Bancorp		258		3,549
PacWest Bancorp		37		720
People’s United Financial, Inc. (a)		75		863

INVESTMENTS	SHARES (000)		VALUE ($000)
Banks — continued
South State Corp.		8		372
Trustmark Corp. (a)		336		8,241
UMB Financial Corp. (a)		33		1,708
United Bankshares, Inc.		98		2,720
Webster Financial Corp.		32		916
West BanCorp, Inc.		22		383
Westamerica BanCorp (a)		117		6,702
				69,639
Biotechnology — 9.7%
ACADIA Pharmaceuticals, Inc. *		104		5,026
Aimmune Therapeutics, Inc. * (a)		67		1,111
Alector, Inc. *		27		654
Amicus Therapeutics, Inc. *		216		3,264
Arena Pharmaceuticals, Inc. * (a)		66		4,147
Atara Biotherapeutics, Inc. *		167		2,438
Athenex, Inc. * (a)		163		2,239
Biohaven Pharmaceutical Holding Co. Ltd. * (a)		67		4,906
Black Diamond Therapeutics, Inc. * (a)		61		2,576
Bluebird Bio, Inc. * (a)		12		705
Bridgebio Pharma, Inc. * (a)		54		1,751
Clovis Oncology, Inc. * (a)		213		1,441
CytomX Therapeutics, Inc. *		74		614
Eagle Pharmaceuticals, Inc. *		18		884
Eiger BioPharmaceuticals, Inc. * (a)		175		1,680
Esperion Therapeutics, Inc. * (a)		23		1,180
Flexion Therapeutics, Inc. * (a)		230		3,023
Global Blood Therapeutics, Inc. * (a)		56		3,510
Gritstone Oncology, Inc. * (a)		30		197
Homology Medicines, Inc. *		45		681
Intercept Pharmaceuticals, Inc. *		32		1,514
La Jolla Pharmaceutical Co. *		65		276
LogicBio Therapeutics, Inc. * (a)		297		2,512
Mersana Therapeutics, Inc. *		184		4,297
Myriad Genetics, Inc. * (a)		129		1,459
Principia Biopharma, Inc. * (a)		52		3,127
Protagonist Therapeutics, Inc. *		171		3,023
Puma Biotechnology, Inc. * (a)		231		2,408
REGENXBIO, Inc. * (a)		73		2,674
REVOLUTION Medicines, Inc. * (a)		31		969
Sarepta Therapeutics, Inc. *		20		3,215
Seres Therapeutics, Inc. * (a)		777		3,700
Solid Biosciences, Inc. *		69		201
Sutro Biopharma, Inc. * (a)		27		209
TCR2 Therapeutics, Inc. * (a)		55		847
TG Therapeutics, Inc. *		132		2,577

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN SMALL CAP FUNDS 41

JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Biotechnology — continued
UroGen Pharma Ltd. * (a)		93		2,437
Vanda Pharmaceuticals, Inc. *		110		1,256
Viela Bio, Inc. * (a)		65		2,794
Voyager Therapeutics, Inc. *		117		1,477
Xencor, Inc. *		84		2,709
Y-mAbs Therapeutics, Inc. *		8		337
				86,045
Building Products — 1.3%
Builders FirstSource, Inc. *		247		5,109
Masonite International Corp. *		56		4,387
Quanex Building Products Corp.		89		1,228
UFP Industries, Inc.		19		921
				11,645
Capital Markets — 1.5%
Cowen, Inc., Class A (a)		106		1,711
Donnelley Financial Solutions, Inc. * (a)		74		623
Focus Financial Partners, Inc., Class A * (a)		68		2,254
Houlihan Lokey, Inc.		69		3,840
Moelis & Co., Class A		7		215
Piper Sandler Cos.		12		680
Stifel Financial Corp.		71		3,375
Virtus Investment Partners, Inc.		8		954
				13,652
Chemicals — 1.3%
FutureFuel Corp.		168		2,008
Koppers Holdings, Inc. *		34		631
Minerals Technologies, Inc.		61		2,843
PolyOne Corp.		116		3,053
Stepan Co.		10		1,010
Trinseo SA		70		1,550
Tronox Holdings plc, Class A (a)		88		638
				11,733
Commercial Services & Supplies — 2.2%
ABM Industries, Inc.		115		4,186
ACCO Brands Corp. (a)		606		4,302
Deluxe Corp.		66		1,561
Ennis, Inc.		188		3,403
HNI Corp. (a)		128		3,898
Quad/Graphics, Inc. (a)		256		832
Steelcase, Inc., Class A		133		1,600
				19,782

INVESTMENTS	SHARES (000)		VALUE ($000)
Communications Equipment — 0.7%
ADTRAN, Inc.		356		3,890
Extreme Networks, Inc. *		180		782
KVH Industries, Inc. *		39		347
PCTEL, Inc. *		79		528
Plantronics, Inc.		77		1,136
				6,683
Construction & Engineering — 3.5%
Arcosa, Inc.		78		3,283
Argan, Inc.		60		2,843
Comfort Systems USA, Inc.		70		2,836
EMCOR Group, Inc.		149		9,822
MasTec, Inc. * (a)		128		5,743
MYR Group, Inc. *		66		2,113
Tutor Perini Corp. *		411		5,005
				31,645
Construction Materials — 0.0% (b)
US Concrete, Inc. *		17		417
Consumer Finance — 1.1%
Credit Acceptance Corp. * (a)		6		2,504
EZCORP, Inc., Class A *		71		449
FirstCash, Inc. (a)		34		2,316
Green Dot Corp., Class A * (a)		29		1,401
Navient Corp.		410		2,883
Nelnet, Inc., Class A		8		391
				9,944
Containers & Packaging — 0.2%
Graphic Packaging Holding Co.		73		1,020
Myers Industries, Inc.		67		981
				2,001
Distributors — 0.6%
Core-Mark Holding Co., Inc. (a)		221		5,503
Diversified Consumer Services — 0.8%
American Public Education, Inc. *		69		2,040
Houghton Mifflin Harcourt Co. *		924		1,673
K12, Inc. * (a)		139		3,792
				7,505
Diversified Telecommunication Services — 0.6%
Consolidated Communications Holdings, Inc. * (a)		793		5,367
Electric Utilities — 0.9%
IDACORP, Inc.		10		865
PNM Resources, Inc. (a)		48		1,837

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Electric Utilities — continued
Portland General Electric Co.		105		4,383
Spark Energy, Inc., Class A (a)		169		1,194
				8,279
Electrical Equipment — 0.6%
Bloom Energy Corp., Class A * (a)		7		74
Generac Holdings, Inc. *		17		2,122
LSI Industries, Inc.		52		339
Powell Industries, Inc.		90		2,460
				4,995
Electronic Equipment, Instruments & Components — 2.4%
Bel Fuse, Inc., Class B		128		1,373
Benchmark Electronics, Inc.		155		3,346
Fabrinet (Thailand) *		26		1,653
Insight Enterprises, Inc. * (a)		32		1,555
OSI Systems, Inc. * (a)		36		2,715
Sanmina Corp. *		124		3,097
ScanSource, Inc. *		218		5,262
TTM Technologies, Inc. * (a)		205		2,430
				21,431
Energy Equipment & Services — 0.6%
Matrix Service Co. *		316		3,071
NexTier Oilfield Solutions, Inc. *		807		1,976
				5,047
Entertainment — 0.1%
Cinemark Holdings, Inc.		67		777
Eros International plc (India) *		78		247
				1,024
Equity Real Estate Investment Trusts (REITs) — 5.9%
Acadia Realty Trust (a)		62		798
Agree Realty Corp. (a)		16		1,038
Alexander & Baldwin, Inc.		36		438
American Assets Trust, Inc.		172		4,802
American Finance Trust, Inc. (a)		22		176
Americold Realty Trust		135		4,886
CorEnergy Infrastructure Trust, Inc. (a)		18		168
CoreSite Realty Corp.		29		3,496
DiamondRock Hospitality Co.		464		2,565
Easterly Government Properties, Inc.		38		881
EastGroup Properties, Inc.		15		1,761
Equity LifeStyle Properties, Inc.		33		2,043
Essential Properties Realty Trust, Inc.		22		325
First Industrial Realty Trust, Inc.		111		4,282

INVESTMENTS	SHARES (000)		VALUE ($000)
Equity Real Estate Investment Trusts (REITs) — continued
Four Corners Property Trust, Inc.		18		447
GEO Group, Inc. (The)		56		660
Getty Realty Corp.		64		1,894
Gladstone Commercial Corp.		39		723
Hersha Hospitality Trust		14		82
Highwoods Properties, Inc.		24		885
Innovative Industrial Properties, Inc.		4		326
Lexington Realty Trust (a)		123		1,294
Mack-Cali Realty Corp.		57		873
New Senior Investment Group, Inc.		125		454
Pebblebrook Hotel Trust		35		477
Physicians Realty Trust		95		1,659
Piedmont Office Realty Trust, Inc., Class A		105		1,741
PotlatchDeltic Corp. (a)		83		3,149
PS Business Parks, Inc.		3		401
QTS Realty Trust, Inc., Class A		8		538
Retail Opportunity Investments Corp.		117		1,323
RLJ Lodging Trust (a)		72		681
Ryman Hospitality Properties, Inc.		23		782
Saul Centers, Inc.		31		1,000
STAG Industrial, Inc.		34		985
Summit Hotel Properties, Inc.		48		282
Sunstone Hotel Investors, Inc.		427		3,482
UMH Properties, Inc.		22		283
Xenia Hotels & Resorts, Inc.		137		1,274
				53,354
Food & Staples Retailing — 0.5%
SpartanNash Co. (a)		202		4,284
Food Products — 1.9%
Darling Ingredients, Inc. *		307		7,553
Farmer Bros Co. *		101		739
Fresh Del Monte Produce, Inc.		99		2,447
John B Sanfilippo & Son, Inc.		36		3,038
Sanderson Farms, Inc. (a)		25		2,839
Seneca Foods Corp., Class A * (a)		13		431
				17,047
Gas Utilities — 0.8%
New Jersey Resources Corp. (a)		22		731
Northwest Natural Holding Co.		16		904
ONE Gas, Inc. (a)		47		3,630
Southwest Gas Holdings, Inc.		32		2,230
				7,495

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN SMALL CAP FUNDS 43

JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Health Care Equipment & Supplies — 4.2%
Accuray, Inc. * (a)		819		1,662
AngioDynamics, Inc. *		190		1,933
Cutera, Inc. * (a)		331		4,023
Integer Holdings Corp. *		88		6,411
Invacare Corp.		191		1,213
Lantheus Holdings, Inc. *		50		718
LivaNova plc *		60		2,897
Natus Medical, Inc. * (a)		162		3,535
NuVasive, Inc. * (a)		71		3,945
Orthofix Medical, Inc. * (a)		62		1,971
SeaSpine Holdings Corp. *		231		2,416
Sientra, Inc. * (a)		1,067		4,129
Varex Imaging Corp. * (a)		224		3,397
				38,250
Health Care Providers & Services — 2.2%
Community Health Systems, Inc. * (a)		747		2,248
Cross Country Healthcare, Inc. *		643		3,959
Owens & Minor, Inc. (a)		596		4,543
Patterson Cos., Inc. (a)		189		4,154
Tenet Healthcare Corp. *		178		3,218
Triple-S Management Corp., Class B (Puerto Rico) * (a)		109		2,064
				20,186
Health Care Technology — 1.2%
Allscripts Healthcare Solutions, Inc. * (a)		1,203		8,143
Evolent Health, Inc., Class A * (a)		355		2,530
				10,673
Hotels, Restaurants & Leisure — 1.2%
Bloomin’ Brands, Inc. (a)		334		3,559
Boyd Gaming Corp.		90		1,875
Brinker International, Inc. (a)		86		2,057
Eldorado Resorts, Inc. *		11		429
Marriott Vacations Worldwide Corp.		21		1,751
Penn National Gaming, Inc. *		28		855
				10,526
Household Durables — 2.3%
Hamilton Beach Brands Holding Co., Class A		26		311
KB Home (a)		236		7,245
Meritage Homes Corp. *		18		1,340
Sonos, Inc. *		34		501
TRI Pointe Group, Inc. *		753		11,064
				20,461

INVESTMENTS	SHARES (000)		VALUE ($000)
Household Products — 0.2%
Central Garden & Pet Co., Class A *		42		1,419
Independent Power and Renewable Electricity Producers — 0.5%
Atlantic Power Corp. *		1,506		3,011
Clearway Energy, Inc. (a)		59		1,247
Clearway Energy, Inc., Class C		15		346
				4,604
Insurance — 1.0%
Ambac Financial Group, Inc. *		26		378
American Equity Investment Life Holding Co.		48		1,187
Argo Group International Holdings Ltd.		17		578
CNO Financial Group, Inc.		220		3,427
First American Financial Corp.		22		1,036
MBIA, Inc. *		38		276
Primerica, Inc. (a)		16		1,813
ProSight Global, Inc. *		29		257
				8,952
Interactive Media & Services — 0.6%
Cars.com, Inc. *		235		1,352
Yelp, Inc. * (a)		184		4,266
				5,618
Internet & Direct Marketing Retail — 0.6%
Groupon, Inc. *		16		296
Stamps.com, Inc. *		27		4,886
				5,182
IT Services — 2.5%
CACI International, Inc., Class A *		17		3,741
Euronet Worldwide, Inc. *		7		656
Evo Payments, Inc., Class A *		170		3,883
KBR, Inc.		51		1,141
NIC, Inc.		52		1,184
Perficient, Inc. *		211		7,562
Perspecta, Inc.		186		4,328
				22,495
Life Sciences Tools & Services — 1.0%
Adaptive Biotechnologies Corp. * (a)		38		1,848
Fluidigm Corp. *		822		3,297
Medpace Holdings, Inc. * (a)		31		2,853
Personalis, Inc. *		43		562
				8,560
Machinery — 2.5%
Astec Industries, Inc. (a)		97		4,478
Douglas Dynamics, Inc.		86		3,033

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Machinery — continued
Enerpac Tool Group Corp.		10		170
EnPro Industries, Inc.		31		1,543
Kadant, Inc.		23		2,330
LB Foster Co., Class A *		14		185
Meritor, Inc. *		111		2,190
Wabash National Corp. (a)		787		8,362
				22,291
Media — 1.1%
AMC Networks, Inc., Class A *		5		117
Central European Media Enterprises Ltd., Class A (Czech Republic) *		473		1,675
comScore, Inc. *		359		1,113
Gannett Co., Inc. (a)		80		110
Hemisphere Media Group, Inc. *		182		1,785
National CineMedia, Inc. (a)		576		1,709
Sinclair Broadcast Group, Inc., Class A (a)		116		2,135
WideOpenWest, Inc. *		282		1,485
				10,129
Metals & Mining — 1.4%
Century Aluminum Co. *		27		195
Commercial Metals Co.		133		2,711
Kaiser Aluminum Corp.		14		1,060
SunCoke Energy, Inc.		23		67
Warrior Met Coal, Inc. (a)		200		3,075
Worthington Industries, Inc.		157		5,871
				12,979
Mortgage Real Estate Investment Trusts (REITs) — 1.1%
Blackstone Mortgage Trust, Inc., Class A (a)		180		4,345
Ellington Financial, Inc.		8		97
Invesco Mortgage Capital, Inc. (a)		31		116
KKR Real Estate Finance Trust, Inc.		84		1,386
Ladder Capital Corp.		52		420
PennyMac Mortgage Investment Trust		93		1,627
Redwood Trust, Inc. (a)		159		1,110
TPG RE Finance Trust, Inc. (a)		39		333
Two Harbors Investment Corp. (a)		134		674
				10,108
Multiline Retail — 0.8%
Big Lots, Inc.		117		4,914
Dillard’s, Inc., Class A (a)		73		1,885
				6,799
Multi-Utilities — 0.1%
Black Hills Corp.		22		1,241

INVESTMENTS	SHARES (000)		VALUE ($000)
Oil, Gas & Consumable Fuels — 1.2%
Arch Resources, Inc. (a)		34		970
CVR Energy, Inc.		12		241
Delek US Holdings, Inc. (a)		174		3,029
Dorian LPG Ltd. *		3		27
Green Plains, Inc. * (a)		42		424
Magnolia Oil & Gas Corp., Class A * (a)		81		493
PDC Energy, Inc. *		58		725
Peabody Energy Corp.		40		115
Range Resources Corp.		46		258
Renewable Energy Group, Inc. * (a)		58		1,433
REX American Resources Corp. *		39		2,676
W&T Offshore, Inc. * (a)		363		827
				11,218
Paper & Forest Products — 1.3%
Boise Cascade Co. (a)		123		4,625
Domtar Corp.		70		1,482
Louisiana-Pacific Corp. (a)		137		3,504
PH Glatfelter Co.		24		390
Verso Corp., Class A (a)		157		1,883
				11,884
Personal Products — 0.4%
Edgewell Personal Care Co. * (a)		29		918
Herbalife Nutrition Ltd. * (a)		23		1,015
Medifast, Inc. (a)		8		1,152
USANA Health Sciences, Inc. * (a)		13		944
				4,029
Pharmaceuticals — 3.0%
AMAG Pharmaceuticals, Inc. * (a)		15		112
Arvinas, Inc. * (a)		2		78
Endo International plc *		532		1,823
Horizon Therapeutics plc *		79		4,405
Lannett Co., Inc. *		390		2,834
Marinus Pharmaceuticals, Inc. * (a)		738		1,874
Menlo Therapeutics, Inc. * (a)		54		94
MyoKardia, Inc. *		76		7,354
Prestige Consumer Healthcare, Inc. *		24		894
Reata Pharmaceuticals, Inc., Class A * (a)		36		5,542
Xeris Pharmaceuticals, Inc. * (a)		791		2,105
				27,115
Professional Services — 2.7%
Barrett Business Services, Inc.		120		6,370
GP Strategies Corp. *		132		1,129

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN SMALL CAP FUNDS 45

JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Professional Services — continued
Heidrick & Struggles International, Inc.		15		318
Huron Consulting Group, Inc. * (a)		118		5,207
Insperity, Inc.		19		1,243
Kforce, Inc.		88		2,574
Korn Ferry (a)		61		1,862
TrueBlue, Inc. *		368		5,624
				24,327
Real Estate Management & Development — 0.1%
Realogy Holdings Corp.		117		868
Road & Rail — 0.7%
ArcBest Corp.		204		5,414
Schneider National, Inc., Class B		32		797
				6,211
Semiconductors & Semiconductor Equipment — 3.7%
Amkor Technology, Inc. * (a)		505		6,218
Cirrus Logic, Inc. *		30		1,832
Cohu, Inc.		109		1,888
MACOM Technology Solutions Holdings, Inc. * (a)		131		4,507
Rambus, Inc. * (a)		527		8,011
SunPower Corp. * (a)		529		4,055
Synaptics, Inc. * (a)		76		4,562
Veeco Instruments, Inc. * (a)		167		2,259
				33,332
Software — 4.5%
ACI Worldwide, Inc. *		139		3,750
Avaya Holdings Corp. * (a)		771		9,527
CommVault Systems, Inc. * (a)		104		4,031
Cornerstone OnDemand, Inc. *		84		3,235
eGain Corp. *		122		1,354
MicroStrategy, Inc., Class A *		11		1,283
Proofpoint, Inc. *		14		1,600
Qualys, Inc. *		9		892
Synchronoss Technologies, Inc. * (a)		1,182		4,172
Telenav, Inc. *		104		569
Xperi Holding Corp. (a)		654		9,653
				40,066
Specialty Retail — 2.9%
Bed Bath & Beyond, Inc.		133		1,406
Guess?, Inc.		133		1,281
Haverty Furniture Cos., Inc. (a)		54		858
Hibbett Sports, Inc. * (a)		146		3,066
Murphy USA, Inc. *		37		4,135
Office Depot, Inc.		1,874		4,403

INVESTMENTS	SHARES (000)		VALUE ($000)
Specialty Retail — continued
Rent-A-Center, Inc.		44		1,219
Sleep Number Corp. * (a)		89		3,685
Sonic Automotive, Inc., Class A (a)		15		463
Winmark Corp.		8		1,284
Zumiez, Inc. *		150		4,098
				25,898
Technology Hardware, Storage & Peripherals — 0.1%
Avid Technology, Inc. *		181		1,316
Textiles, Apparel & Luxury Goods — 1.0%
Deckers Outdoor Corp. *		23		4,522
Fossil Group, Inc. * (a)		61		286
G-III Apparel Group Ltd. * (a)		317		4,206
				9,014
Thrifts & Mortgage Finance — 2.9%
Capitol Federal Financial, Inc.		12		129
Essent Group Ltd.		129		4,668
Meridian Bancorp, Inc.		329		3,815
MGIC Investment Corp. (a)		246		2,013
NMI Holdings, Inc., Class A *		33		531
Northfield Bancorp, Inc.		310		3,569
Premier Financial Corp.		24		428
Radian Group, Inc.		218		3,389
Washington Federal, Inc.		283		7,606
				26,148
Trading Companies & Distributors — 1.4%
BMC Stock Holdings, Inc. * (a)		122		3,077
DXP Enterprises, Inc. *		74		1,468
MRC Global, Inc. *		226		1,338
NOW, Inc. * (a)		703		6,070
Veritiv Corp. * (a)		45		768
				12,721
Water Utilities — 0.6%
American States Water Co.		65		5,146
Wireless Telecommunication Services — 0.2%
Gogo, Inc. * (a)		529		1,672
Total Common Stocks (Cost $827,445)				888,265
	NO. OF RIGHTS (000)
Rights — 0.0% (b)
Biotechnology — 0.0% (b)
Alder Biopharmaceuticals, Inc. * ‡ (Cost $— )		187		165

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 11.8%
Investment Companies — 1.6%
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (c) (d) (Cost $14,419)		14,407		14,420
Investment of Cash Collateral from Securities Loaned — 10.2%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (c) (d)		82,004		82,037
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (c) (d)		9,849		9,849
Total Investment of Cash Collateral from Securities Loaned (Cost $91,876)				91,886
Total Short-Term Investments (Cost $106,295)				106,306
Total Investments — 110.5% (Cost $933,740)				994,736
Liabilities in Excess of Other Assets — (10.5)%				(94,700	)
NET ASSETS — 100.0%				900,036

Percentages indicated are based on net assets.

(a)	The security or a portion of this security is on loan at June 30, 2020. The total value of securities on loan at June 30, 2020 is approximately $89,671,000.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of June 30, 2020.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

Futures contracts outstanding as of June 30, 2020 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Russell 2000 E-Mini Index	77		09/2020		USD		5,530		53

Abbreviations
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN SMALL CAP FUNDS 47

STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2020

(Amounts in thousands, except per share amounts)

	JPMorgan Small Cap Blend Fund			JPMorgan Small Cap Core Fund			JPMorgan Small Cap Equity Fund
ASSETS:
Investments in non-affiliates, at value	$	455,744		$	341,390		$	6,300,251
Investments in affiliates, at value		17,254			9,177			276,403
Investment of cash collateral received from securities loaned, at value (See Note 2.B.)		34,262			24,882			285,143
Cash		6			—			121
Deposits at broker for futures contracts		—			490			—
Receivables:
Investment securities sold		908			555			24,664
Fund shares sold		1,526			253			2,695
Dividends from non-affiliates		310			247			5,395
Dividends from affiliates		—	(a)		—	(a)		4
Securities lending income (See Note 2.B.)		38			14			150
Variation margin on futures contracts		—			48			—
Total Assets		510,048			377,056			6,894,826
LIABILITIES:
Payables:
Due to custodian		—			47			—
Investment securities purchased		1,670			1,700			4,790
Collateral received on securities loaned (See Note 2.B.)		34,262			24,882			285,143
Fund shares redeemed		792			210			4,094
Accrued liabilities:
Investment advisory fees		216			178			3,457
Administration fees		9			17			402
Distribution fees		42			3			198
Service fees		56			10			798
Custodian and accounting fees		18			12			59
Trustees’ and Chief Compliance Officer’s fees		1			—	(a)		1
Other		123			136			398
Total Liabilities		37,189			27,195			299,340
Net Assets	$	472,859		$	349,861		$	6,595,486

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2020

	JPMorgan Small Cap Blend Fund			JPMorgan Small Cap Core Fund			JPMorgan Small Cap Equity Fund
NET ASSETS:
Paid-in-Capital	$	436,653		$	372,657		$	5,136,301
Total distributable earnings (loss)		36,206			(22,796	)		1,459,185
Total Net Assets	$	472,859		$	349,861		$	6,595,486
Net Assets:
Class A	$	132,674		$	4,127		$	653,887
Class C		24,323			1,690			80,258
Class I		148,443			13,264			3,240,725
Class R2		—			180			6,746
Class R3		—			3,692			2,948
Class R4		—			2,125			449
Class R5		—			148,185			984,863
Class R6		167,419			176,598			1,625,610
Total	$	472,859		$	349,861		$	6,595,486
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		6,943			98			14,311
Class C		1,995			41			2,476
Class I		6,428			313			60,346
Class R2		—			4			151
Class R3		—			88			65
Class R4		—			50			8
Class R5		—			3,486			18,278
Class R6		7,226			4,160			30,175
Net Asset Value (a):
Class A — Redemption price per share	$	19.11		$	42.12		$	45.69
Class C — Offering price per share (b)		12.19			41.41			32.42
Class I — Offering and redemption price per share		23.09			42.35			53.70
Class R2 — Offering and redemption price per share		—			42.07			44.70
Class R3 — Offering and redemption price per share		—			42.23			45.38
Class R4 — Offering and redemption price per share		—			42.37			53.63
Class R5 — Offering and redemption price per share		—			42.51			53.88
Class R6 — Offering and redemption price per share		23.17			42.45			53.87
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)]	$	20.17		$	44.45		$	48.22
Cost of investments in non-affiliates	$	407,786		$	326,363		$	4,597,375
Cost of investments in affiliates		17,247			9,176			276,293
Investment securities on loan, at value (See Note 2.B.)		33,465			23,895			281,563
Cost of investment of cash collateral (See Note 2.B.)		34,260			24,876			285,143

(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.

JUNE 30, 2020 J.P. MORGAN SMALL CAP FUNDS 49

STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2020 (continued)

(Amounts in thousands, except per share amounts)

	JPMorgan Small Cap Growth Fund		JPMorgan Small Cap Value Fund			JPMorgan U.S. Small Company Fund
ASSETS:
Investments in non-affiliates, at value	$	3,850,582	$	946,481		$	888,430
Investments in affiliates, at value		123,428		14,798			14,420
Investment of cash collateral received from securities loaned, at value (See Note 2.B.)		317,008		69,628			91,886
Cash		23		116			48
Deposits at broker for futures contracts		—		1,296			503
Receivables:
Due from custodian		—		4,176			1,082
Investment securities sold		1,986		194			262
Fund shares sold		8,848		488			344
Dividends from non-affiliates		1,219		1,321			653
Dividends from affiliates		2		—	(a)		—	(a)
Securities lending income (See Note 2.B.)		568		53			82
Variation margin on futures contracts		—		136			50
Total Assets		4,303,664		1,038,687			997,760
LIABILITIES:
Payables:
Investment securities purchased		16,508		4,645			2,601
Collateral received on securities loaned (See Note 2.B.)		317,008		69,628			91,886
Fund shares redeemed		7,225		8,023			2,449
Accrued liabilities:
Investment advisory fees		1,940		518			454
Administration fees		173		60			57
Distribution fees		149		44			48
Service fees		265		59			97
Custodian and accounting fees		31		25			21
Trustees’ and Chief Compliance Officer’s fees		1		—	(a)		—	(a)
Other		211		112			111
Total Liabilities		343,511		83,114			97,724
Net Assets	$	3,960,153	$	955,573		$	900,036

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2020

	JPMorgan Small Cap Growth Fund			JPMorgan Small Cap Value Fund			JPMorgan U.S. Small Company Fund
NET ASSETS:
Paid-in-Capital	$	2,912,283		$	1,050,056		$	881,990
Total distributable earnings (loss)		1,047,870			(94,483	)		18,046
Total Net Assets	$	3,960,153		$	955,573		$	900,036
Net Assets:
Class A	$	500,357		$	123,496		$	94,883
Class C		62,434			9,340			18,297
Class I		466,094			131,992			160,892
Class L		735,649			—			302,427
Class R2		24,496			25,034			30,330
Class R3		5,217			10,384			22,953
Class R4		2,821			464			8,042
Class R5		22,261			30,637			6,496
Class R6		2,140,824			624,226			255,716
Total	$	3,960,153		$	955,573		$	900,036
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		26,760			6,682			6,392
Class C		4,982			643			1,310
Class I		22,050			6,640			10,551
Class L		33,552			—			19,851
Class R2		1,373			1,372			2,095
Class R3		280			563			1,557
Class R4		150			23			530
Class R5		1,014			1,540			427
Class R6		96,402			31,337			16,772
Net Asset Value (a):
Class A — Redemption price per share	$	18.70		$	18.48		$	14.84
Class C — Offering price per share (b)		12.53			14.52			13.96
Class I — Offering and redemption price per share		21.14			19.88			15.25
Class L — Offering and redemption price per share		21.93			—			15.23
Class R2 — Offering and redemption price per share		17.85			18.25			14.48
Class R3 — Offering and redemption price per share		18.66			18.45			14.74
Class R4 — Offering and redemption price per share		18.83			19.88			15.16
Class R5 — Offering and redemption price per share		21.95			19.89			15.20
Class R6 — Offering and redemption price per share		22.21			19.92			15.25
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)]	$	19.74		$	19.50		$	15.66
Cost of investments in non-affiliates	$	2,885,532		$	967,296		$	827,445
Cost of investments in affiliates		123,393			14,793			14,419
Investment securities on loan, at value (See Note 2.B.)		305,026			67,671			89,671
Cost of investment of cash collateral (See Note 2.B.)		317,005			69,620			91,876

(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.

JUNE 30, 2020 J.P. MORGAN SMALL CAP FUNDS 51

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED JUNE 30, 2020

(Amounts in thousands)

	JPMorgan Small Cap Blend Fund			JPMorgan Small Cap Core Fund			JPMorgan Small Cap Equity Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—		$	9		$	—
Interest income from affiliates		—	(a)		—	(a)		—	(a)
Dividend income from non-affiliates		5,315			5,976			91,352
Dividend income from affiliates		169			217			4,684
Income from securities lending (net) (See Note 2.B.)		227			324			3,244
Total investment income		5,711			6,526			99,280
EXPENSES:
Investment advisory fees		2,603			2,692			42,620
Administration fees		300			311			4,918
Distribution fees:
Class A		312			12			1,885
Class C		237			16			726
Class R2		—			1			42
Class R3		—			11			7
Service fees:
Class A		312			12			1,885
Class C		79			5			242
Class I		315			40			7,669
Class R2		—			—	(a)		21
Class R3		—			11			7
Class R4		—			5			1
Class R5		—			187			1,108
Custodian and accounting fees		59			57			198
Interest expense to affiliates		—	(a)		—	(a)		5
Professional fees		56			58			129
Trustees’ and Chief Compliance Officer’s fees		27			27			50
Printing and mailing costs		52			4			425
Registration and filing fees		75			135			42
Transfer agency fees (See Note 2.F.)		29			17			357
Other		13			16			97
Total expenses		4,469			3,617			62,434
Less fees waived		(266	)		(340	)		(1,001	)
Less expense reimbursements		—			(3	)		—
Net expenses		4,203			3,274			61,433
Net investment income (loss)		1,508			3,252			37,847
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(639	)		(28,019	)		(144,489	)
Investments in affiliates		5			1			23
Futures contracts		—			(835	)		—
Net realized gain (loss)		(634	)		(28,853	)		(144,466	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(2,123	)		(31,170	)		(137,380	)
Investments in affiliates		5			4			69
Futures contracts		—			(147	)		—
Change in net unrealized appreciation/depreciation		(2,118	)		(31,313	)		(137,311	)
Net realized/unrealized gains (losses)		(2,752	)		(60,166	)		(281,777	)
Change in net assets resulting from operations	$	(1,244	)	$	(56,914	)	$	(243,930	)

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2020

	JPMorgan Small Cap Growth Fund			JPMorgan Small Cap Value Fund			JPMorgan U.S. Small Company Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—		$	17		$	15
Interest income from affiliates		—	(a)		—	(a)		—	(a)
Dividend income from non-affiliates		15,469			23,896			15,360
Dividend income from affiliates		869			472			423
Income from securities lending (net) (See Note 2.B.)		3,087			425			958
Total investment income		19,425			24,810			16,756
EXPENSES:
Investment advisory fees		20,574			8,124			7,205
Administration fees		2,374			937			901
Distribution fees:
Class A		1,058			391			287
Class C		429			101			174
Class R2		123			157			180
Class R3		8			35			58
Service fees:
Class A		1,058			391			287
Class C		143			34			58
Class I		846			522			584
Class L		605			—			392
Class R2		62			78			90
Class R3		8			35			58
Class R4		5			1			19
Class R5		16			45			8
Custodian and accounting fees		114			72			62
Interest expense to affiliates		2			—	(a)		1
Professional fees		90			70			69
Trustees’ and Chief Compliance Officer’s fees		37			30			30
Printing and mailing costs		377			88			109
Registration and filing fees		307			113			91
Transfer agency fees (See Note 2.F.)		135			84			78
Other		51			28			29
Total expenses		28,422			11,336			10,770
Less fees waived		(653	)		(205	)		(36	)
Less expense reimbursements		(50	)		(8	)		—
Net expenses		27,719			11,123			10,734
Net investment income (loss)		(8,294	)		13,687			6,022
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		185,447			(12,154	)		(3,687	)
Investments in affiliates		(31	)		4			9
Futures contracts		—			57			1,268
Net realized gain (loss)		185,416			(12,093	)		(2,410	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		386,770			(199,738	)		(105,389	)
Investments in affiliates		5			3			(2	)
Futures contracts		—			(303	)		(666	)
Change in net unrealized appreciation/depreciation		386,775			(200,038	)		(106,057	)
Net realized/unrealized gains (losses)		572,191			(212,131	)		(108,467	)
Change in net assets resulting from operations	$	563,897		$	(198,444	)	$	(102,445	)

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN SMALL CAP FUNDS 53

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Small Cap Blend Fund						JPMorgan Small Cap Core Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,508		$	197		$	3,252		$	2,136
Net realized gain (loss)		(634	)		14,852			(28,853	)		16,926
Change in net unrealized appreciation/depreciation		(2,118	)		(8,858	)		(31,313	)		(32,543	)
Change in net assets resulting from operations		(1,244	)		6,191			(56,914	)		(13,481	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(4,206	)		(22,374	)		(207	)		(352	)
Class C		(1,643	)		(12,520	)		(85	)		(172	)
Class I		(3,897	)		(24,328	)		(765	)		(1,269	)
Class R2		—			—			(7	)		(3	)
Class R3		—			—			(227	)		(2	)
Class R4		—			—			(104	)		(114	)
Class R5		—			—			(9,535	)		(16,043	)
Class R6 (a)		(3,543	)		(4	)		(9,154	)		(6,241	)
Total distributions to shareholders		(13,289	)		(59,226	)		(20,084	)		(24,196	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		139,135			182,535			(22,685	)		173,401
NET ASSETS:
Change in net assets		124,602			129,500			(99,683	)		135,724
Beginning of period		348,257			218,757			449,544			313,820
End of period	$	472,859		$	348,257		$	349,861		$	449,544

(a) Commencement of offering of class of shares effective July 2, 2018 for JPMorgan Small Cap Blend Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2020

	JPMorgan Small Cap Equity Fund						JPMorgan Small Cap Growth Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	37,847		$	35,326		$	(8,294	)	$	(7,955	)
Net realized gain (loss)		(144,466	)		378,486			185,416			206,505
Change in net unrealized appreciation/depreciation		(137,311	)		(267,309	)		386,775			(56,778	)
Change in net assets resulting from operations		(243,930	)		146,503			563,897			141,772
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(40,838	)		(61,854	)		(25,608	)		(37,004	)
Class C		(6,716	)		(11,312	)		(5,161	)		(8,359	)
Class I		(145,648	)		(172,497	)		(17,200	)		(25,203	)
Class L		—			—			(32,083	)		(48,328	)
Class R2		(416	)		(723	)		(1,612	)		(3,487	)
Class R3		(144	)		(155	)		(220	)		(93	)
Class R4		(23	)		(50	)		(139	)		(91	)
Class R5		(54,434	)		(79,273	)		(807	)		(3,229	)
Class R6		(73,447	)		(85,443	)		(90,416	)		(122,202	)
Total distributions to shareholders		(321,666	)		(411,307	)		(173,246	)		(247,996	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		885,158			(287,511	)		692,836			792,978
NET ASSETS:
Change in net assets		319,562			(552,315	)		1,083,487			686,754
Beginning of period		6,275,924			6,828,239			2,876,666			2,189,912
End of period	$	6,595,486		$	6,275,924		$	3,960,153		$	2,876,666

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN SMALL CAP FUNDS 55

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Small Cap Value Fund						JPMorgan U.S. Small Company Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	13,687		$	20,233		$	6,022		$	7,591
Net realized gain (loss)		(12,093	)		128,031			(2,410	)		28,971
Change in net unrealized appreciation/depreciation		(200,038	)		(325,551	)		(106,057	)		(191,152	)
Change in net assets resulting from operations		(198,444	)		(177,287	)		(102,445	)		(154,590	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(10,797	)		(33,379	)		(357	)		(17,753	)
Class C		(1,133	)		(3,600	)		(14	)		(3,937	)
Class I		(14,242	)		(37,990	)		(1,438	)		(34,817	)
Class L		—			—			(3,033	)		(50,872	)
Class R2		(2,111	)		(5,236	)		(20	)		(5,054	)
Class R3		(926	)		(1,914	)		(95	)		(2,105	)
Class R4		(6	)		(53	)		(52	)		(678	)
Class R5		(2,678	)		(15,233	)		(50	)		(1,146	)
Class R6		(51,882	)		(121,650	)		(3,261	)		(45,521	)
Total distributions to shareholders		(83,775	)		(219,055	)		(8,320	)		(161,883	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(315,490	)		21,342			(382,146	)		(69,426	)
NET ASSETS:
Change in net assets		(597,709	)		(375,000	)		(492,911	)		(385,899	)
Beginning of period		1,553,282			1,928,282			1,392,947			1,778,846
End of period	$	955,573		$	1,553,282		$	900,036		$	1,392,947

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2020

	JPMorgan Small Cap Blend Fund						JPMorgan Small Cap Core Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	54,866		$	56,422		$	1,151		$	3,052
Distributions reinvested		3,607			17,078			207			351
Cost of shares redeemed		(37,184	)		(21,654	)		(2,401	)		(1,451	)
Change in net assets resulting from Class A capital transactions	$	21,289		$	51,846		$	(1,043	)	$	1,952
Class C
Proceeds from shares issued	$	10,538		$	24,795		$	545		$	1,749
Distributions reinvested		347			1,178			85			172
Cost of shares redeemed		(22,645	)		(15,655	)		(813	)		(1,065	)
Change in net assets resulting from Class C capital transactions	$	(11,760	)	$	10,318		$	(183	)	$	856
Class I
Proceeds from shares issued	$	102,711		$	122,678		$	13,956		$	14,346
Distributions reinvested		3,883			24,212			750			1,269
Cost of shares redeemed		(62,751	)		(105,365	)		(11,751	)		(15,564	)
Change in net assets resulting from Class I capital transactions	$	43,843		$	41,525		$	2,955		$	51
Class R2
Proceeds from shares issued	$	—		$	—		$	43		$	164
Distributions reinvested		—			—			7			3
Cost of shares redeemed		—			—			(7	)		(31	)
Change in net assets resulting from Class R2 capital transactions	$	—		$	—		$	43		$	136
Class R3
Proceeds from shares issued	$	—		$	—		$	2,958		$	4,058
Distributions reinvested		—			—			226			2
Cost of shares redeemed		—			—			(2,501	)		(369	)
Change in net assets resulting from Class R3 capital transactions	$	—		$	—		$	683		$	3,691
Class R4
Proceeds from shares issued	$	—		$	—		$	1,260		$	825
Distributions reinvested		—			—			104			114
Cost of shares redeemed		—			—			(780	)		(337	)
Change in net assets resulting from Class R4 capital transactions	$	—		$	—		$	584		$	602
Class R5
Proceeds from shares issued	$	—		$	—		$	34,515		$	53,375
Distributions reinvested		—			—			9,135			15,379
Cost of shares redeemed		—			—			(80,632	)		(50,254	)
Change in net assets resulting from Class R5 capital transactions	$	—		$	—		$	(36,982	)	$	18,500
Class R6 (a)
Proceeds from shares issued	$	115,599		$	84,215		$	79,125		$	159,605
Distributions reinvested		3,542			4			9,153			6,240
Cost of shares redeemed		(33,378	)		(5,373	)		(77,020	)		(18,232	)
Change in net assets resulting from Class R6 capital transactions	$	85,763		$	78,846		$	11,258		$	147,613
Total change in net assets resulting from capital transactions	$	139,135		$	182,535		$	(22,685	)	$	173,401

(a) Commencement of offering of class of shares effective July 2, 2018 for JPMorgan Small Cap Blend Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN SMALL CAP FUNDS 57

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Small Cap Blend Fund						JPMorgan Small Cap Core Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
SHARE TRANSACTIONS:
Class A
Issued		2,893			2,757			28			58
Reinvested		177			976			4			7
Redeemed		(2,029	)		(1,042	)		(52	)		(28	)
Change in Class A Shares		1,041			2,691			(20	)		37
Class C
Issued		854			1,952			11			33
Reinvested		27			103			2			4
Redeemed		(1,881	)		(1,095	)		(19	)		(22	)
Change in Class C Shares		(1,000	)		960			(6	)		15
Class I
Issued		4,514			4,930			317			277
Reinvested		157			1,154			15			27
Redeemed		(2,879	)		(4,485	)		(282	)		(312	)
Change in Class I Shares		1,792			1,599			50			(8	)
Class R2
Issued		—			—			1			4
Reinvested		—			—			—	(a)		—	(a)
Redeemed		—			—			—	(a)		(1	)
Change in Class R2 Shares		—			—			1			3
Class R3
Issued		—			—			63			82
Reinvested		—			—			4			—	(a)
Redeemed		—			—			(54	)		(7	)
Change in Class R3 Shares		—			—			13			75
Class R4
Issued		—			—			28			16
Reinvested		—			—			2			2
Redeemed		—			—			(19	)		(6	)
Change in Class R4 Shares		—			—			11			12
Class R5
Issued		—			—			762			1,028
Reinvested		—			—			177			329
Redeemed		—			—			(1,730	)		(966	)
Change in Class R5 Shares		—			—			(791	)		391
Class R6 (b)
Issued		5,128			3,705			1,648			3,183
Reinvested		143			—	(a)		177			134
Redeemed		(1,520	)		(230	)		(1,769	)		(365	)
Change in Class R6 Shares		3,751			3,475			56			2,952

(a) Amount rounds to less than one thousand.

(b) Commencement of offering of class of shares effective July 2, 2018 for JPMorgan Small Cap Blend Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2020

	JPMorgan Small Cap Equity Fund						JPMorgan Small Cap Growth Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	313,626		$	161,692		$	180,131		$	186,511
Distributions reinvested		38,275			57,371			24,237			34,926
Cost of shares redeemed		(415,845	)		(467,700	)		(147,817	)		(139,043	)
Change in net assets resulting from Class A capital transactions	$	(63,944	)	$	(248,637	)	$	56,551		$	82,394
Class C
Proceeds from shares issued	$	2,175		$	4,981		$	21,380		$	31,303
Distributions reinvested		6,552			11,037			4,812			8,141
Cost of shares redeemed		(27,646	)		(37,555	)		(25,261	)		(17,570	)
Change in net assets resulting from Class C capital transactions	$	(18,919	)	$	(21,537	)	$	931		$	21,874
Class I
Proceeds from shares issued	$	1,699,465		$	812,167		$	288,209		$	249,007
Distributions reinvested		138,087			161,114			13,161			22,035
Cost of shares redeemed		(1,065,103	)		(1,009,139	)		(164,919	)		(234,917	)
Change in net assets resulting from Class I capital transactions	$	772,449		$	(35,858	)	$	136,451		$	36,125
Class L
Proceeds from shares issued	$	—		$	—		$	272,538		$	299,095
Distributions reinvested		—			—			28,396			42,498
Cost of shares redeemed		—			—			(206,673	)		(182,736	)
Change in net assets resulting from Class L capital transactions	$	—		$	—		$	94,261		$	158,857
Class R2
Proceeds from shares issued	$	3,031		$	3,928		$	4,229		$	5,637
Distributions reinvested		325			442			1,583			3,392
Cost of shares redeemed		(5,397	)		(6,276	)		(9,363	)		(12,461	)
Change in net assets resulting from Class R2 capital transactions	$	(2,041	)	$	(1,906	)	$	(3,551	)	$	(3,432	)
Class R3
Proceeds from shares issued	$	1,095		$	780		$	4,272		$	700
Distributions reinvested		125			131			220			93
Cost of shares redeemed		(569	)		(764	)		(812	)		(162	)
Change in net assets resulting from Class R3 capital transactions	$	651		$	147		$	3,680		$	631
Class R4
Proceeds from shares issued	$	51		$	437		$	1,777		$	742
Distributions reinvested		23			49			138			91
Cost of shares redeemed		(60	)		(556	)		(653	)		(210	)
Change in net assets resulting from Class R4 capital transactions	$	14		$	(70	)	$	1,262		$	623
Class R5
Proceeds from shares issued	$	152,763		$	249,768		$	10,790		$	15,804
Distributions reinvested		49,703			72,102			807			3,229
Cost of shares redeemed		(339,014	)		(311,556	)		(5,345	)		(29,628	)
Change in net assets resulting from Class R5 capital transactions	$	(136,548	)	$	10,314		$	6,252		$	(10,595	)
Class R6
Proceeds from shares issued	$	640,649		$	273,648		$	925,190		$	737,982
Distributions reinvested		72,408			84,729			89,486			120,678
Cost of shares redeemed		(379,561	)		(348,341	)		(617,677	)		(352,159	)
Change in net assets resulting from Class R6 capital transactions	$	333,496		$	10,036		$	396,999		$	506,501
Total change in net assets resulting from capital transactions	$	885,158		$	(287,511	)	$	692,836		$	792,978

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN SMALL CAP FUNDS 59

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Small Cap Equity Fund						JPMorgan Small Cap Growth Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
SHARE TRANSACTIONS:
Class A
Issued		6,782			3,220			10,856			11,086
Reinvested		760			1,280			1,419			2,442
Redeemed		(9,053	)		(9,569	)		(9,052	)		(8,306	)
Change in Class A Shares		(1,511	)		(5,069	)		3,223			5,222
Class C
Issued		64			137			1,896			2,555
Reinvested		184			339			419			819
Redeemed		(847	)		(1,057	)		(2,281	)		(1,609	)
Change in Class C Shares		(599	)		(581	)		34			1,765
Class I
Issued		31,752			14,200			15,402			13,101
Reinvested		2,334			3,089			682			1,377
Redeemed		(20,362	)		(18,069	)		(9,213	)		(12,472	)
Change in Class I Shares		13,724			(780	)		6,871			2,006
Class L
Issued		—			—			14,183			15,406
Reinvested		—			—			1,419			2,570
Redeemed		—			—			(10,894	)		(9,858	)
Change in Class L Shares		—			—			4,708			8,118
Class R2
Issued		65			81			269			352
Reinvested		7			10			97			247
Redeemed		(120	)		(128	)		(588	)		(774	)
Change in Class R2 Shares		(48	)		(37	)		(222	)		(175	)
Class R3
Issued		25			15			253			42
Reinvested		2			3			13			7
Redeemed		(14	)		(15	)		(49	)		(10	)
Change in Class R3 Shares		13			3			217			39
Class R4
Issued		1			7			102			45
Reinvested		—	(a)		1			8			6
Redeemed		(1	)		(10	)		(38	)		(12	)
Change in Class R4 Shares		—	(a)		(2	)		72			39
Class R5
Issued		2,800			4,320			551			779
Reinvested		837			1,380			41			195
Redeemed		(6,109	)		(5,632	)		(279	)		(1,640	)
Change in Class R5 Shares		(2,472	)		68			313			(666	)
Class R6
Issued		11,645			4,903			47,492			37,658
Reinvested		1,219			1,623			4,411			7,213
Redeemed		(7,061	)		(6,057	)		(31,625	)		(18,147	)
Change in Class R6 Shares		5,803			469			20,278			26,724

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2020

	JPMorgan Small Cap Value Fund						JPMorgan U.S. Small Company Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	24,245		$	39,092		$	19,360		$	31,276
Distributions reinvested		10,115			30,915			328			16,222
Cost of shares redeemed		(67,548	)		(150,367	)		(53,824	)		(84,556	)
Change in net assets resulting from Class A capital transactions	$	(33,188	)	$	(80,360	)	$	(34,136	)	$	(37,058	)
Class C
Proceeds from shares issued	$	527		$	1,412		$	1,325		$	4,264
Distributions reinvested		1,043			3,378			13			3,767
Cost of shares redeemed		(6,896	)		(6,345	)		(9,632	)		(17,367	)
Change in net assets resulting from Class C capital transactions	$	(5,326	)	$	(1,555	)	$	(8,294	)	$	(9,336	)
Class I
Proceeds from shares issued	$	61,608		$	111,050		$	54,409		$	93,832
Distributions reinvested		14,229			37,950			1,403			33,313
Cost of shares redeemed		(175,602	)		(129,351	)		(148,125	)		(216,008	)
Change in net assets resulting from Class I capital transactions	$	(99,765	)	$	19,649		$	(92,313	)	$	(88,863	)
Class L
Proceeds from shares issued	$	—		$	—		$	180,077		$	138,828
Distributions reinvested		—			—			2,129			43,991
Cost of shares redeemed		—			—			(262,774	)		(204,856	)
Change in net assets resulting from Class L capital transactions	$	—		$	—		$	(80,568	)	$	(22,037	)
Class R2
Proceeds from shares issued	$	8,711		$	11,408		$	7,181		$	18,232
Distributions reinvested		2,053			4,865			18			3,913
Cost of shares redeemed		(14,418	)		(15,716	)		(18,727	)		(17,683	)
Change in net assets resulting from Class R2 capital transactions	$	(3,654	)	$	557		$	(11,528	)	$	4,462
Class R3
Proceeds from shares issued	$	5,318		$	6,293		$	7,420		$	13,013
Distributions reinvested		926			1,910			85			2,049
Cost of shares redeemed		(7,200	)		(2,872	)		(6,924	)		(5,163	)
Change in net assets resulting from Class R3 capital transactions	$	(956	)	$	5,331		$	581		$	9,899
Class R4
Proceeds from shares issued	$	767		$	514		$	3,577		$	3,626
Distributions reinvested		6			53			52			678
Cost of shares redeemed		(740	)		(142	)		(1,334	)		(2,627	)
Change in net assets resulting from Class R4 capital transactions	$	33		$	425		$	2,295		$	1,677
Class R5
Proceeds from shares issued	$	9,383		$	23,910		$	2,217		$	8,102
Distributions reinvested		2,524			14,495			33			958
Cost of shares redeemed		(41,707	)		(70,249	)		(7,177	)		(1,751	)
Change in net assets resulting from Class R5 capital transactions	$	(29,800	)	$	(31,844	)	$	(4,927	)	$	7,309
Class R6
Proceeds from shares issued	$	151,215		$	212,292		$	69,664		$	117,831
Subscriptions in-kind (See Note 8)		—			—			—			13,799
Distributions reinvested		51,882			121,650			3,215			45,073
Cost of shares redeemed		(345,931	)		(224,803	)		(226,135	)		(112,182	)
Change in net assets resulting from Class R6 capital transactions	$	(142,834	)	$	109,139		$	(153,256	)	$	64,521
Total change in net assets resulting from capital transactions	$	(315,490	)	$	21,342		$	(382,146	)	$	(69,426	)

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN SMALL CAP FUNDS 61

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Small Cap Value Fund						JPMorgan U.S. Small Company Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
SHARE TRANSACTIONS:
Class A
Issued		1,212			1,538			1,287			1,816
Reinvested		431			1,333			19			1,049
Redeemed		(3,143	)		(5,737	)		(3,461	)		(5,034	)
Change in Class A Shares		(1,500	)		(2,866	)		(2,155	)		(2,169	)
Class C
Issued		34			68			93			258
Reinvested		56			182			1			257
Redeemed		(404	)		(320	)		(673	)		(1,066	)
Change in Class C Shares		(314	)		(70	)		(579	)		(551	)
Class I
Issued		2,798			4,075			3,533			5,437
Reinvested		565			1,528			79			2,098
Redeemed		(8,060	)		(4,698	)		(9,733	)		(12,470	)
Change in Class I Shares		(4,697	)		905			(6,121	)		(4,935	)
Class L
Issued		—			—			11,011			8,225
Reinvested		—			—			120			2,772
Redeemed		—			—			(17,742	)		(12,189	)
Change in Class L Shares		—			—			(6,611	)		(1,192	)
Class R2
Issued		442			456			493			1,048
Reinvested		88			212			1			259
Redeemed		(711	)		(619	)		(1,228	)		(1,064	)
Change in Class R2 Shares		(181	)		49			(734	)		243
Class R3
Issued		258			233			507			778
Reinvested		40			83			5			133
Redeemed		(364	)		(113	)		(460	)		(312	)
Change in Class R3 Shares		(66	)		203			52			599
Class R4
Issued		39			17			226			208
Reinvested		—	(a)		2			3			43
Redeemed		(33	)		(5	)		(86	)		(153	)
Change in Class R4 Shares		6			14			143			98
Class R5
Issued		416			838			137			437
Reinvested		101			582			2			61
Redeemed		(1,734	)		(2,739	)		(432	)		(102	)
Change in Class R5 Shares		(1,217	)		(1,319	)		(293	)		396
Class R6
Issued		7,059			8,015			4,527			6,749
Subscriptions in-kind (See Note 8)		—			—			—			828
Reinvested		2,072			4,881			181			2,839
Redeemed		(14,571	)		(8,321	)		(14,475	)		(6,595	)
Change in Class R6 Shares		(5,440	)		4,575			(9,767	)		3,821

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2020

THIS PAGE IS INTENTIONALLY LEFT BLANK

JUNE 30, 2020 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
Year Ended June 30, 2020	$	19.78	$	0.04		$	(0.04	)	$	—	(f)	$	(0.02	)	$	(0.65	)	$	(0.67	)
Year Ended June 30, 2019		26.65		—	(f)		(0.63	)		(0.63	)		—			(6.24	)		(6.24	)
Year Ended June 30, 2018		22.03		(0.20	)		7.54			7.34			—			(2.72	)		(2.72	)
Year Ended June 30, 2017		19.14		(0.16	)		6.24			6.08			—			(3.19	)		(3.19	)
Year Ended June 30, 2016		26.04		(0.16	)		(3.52	)		(3.68	)		—			(3.22	)		(3.22	)
Class C
Year Ended June 30, 2020		12.90		(0.04	)		(0.02	)		(0.06	)		—			(0.65	)		(0.65	)
Year Ended June 30, 2019		19.89		(0.08	)		(0.67	)		(0.75	)		—			(6.24	)		(6.24	)
Year Ended June 30, 2018		17.12		(0.24	)		5.73			5.49			—			(2.72	)		(2.72	)
Year Ended June 30, 2017		15.58		(0.21	)		4.94			4.73			—			(3.19	)		(3.19	)
Year Ended June 30, 2016		21.97		(0.22	)		(2.95	)		(3.17	)		—			(3.22	)		(3.22	)
Class I
Year Ended June 30, 2020		23.75		0.10			(0.06	)		0.04			(0.05	)		(0.65	)		(0.70	)
Year Ended June 30, 2019		30.53		0.05			(0.59	)		(0.54	)		—			(6.24	)		(6.24	)
Year Ended June 30, 2018		24.83		(0.15	)		8.57			8.42			—			(2.72	)		(2.72	)
Year Ended June 30, 2017		21.17		(0.12	)		6.97			6.85			—			(3.19	)		(3.19	)
Year Ended June 30, 2016		28.34		(0.14	)		(3.81	)		(3.95	)		—			(3.22	)		(3.22	)
Class R6
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 JUNE 30, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	19.11		(0.24	)%	$	132,674		1.24	%		0.19	%		1.32	%		48	%
	19.78		0.70			116,751		1.24			(0.01	)		1.37			75
	26.65		35.55			85,586		1.24			(0.81	)		1.36			89
	22.03		34.99			66,189		1.25			(0.78	)		1.48			41
	19.14		(14.42	)		55,583		1.25			(0.76	)		1.51			56
	12.19		(0.83	)		24,323		1.74			(0.31	)		1.80			48
	12.90		0.25			38,625		1.74			(0.53	)		1.85			75
	19.89		34.88			40,470		1.74			(1.31	)		1.83			89
	17.12		34.25			36,707		1.74			(1.28	)		2.04			41
	15.58		(14.80	)		32,734		1.75			(1.27	)		2.12			56
	23.09		(0.02	)		148,443		0.99			0.44			1.05			48
	23.75		0.94			110,123		0.99			0.20			1.10			75
	30.53		35.91			92,701		0.99			(0.56	)		1.08			89
	24.83		35.29			67,496		1.00			(0.53	)		1.18			41
	21.17		(14.19	)		64,589		1.00			(0.57	)		1.09			56
	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.

JUNE 30, 2020 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 Core Fund
Class A
Year Ended June 30, 2020	$	49.98	$	0.15		$	(6.00	)	$	(5.85	)	$	(0.15	)	$	(1.86	)	$	(2.01	)
Year Ended June 30, 2019		57.16		0.11			(3.52	)		(3.41	)		(0.02	)		(3.75	)		(3.77	)
Year Ended June 30, 2018		52.32		0.04	(f)		9.19			9.23			(0.01	)		(4.38	)		(4.39	)
Year Ended June 30, 2017		45.88		(0.04	)		11.81			11.77			(0.20	)		(5.13	)		(5.33	)
May 31, 2016 (g) through June 30, 2016		45.81		0.02	(f)		0.05			0.07			—			—			—
Class C
Year Ended June 30, 2020		49.27		(0.07	)		(5.93	)		(6.00	)		—			(1.86	)		(1.86	)
Year Ended June 30, 2019		56.67		(0.15	)		(3.50	)		(3.65	)		—			(3.75	)		(3.75	)
Year Ended June 30, 2018		52.14		(0.24	)(f)		9.15			8.91			—			(4.38	)		(4.38	)
Year Ended June 30, 2017		45.86		(0.24	)		11.74			11.50			(0.09	)		(5.13	)		(5.22	)
May 31, 2016 (g) through June 30, 2016		45.81		—	(f)(h)		0.05			0.05			—			—			—
Class I
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
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
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
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	)
Class R5
Year Ended June 30, 2020		50.42		0.36			(6.04	)		(5.68	)		(0.37	)		(1.86	)		(2.23	)
Year Ended June 30, 2019		57.63		0.33			(3.58	)		(3.25	)		(0.21	)		(3.75	)		(3.96	)
Year Ended June 30, 2018		52.64		0.26	(f)		9.28			9.54			(0.17	)		(4.38	)		(4.55	)
Year Ended June 30, 2017		45.90		0.20			11.83			12.03			(0.16	)		(5.13	)		(5.29	)
Year Ended June 30, 2016		56.18		0.15	(f)		(5.25	)		(5.10	)		(0.32	)		(4.86	)		(5.18	)
Class R6
Year Ended June 30, 2020		50.34		0.39			(6.02	)		(5.63	)		(0.40	)		(1.86	)		(2.26	)
Year Ended June 30, 2019		57.55		0.39			(3.61	)		(3.22	)		(0.24	)		(3.75	)		(3.99	)
Year Ended June 30, 2018		52.57		0.33	(f)		9.23			9.56			(0.20	)		(4.38	)		(4.58	)
Year Ended June 30, 2017		45.90		0.29			11.76			12.05			(0.25	)		(5.13	)		(5.38	)
May 31, 2016 (g) through June 30, 2016		45.81		0.04	(f)		0.05			0.09			—			—			—

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes.

(g) Commencement of offering of class of shares.

(h) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	42.12		(12.40	)%	$	4,127		1.24	%		0.33	%		1.38	%		102	%
	49.98		(5.48	)		5,896		1.23			0.21			1.36			74
	57.16		18.37			4,624		1.24			0.07	(f)		1.41			39
	52.32		26.29			2,203		1.24			(0.07	)		1.45			61
	45.88		0.15			23		1.25			0.56	(f)		1.39			58
	41.41		(12.84	)		1,690		1.74			(0.16	)		1.82			102
	49.27		(5.97	)		2,307		1.73			(0.30	)		1.86			74
	56.67		17.79			1,816		1.74			(0.45	)(f)		1.90			39
	52.14		25.68			1,017		1.74			(0.47	)		1.96			61
	45.86		0.11			20		1.74			0.06	(f)		1.89			58
	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
	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
	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
	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
	42.51		(12.02	)		148,185		0.80			0.78			0.90			102
	50.42		(5.07	)		215,630		0.79			0.63			0.93			74
	57.63		18.88			223,933		0.79			0.48	(f)		0.97			39
	52.64		26.87			187,198		0.79			0.40			1.11			61
	45.90		(8.97	)		164,573		0.80			0.30	(f)		1.16			58
	42.45		(11.95	)		176,598		0.74			0.84			0.80			102
	50.34		(5.02	)		206,625		0.73			0.75			0.83			74
	57.55		18.95			66,306		0.74			0.59	(f)		0.86			39
	52.57		26.94			16,782		0.74			0.56			0.98			61
	45.90		0.20			20		0.74			1.06	(f)		0.88			58

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 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
Class A
Year Ended June 30, 2020	$	50.05	$	0.12		$	(1.95	)	$	(1.83	)	$	(0.15	)	$	(2.38	)	$	(2.53	)
Year Ended June 30, 2019		52.43		0.12			0.95			1.07			(0.06	)		(3.39	)		(3.45	)
Year Ended June 30, 2018		48.63		0.10			6.67			6.77			(0.10	)		(2.87	)		(2.97	)
Year Ended June 30, 2017		41.68		0.11			8.21			8.32			(0.12	)		(1.25	)		(1.37	)
Year Ended June 30, 2016		44.68		0.13	(f)		0.08			0.21			(0.14	)		(3.07	)		(3.21	)
Class C
Year Ended June 30, 2020		36.25		(0.08	)		(1.35	)		(1.43	)		(0.02	)		(2.38	)		(2.40	)
Year Ended June 30, 2019		39.12		(0.09	)		0.61			0.52			—			(3.39	)		(3.39	)
Year Ended June 30, 2018		37.07		(0.12	)		5.04			4.92			—			(2.87	)		(2.87	)
Year Ended June 30, 2017		32.21		(0.09	)		6.31			6.22			(0.11	)		(1.25	)		(1.36	)
Year Ended June 30, 2016		35.32		(0.06	)(f)		0.02			(0.04	)		—			(3.07	)		(3.07	)
Class I
Year Ended June 30, 2020		58.34		0.30			(2.30	)		(2.00	)		(0.26	)		(2.38	)		(2.64	)
Year Ended June 30, 2019		60.52		0.29			1.12			1.41			(0.20	)		(3.39	)		(3.59	)
Year Ended June 30, 2018		55.69		0.26			7.67			7.93			(0.23	)		(2.87	)		(3.10	)
Year Ended June 30, 2017		47.50		0.28			9.37			9.65			(0.21	)		(1.25	)		(1.46	)
Year Ended June 30, 2016		50.31		0.25	(f)		0.17			0.42			(0.16	)		(3.07	)		(3.23	)
Class R2
Year Ended June 30, 2020		48.98		0.01			(1.91	)		(1.90	)		—			(2.38	)		(2.38	)
Year Ended June 30, 2019		51.44		—	(g)		0.93			0.93			—			(3.39	)		(3.39	)
Year Ended June 30, 2018		47.81		(0.03	)		6.55			6.52			(0.02	)		(2.87	)		(2.89	)
Year Ended June 30, 2017		41.08		—	(g)		8.08			8.08			(0.10	)		(1.25	)		(1.35	)
Year Ended June 30, 2016		44.04		0.01	(f)		0.10			0.11			—			(3.07	)		(3.07	)
Class R3
Year Ended June 30, 2020		49.73		0.13			(1.93	)		(1.80	)		(0.17	)		(2.38	)		(2.55	)
Year Ended June 30, 2019		52.13		0.13			0.92			1.05			(0.06	)		(3.39	)		(3.45	)
Year Ended June 30, 2018		48.54		0.12			6.63			6.75			(0.29	)		(2.87	)		(3.16	)
September 9, 2016 (i) through June 30, 2017		43.22		0.12			6.68			6.80			(0.23	)		(1.25	)		(1.48	)
Class R4
Year Ended June 30, 2020		58.26		0.29			(2.29	)		(2.00	)		(0.25	)		(2.38	)		(2.63	)
Year Ended June 30, 2019		60.42		0.29			1.12			1.41			(0.18	)		(3.39	)		(3.57	)
Year Ended June 30, 2018		55.64		0.33			7.59			7.92			(0.27	)		(2.87	)		(3.14	)
September 9, 2016 (i) through June 30, 2017		49.28		0.23			7.63			7.86			(0.25	)		(1.25	)		(1.50	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes.

(g) Amount rounds to less than $0.005.

(h) Amount rounds to less than 0.005%.

(i) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	45.69		(4.11	)%	$	653,887		1.26	%		0.25	%		1.27	%		23	%
	50.05		2.82			791,846		1.23			0.24			1.25			23
	52.43		14.33			1,095,395		1.24			0.19			1.26			17
	48.63		20.14			1,135,394		1.29			0.24			1.35			21
	41.68		1.10			736,629		1.29			0.31	(f)		1.38			32
	32.42		(4.56	)		80,258		1.74			(0.24	)		1.75			23
	36.25		2.31			111,453		1.73			(0.25	)		1.75			23
	39.12		13.76			143,030		1.74			(0.32	)		1.76			17
	37.07		19.53			171,352		1.79			(0.25	)		1.84			21
	32.21		0.63			70,176		1.79			(0.20	)(f)		1.85			32
	53.70		(3.83	)		3,240,725		0.98			0.54			0.99			23
	58.34		3.05			2,720,056		0.98			0.51			1.00			23
	60.52		14.61			2,868,739		0.98			0.45			1.00			17
	55.69		20.50			2,722,213		0.99			0.54			1.07			21
	47.50		1.41			1,261,772		0.99			0.54	(f)		1.14			32
	44.70		(4.32	)		6,746		1.49			0.02			1.52			23
	48.98		2.56			9,718		1.48			0.00	(h)		1.52			23
	51.44		14.02			12,133		1.49			(0.06	)		1.52			17
	47.81		19.85			13,078		1.53			0.00	(h)		1.73			21
	41.08		0.85			5,313		1.54			0.03	(f)		1.72			32
	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
	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.

JUNE 30, 2020 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 Equity Fund (continued)
Class R5
Year Ended June 30, 2020	$	58.51	$	0.40		$	(2.30	)	$	(1.90	)	$	(0.35	)	$	(2.38	)	$	(2.73	)
Year Ended June 30, 2019		60.69		0.41			1.11			1.52			(0.31	)		(3.39	)		(3.70	)
Year Ended June 30, 2018		55.84		0.37			7.70			8.07			(0.35	)		(2.87	)		(3.22	)
Year Ended June 30, 2017		47.57		0.36			9.42			9.78			(0.26	)		(1.25	)		(1.51	)
Year Ended June 30, 2016		50.43		0.36	(f)		0.15			0.51			(0.30	)		(3.07	)		(3.37	)
Class R6
Year Ended June 30, 2020		58.50		0.44			(2.30	)		(1.86	)		(0.39	)		(2.38	)		(2.77	)
Year Ended June 30, 2019		60.68		0.44			1.11			1.55			(0.34	)		(3.39	)		(3.73	)
Year Ended June 30, 2018		55.83		0.41			7.69			8.10			(0.38	)		(2.87	)		(3.25	)
Year Ended June 30, 2017		47.57		0.46			9.34			9.80			(0.29	)		(1.25	)		(1.54	)
May 31, 2016 (i) through June 30, 2016		47.04		0.06	(f)		0.47			0.53			—			—			—

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes.

(g) Amount rounds to less than $0.005.

(h) Amount rounds to less than 0.005%.

(i) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	53.88		(3.65	)%	$	984,863		0.80	%		0.71	%		0.84	%		23	%
	58.51		3.26			1,214,075		0.79			0.70			0.85			23
	60.69		14.83			1,255,251		0.79			0.64			0.85			17
	55.84		20.74			1,267,593		0.79			0.68			0.86			21
	47.57		1.62			1,349,107		0.79			0.78	(f)		0.86			32
	53.87		(3.60	)		1,625,610		0.74			0.78			0.74			23
	58.50		3.33			1,425,704		0.73			0.76			0.75			23
	60.68		14.89			1,450,525		0.73			0.71			0.75			17
	55.83		20.80			978,649		0.74			0.85			0.76			21
	47.57		1.13			25,933		0.73			1.60	(f)		0.75			32

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 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
Class A
Year Ended June 30, 2020	$	17.00	$	(0.11	)	$	2.88		$	2.77		$	—		$	(1.07	)	$	(1.07	)
Year Ended June 30, 2019		18.45		(0.11	)		0.67			0.56			—			(2.01	)		(2.01	)
Year Ended June 30, 2018		14.81		(0.14	)(f)		5.11			4.97			—			(1.33	)		(1.33	)
Year Ended June 30, 2017		11.43		(0.10	)		3.94			3.84			—			(0.46	)		(0.46	)
Year Ended June 30, 2016		14.50		(0.09	)		(1.94	)		(2.03	)		—			(1.04	)		(1.04	)
Class C
Year Ended June 30, 2020		11.78		(0.13	)		1.95			1.82			—			(1.07	)		(1.07	)
Year Ended June 30, 2019		13.55		(0.14	)		0.38			0.24			—			(2.01	)		(2.01	)
Year Ended June 30, 2018		11.23		(0.16	)(f)		3.81			3.65			—			(1.33	)		(1.33	)
Year Ended June 30, 2017		8.82		(0.13	)		3.00			2.87			—			(0.46	)		(0.46	)
Year Ended June 30, 2016		11.50		(0.12	)		(1.52	)		(1.64	)		—			(1.04	)		(1.04	)
Class I
Year Ended June 30, 2020		19.05		(0.07	)		3.24			3.17			(0.01	)		(1.07	)		(1.08	)
Year Ended June 30, 2019		20.35		(0.08	)		0.79			0.71			—			(2.01	)		(2.01	)
Year Ended June 30, 2018		16.18		(0.11	)(f)		5.61			5.50			—			(1.33	)		(1.33	)
Year Ended June 30, 2017		12.42		(0.07	)		4.29			4.22			—			(0.46	)		(0.46	)
Year Ended June 30, 2016		15.61		(0.07	)		(2.08	)		(2.15	)		—			(1.04	)		(1.04	)
Class L
Year Ended June 30, 2020		19.71		(0.04	)		3.36			3.32			(0.03	)		(1.07	)		(1.10	)
Year Ended June 30, 2019		20.95		(0.05	)		0.82			0.77			—			(2.01	)		(2.01	)
Year Ended June 30, 2018		16.60		(0.08	)(f)		5.76			5.68			—			(1.33	)		(1.33	)
Year Ended June 30, 2017		12.72		(0.05	)		4.39			4.34			—			(0.46	)		(0.46	)
Year Ended June 30, 2016		15.93		(0.05	)		(2.12	)		(2.17	)		—			(1.04	)		(1.04	)
Class R2
Year Ended June 30, 2020		16.31		(0.14	)		2.75			2.61			—			(1.07	)		(1.07	)
Year Ended June 30, 2019		17.84		(0.15	)		0.63			0.48			—			(2.01	)		(2.01	)
Year Ended June 30, 2018		14.39		(0.17	)(f)		4.95			4.78			—			(1.33	)		(1.33	)
Year Ended June 30, 2017		11.15		(0.13	)		3.83			3.70			—			(0.46	)		(0.46	)
Year Ended June 30, 2016		14.20		(0.12	)		(1.89	)		(2.01	)		—			(1.04	)		(1.04	)
Class R3
Year Ended June 30, 2020		17.00		(0.11	)		2.87			2.76			(0.03	)		(1.07	)		(1.10	)
Year Ended June 30, 2019		18.45		(0.10	)		0.66			0.56			—			(2.01	)		(2.01	)
July 31, 2017 (g) through June 30, 2018		15.17		(0.13	)(f)		4.74			4.61			—			(1.33	)		(1.33	)
Class R4
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	)

(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 JUNE 30, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	18.70		16.92	%	$	500,357		1.24	%		(0.63	)%		1.27	%		51	%
	17.00		5.08			400,127		1.24			(0.68	)		1.27			58
	18.45		35.14			337,933		1.24			(0.83	)(f)		1.29			58
	14.81		34.36			196,403		1.24			(0.75	)		1.40			42
	11.43		(14.17	)		179,093		1.25			(0.77	)		1.50			47
	12.53		16.32			62,434		1.74			(1.13	)		1.77			51
	11.78		4.51			58,288		1.74			(1.17	)		1.77			58
	13.55		34.56			43,116		1.74			(1.32	)(f)		1.77			58
	11.23		33.51			20,352		1.74			(1.25	)		1.85			42
	8.82		(14.50	)		18,218		1.75			(1.27	)		1.91			47
	21.14		17.19			466,094		0.99			(0.37	)		1.01			51
	19.05		5.36			289,094		0.99			(0.43	)		1.02			58
	20.35		35.45			268,082		0.99			(0.57	)(f)		1.02			58
	16.18		34.69			110,644		1.00			(0.50	)		1.12			42
	12.42		(13.92	)		102,174		1.00			(0.52	)		1.18			47
	21.93		17.40			735,649		0.84			(0.23	)		0.86			51
	19.71		5.51			568,539		0.84			(0.27	)		0.86			58
	20.95		35.65			434,286		0.84			(0.43	)(f)		0.86			58
	16.60		34.82			360,044		0.85			(0.35	)		0.93			42
	12.72		(13.76	)		271,369		0.85			(0.35	)		0.96			47
	17.85		16.64			24,496		1.49			(0.88	)		1.52			51
	16.31		4.79			26,011		1.49			(0.94	)		1.52			58
	17.84		34.83			31,569		1.49			(1.08	)(f)		1.52			58
	14.39		33.96			23,569		1.49			(1.00	)		1.70			42
	11.15		(14.34	)		21,276		1.50			(1.01	)		1.85			47
	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
	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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 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 Growth Fund (continued)
Class R5
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
Year Ended June 30, 2020		19.95		(0.02	)		3.40			3.38			(0.05	)		(1.07	)		(1.12	)
Year Ended June 30, 2019		21.16		(0.03	)		0.83			0.80			—			(2.01	)		(2.01	)
Year Ended June 30, 2018		16.73		(0.06	)(f)		5.82			5.76			—			(1.33	)		(1.33	)
Year Ended June 30, 2017		12.80		(0.04	)		4.43			4.39			—			(0.46	)		(0.46	)
Year Ended June 30, 2016		16.01		(0.03	)		(2.14	)		(2.17	)		—			(1.04	)		(1.04	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes.

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	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
	22.21		17.49			2,140,824		0.74			(0.12	)		0.76			51
	19.95		5.60			1,518,382		0.74			(0.16	)		0.76			58
	21.16		35.86			1,045,098		0.74			(0.32	)(f)		0.76			58
	16.73		34.99			603,730		0.75			(0.25	)		0.76			42
	12.80		(13.69	)		445,008		0.75			(0.25	)		0.77			47

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 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 Value Fund
Class A
Year Ended June 30, 2020	$	23.65	$	0.16		$	(3.82	)	$	(3.66	)	$	(0.18	)	$	(1.33	)	$	(1.51	)
Year Ended June 30, 2019		30.42		0.21			(3.28	)		(3.07	)		(0.24	)		(3.46	)		(3.70	)
Year Ended June 30, 2018		29.18		0.20	(f)		3.01			3.21			(0.23	)		(1.74	)		(1.97	)
Year Ended June 30, 2017		24.64		0.11	(f)		4.58			4.69			(0.13	)		(0.02	)		(0.15	)
Year Ended June 30, 2016		26.65		0.17			(0.94	)		(0.77	)		(0.15	)		(1.09	)		(1.24	)
Class C
Year Ended June 30, 2020		18.90		0.04			(2.97	)		(2.93	)		(0.12	)		(1.33	)		(1.45	)
Year Ended June 30, 2019		25.21		0.07			(2.73	)		(2.66	)		(0.19	)		(3.46	)		(3.65	)
Year Ended June 30, 2018		24.55		0.04	(f)		2.50			2.54			(0.14	)		(1.74	)		(1.88	)
Year Ended June 30, 2017		20.82		(0.05	)(f)		3.87			3.82			(0.07	)		(0.02	)		(0.09	)
Year Ended June 30, 2016		22.77		0.02			(0.82	)		(0.80	)		(0.06	)		(1.09	)		(1.15	)
Class I
Year Ended June 30, 2020		25.32		0.23			(4.11	)		(3.88	)		(0.23	)		(1.33	)		(1.56	)
Year Ended June 30, 2019		32.25		0.31			(3.48	)		(3.17	)		(0.30	)		(3.46	)		(3.76	)
Year Ended June 30, 2018		30.80		0.30	(f)		3.18			3.48			(0.29	)		(1.74	)		(2.03	)
Year Ended June 30, 2017		25.97		0.20	(f)		4.81			5.01			(0.16	)		(0.02	)		(0.18	)
Year Ended June 30, 2016		28.00		0.23			(0.97	)		(0.74	)		(0.20	)		(1.09	)		(1.29	)
Class R2
Year Ended June 30, 2020		23.37		0.11			(3.77	)		(3.66	)		(0.13	)		(1.33	)		(1.46	)
Year Ended June 30, 2019		30.13		0.15			(3.25	)		(3.10	)		(0.20	)		(3.46	)		(3.66	)
Year Ended June 30, 2018		28.94		0.12	(f)		2.98			3.10			(0.17	)		(1.74	)		(1.91	)
Year Ended June 30, 2017		24.48		0.04	(f)		4.53			4.57			(0.09	)		(0.02	)		(0.11	)
Year Ended June 30, 2016		26.49		0.11			(0.94	)		(0.83	)		(0.09	)		(1.09	)		(1.18	)
Class R3
Year Ended June 30, 2020		23.61		0.16			(3.81	)		(3.65	)		(0.18	)		(1.33	)		(1.51	)
Year Ended June 30, 2019		30.38		0.23			(3.29	)		(3.06	)		(0.25	)		(3.46	)		(3.71	)
Year Ended June 30, 2018		29.14		0.20	(f)		3.01			3.21			(0.23	)		(1.74	)		(1.97	)
September 9, 2016 (g) through June 30, 2017		25.89		0.12	(f)		3.31			3.43			(0.16	)		(0.02	)		(0.18	)
Class R4
Year Ended June 30, 2020		25.28		0.19			(4.06	)		(3.87	)		(0.20	)		(1.33	)		(1.53	)
Year Ended June 30, 2019		32.21		0.30			(3.47	)		(3.17	)		(0.30	)		(3.46	)		(3.76	)
Year Ended June 30, 2018		30.77		0.32	(f)		3.14			3.46			(0.28	)		(1.74	)		(2.02	)
September 9, 2016 (g) through June 30, 2017		27.30		0.18	(f)		3.49			3.67			(0.18	)		(0.02	)		(0.20	)
Class R5
Year Ended June 30, 2020		25.34		0.26			(4.11	)		(3.85	)		(0.27	)		(1.33	)		(1.60	)
Year Ended June 30, 2019		32.26		0.34			(3.47	)		(3.13	)		(0.33	)		(3.46	)		(3.79	)
Year Ended June 30, 2018		30.80		0.35	(f)		3.17			3.52			(0.32	)		(1.74	)		(2.06	)
Year Ended June 30, 2017		25.97		0.23	(f)		4.81			5.04			(0.19	)		(0.02	)		(0.21	)
Year Ended June 30, 2016		28.01		0.26			(0.98	)		(0.72	)		(0.23	)		(1.09	)		(1.32	)
Class R6
Year Ended June 30, 2020		25.38		0.29			(4.13	)		(3.84	)		(0.29	)		(1.33	)		(1.62	)
Year Ended June 30, 2019		32.30		0.38			(3.49	)		(3.11	)		(0.35	)		(3.46	)		(3.81	)
Year Ended June 30, 2018		30.83		0.38	(f)		3.18			3.56			(0.35	)		(1.74	)		(2.09	)
Year Ended June 30, 2017		25.99		0.27	(f)		4.82			5.09			(0.23	)		(0.02	)		(0.25	)
Year Ended June 30, 2016		28.03		0.31			(1.00	)		(0.69	)		(0.26	)		(1.09	)		(1.35	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes.

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	18.48		(16.78	)%	$	123,496		1.25	%		0.74	%		1.27	%		42	%
	23.65		(9.73	)		193,505		1.24			0.80			1.26			60
	30.42		11.41			336,054		1.24			0.67	(f)		1.30			39
	29.18		19.01			518,464		1.24			0.39	(f)		1.44			41
	24.64		(2.54	)		551,313		1.25			0.69			1.53			46
	14.52		(17.14	)		9,340		1.74			0.23			1.78			42
	18.90		(10.18	)		18,088		1.74			0.33			1.77			60
	25.21		10.80			25,885		1.75			0.14	(f)		1.78			39
	24.55		18.32			40,349		1.85			(0.21	)(f)		1.86			41
	20.82		(3.12	)		41,161		1.86			0.07			1.94			46
	19.88		(16.55	)		131,992		0.99			0.98			1.01			42
	25.32		(9.49	)		287,014		0.99			1.10			1.01			60
	32.25		11.70			336,366		0.99			0.96	(f)		1.01			39
	30.80		19.30			344,875		0.99			0.67	(f)		1.11			41
	25.97		(2.28	)		263,436		1.00			0.88			1.18			46
	18.25		(16.96	)		25,034		1.49			0.51			1.57			42
	23.37		(9.94	)		36,276		1.49			0.60			1.58			60
	30.13		11.12			45,300		1.52			0.41	(f)		1.63			39
	28.94		18.68			60,282		1.52			0.14	(f)		1.75			41
	24.48		(2.78	)		47,309		1.50			0.45			1.91			46
	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
	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
	19.89		(16.44	)		30,637		0.85			1.11			0.87			42
	25.34		(9.35	)		69,857		0.84			1.21			0.86			60
	32.26		11.85			131,506		0.84			1.11	(f)		0.87			39
	30.80		19.43			130,338		0.88			0.77	(f)		0.89			41
	25.97		(2.21	)		96,674		0.90			1.04			0.93			46
	19.92		(16.37	)		624,226		0.75			1.24			0.76			42
	25.38		(9.25	)		933,252		0.74			1.36			0.76			60
	32.30		11.97			1,040,121		0.74			1.21	(f)		0.76			39
	30.83		19.59			1,007,466		0.76			0.90	(f)		0.76			41
	25.99		(2.07	)		753,439		0.77			1.21			0.77			46

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN SMALL CAP FUNDS 77

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan U.S. Small Company Fund
Class A
Year Ended June 30, 2020	$	15.96	$	0.03		$	(1.10	)	$	(1.07	)	$	(0.04	)	$	(0.01	)	$	(0.05	)
Year Ended June 30, 2019		19.60		0.03			(1.81	)		(1.78	)		—			(1.86	)		(1.86	)
Year Ended June 30, 2018		18.10		—	(f)(g)		2.69			2.69			—			(1.19	)		(1.19	)
Year Ended June 30, 2017		15.09		—	(f)(g)		3.02			3.02			(0.01	)		—	(f)		(0.01	)
Year Ended June 30, 2016		16.96		0.02			(1.20	)		(1.18	)		(0.02	)		(0.67	)		(0.69	)
Class C
Year Ended June 30, 2020		15.06		(0.05	)		(1.04	)		(1.09	)		—			(0.01	)		(0.01	)
Year Ended June 30, 2019		18.70		(0.06	)		(1.72	)		(1.78	)		—			(1.86	)		(1.86	)
Year Ended June 30, 2018		17.40		(0.09	)(g)		2.58			2.49			—			(1.19	)		(1.19	)
Year Ended June 30, 2017		14.57		(0.08	)(g)		2.91			2.83			—			—	(f)		—	(f)
Year Ended June 30, 2016		16.46		(0.05	)		(1.17	)		(1.22	)		—			(0.67	)		(0.67	)
Class I
Year Ended June 30, 2020		16.40		0.07			(1.12	)		(1.05	)		(0.09	)		(0.01	)		(0.10	)
Year Ended June 30, 2019		20.05		0.07			(1.84	)		(1.77	)		(0.02	)		(1.86	)		(1.88	)
Year Ended June 30, 2018		18.47		0.05	(g)		2.75			2.80			(0.03	)		(1.19	)		(1.22	)
Year Ended June 30, 2017		15.40		0.04	(g)		3.08			3.12			(0.05	)		—	(f)		(0.05	)
Year Ended June 30, 2016		17.29		0.06			(1.22	)		(1.16	)		(0.06	)		(0.67	)		(0.73	)
Class L
Year Ended June 30, 2020		16.38		0.10			(1.12	)		(1.02	)		(0.12	)		(0.01	)		(0.13	)
Year Ended June 30, 2019		20.05		0.10			(1.86	)		(1.76	)		(0.05	)		(1.86	)		(1.91	)
Year Ended June 30, 2018		18.46		0.08	(g)		2.76			2.84			(0.06	)		(1.19	)		(1.25	)
Year Ended June 30, 2017		15.39		0.08	(g)		3.08			3.16			(0.09	)		—	(f)		(0.09	)
Year Ended June 30, 2016		17.28		0.10			(1.24	)		(1.14	)		(0.08	)		(0.67	)		(0.75	)
Class R2
Year Ended June 30, 2020		15.58		(0.01	)		(1.08	)		(1.09	)		—			(0.01	)		(0.01	)
Year Ended June 30, 2019		19.22		(0.01	)		(1.77	)		(1.78	)		—			(1.86	)		(1.86	)
Year Ended June 30, 2018		17.81		(0.05	)(g)		2.65			2.60			—			(1.19	)		(1.19	)
Year Ended June 30, 2017		14.88		(0.04	)(g)		2.97			2.93			—			—	(f)		—	(f)
Year Ended June 30, 2016		16.77		(0.01	)		(1.19	)		(1.20	)		(0.02	)		(0.67	)		(0.69	)
Class R3
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	)

(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.

78 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	14.84		(6.76	)%	$	94,883		1.22	%		0.18	%		1.23	%		52	%
	15.96		(8.77	)		136,432		1.22			0.16			1.22			64
	19.60		15.40			210,050		1.22			0.00	(g)(h)		1.23			52
	18.10		20.04			244,958		1.25			(0.01	)(g)		1.35			53
	15.09		(6.86	)		226,309		1.26			0.15			1.44			49
	13.96		(7.25	)		18,297		1.74			(0.34	)		1.74			52
	15.06		(9.22	)		28,451		1.72			(0.35	)		1.73			64
	18.70		14.85			45,633		1.73			(0.50	)(g)		1.73			52
	17.40		19.43			49,946		1.75			(0.51	)(g)		1.85			53
	14.57		(7.35	)		45,932		1.76			(0.34	)		1.91			49
	15.25		(6.51	)		160,892		0.96			0.44			0.96			52
	16.40		(8.49	)		273,370		0.96			0.41			0.96			64
	20.05		15.73			433,317		0.96			0.27	(g)		0.97			52
	18.47		20.29			387,043		1.01			0.25	(g)		1.05			53
	15.40		(6.63	)		289,631		1.00			0.42			1.11			49
	15.23		(6.37	)		302,427		0.81			0.60			0.81			52
	16.38		(8.42	)		433,521		0.81			0.58			0.81			64
	20.05		15.95			554,361		0.81			0.42	(g)		0.82			52
	18.46		20.50			711,139		0.82			0.43	(g)		0.87			53
	15.39		(6.48	)		587,279		0.82			0.63			0.90			49
	14.48		(7.01	)		30,330		1.48			(0.09	)		1.49			52
	15.58		(8.95	)		44,064		1.47			(0.07	)		1.49			64
	19.22		15.13			49,715		1.48			(0.25	)(g)		1.48			52
	17.81		19.70			51,511		1.50			(0.24	)(g)		1.69			53
	14.88		(7.09	)		34,326		1.51			(0.05	)		1.75			49
	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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN SMALL CAP FUNDS 79

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan U.S. Small Company Fund (continued)
Class R4
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
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
Year Ended June 30, 2020		16.40		0.11			(1.12	)		(1.01	)		(0.13	)		(0.01	)		(0.14	)
Year Ended June 30, 2019		20.07		0.12			(1.86	)		(1.74	)		(0.07	)		(1.86	)		(1.93	)
Year Ended June 30, 2018		18.48		0.10	(g)		2.76			2.86			(0.08	)		(1.19	)		(1.27	)
Year Ended June 30, 2017		15.40		0.10	(g)		3.08			3.18			(0.10	)		—	(f)		(0.10	)
Year Ended June 30, 2016		17.29		0.11			(1.23	)		(1.12	)		(0.10	)		(0.67	)		(0.77	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Amount rounds to less than $0.005.

(g) Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes.

(h) Amount rounds to less than 0.005%.

(i) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

80 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	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
	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
	15.25		(6.27	)		255,716		0.71			0.68			0.71			52
	16.40		(8.30	)		435,139		0.71			0.70			0.72			64
	20.07		16.05			455,851		0.71			0.53	(g)		0.72			52
	18.48		20.64			296,577		0.72			0.55	(g)		0.72			53
	15.40		(6.39	)		139,835		0.73			0.71			0.74			49

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN SMALL CAP FUNDS 81

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020

1. Organization

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

The following are 6 separate funds of the Trusts (each, a “Fund” and collectively, the “Funds”) covered by this report:

	Classes Offered	Trust	Diversification Classification
JPMorgan Small Cap Blend Fund	Class A, Class C, Class I and Class R6(1)	JPM I	Diversified
JPMorgan Small Cap Core Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM I	Diversified
JPMorgan Small Cap Equity Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM I	Diversified
JPMorgan Small Cap Growth Fund	Class A, Class C, Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM II	Diversified
JPMorgan Small Cap Value Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM II	Diversified
JPMorgan U.S. Small Company Fund	Class A, Class C, Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM I	Diversified

⁽¹⁾  Class R6 commenced operations on July 2, 2018 for JPMorgan Small Cap Blend Fund.

The investment objectives of JPMorgan Small Cap Blend Fund (“Small Cap Blend Fund”), JPMorgan Small Cap Core Fund (“Small Cap Core Fund”) and JPMorgan Small Cap Equity Fund (“Small Cap Equity Fund”) are to seek capital growth over the long term.

The investment objective of JPMorgan Small Cap Growth Fund (“Small Cap Growth Fund”) is to seek long-term capital growth primarily by investing in a portfolio of equity securities of small-capitalization and emerging growth companies.

The investment objective of JPMorgan Small Cap Value Fund (“Small Cap Value Fund”) is to seek long-term capital growth primarily by investing in equity securities of small-capitalization companies.

The investment objective of JPMorgan U.S. Small Company Fund (“U.S. Small Company Fund”) is to seek to provide high total return from a portfolio of small company stocks.

Class L Shares for the Small Cap Growth Fund and U.S. Small Company Fund are publicly offered on a limited basis. Investors are not eligible to purchase Class L shares of the Funds unless they meet certain requirements as described in the Funds’ prospectuses.

All share classes of the Small Cap Equity Fund are publicly offered only on a limited basis. Investors are not eligible to purchase shares of the Fund unless they meet certain requirements as described in the Fund’s prospectuses.

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

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

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, 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

82 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2020

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”) (amounts in thousands):

Small Cap Blend Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks	$	455,744	$	—	$	—		$	455,744
Rights		—		—		—	(a)		—	(a)
Short-Term Investments
Investment Companies		17,254		—		—			17,254
Investment of cash collateral from securities loaned		34,262		—		—			34,262
Total Short-Term Investments		51,516		—		—			51,516
Total Investments in Securities	$	507,260	$	—	$	—	(a)	$	507,260
Small Cap Core Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Total Investments in Securities (b)	$	375,449	$	—	$	—		$	375,449
Appreciation in Other Financial Instruments
Futures Contracts (b)	$	94	$	—	$	—		$	94
Small Cap Equity Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Total Investments in Securities (b)	$	6,861,797	$	—	$	—		$	6,861,797

JUNE 30, 2020 J.P. MORGAN SMALL CAP FUNDS 83

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

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	$	3,850,582	$	—	$	—		$	3,850,582
Rights		—		—		—	(a)		—	(a)
Short-Term Investments
Investment Companies		123,428		—		—			123,428
Investment of cash collateral from securities loaned		317,008		—		—			317,008
Total Short-Term Investments		440,436		—		—			440,436
Total Investments in Securities	$	4,291,018	$	—	$	—	(a)	$	4,291,018
Small Cap Value Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Total Investments in Securities (b)	$	1,030,907	$	—	$	—		$	1,030,907
Appreciation in Other Financial Instruments
Futures Contracts (b)	$	279	$	—	$	—		$	279
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	$	888,265	$	—	$	—		$	888,265
Rights		—		—		165			165
Short-Term Investments
Investment Companies		14,420		—		—			14,420
Investment of cash collateral from securities loaned		91,886		—		—			91,886
Total Short-Term Investments		106,306		—		—			106,306
Total Investments in Securities	$	994,571	$	—	$	165		$	994,736
Appreciation in Other Financial Instruments
Futures Contracts	$	53	$	—	$	—		$	53

(a) Amount rounds to less than one thousand.

(b) Please refer to the SOIs for specifics of portfolio holdings.

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

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

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimis amounts.

84 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2020

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 June 30, 2020 (amounts in thousands).

	Investment Securities on Loan, at value, Presented on the Statements of Assets and Liabilities		Cash Collateral Posted by Borrower*			Net Amount Due to Counterparty (not less than zero)
Small Cap Blend Fund	$	33,465	$	(33,465	)	$	—
Small Cap Core Fund		23,895		(23,895	)		—
Small Cap Equity Fund		281,563		(281,563	)		—
Small Cap Growth Fund		305,026		(305,026	)		—
Small Cap Value Fund		67,671		(67,671	)		—
U.S. Small Company Fund		89,671		(89,671	)		—

* Collateral posted reflects the value of securities on loan and does not include any additional amounts received from the borrower.

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

JPMIM voluntarily waived investment advisory fees charged to the Funds to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.15% to 0.06%. For the year ended June 30, 2020, JPMIM waived fees associated with the Funds’ investment in the JPMorgan U.S. Government Money Market Fund as follows (amounts in thousands):

Small Cap Blend Fund	$	6
Small Cap Core Fund		5
Small Cap Equity Fund		29
Small Cap Growth Fund		38
Small Cap Value Fund		12
U.S. Small Company Fund		15

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 the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the tables below. Amounts in the tables below are in thousands.

Small Cap Blend Fund

For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (a)(b)	$	12,791	$	175,960	$	171,507	$	5		$	5		$	17,254		17,239	$	169		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (a)(b)		26,008		63,999		62,000		8	*		—	(c)		28,015		28,004		378	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a)(b)		10,612		173,835		178,200		—			—			6,247		6,247		111	*		—
Total	$	49,411	$	413,794	$	411,707	$	13		$	5		$	51,516			$	658		$	—

JUNE 30, 2020 J.P. MORGAN SMALL CAP FUNDS 85

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

Small Cap Core Fund

For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at June 30, 2020		Shares at June 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (a)(b)	$	47,070	$	154,081	$	191,976	$	1		$	1	$	9,177		9,169	$	217		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (a)(b)		25,006		60,000		64,000		(3	)*		3		21,006		20,998		381	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a)(b)		7,388		164,866		168,378		—			—		3,876		3,876		91	*		—
Total	$	79,464	$	378,947	$	424,354	$	(2	)	$	4	$	34,059			$	689		$	—

Small Cap Equity Fund

For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (a)(b)	$	254,743	$	2,199,097	$	2,177,545	$	23		$	85		$	276,403		276,154	$	4,684		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (a)(b)		177,054		1,141,000		1,065,000		57	*		(16	)		253,095		252,994		3,759	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a)(b)		39,120		939,358		946,430		—			—			32,048		32,048		521	*		—
Total	$	470,917	$	4,279,455	$	4,188,975	$	80		$	69		$	561,546			$	8,964		$	—

Small Cap Growth Fund

For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (a)(b)	$	24,541	$	1,575,737	$	1,476,853	$	(31	)	$	34		$	123,428		123,317	$	869		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (a)(b)		341,079		1,154,000		1,211,000		55	*		(29	)		284,105		283,992		4,553	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a)(b)		75,263		962,486		1,004,846		—			—			32,903		32,903		638	*		—
Total	$	440,883	$	3,692,223	$	3,692,699	$	24		$	5		$	440,436			$	6,060		$	—

86 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2020

Small Cap Value Fund

For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at June 30, 2020		Shares at June 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (a)(b)	$	35,272	$	554,491	$	574,971	$	4		$	2	$	14,798		14,785	$	472		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (a)(b)		70,028		171,000		177,000		3	*		1		64,032		64,006		1,167	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a)(b)		23,241		325,523		343,168		—			—		5,596		5,596		222	*		—
Total	$	128,541	$	1,051,014	$	1,095,139	$	7		$	3	$	84,426			$	1,861		$	—

U.S. Small Company Fund

For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (a)(b)	$	38,896	$	578,067	$	602,551	$	9		$	(1	)	$	14,420		14,407	$	423		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (a)(b)		106,032		212,001		236,000		5	*		(1	)		82,037		82,004		1,387	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a)(b)		25,260		377,153		392,564		—			—			9,849		9,849		267	*		—
Total	$	170,188	$	1,167,221	$	1,231,115	$	14		$	(2	)	$	106,306			$	2,077		$	—

(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 June 30, 2020.

(c) Amount rounds to less than one thousand.

* Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).

D. Futures Contracts — Small Cap Core Fund, Small Cap Value Fund and U.S. Small Company Fund used index futures contracts to gain or reduce exposure to the stock market, maintain liquidity or minimize transaction costs. The Funds buy futures contracts to invest incoming cash in the market or sell futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

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

JUNE 30, 2020 J.P. MORGAN SMALL CAP FUNDS 87

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds’ credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.

The table below discloses the volume of the Funds’ futures contracts activity during the year ended June 30, 2020 (amounts in thousands):

	Small Cap Core Fund		Small Cap Value Fund		U.S. Small Company Fund
Futures Contracts — Equity:
Average Notional Balance Long	$	11,104	$	24,518	$	24,497
Ending Notional Balance Long		4,524		9,480		5,530

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).

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

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

F. Allocation of Income and Expenses — Expenses directly attributable to a Fund are charged directly to that Fund, while the expenses attributable to more than one fund of the Trusts are allocated among the 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 year ended June 30, 2020 are as follows (amounts in thousands):

	Class A		Class C		Class I		Class L		Class R2			Class R3			Class R4			Class R5			Class R6			Total
Small Cap Blend Fund
Transfer agency fees	$	23	$	1	$	5		n/a		n/a			n/a			n/a			n/a		$	—	(a)	$	29
Small Cap Core Fund
Transfer agency fees		4		1		2		n/a	$	—	(a)	$	—	(a)	$	—	(a)	$	7			3			17
Small Cap Equity Fund
Transfer agency fees		248		7		65		n/a		2			—	(a)		—	(a)		16			19			357
Small Cap Growth Fund
Transfer agency fees		45		7		19	$	8		3			1			1			1			50			135
Small Cap Value Fund
Transfer agency fees		9		3		8		n/a		18			4			—	(a)		5			37			84
U.S. Small Company Fund
Transfer agency fees		18		7		11		12		10			1			1			—	(a)		18			78

(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 June 30, 2020, no liability for Federal income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

H. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid at least annually, except for Small Cap Value Fund, which are generally declared and paid quarterly. Distributions are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in

88 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2020

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.

The following amounts were reclassified within the capital accounts (amounts in thousands):

	Paid-in-Capital			Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
Small Cap Blend Fund	$	(7	)	$	(135	)	$	142
Small Cap Core Fund		—			812			(812	)
Small Cap Equity Fund		—			(4,820	)		4,820
Small Cap Growth Fund		25,587			(387	)		(25,200	)
Small Cap Value Fund		—			(530	)		530
U.S. Small Company Fund		—	(a)		(288	)		288

(a) Amount rounds to less than one thousand.

The reclassifications for the Funds relate primarily to investments in partnerships, investments in passive foreign investment companies (“PFICs”), non-taxable dividends, redesignation of distributions and tax equalization.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to Investment Advisory Agreements, 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 based on each Fund’s respective average daily net assets. The annual rate for each Fund is as follows:

Small Cap Blend Fund	0.65	%
Small Cap Core Fund	0.65
Small Cap Equity Fund	0.65
Small Cap Growth Fund	0.65
Small Cap Value Fund	0.65
U.S. Small Company Fund	0.60

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

B. Administration Fee — Pursuant to Administration Agreements, the Administrator provides certain administration services to the Funds. In consideration of these services, 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 year ended June 30, 2020, the effective rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

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

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

	Class A			Class C			Class R2			Class R3
Small Cap Blend Fund		0.25	%		0.75	%		n/a			n/a
Small Cap Core Fund		0.25			0.75			0.50	%		0.25	%
Small Cap Equity Fund		0.25			0.75			0.50			0.25
Small Cap Growth Fund		0.25			0.75			0.50			0.25
Small Cap Value Fund		0.25			0.75			0.50			0.25
U.S. Small Company Fund		0.25			0.75			0.50			0.25

JUNE 30, 2020 J.P. MORGAN SMALL CAP FUNDS 89

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended June 30, 2020, JPMDS retained the following (amounts in thousands):

	Front-End Sales Charge		CDSC
Small Cap Blend Fund	$	39	$	—	(a)
Small Cap Core Fund		2		—
Small Cap Equity Fund		8		1
Small Cap Growth Fund		113		—	(a)
Small Cap Value Fund		4		—	(a)
U.S. Small Company Fund		3		—	(a)

(a) Amount rounds to less than one thousand.

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

	Class A			Class C			Class I			Class L			Class R2			Class R3			Class R4			Class R5
Small Cap Blend Fund		0.25	%		0.25	%		0.25	%		n/a			n/a			n/a			n/a			n/a
Small Cap Core Fund		0.25			0.25			0.25			n/a			0.25	%		0.25	%		0.25	%		0.10	%
Small Cap Equity Fund		0.25			0.25			0.25			n/a			0.25			0.25			0.25			0.10
Small Cap Growth Fund		0.25			0.25			0.25			0.10	%		0.25			0.25			0.25			0.10
Small Cap Value Fund		0.25			0.25			0.25			n/a			0.25			0.25			0.25			0.10
U.S. Small Company Fund		0.25			0.25			0.25			0.10			0.25			0.25			0.25			0.10

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

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

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations.

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

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

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

	Class A			Class C			Class I			Class L			Class R2			Class R3			Class R4			Class R5			Class R6
Small Cap Blend Fund		1.24	%		1.74	%		0.99	%		n/a			n/a			n/a			n/a			n/a			0.74	%
Small Cap Core Fund		1.24			1.74			0.99			n/a			1.49	%		1.24	%		0.99	%		0.80	%		0.74
Small Cap Equity Fund		n/a	(1)		n/a	(1)		0.99			n/a			1.49			n/a	(1)		0.99			0.80			n/a	(1)
Small Cap Growth Fund		1.24			1.74			0.99			n/a	(2)		1.49			1.24			0.99			0.84			0.74
Small Cap Value Fund		n/a	(3)		1.74			0.99			n/a			1.49			1.24			0.99			n/a	(3)		n/a	(3)
U.S. Small Company Fund		n/a	(4)		n/a	(4)		n/a	(4)		n/a	(4)		n/a	(4)		n/a	(4)		n/a	(4)		n/a	(4)		n/a	(4)

⁽¹⁾   Effective November 1, 2019, the contractual expense limitation for Class A, Class C, Class R3 and Class R6 Shares expired. Prior to November 1, 2019, the contractual expense limitation was 1.24%, 1.74%, 1.24% and 0.74% for Class A, Class C, Class R3 and Class R6 Shares, respectively.

⁽²⁾  Effective November 1, 2019, the contractual expense limitation for Class L Shares expired. Prior to November 1, 2019, the contractual expense limitation was 0.85% for Class L Shares.

⁽³⁾  Effective November 1, 2019, the contractual expense limitation for Class A, Class R5 and Class R6 Shares expired. Prior to November 1, 2019, the contractual expense limitation was 1.24%, 0.84% and 0.74% for Class A, Class R5 and Class R6 Shares, respectively.

90 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2020

⁽⁴⁾   Effective November 1, 2019, the contractual expense limitation for Class A, Class C, Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares expired. Prior to November 1, 2019, the contractual expense limitation was 1.26%, 1.76%, 1.01%, 0.83%, 1.51%, 1.26%, 1.01%, 0.86% and 0.76% for Class A, Class C, Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares, respectively.

The expense limitation agreements were in effect for the year ended June 30, 2020. The contractual expense limitation percentages are in place until at least October 31, 2020.

For the year ended June 30, 2020, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees		Total		Contractual Reimbursements
Small Cap Blend Fund	$	133	$	89	$	29	$	251	$	—
Small Cap Core Fund		141		94		87		322		3
Small Cap Equity Fund		38		24		559		621		—
Small Cap Growth Fund		303		199		77		579		50
Small Cap Value Fund		59		38		68		165		8
U.S. Small Company Fund		—		—		1		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 reimbursed expenses in future years.

The amount of waivers resulting from investments in these money market funds for the year ended June 30, 2020 was as follows (amounts in thousands):

Small Cap Blend Fund	$	15
Small Cap Core Fund		18
Small Cap Equity Fund		380
Small Cap Growth Fund		74
Small Cap Value Fund		40
U.S. Small Company Fund		35

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 year ended June 30, 2020, the Small Cap Blend Fund, Small Cap Core Fund, Small Cap Equity Fund, Small Cap Growth 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, Inc., an affiliated broker, involving taxable money market instruments, subject to certain conditions.

JUNE 30, 2020 J.P. MORGAN SMALL CAP FUNDS 91

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

4. Investment Transactions

During the year ended June 30, 2020, purchases and sales of investments (excluding short-term investments and transfers in-kind) were as follows (amounts in thousands):

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Small Cap Blend Fund	$	308,432	$	185,410
Small Cap Core Fund		408,471		429,241
Small Cap Equity Fund		2,002,726		1,413,843
Small Cap Growth Fund		2,053,845		1,604,817
Small Cap Value Fund		518,784		887,719
U.S. Small Company Fund		607,592		932,150

During the year ended June 30, 2020, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at June 30, 2020 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Small Cap Blend Fund	$	472,490	$	80,544	$	45,774	$	34,770
Small Cap Core Fund		371,438		43,505		39,400		4,105
Small Cap Equity Fund		5,155,091		2,037,348		330,642		1,706,706
Small Cap Growth Fund		3,404,804		1,063,769		177,555		886,214
Small Cap Value Fund		1,067,144		134,315		170,273		(35,958	)
U.S. Small Company Fund		962,841		156,867		124,920		31,947

For the Funds, the difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to wash sale loss deferrals, investments in passive foreign investment companies (“PFICs”) and non-taxable dividends.

The tax character of distributions paid during the year ended June 30, 2020 was as follows (amounts in thousands):

	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Small Cap Blend Fund	$	1,416	$	11,873	$	13,289
Small Cap Core Fund		3,466		16,618		20,084
Small Cap Equity Fund		35,363		286,303		321,666
Small Cap Growth Fund		7,006		166,240		173,246
Small Cap Value Fund		14,435		69,340		83,775
U.S. Small Company Fund		7,802		518		8,320

* Short-term gain distributions are treated as ordinary income for income tax purposes.

The tax character of distributions paid during the year ended June 30, 2019 was as follows (amounts in thousands):

	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Small Cap Blend Fund	$	8,571	$	50,655	$	59,226
Small Cap Core Fund		6,092		18,104		24,196
Small Cap Equity Fund		36,602		374,705		411,307
Small Cap Growth Fund		53,918		194,078		247,996
Small Cap Value Fund		27,972		191,083		219,055
U.S. Small Company Fund		59,623		102,260		161,883

* Short-term gain distributions are treated as ordinary income for income tax purposes.

92 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2020

As of June 30, 2020, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss Carryover)			Unrealized Appreciation (Depreciation)
Small Cap Blend Fund	$	1,533	$	3,481		$	34,770
Small Cap Core Fund		1,782		(2,830	)		4,105
Small Cap Equity Fund		11,059		376			1,706,706
Small Cap Growth Fund		13,604		153,370			886,214
Small Cap Value Fund		328		(31,857	)		(35,958	)
U.S. Small Company Fund		2,145		(251	)		31,947

For the Funds, the cumulative timing differences primarily consist of wash sale loss deferrals, investments in passive foreign investment companies (“PFICs”), non-taxable dividends, post-October capital loss deferrals and late year ordinary loss deferrals.

As of June 30, 2020, the following Funds had the following net capital loss carryforwards (amounts in thousands):

	Capital Loss Carryforward
	Short-Term		Long-Term
Small Cap Core Fund	$	2,830	$	—
Small Cap Value Fund		31,857		—
U.S. Small Company Fund		251		—

Late year ordinary losses incurred after December 31 as well as net capital losses incurred after October 31 and within the taxable year are deemed to arise on the first business day of Funds’ next taxable year. For the year ended June 30, 2020, the following Funds deferred to July 1, 2020 late year ordinary losses and post-October capital losses of (amounts in thousands):

	Net Capital Losses				Late Year Ordinary Loss Deferral
	Short-Term		Long-Term
Small Cap Blend Fund	$	3,542	$	—	$	—
Small Cap Core Fund		20,567		5,235		—
Small Cap Equity Fund		63,340		195,533		—
Small Cap Growth Fund		—		—		5,268
Small Cap Value Fund		26,943		—		—
U.S. Small Company Fund		15,756		—		—

6. Borrowings

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

The Funds had no borrowings outstanding from another fund at June 30, 2020. Average borrowings from the Facility during the year ended

June 30, 2020 were as follows (amounts in thousands, except number of days outstanding):

	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
U.S. Small Company Fund	$	2,818		0.79	%		3	$	—	(a)

(a) Amount rounds to less than one thousand.

The Trusts and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 2, 2020.

JUNE 30, 2020 J.P. MORGAN SMALL CAP FUNDS 93

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended June 30, 2020.

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

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00%, which has increased to 1.25% pursuant to the amendment referenced below, plus the greater of the federal funds effective rate or one month 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 11, 2020, this agreement has been amended and restated for a term of 364 days, unless extended, and to include the change to the interest rate charged for borrowing from the Credit Facility to 1.25%, as noted above, and an upfront fee of 0.075% of the Credit Facility to be charged and paid by all participating funds of the Credit Facility.

The Funds did not utilize the Credit Facility during the year ended June 30, 2020.

7. Risks, Concentrations and Indemnifications

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

As of June 30, 2020, the Funds had individual shareholder and/or non-affiliated omnibus accounts which owned 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
Small Cap Blend Fund		2		63.3	%
Small Cap Core Fund		2		54.1
Small Cap Equity Fund		3		44.7
Small Cap Growth Fund		1		17.1
U.S. Small Company Fund		2		32.3

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

As of June 30, 2020, J.P. Morgan Investor Funds and JPMorgan SmartRetirement Funds, which are affiliated funds of funds, owned in the aggregate, shares representing more than 10% of the net assets of the following Fund as follows:

	J.P. Morgan Investor Funds			JPMorgan SmartRetirement Funds
Small Cap Value Fund		17.9	%		18.8	%

Because the Funds may invest a significant portion of their assets in real estate investment trusts (“REITs”), the Funds may be subject to certain risks similar to those associated with direct investments in real estate. REITs may be affected by changes in the value of their underlying properties and by defaults by tenants. REITs depend generally on their ability to generate cash flow to make distributions to shareholders, and certain REITs have self-liquidation provisions by which mortgages held may be paid in full and distributions of capital returns may be made at any time.

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds’ original investment. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Funds to sell or otherwise close a derivatives position could expose the Funds to losses.

LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. The regulatory authority that oversees financial services firms and financial markets in the U.K. has announced that, after the end of 2021, it would no longer persuade or compel contributing banks to make rate submissions for purposes of determining the LIBOR rate. As a result, it is

94 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2020

possible that commencing in 2022, LIBOR may no longer be available or no longer deemed an appropriate reference rate upon which to determine the interest rate on or impacting certain loans, notes, derivatives and other instruments or investments comprising some or all of a Fund’s portfolio. In light of this eventuality, public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of LIBOR. There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain investments of a Fund and result in costs incurred in connection with closing out positions and entering into new trades. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., Euribor) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.

The Funds are subject to infectious disease epidemics/pandemics risk. Recently, 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, negatively impact a Fund’s arbitrage and pricing mechanisms, exacerbate other pre-existing political, social and economic risks to the Funds and negatively impact broad segments of businesses and populations. The Funds’ operations may be interrupted as a result, which may have a significant negative impact on investment performance. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could also have a significant negative impact on a Fund’s investment performance. The full impact of this COVID-19 pandemic, or other future epidemics/pandemics, is currently unknown.

8. Subscription in-kind

On April 3, 2019, certain shareholders purchased Class R6 Shares of U.S. Small Company Fund. The portfolio securities were received primarily by means of a subscription in-kind in exchange for shares of the Fund. Portfolio securities were transferred as detailed below (amounts in thousands):

Value	Type
$13,799		Subscription in-kind

9. Subsequent Events

On August 11, 2020, the contractual expense limitations for the share classes shown below of the Funds were extended until at least October 31, 2021.

Small Cap Blend Fund: Class A, Class C, Class I & Class R6

Small Cap Core Fund: Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 & Class R6

Small Cap Equity Fund: Class I, Class R2, Class R4 & Class R5

Small Cap Growth Fund: Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 & Class R6

Small Cap Value Fund: Class C, Class I, Class R2, Class R3 & Class R4

JUNE 30, 2020 J.P. MORGAN SMALL CAP FUNDS 95

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and JPMorgan Trust II and Shareholders of JPMorgan Small Cap Blend Fund, JPMorgan Small Cap Core Fund, JPMorgan Small Cap Equity Fund, JPMorgan Small Cap Growth Fund, JPMorgan Small Cap Value Fund and JPMorgan U.S. Small Company Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of JPMorgan Small Cap Blend Fund, JPMorgan Small Cap Core Fund, JPMorgan Small Cap Equity Fund and JPMorgan U.S. Small Company Fund (four of the funds constituting JPMorgan Trust I) and JPMorgan Small Cap Growth Fund and JPMorgan Small Cap Value Fund (two of the funds constituting JPMorgan Trust II) (hereafter collectively referred to as the “Funds”) as of June 30, 2020, the related statements of operations for the year ended June 30, 2020, the statements of changes in net assets for each of the two years in the period ended June 30, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended June 30, 2020 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2020 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

August 24, 2020

We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.

96 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2020

TRUSTEES

(Unaudited)

The Funds’ Statement of Additional Information includes additional information about the Funds’ Trustees and is available, without charge, upon request by calling 1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees
John F. Finn (1947); Chairman since 2020; Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	126	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Stephen P. Fisher (1959); Trustee of Trusts since 2018.	Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies).	126	Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).
Kathleen M. Gallagher (1958); Trustee of the Trusts since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	126	Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, Fiduciary Solutions, State Street Global Advisors (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016).
Dennis P. Harrington* (1950); Trustee of Trusts since 2017.	Retired; Partner, Deloitte LLP (accounting firm) (serving in various roles 1984-2012).	126	None
Frankie D. Hughes (1952); Trustee of Trusts since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	126	None

JUNE 30, 2020 J.P. MORGAN SMALL CAP FUNDS 97

TRUSTEES

(Unaudited) (continued)

Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)
Raymond Kanner** (1953); Trustee of Trusts since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	126	Advisory Board Member, Penso Advisors LLC (2020-present); Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors Fiduciary Solutions Board (2017-present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016-2017); Advisory Board Member, BlueStar Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015).
Peter C. Marshall (1942); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	126	None
Mary E. Martinez (1960); Trustee of Trusts since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	126	None
Marilyn McCoy (1948); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	126	None
Mitchell M. Merin (1953); Trustee of Trusts since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (serving in various roles 1981-2006).	126	Director, Sun Life Financial (SLF) (financial services and insurance) (2007-2013).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	126	Trustee and Vice Chair, Trout Unlimited (2017-present); Trustee, American Museum of Fly Fishing (2013-present); Vice Chair, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American University in Cairo (1999-2014).
Marian U. Pardo*** (1946); Trustee of Trusts since 2013.	Managing Director and Founder, Virtual Capital Management LLC (investment consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	126	President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).

98 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2020

(1) The Trustees serve for an indefinite term, subject to the Trusts’ current retirement policy, which is age 78 for all Trustees.

(2) A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Boards of Trustees serve currently includes ten registered investment companies (126 funds).

    * Two family members of Mr. Harrington are partner and managing director, respectively, of the Funds’ independent registered public accounting firm. Such firm has represented to the Boards that those family members are not involved in the audit of the Funds’ financial statements and do not provide other services to the Funds. The Boards have concluded that such association does not interfere with Mr. Harrington’s exercise of independent judgment as an Independent Trustee.

  ** A family member of Mr. Kanner is employed by JPMorgan Chase Bank, which is affiliated with JPMIM and JPMDS. In that capacity, this employee provides services to various JPMorgan affiliates including JPMIM and JPMDS and for which JPMIM and JPMDS bear some portion of the expense thereof.

*** In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient of non-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase.

The contact address for each of the Trustees is 277 Park Avenue, New York, NY 10172.

JUNE 30, 2020 J.P. MORGAN SMALL CAP FUNDS 99

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trusts (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (from 2014 to present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (from 1999 to 2014).
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)*	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from October 2013 to January 2016.
Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary since 2010)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2010 to February 2014.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
Anthony Geron (1971), Assistant Secretary (2018)*	Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015.
Carmine Lekstutis (1980), Assistant Secretary (2011)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015.
Keri E. Riemer (1976), Assistant Secretary (2019)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2019; Counsel, Seward & Kissel LLP (law firm) (2016-2019); Associate, Seward & Kissel LLP (2011-2016).
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)*	Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014.
Aleksandr Fleytekh (1972), Assistant Treasurer (2019)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2012.
Shannon Gaines (1977), Assistant Treasurer (2018)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since January 2014.
Jeffrey D. House (1972), Assistant Treasurer (2017)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006.
Lauren A. Paino (1973), Assistant Treasurer (2014)*	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013.
Joseph Parascondola (1963), Assistant Treasurer (2011)*	Executive Director, J.P. Morgan Investment Management, Inc. since February 2020, formerly Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) from August 2006 to January 2020.
Gillian I. Sands (1969), Assistant Treasurer (2012)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012.

The contact address for each of the officers, unless otherwise noted, is 277 Park Avenue, New York, NY 10172.

    * The contact address for the officer is 4 New York Plaza, New York, NY 10004.

  ** The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240.

100 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2020

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, January 1, 2020, and continued to hold your shares at the end of the reporting period, June 30, 2020.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Small Cap Blend Fund
Class A
Actual	$	1,000.00	$	922.70	$	5.93		1.24	%
Hypothetical		1,000.00		1,018.70		6.22		1.24
Class C
Actual		1,000.00		920.00		8.31		1.74
Hypothetical		1,000.00		1,016.21		8.72		1.74
Class I
Actual		1,000.00		923.60		4.73		0.99
Hypothetical		1,000.00		1,019.94		4.97		0.99
Class R6
Actual		1,000.00		924.60		3.54		0.74
Hypothetical		1,000.00		1,021.18		3.72		0.74
JPMorgan Small Cap Core Fund
Class A
Actual		1,000.00		820.70		5.61		1.24
Hypothetical		1,000.00		1,018.70		6.22		1.24
Class C
Actual		1,000.00		818.70		7.87		1.74
Hypothetical		1,000.00		1,016.21		8.72		1.74
Class I
Actual		1,000.00		821.70		4.48		0.99
Hypothetical		1,000.00		1,019.94		4.97		0.99
Class R2
Actual		1,000.00		819.60		6.74		1.49
Hypothetical		1,000.00		1,017.45		7.47		1.49
Class R3
Actual		1,000.00		820.80		5.61		1.24
Hypothetical		1,000.00		1,018.70		6.22		1.24

JUNE 30, 2020 J.P. MORGAN SMALL CAP FUNDS 101

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Small Cap Core Fund (continued)
Class R4
Actual	$	1,000.00	$	821.80	$	4.48		0.99	%
Hypothetical		1,000.00		1,019.94		4.97		0.99
Class R5
Actual		1,000.00		822.40		3.62		0.80
Hypothetical		1,000.00		1,020.89		4.02		0.80
Class R6
Actual		1,000.00		822.80		3.35		0.74
Hypothetical		1,000.00		1,021.18		3.72		0.74
JPMorgan Small Cap Equity Fund
Class A
Actual		1,000.00		895.70		6.03		1.28
Hypothetical		1,000.00		1,018.50		6.42		1.28
Class C
Actual		1,000.00		893.90		8.19		1.74
Hypothetical		1,000.00		1,016.21		8.72		1.74
Class I
Actual		1,000.00		897.10		4.62		0.98
Hypothetical		1,000.00		1,019.99		4.92		0.98
Class R2
Actual		1,000.00		894.90		7.02		1.49
Hypothetical		1,000.00		1,017.45		7.47		1.49
Class R3
Actual		1,000.00		896.00		5.80		1.23
Hypothetical		1,000.00		1,018.75		6.17		1.23
Class R4
Actual		1,000.00		897.10		4.62		0.98
Hypothetical		1,000.00		1,019.99		4.92		0.98
Class R5
Actual		1,000.00		897.90		3.78		0.80
Hypothetical		1,000.00		1,020.89		4.02		0.80
Class R6
Actual		1,000.00		898.10		3.49		0.74
Hypothetical		1,000.00		1,021.18		3.72		0.74
JPMorgan Small Cap Growth Fund
Class A
Actual		1,000.00		1,080.30		6.41		1.24
Hypothetical		1,000.00		1,018.70		6.22		1.24
Class C
Actual		1,000.00		1,077.40		8.99		1.74
Hypothetical		1,000.00		1,016.21		8.72		1.74
Class I
Actual		1,000.00		1,081.90		5.12		0.99
Hypothetical		1,000.00		1,019.94		4.97		0.99
Class L
Actual		1,000.00		1,082.40		4.35		0.84
Hypothetical		1,000.00		1,020.69		4.22		0.84
Class R2
Actual		1,000.00		1,079.20		7.70		1.49
Hypothetical		1,000.00		1,017.45		7.47		1.49
Class R3
Actual		1,000.00		1,079.90		6.41		1.24
Hypothetical		1,000.00		1,018.70		6.22		1.24

102 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2020

	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Small Cap Growth Fund (continued)
Class R4
Actual	$	1,000.00	$	1,081.60	$	5.12		0.99	%
Hypothetical		1,000.00		1,019.94		4.97		0.99
Class R5
Actual		1,000.00		1,082.30		4.35		0.84
Hypothetical		1,000.00		1,020.69		4.22		0.84
Class R6
Actual		1,000.00		1,082.90		3.83		0.74
Hypothetical		1,000.00		1,021.18		3.72		0.74
JPMorgan Small Cap Value Fund
Class A
Actual		1,000.00		777.70		5.57		1.26
Hypothetical		1,000.00		1,018.60		6.32		1.26
Class C
Actual		1,000.00		776.10		7.68		1.74
Hypothetical		1,000.00		1,016.21		8.72		1.74
Class I
Actual		1,000.00		779.20		4.38		0.99
Hypothetical		1,000.00		1,019.94		4.97		0.99
Class R2
Actual		1,000.00		777.20		6.58		1.49
Hypothetical		1,000.00		1,017.45		7.47		1.49
Class R3
Actual		1,000.00		778.00		5.48		1.24
Hypothetical		1,000.00		1,018.70		6.22		1.24
Class R4
Actual		1,000.00		779.20		4.38		0.99
Hypothetical		1,000.00		1,019.94		4.97		0.99
Class R5
Actual		1,000.00		779.40		3.80		0.86
Hypothetical		1,000.00		1,020.59		4.32		0.86
Class R6
Actual		1,000.00		779.80		3.36		0.76
Hypothetical		1,000.00		1,021.08		3.82		0.76
JPMorgan U.S. Small Company Fund
Class A
Actual		1,000.00		855.30		5.63		1.22
Hypothetical		1,000.00		1,018.80		6.12		1.22
Class C
Actual		1,000.00		853.30		7.97		1.73
Hypothetical		1,000.00		1,016.26		8.67		1.73
Class I
Actual		1,000.00		856.70		4.43		0.96
Hypothetical		1,000.00		1,020.09		4.82		0.96
Class L
Actual		1,000.00		857.10		3.74		0.81
Hypothetical		1,000.00		1,020.84		4.07		0.81
Class R2
Actual		1,000.00		854.30		6.73		1.46
Hypothetical		1,000.00		1,017.60		7.32		1.46
Class R3
Actual		1,000.00		855.50		5.58		1.21
Hypothetical		1,000.00		1,018.85		6.07		1.21

JUNE 30, 2020 J.P. MORGAN SMALL CAP FUNDS 103

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan U.S. Small Company Fund (continued)
Class R4
Actual	$	1,000.00	$	856.50	$	4.43		0.96	%
Hypothetical		1,000.00		1,020.09		4.82		0.96
Class R5
Actual		1,000.00		857.30		3.69		0.80
Hypothetical		1,000.00		1,020.89		4.02		0.80
Class R6
Actual		1,000.00		858.20		3.28		0.71
Hypothetical		1,000.00		1,021.33		3.57		0.71

  * Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

104 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2020

LIQUIDITY RISK MANAGEMENT PROGRAM

(Unaudited)

Each of the Funds has adopted the J.P. Morgan Funds Liquidity Risk Management Program (the “Program”) under Rule 22e-4 under the 1940 Act (the “Liquidity Rule”). The Program seeks to assess, manage and review each Fund’s Liquidity Risk. “Liquidity Risk” is defined as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund. Among other things, the Liquidity Rule requires that a written report be provided to the Boards of Trustees (the “Board”) on an annual basis that addresses the operation of the Program and assesses the adequacy and effectiveness of its implementation, including the operation of any Highly Liquidity Investment Minimum (“HLIM”) established for a Fund and any material changes to the Program.

The Board has appointed J.P. Morgan Asset Management’s Liquidity Risk Forum to be the program administrator for the Program (the “Program Administrator”). On February 11, 2020, the Board of Trustees reviewed the Program Administrator’s initial written report (the “Report”) concerning the operation of the Program for the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a Fund’s HLIM. There were no material changes to the Program during the Program Reporting Period.

The Report summarized the operation of the Program and the information and factors considered by the Program Administrator in assessing whether the Program has been adequately and effectively implemented with respect to each Fund. Such information and factors included, among other things: (1) the liquidity risk framework used to assess, manage, and periodically review each Fund’s Liquidity Risk and the results of this assessment; (2) the methodology and inputs for classifying each of the Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) whether a Fund invested primarily in “Highly Liquid Investments” (as defined under the Liquidity Rule), whether an HLIM should be established for a Fund (and, for Funds that have adopted an HLIM, whether the HLIM continues to be appropriate or whether a Fund has invested below its HLIM) and the procedures for monitoring for this limit; (4) whether a Fund invested more than 15% of its assets in “Illiquid Investments” (as defined under the Liquidity Rule) and the procedures for monitoring for this limit; and (5) specific liquidity events arising during the Program Reporting Period, including the impact on Fund liquidity caused by extended non-U.S. market closures.

Based on this review, the Report concluded that: (1) the Program continues to be reasonably designed to effectively assess and manage each Fund’s Liquidity Risk; and (2) the Program has been adequately and effectively implemented with respect to each Fund during the Program Reporting Period.

JUNE 30, 2020 J.P. MORGAN SMALL CAP FUNDS 105

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended June 30, 2020. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2020. The information necessary to complete your income tax returns for the calendar year ending December 31, 2020 will be pro- vided under separate cover.

Dividends Received Deduction (DRD)

Each Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the fiscal year ended June 30, 2020:

	Dividends Received Deduction
JPMorgan Small Cap Blend Fund		100.00	%
JPMorgan Small Cap Core Fund		100.00
JPMorgan Small Cap Equity Fund		100.00
JPMorgan Small Cap Growth Fund		100.00
JPMorgan Small Cap Value Fund		100.00
JPMorgan U.S. Small Company Fund		100.00

Long Term Capital Gain

Each Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended June 30, 2020 (amounts in thousands):

	Long-Term Capital Gain Distribution
JPMorgan Small Cap Blend Fund	$	11,889
JPMorgan Small Cap Core Fund		16,618
JPMorgan Small Cap Equity Fund		286,303
JPMorgan Small Cap Growth Fund		191,811
JPMorgan Small Cap Value Fund		69,340
JPMorgan U.S. Small Company Fund		518

Qualified Dividend Income (QDI)

Each Fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended June 30, 2020 (amounts in thousands):

	Qualified Dividend Income
JPMorgan Small Cap Blend Fund	$	1,416
JPMorgan Small Cap Core Fund		3,466
JPMorgan Small Cap Equity Fund		35,363
JPMorgan Small Cap Growth Fund		7,006
JPMorgan Small Cap Value Fund		14,435
JPMorgan U.S. Small Company Fund		7,802

106 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2020

Rev. January 2011

FACTS WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION?

Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:   ◾  Social Security number and account balances   ◾  transaction history and account transactions   ◾  checking account information and wire transfer instructions When you are no longer our customer, we continue to share your information as described in this notice.

How? All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does J.P. Morgan Funds share?	Can you limit  this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes — information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

Questions? Call 1-800-480-4111 or go to www.jpmorganfunds.com

Page 2

Who we are
Who is providing this notice?	J.P. Morgan Funds

What we do
How does J.P. Morgan Funds protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information.
How does J.P. Morgan Funds collect my personal information?	We collect your personal information, for example, when you: ◾  open an account or provide contact information ◾  give us your account information or pay us by check ◾  make a wire transfer We also collect your personal information from others, such as credit bureaus, affiliates and other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ◾  sharing for affiliates’ everyday business purposes – information about your creditworthiness ◾  affiliates from using your information to market to you ◾  sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.

Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ◾  J.P. Morgan Funds does not share with our affiliates.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ◾  J.P. Morgan Funds does not share with nonaffiliates so they can market to you.
Joint Marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ◾  J.P. Morgan Funds doesn’t jointly market.

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

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

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

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC as an exhibit to its report on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC’s website at http://www.sec.gov. Each Fund’s quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

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

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

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

^© JPMorgan Chase & Co., 2020. All rights reserved. June 2020. AN-SC-620

Annual Report

J.P. Morgan Mid Cap/Multi-Cap Funds

June 30, 2020

JPMorgan Growth Advantage Fund

JPMorgan Mid Cap Equity Fund

JPMorgan Mid Cap Growth Fund

JPMorgan Mid Cap Value Fund

JPMorgan Value Advantage Fund

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

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

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

CONTENTS

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
Report of Independent Registered Public Accounting Firm	66
Trustees	67
Officers	70
Schedule of Shareholder Expenses	71
Liquidity Risk Management Program	74
Tax Letter	75
Privacy Policy — Located at the back of this Annual Report

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

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

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

LETTER TO SHAREHOLDERS

JULY 28, 2020 (Unaudited)

Dear Shareholders,

While every epoch holds challenges and opportunities, the current year has brought unprecedented challenges that impacted communities both globally and locally. J.P. Morgan Asset Management has directly confronted the challenges of this year, with sensitivity, urgency and a clear vision, serving our shareholders, clients and communities with unwavering commitment.

  “J.P. Morgan Asset Management has directly confronted the challenges of this year, with sensitivity, urgency and a clear vision, serving our shareholders, clients and communities with unwavering commitment.”
— Andrea L. Lisher

The advent of the COVID-19 pandemic and the ensuing closure of large parts of global, national and local economies also brought severe stress to financial markets. Daily market volatility spiked and yields on U.S. Treasury bonds fell to record lows in March 2020 and by the end of the first quarter of 2020, the value of the S&P 500 Index had declined by 20%. However, the U.S. Federal Reserve, along with other leading central banks, slashed interest rates and unleashed a range of initiatives to seek to ensure liquidity and stability in financial markets. From their lows on March 23, 2020 to the end of the reporting period, the S&P 500 and the Bloomberg Barclays U.S.

Aggregate Index rebounded by 39.3% and 5.0%, respectively, amid accommodative central bank policies, government stimulus programs and global efforts to halt the spread of COVID-19.

Many have faced significant challenges throughout the past year, whether related to the COVID-19 pandemic or the recent acts of racism and discrimination around the world. JPMorgan Chase & Co. has recommitted its firm stance against any form of racism, discrimination, or social injustice. As Brian Lamb, Global Head of Diversity & Inclusion for JPMorgan Chase & Co., recently said, “We are working across the entire firm — being intentional to strengthen our inclusive environment where our employees, customers and partners feel welcomed and valued in the communities where we do business.” To learn more, please visit JPMorgan Chase & Co.’s Diversity & Inclusion web site.

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

JUNE 30, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 1

J.P. Morgan Mid Cap/Multi-Cap Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)

While U.S. equity markets generally outperformed other financial markets in the second half of 2019, global prices for a broad range of assets fell sharply in the first quarter of 2020 as large sectors of global, national and local economies shut down in response to the COVID-19 pandemic. However, equity markets rebounded somewhat in the final three months of the reporting period as stimulus programs from leading central banks and governments took hold and countries in Asia and Europe showed progress in halting the spread of virus.

In late July 2019, the U.S. Federal Reserve (the “Fed”) cut interest rates for the first time in more than a decade as U.S. economic growth showed signs of slowing, even as U.S. unemployment remained at historically low levels. The central bank followed with two more interest rate cuts in September and October 2019. In response to lower rates and improved or stable economic data, equity prices in the U.S. generally rose in the final months of 2019.

Further support for U.S. equity markets came from a “Phase One” trade agreement between the U.S. and China that reduced existing tariffs and headed off the implementation of new tariffs scheduled to take effect December 15, 2019. U.S. investor sentiment remained positive through January 2020 and weathered a brief flare up in military tension between the U.S. and Iran.

While the S&P 500 reached six new closing highs in February — the last one on February 19 — the final weeks of the month were marked by a broad sell-off of assets and a sharp rise in financial market volatility in reaction to the spread of COVID-19 and the expected economic damage to follow. In early March 2020, the World Health Organization declared COVID-19 a pandemic and as businesses, schools and other institutions across the country began to close, U.S. weekly unemployment claims reached record highs. By the end of the first quarter of 2020, the S&P 500 had declined by 20%.

A U.S. government stimulus package, valued at 10% of U.S. gross domestic product, and the Fed’s decision to slash interest rates further and restart its quantitative easing asset purchasing program — along with a range of other stimulus programs — provided support for U.S. and global equity markets in the following months. As economies in Asia and Europe, as well as parts of the U.S., began to reopen in the second quarter of 2020, global prices both for equity and fixed income assets rose. Within U.S. equity markets, large cap stocks generally outperformed mid cap and small cap stocks and growth stocks outperformed value stocks during the reporting period.

2 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2020

JPMorgan Growth Advantage Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		27.87%
Russell 3000 Growth Index		21.94%
Net Assets as of 6/30/2020 (In Thousands)	$	10,810,205

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class A Shares, without a sales charge, outperformed the Russell 3000 Growth Index (the “Benchmark”) for the twelve months ended June 30, 2020. The Fund’s overweight position and security selection in the consumer discretionary sector and its security selection in the information technology sector were leading contributors to performance relative to the Benchmark, while the Fund’s security selection and overweight position in the energy sector and its overweight position in the financials sector were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Tesla, Inc. and Teladoc Health Inc. and its underweight position in Boeing Co. Shares of Tesla, a producer of electric vehicles and energy storage systems, rose amid a faster-than-expected schedule for production of its Model Y vehicles and efficient production output from its Shanghai factory. Shares of Teladoc Health, a provider of online health care services, rose amid investor expectations that the company would benefit from at-home quarantines in response to the COVID-19 pandemic. Shares of Boeing, an aircraft and aerospace manufacturer, fell amid investor concerns about the future of its 737 Max aircraft as well as a sharp decline in airline traffic in response to the COVID-19 pandemic.

Leading individual detractors from relative performance included the Fund’s underweight position in Apple Inc., its out-of-Benchmark position in EOG Resources Inc. and its overweight position in Charles Schwab Corp. Shares of Apple, a maker of mobile devices, computers, software and relative services, rose amid better-than-expected earnings growth and positive investor sentiment over the company’s planned launch of new products and upgrades. Shares of EOG Resources, a petroleum and natural gas producer, fell amid a sharp decline in global oil prices in the second half of the reporting period. Shares of Charles Schwab, a financial services provider, fell amid investor concerns about the impact of lower interest rates and a weakening economy on the financial sector.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers utilized a bottom-up approach to stock selection, researching individual companies across market capitalizations in an effort to construct portfolios of stocks that have strong fundamentals. The Fund’s portfolio managers sought to invest in high quality companies with durable franchises that, in their view, possessed the ability to generate strong future earnings growth.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Microsoft Corp.	7.6	%
	2.	Amazon.com, Inc.	7.1
	3.	Apple, Inc.	5.5
	4.	Alphabet, Inc., Class C	3.9
	5.	Tesla, Inc.	2.7
	6.	UnitedHealth Group, Inc.	2.5
	7.	Mastercard, Inc., Class A	2.3
	8.	PayPal Holdings, Inc.	2.1
	9.	Home Depot, Inc. (The)	2.0
	10.	NVIDIA Corp.	2.0

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	37.4	%
Consumer Discretionary	20.3
Health Care	14.7
Industrials	8.8
Communication Services	8.5
Financials	5.5
Materials	0.9
Short-Term Investments	3.9

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

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

*** Percentages indicated are based on total investments as of June 30, 2020. The Fund’s portfolio composition is subject to change.

JUNE 30, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 3

JPMorgan Growth Advantage Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	October 29, 1999
With Sales Charge*			21.14	%		14.65	%		17.60	%
Without Sales Charge			27.87			15.89			18.23
CLASS C SHARES	May 1, 2006
With CDSC**			26.20			15.31			17.63
Without CDSC			27.20			15.31			17.63
CLASS I SHARES	May 1, 2006		28.15			16.16			18.48
CLASS R2 SHARES	July 31, 2017		27.48			15.59			17.93
CLASS R3 SHARES	May 31, 2017		27.80			15.89			18.23
CLASS R4 SHARES	May 31, 2017		28.15			16.18			18.52
CLASS R5 SHARES	January 8, 2009		28.32			16.33			18.69
CLASS R6 SHARES	December 23, 2013		28.49			16.47			18.77

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)

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

Returns for Class R2 and Class R3 Shares prior to their inception dates are based on the performance of Class A Shares. The actual returns for Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A Shares. The actual returns for Class R3 Shares would have been similar to those shown because Class R3 Shares have similar expenses to Class A Shares.

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

Returns for Class R6 Shares prior to their inception date are based on the performance of Class R5 Shares from January 8, 2009 to December 22, 2013 and Class I Shares prior to January 8, 2009. The actual returns of Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 and Class I Shares.

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Growth Advantage Fund and the Russell 3000 Growth

Index from June 30, 2010 to June 30, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Russell 3000 Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 3000 Growth Index is an unmanaged index which measures the performance of those Russell 3000 companies (largest 3000 U.S. companies) with higher price-to-book ratios and higher forecasted growth values. Investors cannot invest directly in an index.

Class A Shares have a $1,000 minimum initial investment and carry a 5.25% sales charge.

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

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 JUNE 30, 2020

JPMorgan Mid Cap Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		2.48%
Russell Midcap Index		(2.24)%
Net Assets as of 6/30/2020 (In Thousands)	$	1,637,182

INVESTMENT OBJECTIVE**

The JPMorgan Mid Cap Equity Fund (the “Fund”) seeks long-term capital growth.

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

The Fund’s Class I Shares outperformed the Russell Midcap Index (the “Benchmark”) for the twelve months ended June 30, 2020. The Fund’s security selection and overweight position in the information technology sector and its security selection in the consumer discretionary sector were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the real estate and consumer staples sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Teladoc Health Inc. and Advanced Micro Devices Inc. and its out-of-Benchmark position in Tesla, Inc. Shares of Teladoc Health, a provider of online health care services, rose amid investor expectations that the company would benefit from at-home quarantines in response to the COVID-19 pandemic. Shares of Advanced Micro Devices, a semiconductor manufacturer, rose on growth in revenue and market share during the first half of the reporting period. Shares of Tesla, a producer of electric vehicles and energy storage systems, rose amid a faster-than-expected schedule for production of its Model Y vehicles and efficient production output from its Shanghai factory.

Leading individual detractors from relative performance included the Fund’s overweight positions in Diamondback Energy Inc. and Loews Inc. and its underweight position in Newmont Corp. Shares of Diamondback Energy, a petroleum and natural gas producer operating in U.S. shale formations, fell as global oil prices fell sharply in the second half of the reporting period. Shares of Loews, a holding company operating in the energy, insurance and hotels sectors, fell after the company reported a loss for the first quarter of 2020. Shares of Newmont, a gold mining and processing company not held in the Fund, rose due to increased investor demand for commodity gold amid financial market volatility in response to the COVID-19 pandemic.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers employed a bottom-up approach to stock selection, constructing a portfolio based on

company fundamentals, quantitative screening and proprietary fundamental analysis. The Fund’s portfolio managers sought to identify dominant franchises with predictable business models they deemed capable of achieving, in their view, sustained growth, as well as undervalued companies with the potential to grow their intrinsic value per share.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Synopsys, Inc.	1.4	%
	2.	Ball Corp.	1.2
	3.	O’Reilly Automotive, Inc.	1.2
	4.	Amphenol Corp., Class A	1.1
	5.	Splunk, Inc.	1.0
	6.	Keysight Technologies, Inc.	1.0
	7.	AMETEK, Inc.	1.0
	8.	Tractor Supply Co.	1.0
	9.	Spotify Technology SA	1.0
	10.	Xcel Energy, Inc.	0.9

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	19.5	%
Industrials	14.0
Financials	13.5
Health Care	13.5
Consumer Discretionary	13.0
Real Estate	6.4
Utilities	5.0
Communication Services	4.2
Materials	3.8
Consumer Staples	2.5
Energy	2.1
Short-Term Investments	2.5

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

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

*** Percentages indicated are based on total investments as of June 30, 2020. The Fund’s portfolio composition is subject to change.

JUNE 30, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 5

JPMorgan Mid Cap Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	November 2, 2009
With Sales Charge*			(3.16	)%		5.98	%		12.23	%
Without Sales Charge			2.20			7.13			12.83
CLASS C SHARES	November 2, 2009
With CDSC**			0.71			6.59			12.28
Without CDSC			1.71			6.59			12.28
CLASS I SHARES	January 1, 1997		2.48			7.45			13.20
CLASS R2 SHARES	March 14, 2014		1.96			6.86			12.66
CLASS R5 SHARES	March 14, 2014		2.62			7.58			13.29
CLASS R6 SHARES	March 14, 2014		2.72			7.66			13.34

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)

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

Returns for Class R2 Shares prior to their inception date are based on the performance of Class A Shares from December 31, 2009 to March 13, 2014. The actual returns of Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A Shares.

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

The graph illustrates comparative performance for $1,000,000 invested in the Class I Shares of JPMorgan Mid Cap Equity Fund and the Russell Midcap Index from June 30, 2010 to June 30, 2020. The performance of the Fund assumes

reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell Midcap Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the bench mark, if applicable. The Russell Midcap Index is an unmanaged index which measures the performance of the 800 smallest companies in the Russell 1000 Index. Investors cannot invest directly in an index.

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

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

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 JUNE 30, 2020

JPMorgan Mid Cap Growth Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		20.70%
Russell Midcap Growth Index		11.91%
Net Assets as of 6/30/2020 (In Thousands)	$	5,481,067

INVESTMENT OBJECTIVE**

The JPMorgan Mid Cap Growth Fund (the “Fund”) seeks growth of capital.

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

The Fund’s Class I Shares outperformed the Russell Midcap Growth Index (the “Benchmark”) for the twelve months ended June 30, 2020. The Fund’s security selection in the information technology sector and its security selection and underweight position in the communications services sector were leading contributors to performance relative to the Benchmark, while the Fund’s overweight position in the materials sector and its security selection in the real estate sector were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Teladoc Health Inc. and DexCom Inc. and its out-of-Benchmark position in Tesla, Inc. Shares of Teladoc Health, a provider of online health care services, rose amid investor expectations that the company would benefit from at-home quarantines in response to the COVID-19 pandemic. Shares of DexCom, a medical device manufacturer, rose after the company reported better-than-expected earnings and revenue for several consecutive quarters. Shares of Tesla, a producer of electric vehicles and energy storage systems, rose amid a faster-than-expected schedule for production of its Model Y vehicles and efficient production output from its Shanghai factory.

Leading individual detractors from relative performance included the Fund’s underweight positions in DocuSign Inc. and Wayfair Inc., and its out-of-Benchmark position in Concho Resources Inc. Shares of DocuSign, a provider of electronic document services, rose amid increased demand for its services as businesses adopted work-from-home policies in response to the COVID-19 pandemic. Shares of Wayfair, an online retailer of home furnishings, rose after the company reported better-than-expected results for the first quarter of 2020 as consumers increased online purchases during at-home quarantines in response to the COVID-19 pandemic. Shares of Concho Resources, a petroleum and gas producer operating in U.S. shale formations, fell amid a sharp decline in global oil prices during the second half of the reporting period.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers utilized a bottom-up approach to stock selection, researching individual companies in an effort to construct a portfolio of stocks that have strong fundamentals. The Fund’s portfolio managers sought to invest in high quality companies with durable franchises that, in their view, possessed the ability to generate strong future earnings growth.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	O’Reilly Automotive, Inc.	2.3	%
	2.	Splunk, Inc.	1.9
	3.	Tractor Supply Co.	1.9
	4.	Spotify Technology SA	1.9
	5.	Synopsys, Inc.	1.7
	6.	Trade Desk, Inc. (The), Class A	1.7
	7.	ResMed, Inc.	1.7
	8.	Lululemon Athletica, Inc.	1.5
	9.	Teladoc Health, Inc.	1.3
	10.	Ball Corp.	1.3

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	30.3	%
Health Care	18.7
Industrials	16.3
Consumer Discretionary	15.8
Financials	6.8
Communication Services	4.7
Materials	1.9
Real Estate	0.5
Short-Term Investments	5.0

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

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

*** Percentages indicated are based on total investments as of June 30, 2020. The Fund’s portfolio composition is subject to change.

JUNE 30, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 7

JPMorgan Mid Cap Growth Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 18, 1992
With Sales Charge*			13.97	%		10.79	%		15.22	%
Without Sales Charge			20.30			11.99			15.84
CLASS C SHARES	November 4, 1997
With CDSC**			18.72			11.44			15.26
Without CDSC			19.72			11.44			15.26
CLASS I SHARES	March 2, 1989		20.70			12.35			16.20
CLASS R2 SHARES	June 19, 2009		20.00			11.75			15.63
CLASS R3 SHARES	September 9, 2016		20.30			11.99			15.84
CLASS R4 SHARES	September 9, 2016		20.63			12.28			16.13
CLASS R5 SHARES	November 1, 2011		20.86			12.50			16.34
CLASS R6 SHARES	November 1, 2011		20.91			12.56			16.40

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)

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

Returns for the Class R3, Class R4, Class R5 and Class R6 Shares prior to their inception dates are based on the performance of Class I Shares. Prior performance for Class R3 and Class R4 Shares has been adjusted to reflect the differences in expenses between classes. The actual returns of Class R5 and Class R6 Shares would have been different than those shown because Class R5 and Class R6 Shares have different expenses than Class I Shares.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Mid Cap Growth Fund and the Russell Midcap Growth Index from June 30, 2010 to June 30, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell Mid-

cap 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.

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 JUNE 30, 2020

JPMorgan Mid Cap Value Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class L Shares)*		(13.71)%
Russell Midcap Value Index		(11.81)%
Net Assets as of 6/30/2020 (In Thousands)	$	12,714,587

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 twelve months ended June 30, 2020. The Fund’s security selection in the real estate and industrials sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the utilities and information technology sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s underweight position in Newmont Corp. and its overweight positions in Middleby Corp. and Loews Corp.

Shares of Newmont, a gold mining and processing company not held in the Fund, rose due to increased investor demand for commodity gold amid financial market volatility in response to the COVID-19 pandemic. Shares of Middleby, a food service equipment manufacturer, fell amid investor concerns about the business impact of the COVID-19 pandemic as well as lower-than-expected sales for the third quarter of 2019. Shares of Loews, a holding company operating in the energy, insurance and hotels sectors, fell after the company reported a loss for the first quarter of 2020.

Leading individual contributors to relative performance included the Fund’s overweight positions in T. Rowe Price Group Inc., Tiffany & Co. and Synopsys Inc. Shares of T. Rowe Price Group, a provider of mutual funds and other investment services, rose after the company reported better-than-expected earnings and revenue for the first quarter of 2020. Shares of Tiffany, a luxury retailer, rose after the company agreed to a $16.2 billion acquisition by LVMH Moet Hennessey Louis Vuitton SE. Shares of Synopsys, a provider of software and consulting to the semiconductor industry, 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 managers utilized a bottom-up approach to stock selection and sought to identify durable franchises possessing the ability to generate, in their view, sustainable levels of free cash flow.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Xcel Energy, Inc.	1.9	%
	2.	CMS Energy Corp.	1.8
	3.	WEC Energy Group, Inc.	1.7
	4.	T. Rowe Price Group, Inc.	1.7
	5.	Ameriprise Financial, Inc.	1.7
	6.	AutoZone, Inc.	1.6
	7.	Loews Corp.	1.6
	8.	M&T Bank Corp.	1.5
	9.	Zimmer Biomet Holdings, Inc.	1.5
	10.	Best Buy Co., Inc.	1.5

PORTFOLIO COMPOSITION BY SECTOR***
Financials	20.2	%
Real Estate	12.5
Industrials	11.1
Utilities	10.0
Consumer Discretionary	9.7
Health Care	7.7
Information Technology	7.6
Materials	5.6
Consumer Staples	5.0
Energy	4.3
Communication Services	3.5
Short-Term Investments	2.8

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

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

*** Percentages indicated are based on total investments as of June 30, 2020. The Fund’s portfolio composition is subject to change.

JUNE 30, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 9

JPMorgan Mid Cap Value Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	April 30, 2001
With Sales Charge*			(18.64	)%		0.85	%		9.13	%
Without Sales Charge			(14.13	)		1.94			9.73
CLASS C SHARES	April 30, 2001
With CDSC**			(15.55	)		1.43			9.17
Without CDSC			(14.55	)		1.43			9.17
CLASS I SHARES	October 31, 2001		(13.90	)		2.20			10.00
CLASS L SHARES	November 13, 1997		(13.71	)		2.44			10.27
CLASS R2 SHARES	November 3, 2008		(14.36	)		1.68			9.44
CLASS R3 SHARES	September 9, 2016		(14.13	)		1.94			9.73
CLASS R4 SHARES	September 9, 2016		(13.93	)		2.19			10.00
CLASS R5 SHARES	September 9, 2016		(13.79	)		2.37			10.23
CLASS R6 SHARES	September 9, 2016		(13.70	)		2.45			10.27

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)

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

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

Returns for the Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns of Class R4 Shares would have been lower because Class R4 Shares have higher expenses than Class I Shares.

Returns for the Class R5 and R6 Shares prior to their inception dates are based on the performance of Class L Shares. The actual returns of Class R5 Shares would have been lower than those shown because Class R5 Shares have higher expenses than Class L Shares. The actual returns for Class R6 Shares would have been similar to those shown because Class R6 Shares have similar expenses to Class L Shares.

The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan Mid Cap Value Fund and the Russell Midcap

Value Index from June 30, 2010 to June 30, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell Midcap Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell Midcap Value Index is an unmanaged index which measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index.

Class L Shares have a $3,000,000 minimum initial investment.

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

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 JUNE 30, 2020

JPMorgan Value Advantage Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class L Shares)*		(13.26)%
Russell 3000 Value Index		(9.42)%
Net Assets as of 6/30/2020 (In Thousands) . .	$	8,699,919

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 twelve months ended June 30, 2020. The Fund’s security selection and underweight positions in the financials and consumer staples sectors were leading detractors from performance relative to the Benchmark, while the Fund’s security selection in the energy and utilities sectors was a leading contributor to leading relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Delta Air Lines Inc., Loews Inc. and Entercom Communications Corp. Shares of Delta Air Lines, a passenger airline, fell as global air travel was restricted in response to the COVID-19 pandemic. Shares of Loews, a holding company operating in the energy, insurance and hotels sectors, fell after the company reported a loss for the first quarter of 2020. Shares of Entercom Communications, a media and entertainment provider, fell after the company reported lower-than-expected earnings and revenue for the first quarter of 2020 as its live events business was shuttered in response to the COVID-19 pandemic.

Leading individual contributors to performance relative to the Benchmark included the Fund’s overweight positions in T. Rowe Price Group Inc., Tiffany & Co. and Morgan Stanley. Shares of T. Rowe Price Group, provider of mutual funds and other investment services, rose after the company reported better-than-expected earnings and revenue for the first quarter of 2020. Shares of Tiffany, a luxury retailer, rose after the company agreed to a $16.2 billion acquisition by LVMH Moet Hennessey Louis Vuitton SE. Shares of Morgan Stanley, a financial services provider, rose amid investor expectations that it would maintain dividend payments to shareholders.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers utilized a bottom-up approach to stock selection and sought to identify durable franchises possessing the ability to generate, in the portfolio managers’ view, significant levels of free cash flow.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Bank of America Corp.	3.6	%
	2.	Berkshire Hathaway, Inc., Class B	2.1
	3.	Bristol-Myers Squibb Co.	2.0
	4.	PNC Financial Services Group, Inc. (The)	1.9
	5.	Loews Corp.	1.9
	6.	Verizon Communications, Inc.	1.8
	7.	Johnson & Johnson	1.8
	8.	Procter & Gamble Co. (The)	1.6
	9.	Travelers Cos., Inc. (The)	1.6
	10.	Wells Fargo & Co.	1.6

PORTFOLIO COMPOSITION BY SECTOR***
Financials	30.1	%
Health Care	11.4
Energy	7.6
Industrials	7.1
Real Estate	6.9
Consumer Discretionary	6.8
Communication Services	6.0
Utilities	5.6
Consumer Staples	5.3
Information Technology	5.2
Materials	4.0
Short-Term Investments	4.0

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

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

*** Percentages indicated are based on total investments as of June 30, 2020. The Fund’s portfolio composition is subject to change.

JUNE 30, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 11

JPMorgan Value Advantage Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 28, 2005
With Sales Charge*			(18.12	)%		1.64	%		8.91	%
Without Sales Charge			(13.60	)		2.74			9.49
CLASS C SHARES	February 28, 2005
With CDSC**			(15.04	)		2.22			8.95
Without CDSC			(14.04	)		2.22			8.95
CLASS I SHARES	February 28, 2005		(13.39	)		3.00			9.76
CLASS L SHARES	February 28, 2005		(13.26	)		3.19			10.01
CLASS R2 SHARES	July 31, 2017		(13.82	)		2.48			9.22
CLASS R3 SHARES	September 9, 2016		(13.60	)		2.73			9.49
CLASS R4 SHARES	September 9, 2016		(13.40	)		2.99			9.76
CLASS R5 SHARES	September 9, 2016		(13.25	)		3.17			10.00
CLASS R6 SHARES	September 9, 2016		(13.18	)		3.25			10.04

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)

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

Returns for Class R2 and Class R3 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns of Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A Shares. Returns for Class R3 Shares would have been similar to those shown because Class R3 Shares have similar expenses to Class A Shares.

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

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

The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan Value Advantage Fund and the Russell 3000 Value Index from June 30, 2010 to June 30, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 3000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 3000 Value Index is an unmanaged index which measures the performance of those Russell 3000 companies (largest 3000 U.S. companies) with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index.

Class L Shares have a $3,000,000 minimum initial investment.

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

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 JUNE 30, 2020

JPMorgan Growth Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.9%
Automobiles — 3.5%
Tesla, Inc. * (a)		281		303,639
Thor Industries, Inc. (a)		705		75,085
				378,724
Banks — 1.0%
East West Bancorp, Inc.		866		31,384
First Republic Bank		767		81,243
				112,627
Biotechnology — 5.0%
Alnylam Pharmaceuticals, Inc. *		370		54,781
Amgen, Inc.		872		205,600
Exact Sciences Corp. * (a)		839		72,979
Exelixis, Inc. *		3,059		72,621
Intercept Pharmaceuticals, Inc. * (a)		323		15,473
Regeneron Pharmaceuticals, Inc. *		199		124,042
				545,496
Building Products — 1.2%
Fortune Brands Home & Security, Inc.		1,149		73,474
Trane Technologies plc		601		53,448
				126,922
Capital Markets — 3.6%
BlackRock, Inc.		166		90,556
Blackstone Group, Inc. (The), Class A		776		43,993
Charles Schwab Corp. (The)		2,561		86,407
Nasdaq, Inc.		641		76,580
S&P Global, Inc.		293		96,585
				394,121
Commercial Services & Supplies — 1.5%
Copart, Inc. *		774		64,481
Waste Connections, Inc.		996		93,376
				157,857
Communications Equipment — 0.5%
Arista Networks, Inc. * (a)		234		49,238
Containers & Packaging — 0.9%
Ball Corp.		1,354		94,055
Electrical Equipment — 1.7%
AMETEK, Inc.		778		69,497
Generac Holdings, Inc. *		925		112,836
				182,333
Electronic Equipment, Instruments & Components — 2.1%
Amphenol Corp., Class A		622		59,594
Keysight Technologies, Inc. *		709		71,463

INVESTMENTS	SHARES (000)		VALUE ($000)
Electronic Equipment, Instruments & Components — continued
Zebra Technologies Corp., Class A *		384		98,197
				229,254
Entertainment — 2.7%
Netflix, Inc. *		289		131,341
Spotify Technology SA * (a)		337		86,937
Take-Two Interactive Software, Inc. *		509		71,024
				289,302
Health Care Equipment & Supplies — 1.8%
DexCom, Inc. *		248		100,365
Intuitive Surgical, Inc. * (a)		165		93,936
				194,301
Health Care Providers & Services — 3.1%
McKesson Corp.		400		61,387
UnitedHealth Group, Inc.		931		274,554
				335,941
Health Care Technology — 0.9%
Teladoc Health, Inc. * (a)		533		101,767
Hotels, Restaurants & Leisure — 0.6%
Las Vegas Sands Corp.		1,398		63,680
Household Durables — 1.2%
Garmin Ltd. (a)		1,355		132,108
Insurance — 1.0%
Progressive Corp. (The)		1,304		104,449
Interactive Media & Services — 5.4%
Alphabet, Inc., Class C *		306		432,464
Facebook, Inc., Class A *		668		151,592
				584,056
Internet & Direct Marketing Retail — 8.4%
Amazon.com, Inc. *		287		792,397
Booking Holdings, Inc. *		70		112,137
				904,534
IT Services — 7.3%
Booz Allen Hamilton Holding Corp. (a)		1,149		89,350
Global Payments, Inc.		806		136,747
Mastercard, Inc., Class A		875		258,688
MongoDB, Inc. * (a)		297		67,170
PayPal Holdings, Inc. *		1,338		233,185
				785,140
Life Sciences Tools & Services — 2.3%
Illumina, Inc. *		215		79,676

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 13

JPMorgan Growth Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Life Sciences Tools & Services — continued
Mettler-Toledo International, Inc. *		79		64,000
Thermo Fisher Scientific, Inc.		290		105,087
				248,763
Machinery — 2.0%
Ingersoll Rand, Inc. * (a)		1,405		39,502
Nordson Corp. (a)		411		77,883
Stanley Black & Decker, Inc.		733		102,206
				219,591
Media — 0.6%
New York Times Co. (The), Class A (a)		1,608		67,581
Pharmaceuticals — 2.0%
Catalent, Inc. *		1,158		84,875
Jazz Pharmaceuticals plc *		488		53,835
Royalty Pharma plc, Class A *		1,554		75,440
				214,150
Professional Services — 1.4%
FTI Consulting, Inc. * (a)		806		92,383
IHS Markit Ltd.		840		63,444
				155,827
Road & Rail — 1.2%
Lyft, Inc., Class A * (a)		1,355		44,735
Old Dominion Freight Line, Inc.		521		88,383
				133,118
Semiconductors & Semiconductor Equipment — 7.9%
Advanced Micro Devices, Inc. *		2,616		137,610
Enphase Energy, Inc. * (a)		1,820		86,567
Entegris, Inc. (a)		1,234		72,896
Lam Research Corp.		337		108,890
Microchip Technology, Inc. (a)		513		54,055
NVIDIA Corp.		574		218,206
QUALCOMM, Inc.		1,914		174,541
				852,765
Software — 15.3%
Cadence Design Systems, Inc. *		697		66,921
Crowdstrike Holdings, Inc., Class A *		765		76,715
Intuit, Inc.		354		104,939
Medallia, Inc. * (a)		1,097		27,679
Microsoft Corp.		4,183		851,325
ServiceNow, Inc. *		248		100,523
Splunk, Inc. * (a)		543		107,944
Synopsys, Inc. *		476		92,783
Trade Desk, Inc. (The), Class A * (a)		301		122,491

INVESTMENTS	SHARES (000)		VALUE ($000)
Software — continued
Zscaler, Inc. * (a)		814		89,082
				1,640,402
Specialty Retail — 6.7%
CarMax, Inc. * (a)		853		76,343
Home Depot, Inc. (The)		898		225,018
National Vision Holdings, Inc. *		1,154		35,233
O’Reilly Automotive, Inc. *		253		106,777
Ross Stores, Inc.		932		79,466
Tractor Supply Co.		1,263		166,497
Ulta Beauty, Inc. *		195		39,667
				729,001
Technology Hardware, Storage & Peripherals — 5.6%
Apple, Inc.		1,665		607,485
Textiles, Apparel & Luxury Goods — 0.5%
Lululemon Athletica, Inc. *		179		55,825
Total Common Stocks (Cost $5,882,056)				10,690,413
Short-Term Investments — 4.1%
Investment Companies — 1.0%
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (b) (c) (Cost $105,359)		105,321		105,416
Investment of Cash Collateral from Securities Loaned — 3.1%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (b) (c)		302,408		302,529
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (b) (c)		31,490		31,490
Total Investment of Cash Collateral from Securities Loaned (Cost $334,021)				334,019
Total Short-Term Investments (Cost $439,380)				439,435
Total Investments — 103.0% (Cost $6,321,436)				11,129,848
Liabilities in Excess of Other Assets — (3.0)%				(319,643	)
NET ASSETS — 100.0%				10,810,205

Percentages indicated are based on net assets.

(a)	The security or a portion of this security is on loan at June 30, 2020. The total value of securities on loan at June 30, 2020 is approximately $331,253,000.
(b)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of June 30, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2020

JPMorgan Mid Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.5%
Aerospace & Defense — 0.3%
HEICO Corp., Class A		69		5,608
Airlines — 0.4%
Southwest Airlines Co.		174		5,936
Auto Components — 0.4%
BorgWarner, Inc.		170		5,986
Automobiles — 0.7%
Tesla, Inc. *		5		5,399
Thor Industries, Inc.		59		6,285
				11,684
Banks — 4.2%
Citizens Financial Group, Inc.		331		8,358
East West Bancorp, Inc.		63		2,300
Fifth Third Bancorp		524		10,102
First Republic Bank		129		13,704
Huntington Bancshares, Inc.		573		5,176
M&T Bank Corp.		118		12,225
Regions Financial Corp.		613		6,822
TCF Financial Corp.		198		5,821
Zions Bancorp NA		131		4,447
				68,955
Beverages — 0.8%
Constellation Brands, Inc., Class A		48		8,329
Keurig Dr Pepper, Inc.		165		4,673
				13,002
Biotechnology — 2.6%
Agios Pharmaceuticals, Inc. *		79		4,217
Alnylam Pharmaceuticals, Inc. *		57		8,387
BioMarin Pharmaceutical, Inc. *		34		4,199
Exact Sciences Corp. *		96		8,388
Exelixis, Inc. *		258		6,130
Intercept Pharmaceuticals, Inc. *		26		1,243
Neurocrine Biosciences, Inc. *		51		6,198
Seattle Genetics, Inc. *		25		4,180
				42,942
Building Products — 1.8%
AZEK Co., Inc. (The) *		94		3,001
Fortune Brands Home & Security, Inc.		227		14,509
Trane Technologies plc		65		5,767
Trex Co., Inc. *		48		6,269
				29,546

INVESTMENTS	SHARES (000)		VALUE ($000)
Capital Markets — 5.2%
Ameriprise Financial, Inc.		90		13,454
Blackstone Group, Inc. (The), Class A		57		3,207
Charles Schwab Corp. (The)		109		3,684
Evercore, Inc., Class A		54		3,199
MarketAxess Holdings, Inc.		18		9,167
MSCI, Inc.		28		9,368
Nasdaq, Inc.		40		4,737
Northern Trust Corp.		118		9,362
Raymond James Financial, Inc.		135		9,307
S&P Global, Inc.		14		4,459
T. Rowe Price Group, Inc.		107		13,249
TD Ameritrade Holding Corp.		77		2,790
				85,983
Chemicals — 0.6%
Sherwin-Williams Co. (The)		17		9,807
Commercial Services & Supplies — 1.0%
Copart, Inc. *		112		9,367
Waste Connections, Inc.		79		7,448
				16,815
Communications Equipment — 0.7%
Arista Networks, Inc. *		30		6,270
CommScope Holding Co., Inc. *		263		2,190
Motorola Solutions, Inc.		26		3,704
				12,164
Construction Materials — 0.5%
Martin Marietta Materials, Inc.		42		8,591
Consumer Finance — 0.3%
Discover Financial Services		85		4,257
Containers & Packaging — 2.6%
Avery Dennison Corp.		46		5,208
Ball Corp.		280		19,428
Packaging Corp. of America		50		5,022
Silgan Holdings, Inc.		246		7,956
Westrock Co.		203		5,744
				43,358
Distributors — 0.4%
Genuine Parts Co.		67		5,822
Electric Utilities — 2.1%
Edison International		181		9,822
Entergy Corp.		100		9,377
Xcel Energy, Inc.		242		15,097
				34,296

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 15

JPMorgan Mid Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Electrical Equipment — 2.4%
Acuity Brands, Inc.		75		7,205
AMETEK, Inc.		178		15,896
Generac Holdings, Inc. *		77		9,338
Hubbell, Inc.		59		7,372
				39,811
Electronic Equipment, Instruments & Components — 3.9%
Amphenol Corp., Class A		196		18,821
CDW Corp.		76		8,787
Keysight Technologies, Inc. *		161		16,243
SYNNEX Corp.		75		9,005
Zebra Technologies Corp., Class A *		41		10,400
				63,256
Entertainment — 1.5%
Spotify Technology SA *		61		15,732
Take-Two Interactive Software, Inc. *		67		9,293
				25,025
Equity Real Estate Investment Trusts (REITs) — 5.4%
American Campus Communities, Inc.		96		3,359
American Homes 4 Rent, Class A		250		6,738
AvalonBay Communities, Inc.		63		9,733
Boston Properties, Inc.		103		9,331
Brixmor Property Group, Inc.		393		5,041
Essex Property Trust, Inc.		25		5,685
Federal Realty Investment Trust		66		5,666
Host Hotels & Resorts, Inc.		222		2,396
JBG SMITH Properties		114		3,360
Kimco Realty Corp.		379		4,866
Outfront Media, Inc.		235		3,332
Rayonier, Inc.		264		6,541
Regency Centers Corp.		89		4,101
Ventas, Inc.		83		3,028
Vornado Realty Trust		151		5,768
Weyerhaeuser Co.		267		6,003
WP Carey, Inc.		64		4,299
				89,247
Food & Staples Retailing — 0.7%
Kroger Co. (The)		252		8,539
US Foods Holding Corp. *		142		2,797
				11,336
Food Products — 0.5%
Post Holdings, Inc. *		88		7,752

INVESTMENTS	SHARES (000)		VALUE ($000)
Gas Utilities — 0.5%
National Fuel Gas Co.		194		8,142
Health Care Equipment & Supplies — 2.7%
Cooper Cos., Inc. (The)		16		4,453
DexCom, Inc. *		16		6,390
Insulet Corp. *		39		7,659
ResMed, Inc.		73		14,024
Zimmer Biomet Holdings, Inc.		101		12,109
				44,635
Health Care Providers & Services — 4.5%
Acadia Healthcare Co., Inc. *		94		2,354
Amedisys, Inc. *		27		5,361
AmerisourceBergen Corp.		106		10,714
Centene Corp. *		83		5,249
Cigna Corp.		45		8,512
Henry Schein, Inc. *		106		6,188
Humana, Inc.		14		5,392
Laboratory Corp. of America Holdings *		70		11,692
McKesson Corp.		64		9,788
Universal Health Services, Inc., Class B		88		8,147
				73,397
Health Care Technology — 1.4%
Teladoc Health, Inc. *		58		11,153
Veeva Systems, Inc., Class A *		47		10,965
				22,118
Hotels, Restaurants & Leisure — 1.1%
Chipotle Mexican Grill, Inc. *		10		10,990
Darden Restaurants, Inc.		22		1,634
Las Vegas Sands Corp.		101		4,609
				17,233
Household Durables — 2.2%
Garmin Ltd.		103		10,083
Helen of Troy Ltd. *		22		4,167
Mohawk Industries, Inc. *		78		7,904
Newell Brands, Inc.		486		7,722
NVR, Inc. *		2		5,406
				35,282
Household Products — 0.5%
Energizer Holdings, Inc.		161		7,641
Industrial Conglomerates — 0.9%
Carlisle Cos., Inc.		125		14,912

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Insurance — 3.8%
Alleghany Corp.		10		5,094
Hartford Financial Services Group, Inc. (The)		236		9,095
Lincoln National Corp.		110		4,047
Loews Corp.		386		13,251
Marsh & McLennan Cos., Inc.		79		8,510
Progressive Corp. (The)		175		14,013
Selectquote, Inc. *		107		2,718
WR Berkley Corp.		100		5,750
				62,478
Interactive Media & Services — 0.5%
Match Group, Inc. *		76		8,179
Internet & Direct Marketing Retail — 0.6%
Booking Holdings, Inc. *		4		5,892
Expedia Group, Inc.		43		3,551
				9,443
IT Services — 3.5%
Booz Allen Hamilton Holding Corp.		141		10,995
FleetCor Technologies, Inc. *		32		8,049
Global Payments, Inc.		51		8,685
Jack Henry & Associates, Inc.		37		6,870
MongoDB, Inc. *		33		7,379
Okta, Inc. *		52		10,315
Square, Inc., Class A *		44		4,586
				56,879
Leisure Products — 0.3%
Brunswick Corp.		72		4,634
Life Sciences Tools & Services — 0.8%
Illumina, Inc. *		11		4,072
Mettler-Toledo International, Inc. *		10		8,298
				12,370
Machinery — 4.2%
IDEX Corp.		55		8,647
Ingersoll Rand, Inc. *		150		4,221
ITT, Inc.		240		14,077
Lincoln Electric Holdings, Inc.		102		8,623
Middleby Corp. (The) *		102		8,073
Nordson Corp.		43		8,072
Snap-on, Inc.		67		9,270
Stanley Black & Decker, Inc.		58		8,117
				69,100
Media — 2.2%
Discovery, Inc., Class C *		396		7,635

INVESTMENTS	SHARES (000)		VALUE ($000)
Media — continued
DISH Network Corp., Class A *		84		2,909
Liberty Broadband Corp., Class C *		61		7,537
Liberty Media Corp.-Liberty SiriusXM, Class C *		303		10,440
New York Times Co. (The), Class A		159		6,689
				35,210
Multiline Retail — 0.3%
Kohl’s Corp.		141		2,937
Nordstrom, Inc.		115		1,789
				4,726
Multi-Utilities — 2.4%
CMS Energy Corp.		244		14,273
Sempra Energy		92		10,818
WEC Energy Group, Inc.		158		13,855
				38,946
Oil, Gas & Consumable Fuels — 2.1%
Cabot Oil & Gas Corp.		379		6,519
Diamondback Energy, Inc.		263		11,016
EQT Corp.		374		4,452
Equitrans Midstream Corp.		377		3,129
Williams Cos., Inc. (The)		512		9,737
				34,853
Personal Products — 0.1%
Coty, Inc., Class A		293		1,311
Pharmaceuticals — 1.6%
Catalent, Inc. *		89		6,498
Horizon Therapeutics plc *		141		7,848
Jazz Pharmaceuticals plc *		51		5,582
Royalty Pharma plc, Class A *		118		5,705
				25,633
Professional Services — 2.2%
CoStar Group, Inc. *		13		9,094
Equifax, Inc.		50		8,560
FTI Consulting, Inc. *		65		7,498
IHS Markit Ltd.		135		10,211
				35,363
Real Estate Management & Development — 1.0%
CBRE Group, Inc., Class A *		299		13,509
Cushman & Wakefield plc *		200		2,487
				15,996
Road & Rail — 0.8%
Lyft, Inc., Class A *		105		3,464

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 17

JPMorgan Mid Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Road & Rail — continued
Old Dominion Freight Line, Inc.		55		9,260
				12,724
Semiconductors & Semiconductor Equipment — 4.1%
Advanced Micro Devices, Inc. *		137		7,205
Analog Devices, Inc.		56		6,874
Cree, Inc. *		41		2,409
Enphase Energy, Inc. *		186		8,824
Entegris, Inc.		127		7,511
KLA Corp.		49		9,596
Lam Research Corp.		18		5,903
Microchip Technology, Inc.		87		9,122
Xilinx, Inc.		100		9,860
				67,304
Software — 7.2%
Cadence Design Systems, Inc. *		115		11,026
Coupa Software, Inc. *		21		5,679
Crowdstrike Holdings, Inc., Class A *		91		9,078
HubSpot, Inc. *		29		6,551
Intuit, Inc.		16		4,865
Medallia, Inc. *		86		2,168
RingCentral, Inc., Class A *		38		10,856
ServiceNow, Inc. *		11		4,366
Slack Technologies, Inc., Class A *		121		3,759
Splunk, Inc. *		82		16,357
Synopsys, Inc. *		117		22,851
Trade Desk, Inc. (The), Class A *		35		14,347
Zscaler, Inc. *		68		7,485
				119,388
Specialty Retail — 5.6%
AutoZone, Inc. *		12		13,187
Best Buy Co., Inc.		137		11,945
Burlington Stores, Inc. *		34		6,628
CarMax, Inc. *		75		6,716
Gap, Inc. (The)		379		4,789
National Vision Holdings, Inc. *		145		4,423
O’Reilly Automotive, Inc. *		46		19,353
Ross Stores, Inc.		58		4,903
Tractor Supply Co.		120		15,761
Ulta Beauty, Inc. *		30		6,184
				93,889
Textiles, Apparel & Luxury Goods — 1.4%
Carter’s, Inc.		41		3,281
Lululemon Athletica, Inc. *		40		12,365

INVESTMENTS	SHARES (000)		VALUE ($000)
Textiles, Apparel & Luxury Goods — continued
PVH Corp.		34		1,649
Ralph Lauren Corp.		87		6,315
				23,610
Total Common Stocks (Cost $1,113,790)				1,596,575
Short-Term Investments — 2.5%
Investment Companies — 2.5%
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (a) (b) (Cost $40,601)		40,575		40,612
Total Investments — 100.0% (Cost $1,154,391)				1,637,187
Liabilities in Excess of Other Assets — 0.0% (c)				(5	)
NET ASSETS — 100.0%				1,637,182

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 June 30, 2020.
(c)	Amount rounds to less than 0.1% of net assets.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2020

JPMorgan Mid Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 99.2%
Aerospace & Defense — 0.7%
HEICO Corp., Class A		466		37,832
Automobiles — 1.4%
Tesla, Inc. *		34		36,282
Thor Industries, Inc. (a)		398		42,417
				78,699
Banks — 1.0%
East West Bancorp, Inc.		428		15,509
First Republic Bank		388		41,113
				56,622
Biotechnology — 5.3%
Agios Pharmaceuticals, Inc. * (a)		532		28,451
Alnylam Pharmaceuticals, Inc. *		382		56,534
BioMarin Pharmaceutical, Inc. *		229		28,282
Exact Sciences Corp. * (a)		651		56,582
Exelixis, Inc. *		1,742		41,350
Intercept Pharmaceuticals, Inc. * (a)		175		8,373
Neurocrine Biosciences, Inc. *		343		41,809
Seattle Genetics, Inc. *		166		28,190
				289,571
Building Products — 2.6%
AZEK Co., Inc. (The) *		635		20,241
Fortune Brands Home & Security, Inc.		644		41,190
Trane Technologies plc		437		38,884
Trex Co., Inc. * (a)		325		42,292
				142,607
Capital Markets — 5.0%
Blackstone Group, Inc. (The), Class A		382		21,644
Charles Schwab Corp. (The)		737		24,860
Evercore, Inc., Class A (a)		367		21,594
MarketAxess Holdings, Inc.		123		61,713
MSCI, Inc.		190		63,260
Nasdaq, Inc. (a)		268		31,970
S&P Global, Inc.		92		30,157
TD Ameritrade Holding Corp.		517		18,824
				274,022
Commercial Services & Supplies — 2.1%
Copart, Inc. *		759		63,185
Waste Connections, Inc.		535		50,205
				113,390
Communications Equipment — 0.8%
Arista Networks, Inc. *		201		42,283

INVESTMENTS	SHARES (000)		VALUE ($000)
Containers & Packaging — 2.0%
Avery Dennison Corp.		308		35,117
Ball Corp. (a)		1,075		74,670
				109,787
Electrical Equipment — 2.0%
AMETEK, Inc.		497		44,435
Generac Holdings, Inc. *		517		62,977
				107,412
Electronic Equipment, Instruments & Components — 3.6%
Amphenol Corp., Class A		658		63,037
Keysight Technologies, Inc. *		645		64,993
Zebra Technologies Corp., Class A *		274		70,105
				198,135
Entertainment — 3.1%
Spotify Technology SA *		411		106,013
Take-Two Interactive Software, Inc. *		449		62,639
				168,652
Health Care Equipment & Supplies — 4.0%
Cooper Cos., Inc. (The) (a)		106		30,037
DexCom, Inc. *		107		43,216
Insulet Corp. *		266		51,634
ResMed, Inc.		493		94,618
				219,505
Health Care Providers & Services — 2.8%
Acadia Healthcare Co., Inc. * (a)		632		15,887
Amedisys, Inc. *		182		36,174
Centene Corp. *		557		35,417
McKesson Corp.		431		66,047
				153,525
Health Care Technology — 2.7%
Teladoc Health, Inc. * (a)		394		75,234
Veeva Systems, Inc., Class A *		316		73,972
				149,206
Hotels, Restaurants & Leisure — 1.9%
Chipotle Mexican Grill, Inc. * (a)		71		74,192
Las Vegas Sands Corp.		682		31,076
				105,268
Household Durables — 2.4%
Garmin Ltd.		698		68,029
Helen of Troy Ltd. *		149		28,152
NVR, Inc. *		11		36,172
				132,353

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 19

JPMorgan Mid Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Industrial Conglomerates — 0.7%
Carlisle Cos., Inc.		314		37,624
Insurance — 1.1%
Progressive Corp. (The)		535		42,827
Selectquote, Inc. *		724		18,329
				61,156
Interactive Media & Services — 1.0%
Match Group, Inc. * (a)		516		55,184
Internet & Direct Marketing Retail — 0.7%
Booking Holdings, Inc. *		25		39,649
IT Services — 6.2%
Booz Allen Hamilton Holding Corp. (a)		953		74,165
FleetCor Technologies, Inc. *		216		54,305
Global Payments, Inc.		346		58,604
MongoDB, Inc. * (a)		220		49,727
Okta, Inc. *		347		69,560
Square, Inc., Class A * (a)		295		30,905
				337,266
Leisure Products — 0.6%
Brunswick Corp. (a)		488		31,262
Life Sciences Tools & Services — 1.5%
Illumina, Inc. *		74		27,582
Mettler-Toledo International, Inc. *		69		55,744
				83,326
Machinery — 3.1%
Ingersoll Rand, Inc. * (a)		1,012		28,464
ITT, Inc.		566		33,259
Nordson Corp. (a)		287		54,485
Stanley Black & Decker, Inc.		393		54,761
				170,969
Media — 0.8%
New York Times Co. (The), Class A (a)		1,073		45,115
Pharmaceuticals — 3.1%
Catalent, Inc. *		598		43,833
Horizon Therapeutics plc *		952		52,934
Jazz Pharmaceuticals plc *		341		37,656
Royalty Pharma plc, Class A *		787		38,209
				172,632
Professional Services — 4.4%
CoStar Group, Inc. *		86		61,260
Equifax, Inc. (a)		336		57,769
FTI Consulting, Inc. * (a)		441		50,551

INVESTMENTS	SHARES (000)		VALUE ($000)
Professional Services — continued
IHS Markit Ltd.		912		68,856
				238,436
Real Estate Management & Development — 0.5%
CBRE Group, Inc., Class A *		572		25,881
Road & Rail — 1.6%
Lyft, Inc., Class A * (a)		708		23,358
Old Dominion Freight Line, Inc.		368		62,401
				85,759
Semiconductors & Semiconductor Equipment — 7.4%
Advanced Micro Devices, Inc. *		924		48,612
Cree, Inc. * (a)		275		16,265
Enphase Energy, Inc. * (a)		1,251		59,510
Entegris, Inc. (a)		858		50,671
KLA Corp.		333		64,723
Lam Research Corp.		123		39,912
Microchip Technology, Inc. (a)		584		61,512
Xilinx, Inc.		676		66,481
				407,686
Software — 13.7%
Cadence Design Systems, Inc. *		775		74,359
Coupa Software, Inc. * (a)		138		38,259
Crowdstrike Holdings, Inc., Class A *		610		61,217
HubSpot, Inc. *		197		44,107
Intuit, Inc.		111		32,877
Medallia, Inc. * (a)		580		14,632
RingCentral, Inc., Class A * (a)		257		73,276
ServiceNow, Inc. *		73		29,437
Slack Technologies, Inc., Class A * (a)		815		25,348
Splunk, Inc. * (a)		555		110,345
Synopsys, Inc. *		498		97,032
Trade Desk, Inc. (The), Class A * (a)		238		96,666
Zscaler, Inc. * (a)		461		50,458
				748,013
Specialty Retail — 7.9%
Burlington Stores, Inc. * (a)		227		44,762
CarMax, Inc. * (a)		506		45,312
National Vision Holdings, Inc. *		977		29,827
O’Reilly Automotive, Inc. *		310		130,508
Ross Stores, Inc.		388		33,038
Tractor Supply Co.		806		106,275
Ulta Beauty, Inc. *		205		41,660
				431,382

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Textiles, Apparel & Luxury Goods — 1.5%
Lululemon Athletica, Inc. *		267		83,400
Total Common Stocks (Cost $3,814,083)				5,433,609
Short-Term Investments — 5.2%
Investment Companies — 0.9%
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (b) (c) (Cost $51,532)		51,514		51,560
Investment of Cash Collateral from Securities Loaned — 4.3%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (b) (c)		211,004		211,088
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (b) (c)		24,377		24,377
Total Investment of Cash Collateral from Securities Loaned (Cost $235,466)				235,465
Total Short-Term Investments (Cost $286,998)				287,025
Total Investments — 104.4% (Cost $4,101,081)				5,720,634
Liabilities in Excess of Other Assets — (4.4)%				(239,567	)
NET ASSETS — 100.0%				5,481,067

Percentages indicated are based on net assets.

(a)	The security or a portion of this security is on loan at June 30, 2020. The total value of securities on loan at June 30, 2020 is approximately $231,676,000.
(b)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of June 30, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 21

JPMorgan Mid Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.6%
Airlines — 0.7%
Southwest Airlines Co. (a)		2,689		91,910
Auto Components — 0.8%
BorgWarner, Inc. (a)		2,753		97,171
Banks — 7.6%
Citizens Financial Group, Inc. (a)		5,267		132,928
Fifth Third Bancorp		8,296		159,941
First Republic Bank		1,136		120,452
Huntington Bancshares, Inc.		9,304		84,063
M&T Bank Corp.		1,911		198,692
Regions Financial Corp. (a)		9,757		108,496
TCF Financial Corp.		3,143		92,458
Zions Bancorp NA (a)		2,066		70,231
				967,261
Beverages — 1.6%
Constellation Brands, Inc., Class A		753		131,822
Keurig Dr Pepper, Inc. (a)		2,601		73,863
				205,685
Building Products — 1.0%
Fortune Brands Home & Security, Inc.		2,080		132,979
Capital Markets — 5.7%
Ameriprise Financial, Inc. (a)		1,420		213,086
Northern Trust Corp. (a)		1,868		148,222
Raymond James Financial, Inc.		2,141		147,351
T. Rowe Price Group, Inc.		1,741		215,066
				723,725
Chemicals — 1.2%
Sherwin-Williams Co. (The)		271		156,695
Communications Equipment — 0.7%
CommScope Holding Co., Inc. *		4,142		34,505
Motorola Solutions, Inc.		409		57,353
				91,858
Construction Materials — 1.1%
Martin Marietta Materials, Inc.		658		135,965
Consumer Finance — 0.5%
Discover Financial Services (a)		1,324		66,302
Containers & Packaging — 3.4%
Ball Corp. (a)		1,917		133,240
Packaging Corp. of America (a)		784		78,206
Silgan Holdings, Inc.		3,889		125,958
Westrock Co. (a)		3,214		90,831
				428,235

INVESTMENTS	SHARES (000)		VALUE ($000)
Distributors — 0.7%
Genuine Parts Co. (a)		1,059		92,051
Electric Utilities — 4.3%
Edison International		2,864		155,547
Entergy Corp.		1,583		148,497
Xcel Energy, Inc. (a)		3,827		239,186
				543,230
Electrical Equipment — 2.9%
Acuity Brands, Inc. (a)		1,165		111,559
AMETEK, Inc.		1,650		147,417
Hubbell, Inc.		911		114,259
				373,235
Electronic Equipment, Instruments & Components — 4.2%
Amphenol Corp., Class A		1,566		150,058
CDW Corp.		1,197		139,095
Keysight Technologies, Inc. * (a)		1,037		104,483
SYNNEX Corp.		1,171		140,242
				533,878
Equity Real Estate Investment Trusts (REITs) — 11.1%
American Campus Communities, Inc. (a)		1,516		52,986
American Homes 4 Rent, Class A		4,020		108,141
AvalonBay Communities, Inc. (a)		1,010		156,210
Boston Properties, Inc.		1,634		147,694
Brixmor Property Group, Inc.		6,165		79,036
Essex Property Trust, Inc. (a)		398		91,246
Federal Realty Investment Trust (a)		1,055		89,861
Host Hotels & Resorts, Inc. (a)		3,437		37,090
JBG SMITH Properties		1,794		53,039
Kimco Realty Corp.		5,985		76,843
Outfront Media, Inc.		3,711		52,578
Rayonier, Inc. (a)		4,174		103,469
Regency Centers Corp.		1,411		64,746
Ventas, Inc. (a)		1,303		47,707
Vornado Realty Trust (a)		2,423		92,583
Weyerhaeuser Co.		4,225		94,902
WP Carey, Inc. (a)		1,032		69,791
				1,417,922
Food & Staples Retailing — 1.4%
Kroger Co. (The)		4,068		137,710
US Foods Holding Corp. *		2,209		43,564
				181,274
Food Products — 1.0%
Post Holdings, Inc. *		1,400		122,707

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Gas Utilities — 1.0%
National Fuel Gas Co. (a)		3,074		128,888
Health Care Equipment & Supplies — 1.5%
Zimmer Biomet Holdings, Inc.		1,607		191,792
Health Care Providers & Services — 6.3%
AmerisourceBergen Corp.		1,701		171,364
Cigna Corp.		718		134,755
Henry Schein, Inc. *		1,693		98,848
Humana, Inc.		215		83,434
Laboratory Corp. of America Holdings * (a)		1,115		185,183
Universal Health Services, Inc., Class B		1,389		128,979
				802,563
Hotels, Restaurants & Leisure — 0.2%
Darden Restaurants, Inc.		336		25,454
Household Durables — 1.9%
Mohawk Industries, Inc. *		1,229		125,027
Newell Brands, Inc. (a)		7,693		122,158
				247,185
Household Products — 1.0%
Energizer Holdings, Inc. (a)		2,546		120,916
Industrial Conglomerates — 1.1%
Carlisle Cos., Inc.		1,214		145,321
Insurance — 6.6%
Alleghany Corp.		165		80,524
Hartford Financial Services Group, Inc. (The)		3,735		143,979
Lincoln National Corp. (a)		1,738		63,925
Loews Corp.		6,121		209,893
Marsh & McLennan Cos., Inc. (a)		1,255		134,730
Progressive Corp. (The)		1,490		119,338
WR Berkley Corp.		1,574		90,186
				842,575
Internet & Direct Marketing Retail — 0.5%
Expedia Group, Inc.		700		57,518
IT Services — 0.9%
Jack Henry & Associates, Inc.		594		109,342
Machinery — 5.4%
IDEX Corp.		866		136,907
ITT, Inc.		2,465		144,810
Lincoln Electric Holdings, Inc. (a)		1,620		136,488
Middleby Corp. (The) * (a)		1,618		127,721
Snap-on, Inc. (a)		1,060		146,755
				692,681

INVESTMENTS	SHARES (000)		VALUE ($000)
Media — 3.6%
Discovery, Inc., Class C *		6,275		120,850
DISH Network Corp., Class A *		1,361		46,975
Liberty Broadband Corp., Class C *		962		119,302
Liberty Media Corp.-Liberty SiriusXM, Class C *		4,809		165,671
				452,798
Mortgage Real Estate Investment Trusts (REITs) — 0.0% (b)
Starwood Property Trust, Inc.		339		5,077
Multiline Retail — 0.6%
Kohl’s Corp.		2,229		46,305
Nordstrom, Inc. (a)		1,817		28,144
				74,449
Multi-Utilities — 4.9%
CMS Energy Corp.		3,870		226,109
Sempra Energy		1,465		171,690
WEC Energy Group, Inc.		2,504		219,500
				617,299
Oil, Gas & Consumable Fuels — 4.3%
Cabot Oil & Gas Corp. (a)		6,006		103,177
Diamondback Energy, Inc. (a)		4,172		174,459
EQT Corp. (a)		5,914		70,380
Equitrans Midstream Corp.		5,941		49,370
Williams Cos., Inc. (The)		7,970		151,586
				548,972
Personal Products — 0.2%
Coty, Inc., Class A		4,579		20,469
Real Estate Management & Development — 1.5%
CBRE Group, Inc., Class A * (a)		3,386		153,093
Cushman & Wakefield plc *		3,204		39,923
				193,016
Semiconductors & Semiconductor Equipment — 0.9%
Analog Devices, Inc.		887		108,743
Software — 1.1%
Synopsys, Inc. *		686		133,762
Specialty Retail — 3.8%
AutoZone, Inc. *		187		210,425
Best Buy Co., Inc. (a)		2,168		189,187
Gap, Inc. (The) (a)		6,147		77,570
				477,182
Textiles, Apparel & Luxury Goods — 1.4%
Carter’s, Inc.		642		51,783
PVH Corp. (a)		535		25,683

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 23

JPMorgan Mid Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Textiles, Apparel & Luxury Goods — continued
Ralph Lauren Corp. (a)		1,378		99,896
				177,362
Total Common Stocks (Cost $9,603,853)				12,535,447
Short-Term Investments — 2.8%
Investment Companies — 1.3%
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (c) (d) (Cost $170,132)		170,149		170,302
Investment of Cash Collateral from Securities Loaned — 1.5%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (c) (d)		168,007		168,074
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (c) (d)		23,472		23,472
Total Investment of Cash Collateral from Securities Loaned (Cost $191,547)				191,546
Total Short-Term Investments (Cost $361,679)				361,848
Total Investments — 101.4% (Cost $9,965,532)				12,897,295
Liabilities in Excess of Other Assets — (1.4)%				(182,708	)
NET ASSETS — 100.0%				12,714,587

Percentages indicated are based on net assets.

(a)	The security or a portion of this security is on loan at June 30, 2020. The total value of securities on loan at June 30, 2020 is approximately $188,161,000.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of June 30, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2020

JPMorgan Value Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 96.8%
Aerospace & Defense — 1.6%
General Dynamics Corp.		354		52,909
Raytheon Technologies Corp.		1,342		82,686
				135,595
Airlines — 0.5%
Southwest Airlines Co.		1,319		45,090
Banks — 13.4%
Bank of America Corp.		13,126		311,737
Citigroup, Inc.		2,005		102,432
Citizens Financial Group, Inc.		3,277		82,699
Fifth Third Bancorp		2,059		39,691
First Republic Bank		371		39,287
M&T Bank Corp.		952		98,971
PNC Financial Services Group, Inc. (The)		1,612		169,595
Truist Financial Corp.		2,868		107,680
US Bancorp		2,176		80,106
Wells Fargo & Co.		5,503		140,866
				1,173,064
Beverages — 0.5%
Keurig Dr Pepper, Inc.		1,533		43,525
Biotechnology — 2.1%
AbbVie, Inc.		1,420		139,415
Amgen, Inc.		184		43,327
				182,742
Building Products — 0.4%
Trane Technologies plc		345		30,716
Capital Markets — 4.8%
Charles Schwab Corp. (The)		2,690		90,754
Invesco Ltd. (a)		1,945		20,931
Morgan Stanley		2,809		135,686
Northern Trust Corp.		735		58,295
T. Rowe Price Group, Inc.		879		108,524
				414,190
Chemicals — 0.0% (b)
AdvanSix, Inc. *		261		3,059
Communications Equipment — 1.3%
Cisco Systems, Inc.		1,553		72,455
CommScope Holding Co., Inc. *		4,845		40,359
				112,814
Construction Materials — 1.2%
Martin Marietta Materials, Inc.		498		102,867

INVESTMENTS	SHARES (000)		VALUE ($000)
Consumer Finance — 2.5%
American Express Co. (a)		932		88,764
Capital One Financial Corp.		2,115		132,403
				221,167
Containers & Packaging — 2.8%
Ball Corp.		809		56,201
Graphic Packaging Holding Co.		4,516		63,178
Packaging Corp. of America		742		74,012
Westrock Co.		1,802		50,918
				244,309
Diversified Financial Services — 2.1%
Berkshire Hathaway, Inc., Class B *		1,033		184,312
Diversified Telecommunication Services — 1.8%
Verizon Communications, Inc.		2,895		159,622
Electric Utilities — 5.7%
American Electric Power Co., Inc.		1,498		119,326
Duke Energy Corp.		694		55,442
Edison International		834		45,268
Entergy Corp.		482		45,207
NextEra Energy, Inc.		479		114,943
Xcel Energy, Inc. (a)		1,809		113,041
				493,227
Electronic Equipment, Instruments & Components — 0.5%
Arrow Electronics, Inc. *		664		45,632
Equity Real Estate Investment Trusts (REITs) — 6.2%
American Homes 4 Rent, Class A		2,193		58,996
Boston Properties, Inc.		257		23,255
Brixmor Property Group, Inc.		3,687		47,268
EastGroup Properties, Inc.		280		33,210
Federal Realty Investment Trust		481		40,977
Kimco Realty Corp.		2,706		34,751
Mid-America Apartment Communities, Inc.		660		75,722
Outfront Media, Inc.		1,765		25,013
Public Storage (a)		454		87,080
Rayonier, Inc.		2,481		61,509
Weyerhaeuser Co.		2,171		48,761
				536,542
Food & Staples Retailing — 1.1%
Sysco Corp.		360		19,656
Walgreens Boots Alliance, Inc.		1,872		79,333
				98,989
Food Products — 0.9%
Post Holdings, Inc. *		862		75,490

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 25

JPMorgan Value Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Health Care Equipment & Supplies — 0.9%
Medtronic plc		859		78,786
Health Care Providers & Services — 2.3%
AmerisourceBergen Corp.		669		67,405
HCA Healthcare, Inc.		318		30,840
UnitedHealth Group, Inc.		351		103,420
				201,665
Hotels, Restaurants & Leisure — 0.4%
Las Vegas Sands Corp.		757		34,492
Household Durables — 0.6%
Newell Brands, Inc.		3,053		48,477
Household Products — 2.6%
Energizer Holdings, Inc. (a)		1,691		80,294
Procter & Gamble Co. (The)		1,187		141,898
				222,192
Industrial Conglomerates — 1.6%
Carlisle Cos., Inc.		375		44,818
Honeywell International, Inc.		642		92,786
				137,604
Insurance — 7.5%
Alleghany Corp.		78		38,298
American International Group, Inc.		1,399		43,618
Chubb Ltd.		596		75,497
CNA Financial Corp.		331		10,642
Fairfax Financial Holdings Ltd. (Canada)		160		49,268
Hartford Financial Services Group, Inc. (The)		1,556		59,994
Loews Corp.		4,815		165,089
Marsh & McLennan Cos., Inc.		599		64,362
Travelers Cos., Inc. (The)		1,243		141,772
				648,540
Internet & Direct Marketing Retail — 0.8%
Booking Holdings, Inc. *		43		67,834
Machinery — 3.1%
Dover Corp.		1,054		101,804
Illinois Tool Works, Inc. (a)		327		57,207
ITT, Inc.		703		41,268
Middleby Corp. (The) *		564		44,491
Otis Worldwide Corp.		446		25,347
				270,117
Media — 3.5%
Charter Communications, Inc., Class A * (a)		164		83,641
Discovery, Inc., Class C *		2,185		42,079
DISH Network Corp., Class A *		1,862		64,255

INVESTMENTS	SHARES (000)		VALUE ($000)
Media — continued
Nexstar Media Group, Inc., Class A (a)		774		64,746
ViacomCBS, Inc. (a)		2,030		47,341
				302,062
Multiline Retail — 0.7%
Kohl’s Corp. (a)		1,701		35,319
Nordstrom, Inc. (a)		1,930		29,896
				65,215
Oil, Gas & Consumable Fuels — 7.7%
Cabot Oil & Gas Corp.		1,881		32,322
Chevron Corp. (a)		1,487		132,675
ConocoPhillips		2,427		102,002
Diamondback Energy, Inc.		731		30,575
EQT Corp. (a)		2,839		33,782
Equitrans Midstream Corp.		5,187		43,105
Kinder Morgan, Inc.		4,716		71,542
Marathon Petroleum Corp. (a)		1,681		62,847
PBF Energy, Inc., Class A		476		4,870
Phillips 66		952		68,455
Williams Cos., Inc. (The)		4,637		88,198
				670,373
Personal Products — 0.2%
Coty, Inc., Class A		4,781		21,372
Pharmaceuticals — 6.1%
Bristol-Myers Squibb Co.		2,958		173,942
Johnson & Johnson		1,132		159,224
Merck & Co., Inc.		1,065		82,391
Pfizer, Inc.		3,648		119,277
				534,834
Real Estate Management & Development — 0.8%
CBRE Group, Inc., Class A *		1,565		70,751
Semiconductors & Semiconductor Equipment — 2.7%
Analog Devices, Inc.		803		98,480
QUALCOMM, Inc.		265		24,192
Texas Instruments, Inc.		856		108,745
				231,417
Software — 0.8%
Microsoft Corp.		344		70,032
Specialty Retail — 3.4%
AutoZone, Inc. *		92		104,074
Best Buy Co., Inc. (a)		775		67,667
Home Depot, Inc. (The)		284		71,250

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Specialty Retail — continued
Murphy USA, Inc. *		438		49,305
				292,296
Textiles, Apparel & Luxury Goods — 1.0%
Columbia Sportswear Co. (a)		641		51,647
Ralph Lauren Corp.		458		33,192
				84,839
Wireless Telecommunication Services — 0.7%
T-Mobile US, Inc. *		602		62,667
Total Common Stocks (Cost $7,159,860)				8,418,517
	NO. OF RIGHTS (000)
Rights — 0.0% (b)
Media — 0.0% (b)
Media General, Inc., CVR * ‡		2,982		—	(c)
Wireless Telecommunication Services — 0.0% (b)
T-Mobile US, Inc., expiring 7/27/2020 *		279		47
Total Rights (Cost $1,337)				47
	SHARES (000)
Short-Term Investments — 4.0%
Investment Companies — 2.2%
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (d) (e) (Cost $193,831)		193,652		193,827
Investment of Cash Collateral from Securities Loaned — 1.8%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (d) (e)		139,070		139,126
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (d) (e)		15,136		15,136
Total Investment of Cash Collateral from Securities Loaned (Cost $154,262)				154,262
Total Short-Term Investments (Cost $348,093)				348,089
Total Investments — 100.8% (Cost $7,509,290)				8,766,653
Liabilities in Excess of Other Assets — (0.8)%				(66,734	)
NET ASSETS — 100.0%				8,699,919

Percentages indicated are based on net assets.

Abbreviations

CVR	Contingent Value Rights
(a)	The security or a portion of this security is on loan at June 30, 2020. The total value of securities on loan at June 30, 2020 is approximately $150,467,000.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Amount rounds to less than one thousand.
(d)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(e)	The rate shown is the current yield as of June 30, 2020.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 27

STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2020

(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	$	10,690,413		$	1,596,575		$	5,433,609
Investments in affiliates, at value		105,416			40,612			51,560
Investment of cash collateral received from securities loaned, at value (See Note 2.B.)		334,019			—			235,465
Cash		52			15			22
Receivables:
Due from custodian		89,144			879			13,663
Investment securities sold		47,918			3,343			—
Fund shares sold		12,783			2,381			7,275
Dividends from non-affiliates		937			1,686			940
Dividends from affiliates		1			1			1
Securities lending income (See Note 2.B.)		149			5			430
Total Assets		11,280,832			1,645,497			5,742,965
LIABILITIES:
Payables:
Investment securities purchased		89,144			5,314			16,828
Collateral received on securities loaned (See Note 2.B.)		334,019			—			235,465
Fund shares redeemed		39,626			1,785			5,533
Accrued liabilities:
Investment advisory fees		4,762			779			2,837
Administration fees		652			38			314
Distribution fees		1,002			107			307
Service fees		1,103			152			452
Custodian and accounting fees		73			26			38
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—	(a)		—	(a)
Other		246			114			124
Total Liabilities		470,627			8,315			261,898
Net Assets	$	10,810,205		$	1,637,182		$	5,481,067

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2020

	JPMorgan Growth Advantage Fund			JPMorgan Mid Cap Equity Fund			JPMorgan Mid Cap Growth Fund
NET ASSETS:
Paid-in-Capital	$	5,190,760		$	1,029,894		$	3,371,965
Total distributable earnings (loss)		5,619,445			607,288			2,109,102
Total Net Assets	$	10,810,205		$	1,637,182		$	5,481,067
Net Assets:
Class A	$	2,032,870		$	405,857		$	1,141,467
Class C		942,512			20,753			86,046
Class I		2,827,894			341,317			1,205,433
Class R2		239			623			39,404
Class R3		1,076			—			42,573
Class R4		17,739			—			11,194
Class R5		133,780			871			519,097
Class R6		4,854,095			867,761			2,435,853
Total	$	10,810,205		$	1,637,182		$	5,481,067
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		80,461			8,598			31,330
Class C		44,002			462			3,169
Class I		107,559			7,100			27,962
Class R2		10			13			988
Class R3		43			—			1,001
Class R4		675			—			260
Class R5		4,967			18			11,848
Class R6		178,744			18,026			55,269
Net Asset Value (a):
Class A — Redemption price per share	$	25.27		$	47.20		$	36.43
Class C — Offering price per share (b)		21.42			44.95			27.15
Class I — Offering and redemption price per share		26.29			48.07			43.11
Class R2 — Offering and redemption price per share		25.05			46.64			39.90
Class R3 — Offering and redemption price per share		25.27			—			42.53
Class R4 — Offering and redemption price per share		26.29			—			43.00
Class R5 — Offering and redemption price per share		26.93			48.11			43.81
Class R6 — Offering and redemption price per share		27.16			48.14			44.07
Class A maximum sales charge		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	26.67		$	49.82		$	38.45
Cost of investments in non-affiliates	$	5,882,056		$	1,113,790		$	3,814,083
Cost of investments in affiliates		105,359			40,601			51,532
Investment securities on loan, at value (See Note 2.B.)		331,253			—			231,676
Cost of investment of cash collateral (See Note 2.B.)		334,021			—			235,466

(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.

JUNE 30, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 29

STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2020 (continued)

(Amounts in thousands, except per share amounts)

	JPMorgan Mid Cap Value Fund		JPMorgan Value Advantage Fund
ASSETS:
Investments in non-affiliates, at value	$	12,535,447	$	8,418,564
Investments in affiliates, at value		170,302		193,827
Investment of cash collateral received from securities loaned, at value (See Note 2.B.)		191,546		154,262
Cash		—		86
Receivables:
Investment securities sold		66,614		65,136
Fund shares sold		16,937		87,939
Dividends from non-affiliates		24,741		8,458
Dividends from affiliates		2		2
Securities lending income (See Note 2.B.)		62		44
Total Assets		13,005,651		8,928,318
LIABILITIES:
Payables:
Due to custodian		1,064		—
Investment securities purchased		53,270		57,956
Collateral received on securities loaned (See Note 2.B.)		191,546		154,262
Fund shares redeemed		35,493		9,941
Accrued liabilities:
Investment advisory fees		6,807		3,966
Administration fees		672		528
Distribution fees		343		399
Service fees		853		781
Custodian and accounting fees		130		98
Trustees’ and Chief Compliance Officer’s fees		1		—	(a)
Other		885		468
Total Liabilities		291,064		228,399
Net Assets	$	12,714,587	$	8,699,919

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2020

	JPMorgan Mid Cap Value Fund			JPMorgan Value Advantage Fund
NET ASSETS:
Paid-in-Capital	$	8,959,744		$	7,359,222
Total distributable earnings (loss)		3,754,843			1,340,697
Total Net Assets	$	12,714,587		$	8,699,919
Net Assets:
Class A	$	1,171,139		$	736,715
Class C		84,827			332,229
Class I		2,164,300			2,047,640
Class L		5,976,033			1,593,954
Class R2		59,200			182
Class R3		63,836			1,519
Class R4		24,576			32,555
Class R5		69,110			5,529
Class R6		3,101,566			3,949,596
Total	$	12,714,587		$	8,699,919
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		37,636			24,951
Class C		2,849			11,307
Class I		68,676			68,927
Class L		187,008			53,606
Class R2		1,995			6
Class R3		2,071			52
Class R4		784			1,101
Class R5		2,166			186
Class R6		97,106			132,936
Net Asset Value (a):
Class A — Redemption price per share	$	31.12		$	29.53
Class C — Offering price per share (b)		29.77			29.38
Class I — Offering and redemption price per share		31.51			29.71
Class L — Offering and redemption price per share		31.96			29.73
Class R2 — Offering and redemption price per share		29.67			29.31
Class R3 — Offering and redemption price per share		30.83			29.21
Class R4 — Offering and redemption price per share		31.34			29.56
Class R5 — Offering and redemption price per share		31.90			29.67
Class R6 — Offering and redemption price per share		31.94			29.71
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)]	$	32.84		$	31.17
Cost of investments in non-affiliates	$	9,603,853		$	7,161,197
Cost of investments in affiliates		170,132			193,831
Investment securities on loan, at value (See Note 2.B.)		188,161			150,467
Cost of investment of cash collateral (See Note 2.B.)		191,547			154,262

(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.

JUNE 30, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 31

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED JUNE 30, 2020

(Amounts in thousands)

	JPMorgan Growth Advantage Fund			JPMorgan Mid Cap Equity Fund			JPMorgan Mid Cap Growth Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	2		$	—	(a)	$	1
Interest income from affiliates		1			2			—	(a)
Dividend income from non-affiliates		68,437			25,839			26,119
Dividend income from affiliates		3,057			1,079			1,973
Income from securities lending (net) (See Note 2.B.)		975			169			1,417
Total investment income		72,472			27,089			29,510
EXPENSES:
Investment advisory fees		52,077			12,606			30,824
Administration fees		6,991			1,455			3,557
Distribution fees:
Class A		4,752			1,140			2,525
Class C		6,118			164			605
Class R2		—	(a)		3			192
Class R3		2			—			91
Service fees:
Class A		4,752			1,140			2,525
Class C		2,039			55			202
Class I		5,535			695			2,683
Class R2		—	(a)		1			96
Class R3		2			—			91
Class R4		42			—			24
Class R5		118			4			472
Custodian and accounting fees		260			74			137
Interest expense to affiliates		—			—	(a)		—
Professional fees		155			78			106
Trustees’ and Chief Compliance Officer’s fees		59			34			43
Printing and mailing costs		483			191			276
Registration and filing fees		312			125			181
Transfer agency fees (See Note 2.E.)		310			57			391
Other		199			38			69
Total expenses		84,206			17,860			45,090
Less fees waived		(1,374	)		(2,334	)		(1,495	)
Less expense reimbursements		(7	)		—	(a)		(38	)
Net expenses		82,825			15,526			43,557
Net investment income (loss)		(10,353	)		11,563			(14,047	)
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		1,432,143			457,269			659,083
Investments in affiliates		72			20			14
Net realized gain (loss)		1,432,215			457,289			659,097
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		972,027			(437,744	)		281,307
Investments in affiliates		20			(3	)		2
Change in net unrealized appreciation/depreciation		972,047			(437,747	)		281,309
Net realized/unrealized gains (losses)		2,404,262			19,542			940,406
Change in net assets resulting from operations	$	2,393,909		$	31,105		$	926,359

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2020

	JPMorgan Mid Cap Value Fund			JPMorgan Value Advantage Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	1		$	2
Interest income from affiliates		—			—	(a)
Dividend income from non-affiliates		324,601			262,978
Dividend income from affiliates		6,799			4,895
Income from securities lending (net) (See Note 2.B.)		962			838
Total investment income		332,363			268,713
EXPENSES:
Investment advisory fees		99,765			58,076
Administration fees		10,119			7,592
Distribution fees:
Class A		3,624			2,774
Class C		952			3,429
Class R2		337			1
Class R3		178			4
Service fees:
Class A		3,624			2,774
Class C		317			1,143
Class I		6,118			5,698
Class L		7,702			2,235
Class R2		169			—	(a)
Class R3		177			5
Class R4		66			68
Class R5		85			7
Custodian and accounting fees		450			315
Interest expense to affiliates		—			—	(a)
Professional fees		234			173
Trustees’ and Chief Compliance Officer’s fees		83			64
Printing and mailing costs		1,099			529
Registration and filing fees		291			326
Transfer agency fees (See Note 2.E.)		692			241
Other		323			145
Total expenses		136,405			85,599
Less fees waived		(7,606	)		(1,510	)
Less expense reimbursements		(32	)		(23	)
Net expenses		128,767			84,066
Net investment income (loss)		203,596			184,647
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		860,635			159,216
Investments in affiliates		216			151
Net realized gain (loss)		860,851			159,367
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(3,168,290	)		(1,858,448	)
Investments in affiliates		75			(37	)
Change in net unrealized appreciation/depreciation		(3,168,215	)		(1,858,485	)
Net realized/unrealized gains (losses)		(2,307,364	)		(1,699,118	)
Change in net assets resulting from operations	$	(2,103,768	)	$	(1,514,471	)

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 33

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Growth Advantage Fund						JPMorgan Mid Cap Equity Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(10,353	)	$	(10,145	)	$	11,563		$	20,621
Net realized gain (loss)		1,432,215			629,057			457,289			205,661
Change in net unrealized appreciation/depreciation		972,047			213,962			(437,747	)		42,746
Change in net assets resulting from operations		2,393,909			832,874			31,105			269,028
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(176,120	)		(137,182	)		(38,917	)		(41,313	)
Class C		(88,186	)		(69,324	)		(1,879	)		(2,590	)
Class I		(199,341	)		(147,315	)		(23,411	)		(31,866	)
Class R2		(12	)		(5	)		(49	)		(47	)
Class R3		(61	)		(27	)		—			—
Class R4		(1,510	)		(957	)		—			—
Class R5		(10,297	)		(8,804	)		(518	)		(621	)
Class R6		(359,755	)		(334,548	)		(159,341	)		(209,503	)
Total distributions to shareholders		(835,282	)		(698,162	)		(224,115	)		(285,940	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(137,511	)		562,790			(961,205	)		74,601
NET ASSETS:
Change in net assets		1,421,116			697,502			(1,154,215	)		57,689
Beginning of period		9,389,089			8,691,587			2,791,397			2,733,708
End of period	$	10,810,205		$	9,389,089		$	1,637,182		$	2,791,397

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2020

	JPMorgan Mid Cap Growth Fund						JPMorgan Mid Cap Value Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(14,047	)	$	(10,571	)	$	203,596		$	262,116
Net realized gain (loss)		659,097			269,037			860,851			854,560
Change in net unrealized appreciation/depreciation		281,309			351,539			(3,168,215	)		(449,626	)
Change in net assets resulting from operations		926,359			610,005			(2,103,768	)		667,050
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(82,704	)		(64,068	)		(76,720	)		(113,824	)
Class C		(8,737	)		(6,859	)		(6,335	)		(11,787	)
Class I		(75,633	)		(66,577	)		(133,060	)		(180,706	)
Class L		—			—			(443,822	)		(790,206	)
Class R2		(2,939	)		(2,466	)		(3,525	)		(5,220	)
Class R3		(2,669	)		(1,655	)		(3,809	)		(4,506	)
Class R4		(679	)		(921	)		(1,419	)		(1,721	)
Class R5		(33,403	)		(18,376	)		(4,996	)		(5,681	)
Class R6		(138,679	)		(90,888	)		(181,586	)		(86,808	)
Total distributions to shareholders		(345,443	)		(251,810	)		(855,272	)		(1,200,459	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		341,659			283,053			(1,341,858	)		(734,957	)
NET ASSETS:
Change in net assets		922,575			641,248			(4,300,898	)		(1,268,366	)
Beginning of period		4,558,492			3,917,244			17,015,485			18,283,851
End of period	$	5,481,067		$	4,558,492		$	12,714,587		$	17,015,485

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 35

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Value Advantage Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	184,647		$	207,703
Net realized gain (loss)		159,367			344,698
Change in net unrealized appreciation/depreciation		(1,858,485	)		219,801
Change in net assets resulting from operations		(1,514,471	)		772,202
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(44,981	)		(75,407	)
Class C		(16,494	)		(31,120	)
Class I		(99,554	)		(161,614	)
Class L		(100,871	)		(175,343	)
Class R2		(3	)		(3	)
Class R3		(70	)		(123	)
Class R4		(1,174	)		(1,103	)
Class R5		(334	)		(451	)
Class R6		(204,414	)		(263,786	)
Total distributions to shareholders		(467,895	)		(708,950	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(143,475	)		(621,729	)
NET ASSETS:
Change in net assets		(2,125,841	)		(558,477	)
Beginning of period		10,825,760			11,384,237
End of period	$	8,699,919		$	10,825,760

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2020

	JPMorgan Growth Advantage Fund						JPMorgan Mid Cap Equity Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	424,450		$	403,155		$	123,140		$	104,599
Distributions reinvested		171,962			134,593			38,873			41,253
Cost of shares redeemed		(690,381	)		(459,409	)		(176,855	)		(96,097	)
Change in net assets resulting from Class A capital transactions	$	(93,969	)	$	78,339		$	(14,842	)	$	49,755
Class C
Proceeds from shares issued	$	152,886		$	156,438		$	2,246		$	2,104
Distributions reinvested		83,431			66,057			1,879			2,589
Cost of shares redeemed		(200,570	)		(164,414	)		(5,867	)		(7,756	)
Change in net assets resulting from Class C capital transactions	$	35,747		$	58,081		$	(1,742	)	$	(3,063	)
Class I
Proceeds from shares issued	$	971,337		$	749,623		$	147,037		$	49,175
Distributions reinvested		183,814			135,181			23,288			31,662
Cost of shares redeemed		(804,519	)		(558,012	)		(114,553	)		(100,951	)
Change in net assets resulting from Class I capital transactions	$	350,632		$	326,792		$	55,772		$	(20,114	)
Class R2
Proceeds from shares issued	$	157		$	44		$	391		$	65
Distributions reinvested		12			5			42			40
Cost of shares redeemed		(52	)		(5	)		(313	)		(21	)
Change in net assets resulting from Class R2 capital transactions	$	117		$	44		$	120		$	84
Class R3
Proceeds from shares issued	$	501		$	184		$	—		$	—
Distributions reinvested		61			27			—			—
Cost of shares redeemed		(126	)		(41	)		—			—
Change in net assets resulting from Class R3 capital transactions	$	436		$	170		$	—		$	—
Class R4
Proceeds from shares issued	$	2,017		$	4,852		$	—		$	—
Distributions reinvested		1,510			957			—			—
Cost of shares redeemed		(4,951	)		(2,115	)		—			—
Change in net assets resulting from Class R4 capital transactions	$	(1,424	)	$	3,694		$	—		$	—
Class R5
Proceeds from shares issued	$	23,475		$	21,008		$	674		$	62
Distributions reinvested		10,290			8,803			517			621
Cost of shares redeemed		(37,782	)		(26,114	)		(6,310	)		(1,088	)
Change in net assets resulting from Class R5 capital transactions	$	(4,017	)	$	3,697		$	(5,119	)	$	(405	)
Class R6
Proceeds from shares issued	$	1,257,140		$	705,912		$	348,033		$	259,016
Distributions reinvested		358,754			333,918			159,315			209,472
Cost of shares redeemed		(2,040,927	)		(947,857	)		(302,027	)		(420,144	)
Redemptions in-kind (See Note 8)		—			—			(1,200,715	)		—
Change in net assets resulting from Class R6 capital transactions	$	(425,033	)	$	91,973		$	(995,394	)	$	48,344
Total change in net assets resulting from capital transactions	$	(137,511	)	$	562,790		$	(961,205	)	$	74,601

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 37

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Growth Advantage Fund						JPMorgan Mid Cap Equity Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
SHARE TRANSACTIONS:
Class A
Issued		19,559			19,276			2,661			2,159
Reinvested		8,088			7,186			853			952
Redeemed		(30,991	)		(22,010	)		(3,845	)		(1,995	)
Change in Class A Shares		(3,344	)		4,452			(331	)		1,116
Class C
Issued		8,221			8,466			54			45
Reinvested		4,615			4,060			43			63
Redeemed		(10,900	)		(9,125	)		(133	)		(167	)
Change in Class C Shares		1,936			3,401			(36	)		(59	)
Class I
Issued		42,055			34,535			3,117			996
Reinvested		8,317			6,986			501			719
Redeemed		(36,324	)		(26,418	)		(2,381	)		(2,083	)
Change in Class I Shares		14,048			15,103			1,237			(368	)
Class R2
Issued		8			2			7			1
Reinvested		1			—	(a)		1			1
Redeemed		(3	)		—	(a)		(6	)		—	(a)
Change in Class R2 Shares		6			2			2			2
Class R3
Issued		26			9			—			—
Reinvested		3			1			—			—
Redeemed		(6	)		(2	)		—			—
Change in Class R3 Shares		23			8			—			—
Class R4
Issued		90			238			—			—
Reinvested		68			50			—			—
Redeemed		(212	)		(96	)		—			—
Change in Class R4 Shares		(54	)		192			—			—
Class R5
Issued		992			934			14			2
Reinvested		455			446			11			14
Redeemed		(1,630	)		(1,188	)		(125	)		(22	)
Change in Class R5 Shares		(183	)		192			(100	)		(6	)
Class R6
Issued		53,895			31,785			7,401			5,236
Reinvested		15,742			16,814			3,444			4,754
Redeemed		(86,443	)		(43,117	)		(6,434	)		(8,527	)
Redemptions in-kind (See Note 8)		—			—			(25,455	)		—
Change in Class R6 Shares		(16,806	)		5,482			(21,044	)		1,463

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2020

	JPMorgan Mid Cap Growth Fund						JPMorgan Mid Cap Value Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	143,119		$	114,825		$	209,763		$	232,702
Distributions reinvested		80,011			61,839			69,743			101,729
Cost of shares redeemed		(203,777	)		(170,138	)		(484,932	)		(588,500	)
Change in net assets resulting from Class A capital transactions	$	19,353		$	6,526		$	(205,426	)	$	(254,069	)
Class C
Proceeds from shares issued	$	11,326		$	14,313		$	12,682		$	18,374
Distributions reinvested		8,149			6,348			5,516			10,374
Cost of shares redeemed		(22,446	)		(24,318	)		(56,184	)		(86,785	)
Change in net assets resulting from Class C capital transactions	$	(2,971	)	$	(3,657	)	$	(37,986	)	$	(58,037	)
Class I
Proceeds from shares issued	$	306,997		$	238,900		$	900,902		$	746,983
Distributions reinvested		71,080			63,129			123,076			166,354
Cost of shares redeemed		(382,936	)		(444,249	)		(1,051,200	)		(1,161,145	)
Change in net assets resulting from Class I capital transactions	$	(4,859	)	$	(142,220	)	$	(27,222	)	$	(247,808	)
Class L
Proceeds from shares issued	$	—		$	—		$	1,165,380		$	1,602,921
Distributions reinvested		—			—			394,599			713,339
Cost of shares redeemed		—			—			(3,139,666	)		(4,636,220	)
Change in net assets resulting from Class L capital transactions	$	—		$	—		$	(1,579,687	)	$	(2,319,960	)
Class R2
Proceeds from shares issued	$	11,105		$	15,230		$	15,289		$	14,477
Distributions reinvested		2,875			2,347			3,405			4,936
Cost of shares redeemed		(22,776	)		(14,882	)		(20,258	)		(24,713	)
Change in net assets resulting from Class R2 capital transactions	$	(8,796	)	$	2,695		$	(1,564	)	$	(5,300	)
Class R3
Proceeds from shares issued	$	17,057		$	8,791		$	15,417		$	25,594
Distributions reinvested		2,669			1,655			3,652			4,297
Cost of shares redeemed		(11,619	)		(9,229	)		(14,432	)		(17,703	)
Change in net assets resulting from Class R3 capital transactions	$	8,107		$	1,217		$	4,637		$	12,188
Class R4
Proceeds from shares issued	$	3,625		$	4,725		$	11,128		$	11,792
Distributions reinvested		679			921			1,419			1,720
Cost of shares redeemed		(3,668	)		(11,309	)		(10,446	)		(3,466	)
Change in net assets resulting from Class R4 capital transactions	$	636		$	(5,663	)	$	2,101		$	10,046
Class R5
Proceeds from shares issued	$	143,113		$	199,729		$	14,343		$	26,423
Distributions reinvested		31,744			17,215			4,992			5,681
Cost of shares redeemed		(169,555	)		(109,050	)		(29,341	)		(19,629	)
Change in net assets resulting from Class R5 capital transactions	$	5,302		$	107,894		$	(10,006	)	$	12,475
Class R6
Proceeds from shares issued	$	776,302		$	565,276		$	1,587,348		$	2,480,879
Distributions reinvested		137,892			90,442			174,996			82,670
Cost of shares redeemed		(589,307	)		(339,457	)		(1,249,049	)		(448,041	)
Change in net assets resulting from Class R6 capital transactions	$	324,887		$	316,261		$	513,295		$	2,115,508
Total change in net assets resulting from capital transactions	$	341,659		$	283,053		$	(1,341,858	)	$	(734,957	)

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 39

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Mid Cap Growth Fund						JPMorgan Mid Cap Value Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
SHARE TRANSACTIONS:
Class A
Issued		4,392			3,765			6,133			6,269
Reinvested		2,499			2,301			1,812			2,966
Redeemed		(6,309	)		(5,639	)		(14,044	)		(15,628	)
Change in Class A Shares		582			427			(6,099	)		(6,393	)
Class C
Issued		461			610			374			538
Reinvested		341			306			150			315
Redeemed		(930	)		(1,023	)		(1,787	)		(2,429	)
Change in Class C Shares		(128	)		(107	)		(1,263	)		(1,576	)
Class I
Issued		8,021			6,807			28,169			20,189
Reinvested		1,879			2,019			3,157			4,798
Redeemed		(10,235	)		(12,716	)		(31,853	)		(30,988	)
Change in Class I Shares		(335	)		(3,890	)		(527	)		(6,001	)
Class L
Issued		—			—			34,257			41,784
Reinvested		—			—			9,979			20,337
Redeemed		—			—			(87,974	)		(124,718	)
Change in Class L Shares		—			—			(43,738	)		(62,597	)
Class R2
Issued		313			460			458			404
Reinvested		82			80			93			150
Redeemed		(645	)		(451	)		(599	)		(692	)
Change in Class R2 Shares		(250	)		89			(48	)		(138	)
Class R3
Issued		447			248			452			680
Reinvested		71			53			96			127
Redeemed		(307	)		(267	)		(421	)		(469	)
Change in Class R3 Shares		211			34			127			338
Class R4
Issued		94			134			308			313
Reinvested		18			30			37			50
Redeemed		(96	)		(325	)		(284	)		(92	)
Change in Class R4 Shares		16			(161	)		61			271
Class R5
Issued		3,638			5,532			392			697
Reinvested		826			544			126			162
Redeemed		(4,377	)		(3,055	)		(798	)		(517	)
Change in Class R5 Shares		87			3,021			(280	)		342
Class R6
Issued		19,998			15,732			44,485			66,731
Reinvested		3,570			2,842			4,428			2,355
Redeemed		(15,241	)		(9,571	)		(35,794	)		(11,820	)
Change in Class R6 Shares		8,327			9,003			13,119			57,266

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2020

	JPMorgan Value Advantage Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	225,893		$	232,481
Distributions reinvested		42,378			70,886
Cost of shares redeemed		(562,591	)		(426,883	)
Change in net assets resulting from Class A capital transactions	$	(294,320	)	$	(123,516	)
Class C
Proceeds from shares issued	$	31,902		$	49,965
Distributions reinvested		14,740			28,077
Cost of shares redeemed		(152,885	)		(149,047	)
Change in net assets resulting from Class C capital transactions	$	(106,243	)	$	(71,005	)
Class I
Proceeds from shares issued	$	873,832		$	990,121
Distributions reinvested		87,746			145,394
Cost of shares redeemed		(965,662	)		(990,428	)
Change in net assets resulting from Class I capital transactions	$	(4,084	)	$	145,087
Class L
Proceeds from shares issued	$	566,706		$	682,284
Distributions reinvested		96,694			161,936
Cost of shares redeemed		(1,203,324	)		(1,552,416	)
Change in net assets resulting from Class L capital transactions	$	(539,924	)	$	(708,196	)
Class R2
Proceeds from shares issued	$	128		$	33
Distributions reinvested		2			2
Cost of shares redeemed		(23	)		(6	)
Change in net assets resulting from Class R2 capital transactions	$	107		$	29
Class R3
Proceeds from shares issued	$	359		$	1,084
Distributions reinvested		69			109
Cost of shares redeemed		(887	)		(69	)
Change in net assets resulting from Class R3 capital transactions	$	(459	)	$	1,124
Class R4
Proceeds from shares issued	$	23,194		$	4,132
Distributions reinvested		1,174			1,103
Cost of shares redeemed		(8,710	)		(2,174	)
Change in net assets resulting from Class R4 capital transactions	$	15,658		$	3,061
Class R5
Proceeds from shares issued	$	2,112		$	2,695
Distributions reinvested		334			451
Cost of shares redeemed		(3,498	)		(1,340	)
Change in net assets resulting from Class R5 capital transactions	$	(1,052	)	$	1,806
Class R6
Proceeds from shares issued	$	2,406,252		$	581,176
Distributions reinvested		203,530			263,676
Cost of shares redeemed		(1,822,940	)		(714,971	)
Change in net assets resulting from Class R6 capital transactions	$	786,842		$	129,881
Total change in net assets resulting from capital transactions	$	(143,475	)	$	(621,729	)

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 41

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Value Advantage Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019
SHARE TRANSACTIONS:
Class A
Issued		7,038			6,752
Reinvested		1,145			2,205
Redeemed		(17,957	)		(12,282	)
Change in Class A Shares		(9,774	)		(3,325	)
Class C
Issued		966			1,459
Reinvested		401			875
Redeemed		(4,876	)		(4,326	)
Change in Class C Shares		(3,509	)		(1,992	)
Class I
Issued		28,338			28,239
Reinvested		2,357			4,502
Redeemed		(30,342	)		(28,665	)
Change in Class I Shares		353			4,076
Class L
Issued		17,778			19,446
Reinvested		2,596			5,015
Redeemed		(38,762	)		(43,889	)
Change in Class L Shares		(18,388	)		(19,428	)
Class R2
Issued		5			1
Reinvested		—	(a)		—	(a)
Redeemed		(1	)		—	(a)
Change in Class R2 Shares		4			1
Class R3
Issued		11			31
Reinvested		2			3
Redeemed		(25	)		(2	)
Change in Class R3 Shares		(12	)		32
Class R4
Issued		741			120
Reinvested		32			34
Redeemed		(250	)		(62	)
Change in Class R4 Shares		523			92
Class R5
Issued		62			77
Reinvested		9			14
Redeemed		(110	)		(38	)
Change in Class R5 Shares		(39	)		53
Class R6
Issued		70,239			16,654
Reinvested		5,469			8,179
Redeemed		(55,634	)		(20,665	)
Change in Class R6 Shares		20,074			4,168

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2020

THIS PAGE IS INTENTIONALLY LEFT BLANK

JUNE 30, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 43

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net realized gain
JPMorgan Growth Advantage Fund
Class A
Year Ended June 30, 2020	$	21.78	$	(0.08	)	$	5.74		$	5.66		$	(2.17	)
Year Ended June 30, 2019		21.73		(0.08	)		1.89			1.81			(1.76	)
Year Ended June 30, 2018		17.95		(0.12	)		4.74			4.62			(0.84	)
Year Ended June 30, 2017		14.42		(0.09	)		3.62			3.53			—
Year Ended June 30, 2016		15.74		(0.08	)		(0.71	)		(0.79	)		(0.53	)
Class C
Year Ended June 30, 2020		18.86		(0.16	)		4.89			4.73			(2.17	)
Year Ended June 30, 2019		19.16		(0.16	)		1.62			1.46			(1.76	)
Year Ended June 30, 2018		15.99		(0.19	)		4.20			4.01			(0.84	)
Year Ended June 30, 2017		12.91		(0.15	)		3.23			3.08			—
Year Ended June 30, 2016		14.22		(0.14	)		(0.64	)		(0.78	)		(0.53	)
Class I
Year Ended June 30, 2020		22.53		(0.02	)		5.95			5.93			(2.17	)
Year Ended June 30, 2019		22.36		(0.03	)		1.96			1.93			(1.76	)
Year Ended June 30, 2018		18.40		(0.07	)		4.87			4.80			(0.84	)
Year Ended June 30, 2017		14.75		(0.05	)		3.70			3.65			—
Year Ended June 30, 2016		16.06		(0.06	)		(0.72	)		(0.78	)		(0.53	)
Class R2
Year Ended June 30, 2020		21.67		(0.13	)		5.68			5.55			(2.17	)
Year Ended June 30, 2019		21.68		(0.13	)		1.88			1.75			(1.76	)
July 31, 2017 (f) through June 30, 2018		18.47		(0.14	)		4.19			4.05			(0.84	)
Class R3
Year Ended June 30, 2020		21.79		(0.08	)		5.73			5.65			(2.17	)
Year Ended June 30, 2019		21.74		(0.07	)		1.88			1.81			(1.76	)
Year Ended June 30, 2018		17.96		(0.11	)		4.73			4.62			(0.84	)
May 31, 2017 (f) through June 30, 2017		17.85		(0.01	)		0.12			0.11			—
Class R4
Year Ended June 30, 2020		22.53		(0.02	)		5.95			5.93			(2.17	)
Year Ended June 30, 2019		22.36		(0.03	)		1.96			1.93			(1.76	)
Year Ended June 30, 2018		18.40		(0.03	)		4.83			4.80			(0.84	)
May 31, 2017 (f) through June 30, 2017		18.29		—	(g)		0.11			0.11			—
Class R5
Year Ended June 30, 2020		23.00		0.01			6.09			6.10			(2.17	)
Year Ended June 30, 2019		22.76		0.01			1.99			2.00			(1.76	)
Year Ended June 30, 2018		18.69		(0.04	)		4.95			4.91			(0.84	)
Year Ended June 30, 2017		14.96		(0.03	)		3.76			3.73			—
Year Ended June 30, 2016		16.25		(0.03	)		(0.73	)		(0.76	)		(0.53	)
Class R6
Year Ended June 30, 2020		23.15		0.03			6.15			6.18			(2.17	)
Year Ended June 30, 2019		22.87		0.03			2.01			2.04			(1.76	)
Year Ended June 30, 2018		18.76		(0.02	)		4.97			4.95			(0.84	)
Year Ended June 30, 2017		15.00		(0.01	)		3.77			3.76			—
Year Ended June 30, 2016		16.27		(0.01	)		(0.73	)		(0.74	)		(0.53	)

(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 JUNE 30, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	25.27		27.87	%	$	2,032,870		1.14	%		(0.36	)%		1.16	%		47	%
	21.78		9.63			1,825,607		1.14			(0.38	)		1.25			40
	21.73		26.22			1,724,681		1.16			(0.57	)		1.25			31
	17.95		24.48			1,550,092		1.24			(0.56	)		1.32			34
	14.42		(5.07	)		1,643,136		1.25			(0.55	)		1.35			46
	21.42		27.20			942,512		1.64			(0.86	)		1.66			47
	18.86		9.06			793,489		1.64			(0.88	)		1.75			40
	19.16		25.60			740,817		1.66			(1.07	)		1.76			31
	15.99		23.86			605,999		1.74			(1.06	)		1.82			34
	12.91		(5.55	)		594,190		1.75			(1.04	)		1.85			46
	26.29		28.15			2,827,894		0.89			(0.11	)		0.90			47
	22.53		9.91			2,107,041		0.89			(0.12	)		1.00			40
	22.36		26.56			1,753,505		0.92			(0.32	)		1.00			31
	18.40		24.75			1,691,899		1.00			(0.31	)		1.04			34
	14.75		(4.91	)		922,981		1.08			(0.41	)		1.09			46
	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
	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
	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
	26.93		28.32			133,780		0.74			0.04			0.76			47
	23.00		10.05			118,449		0.74			0.02			0.85			40
	22.76		26.74			112,830		0.77			(0.18	)		0.85			31
	18.69		24.93			95,952		0.85			(0.17	)		0.88			34
	14.96		(4.72	)		82,358		0.89			(0.20	)		0.90			46
	27.16		28.49			4,854,095		0.64			0.14			0.65			47
	23.15		10.18			4,527,544		0.64			0.12			0.75			40
	22.87		26.86			4,347,440		0.67			(0.07	)		0.75			31
	18.76		25.07			3,153,928		0.74			(0.06	)		0.75			34
	15.00		(4.59	)		2,720,935		0.76			(0.07	)		0.76			46

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 45

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)			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
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		—	(d)		5.89			5.89			—			(2.85	)		(2.85	)
Year Ended June 30, 2017		42.95		(0.02	)		7.02			7.00			(0.05	)		(1.37	)		(1.42	)
Year Ended June 30, 2016		47.12		(0.01	)		(2.02	)		(2.03	)		(0.03	)		(2.11	)		(2.14	)
Class C
Year Ended June 30, 2020		48.32		(0.10	)		0.71			0.61			(0.05	)		(3.93	)		(3.98	)
Year Ended June 30, 2019		49.66		(0.04	)		3.84			3.80			—			(5.14	)		(5.14	)
Year Ended June 30, 2018		47.05		(0.24	)		5.70			5.46			—			(2.85	)		(2.85	)
Year Ended June 30, 2017		41.85		(0.25	)		6.82			6.57			—			(1.37	)		(1.37	)
Year Ended June 30, 2016		46.16		(0.23	)		(1.97	)		(2.20	)		—			(2.11	)		(2.11	)
Class I
Year Ended June 30, 2020		51.35		0.25			0.80			1.05			(0.40	)		(3.93	)		(4.33	)
Year Ended June 30, 2019		52.32		0.33			4.07			4.40			(0.23	)		(5.14	)		(5.37	)
Year Ended June 30, 2018		49.13		0.14			5.97			6.11			(0.07	)		(2.85	)		(2.92	)
Year Ended June 30, 2017		43.41		0.14			7.09			7.23			(0.14	)		(1.37	)		(1.51	)
Year Ended June 30, 2016		47.47		0.11			(1.99	)		(1.88	)		(0.07	)		(2.11	)		(2.18	)
Class R2
Year Ended June 30, 2020		49.96		0.01			0.76			0.77			(0.16	)		(3.93	)		(4.09	)
Year Ended June 30, 2019		51.08		0.05			4.00			4.05			(0.03	)		(5.14	)		(5.17	)
Year Ended June 30, 2018		48.21		(0.14	)		5.86			5.72			—			(2.85	)		(2.85	)
Year Ended June 30, 2017		42.75		(0.14	)		6.98			6.84			(0.01	)		(1.37	)		(1.38	)
Year Ended June 30, 2016		46.98		(0.13	)		(1.99	)		(2.12	)		—			(2.11	)		(2.11	)
Class R5
Year Ended June 30, 2020		51.37		0.30			0.83			1.13			(0.46	)		(3.93	)		(4.39	)
Year Ended June 30, 2019		52.35		0.41			4.06			4.47			(0.31	)		(5.14	)		(5.45	)
Year Ended June 30, 2018		49.17		0.24			5.94			6.18			(0.15	)		(2.85	)		(3.00	)
Year Ended June 30, 2017		43.43		0.18			7.11			7.29			(0.18	)		(1.37	)		(1.55	)
Year Ended June 30, 2016		47.49		0.18			(2.03	)		(1.85	)		(0.10	)		(2.11	)		(2.21	)
Class R6
Year Ended June 30, 2020		51.41		0.37			0.81			1.18			(0.52	)		(3.93	)		(4.45	)
Year Ended June 30, 2019		52.39		0.43			4.09			4.52			(0.36	)		(5.14	)		(5.50	)
Year Ended June 30, 2018		49.18		0.27			5.96			6.23			(0.17	)		(2.85	)		(3.02	)
Year Ended June 30, 2017		43.44		0.21			7.09			7.30			(0.19	)		(1.37	)		(1.56	)
Year Ended June 30, 2016		47.49		0.20			(2.02	)		(1.82	)		(0.12	)		(2.11	)		(2.23	)

(a) Calculated based upon average shares outstanding.

(b) 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.    

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

(d) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2020

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate
$	47.20		2.20	%	$	405,857		1.14	%		0.28	%		1.26	%		49	%
	50.52		9.92			451,118		1.13			0.37			1.26			34
	51.57		12.37			402,897		1.17			0.01			1.25			31
	48.53		16.61			378,055		1.24			(0.05	)		1.37			38
	42.95		(4.17	)		335,424		1.25			(0.03	)		1.43			39
	44.95		1.69			20,753		1.64			(0.23	)		1.76			49
	48.32		9.37			24,071		1.63			(0.09	)		1.76			34
	49.66		11.83			27,666		1.67			(0.50	)		1.76			31
	47.05		16.01			30,596		1.74			(0.56	)		1.92			38
	41.85		(4.64	)		32,045		1.75			(0.54	)		1.96			39
	48.07		2.46			341,317		0.89			0.53			1.01			49
	51.35		10.20			301,071		0.88			0.65			1.00			34
	52.32		12.68			326,026		0.89			0.26			1.00			31
	49.13		17.01			778,378		0.89			0.30			1.08			38
	43.41		(3.81	)		622,440		0.90			0.25			1.20			39
	46.64		1.96			623		1.39			0.03			1.55			49
	49.96		9.63			524		1.38			0.10			1.57			34
	51.08		12.09			443		1.43			(0.28	)		1.57			31
	48.21		16.30			600		1.49			(0.31	)		1.69			38
	42.75		(4.38	)		688		1.50			(0.30	)		1.81			39
	48.11		2.62			871		0.74			0.61			0.86			49
	51.37		10.37			6,073		0.73			0.81			0.86			34
	52.35		12.83			6,499		0.75			0.47			0.85			31
	49.17		17.14			1,804		0.79			0.40			0.87			38
	43.43		(3.73	)		2,840		0.80			0.42			0.91			39
	48.14		2.72			867,761		0.64			0.75			0.76			49
	51.41		10.48			2,008,540		0.63			0.87			0.75			34
	52.39		12.93			1,970,177		0.67			0.51			0.75			31
	49.18		17.18			1,619,045		0.74			0.45			0.75			38
	43.44		(3.66	)		1,370,912		0.74			0.46			0.77			39

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 47

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net realized gain
JPMorgan Mid Cap Growth Fund
Class A
Year Ended June 30, 2020	$	32.94	$	(0.20	)	$	6.50		$	6.30		$	(2.81	)
Year Ended June 30, 2019		30.84		(0.17	)		4.42			4.25			(2.15	)
Year Ended June 30, 2018		27.99		(0.19	)		5.18			4.99			(2.14	)
Year Ended June 30, 2017		23.43		(0.14	)		4.71			4.57			(0.01	)
Year Ended June 30, 2016		27.71		(0.15	)		(2.67	)		(2.82	)		(1.46	)
Class C
Year Ended June 30, 2020		25.34		(0.28	)		4.90			4.62			(2.81	)
Year Ended June 30, 2019		24.37		(0.25	)		3.37			3.12			(2.15	)
Year Ended June 30, 2018		22.64		(0.27	)		4.14			3.87			(2.14	)
Year Ended June 30, 2017		19.05		(0.22	)		3.82			3.60			(0.01	)
Year Ended June 30, 2016		22.93		(0.22	)		(2.20	)		(2.42	)		(1.46	)
Class I
Year Ended June 30, 2020		38.37		(0.12	)		7.67			7.55			(2.81	)
Year Ended June 30, 2019		35.44		(0.09	)		5.17			5.08			(2.15	)
Year Ended June 30, 2018		31.79		(0.10	)		5.89			5.79			(2.14	)
Year Ended June 30, 2017		26.52		(0.07	)		5.35			5.28			(0.01	)
Year Ended June 30, 2016		31.06		(0.09	)		(2.99	)		(3.08	)		(1.46	)
Class R2
Year Ended June 30, 2020		35.91		(0.31	)		7.11			6.80			(2.81	)
Year Ended June 30, 2019		33.49		(0.27	)		4.84			4.57			(2.15	)
Year Ended June 30, 2018		30.31		(0.28	)		5.60			5.32			(2.14	)
Year Ended June 30, 2017		25.41		(0.21	)		5.12			4.91			(0.01	)
Year Ended June 30, 2016		29.96		(0.18	)		(2.91	)		(3.09	)		(1.46	)
Class R3
Year Ended June 30, 2020		38.01		(0.23	)		7.56			7.33			(2.81	)
Year Ended June 30, 2019		35.23		(0.20	)		5.13			4.93			(2.15	)
Year Ended June 30, 2018		31.71		(0.19	)		5.85			5.66			(2.14	)
September 9, 2016 (f) through June 30, 2017		27.06		(0.13	)		4.79			4.66			(0.01	)
Class R4
Year Ended June 30, 2020		38.30		(0.14	)		7.65			7.51			(2.81	)
Year Ended June 30, 2019		35.40		(0.11	)		5.16			5.05			(2.15	)
Year Ended June 30, 2018		31.77		(0.12	)		5.89			5.77			(2.14	)
September 9, 2016 (f) through June 30, 2017		27.06		(0.06	)		4.78			4.72			(0.01	)
Class R5
Year Ended June 30, 2020		38.90		(0.06	)		7.78			7.72			(2.81	)
Year Ended June 30, 2019		35.85		(0.04	)		5.24			5.20			(2.15	)
Year Ended June 30, 2018		32.09		(0.06	)		5.96			5.90			(2.14	)
Year Ended June 30, 2017		26.74		(0.03	)		5.39			5.36			(0.01	)
Year Ended June 30, 2016		31.26		(0.03	)		(3.03	)		(3.06	)		(1.46	)
Class R6
Year Ended June 30, 2020		39.09		(0.04	)		7.83			7.79			(2.81	)
Year Ended June 30, 2019		36.00		(0.02	)		5.26			5.24			(2.15	)
Year Ended June 30, 2018		32.20		(0.04	)		5.98			5.94			(2.14	)
Year Ended June 30, 2017		26.82		(0.02	)		5.41			5.39			(0.01	)
Year Ended June 30, 2016		31.33		(0.02	)		(3.03	)		(3.05	)		(1.46	)

(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 JUNE 30, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	36.43		20.30	%	$	1,141,467		1.24	%		(0.62	)%		1.27	%		63	%
	32.94		15.37			1,012,686		1.23			(0.56	)		1.28			54
	30.84		18.39			934,982		1.23			(0.62	)		1.30			56
	27.99		19.52			915,226		1.23			(0.56	)		1.36			41
	23.43		(10.29	)		949,148		1.24			(0.59	)		1.40			56
	27.15		19.72			86,046		1.74			(1.12	)		1.75			63
	25.34		14.78			83,558		1.73			(1.06	)		1.75			54
	24.37		17.76			82,939		1.73			(1.12	)		1.76			56
	22.64		18.92			90,640		1.73			(1.06	)		1.85			41
	19.05		(10.70	)		96,729		1.74			(1.08	)		1.90			56
	43.11		20.70			1,205,433		0.93			(0.31	)		1.00			63
	38.37		15.73			1,085,728		0.92			(0.25	)		1.00			54
	35.44		18.72			1,140,704		0.92			(0.30	)		1.00			56
	31.79		19.92			1,050,151		0.92			(0.25	)		1.08			41
	26.52		(10.01	)		929,489		0.93			(0.31	)		1.13			56
	39.90		20.00			39,404		1.49			(0.87	)		1.55			63
	35.91		15.10			44,453		1.48			(0.81	)		1.55			54
	33.49		18.06			38,486		1.48			(0.87	)		1.57			56
	30.31		19.34			35,242		1.42			(0.74	)		1.69			41
	25.41		(10.42	)		32,092		1.40			(0.71	)		1.71			56
	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
	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
	43.81		20.86			519,097		0.79			(0.17	)		0.85			63
	38.90		15.89			457,513		0.78			(0.11	)		0.85			54
	35.85		18.89			313,336		0.78			(0.16	)		0.85			56
	32.09		20.06			247,068		0.78			(0.10	)		0.89			41
	26.74		(9.87	)		224,498		0.79			(0.13	)		0.91			56
	44.07		20.94			2,435,853		0.74			(0.11	)		0.75			63
	39.09		15.94			1,835,188		0.73			(0.05	)		0.75			54
	36.00		18.95			1,365,839		0.73			(0.11	)		0.76			56
	32.20		20.11			749,670		0.73			(0.06	)		0.76			41
	26.82		(9.82	)		619,527		0.73			(0.06	)		0.77			56

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 49

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Mid Cap Value Fund
Class A
Year Ended June 30, 2020	$	38.02	$	0.33		$	(5.35	)	$	(5.02	)	$	(0.33	)	$	(1.55	)	$	(1.88	)
Year Ended June 30, 2019		39.24		0.45			0.87			1.32			(0.38	)		(2.16	)		(2.54	)
Year Ended June 30, 2018		37.80		0.20			2.14			2.34			(0.18	)		(0.72	)		(0.90	)
Year Ended June 30, 2017		35.41		0.17			4.60			4.77			(0.14	)		(2.24	)		(2.38	)
Year Ended June 30, 2016		36.98		0.19			0.33			0.52			(0.14	)		(1.95	)		(2.09	)
Class C
Year Ended June 30, 2020		36.44		0.14			(5.14	)		(5.00	)		(0.12	)		(1.55	)		(1.67	)
Year Ended June 30, 2019		37.68		0.26			0.83			1.09			(0.17	)		(2.16	)		(2.33	)
Year Ended June 30, 2018		36.35		(0.02	)		2.07			2.05			—			(0.72	)		(0.72	)
Year Ended June 30, 2017		34.17		(0.02	)		4.44			4.42			—			(2.24	)		(2.24	)
Year Ended June 30, 2016		35.79		0.01			0.32			0.33			—			(1.95	)		(1.95	)
Class I
Year Ended June 30, 2020		38.48		0.43			(5.42	)		(4.99	)		(0.43	)		(1.55	)		(1.98	)
Year Ended June 30, 2019		39.70		0.54			0.88			1.42			(0.48	)		(2.16	)		(2.64	)
Year Ended June 30, 2018		38.24		0.30			2.16			2.46			(0.28	)		(0.72	)		(1.00	)
Year Ended June 30, 2017		35.79		0.27			4.66			4.93			(0.24	)		(2.24	)		(2.48	)
Year Ended June 30, 2016		37.36		0.28			0.33			0.61			(0.23	)		(1.95	)		(2.18	)
Class L
Year Ended June 30, 2020		38.99		0.52			(5.48	)		(4.96	)		(0.52	)		(1.55	)		(2.07	)
Year Ended June 30, 2019		40.21		0.62			0.90			1.52			(0.58	)		(2.16	)		(2.74	)
Year Ended June 30, 2018		38.70		0.40			2.20			2.60			(0.37	)		(0.72	)		(1.09	)
Year Ended June 30, 2017		36.19		0.36			4.71			5.07			(0.32	)		(2.24	)		(2.56	)
Year Ended June 30, 2016		37.76		0.37			0.33			0.70			(0.32	)		(1.95	)		(2.27	)
Class R2
Year Ended June 30, 2020		36.35		0.23			(5.11	)		(4.88	)		(0.25	)		(1.55	)		(1.80	)
Year Ended June 30, 2019		37.64		0.31			0.86			1.17			(0.30	)		(2.16	)		(2.46	)
Year Ended June 30, 2018		36.33		0.10			2.05			2.15			(0.12	)		(0.72	)		(0.84	)
Year Ended June 30, 2017		34.14		0.07			4.43			4.50			(0.07	)		(2.24	)		(2.31	)
Year Ended June 30, 2016		35.73		0.10			0.32			0.42			(0.06	)		(1.95	)		(2.01	)
Class R3
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
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
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
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 JUNE 30, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	31.12		(14.13	)%	$	1,171,139		1.24	%		0.93	%		1.24	%		18	%
	38.02		4.12			1,662,841		1.23			1.20			1.25			11
	39.24		6.20			1,967,162		1.23			0.51			1.26			13
	37.80		13.83			2,149,689		1.23			0.45			1.36			23
	35.41		1.85			2,302,567		1.24			0.54			1.41			20
	29.77		(14.58	)		84,827		1.73			0.42			1.74			18
	36.44		3.59			149,839		1.73			0.72			1.74			11
	37.68		5.65			214,331		1.74			(0.06	)		1.75			13
	36.35		13.27			452,351		1.74			(0.06	)		1.80			23
	34.17		1.35			549,619		1.75			0.03			1.83			20
	31.51		(13.93	)		2,164,300		0.98			1.20			0.99			18
	38.48		4.38			2,662,983		0.98			1.41			0.99			11
	39.70		6.44			2,985,882		0.98			0.77			1.00			13
	38.24		14.15			2,902,646		0.98			0.72			1.07			23
	35.79		2.11			2,332,160		0.99			0.80			1.11			20
	31.96		(13.71	)		5,976,033		0.75			1.41			0.84			18
	38.99		4.63			8,996,364		0.74			1.61			0.85			11
	40.21		6.73			11,795,588		0.74			1.00			0.86			13
	38.70		14.39			12,478,637		0.74			0.96			0.91			23
	36.19		2.35			10,313,629		0.75			1.04			0.94			20
	29.67		(14.36	)		59,200		1.49			0.69			1.50			18
	36.35		3.86			74,236		1.49			0.87			1.50			11
	37.64		5.93			82,108		1.49			0.26			1.51			13
	36.33		13.53			85,287		1.49			0.21			1.65			23
	34.14		1.61			66,167		1.50			0.29			1.75			20
	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
	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
	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
	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.

JUNE 30, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 51

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Value Advantage Fund
Class A
Year Ended June 30, 2020	$	35.46	$	0.49		$	(5.04	)	$	(4.55	)	$	(0.45	)	$	(0.93	)	$	(1.38	)
Year Ended June 30, 2019		35.38		0.55			1.68			2.23			(0.46	)		(1.69	)		(2.15	)
Year Ended June 30, 2018		33.40		0.35	(f)		2.26			2.61			(0.28	)		(0.35	)		(0.63	)
Year Ended June 30, 2017		28.66		0.27			4.77			5.04			(0.30	)		—			(0.30	)
Year Ended June 30, 2016		29.84		0.27			(0.99	)		(0.72	)		(0.17	)		(0.29	)		(0.46	)
Class C
Year Ended June 30, 2020		35.29		0.32			(5.04	)		(4.72	)		(0.26	)		(0.93	)		(1.19	)
Year Ended June 30, 2019		35.20		0.38			1.68			2.06			(0.28	)		(1.69	)		(1.97	)
Year Ended June 30, 2018		33.20		0.18	(f)		2.24			2.42			(0.07	)		(0.35	)		(0.42	)
Year Ended June 30, 2017		28.52		0.11			4.74			4.85			(0.17	)		—			(0.17	)
Year Ended June 30, 2016		29.72		0.14			(0.99	)		(0.85	)		(0.06	)		(0.29	)		(0.35	)
Class I
Year Ended June 30, 2020		35.67		0.57			(5.06	)		(4.49	)		(0.54	)		(0.93	)		(1.47	)
Year Ended June 30, 2019		35.60		0.62			1.70			2.32			(0.56	)		(1.69	)		(2.25	)
Year Ended June 30, 2018		33.62		0.44	(f)		2.28			2.72			(0.39	)		(0.35	)		(0.74	)
Year Ended June 30, 2017		28.86		0.35			4.80			5.15			(0.39	)		—			(0.39	)
Year Ended June 30, 2016		29.99		0.33			(0.98	)		(0.65	)		(0.19	)		(0.29	)		(0.48	)
Class L
Year Ended June 30, 2020		35.69		0.63			(5.07	)		(4.44	)		(0.59	)		(0.93	)		(1.52	)
Year Ended June 30, 2019		35.62		0.72			1.64			2.36			(0.60	)		(1.69	)		(2.29	)
Year Ended June 30, 2018		33.63		0.50	(f)		2.29			2.79			(0.45	)		(0.35	)		(0.80	)
Year Ended June 30, 2017		28.86		0.41			4.82			5.23			(0.46	)		—			(0.46	)
Year Ended June 30, 2016		30.06		0.43			(1.02	)		(0.59	)		(0.32	)		(0.29	)		(0.61	)
Class R2
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
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
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
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
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 JUNE 30, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	29.53		(13.60	)%	$	736,715		1.14	%		1.45	%		1.16	%		29	%
	35.46		7.00			1,231,325		1.14			1.59			1.25			15
	35.38		7.81			1,346,080		1.17			1.01	(f)		1.25			23
	33.40		17.60			1,432,370		1.24			0.85			1.36			24
	28.66		(2.34	)		2,045,698		1.24			0.98			1.43			26
	29.38		(14.04	)		332,229		1.64			0.94			1.66			29
	35.29		6.45			522,878		1.64			1.08			1.75			15
	35.20		7.27			591,602		1.67			0.51	(f)		1.75			23
	33.20		17.02			746,521		1.74			0.34			1.81			24
	28.52		(2.82	)		728,800		1.74			0.49			1.85			26
	29.71		(13.39	)		2,047,640		0.89			1.70			0.90			29
	35.67		7.28			2,445,747		0.89			1.76			0.99			15
	35.60		8.07			2,296,056		0.92			1.26	(f)		1.00			23
	33.62		17.89			2,165,577		0.99			1.09			1.04			24
	28.86		(2.10	)		1,414,635		0.99			1.16			1.05			26
	29.73		(13.26	)		1,593,954		0.74			1.85			0.75			29
	35.69		7.41			2,569,596		0.74			2.04			0.84			15
	35.62		8.29			3,255,993		0.74			1.42	(f)		0.85			23
	33.63		18.17			3,643,327		0.75			1.32			0.87			24
	28.86		(1.87	)		5,901,818		0.74			1.50			0.88			26
	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
	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
	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
	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
	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.

JUNE 30, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 53

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020

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”), an open-end management investment company, was organized as a Massachusetts business trust on September 23, 1997.

J.P. Morgan Fleming Mutual Fund Group, Inc. (“JPMFMFG,” and with JPM I, JPM II and JPMMFIT, collectively, the “Trusts”), an open-end management investment company, was organized as a Maryland corporation on August 19, 1997.

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

	Classes Offered	Trust	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 the Mid Cap Value Fund and the Value Advantage Fund are publicly offered only on a limited basis. Investors are not eligible to purchase Class L Shares of these Funds unless they meet certain requirements as described in the Funds’ prospectuses.

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

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

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, 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

54 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2020

specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Boards.

A market-based approach is primarily used to value the Funds’ investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Boards. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Funds are calculated on a valuation date.

Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

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

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

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

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

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

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

The following tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”) (amounts in thousands):

Growth Advantage Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	11,129,848	$	—	$	—	$	11,129,848
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)	$	1,637,187	$	—	$	—	$	1,637,187
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)	$	5,720,634	$	—	$	—	$	5,720,634
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)	$	12,897,295	$	—	$	—	$	12,897,295

JUNE 30, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 55

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

Value Advantage Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks	$	8,418,517	$	—	$	—		$	8,418,517
Rights
Media		—		—		—	(b)		—	(b)
Wireless Telecommunication Services		47		—		—			47
Total Rights		47		—		—	(b)		47
Short-Term Investments
Investment Companies		193,827		—		—			193,827
Investment of cash collateral from securities loaned		154,262		—		—			154,262
Total Short-Term Investments		348,089		—		—			348,089
Total Investments in Securities	$	8,766,653	$	—	$	—	(b)	$	8,766,653

(a) Please refer to the SOIs for specifics of portfolio holdings.

(b) Amount rounds to less than one thousand.

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

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

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimis amounts.

The value of securities out on loan is recorded as an asset on the Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statements of Assets and Liabilities and details of collateral investments are disclosed on the SOIs.

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

The following table presents for each lending Fund, the value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Funds as of June 30, 2020 (amounts in thousands).

	Investment Securities on Loan, at value, Presented on the Statements of Assets and Liabilities		Cash Collateral Posted by Borrower*			Net Amount Due to Counterparty (not less than zero)
Growth Advantage Fund	$	331,253	$	(331,253	)	$	—
Mid Cap Growth Fund		231,676		(231,676	)		—
Mid Cap Value Fund		188,161		(188,161	)		—
Value Advantage Fund		150,467		(150,467	)		—

* Collateral posted reflects the value of securities on loan and does not include any additional amounts received from the borrower.

56 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2020

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

JPMIM voluntarily waived investment advisory fees charged to the Funds to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.15% to 0.06%. For the year ended June 30, 2020, JPMIM waived fees associated with the Funds’ investment in the JPMorgan U.S. Government Money Market Fund as follows (amounts in thousands):

Growth Advantage Fund	$	27
Mid Cap Equity Fund		8
Mid Cap Growth Fund		24
Mid Cap Value Fund		34
Value Advantage Fund		29

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).

Mid Cap Equity Fund did not have any securities out on loan at June 30, 2020.

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

Growth Advantage Fund

For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (a)(b)	$	214,350	$	3,435,887	$	3,544,930	$	72		$	37		$	105,416		105,321	$	3,057		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (a)(b)		157,046		2,064,501		1,919,000		(1	)*		(17	)		302,529		302,408		3,039	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a)(b)		36,180		1,350,989		1,355,679		—			—			31,490		31,490		441	*		—
Total	$	407,576	$	6,851,377	$	6,819,609	$	71		$	20		$	439,435			$	6,537		$	—

Mid Cap Equity Fund

For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (a)(b)	$	97,782	$	795,812	$	853,004	$	20		$	2		$	40,612		40,575	$	1,079		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares (a)		69,023		198,000		267,019		1	*		(5	)		—		—		489	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares (a)		15,260		256,338		271,598		—			—			—		—		141	*		—
Total	$	182,065	$	1,250,150	$	1,391,621	$	21		$	(3	)	$	40,612			$	1,709		$	—

JUNE 30, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 57

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

Mid Cap Growth Fund

For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (a)(b)	$	113,766	$	1,417,961	$	1,480,197	$	14		$	16		$	51,560		51,514	$	1,973		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (a)(b)		168,065		1,180,999		1,138,002		40	*		(14	)		211,088		211,004		2,689	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a)(b)		30,123		839,294		845,040		—			—			24,377		24,377		402	*		—
Total	$	311,954	$	3,438,254	$	3,463,239	$	54		$	2		$	287,025			$	5,064		$	—

Mid Cap Value Fund

For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (a)(b)	$	715,289	$	2,490,470	$	3,035,774	$	216		$	101		$	170,302		170,149	$	6,799		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (a)(b)		296,060		1,446,000		1,574,000		40	*		(26	)		168,074		168,007		4,175	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a)(b)		58,776		962,073		997,377		—			—			23,472		23,472		605	*		—
Total	$	1,070,125	$	4,898,543	$	5,607,151	$	256		$	75		$	361,848			$	11,579		$	—

Value Advantage Fund

For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (a)(b)	$	181,870	$	3,171,347	$	3,159,521	$	151		$	(20	)	$	193,827		193,652	$	4,895		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (a)(b)		215,041		1,454,000		1,530,000		102	*		(17	)		139,126		139,070		3,080	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a)(b)		42,795		892,790		920,449		—			—			15,136		15,136		471	*		—
Total	$	439,706	$	5,518,137	$	5,609,970	$	253		$	(37	)	$	348,089			$	8,446		$	—

(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 June 30, 2020.

* 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 JUNE 30, 2020

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

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

E. Allocation of Income and Expenses — Expenses directly attributable to a Fund are charged directly to that Fund, while the expenses attributable to more than one fund of the Trusts are allocated among the 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 year ended June 30, 2020 are as follows (amounts in thousands):

	Class A		Class C		Class I		Class L		Class R2			Class R3			Class R4			Class R5			Class R6		Total
Growth Advantage Fund
Transfer agency fees	$	142	$	57	$	47		n/a	$	1		$	1		$	—	(a)	$	7		$	55	$	310
Mid Cap Equity Fund
Transfer agency fees		33		2		7		n/a		—	(a)		n/a			n/a			—	(a)		15		57
Mid Cap Growth Fund
Transfer agency fees		255		7		29		n/a		20			2			—	(a)		12			66		391
Mid Cap Value Fund
Transfer agency fees		105		7		38	$	486		7			—	(a)		1			1			47		692
Value Advantage Fund
Transfer agency fees		85		41		35		36		—	(a)		1			—	(a)		—	(a)		43		241

(a) Amount rounds to less than one thousand.

F. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of June 30, 2020, no liability for Federal income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

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

The following amounts were reclassified within the capital accounts (amounts in thousands):

	Paid-in-Capital		Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
JPMorgan Growth Advantage Fund	$	103,783	$	2,926		$	(106,709	)
JPMorgan Mid Cap Equity Fund		248,867		(303	)		(248,564	)
JPMorgan Mid Cap Growth Fund		—		1,198			(1,198	)
JPMorgan Value Advantage Fund		—		(4,076	)		4,076

The reclassifications for the Funds relate primarily to redemptions in-kind and tax equalization.

JUNE 30, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 59

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to Investment Advisory Agreements, 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 based on each Fund’s respective average daily net assets. The annual rate for each Fund is as follows:

Growth Advantage Fund	0.55	%(1)
Mid Cap Equity Fund	0.65
Mid Cap Growth Fund	0.65
Mid Cap Value Fund	0.65
Value Advantage Fund	0.55	(1)

⁽¹⁾   Prior to August 1, 2019, the investment advisory fee was accrued daily and paid monthly at an annual rate of 0.65% on 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 Administration Agreements, 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 year ended June 30, 2020, the effective rate for Growth Advantage Fund, Mid Cap Equity Fund, Mid Cap Growth Fund, Mid Cap Value Fund and Value Advantage Fund was 0.08%, 0.08%, 0.08%, 0.07% and 0.07%, respectively, of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

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

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

	Class A			Class C			Class R2			Class R3
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 year ended June 30, 2020, JPMDS retained the following (amounts in thousands):

	Front-End Sales Charge		CDSC
Growth Advantage Fund	$	434	$	5
Mid Cap Equity Fund		114		—
Mid Cap Growth Fund		103		1
Mid Cap Value Fund		63		—	(a)
Value Advantage Fund		131		1

(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

60 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2020

Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

	Class A			Class C			Class I			Class L			Class R2			Class R3			Class R4			Class R5
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		1.14	%		1.64	%		0.89	%		n/a			1.39	%		1.14	%		n/a	(1)		n/a	(1)		n/a	(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		1.24			n/a	(2)		0.93			n/a			1.49			n/a	(2)		0.99	%		0.79			0.74
Mid Cap Value Fund		1.24			1.75			0.99			0.75	%		1.50			1.25			1.00			0.85			0.73
Value Advantage Fund		1.14			1.64			0.89			0.75			1.39			1.14			0.89			0.74			0.64

⁽¹⁾  Effective November 1, 2019, the contractual expense limitation for Class R4, Class R5 and Class R6 Shares expired. Prior to November 1, 2019, the contractual expense limitation was 0.89%, 0.74% and 0.64% for Class R4, Class R5 and Class R6 Shares, respectively.

⁽²⁾ Effective November 1, 2019, the contractual expense limitation for Class C and Class R3 Shares expired. Prior to November 1, 2019, the contractual expense limitation was 1.74% and 1.24% for Class C and Class R3 Shares, respectively.

The expense limitation agreements were in effect for the year ended June 30, 2020 and the contractual expense limitation percentages in the table above are in place until at least October 31, 2020.

For the year ended June 30, 2020, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees		Total		Contractual Reimbursements
Growth Advantage Fund	$	522	$	348	$	254	$	1,124	$	7
Mid Cap Equity Fund		1,328		886		31		2,245		—	(a)
Mid Cap Growth Fund		104		65		1,160		1,329		38
Mid Cap Value Fund		262		163		6,600		7,025		32
Value Advantage Fund		596		396		111		1,103		23

(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 reimbursed expenses in future years.

JUNE 30, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 61

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

The amount of waivers resulting from investments in these money market funds for the year ended June 30, 2020 was as follows (amounts in thousands):

Growth Advantage Fund	$	250
Mid Cap Equity Fund		89
Mid Cap Growth Fund		166
Mid Cap Value Fund		581
Value Advantage Fund		407

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 year ended June 30, 2020, the Funds purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

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

4. Investment Transactions

During the year ended June 30, 2020, purchases and sales of investments (excluding short-term investments and transfers in-kind) were as follows (amounts in thousands):

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Growth Advantage Fund	$	4,274,522	$	5,219,165
Mid Cap Equity Fund		962,224		927,634
Mid Cap Growth Fund		2,985,297		2,950,253
Mid Cap Value Fund		2,626,179		4,009,322
Value Advantage Fund		2,865,591		3,393,186

During the year ended June 30, 2020, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at June 30, 2020 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Growth Advantage Fund	$	6,399,734	$	4,798,998	$	68,884	$	4,730,114
Mid Cap Equity Fund		1,185,039		508,588		56,440		452,148
Mid Cap Growth Fund		4,141,185		1,652,724		73,275		1,579,449
Mid Cap Value Fund		10,015,650		4,123,961		1,242,316		2,881,645
Value Advantage Fund		7,618,053		1,831,644		683,044		1,148,600

For the Funds, the difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to wash sale loss deferrals, investments in passive foreign investment companies (“PFICs”) and non-taxable dividends.

62 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2020

The tax character of distributions paid during the year ended June 30, 2020 was as follows (amounts in thousands):

	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Growth Advantage Fund	$	—	$	835,282	$	835,282
Mid Cap Equity Fund		18,575		205,540		224,115
Mid Cap Growth Fund		—		345,443		345,443
Mid Cap Value Fund		207,560		647,712		855,272
Value Advantage Fund		180,428		287,467		467,895

* Short-term gain distributions are treated as ordinary income for income tax purposes.

The tax character of distributions paid during the year ended June 30, 2019 was as follows (amounts in thousands):

	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Growth Advantage Fund	$	35,076	$	663,086	$	698,162
Mid Cap Equity Fund		43,984		241,956		285,940
Mid Cap Growth Fund		24,869		226,941		251,810
Mid Cap Value Fund		264,620		935,839		1,200,459
Value Advantage Fund		234,470		474,480		708,950

* Short-term gain distributions are treated as ordinary income for income tax purposes.

As of June 30, 2020, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss Carryover)		Unrealized Appreciation (Depreciation)
Growth Advantage Fund	$	73,501	$	819,396	$	4,730,114
Mid Cap Equity Fund		13,965		141,232		452,148
Mid Cap Growth Fund		31,577		504,597		1,579,449
Mid Cap Value Fund		93,059		780,462		2,881,645
Value Advantage Fund		87,294		209,615		1,148,600

For the Funds, the cumulative timing differences primarily consist of wash sale loss deferrals, investments in PFICs, non-taxable dividends, late year ordinary loss deferrals and post-October capital loss deferrals.

Late year ordinary losses incurred after December 31 as well as net capital losses incurred after October 31 and within the taxable year are deemed to arise on the first business day of the Funds’ next taxable year. For the year ended June 30, 2020, the following Funds deferred to July 1, 2020 late year ordinary losses and post-October capital losses of (amounts in thousands):

	Net Capital Losses				Late Year Ordinary Loss Deferral
	Short-Term		Long-Term
Growth Advantage Fund	$	—	$	—	$	3,489
Mid Cap Growth Fund		—		—		6,406
Value Advantage Fund		104,712		—		—

6. Borrowings

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

The Funds had no borrowings outstanding from another fund during the year ended June 30, 2020.

JUNE 30, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 63

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

The Trusts and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 2, 2020.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended June 30, 2020.

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

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00%, which has increased to 1.25% pursuant to the amendment referenced below, plus the greater of the federal funds effective rate or one month 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 11, 2020, this agreement has been amended and restated for a term of 364 days, unless extended, and to include the change to the interest rate charged for borrowing from the Credit Facility to 1.25%, as noted above, and an upfront fee of 0.075% of the Credit Facility to be charged and paid by all participating funds of the Credit Facility.

The Funds did not utilize the Credit Facility during the year ended June 30, 2020.

7. Risks, Concentrations and Indemnifications

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

As of June 30, 2020, the Funds had individual shareholder and/or omnibus accounts which owned more than 10% of the respective Fund’s outstanding shares as follows:

	Number of individual shareholder and/or Affiliated Omnibus Accounts		% of the Fund			Number of individual shareholder and/or Non-Affiliated Omnibus Accounts		% of the Fund
Growth Advantage Fund		1		12.3	%		1		20.7	%
Mid Cap Equity Fund		—		—			1		54.7
Mid Cap Growth Fund		—		—			1		17.0
Mid Cap Value Fund		—		—			2		34.7
Value Advantage Fund		—		—			3		36.4

As of June 30, 2020, the JPMorgan SmartRetirement Funds, which are affiliated funds of funds, owned in the aggregate, shares representing more than 10% of the net assets of the following Funds:

	JPMorgan SmartRetirement Funds
Growth Advantage Fund		19.9	%
Value Advantage Fund		24.5

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

LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. The regulatory authority that oversees financial services firms and financial markets in the U.K. has announced that, after the end of 2021, it would no longer persuade or compel contributing banks to make rate submissions for purposes of determining the LIBOR rate. As a result, it is possible that commencing in 2022, LIBOR may no longer be available or no longer deemed an appropriate reference rate upon which to determine the interest rate on or impacting certain loans, notes, derivatives and other instruments or investments comprising some or all of a Fund’s portfolio. In light of this eventuality, public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of LIBOR. There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or

64 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2020

produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain investments of a Fund and result in costs incurred in connection with closing out positions and entering into new trades. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., Euribor) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.

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

8. Redemptions in-Kind

On October 11, 2019, certain shareholders sold Class R6 Shares of Mid Cap Equity Fund. The portfolio securities were delivered primarily by means of a redemption in-kind in exchange for shares of the Fund. Cash and portfolio securities were transferred as detailed below (amounts in thousands):

	Value			Realized Gains (Losses)		Type
Mid Cap Equity Fund	$	1,200,715	*	$	234,072		Redemption in-kind

* This amount includes cash of approximately $42,541,000 associated with the redemption in-kind.

9. Subsequent Event

On August 11, 2020, the contractual expense limitations for Class A, Class C, Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares of the Funds were extended until at least October 31, 2021.

JUNE 30, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 65

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of J.P. Morgan Mutual Fund Investment Trust, J.P. Morgan Fleming Mutual Fund Group, Inc., JPMorgan Trust I and JPMorgan Trust II and Shareholders of JPMorgan Growth Advantage Fund, JPMorgan Mid Cap Equity Fund, JPMorgan Mid Cap Growth Fund, JPMorgan Mid Cap Value Fund and JPMorgan Value Advantage Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of JPMorgan Growth Advantage Fund (constituting J.P. Morgan Mutual Fund Investment Trust), JPMorgan Mid Cap Value Fund (constituting J.P. Morgan Fleming Mutual Fund Group, Inc.), JPMorgan Mid Cap Equity Fund and JPMorgan Value Advantage Fund (two of the funds constituting JPMorgan Trust I) and JPMorgan Mid Cap Growth Fund (one of the funds constituting JPMorgan Trust II) (hereafter collectively referred to as the “Funds”) as of June 30, 2020, the related statements of operations for the year ended June 30, 2020, the statements of changes in net assets for each of the two years in the period ended June 30, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended June 30, 2020 and each of the financial highlightsfor each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2020 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

August 24, 2020

We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.

66 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2020

TRUSTEES

(Unaudited)

The Funds’ Statement of Additional Information includes additional information about the Funds’ Trustees and is available, without charge, upon request by calling 1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees
John F. Finn (1947); Chairman since 2020; Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	126	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Stephen P. Fisher (1959); Trustee of Trusts since 2018.	Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies).	126	Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).
Kathleen M. Gallagher (1958); Trustee of the Trusts since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	126	Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, Fiduciary Solutions, State Street Global Advisors (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016).
Dennis P. Harrington* (1950); Trustee of Trusts since 2017.	Retired; Partner, Deloitte LLP (accounting firm) (serving in various roles 1984-2012).	126	None
Frankie D. Hughes (1952); Trustee of Trusts since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	126	None

JUNE 30, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 67

TRUSTEES

(Unaudited) (continued)

Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)
Raymond Kanner** (1953); Trustee of Trusts since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	126	Advisory Board Member, Penso Advisors LLC (2020-present); Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors Fiduciary Solutions Board (2017-present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016-2017); Advisory Board Member, BlueStar Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015).
Peter C. Marshall (1942); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	126	None
Mary E. Martinez (1960); Trustee of Trusts since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	126	None
Marilyn McCoy (1948); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	126	None
Mitchell M. Merin (1953); Trustee of Trusts since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (serving in various roles 1981-2006).	126	Director, Sun Life Financial (SLF) (financial services and insurance) (2007-2013).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	126	Trustee and Vice Chair, Trout Unlimited (2017-present); Trustee, American Museum of Fly Fishing (2013-present); Vice Chair, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American University in Cairo (1999-2014).
Marian U. Pardo*** (1946); Trustee of Trusts since 2013.	Managing Director and Founder, Virtual Capital Management LLC (investment consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	126	President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).

68 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2020

(1) The Trustees serve for an indefinite term, subject to the Trusts’ current retirement policy, which is age 78 for all Trustees.

(2) A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Boards of Trustees serve currently includes ten registered investment companies (126 funds).

    * Two family members of Mr. Harrington are partner and managing director, respectively, of the Funds’ independent registered public accounting firm. Such firm has represented to the Boards that those family members are not involved in the audit of the Funds’ financial statements and do not provide other services to the Funds. The Boards have concluded that such association does not interfere with Mr. Harrington’s exercise of independent judgment as an Independent Trustee.

  ** A family member of Mr. Kanner is employed by JPMorgan Chase Bank, which is affiliated with JPMIM and JPMDS. In that capacity, this employee provides services to various JPMorgan affiliates including JPMIM and JPMDS and for which JPMIM and JPMDS bear some portion of the expense thereof.

*** In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient of non-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase.

The contact address for each of the Trustees is 277 Park Avenue, New York, NY 10172.

JUNE 30, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 69

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trusts (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (from 2014 to present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (from 1999 to 2014).
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)*	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from October 2013 to January 2016.
Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary since 2010)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2010 to February 2014.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
Anthony Geron (1971), Assistant Secretary (2018)*	Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015.
Carmine Lekstutis (1980), Assistant Secretary (2011)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015.
Keri E. Riemer (1976), Assistant Secretary (2019)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2019; Counsel, Seward & Kissel LLP (law firm) (2016-2019); Associate, Seward & Kissel LLP (2011-2016).
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)*	Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014.
Aleksandr Fleytekh (1972), Assistant Treasurer (2019)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2012.
Shannon Gaines (1977), Assistant Treasurer (2018)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since January 2014.
Jeffrey D. House (1972), Assistant Treasurer (2017)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006.
Lauren A. Paino (1973), Assistant Treasurer (2014)*	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013.
Joseph Parascondola (1963), Assistant Treasurer (2011)*	Executive Director, J.P. Morgan Investment Management, Inc. since February 2020, formerly Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) from August 2006 to January 2020.
Gillian I. Sands (1969), Assistant Treasurer (2012)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012.

The contact address for each of the officers, unless otherwise noted, is 277 Park Avenue, New York, NY 10172.

    * The contact address for the officer is 4 New York Plaza, New York, NY 10004.

  ** The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240.

70 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2020

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, January 1, 2020, and continued to hold your shares at the end of the reporting period, June 30, 2020.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Growth Advantage Fund
Class A
Actual	$	1,000.00	$	1,159.20	$	6.12		1.14	%
Hypothetical		1,000.00		1,019.19		5.72		1.14
Class C
Actual		1,000.00		1,156.00		8.79		1.64
Hypothetical		1,000.00		1,016.71		8.22		1.64
Class I
Actual		1,000.00		1,160.20		4.78		0.89
Hypothetical		1,000.00		1,020.44		4.47		0.89
Class R2
Actual		1,000.00		1,157.60		7.46		1.39
Hypothetical		1,000.00		1,017.95		6.97		1.39
Class R3
Actual		1,000.00		1,158.60		6.12		1.14
Hypothetical		1,000.00		1,019.19		5.72		1.14
Class R4
Actual		1,000.00		1,160.20		4.78		0.89
Hypothetical		1,000.00		1,020.44		4.47		0.89
Class R5
Actual		1,000.00		1,160.80		4.03		0.75
Hypothetical		1,000.00		1,021.13		3.77		0.75
Class R6
Actual		1,000.00		1,161.70		3.44		0.64
Hypothetical		1,000.00		1,021.68		3.22		0.64

JUNE 30, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 71

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Mid Cap Equity Fund
Class A
Actual	$	1,000.00	$	952.40	$	5.53		1.14	%
Hypothetical		1,000.00		1,019.19		5.72		1.14
Class C
Actual		1,000.00		949.90		7.95		1.64
Hypothetical		1,000.00		1,016.71		8.22		1.64
Class I
Actual		1,000.00		953.40		4.32		0.89
Hypothetical		1,000.00		1,020.44		4.47		0.89
Class R2
Actual		1,000.00		951.30		6.74		1.39
Hypothetical		1,000.00		1,017.95		6.97		1.39
Class R5
Actual		1,000.00		954.20		3.60		0.74
Hypothetical		1,000.00		1,021.18		3.72		0.74
Class R6
Actual		1,000.00		954.80		3.11		0.64
Hypothetical		1,000.00		1,021.68		3.22		0.64
JPMorgan Mid Cap Growth Fund
Class A
Actual		1,000.00		1,116.10		6.52		1.24
Hypothetical		1,000.00		1,018.70		6.22		1.24
Class C
Actual		1,000.00		1,113.20		9.14		1.74
Hypothetical		1,000.00		1,016.21		8.72		1.74
Class I
Actual		1,000.00		1,118.00		4.90		0.93
Hypothetical		1,000.00		1,020.24		4.67		0.93
Class R2
Actual		1,000.00		1,114.80		7.83		1.49
Hypothetical		1,000.00		1,017.45		7.47		1.49
Class R3
Actual		1,000.00		1,116.00		6.52		1.24
Hypothetical		1,000.00		1,018.70		6.22		1.24
Class R4
Actual		1,000.00		1,117.80		5.21		0.99
Hypothetical		1,000.00		1,019.94		4.97		0.99
Class R5
Actual		1,000.00		1,118.50		4.16		0.79
Hypothetical		1,000.00		1,020.93		3.97		0.79
Class R6
Actual		1,000.00		1,118.80		3.90		0.74
Hypothetical		1,000.00		1,021.18		3.72		0.74
JPMorgan Mid Cap Value Fund
Class A
Actual		1,000.00		803.70		5.52		1.23
Hypothetical		1,000.00		1,018.75		6.17		1.23
Class C
Actual		1,000.00		801.60		7.75		1.73
Hypothetical		1,000.00		1,016.26		8.67		1.73
Class I
Actual		1,000.00		804.40		4.40		0.98
Hypothetical		1,000.00		1,019.99		4.92		0.98

72 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2020

	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Mid Cap Value Fund (continued)
Class L
Actual	$	1,000.00	$	805.60	$	3.37		0.75	%
Hypothetical		1,000.00		1,021.13		3.77		0.75
Class R2
Actual		1,000.00		802.50		6.68		1.49
Hypothetical		1,000.00		1,017.45		7.47		1.49
Class R3
Actual		1,000.00		803.70		5.52		1.23
Hypothetical		1,000.00		1,018.75		6.17		1.23
Class R4
Actual		1,000.00		804.40		4.40		0.98
Hypothetical		1,000.00		1,019.99		4.92		0.98
Class R5
Actual		1,000.00		805.10		3.73		0.83
Hypothetical		1,000.00		1,020.74		4.17		0.83
Class R6
Actual		1,000.00		805.50		3.28		0.73
Hypothetical		1,000.00		1,021.23		3.67		0.73
JPMorgan Value Advantage Fund
Class A
Actual		1,000.00		795.10		5.09		1.14
Hypothetical		1,000.00		1,019.19		5.72		1.14
Class C
Actual		1,000.00		793.00		7.31		1.64
Hypothetical		1,000.00		1,016.71		8.22		1.64
Class I
Actual		1,000.00		796.10		3.93		0.88
Hypothetical		1,000.00		1,020.49		4.42		0.88
Class L
Actual		1,000.00		796.60		3.26		0.73
Hypothetical		1,000.00		1,021.23		3.67		0.73
Class R2
Actual		1,000.00		794.10		6.20		1.39
Hypothetical		1,000.00		1,017.95		6.97		1.39
Class R3
Actual		1,000.00		795.30		5.09		1.14
Hypothetical		1,000.00		1,019.19		5.72		1.14
Class R4
Actual		1,000.00		795.90		3.93		0.88
Hypothetical		1,000.00		1,020.49		4.42		0.88
Class R5
Actual		1,000.00		796.50		3.26		0.73
Hypothetical		1,000.00		1,021.23		3.67		0.73
Class R6
Actual		1,000.00		796.90		2.81		0.63
Hypothetical		1,000.00		1,021.73		3.17		0.63

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

JUNE 30, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 73

LIQUIDITY RISK MANAGEMENT PROGRAM

(Unaudited)

Each of the Funds has adopted the J.P. Morgan Funds Liquidity Risk Management Program (the “Program”) under Rule 22e-4 under the 1940 Act (the “Liquidity Rule”). The Program seeks to assess, manage and review each Fund’s Liquidity Risk. “Liquidity Risk” is defined as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund. Among other things, the Liquidity Rule requires that a written report be provided to the Boards of Trustees (the “Board”) on an annual basis that addresses the operation of the Program and assesses the adequacy and effectiveness of its implementation, including the operation of any Highly Liquidity Investment Minimum (“HLIM”) established for a Fund and any material changes to the Program.

The Board has appointed J.P. Morgan Asset Management’s Liquidity Risk Forum to be the program administrator for the Program (the “Program Administrator”). On February 11, 2020, the Board of Trustees reviewed the Program Administrator’s initial written report (the “Report”) concerning the operation of the Program for the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a Fund’s HLIM. There were no material changes to the Program during the Program Reporting Period.

The Report summarized the operation of the Program and the information and factors considered by the Program Administrator in assessing whether the Program has been adequately and effectively implemented with respect to each Fund. Such information and factors included, among other things: (1) the liquidity risk framework used to assess, manage, and periodically review each Fund’s Liquidity Risk and the results of this assessment; (2) the methodology and inputs for classifying each of the Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) whether a Fund invested primarily in “Highly Liquid Investments” (as defined under the Liquidity Rule), whether an HLIM should be established for a Fund (and, for Funds that have adopted an HLIM, whether the HLIM continues to be appropriate or whether a Fund has invested below its HLIM) and the procedures for monitoring for this limit; (4) whether a Fund invested more than 15% of its assets in “Illiquid Investments” (as defined under the Liquidity Rule) and the procedures for monitoring for this limit; and (5) specific liquidity events arising during the Program Reporting Period, including the impact on Fund liquidity caused by extended non-U.S. market closures.

Based on this review, the Report concluded that: (1) the Program continues to be reasonably designed to effectively assess and manage each Fund’s Liquidity Risk; and (2) the Program has been adequately and effectively implemented with respect to each Fund during the Program Reporting Period.

74 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2020

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended June 30, 2020. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2020. The information necessary to complete your income tax returns for the calendar year ending December 31, 2020 will be provided under separate cover.

Dividends Received Deduction (DRD)

Each Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the fiscal year ended June 30, 2020:

	Dividends Received Deduction
JPMorgan Mid Cap Equity Fund		100.00	%
JPMorgan Mid Cap Value Fund		100.00
JPMorgan Value Advantage Fund		100.00

Long-Term Capital Gain

Each Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended June 30, 2020 (amounts in thousands):

	Long-Term Capital Gain Distribution
JPMorgan Growth Advantage Fund	$	933,356
JPMorgan Mid Cap Equity Fund		223,957
JPMorgan Mid Cap Growth Fund		345,443
JPMorgan Mid Cap Value Fund		647,712
JPMorgan Value Advantage Fund		287,467

Qualified Dividend Income (QDI)

Each Fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended June 30, 2020 (amounts in thousands):

	Qualified Dividend Income
JPMorgan Mid Cap Equity Fund	$	18,575
JPMorgan Mid Cap Value Fund		207,560
JPMorgan Value Advantage Fund		180,428

JUNE 30, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 75

Rev. January 2011

FACTS WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION?

Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:   ◾  Social Security number and account balances   ◾  transaction history and account transactions   ◾  checking account information and wire transfer instructions When you are no longer our customer, we continue to share your information as described in this notice.

How? All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does J.P. Morgan Funds share?	Can you limit  this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes — information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

Questions? Call 1-800-480-4111 or go to www.jpmorganfunds.com

Page 2

Who we are
Who is providing this notice?	J.P. Morgan Funds

What we do
How does J.P. Morgan Funds protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information.
How does J.P. Morgan Funds collect my personal information?	We collect your personal information, for example, when you: ◾  open an account or provide contact information ◾  give us your account information or pay us by check ◾  make a wire transfer We also collect your personal information from others, such as credit bureaus, affiliates and other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ◾  sharing for affiliates’ everyday business purposes – information about your creditworthiness ◾  affiliates from using your information to market to you ◾  sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.

Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ◾  J.P. Morgan Funds does not share with our affiliates.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ◾  J.P. Morgan Funds does not share with nonaffiliates so they can market to you.
Joint Marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ◾  J.P. Morgan Funds doesn’t jointly market.

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

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

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

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC as an exhibit to its report on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC’s website at http://www.sec.gov. Each Fund’s quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

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

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

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

^© JPMorgan Chase & Co., 2020. All rights reserved. June 2020. AN-MC-620

Annual Report

J.P. Morgan Large Cap Funds

June 30, 2020

JPMorgan Equity Focus Fund

JPMorgan Equity Income Fund

JPMorgan Equity Premium Income Fund

JPMorgan Growth and Income Fund

JPMorgan Hedged Equity Fund

JPMorgan Large Cap Growth Fund

JPMorgan Large Cap Value Fund

JPMorgan U.S. Equity Fund

JPMorgan U.S. Large Cap Core Plus Fund

JPMorgan U.S. Research Enhanced Equity Fund

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

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

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

CONTENTS

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 Growth and Income Fund	10
JPMorgan Hedged Equity Fund	12
JPMorgan Large Cap Growth Fund	15
JPMorgan Large Cap Value Fund	17
JPMorgan U.S. Equity Fund.	19
JPMorgan U.S. Large Cap Core Plus Fund	21
JPMorgan U.S. Research Enhanced Equity Fund	24
Schedules of Portfolio Investments	26
Financial Statements	58
Financial Highlights	84
Notes to Financial Statements	104
Report of Independent Registered Public Accounting Firm	123
Trustees	124
Officers	127
Schedule of Shareholder Expenses	128
Liquidity Risk Management Program	133
Tax Letter	134
Privacy Policy — Located at the back of this Annual Report

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

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

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

LETTER TO SHAREHOLDERS

JULY 28, 2020 (Unaudited)

Dear Shareholders,

While every epoch holds challenges and opportunities, the current year has brought unprecedented challenges that impacted communities both globally and locally. J.P. Morgan Asset Management has directly confronted the challenges of this year, with sensitivity, urgency and a clear vision, serving our shareholders, clients and communities with unwavering commitment.

  “J.P. Morgan Asset Management has directly confronted the challenges of this year, with sensitivity, urgency and a clear vision, serving our shareholders, clients and communities with unwavering commitment.”
— Andrea L. Lisher

The advent of the COVID-19 pandemic and the ensuing closure of large parts of global, national and local economies also brought severe stress to financial markets. Daily market volatility spiked and yields on U.S. Treasury bonds fell to record lows in March 2020 and by the end of the first quarter of 2020, the value of the S&P 500 Index had declined by 20%. However, the U.S. Federal Reserve, along with other leading central banks, slashed interest rates and unleashed a range of initiatives to seek to ensure liquidity and stability in financial markets. From their lows on March 23, 2020 to the end of the reporting period, the S&P 500 and the Bloomberg Barclays U.S.

Aggregate Index rebounded by 39.3% and 5.0%, respectively, amid accommodative central bank policies, government stimulus programs and global efforts to halt the spread of COVID-19.

Many have faced significant challenges throughout the past year, whether related to the COVID-19 pandemic or the recent acts of racism and discrimination around the world. JPMorgan Chase & Co. has recommitted its firm stance against any form of racism, discrimination, or social injustice. As Brian Lamb, Global Head of Diversity & Inclusion for JPMorgan Chase & Co., recently said, “We are working across the entire firm — being intentional to strengthen our inclusive environment where our employees, customers and partners feel welcomed and valued in the communities where we do business.” To learn more, please visit JPMorgan Chase & Co.’s Diversity & Inclusion web site.

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

JUNE 30, 2020 J.P. MORGAN LARGE CAP FUNDS 1

J.P. Morgan Large Cap Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)

While U.S. equity markets generally outperformed other financial markets in the second half of 2019, global prices for a broad range of assets fell sharply in the first quarter of 2020 as large sectors of global, national and local economies shut down in response to the COVID-19 pandemic. However, equity markets rebounded somewhat in the final three months of the reporting period as stimulus programs from leading central banks and governments took hold and countries in Asia and Europe showed progress in halting the spread of virus.

In late July 2019, the U.S. Federal Reserve (the “Fed”) cut interest rates for the first time in more than a decade as U.S. economic growth showed signs of slowing, even as U.S. unemployment remained at historically low levels. The central bank followed with two more interest rate cuts in September and October 2019. In response to lower rates and improved or stable economic data, equity prices in the U.S. generally rose in the final months of 2019.

Further support for U.S. equity markets came from a “Phase One” trade agreement between the U.S. and China that reduced existing tariffs and headed off the implementation of new tariffs scheduled to take effect December 15, 2019. U.S. investor sentiment remained positive through January 2020 and weathered a brief flare up in military tension between the U.S. and Iran.

While the S&P 500 reached six new closing highs in February — the last one on February 19 – the final weeks of the month were marked by a broad sell-off of assets and a sharp rise in financial market volatility in reaction to the spread of COVID-19 and the expected economic damage to follow. In early March 2020, the World Health Organization declared COVID-19 a pandemic and as businesses, schools and other institutions across the country began to close, U.S. weekly unemployment claims reached record highs. By the end of the first quarter of the 2020, the S&P 500 had declined by 20%.

A U.S. government stimulus package, valued at 10% of U.S. gross domestic product, and the Fed’s decision to slash interest rates further and restart its quantitative easing asset purchasing program — along with a range of other stimulus programs — provided support for U.S. and global equity markets in the following months. As economies in Asia and Europe, as well as parts of the U.S., began to reopen in the second quarter of 2020, global prices both for equity and fixed income assets rose. Within U.S. equity markets, large cap stocks generally outperformed mid cap and small cap stocks and growth stocks outperformed value stocks during the reporting period.

2 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2020

JPMorgan Equity Focus Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		6.12%
S&P 500 Index		7.51%
Net Assets as of 6/30/2020 (In Thousands)	$	85,054

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 twelve months ended June 30, 2020. The Fund’s overweight position and security selection in the financials sector and its security selection in the real estate sector were leading detractors from performance relative to the Benchmark, while the Fund’s security selection and overweight position in the consumer discretionary sector and its security selection in the health care sector were leading contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Loews Inc., Delta Air Lines Inc. and Capital One Financial Corp. Shares of Loews, a holding company operating in the energy, insurance and hotels sectors, fell after the company reported a loss for the first quarter of 2020. Shares of Delta Air Lines, a passenger airline, fell as global air travel was restricted in response to the COVID-19 pandemic. Shares of Capital One Financial, a credit card and financial services company, fell after the company reported a loss and lower-than-expected revenue for the first quarter of 2020.

Leading individual contributors to relative performance included the Fund’s out-of-Benchmark position in Tesla, Inc. and its overweight positions in DexCom Inc. and Microsoft Corp. Shares of Tesla, a producer of electric vehicles and energy storage systems, rose amid a faster-than-expected schedule for production of its Model Y vehicles and efficient production output from its Shanghai factory. Shares of DexCom, a medical device manufacturer, rose after the company reported better-than-expected earnings and revenue for several consecutive quarters. Shares of Microsoft, an information technology company, rose amid general investor demand for large cap technology stocks during the reporting period.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers employed a bottom-up fundamental approach to stock selection. As a result of this approach to stock selection, the Fund’s largest positions were in the information technology and financials sectors and the Fund’s

smallest positions were in the consumer staples and utilities sectors.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Microsoft Corp.	6.7	%
	2.	Amazon.com, Inc.	5.8
	3.	Apple, Inc	4.7
	4.	Loews Corp.	3.8
	5.	Berkshire Hathaway, Inc., Class B	3.5
	6.	UnitedHealth Group, Inc.	3.5
	7.	Home Depot, Inc. (The)	3.5
	8.	Alphabet, Inc., Class C	3.5
	9.	Bank of America Corp.	3.3
	10.	Mastercard, Inc., Class A	2.9

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	24.7	%
Financials	19.4
Consumer Discretionary	15.4
Health Care	12.3
Materials	5.5
Communication Services	5.0
Real Estate	4.0
Energy	3.1
Industrials	3.0
Utilities	2.1
Consumer Staples	1.7
Short-Term Investments	3.8

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

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

*** Percentages indicated are based on total investments as of June 30, 2020. The Fund’s portfolio composition is subject to change.

JUNE 30, 2020 J.P. MORGAN LARGE CAP FUNDS 3

JPMorgan Equity Focus Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	July 29, 2011
With Sales Charge*			0.31	%		9.00	%		11.39	%
Without Sales Charge			5.87			10.18			12.06
CLASS C SHARES	July 29, 2011
With CDSC**			4.30			9.63			11.50
Without CDSC			5.30			9.63			11.50
CLASS I SHARES	July 29, 2011		6.12			10.46			12.34
CLASS R6 SHARES	October 1, 2018		6.39			10.56			12.40

* Sales Charge for Class A Shares is 5.25%.

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

LIFE OF FUND PERFORMANCE (7/29/11 TO 6/30/20)

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

The Fund commenced operations on July 29, 2011.

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Equity Focus Fund and the S&P 500 Index from July 29, 2011 to June 30, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain

distributions of securities included in the benchmark, if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Investors cannot invest directly in an index.

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

Subsequent to the inception date of the Fund and through July 31, 2013, the Fund did not experience any shareholder activity. If such shareholder activity had occurred, the Fund’s performance may have been impacted.

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

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 JUNE 30, 2020

JPMorgan Equity Income Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		(6.06)%
Russell 1000 Value Index		(8.84)%
Net Assets as of 6/30/2020 (In Thousands)	$	29,554,937

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 twelve months ended June 30, 2020. The Fund’s security selection and overweight position in the information technology and energy sectors were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the real estate and consumer staples sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s out-of-Benchmark positions in Apple Inc. and Microsoft Corp. and its overweight position in BlackRock Inc. Shares of Apple and Microsoft, both of which are information technology companies, rose amid general investor demand for large cap technology stocks during the reporting period. Shares of BlackRock, a financial services provider, rose after the company reported better-than-expected revenue for the first quarter of 2020.

Leading individual detractors from relative performance included the Fund’s overweight positions in Discover Financial Services, Simon Property Group Inc. and Prudential Financial Inc. Shares of Discover Financial Services, a banking and credit card company, fell amid a sharp decline in consumer spending in response to the COVID-19 pandemic. Shares of Simon Property Group, a real estate investment trust operating in the retail property sector, fell as retail businesses closed in response to the COVID-19 pandemic. Shares of Prudential Financial, a financial services provider, fell after the company reported lower-than-expected earnings and revenue for the first quarter of 2020.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers’ focus remained on stock selection, as they believed that quality companies trading at attractive valuations have the greatest potential to outperform in the long term. As the Fund aimed to purchase stocks with above average dividend yields, the research process was designed to identify companies with predictable and durable

business models deemed capable of generating sustainable free cash flow.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Bank of America Corp.	2.5	%
	2.	Bristol-Myers Squibb Co	2.5
	3.	Johnson & Johnson	2.4
	4.	Comcast Corp., Class A	2.4
	5.	Microsoft Corp.	2.4
	6.	BlackRock, Inc.	2.3
	7.	Texas Instruments, Inc.	2.2
	8.	CME Group, Inc.	2.2
	9.	Home Depot, Inc. (The)	2.1
	10.	UnitedHealth Group, Inc.	1.9

PORTFOLIO COMPOSITION BY SECTOR***
Financials	22.6	%
Health Care	15.0
Industrials	12.6
Information Technology	11.9
Consumer Staples	9.6
Consumer Discretionary	6.1
Utilities	5.5
Communication Services	4.3
Energy	4.0
Materials	2.8
Real Estate	2.6
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.

*** Percentages indicated are based on total investments as of June 30, 2020. The Fund’s portfolio composition is subject to change.

JUNE 30, 2020 J.P. MORGAN LARGE CAP FUNDS 5

JPMorgan Equity Income Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 18, 1992
With Sales Charge*			(11.28	)%		5.31	%		11.01	%
Without Sales Charge			(6.36	)		6.45			11.60
CLASS C SHARES	November 4, 1997
With CDSC**			(7.83	)		5.93			11.05
Without CDSC			(6.83	)		5.93			11.05
CLASS I SHARES	July 2, 1987		(6.06	)		6.73			11.88
CLASS R2 SHARES	February 28, 2011		(6.57	)		6.18			11.32
CLASS R3 SHARES	September 9, 2016		(6.29	)		6.46			11.61
CLASS R4 SHARES	September 9, 2016		(6.07	)		6.73			11.88
CLASS R5 SHARES	February 28, 2011		(5.98	)		6.91			12.07
CLASS R6 SHARES	January 31, 2012		(5.83	)		7.00			12.14

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)

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

Returns for Class R2, Class R4, and Class R5 Shares prior to their inception dates are based on the performance of Class I Shares. With respect to Class R2 Shares, prior class performance has been adjusted to reflect the differences in expenses between classes. The actual returns for Class R4 Shares would have been similar to those shown because Class R4 Shares had similar expenses to Class I Shares. The actual returns for Class R5 Shares would have been different than those shown because Class R5 Shares have different expenses than Class I Shares.

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

Returns for Class R6 Shares prior to their inception date are based on the performance of Class R5 Shares and, prior to February 28, 2011, Class I Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 and Class I Shares.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Equity Income Fund and the Russell 1000 Value Index from June 30, 2010 to June 30, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 1000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 1000 Value Index is an unmanaged index which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index.

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

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

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 JUNE 30, 2020

JPMorgan Equity Premium Income Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	(3.50)%
S&P 500 Index	7.51%
ICE BofAML 3-Month U.S. Treasury Bill Index	1.63%
Net Assets as of 6/30/2020 (In Thousands)	$191,730

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 both the S&P 500 Index (the “Benchmark”) and the ICE BofAML 3-Month U.S. Treasury Bill Index for the twelve months ended June 30, 2020. The Fund’s underweight position and security selection in the information technology sector and its overweight position in the utilities sector were leading detractors from performance relative to the Benchmark, while the Fund’s security selection and underweight position in the energy sector and its security selection in the health care sector were leading contributors to relative performance.

Leading individual detractors from performance relative to the Benchmark included the Fund’s underweight positions in Apple Inc. and Amazon.com Inc. and its overweight position in Automatic Data Processing Inc. Shares of Apple, a maker of mobile devices, computers, software and relative services, rose amid better-than-expected earnings growth and positive investor sentiment over the company’s planned launch of new products and upgrades. Shares of Amazon.com, a provider of online retail products and services, rose amid investor expectations that the company would benefit from at-home quarantines in

response to the COVID-19 pandemic, as well as investor demand for large cap technology sector stocks. Shares of Automatic Data Processing, a provider of payroll and other business services, fell amid significant disruption in the U.S. labor market in response to the COVID-19 pandemic.

Leading individual contributors to the Fund’s performance included its overweight position in Eli Lilly Inc. and its underweight positions in Cisco Systems Inc. and Boeing Co. Shares of Eli Lilly, a pharmaceutical manufacturer, rose after the company reported better-than-expected earnings and revenue for the first quarter of 2020. Shares of Cisco Systems, a provider of internet networking products and services that was not held in the Fund, fell in the first half of the reporting period following two consecutive quarters of weaker-than-expected revenue growth. Shares of Boeing, an aircraft and aerospace manufacturer, fell amid investor concerns about the future of its 737 Max aircraft as well as a sharp decline in airline traffic in response to the COVID-19 pandemic.

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.

JUNE 30, 2020 J.P. MORGAN LARGE CAP FUNDS 7

JPMorgan Equity Premium Income Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Barclays Bank plc, ELN, 68.00%, 7/17/2020, (linked to S&P 500 Index)	4.0	%
	2.	BNP Paribas, ELN, 72.67%, 7/31/2020, (linked to S&P 500 Index)	3.4
	3.	BMO Capital Markets Corp., ELN, 70.97%, 7/10/2020, (linked to S&P 500 Index)	3.0
	4.	Toronto-Dominion Bank (The), ELN, 78.20%, 8/7/2020, (linked to S&P 500 Index)	2.7
	5.	Royal Bank of Canada, ELN, 81.10%, 7/24/2020, (linked to S&P 500 Index)	2.4
	6.	Amazon.com, Inc.	1.5
	7.	Microsoft Corp.	1.5
	8.	Accenture plc, Class A	1.5
	9.	AbbVie, Inc.	1.4
	10.	Eli Lilly and Co.	1.4

PORTFOLIO COMPOSITION BY SECTOR***
Equity-Linked Notes	15.5	%
Information Technology	12.5
Health Care	11.6
Consumer Staples	11.5
Financials	9.3
Industrials	8.6
Utilities	7.5
Consumer Discretionary	7.1
Communication Services	6.9
Materials	2.6
Real Estate	2.2
Exchange-Traded Fund	1.0
Energy	0.7
Short-Term Investments	3.0

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

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

*** Percentages indicated are based on total investments as of June 30, 2020. The Fund’s portfolio composition is subject to change.

8 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2020

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020

	INCEPTION DATE OF CLASS	1 YEAR			SINCE INCEPTION
CLASS A SHARES	August 31, 2018
With Sales Charge*			(8.84	)%		(1.83	)%
Without Sales Charge			(3.77	)		1.10
CLASS C SHARES	August 31, 2018
With CDSC**			(5.26	)		0.55
Without CDSC			(4.26	)		0.55
CLASS I SHARES	August 31, 2018		(3.50	)		1.32
CLASS R5 SHARES	August 31, 2018		(3.35	)		1.48
CLASS R6 SHARES	August 31, 2018		(3.33	)		1.53

* Sales Charge for Class A Shares is 5.25%.

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

LIFE OF FUND PERFORMANCE (8/31/18 to 6/30/20)

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

The Fund commenced operations on August 31, 2018.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Equity Premium Income Fund, the S&P 500 Index and the ICE BofAML 3-Month U.S. Treasury Bill Index from August 31, 2018 to June 30, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index and the ICE BofAML 3-Month U.S. Treasury Bill Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmarks, if applicable. These expenses are not identical to the expenses incurred by the Fund. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The ICE BofAML 3-Month U.S. Treasury Bill Index is comprised of a single issue purchased at the

beginning of the month and held for a full month. Each month the ICE BofAML 3-Month U.S. Treasury Bill Index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index.

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

Subsequent to the inception date of the Fund and through April 7, 2019, the Fund did not experience any shareholder activity. If such shareholder activity had occurred, the Fund’s performance may have been impacted.

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

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

JUNE 30, 2020 J.P. MORGAN LARGE CAP FUNDS 9

JPMorgan Growth and Income Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		(5.10)%
Russell 1000 Value Index		(8.84)%
Net Assets as of 6/30/2020 (In Thousands)	$	726,854

INVESTMENT OBJECTIVE**

The JPMorgan Growth and Income Fund (the “Fund”) seeks to provide capital growth over the long term and to earn income from dividends.

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

The Fund’s Class A Shares, without a sales charge, outperformed the Russell 1000 Value Index (the “Benchmark”) for the twelve months ended June 30, 2020. The Fund’s security selection and overweight position in the information technology sector and its security selection in the consumer discretionary sector were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the consumer staples and real estate and sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s out-of-Benchmark positions in Apple Inc. and Microsoft Corp. and its overweight position in BlackRock Inc. Shares of Apple and Microsoft, both of which are information technology companies, rose amid general investor demand for large cap technology stocks during the reporting period. Shares of BlackRock, a financial services provider, rose after the company reported better-than-expected revenue for the first quarter of 2020.

Leading individual detractors from relative performance included the Fund’s overweight positions in Discover Financial Services, Ventas Inc. and Simon Property Group Inc. Shares of Discover Financial Services, a banking and credit card company, fell amid a sharp decline in consumer spending in response to the COVID-19 pandemic. Shares of Ventas, a real estate investment trust operating in the senior housing and health care sector, fell amid investor concerns about the impact of the COVID-19 pandemic on the company’s line of business. Shares of Simon Property Group, a real estate investment trust operating in the retail sector, fell as consumers moved to online shopping in response to the COVID-19 pandemic.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers focused on stock selection and aimed to invest in undervalued companies with durable franchises, strong management and the ability to grow their intrinsic value per share. The portfolio managers employed a bottom-up approach to security selection and fundamental research.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Microsoft Corp.	3.1	%
	2.	Bank of America Corp.	2.6
	3.	BlackRock, Inc.	2.4
	4.	Morgan Stanley	2.4
	5.	Bristol-Myers Squibb Co.	2.3
	6.	Johnson & Johnson	2.1
	7.	Home Depot, Inc. (The)	2.0
	8.	Texas Instruments, Inc.	2.0
	9.	Alphabet, Inc., Class C	2.0
	10.	Berkshire Hathaway, Inc., Class B	2.0

PORTFOLIO COMPOSITION BY SECTOR***
Financials	24.6	%
Health Care	15.6
Industrials	12.5
Information Technology	11.2
Consumer Discretionary	8.3
Communication Services	6.2
Consumer Staples	5.9
Energy	4.6
Utilities	4.4
Materials	1.8
Real Estate	1.4
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.

*** Percentages indicated are based on total investments as of June 30, 2020. The Fund’s portfolio composition is subject to change.

10 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2020

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 23, 1987
With Sales Charge*			(10.08	)%		4.78	%		10.80	%
Without Sales Charge			(5.10	)		5.91			11.40
CLASS C SHARES	January 2, 1998
With CDSC**			(6.57	)		5.39			10.84
Without CDSC			(5.57	)		5.39			10.84
CLASS I SHARES	January 25, 1996		(4.85	)		6.18			11.69
CLASS R2 SHARES	November 2, 2015		(5.32	)		5.67			11.28
CLASS R3 SHARES	July 31, 2017		(5.10	)		5.92			11.41
CLASS R4 SHARES	July 31, 2017		(4.88	)		6.18			11.69
CLASS R5 SHARES	November 2, 2015		(4.72	)		6.35			11.78
CLASS R6 SHARES	November 2, 2015		(4.62	)		6.43			11.82

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)

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

Returns for Class R2 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns of Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A Shares.

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

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

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

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Growth and Income Fund and the Russell 1000 Value Index from June 30, 2010 to June 30, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Russell 1000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmarks, if applicable. The Russell 1000 Value Index is an unmanaged index, which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index.

Class A Shares have a $1,000 minimum initial investment and carry a 5.25% sales charge.

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

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.

JUNE 30, 2020 J.P. MORGAN LARGE CAP FUNDS 11

JPMorgan Hedged Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		9.30%
S&P 500 Index		7.51%
Net Assets as of 6/30/2020 (In Thousands)	$	8,741,592

INVESTMENT OBJECTIVE**

The JPMorgan Hedged Equity Fund (the “Fund”) seeks to provide capital appreciation.

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

The Fund’s Class I Shares outperformed the S&P 500 Index (the “Benchmark”) for the twelve months ended June 30, 2020. The Fund’s options hedge allowed the Fund to generally perform as designed, delivering returns with less volatility than the Benchmark during the reporting period. The Fund captured 120% of the Benchmark’s total return with about 50% of the Benchmark’s volatility during the twelve month reporting period.

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

Leading individual contributors to relative performance included the Fund’s overweight position in PayPal Inc. and its underweight positions in Disney Co. and Boeing Co. Shares of PayPal, a provider of digital payment services, rose amid investor expectations the company’s businesses would benefit from at-home quarantines in response to the COVID-19 pandemic. Shares of Disney, a media and entertainment provider, fell as the company closed its resorts and withheld the release of new films in response to the COVID-19 pandemic. Shares of Boeing, an aircraft and aerospace manufacturer, fell amid

investor concerns about the future of its 737 Max aircraft as well as a sharp decline in airline traffic in response to the COVID-19 pandemic.

Leading individual detractors from relative performance included the Fund’s overweight positions in Discovery Inc., Automatic Data Processing Inc. and Analog Devices Inc.

Shares of Discovery, a media company, fell after the company reported lower-than-expected earnings for the first quarter of 2020. Shares of Automatic Data Processing, a provider of payroll and other business services, fell amid significant disruption in the U.S. labor market in response to the COVID-19 pandemic. Shares of Analog Devices, an integrated circuits manufacturer, fell after the company withdrew its earnings forecast amid uncertainty about the impact of the COVID-19 pandemic.

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.

12 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2020

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Microsoft Corp.	6.5	%
	2.	Apple, Inc.	5.9
	3.	Amazon.com, Inc.	4.6
	4.	S&P 500 Index 9/30/2020 at USD 2,930.00, European Style	3.3
	5.	Facebook, Inc., Class A	1.9
	6.	Mastercard, Inc., Class A	1.7
	7.	Alphabet, Inc., Class A	1.7
	8.	Alphabet, Inc., Class C	1.5
	9.	Procter & Gamble Co. (The)	1.4
	10.	Berkshire Hathaway, Inc., Class B	1.4

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	25.8	%
Health Care	13.4
Consumer Discretionary	10.9
Communication Services	10.1
Financials	9.5
Industrials	7.1
Consumer Staples	5.6
Put Options Purchased	3.3
Utilities	2.8
Energy	2.6
Materials	2.2
Real Estate	1.7
Short-Term Investments	5.0

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

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

*** Percentages indicated are based on total investments as of June 30, 2020. The Fund’s portfolio composition is subject to change.

JUNE 30, 2020 J.P. MORGAN LARGE CAP FUNDS 13

JPMorgan Hedged Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	December 13, 2013
With Sales Charge*			3.31	%		5.71	%		6.13	%
Without Sales Charge			9.03			6.85			7.01
CLASS C SHARES	December 13, 2013
With CDSC**			7.44			6.32			6.47
Without CDSC			8.44			6.32			6.47
CLASS I SHARES	December 13, 2013		9.30			7.13			7.27
CLASS R5 SHARES	December 13, 2013		9.44			7.31			7.47
CLASS R6 SHARES	December 13, 2013		9.60			7.39			7.54

* Sales Charge for Class A Shares is 5.25%.

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

LIFE OF FUND PERFORMANCE (12/13/13 TO 6/30/20)

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

The Fund commenced operations on December 13, 2013.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Hedged Equity Fund, the S&P 500 Index and the ICE BofAML 3-Month U.S. Treasury Bill Index from December 13, 2013 to June 30, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index and the ICE BofAML 3-Month U.S. Treasury Bill Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmarks, if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The ICE BofAML 3-Month U.S. Treasury Bill Index is comprised of a single issue purchased at the

beginning of the month and held for a full month. Each month the ICE BofAML 3-Month U.S. Treasury Bill Index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index.

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

Subsequent to the inception date of the Fund and through May 30, 2014, the Fund did not experience any shareholder activity. If such shareholder activity had occurred, the Fund’s performance may have been impacted.

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

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

14 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2020

JPMorgan Large Cap Growth Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		30.40%
Russell 1000 Growth Index		23.28%
Net Assets as of 6/30/2020 (In Thousands)	$	23,265,166

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class I Shares outperformed the Russell 1000 Growth Index (the “Benchmark”) for the twelve months ended June 30, 2020. The Fund’s security selection and overweight position in the consumer discretionary sector and its security selection in the health care sectors were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the industrials sector was the sole sector detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Tesla, Inc., DexCom Inc. and its out-of-Benchmark position in Shopify Inc. Shares of Tesla, a producer of electric vehicles and energy storage systems, rose amid a faster-than-expected schedule for production of its Model Y vehicles and efficient production output from its Shanghai factory. Shares of DexCom, a medical device manufacturer, rose after the company reported better-than-expected earnings and revenue for several consecutive quarters and the company was included in the S&P 500 Index in May 2020. Shares of Shopify, an electronic commerce platform provider not held in the Benchmark, rose after the company reported better-than-expected earnings for the first quarter of 2020 and formed a sales partnership with Walmart Inc.

Leading individual detractors from relative performance included the Fund’s underweight positions in Apple Inc. and Amazon.com Inc., and its underweight position in Exact Sciences Inc. Shares of Apple, a maker of mobile devices, computers, software and relative services, rose amid better-than-expected earnings growth and positive investor sentiment over the company’s planned launch of new products and upgrades. Shares of Amazon.com, a provider of online retail products and services, rose amid investor expectations that the company would benefit from at-home quarantines in response to the COVID-19 pandemic, as well as investor demand for large cap technology sector stocks. Shares of Exact Sciences, a medical diagnostics provider, fell after the company reported lower-than-expected sales of its colon cancer screening test.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers utilized a bottom-up approach to stock selection, rigorously researching individual companies in an effort to construct portfolios of stocks that have strong fundamentals and positive price momentum. The Fund’s portfolio managers sought to invest in companies with attractive fundamentals that, in their view, possessed the potential to significantly exceed expectations for a prolonged period of time.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Apple, Inc.	6.6	%
	2.	Microsoft Corp.	5.7
	3.	Tesla, Inc.	5.4
	4.	Amazon.com, Inc.	5.0
	5.	Alphabet, Inc., Class C	3.2
	6.	PayPal Holdings, Inc.	2.7
	7.	Facebook, Inc., Class A	2.5
	8.	NVIDIA Corp.	2.5
	9.	Mastercard, Inc., Class A	2.3
	10.	DexCom, Inc.	2.3

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	32.6	%
Consumer Discretionary	21.0
Health Care	13.8
Communication Services	8.6
Financials	5.3
Industrials	4.5
Materials	2.0
Consumer Staples	1.6
Real Estate	1.0
Energy	0.3
Short-Term Investments	9.3

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

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

*** Percentages indicated are based on total investments as of June 30, 2020. The Fund’s portfolio composition is subject to change.

JUNE 30, 2020 J.P. MORGAN LARGE CAP FUNDS 15

JPMorgan Large Cap Growth Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 22, 1994
With Sales Charge*			23.26	%		16.51	%		17.68	%
Without Sales Charge			30.09			17.77			18.31
CLASS C SHARES	November 4, 1997
With CDSC**			28.42			17.18			17.71
Without CDSC			29.42			17.18			17.71
CLASS I SHARES	February 28, 1992		30.40			18.01			18.53
CLASS R2 SHARES	November 3, 2008		29.76			17.46			18.01
CLASS R3 SHARES	September 9, 2016		30.09			17.73			18.29
CLASS R4 SHARES	September 9, 2016		30.40			18.01			18.53
CLASS R5 SHARES	April 14, 2009		30.59			18.21			18.76
CLASS R6 SHARES	November 30, 2010		30.75			18.33			18.85

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)

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

Returns for Class R3 and Class R4 Shares prior to their inception dates are based on the performance of Class I Shares. With respect to Class R3 Shares, prior class performance has been adjusted to reflect the differences in expenses between classes. The actual returns 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 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 and Class I Shares.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Large Cap Growth Fund and the Russell 1000 Growth Index from June 30, 2010 to June 30, 2020. The performance of the

Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 1000 Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 1000 Growth Index is an unmanaged index which measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. Investors cannot invest directly in an index.

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

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

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

16 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2020

JPMorgan Large Cap Value Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)

Reporting Period Return:
Fund (Class I Shares)*		(8.35)%
Russell 1000 Value Index		(8.84)%
Net Assets as of 6/30/2020 (In Thousands)	$	1,259,997

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class I Shares outperformed the Russell 1000 Value Index (the “Benchmark”) for the twelve months ended June 30, 2020. The Fund’s security selection in the retail sector and its security selection and overweight position in the basic materials sector were leading contributors to performance relative to the Benchmark, while the Fund’s overweight position and security selection in the consumer cyclical and real estate investment trusts sectors were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Morgan Stanley and FMC Corp. and its out-of-Benchmark position in Lowe’s Cos. Shares of Morgan Stanley, a financial services provider, rose amid investor expectations that it would maintain dividend payments to shareholders. Shares of FMC, a diversified chemicals manufacturer, rose after the company reported better-than-expected earnings for the first quarter of 2020 and raised its forecast for 2020. Shares of Lowe’s, a retailer of home improvement products, rose amid increased consumer spending on home improvement during at-home quarantines.

Leading individual detractors from relative performance included the Fund’s overweight positions in Wells Fargo & Co., Norwegian Cruise Line Holdings Ltd. and Ventas Inc. Shares of Wells Fargo, a banking and financial services company, fell amid investor expectations that it would cut its dividends and report lower-than-expected earnings in 2020. Shares of Norwegian Cruise Lines Holdings, an operator of cruise ships, fell as its business shut down in response to the COVID-19 pandemic. Shares of Ventas, a real estate investment trust operating in the senior housing and health care sector, fell amid investor concerns about the impact of the COVID-19 pandemic on the company’s line of business.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio manager combined a bottom-up fundamental approach to security selection with a systematic

valuation process. Overall, the Fund’s portfolio manager looked to take advantage of mispriced stocks that he believed appeared attractive relative to their fair value.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Comcast Corp., Class A	3.8	%
	2.	FMC Corp.	3.8
	3.	Citigroup, Inc.	3.2
	4.	Wells Fargo & Co.	2.9
	5.	Bank of America Corp.	2.7
	6.	Morgan Stanley	2.7
	7.	ON Semiconductor Corp.	2.5
	8.	General Motors Co.	2.5
	9.	Lamb Weston Holdings, Inc.	2.4
	10.	Bristol-Myers Squibb Co.	2.4

PORTFOLIO COMPOSITION BY SECTOR***
Financials	17.5	%
Health Care	13.6
Industrials	12.5
Consumer Discretionary	10.7
Materials	9.9
Real Estate	7.1
Energy	6.3
Information Technology	5.8
Consumer Staples	5.7
Communication Services	4.9
Utilities	0.5
Short-Term Investments	5.5

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

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

*** Percentages indicated are based on total investments as of June 30, 2020. The Fund’s portfolio composition is subject to change.

JUNE 30, 2020 J.P. MORGAN LARGE CAP FUNDS 17

JPMorgan Large Cap Value Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 18, 1992
With Sales Charge*			(13.45	)%		3.14	%		9.43	%
Without Sales Charge			(8.66	)		4.25			10.02
CLASS C SHARES	March 22, 1999
With CDSC**			(10.04	)		3.73			9.47
Without CDSC			(9.04	)		3.73			9.47
CLASS I SHARES	March 1, 1991		(8.35	)		4.48			10.22
CLASS R2 SHARES	November 3, 2008		(8.83	)		3.98			9.75
CLASS R3 SHARES	October 1, 2018		(8.59	)		4.26			10.03
CLASS R4 SHARES	October 1, 2018		(8.34	)		4.48			10.22
CLASS R5 SHARES	May 15, 2006		(8.26	)		4.64			10.43
CLASS R6 SHARES	November 30, 2010		(8.14	)		4.73			10.49

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)

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

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

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Large Cap Value Fund and the Russell 1000

Value Index from June 30, 2010 to June 30, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 1000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 1000 Value Index is an unmanaged index which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index.

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

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

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

18 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2020

JPMorgan U.S. Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class L Shares)*		13.03%
S&P 500 Index		7.51%
Net Assets as of 6/30/2020 (In Thousands)	$	14,938,762

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 twelve months ended June 30, 2020. The Fund’s security selection in the industrial cyclical sector and its security selection and overweight position in the media sector were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the retail and consumer cyclical sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Prologis Inc. and Charter Communications Inc. and its underweight position in Cisco Systems Inc. Shares of Prologis, a real estate investment trust operating in the warehousing and logistics sector, rose amid increase demand for inventory storage and after the company reported better-than-expected earnings for the first quarter of 2020. Shares of Charter Communications, a provider of broadband communications, rose on the consumer trend toward non-cable TV content, which accelerated with at-home quarantines in response to the COVID-19. Shares of Cisco Systems, a provider of internet networking products and services that was not held in the Fund, fell in the first half of the reporting period following two consecutive quarters of weaker-than-expected revenue growth.

Leading individual detractors from relative performance included the Fund’s overweight positions in Royal Caribbean Cruises Ltd., Boston Scientific Corp. and Analog Devices Inc. Shares of Royal Caribbean Cruises, a cruise ship operator, fell as its business shut down in response to the COVID-19 pandemic. Shares of Boston Scientific, a medical devices manufacturer, fell after the company reported lower-than-expected earnings and revenue for the first quarter of 2020. Shares of Analog Devices, a manufacturer of integrated circuits, fell after the company reported lower-than-expected earnings and revenue for its fiscal fourth quarter of 2019.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers employed a bottom-up fundamental approach to stock selection, researching companies to determine what they believed to be their underlying value and potential for future earnings growth.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Microsoft Corp.	7.5	%
	2.	Amazon.com, Inc.	5.9
	3.	Alphabet, Inc., Class A	4.6
	4.	Apple, Inc.	4.4
	5.	Mastercard, Inc., Class A	4.3
	6.	Verizon Communications, Inc.	2.8
	7.	Prologis, Inc.	2.7
	8.	AbbVie, Inc.	2.7
	9.	Norfolk Southern Corp.	2.5
	10.	Eaton Corp. plc	2.4

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	31.3	%
Health Care	15.1
Consumer Discretionary	11.9
Communication Services	11.5
Financials	8.1
Industrials	8.0
Utilities	3.7
Consumer Staples	3.6
Real Estate	2.7
Materials	2.4
Energy	1.3
Short-Term Investments	0.4

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

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

*** Percentages indicated are based on total investments as of June 30, 2020. The Fund’s portfolio composition is subject to change.

JUNE 30, 2020 J.P. MORGAN LARGE CAP FUNDS 19

JPMorgan U.S. Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 10, 2001
With Sales Charge*			6.67	%		9.33	%		13.28	%
Without Sales Charge			12.59			10.52			13.90
CLASS C SHARES	September 10, 2001
With CDSC**			11.01			9.96			13.32
Without CDSC			12.01			9.96			13.32
CLASS I SHARES	September 10, 2001		12.82			10.74			14.11
CLASS L SHARES	September 17, 1993		13.03			10.91			14.28
CLASS R2 SHARES	November 3, 2008		12.29			10.22			13.60
CLASS R3 SHARES	September 9, 2016		12.57			10.49			13.88
CLASS R4 SHARES	September 9, 2016		12.84			10.74			14.11
CLASS R5 SHARES	May 15, 2006		13.04			10.94			14.33
CLASS R6 SHARES	November 30, 2010		13.13			11.02			14.41

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)

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

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

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

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

The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan U.S. Equity Fund and the S&P 500 Index from

June 30, 2010 to June 30, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Investors cannot invest directly in an index.

Class L Shares have a $3,000,000 minimum initial investment.

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

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 LARGE CAP FUNDS JUNE 30, 2020

JPMorgan U.S. Large Cap Core Plus Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		11.93%
S&P 500 Index		7.51%
Net Assets as of 6/30/2020 (In Thousands)	$	3,050,306

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 twelve months ended June 30, 2020. The Fund’s security selection in the media sector and the semiconductors & hardware sector was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the consumer stable and basic materials sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight position in PayPal Inc. and its underweight positions in Cisco Systems Inc. and Disney Co. Shares of PayPal, a provider of digital payment services, rose amid investor expectations the company’s businesses would benefit from at-home quarantines in response to the COVID-19 pandemic. Shares of Cisco Systems, a provider of internet networking products and services that was not held in the Fund, fell in the first half of the reporting period following two consecutive quarters of weaker-than-expected revenue growth. Shares of Disney, a media and entertainment provider, fell as the company closed its resorts and withheld the release of new films in response to the COVID-19 pandemic.

Leading individual detractors from relative performance included the Fund’s overweight position in DuPont Inc. and Diamondback Energy Inc. and its underweight position in Apple

Inc. Shares of DuPont, a chemicals and materials manufacturer, fell after the company reported a decline in profit and sales for the third and fourth quarters of 2019 and forecast lower-than-expected results for 2020. Shares of Diamondback Energy, a petroleum and natural gas producer operating in U.S. shale formations, fell as global oil prices fell sharply in the second half of the reporting period. Shares of Apple, a maker of mobile devices, computers, software and relative services, rose amid better-than-expected earnings growth and positive investor sentiment over the company’s planned launch of new products and upgrades.

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 129% to 29%.

* 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.

JUNE 30, 2020 J.P. MORGAN LARGE CAP FUNDS 21

JPMorgan U.S. Large Cap Core Plus Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)

TOP TEN LONG POSITIONS OF THE PORTFOLIO*
	1.	Microsoft Corp.	5.8	%
	2.	Amazon.com, Inc.	4.8
	3.	Apple, Inc.	4.8
	4.	PayPal Holdings, Inc.	2.2
	5.	Mastercard, Inc., Class A	2.0
	6.	Alphabet, Inc., Class A	2.0
	7.	AbbVie, Inc.	1.6
	8.	Procter & Gamble Co. (The)	1.4
	9.	NextEra Energy, Inc.	1.4
	10.	ASML Holding NV (Registered), NYRS (Netherlands)	1.4

TOP TEN SHORT POSITIONS OF THE PORTFOLIO**
	1.	Cisco Systems, Inc.	2.7	%
	2.	Clorox Co. (The)	2.5
	3.	Spotify Technology SA	2.5
	4.	Juniper Networks, Inc.	1.8
	5.	Walt Disney Co. (The)	1.8
	6.	NetApp, Inc.	1.8
	7.	Gilead Sciences, Inc.	1.7
	8.	Kroger Co. (The)	1.7
	9.	Western Union Co. (The)	1.6
	10.	3M Co.	1.6

LONG POSITION PORTFOLIO COMPOSITION BY SECTOR*
Information Technology	29.8	%
Health Care	13.4
Consumer Discretionary	12.6
Communication Services	9.3
Industrials	9.2
Financials	7.1
Consumer Staples	4.5
Real Estate	3.5
Energy	3.4
Materials	3.3
Utilities	3.0
Short-Term Investments	0.9

SHORT POSITION PORTFOLIO COMPOSITION BY SECTOR**
Information Technology	16.0	%
Industrials	15.8
Communication Services	11.9
Health Care	10.3
Energy	8.7
Financials	8.5
Real Estate	7.6
Consumer Staples	6.9
Materials	5.8
Consumer Discretionary	4.6
Utilities	3.9

* Percentages indicated are based on total long investments as of June 30, 2020 The Fund’s portfolio composition is subject to change.

** Percentages indicated are based on total short investments as of June 30, 2020. The Fund’s portfolio composition is subject to change.

22 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2020

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	November 1, 2005
With Sales Charge*			5.82	%		8.24	%		12.65	%
Without Sales Charge			11.66			9.41			13.27
CLASS C SHARES	November 1, 2005
With CDSC**			10.11			8.87			12.70
Without CDSC			11.11			8.87			12.70
CLASS I SHARES	November 1, 2005		11.93			9.69			13.55
CLASS R2 SHARES	November 3, 2008		11.32			9.09			12.95
CLASS R5 SHARES	May 15, 2006		12.04			9.82			13.74
CLASS R6 SHARES	November 1, 2017		12.10			9.88			13.76

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan U.S. Large Cap Core Plus Fund and the S&P 500 Index from June 30, 2010 to June 30, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a

mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Investors cannot 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.

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.

JUNE 30, 2020 J.P. MORGAN LARGE CAP FUNDS 23

JPMorgan U.S. Research Enhanced Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class L Shares)*		9.32%
S&P 500 Index		7.51%
Net Assets as of 6/30/2020 (In Thousands)	$	4,364,764

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 L Shares outperformed the Benchmark for the twelve months ended June 30, 2020. The Fund’s security selection in the technology and pharmaceutical/medical technology sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the insurance and basic materials sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight position in PayPal Holdings Inc. and its underweight positions in Disney Co. and Boeing Co. Shares of PayPal, a provider of digital payment services, rose amid investor expectations the company’s businesses would benefit from at-home quarantines in response to the COVID-19 pandemic. Shares of Disney, a media and entertainment provider, fell as the company closed its resorts and withheld the release of new films in response to the COVID-19 pandemic. Shares of Boeing, an aircraft and aerospace manufacturer, fell amid investor concerns about the future of its 737 Max aircraft as well as a sharp decline in airline traffic in response to the COVID-19 pandemic

Leading individual detractors from relative performance included the Fund’s overweight positions in Discovery Inc., Automatic Data Processing Inc. and Analog Devices Inc. Shares of Discovery, a media company, fell after the company reported lower-than-expected earnings for the first quarter of 2020. Shares of Automatic Data Processing, a provider of payroll and other business services, fell amid significant disruption in the U.S. labor market in response to the COVID-19 pandemic. Shares of Analog Devices, an integrated circuits manufacturer, fell after the company withdrew its earnings forecast amid uncertainty about the impact of the COVID-19 pandemic.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers attempted to construct the portfolio so that stock selection was the principal source of potential excess return. The Fund’s portfolio managers sought investment opportunities in companies that they believed were attractive based on valuation and strong fundamentals.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Microsoft Corp.	6.9	%
	2.	Apple, Inc.	6.3
	3.	Amazon.com, Inc.	4.9
	4.	Facebook, Inc., Class A	2.1
	5.	Mastercard, Inc., Class A	1.8
	6.	Alphabet, Inc., Class A	1.8
	7.	Alphabet, Inc., Class C	1.6
	8.	Procter & Gamble Co. (The)	1.5
	9.	Berkshire Hathaway, Inc., Class	1.5
	10.	PayPal Holdings, Inc.	1.4

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	27.4	%
Health Care	14.2
Consumer Discretionary	11.6
Communication Services	10.8
Financials	10.1
Industrials	7.5
Consumer Staples	5.9
Utilities	2.9
Energy	2.8
Materials	2.4
Real Estate	1.9
Short-Term Investments	2.5

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

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

*** Percentages indicated are based on total investments as of June 30, 2020 The Fund’s portfolio composition is subject to change.

24 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2020

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 28, 2001
With Sales Charge*			3.34	%		7.68	%		12.72	%
Without Sales Charge			9.08			8.85			13.33
CLASS I SHARES	September 10, 2001		9.38			9.13			13.61
CLASS L SHARES	January 3, 1997		9.32			9.15			13.71
CLASS R6 SHARES	March 24, 2003		9.47			9.27			13.83

* Sales Charge for Class A Shares is 5.25%.

TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)

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

The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan U.S. Research Enhanced Equity Fund and the S&P 500 Index from June 30, 2010 to June 30, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark,

if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Investors cannot invest directly in an index.

Class L Shares have a $3,000,000 minimum initial investment.

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

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.

JUNE 30, 2020 J.P. MORGAN LARGE CAP FUNDS 25

JPMorgan Equity Focus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 96.3%
Airlines — 1.3%
Southwest Airlines Co.		32		1,084
Automobiles — 2.6%
Tesla, Inc. *		2		2,170
Banks — 3.3%
Bank of America Corp.		119		2,829
Biotechnology — 6.2%
AbbVie, Inc.		22		2,124
Amgen, Inc.		9		2,170
Regeneron Pharmaceuticals, Inc. *		2		998
				5,292
Capital Markets — 6.3%
Charles Schwab Corp. (The)		62		2,087
S&P Global, Inc.		4		1,347
T. Rowe Price Group, Inc.		16		1,940
				5,374
Construction Materials — 2.7%
Martin Marietta Materials, Inc.		11		2,306
Consumer Finance — 2.4%
Capital One Financial Corp.		33		2,073
Containers & Packaging — 2.8%
Ball Corp.		12		818
Packaging Corp. of America		15		1,527
				2,345
Diversified Financial Services — 3.5%
Berkshire Hathaway, Inc., Class B *		17		3,015
Electric Utilities — 2.1%
Xcel Energy, Inc.		29		1,815
Electronic Equipment, Instruments & Components — 1.2%
Zebra Technologies Corp., Class A *		4		1,007
Equity Real Estate Investment Trusts (REITs) — 4.0%
Federal Realty Investment Trust		19		1,594
Public Storage		9		1,770
				3,364
Food & Staples Retailing — 1.7%
Walgreens Boots Alliance, Inc.		35		1,477
Health Care Equipment & Supplies — 2.5%
DexCom, Inc. *		2		885
Intuitive Surgical, Inc. *		2		1,256
				2,141

INVESTMENTS	SHARES (000)		VALUE ($000)
Health Care Providers & Services — 3.5%
UnitedHealth Group, Inc.		10		3,012
Insurance — 3.8%
Loews Corp.		95		3,262
Interactive Media & Services — 3.5%
Alphabet, Inc., Class C *		2		2,950
Internet & Direct Marketing Retail — 7.5%
Amazon.com, Inc. *		2		4,919
Booking Holdings, Inc. *		1		1,438
				6,357
IT Services — 6.5%
Global Payments, Inc.		7		1,247
Mastercard, Inc., Class A		8		2,457
PayPal Holdings, Inc. *		10		1,797
				5,501
Machinery — 1.7%
Stanley Black & Decker, Inc.		11		1,488
Media — 1.6%
DISH Network Corp., Class A *		39		1,341
Oil, Gas & Consumable Fuels — 3.1%
Kinder Morgan, Inc.		96		1,451
Marathon Petroleum Corp.		31		1,145
				2,596
Semiconductors & Semiconductor Equipment — 3.7%
Advanced Micro Devices, Inc. *		26		1,390
QUALCOMM, Inc.		20		1,790
				3,180
Software — 8.7%
Microsoft Corp.		28		5,701
Synopsys, Inc. *		8		1,621
				7,322
Specialty Retail — 5.4%
AutoZone, Inc. *		1		1,594
Home Depot, Inc. (The)		12		2,983
				4,577
Technology Hardware, Storage & Peripherals — 4.7%
Apple, Inc.		11		4,011
Total Common Stocks (Cost $58,592)				81,889

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 3.8%
Investment Companies — 3.8%
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (a) (b) (Cost $3,215)		3,213		3,216
Total Investments — 100.1% (Cost $61,807)				85,105
Liabilities in Excess of Other Assets — (0.1)%				(51	)
NET ASSETS — 100.0%				85,054

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 June 30, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN LARGE CAP FUNDS 27

JPMorgan Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.0%
Aerospace & Defense — 3.0%
General Dynamics Corp.		3,265		488,023
Raytheon Technologies Corp.		6,440		396,848
				884,871
Banks — 6.6%
Bank of America Corp.		31,161		740,063
Cullen/Frost Bankers, Inc.		1,134		84,705
M&T Bank Corp.		484		50,278
PNC Financial Services Group, Inc. (The)		5,201		547,221
Truist Financial Corp.		7,301		274,163
US Bancorp		7,069		260,268
				1,956,698
Beverages — 2.0%
Coca-Cola Co. (The)		4,068		181,764
PepsiCo, Inc.		3,020		399,457
				581,221
Biotechnology — 0.6%
Amgen, Inc.		748		176,428
Building Products — 0.4%
Trane Technologies plc		1,388		123,510
Capital Markets — 7.8%
BlackRock, Inc.		1,240		674,539
Charles Schwab Corp. (The)		3,157		106,513
CME Group, Inc.		3,948		641,660
Morgan Stanley		10,549		509,503
Northern Trust Corp.		1,794		142,354
T. Rowe Price Group, Inc.		2,186		270,032
				2,344,601
Chemicals — 2.8%
Air Products and Chemicals, Inc.		1,930		465,921
PPG Industries, Inc.		3,503		371,545
				837,466
Commercial Services & Supplies — 0.8%
Republic Services, Inc.		2,904		238,296
Consumer Finance — 1.8%
American Express Co.		3,629		345,472
Capital One Financial Corp.		2,827		176,927
				522,399
Diversified Telecommunication Services — 1.9%
Verizon Communications, Inc.		9,945		548,282
Electric Utilities — 3.7%
Entergy Corp.		1,824		171,113

INVESTMENTS	SHARES (000)		VALUE ($000)
Electric Utilities  — continued
NextEra Energy, Inc.		2,249		540,038
Xcel Energy, Inc.		5,973		373,301
				1,084,452
Electrical Equipment — 1.2%
Eaton Corp. plc		4,154		363,355
Equity Real Estate Investment Trusts (REITs) — 2.6%
Alexandria Real Estate Equities, Inc.		734		119,026
AvalonBay Communities, Inc.		1,335		206,473
Boston Properties, Inc.		1,006		90,881
Prologis, Inc.		659		61,544
Realty Income Corp.		931		55,400
Simon Property Group, Inc.		420		28,695
Ventas, Inc.		2,578		94,394
Vornado Realty Trust		3,013		115,113
				771,526
Food & Staples Retailing — 1.8%
Sysco Corp.		2,349		128,371
Walmart, Inc.		3,365		403,035
				531,406
Food Products — 1.6%
Mondelez International, Inc., Class A		9,246		472,756
Health Care Equipment & Supplies — 3.2%
Abbott Laboratories		710		64,919
Becton Dickinson and Co.		1,394		333,589
Medtronic plc		5,820		533,681
				932,189
Health Care Providers & Services — 3.5%
AmerisourceBergen Corp.		2,181		219,770
CVS Health Corp.		3,747		243,438
UnitedHealth Group, Inc.		1,930		569,373
				1,032,581
Hotels, Restaurants & Leisure — 1.8%
McDonald’s Corp.		2,486		458,635
Starbucks Corp.		1,058		77,856
				536,491
Household Products — 1.7%
Procter & Gamble Co. (The)		4,268		510,348
Industrial Conglomerates — 0.6%
Honeywell International, Inc.		1,218		176,109
Insurance — 6.3%
Arthur J Gallagher & Co.		2,934		286,021

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Insurance — continued
Chubb Ltd.		1,881		238,229
Hartford Financial Services Group, Inc. (The)		5,701		219,758
Marsh & McLennan Cos., Inc.		2,236		240,081
MetLife, Inc.		6,797		248,235
Progressive Corp. (The)		3,506		280,904
Prudential Financial, Inc.		2,780		169,278
Travelers Cos., Inc. (The)		1,479		168,625
				1,851,131
IT Services — 3.8%
Accenture plc, Class A		988		212,127
Automatic Data Processing, Inc.		1,864		277,577
Fidelity National Information Services, Inc.		3,007		403,271
International Business Machines Corp.		1,926		232,573
				1,125,548
Leisure Products — 0.8%
Hasbro, Inc.		3,021		226,411
Machinery — 5.4%
Deere & Co.		2,123		333,668
Dover Corp.		5,119		494,326
Illinois Tool Works, Inc.		772		135,067
Otis Worldwide Corp.		1,492		84,828
Parker-Hannifin Corp.		2,178		399,138
Stanley Black & Decker, Inc.		1,097		152,918
				1,599,945
Media — 2.4%
Comcast Corp., Class A		18,311		713,777
Multi-Utilities — 1.8%
CMS Energy Corp.		5,011		292,756
DTE Energy Co.		585		62,927
Public Service Enterprise Group, Inc.		3,703		182,048
				537,731
Oil, Gas & Consumable Fuels — 4.0%
Chevron Corp.		6,375		568,885
ConocoPhillips		11,798		495,748
Valero Energy Corp.		2,055		120,867
				1,185,500
Pharmaceuticals — 7.7%
Bristol-Myers Squibb Co.		12,551		737,972
Eli Lilly and Co.		2,122		348,468
Johnson & Johnson		5,125		720,689
Merck & Co., Inc.		3,456		267,220
Pfizer, Inc.		6,748		220,648
				2,294,997

INVESTMENTS	SHARES (000)		VALUE ($000)
Road & Rail — 1.2%
Norfolk Southern Corp.		1,945		341,526
Semiconductors & Semiconductor Equipment — 4.1%
Analog Devices, Inc.		4,634		568,308
Texas Instruments, Inc.		5,155		654,512
				1,222,820
Software — 2.4%
Microsoft Corp.		3,470		706,236
Specialty Retail — 3.1%
Best Buy Co., Inc.		1,210		105,636
Home Depot, Inc. (The)		2,482		621,784
TJX Cos., Inc. (The)		3,557		179,831
				907,251
Technology Hardware, Storage & Peripherals — 1.6%
Apple, Inc.		1,267		462,101
Textiles, Apparel & Luxury Goods — 0.5%
VF Corp.		2,459		149,850
Tobacco — 2.5%
Altria Group, Inc.		6,477		254,216
Philip Morris International, Inc.		6,815		477,445
				731,661
Total Common Stocks (Cost $24,776,423)				28,681,470
Short-Term Investments — 3.0%
Investment Companies — 3.0%
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (a) (b) (Cost $882,345)		882,220		883,014
Total Investments — 100.0% (Cost $25,658,768)				29,564,484
Liabilities in Excess of Other Assets — 0.0% (c)				(9,547	)
NET ASSETS — 100.0%				29,554,937

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 June 30, 2020.
(c)	Amount rounds to less than 0.1% of net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN LARGE CAP FUNDS 29

JPMorgan Equity Premium Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 81.7%
Aerospace & Defense — 2.1%
General Dynamics Corp.		6		867
Northrop Grumman Corp.		7		2,300
Raytheon Technologies Corp.		14		835
				4,002
Beverages — 2.6%
Coca-Cola Co. (The)		34		1,512
Constellation Brands, Inc., Class A		5		830
PepsiCo, Inc.		20		2,580
				4,922
Biotechnology — 2.6%
AbbVie, Inc.		29		2,803
Alexion Pharmaceuticals, Inc. *		8		914
Regeneron Pharmaceuticals, Inc. *		2		1,204
				4,921
Building Products — 0.8%
Trane Technologies plc		18		1,570
Capital Markets — 3.0%
BlackRock, Inc.		1		704
CME Group, Inc.		12		2,001
Intercontinental Exchange, Inc.		25		2,267
S&P Global, Inc.		2		771
				5,743
Chemicals — 1.1%
Air Products and Chemicals, Inc.		3		829
Linde plc (United Kingdom)		6		1,244
				2,073
Commercial Services & Supplies — 0.9%
Waste Management, Inc.		16		1,691
Consumer Finance — 0.4%
American Express Co.		8		748
Containers & Packaging — 1.2%
Silgan Holdings, Inc.		74		2,388
Diversified Financial Services — 1.1%
Berkshire Hathaway, Inc., Class B *		12		2,133
Diversified Telecommunication Services — 1.2%
Verizon Communications, Inc.		41		2,237
Electric Utilities — 5.4%
American Electric Power Co., Inc.		18		1,407
Duke Energy Corp.		18		1,445
Entergy Corp.		21		2,000
Evergy, Inc.		12		718

INVESTMENTS	SHARES (000)		VALUE ($000)
Electric Utilities  — continued
NextEra Energy, Inc.		10		2,448
Xcel Energy, Inc.		40		2,505
				10,523
Electrical Equipment — 0.6%
Eaton Corp. plc		13		1,163
Entertainment — 0.8%
Netflix, Inc. *		3		1,545
Equity Real Estate Investment Trusts (REITs) — 2.2%
Equinix, Inc.		3		2,058
Equity LifeStyle Properties, Inc.		9		534
Prologis, Inc.		9		809
Sun Communities, Inc.		6		810
				4,211
Food & Staples Retailing — 2.3%
Costco Wholesale Corp.		8		2,358
Kroger Co. (The)		23		789
Walmart, Inc.		11		1,337
				4,484
Food Products — 2.9%
Conagra Brands, Inc.		26		923
General Mills, Inc.		15		954
Hershey Co. (The)		9		1,160
Mondelez International, Inc., Class A		49		2,506
				5,543
Health Care Equipment & Supplies — 1.3%
Baxter International, Inc.		21		1,801
Medtronic plc		7		652
				2,453
Health Care Providers & Services — 0.8%
McKesson Corp.		4		611
UnitedHealth Group, Inc.		3		964
				1,575
Hotels, Restaurants & Leisure — 0.5%
McDonald’s Corp.		5		1,005
Household Products — 2.6%
Kimberly-Clark Corp.		17		2,378
Procter & Gamble Co. (The)		21		2,517
				4,895
Industrial Conglomerates — 1.4%
Honeywell International, Inc.		18		2,614

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks  — continued
Insurance — 4.8%
Allstate Corp. (The)		24		2,320
Aon plc, Class A		9		1,647
Chubb Ltd.		16		2,053
Marsh & McLennan Cos., Inc.		6		591
Progressive Corp. (The)		31		2,448
RenaissanceRe Holdings Ltd. (Bermuda)		2		411
				9,470
Interactive Media & Services — 2.2%
Alphabet, Inc., Class A *		2		2,688
Facebook, Inc., Class A *		7		1,515
				4,203
Internet & Direct Marketing Retail — 1.5%
Amazon.com, Inc. *		1		2,908
IT Services — 7.0%
Accenture plc, Class A		13		2,895
Automatic Data Processing, Inc.		11		1,594
Jack Henry & Associates, Inc.		14		2,578
Leidos Holdings, Inc.		16		1,454
Mastercard, Inc., Class A		9		2,516
PayPal Holdings, Inc. *		7		1,133
Visa, Inc., Class A		7		1,350
				13,520
Life Sciences Tools & Services — 0.9%
Thermo Fisher Scientific, Inc.		5		1,639
Machinery — 1.6%
Cummins, Inc.		6		982
Deere & Co.		3		433
PACCAR, Inc.		22		1,679
				3,094
Media — 2.0%
Charter Communications, Inc., Class A *		5		2,394
Comcast Corp., Class A		36		1,413
				3,807
Metals & Mining — 0.3%
Newmont Corp.		9		572
Multiline Retail — 1.9%
Dollar Tree, Inc. *		15		1,385
Target Corp.		19		2,279
				3,664

INVESTMENTS	SHARES (000)		VALUE ($000)
Multi-Utilities — 2.1%
CMS Energy Corp.		40		2,364
Sempra Energy		14		1,622
				3,986
Oil, Gas & Consumable Fuels — 0.7%
Chevron Corp.		7		590
Kinder Morgan, Inc.		49		748
				1,338
Pharmaceuticals — 6.2%
Bristol-Myers Squibb Co.		41		2,436
Eli Lilly and Co.		16		2,695
Johnson & Johnson		17		2,421
Merck & Co., Inc.		31		2,383
Pfizer, Inc.		64		2,082
				12,017
Road & Rail — 1.4%
Norfolk Southern Corp.		6		1,037
Old Dominion Freight Line, Inc.		10		1,622
				2,659
Semiconductors & Semiconductor Equipment — 0.8%
Texas Instruments, Inc.		11		1,450
Software — 3.5%
Intuit, Inc.		8		2,460
Microsoft Corp.		14		2,900
salesforce.com, Inc. *		7		1,341
				6,701
Specialty Retail — 2.8%
AutoZone, Inc. *		2		1,863
Home Depot, Inc. (The)		7		1,821
Ross Stores, Inc.		5		401
TJX Cos., Inc. (The)		25		1,277
				5,362
Technology Hardware, Storage & Peripherals — 1.4%
Apple, Inc.		7		2,692
Textiles, Apparel & Luxury Goods — 0.5%
NIKE, Inc., Class B		10		980
Tobacco — 1.4%
Altria Group, Inc.		31		1,211
Philip Morris International, Inc.		20		1,410
				2,621

SEE NOTES TO FINANCIAL STATEMENTS.

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

JPMorgan Equity Premium Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks  — continued
Wireless Telecommunication Services — 0.9%
T-Mobile US, Inc. *		16		1,642
Total Common Stocks (Cost $149,125)				156,764
	PRINCIPAL AMOUNT ($000)
Equity Linked Notes — 15.8%
Barclays Bank plc, ELN, 68.00%, 7/17/2020, (linked to S&P 500 Index) (a)		2		7,849
BMO Capital Markets Corp., ELN, 70.97%, 7/10/2020, (linked to S&P 500 Index) (a)		2		5,924
BNP Paribas, ELN, 72.67%, 7/31/2020, (linked to S&P 500 Index) (a)		2		6,578
Royal Bank of Canada, ELN, 81.10%, 7/24/2020, (linked to S&P 500 Index) (a)		1		4,701
Toronto-Dominion Bank (The), ELN, 78.20%, 8/7/2020, (linked to S&P 500 Index) (a)		2		5,199
Total Equity Linked Notes (Cost $30,098)				30,251
	SHARES (000)
Exchange-Traded Funds — 1.0%
International Equity — 1.0%
iShares Edge MSCI Min Vol USA ETF (Cost $1,844)		31		1,866
	NO. OF RIGHTS (000)
Rights — 0.0% (b)
Wireless Telecommunication Services — 0.0% (b)
T-Mobile US, Inc., expiring 7/27/2020 * (Cost $74)		15		3
	SHARES (000)
Short-Term Investments — 3.1%
Investment Companies — 3.1%
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (c) (d) (Cost $5,899)		5,893		5,899
Total Investments — 101.6% (Cost $187,040)				194,783
Liabilities in Excess of Other Assets — (1.6)%				(3,053	)
NET ASSETS — 100.0%				191,730

Percentages indicated are based on net assets.

Abbreviations

ELN	Equity-Linked Note
ETF	Exchange-Traded Fund
(a)	Securities exempt from registration under Rule 144A or Section 4 (a)(2), of the Securities Act of 1933, as amended.
(b)	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 June 30, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2020

JPMorgan Growth and Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 96.4%
Aerospace & Defense — 3.3%
General Dynamics Corp.		61		9,087
Northrop Grumman Corp.		16		4,981
Raytheon Technologies Corp.		157		9,649
				23,717
Banks — 8.7%
Bank of America Corp.		800		19,002
Citigroup, Inc.		164		8,363
Citizens Financial Group, Inc.		137		3,468
Cullen/Frost Bankers, Inc.		38		2,817
M&T Bank Corp.		38		3,972
PNC Financial Services Group, Inc. (The)		74		7,743
Truist Financial Corp.		322		12,105
US Bancorp		149		5,482
				62,952
Beverages — 0.7%
PepsiCo, Inc.		37		4,867
Biotechnology — 2.1%
AbbVie, Inc.		112		11,026
Amgen, Inc.		18		4,245
				15,271
Building Products — 0.6%
Trane Technologies plc		51		4,574
Capital Markets — 8.3%
BlackRock, Inc.		33		17,791
Charles Schwab Corp. (The)		118		3,968
Goldman Sachs Group, Inc. (The)		46		9,110
Morgan Stanley		363		17,533
T. Rowe Price Group, Inc.		94		11,584
				59,986
Chemicals — 1.4%
Air Products and Chemicals, Inc.		27		6,544
Axalta Coating Systems Ltd. *		176		3,964
				10,508
Commercial Services & Supplies — 0.6%
Republic Services, Inc.		55		4,472
Consumer Finance — 1.6%
American Express Co.		71		6,740
Capital One Financial Corp.		75		4,701
				11,441
Containers & Packaging — 0.4%
Ball Corp.		42		2,905

INVESTMENTS	SHARES (000)		VALUE ($000)
Diversified Financial Services — 2.0%
Berkshire Hathaway, Inc., Class B *		81		14,441
Diversified Telecommunication Services — 1.1%
Verizon Communications, Inc.		151		8,304
Electric Utilities — 2.4%
Entergy Corp.		46		4,306
NextEra Energy, Inc.		31		7,325
Xcel Energy, Inc.		90		5,606
				17,237
Electrical Equipment — 0.9%
Eaton Corp. plc		78		6,788
Entertainment — 0.7%
Walt Disney Co. (The)		46		5,129
Equity Real Estate Investment Trusts (REITs) — 1.4%
AvalonBay Communities, Inc.		25		3,866
Ventas, Inc.		91		3,329
Vornado Realty Trust		81		3,099
				10,294
Food & Staples Retailing — 1.0%
Walmart, Inc.		63		7,522
Food Products — 1.1%
Mondelez International, Inc., Class A		150		7,675
Health Care Equipment & Supplies — 2.7%
Becton Dickinson and Co.		39		9,403
Medtronic plc		114		10,454
				19,857
Health Care Providers & Services — 3.8%
Anthem, Inc.		14		3,603
Cigna Corp.		44		8,304
Humana, Inc.		11		4,071
UnitedHealth Group, Inc.		41		12,004
				27,982
Hotels, Restaurants & Leisure — 1.0%
McDonald’s Corp.		39		7,176
Household Durables — 0.5%
Newell Brands, Inc.		213		3,375
Household Products — 1.3%
Colgate-Palmolive Co.		129		9,473
Industrial Conglomerates — 0.7%
Honeywell International, Inc.		37		5,408

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN LARGE CAP FUNDS 33

JPMorgan Growth and Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Insurance — 4.2%
Chubb Ltd.		61		7,732
Hartford Financial Services Group, Inc. (The)		187		7,213
Loews Corp.		84		2,880
Marsh & McLennan Cos., Inc.		41		4,424
MetLife, Inc.		138		5,051
Prudential Financial, Inc.		49		2,978
				30,278
Interactive Media & Services — 2.0%
Alphabet, Inc., Class C *		10		14,601
Internet & Direct Marketing Retail — 0.6%
Booking Holdings, Inc. *		1		2,070
Expedia Group, Inc.		30		2,433
				4,503
IT Services — 1.8%
Fidelity National Information Services, Inc.		55		7,415
International Business Machines Corp.		47		5,616
				13,031
Machinery — 4.4%
Dover Corp.		106		10,204
IDEX Corp.		26		4,093
Otis Worldwide Corp.		53		3,028
Parker-Hannifin Corp.		61		11,199
Stanley Black & Decker, Inc.		25		3,526
				32,050
Media — 2.3%
Comcast Corp., Class A		352		13,702
Discovery, Inc., Class A *		153		3,226
				16,928
Multi-Utilities — 2.0%
CMS Energy Corp.		199		11,632
Public Service Enterprise Group, Inc.		59		2,920
				14,552
Oil, Gas & Consumable Fuels — 4.6%
Chevron Corp.		138		12,270
ConocoPhillips		198		8,306
EOG Resources, Inc.		107		5,408
Phillips 66		28		1,999
Pioneer Natural Resources Co.		15		1,485
Valero Energy Corp.		62		3,664
				33,132

INVESTMENTS	SHARES (000)		VALUE ($000)
Pharmaceuticals — 6.9%
Bristol-Myers Squibb Co.		289		16,988
Eli Lilly and Co.		35		5,739
Johnson & Johnson		110		15,455
Merck & Co., Inc.		83		6,385
Pfizer, Inc.		166		5,441
				50,008
Road & Rail — 1.5%
CSX Corp.		54		3,766
Kansas City Southern		47		7,046
				10,812
Semiconductors & Semiconductor Equipment — 4.4%
Analog Devices, Inc.		107		13,098
NXP Semiconductors NV (Netherlands)		37		4,185
Texas Instruments, Inc.		115		14,614
				31,897
Software — 3.1%
Microsoft Corp.		112		22,875
Specialty Retail — 5.1%
AutoZone, Inc. *		8		8,923
Home Depot, Inc. (The)		59		14,731
Lowe’s Cos., Inc.		52		6,972
TJX Cos., Inc. (The)		124		6,259
				36,885
Technology Hardware, Storage & Peripherals — 1.8%
Apple, Inc.		36		13,297
Textiles, Apparel & Luxury Goods — 1.2%
NIKE, Inc., Class B		89		8,707
Tobacco — 1.8%
Altria Group, Inc.		102		3,996
Philip Morris International, Inc.		129		9,051
				13,047
Trading Companies & Distributors — 0.4%
Watsco, Inc.		18		3,234
Total Common Stocks (Cost $534,823)				701,191

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 3.5%
Investment Companies — 3.5%
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (a) (b) (Cost $25,216)		25,211		25,234
Total Investments — 99.9% (Cost $560,039)				726,425
Other Assets Less Liabilities — 0.1%				429
NET ASSETS — 100.0%				726,854

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 June 30, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN LARGE CAP FUNDS 35

JPMorgan Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 95.4%
Aerospace & Defense — 1.2%
General Dynamics Corp. (a)		171		25,527
Northrop Grumman Corp.		116		35,692
Raytheon Technologies Corp.		727		44,787
				106,006
Airlines — 0.3%
Delta Air Lines, Inc.		309		8,665
Southwest Airlines Co.		400		13,686
				22,351
Auto Components — 0.1%
Magna International, Inc. (Canada)		293		13,064
Automobiles — 0.2%
General Motors Co.		568		14,359
Banks — 3.0%
Bank of America Corp. (a)		1,895		45,002
Citigroup, Inc.		1,933		98,771
Citizens Financial Group, Inc.		705		17,798
KeyCorp		2,414		29,400
Regions Financial Corp.		1,862		20,711
Truist Financial Corp.		161		6,044
Wells Fargo & Co.		1,881		48,154
				265,880
Beverages — 1.1%
Coca-Cola Co. (The) (a)		1,272		56,821
Constellation Brands, Inc., Class A		246		43,016
				99,837
Biotechnology — 2.8%
AbbVie, Inc.		1,072		105,254
Alexion Pharmaceuticals, Inc. *		237		26,619
Amgen, Inc. (a)		64		15,004
Biogen, Inc. * (a)		88		23,576
Gilead Sciences, Inc.		41		3,120
Regeneron Pharmaceuticals, Inc. *		62		38,611
Vertex Pharmaceuticals, Inc. *		111		32,124
				244,308
Building Products — 0.8%
Carrier Global Corp.		829		18,425
Masco Corp.		557		27,955
Trane Technologies plc		251		22,315
				68,695
Capital Markets — 2.9%
BlackRock, Inc.		64		34,897
Charles Schwab Corp. (The)		459		15,502

INVESTMENTS	SHARES (000)		VALUE ($000)
Capital Markets — continued
CME Group, Inc.		124		20,148
Goldman Sachs Group, Inc. (The)		107		21,091
MarketAxess Holdings, Inc.		25		12,418
Morgan Stanley		1,126		54,383
MSCI, Inc.		36		11,876
S&P Global, Inc.		166		54,569
State Street Corp.		347		22,058
T. Rowe Price Group, Inc.		66		8,156
				255,098
Chemicals — 1.6%
Air Products and Chemicals, Inc.		70		17,021
Celanese Corp.		223		19,249
Dow, Inc.		431		17,561
DuPont de Nemours, Inc.		254		13,492
Eastman Chemical Co.		481		33,470
Linde plc (United Kingdom)		123		26,028
LyondellBasell Industries NV, Class A		163		10,704
				137,525
Commercial Services & Supplies — 0.1%
Cintas Corp. (a)		34		9,092
Communications Equipment — 0.4%
Cisco Systems, Inc.		603		28,131
Motorola Solutions, Inc.		32		4,462
				32,593
Consumer Finance — 0.6%
American Express Co. (a)		320		30,468
Capital One Financial Corp.		293		18,354
				48,822
Containers & Packaging — 0.5%
Avery Dennison Corp.		160		18,297
Crown Holdings, Inc. * (a)		234		15,250
Packaging Corp. of America		64		6,395
Westrock Co.		284		8,021
				47,963
Diversified Consumer Services — 0.0% (b)
H&R Block, Inc.		128		1,822
Diversified Financial Services — 1.5%
Berkshire Hathaway, Inc., Class B * (a)		706		126,061
Voya Financial, Inc.		31		1,455
				127,516
Diversified Telecommunication Services — 1.1%
Verizon Communications, Inc. (a)		1,813		99,925

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Electric Utilities — 2.3%
Duke Energy Corp.		230		18,345
Entergy Corp.		482		45,228
FirstEnergy Corp.		542		21,024
NextEra Energy, Inc. (a)		355		85,268
Southern Co. (The)		278		14,423
Xcel Energy, Inc. (a)		239		14,950
				199,238
Electrical Equipment — 0.9%
Eaton Corp. plc		637		55,725
Emerson Electric Co.		342		21,238
				76,963
Electronic Equipment, Instruments & Components — 0.1%
TE Connectivity Ltd.		112		9,159
Entertainment — 1.2%
Electronic Arts, Inc. *		57		7,518
Netflix, Inc. * (a)		217		98,767
				106,285
Equity Real Estate Investment Trusts (REITs) — 1.8%
Equinix, Inc.		65		45,367
Equity LifeStyle Properties, Inc.		134		8,371
Equity Residential		355		20,875
Mid-America Apartment Communities, Inc.		144		16,490
Prologis, Inc.		483		45,046
Realty Income Corp.		69		4,085
Sun Communities, Inc.		44		5,973
UDR, Inc.		95		3,566
Ventas, Inc.		253		9,268
				159,041
Food & Staples Retailing — 0.8%
Costco Wholesale Corp.		202		61,183
Kroger Co. (The)		374		12,670
				73,853
Food Products — 0.7%
Conagra Brands, Inc.		161		5,648
Mondelez International, Inc., Class A (a)		1,029		52,635
				58,283
Health Care Equipment & Supplies — 2.8%
ABIOMED, Inc. *		14		3,498
Baxter International, Inc.		509		43,796
Becton Dickinson and Co.		20		4,734
Boston Scientific Corp. * (a)		688		24,143

INVESTMENTS	SHARES (000)		VALUE ($000)
Health Care Equipment & Supplies — continued
DexCom, Inc. *		22		9,083
Edwards Lifesciences Corp. *		142		9,825
Intuitive Surgical, Inc. * (a)		26		14,671
Medtronic plc (a)		939		86,074
Zimmer Biomet Holdings, Inc. (a)		423		50,477
				246,301
Health Care Providers & Services — 2.9%
Anthem, Inc. (a)		114		30,030
Cigna Corp. (a)		252		47,319
DaVita, Inc. *		122		9,685
McKesson Corp.		319		49,011
UnitedHealth Group, Inc. (a)		385		113,508
				249,553
Hotels, Restaurants & Leisure — 0.5%
Hilton Worldwide Holdings, Inc.		247		18,113
Yum! Brands, Inc.		280		24,358
				42,471
Household Durables — 0.3%
Lennar Corp., Class A		483		29,781
Household Products — 1.9%
Kimberly-Clark Corp.		274		38,746
Procter & Gamble Co. (The) (a)		1,059		126,608
				165,354
Industrial Conglomerates — 1.0%
Honeywell International, Inc. (a)		617		89,206
Insurance — 1.9%
Allstate Corp. (The) (a)		497		48,197
American International Group, Inc.		282		8,794
Aon plc, Class A		141		27,070
Arch Capital Group Ltd. *		141		4,041
Everest Re Group Ltd.		14		2,932
Hartford Financial Services Group, Inc. (The)		253		9,736
Marsh & McLennan Cos., Inc.		166		17,783
MetLife, Inc.		103		3,771
Progressive Corp. (The)		523		41,930
				164,254
Interactive Media & Services — 5.4%
Alphabet, Inc., Class A * (a)		109		154,685
Alphabet, Inc., Class C * (a)		97		137,530
Facebook, Inc., Class A * (a)		780		177,002
				469,217

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN LARGE CAP FUNDS 37

JPMorgan Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Internet & Direct Marketing Retail — 5.2%
Amazon.com, Inc. * (a)		153		421,496
Booking Holdings, Inc. * (a)		22		35,366
				456,862
IT Services — 6.3%
Accenture plc, Class A		285		61,137
Automatic Data Processing, Inc. (a)		298		44,325
FleetCor Technologies, Inc. *		28		7,020
International Business Machines Corp.		430		51,889
Leidos Holdings, Inc.		309		28,978
Mastercard, Inc., Class A (a)		526		155,545
PayPal Holdings, Inc. * (a)		690		120,174
Visa, Inc., Class A (a)		404		78,072
				547,140
Life Sciences Tools & Services — 1.3%
Illumina, Inc. *		47		17,567
Thermo Fisher Scientific, Inc. (a)		270		97,994
				115,561
Machinery — 1.7%
Cummins, Inc. (a)		230		39,774
Deere & Co.		140		22,074
Parker-Hannifin Corp.		217		39,683
Snap-on, Inc.		75		10,436
Stanley Black & Decker, Inc.		238		33,129
				145,096
Media — 2.2%
Altice USA, Inc., Class A * (a)		340		7,655
Charter Communications, Inc., Class A * (a)		168		85,877
Comcast Corp., Class A (a)		1,867		72,765
Discovery, Inc., Class A *		694		14,634
Discovery, Inc., Class C *		757		14,588
				195,519
Metals & Mining — 0.2%
Newmont Corp.		257		15,880
Multiline Retail — 0.7%
Dollar Tree, Inc. *		187		17,311
Target Corp.		363		43,498
				60,809
Multi-Utilities — 0.6%
CenterPoint Energy, Inc.		362		6,756
CMS Energy Corp.		363		21,201
DTE Energy Co.		128		13,769
Sempra Energy		90		10,499
				52,225

INVESTMENTS	SHARES (000)		VALUE ($000)
Oil, Gas & Consumable Fuels — 2.8%
Cabot Oil & Gas Corp.		154		2,654
Cheniere Energy, Inc. *		197		9,528
Chevron Corp. (a)		836		74,552
Diamondback Energy, Inc.		279		11,658
EOG Resources, Inc. (a)		755		38,258
Exxon Mobil Corp. (a)		381		17,043
Marathon Petroleum Corp. (a)		265		9,921
ONEOK, Inc.		370		12,284
Phillips 66		319		22,969
Pioneer Natural Resources Co. (a)		351		34,296
Williams Cos., Inc. (The)		393		7,472
				240,635
Pharmaceuticals — 4.1%
Bristol-Myers Squibb Co. (a)		1,431		84,161
Eli Lilly and Co. (a)		491		80,661
Johnson & Johnson (a)		563		79,180
Merck & Co., Inc. (a)		1,321		102,127
Pfizer, Inc.		474		15,491
				361,620
Professional Services — 0.1%
Verisk Analytics, Inc.		53		9,010
Road & Rail — 1.3%
CSX Corp.		458		31,921
Kansas City Southern		43		6,348
Lyft, Inc., Class A *		148		4,896
Norfolk Southern Corp. (a)		359		63,011
Union Pacific Corp. (a)		64		10,844
				117,020
Semiconductors & Semiconductor Equipment — 4.9%
Advanced Micro Devices, Inc. * (a)		357		18,792
Analog Devices, Inc. (a)		531		65,137
Applied Materials, Inc.		220		13,271
Intel Corp.		317		18,980
Lam Research Corp.		142		46,091
Microchip Technology, Inc.		174		18,277
Micron Technology, Inc. *		473		24,394
NVIDIA Corp. (a)		166		62,897
NXP Semiconductors NV (Netherlands)		323		36,834
Qorvo, Inc. *		194		21,406
QUALCOMM, Inc.		202		18,400
Texas Instruments, Inc. (a)		668		84,822
				429,301

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Software — 8.8%
Fortinet, Inc. *		46		6,349
Intuit, Inc.		229		67,956
Microsoft Corp. (a)		2,901		590,359
salesforce.com, Inc. * (a)		481		90,108
Workday, Inc., Class A *		73		13,613
				768,385
Specialty Retail — 3.5%
AutoZone, Inc. * (a)		35		39,763
Best Buy Co., Inc. (a)		535		46,718
Home Depot, Inc. (The) (a)		367		91,973
Lowe’s Cos., Inc. (a)		543		73,413
Ross Stores, Inc. (a)		255		21,718
TJX Cos., Inc. (The)		691		34,960
				308,545
Technology Hardware, Storage & Peripherals — 6.4%
Apple, Inc. (a)		1,474		537,797
HP, Inc.		1,088		18,960
				556,757
Textiles, Apparel & Luxury Goods — 0.7%
Carter’s, Inc.		51		4,082
NIKE, Inc., Class B		495		48,486
Ralph Lauren Corp.		115		8,343
				60,911
Tobacco — 1.3%
Altria Group, Inc. (a)		1,266		49,704
Philip Morris International, Inc.		888		62,185
				111,889
Wireless Telecommunication Services — 0.6%
T-Mobile US, Inc. *		501		52,176
Total Common Stocks (Cost $6,836,961)				8,339,156

INVESTMENTS	NO. OF CONTRACTS		VALUE ($000)
Options Purchased — 3.4%
Put Options Purchased — 3.4%
Index Funds — 3.4%
S&P 500 Index 9/30/2020 at USD 2,930.00, European Style Notional Amount: USD 8,539,749 Exchange-Traded *		27,545		298,312
Total Options Purchased (Cost $309,275)				298,312
	NO. OF RIGHTS (000)
Rights — 0.0% (b)
Wireless Telecommunication Services — 0.0% (b)
T-Mobile US, Inc., expiring 7/27/2020 * (Cost $2,307)		481		81
	SHARES (000)
Short-Term Investments — 5.2%
Investment Companies — 5.2%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.06% (c) (d) (Cost $456,381)		456,381		456,381
Total Investments — 104.0% (Cost $7,604,924)				9,093,930
Liabilities in Excess of Other Assets — (4.0)%				(352,338	)
NET ASSETS — 100.0%				8,741,592

Percentages indicated are based on net assets.

Abbreviations

USD	United States Dollar
(a)	All or a portion of the security is segregated for options written.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of June 30, 2020.
*	Non-income producing security.

Futures contracts outstanding as of June 30, 2020 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
S&P 500 E-Mini Index		1,049		09/2020		USD		161,769		1,680

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN LARGE CAP FUNDS 39

JPMorgan Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)

Written Call Options Contracts as of June 30, 2020 (amounts in thousands, except number of contracts):

DESCRIPTION

COUNTERPARTY

NUMBER OF CONTRACTS

NOTIONAL AMOUNT

EXERCISE PRICE

EXPIRATION DATE

VALUE ($)

S&P 500 Index

Exchange-Traded

27,545

USD 8,539,749

USD 3,230.00

9/30/2020

(219,672

)

Written Put Options Contracts as of June 30, 2020 (amounts in thousands, except number of contracts):

DESCRIPTION

COUNTERPARTY

NUMBER OF CONTRACTS

NOTIONAL AMOUNT

EXERCISE PRICE

EXPIRATION DATE

VALUE ($)

S&P 500 Index

Exchange-Traded

27,545

USD 8,539,749

USD 2,465.00

9/30/2020

(85,527

)

Total Written Options Contracts (Premiums Received $300,626)

(305,199

)

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2020

JPMorgan Large Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 95.2%
Aerospace & Defense — 0.2%
TransDigm Group, Inc.		94		41,641
Automobiles — 5.7%
Tesla, Inc. * (a)		1,222		1,319,852
Beverages — 1.2%
Monster Beverage Corp. *		4,118		285,477
Biotechnology — 7.9%
Alnylam Pharmaceuticals, Inc. * (a)		483		71,493
Amgen, Inc.		1,415		333,671
Biogen, Inc. *		309		82,673
BioMarin Pharmaceutical, Inc.*		1,784		220,032
Exact Sciences Corp. * (a)		1,610		139,991
Moderna, Inc. * (a)		1,107		71,106
Regeneron Pharmaceuticals, Inc.*		636		396,578
Sarepta Therapeutics, Inc. * (a)		962		154,279
Seattle Genetics, Inc. * (a)		2,230		378,939
				1,848,762
Capital Markets — 5.6%
Blackstone Group, Inc. (The), Class A (a)		3,179		180,094
Charles Schwab Corp. (The)		4,975		167,847
MarketAxess Holdings, Inc.		979		490,149
Morgan Stanley (a)		1,483		71,605
MSCI, Inc.		313		104,386
S&P Global, Inc. (a)		873		287,702
				1,301,783
Chemicals — 2.1%
Air Products and Chemicals, Inc.		1,115		269,131
Sherwin-Williams Co. (The)		389		224,495
				493,626
Communications Equipment — 0.3%
Arista Networks, Inc. * (a)		285		59,796
Electrical Equipment — 1.7%
Rockwell Automation, Inc. (a)		1,852		394,519
Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp., Class A		1,401		134,230
Entertainment — 1.3%
Netflix, Inc. *		670		304,786
Equity Real Estate Investment Trusts (REITs) — 1.0%
Equinix, Inc. (a)		327		229,757
Health Care Equipment & Supplies — 3.8%
ABIOMED, Inc. *		343		82,807

INVESTMENTS	SHARES (000)		VALUE ($000)
Health Care Equipment & Supplies — continued
DexCom, Inc. * (a)		1,357		550,087
Intuitive Surgical, Inc. *		459		261,367
				894,261
Health Care Providers & Services — 0.5%
McKesson Corp.		685		105,139
Health Care Technology — 0.7%
Veeva Systems, Inc., Class A*		687		161,000
Hotels, Restaurants & Leisure — 3.4%
Chipotle Mexican Grill, Inc. * (a)		470		494,399
Las Vegas Sands Corp.		1,995		90,852
Starbucks Corp. (a)		2,809		206,736
				791,987
Industrial Conglomerates — 0.9%
Roper Technologies, Inc. (a)		525		203,875
Interactive Media & Services — 7.7%
Alphabet, Inc., Class C *		548		774,746
Facebook, Inc., Class A *		2,732		620,429
Match Group, Inc. * (a)		2,297		245,926
Snap, Inc., Class A * (a)		5,862		137,694
Twitter, Inc. *		376		11,213
				1,790,008
Internet & Direct Marketing Retail — 9.9%
Alibaba Group Holding Ltd., ADR (China) *		992		213,888
Amazon.com, Inc. *		443		1,222,448
Booking Holdings, Inc. *		165		263,373
Grubhub, Inc. * (a)		1,101		77,414
MercadoLibre, Inc. (Argentina) *		451		444,587
Wayfair, Inc., Class A * (a)		411		81,277
				2,302,987
IT Services — 6.7%
FleetCor Technologies, Inc. *		316		79,383
Mastercard, Inc., Class A		1,939		573,362
PayPal Holdings, Inc. *		3,844		669,714
Shopify, Inc., Class A (Canada) *		172		163,073
Square, Inc., Class A * (a)		723		75,840
				1,561,372
Life Sciences Tools & Services — 1.5%
Illumina, Inc. *		320		118,429
Thermo Fisher Scientific, Inc.		640		231,847
				350,276

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN LARGE CAP FUNDS 41

JPMorgan Large Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Oil, Gas & Consumable Fuels — 0.3%
Phillips 66		1,052		75,610
Personal Products — 0.4%
Estee Lauder Cos., Inc. (The), Class A		499		94,076
Professional Services — 0.7%
CoStar Group, Inc. *		215		152,865
Road & Rail — 1.3%
Lyft, Inc., Class A * (a)		3,470		114,553
Norfolk Southern Corp.		1,122		196,972
				311,525
Semiconductors & Semiconductor Equipment — 9.2%
Advanced Micro Devices, Inc. *		8,849		465,556
ASML Holding NV (Registered), NYRS (Netherlands) (a)		985		362,399
Lam Research Corp.		640		207,111
NVIDIA Corp.		1,601		608,224
QUALCOMM, Inc.		1,684		153,607
Texas Instruments, Inc.		2,743		348,253
				2,145,150
Software — 10.6%
Atlassian Corp. plc, Class A *		862		155,411
Microsoft Corp.		6,845		1,393,005
ServiceNow, Inc. *		594		240,464
SS&C Technologies Holdings, Inc.		1,988		112,254
Synopsys, Inc. *		1,865		363,596
Trade Desk, Inc. (The), Class A * (a)		474		192,681
				2,457,411
Specialty Retail — 1.9%
Home Depot, Inc. (The)		1,458		365,153
Ross Stores, Inc.		835		71,182
				436,335
Technology Hardware, Storage & Peripherals — 6.9%
Apple, Inc. (a)		4,406		1,607,205
Textiles, Apparel & Luxury Goods — 1.2%
Lululemon Athletica, Inc. *		921		287,330
Total Common Stocks (Cost $11,896,273)				22,142,641
Short-Term Investments — 9.8%
Investment Companies — 4.7%
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (b) (c) (Cost $1,083,765)		1,083,387		1,084,362

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment of Cash Collateral from Securities Loaned — 5.1%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (b) (c)		1,102,458		1,102,899
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (b) (c)		96,805		96,805
Total Investment of Cash Collateral from Securities Loaned (Cost $1,199,665)				1,199,704
Total Short-Term Investments (Cost $2,283,430)				2,284,066
Total Investments — 105.0% (Cost $14,179,703)				24,426,707
Liabilities in Excess of Other Assets — (5.0)%				(1,161,541	)
NET ASSETS — 100.0%				23,265,166

Percentages indicated are based on net assets.

Abbreviations

ADR	American Depositary Receipt
NYRS	New York Registry Shares
(a)	The security or a portion of this security is on loan at June 30, 2020. The total value of securities on loan at June 30, 2020 is approximately $1,215,560,000.
(b)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of June 30, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2020

JPMorgan Large Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.7%
Aerospace & Defense — 3.1%
General Dynamics Corp.		82		12,316
Howmet Aerospace, Inc.		549		8,700
Raytheon Technologies Corp.		175		10,777
Spirit AeroSystems Holdings, Inc., Class A (a)		321		7,685
				39,478
Airlines — 0.5%
Southwest Airlines Co.		203		6,928
Auto Components — 1.9%
Aptiv plc		66		5,135
Autoliv, Inc. (Sweden) (a)		298		19,224
				24,359
Automobiles — 3.0%
Ford Motor Co.		806		4,903
General Motors Co.		1,288		32,597
				37,500
Banks — 10.8%
Bank of America Corp.		1,508		35,813
Citigroup, Inc.		829		42,375
Citizens Financial Group, Inc. (a)		279		7,029
East West Bancorp, Inc.		153		5,548
Regions Financial Corp. (a)		571		6,351
Wells Fargo & Co.		1,492		38,200
				135,316
Biotechnology — 2.5%
AbbVie, Inc.		65		6,382
Alexion Pharmaceuticals, Inc. *		159		17,879
Biogen, Inc. *		28		7,545
				31,806
Building Products — 4.0%
Carrier Global Corp.		419		9,312
Owens Corning		453		25,277
Trane Technologies plc		176		15,678
				50,267
Capital Markets — 3.2%
Invesco Ltd.		466		5,012
Morgan Stanley		735		35,476
				40,488
Chemicals — 9.6%
Celanese Corp.		209		18,002
CF Industries Holdings, Inc.		296		8,327
DuPont de Nemours, Inc.		424		22,543

INVESTMENTS	SHARES (000)		VALUE ($000)
Chemicals — continued
Eastman Chemical Co.		223		15,551
FMC Corp.		503		50,060
Westlake Chemical Corp. (a)		120		6,443
				120,926
Containers & Packaging — 0.5%
International Paper Co. (a)		177		6,232
Electric Utilities — 0.5%
Entergy Corp.		72		6,736
Electrical Equipment — 0.5%
Sensata Technologies Holding plc *		168		6,243
Equity Real Estate Investment Trusts (REITs) — 5.8%
Realty Income Corp.		230		13,709
Ventas, Inc.		704		25,784
VEREIT, Inc.		1,206		7,751
Weingarten Realty Investors		697		13,196
Welltower, Inc.		246		12,715
				73,155
Food & Staples Retailing — 2.5%
US Foods Holding Corp. *		1,582		31,205
Food Products — 2.6%
Lamb Weston Holdings, Inc. (a)		505		32,265
Health Care Equipment & Supplies — 1.4%
Zimmer Biomet Holdings, Inc.		148		17,618
Health Care Providers & Services — 5.8%
Anthem, Inc.		64		16,778
Cigna Corp.		137		25,689
CVS Health Corp.		179		11,630
McKesson Corp.		121		18,579
				72,676
Hotels, Restaurants & Leisure — 2.2%
Darden Restaurants, Inc. (a)		260		19,715
InterContinental Hotels Group plc, ADR (United Kingdom) (a)		172		7,608
				27,323
Household Durables — 0.8%
Whirlpool Corp. (a)		82		10,634
Insurance — 4.3%
American International Group, Inc.		432		13,454
Chubb Ltd.		117		14,803
Hartford Financial Services Group, Inc. (The)		236		9,082
MetLife, Inc.		225		8,224

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN LARGE CAP FUNDS 43

JPMorgan Large Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Insurance — continued
Prudential Financial, Inc.		143		8,678
				54,241
Internet & Direct Marketing Retail — 0.4%
Booking Holdings, Inc. *		3		5,095
IT Services — 1.8%
WEX, Inc. *		137		22,672
Machinery — 2.5%
AGCO Corp.		234		12,995
Snap-on, Inc. (a)		54		7,493
Stanley Black & Decker, Inc.		77		10,704
				31,192
Media — 4.4%
Comcast Corp., Class A		1,289		50,238
Discovery, Inc., Class A * (a)		232		4,895
				55,133
Metals & Mining — 0.3%
Alcoa Corp. * (a)		284		3,192
Oil, Gas & Consumable Fuels — 6.6%
Chevron Corp.		69		6,157
Diamondback Energy, Inc.		322		13,458
EOG Resources, Inc.		476		24,093
Parsley Energy, Inc., Class A		1,611		17,209
Pioneer Natural Resources Co.		232		22,637
				83,554
Pharmaceuticals — 4.4%
Bristol-Myers Squibb Co.		534		31,423
Elanco Animal Health, Inc. * (a)		267		5,727
Merck & Co., Inc.		239		18,513
				55,663
Real Estate Management & Development — 1.6%
CBRE Group, Inc., Class A *		167		7,565
Cushman & Wakefield plc * (a)		1,002		12,481
				20,046
Road & Rail — 2.4%
Lyft, Inc., Class A * (a)		348		11,478
Norfolk Southern Corp.		106		18,592
				30,070
Semiconductors & Semiconductor Equipment — 4.3%
Microchip Technology, Inc. (a)		134		14,080
NXP Semiconductors NV (Netherlands)		63		7,139
ON Semiconductor Corp. * (a)		1,673		33,163
				54,382

INVESTMENTS	SHARES (000)		VALUE ($000)
Specialty Retail — 2.7%
AutoNation, Inc. * (a)		296		11,116
Best Buy Co., Inc. (a)		189		16,520
Lowe’s Cos., Inc.		48		6,432
				34,068
Textiles, Apparel & Luxury Goods — 0.1%
Levi Strauss & Co., Class A (a)		138		1,848
Tobacco — 0.9%
Philip Morris International, Inc.		169		11,812
Wireless Telecommunication Services — 0.8%
T-Mobile US, Inc. *		96		9,946
Total Common Stocks (Cost $1,244,175)				1,244,069
	NO. OF RIGHTS (000)
Rights — 0.1%
Pharmaceuticals — 0.1%
Bristol-Myers Squibb Co., CVR, expiring 12/31/2020 *		214		767
Wireless Telecommunication Services — 0.0% (b)
T-Mobile US, Inc., expiring 7/27/2020 *		96		16
Total Rights (Cost $915)				783
	SHARES (000)
Short-Term Investments — 5.8%
Investment Companies — 1.0%
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (c) (d) (Cost $12,570)		12,558		12,570
Investment of Cash Collateral from Securities Loaned — 4.8%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (c) (d)		51,684		51,705
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (c) (d)		8,693		8,692
Total Investment of Cash Collateral from Securities Loaned (Cost $60,398)				60,397
Total Short-Term Investments (Cost $72,968)				72,967
Total Investments — 104.6% (Cost $1,318,058)				1,317,819
Liabilities in Excess of Other Assets — (4.6)%				(57,822	)
NET ASSETS — 100.0%				1,259,997

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2020

Abbreviations

ADR	American Depositary Receipt
CVR	Contingent Value Rights
(a)	The security or a portion of this security is on loan at June 30, 2020. The total value of securities on loan at June 30, 2020 is approximately $59,241,000.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of June 30, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN LARGE CAP FUNDS 45

JPMorgan U.S. Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 100.0%
Aerospace & Defense — 2.3%
Northrop Grumman Corp.		1,104		339,268
Banks — 4.1%
Huntington Bancshares, Inc.		11,284		101,951
KeyCorp		9,110		110,966
SVB Financial Group *		643		138,481
Truist Financial Corp.		7,102		266,685
				618,083
Beverages — 3.6%
Coca-Cola Co. (The)		4,107		183,511
Constellation Brands, Inc., Class A		2,003		350,479
				533,990
Biotechnology — 3.1%
AbbVie, Inc.		4,178		410,194
Biogen, Inc. *		206		55,001
				465,195
Capital Markets — 2.0%
Ameriprise Financial, Inc.		975		146,226
Morgan Stanley		3,268		157,865
				304,091
Chemicals — 1.2%
Eastman Chemical Co.		2,505		174,443
Containers & Packaging — 1.3%
Crown Holdings, Inc. *		2,966		193,179
Diversified Telecommunication Services — 2.8%
Verizon Communications, Inc.		7,626		420,396
Electric Utilities — 3.7%
NextEra Energy, Inc.		1,479		355,091
Xcel Energy, Inc. (a)		3,184		199,021
				554,112
Electrical Equipment — 2.5%
Eaton Corp. plc		4,197		367,131
Entertainment — 1.8%
Netflix, Inc. *		590		268,620
Equity Real Estate Investment Trusts (REITs) — 2.7%
Prologis, Inc.		4,401		410,725
Health Care Equipment & Supplies — 4.2%
Baxter International, Inc.		2,038		175,500
Boston Scientific Corp. *		9,456		332,013
Intuitive Surgical, Inc. * (a)		212		120,801
				628,314

INVESTMENTS	SHARES (000)		VALUE ($000)
Health Care Providers & Services — 4.9%
Cigna Corp.		1,519		284,989
Quest Diagnostics, Inc.		1,481		168,810
UnitedHealth Group, Inc.		954		281,244
				735,043
Hotels, Restaurants & Leisure — 3.1%
McDonald’s Corp.		1,652		304,747
Yum! Brands, Inc.		1,891		164,317
				469,064
Insurance — 1.9%
Chubb Ltd.		1,182		149,641
Progressive Corp. (The)		1,722		137,984
				287,625
Interactive Media & Services — 5.4%
Alphabet, Inc., Class A *		484		686,454
Facebook, Inc., Class A *		561		127,403
				813,857
Internet & Direct Marketing Retail — 5.9%
Amazon.com, Inc. *		322		887,187
IT Services — 7.9%
Booz Allen Hamilton Holding Corp. (a)		1,028		79,947
FleetCor Technologies, Inc. *		812		204,362
Leidos Holdings, Inc.		2,604		243,924
Mastercard, Inc., Class A		2,182		645,343
				1,173,576
Machinery — 0.8%
Stanley Black & Decker, Inc. (a)		822		114,595
Media — 1.5%
Altice USA, Inc., Class A *		4,306		97,064
Charter Communications, Inc., Class A * (a)		246		125,645
				222,709
Oil, Gas & Consumable Fuels — 1.3%
Diamondback Energy, Inc.		1,206		50,456
Pioneer Natural Resources Co. (a)		1,499		146,467
				196,923
Pharmaceuticals — 2.9%
Bristol-Myers Squibb Co.		3,670		215,812
Eli Lilly and Co.		1,324		217,343
				433,155
Road & Rail — 2.5%
Norfolk Southern Corp.		2,157		378,751

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Semiconductors & Semiconductor Equipment — 9.3%
Advanced Micro Devices, Inc. *		1,488		78,272
Analog Devices, Inc.		1,985		243,446
ASML Holding NV (Registered), NYRS (Netherlands)		754		277,467
NXP Semiconductors NV (Netherlands)		1,571		179,176
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		5,058		287,146
Texas Instruments, Inc.		2,423		307,619
				1,373,126
Software — 10.0%
Microsoft Corp.		5,542		1,127,756
salesforce.com, Inc. *		1,901		356,199
				1,483,955
Specialty Retail — 2.9%
O’Reilly Automotive, Inc. *		732		308,813
Ross Stores, Inc.		1,420		121,082
				429,895
Technology Hardware, Storage & Peripherals — 4.4%
Apple, Inc.		1,821		664,203
Total Common Stocks (Cost $10,549,672)				14,941,211
Short-Term Investments — 0.4%
Investment Companies — 0.3%
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (b) (c)(Cost $41,341)		41,304		41,341
Investment of Cash Collateral from Securities Loaned — 0.1%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (b) (c)		1,073		1,074
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (b) (c)		12,605		12,605
Total Investment of Cash Collateral from Securities Loaned (Cost $13,679)				13,679
Total Short-Term Investments (Cost $55,020)				55,020
Total Investments — 100.4% (Cost $10,604,692)				14,996,231
Liabilities in Excess of Other Assets — (0.4)%				(57,469	)
NET ASSETS — 100.0%				14,938,762

Percentages indicated are based on net assets.

Abbreviations

ADR	American Depositary Receipt
NYRS	New York Registry Shares
(a)	The security or a portion of this security is on loan at June 30, 2020. The total value of securities on loan at June 30, 2020 is approximately $13,372,000.
(b)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of June 30, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN LARGE CAP FUNDS 47

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Long Positions — 129.5%
Common Stocks — 128.3%
Aerospace & Defense — 2.3%
Northrop Grumman Corp. (a)		131		40,267
Raytheon Technologies Corp.		490		30,211
				70,478
Auto Components — 0.6%
Aptiv plc		56		4,340
BorgWarner, Inc.		150		5,302
Magna International, Inc. (Canada)		189		8,416
				18,058
Banks — 3.4%
Bank of America Corp. (a)		1,210		28,736
Citigroup, Inc.		873		44,598
First Republic Bank		122		12,958
SVB Financial Group *		59		12,616
Truist Financial Corp.		127		4,779
				103,687
Beverages — 1.8%
Coca-Cola Co. (The) (a)		628		28,037
PepsiCo, Inc. (a)		203		26,893
				54,930
Biotechnology — 4.0%
AbbVie, Inc.		641		62,946
Alexion Pharmaceuticals, Inc. *		114		12,812
Amgen, Inc.		35		8,371
Biogen, Inc. *		48		12,862
Regeneron Pharmaceuticals, Inc. *		18		11,219
Vertex Pharmaceuticals, Inc. *		53		15,282
				123,492
Building Products — 1.7%
Carrier Global Corp.		317		7,034
Masco Corp.		259		12,982
Trane Technologies plc		368		32,705
				52,721
Capital Markets — 3.1%
BlackRock, Inc. (a)		52		28,262
Morgan Stanley (a)		1,037		50,109
State Street Corp.		239		15,201
				93,572
Chemicals — 4.3%
Air Products and Chemicals, Inc.		141		34,038
Celanese Corp.		169		14,565
DuPont de Nemours, Inc.		58		3,071

INVESTMENTS	SHARES (000)		VALUE ($000)
Chemicals — continued
Eastman Chemical Co.		145		10,085
FMC Corp.		248		24,738
Linde plc (United Kingdom)		207		43,812
				130,309
Commercial Services & Supplies — 0.2%
Waste Management, Inc.		59		6,280
Consumer Finance — 0.8%
American Express Co.		257		24,452
Diversified Financial Services — 0.4%
Voya Financial, Inc.		281		13,093
Diversified Telecommunication Services — 0.5%
Verizon Communications, Inc.		293		16,163
Electric Utilities — 3.7%
Entergy Corp.		180		16,870
Evergy, Inc.		175		10,403
FirstEnergy Corp.		130		5,026
NextEra Energy, Inc. (a)		228		54,652
Xcel Energy, Inc.		416		26,015
				112,966
Electrical Equipment — 0.9%
AMETEK, Inc.		77		6,864
Eaton Corp. plc		210		18,381
Sensata Technologies Holding plc *		75		2,776
				28,021
Electronic Equipment, Instruments & Components — 0.2%
TE Connectivity Ltd.		67		5,451
Energy Equipment & Services — 0.2%
Baker Hughes Co.		327		5,029
Entertainment — 2.0%
Electronic Arts, Inc. *		86		11,422
Netflix, Inc. * (a)		87		39,789
Warner Music Group Corp., Class A *		334		9,862
				61,073
Equity Real Estate Investment Trusts (REITs) — 4.6%
Brixmor Property Group, Inc.		485		6,224
Equinix, Inc.		31		22,022
Equity LifeStyle Properties, Inc.		193		12,042
JBG SMITH Properties		68		2,010
Prologis, Inc.		404		37,715
Realty Income Corp.		129		7,669
SBA Communications Corp.		81		24,085
Ventas, Inc.		582		21,310

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Long Positions — continued
Common Stocks — continued
Equity Real Estate Investment Trusts (REITs) — continued
WP Carey, Inc.		89		6,007
				139,084
Food & Staples Retailing — 0.6%
Albertsons Cos., Inc., Class A *		457		7,199
Costco Wholesale Corp.		37		11,232
				18,431
Food Products — 0.7%
Conagra Brands, Inc.		139		4,902
Mondelez International, Inc., Class A (a)		335		17,135
				22,037
Health Care Equipment & Supplies — 3.4%
Baxter International, Inc.		256		22,025
Boston Scientific Corp. * (a)		936		32,880
Medtronic plc		108		9,946
Zimmer Biomet Holdings, Inc. (a)		326		38,947
				103,798
Health Care Providers & Services — 4.0%
Cigna Corp. (a)		281		52,702
HCA Healthcare, Inc.		32		3,125
McKesson Corp.		168		25,844
UnitedHealth Group, Inc. (a)		140		41,421
				123,092
Hotels, Restaurants & Leisure — 1.7%
Las Vegas Sands Corp.		311		14,150
McDonald’s Corp.		56		10,280
Yum! Brands, Inc.		330		28,710
				53,140
Household Durables — 0.5%
Lennar Corp., Class A		271		16,674
Household Products — 1.9%
Kimberly-Clark Corp.		22		3,097
Procter & Gamble Co. (The)		469		56,088
				59,185
Industrial Conglomerates — 1.3%
Honeywell International, Inc. (a)		279		40,341
Insurance — 1.4%
Arthur J Gallagher & Co.		121		11,795
Chubb Ltd.		134		17,005
Progressive Corp. (The)		189		15,166
				43,966

INVESTMENTS	SHARES (000)		VALUE ($000)
Interactive Media & Services — 5.7%
Alphabet, Inc., Class A * (a)		56		79,970
Alphabet, Inc., Class C * (a)		29		40,613
Facebook, Inc., Class A * (a)		235		53,376
				173,959
Internet & Direct Marketing Retail — 6.8%
Amazon.com, Inc. * (a)		69		190,557
Booking Holdings, Inc. *		10		15,984
				206,541
IT Services — 11.1%
Automatic Data Processing, Inc. (a)		177		26,425
Booz Allen Hamilton Holding Corp.		75		5,850
Fidelity National Information Services, Inc.		326		43,671
Fiserv, Inc. * (a)		284		27,757
Leidos Holdings, Inc.		363		34,005
Mastercard, Inc., Class A (a)		273		80,638
PayPal Holdings, Inc. *		498		86,813
WEX, Inc. *		202		33,278
				338,437
Life Sciences Tools & Services — 1.7%
Thermo Fisher Scientific, Inc.		146		52,851
Machinery — 1.9%
Parker-Hannifin Corp.		129		23,623
Snap-on, Inc.		36		4,955
Stanley Black & Decker, Inc.		218		30,319
				58,897
Media — 2.7%
Charter Communications, Inc., Class A * (a)		62		31,674
Comcast Corp., Class A (a)		773		30,141
Discovery, Inc., Class A *		819		17,277
Discovery, Inc., Class C *		227		4,376
				83,468
Multiline Retail — 0.5%
Dollar Tree, Inc. *		149		13,796
Multi-Utilities — 0.2%
CenterPoint Energy, Inc.		252		4,706
Oil, Gas & Consumable Fuels — 4.3%
Cheniere Energy, Inc. *		104		5,005
Chevron Corp.		222		19,805
ConocoPhillips		409		17,190
Diamondback Energy, Inc.		572		23,938
Marathon Petroleum Corp. (a)		221		8,243
Parsley Energy, Inc., Class A		509		5,432

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN LARGE CAP FUNDS 49

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Long Positions — continued
Common Stocks — continued
Oil, Gas & Consumable Fuels — continued
Phillips 66		101		7,294
Pioneer Natural Resources Co. (a)		214		20,935
TC Energy Corp. (Canada)		207		8,887
Williams Cos., Inc. (The)		745		14,174
				130,903
Pharmaceuticals — 4.1%
Bristol-Myers Squibb Co. (a)		693		40,720
Elanco Animal Health, Inc. *		135		2,890
Eli Lilly and Co.		243		39,973
Johnson & Johnson		114		15,968
Merck & Co., Inc.		323		24,963
				124,514
Road & Rail — 3.5%
CSX Corp.		228		15,915
Kansas City Southern		21		3,073
Lyft, Inc., Class A *		508		16,778
Norfolk Southern Corp. (a)		280		49,171
Union Pacific Corp. (a)		123		20,722
				105,659
Semiconductors & Semiconductor Equipment — 9.4%
Advanced Micro Devices, Inc. *		126		6,619
Analog Devices, Inc. (a)		274		33,602
ASML Holding NV (Registered), NYRS (Netherlands)		148		54,448
KLA Corp.		36		7,094
Lam Research Corp.		81		26,079
Micron Technology, Inc. *		147		7,595
NVIDIA Corp. (a)		74		27,947
NXP Semiconductors NV (Netherlands)		344		39,240
ON Semiconductor Corp. *		258		5,122
Qorvo, Inc. *		69		7,634
Skyworks Solutions, Inc.		16		2,105
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		528		29,953
Texas Instruments, Inc. (a)		279		35,442
Xilinx, Inc.		39		3,867
				286,747
Software — 11.8%
Ceridian HCM Holding, Inc. *		169		13,405
Intuit, Inc.		40		11,919
Microsoft Corp. (a)		1,124		228,802
Paylocity Holding Corp. *		146		21,295
salesforce.com, Inc. * (a)		259		48,471

INVESTMENTS	SHARES (000)			VALUE ($000)
Software — continued
ServiceNow, Inc. *		31			12,365
Workday, Inc., Class A *		109			20,441
					356,698
Specialty Retail — 5.9%
AutoZone, Inc. * (a)		13			14,535
Best Buy Co., Inc.		195			17,004
Home Depot, Inc. (The) (a)		171			42,888
Lowe’s Cos., Inc.		364			49,165
O’Reilly Automotive, Inc. *		100			42,068
TJX Cos., Inc. (The)		265			13,410
					179,070
Technology Hardware, Storage & Peripherals — 6.2%
Apple, Inc. (a)		517			188,420
Textiles, Apparel & Luxury Goods — 0.4%
NIKE, Inc., Class B		128			12,501
Tobacco — 0.8%
Altria Group, Inc.		310			12,166
Philip Morris International, Inc.		159			11,165
					23,331
Wireless Telecommunication Services — 1.1%
T-Mobile US, Inc. *		325			33,895
Total Common Stocks (Cost $2,450,302)					3,913,916
	NO. OF RIGHTS (000)
Rights — 0.0% (b)
Wireless Telecommunication Services — 0.0% (b)
T-Mobile US, Inc., expiring 7/27/2020 * (Cost $1)		—	(c)		—	(c)
	SHARES (000)
Short-Term Investments — 1.2%
Investment Companies — 1.2%
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (d) (e) (Cost $35,657)		35,630			35,661
Total Long Positions (Cost $2,485,960)					3,949,577
Short Positions — (29.3)%
Common Stocks — (29.3)%
Aerospace & Defense — (0.7)%
Boeing Co. (The)		(30	)		(5,545	)
HEICO Corp.		(50	)		(4,963	)

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2020

INVESTMENTS	SHARES (000)			VALUE ($000)
Short Positions — continued
Common Stocks — continued
Aerospace & Defense — continued
Huntington Ingalls Industries, Inc.		(18	)		(3,195	)
Lockheed Martin Corp.		(12	)		(4,337	)
TransDigm Group, Inc.		(8	)		(3,421	)
					(21,461	)
Air Freight & Logistics — (0.5)%
CH Robinson Worldwide, Inc.		(117	)		(9,247	)
Expeditors International of Washington, Inc.		(78	)		(5,946	)
					(15,193	)
Automobiles — (0.2)%
Ford Motor Co.		(964	)		(5,860	)
Banks — (1.0)%
BancorpSouth Bank		(139	)		(3,170	)
Bank of Hawaii Corp.		(62	)		(3,834	)
Commerce Bancshares, Inc.		(165	)		(9,818	)
M&T Bank Corp.		(61	)		(6,357	)
Old National Bancorp		(174	)		(2,399	)
People’s United Financial, Inc.		(407	)		(4,705	)
					(30,283	)
Biotechnology — (0.5)%
Gilead Sciences, Inc.		(203	)		(15,589	)
Building Products — (0.5)%
Fortune Brands Home & Security, Inc.		(74	)		(4,711	)
Johnson Controls International plc		(208	)		(7,086	)
Lennox International, Inc.		(16	)		(3,616	)
					(15,413	)
Capital Markets — (0.7)%
Franklin Resources, Inc.		(256	)		(5,360	)
Nasdaq, Inc.		(73	)		(8,705	)
Northern Trust Corp.		(85	)		(6,765	)
					(20,830	)
Chemicals — (0.4)%
Albemarle Corp.		(148	)		(11,389	)
RPM International, Inc.		(20	)		(1,479	)
					(12,868	)
Commercial Services & Supplies — (0.1)%
Republic Services, Inc.		(35	)		(2,883	)
Communications Equipment — (1.3)%
Cisco Systems, Inc.		(518	)		(24,180	)
Juniper Networks, Inc.		(700	)		(16,004	)
					(40,184	)

INVESTMENTS	SHARES (000)			VALUE ($000)
Construction Materials — (0.3)%
Martin Marietta Materials, Inc.		(14	)		(2,848	)
Vulcan Materials Co.		(50	)		(5,747	)
					(8,595	)
Consumer Finance — (0.1)%
Capital One Financial Corp.		(48	)		(2,979	)
Containers & Packaging — (1.0)%
AptarGroup, Inc.		(27	)		(2,971	)
Avery Dennison Corp.		(53	)		(6,037	)
Ball Corp.		(55	)		(3,788	)
International Paper Co.		(257	)		(9,050	)
Sealed Air Corp.		(39	)		(1,270	)
Sonoco Products Co.		(144	)		(7,532	)
					(30,648	)
Diversified Telecommunication Services — (0.6)%
AT&T, Inc.		(465	)		(14,062	)
CenturyLink, Inc.		(432	)		(4,332	)
					(18,394	)
Electric Utilities — (0.5)%
Exelon Corp.		(163	)		(5,927	)
Southern Co. (The)		(190	)		(9,827	)
					(15,754	)
Electrical Equipment — (0.4)%
Acuity Brands, Inc.		(77	)		(7,419	)
Hubbell, Inc.		(29	)		(3,586	)
					(11,005	)
Electronic Equipment, Instruments & Components — (0.2)%
Cognex Corp.		(106	)		(6,326	)
Energy Equipment & Services — (0.6)%
Halliburton Co.		(845	)		(10,967	)
Schlumberger Ltd.		(390	)		(7,165	)
					(18,132	)
Entertainment — (1.7)%
Activision Blizzard, Inc.		(76	)		(5,754	)
Spotify Technology SA *		(87	)		(22,388	)
Take-Two Interactive Software, Inc. *		(52	)		(7,220	)
Walt Disney Co. (The)		(143	)		(15,991	)
					(51,353	)
Equity Real Estate Investment Trusts (REITs) — (2.2)%
Crown Castle International Corp.		(38	)		(6,291	)
Digital Realty Trust, Inc.		(62	)		(8,770	)
Duke Realty Corp.		(85	)		(3,025	)

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN LARGE CAP FUNDS 51

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Short Positions — continued
Common Stocks — continued
Equity Real Estate Investment Trusts (REITs) — continued
Equity Residential		(46	)		(2,693	)
Extra Space Storage, Inc.		(89	)		(8,258	)
Iron Mountain, Inc.		(379	)		(9,894	)
National Retail Properties, Inc.		(158	)		(5,604	)
Public Storage		(31	)		(5,880	)
Simon Property Group, Inc.		(187	)		(12,815	)
Vornado Realty Trust		(135	)		(5,155	)
					(68,385	)
Food & Staples Retailing — (0.6)%
Kroger Co. (The)		(436	)		(14,773	)
Sysco Corp.		(51	)		(2,813	)
					(17,586	)
Food Products — (0.7)%
Campbell Soup Co.		(206	)		(10,203	)
General Mills, Inc.		(68	)		(4,180	)
Hershey Co. (The)		(23	)		(2,996	)
Kellogg Co.		(40	)		(2,627	)
					(20,006	)
Health Care Equipment & Supplies — (0.7)%
Abbott Laboratories		(118	)		(10,764	)
Dentsply Sirona, Inc.		(33	)		(1,457	)
Stryker Corp.		(40	)		(7,180	)
Varian Medical Systems, Inc. *		(24	)		(2,974	)
					(22,375	)
Health Care Providers & Services — (0.7)%
AmerisourceBergen Corp.		(74	)		(7,478	)
Cardinal Health, Inc.		(56	)		(2,935	)
Henry Schein, Inc. *		(175	)		(10,200	)
					(20,613	)
Health Care Technology — (0.3)%
Cerner Corp.		(129	)		(8,843	)
Hotels, Restaurants & Leisure — (0.5)%
Chipotle Mexican Grill, Inc. *		(5	)		(4,978	)
Starbucks Corp.		(145	)		(10,688	)
					(15,666	)
Household Products — (0.7)%
Clorox Co. (The)		(102	)		(22,483	)
Industrial Conglomerates — (0.7)%
3M Co.		(91	)		(14,130	)
General Electric Co.		(1,176	)		(8,030	)
					(22,160	)

INVESTMENTS	SHARES (000)			VALUE ($000)
Insurance — (0.7)%
Allstate Corp. (The)		(84	)		(8,186	)
Aon plc, Class A		(25	)		(4,725	)
Axis Capital Holdings Ltd.		(41	)		(1,668	)
Globe Life, Inc.		(12	)		(918	)
Principal Financial Group, Inc.		(75	)		(3,114	)
Travelers Cos., Inc. (The)		(32	)		(3,612	)
					(22,223	)
Interactive Media & Services — (0.3)%
Twitter, Inc. *		(329	)		(9,793	)
IT Services — (1.3)%
Accenture plc, Class A		(15	)		(3,128	)
Alliance Data Systems Corp.		(39	)		(1,740	)
Jack Henry & Associates, Inc.		(43	)		(7,943	)
Paychex, Inc.		(145	)		(10,996	)
Western Union Co. (The)		(676	)		(14,607	)
					(38,414	)
Life Sciences Tools & Services — (0.7)%
Agilent Technologies, Inc.		(102	)		(9,013	)
Mettler-Toledo International, Inc. *		(4	)		(3,576	)
Waters Corp. *		(50	)		(9,088	)
					(21,677	)
Machinery — (0.9)%
Caterpillar, Inc.		(79	)		(9,999	)
Donaldson Co., Inc.		(63	)		(2,928	)
Illinois Tool Works, Inc.		(70	)		(12,313	)
PACCAR, Inc.		(42	)		(3,156	)
					(28,396	)
Media — (0.9)%
AMC Networks, Inc., Class A *		(58	)		(1,352	)
Fox Corp., Class A		(104	)		(2,777	)
Interpublic Group of Cos., Inc. (The)		(158	)		(2,715	)
Omnicom Group, Inc.		(168	)		(9,187	)
Sirius XM Holdings, Inc.		(1,554	)		(9,125	)
ViacomCBS, Inc.		(92	)		(2,145	)
					(27,301	)
Multiline Retail — (0.4)%
Kohl’s Corp.		(192	)		(3,978	)
Macy’s, Inc.		(880	)		(6,055	)
Nordstrom, Inc.		(196	)		(3,038	)
					(13,071	)
Multi-Utilities — (0.6)%
Consolidated Edison, Inc.		(162	)		(11,689	)

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2020

INVESTMENTS	SHARES (000)			VALUE ($000)
Short Positions — continued
Common Stocks — continued
Multi-Utilities — continued
NiSource, Inc.		(131	)		(2,974	)
Public Service Enterprise Group, Inc.		(65	)		(3,210	)
					(17,873	)
Oil, Gas & Consumable Fuels — (2.0)%
Apache Corp.		(317	)		(4,280	)
Devon Energy Corp.		(198	)		(2,245	)
Enbridge, Inc. (Canada)		(305	)		(9,284	)
Exxon Mobil Corp.		(222	)		(9,929	)
Hess Corp.		(163	)		(8,469	)
HollyFrontier Corp.		(142	)		(4,144	)
Marathon Oil Corp.		(666	)		(4,078	)
Noble Energy, Inc.		(246	)		(2,204	)
Occidental Petroleum Corp.		(730	)		(13,354	)
Valero Energy Corp.		(36	)		(2,105	)
					(60,092	)
Personal Products — 0.0% (b)
Coty, Inc., Class A		(301	)		(1,345	)
Pharmaceuticals — (0.1)%
Pfizer, Inc.		(92	)		(3,021	)
Professional Services — (0.4)%
Robert Half International, Inc.		(226	)		(11,942	)
Road & Rail — (0.3)%
JB Hunt Transport Services, Inc.		(67	)		(8,063	)
Werner Enterprises, Inc.		(35	)		(1,533	)
					(9,596	)
Semiconductors & Semiconductor Equipment — (0.3)%
Broadcom, Inc.		(11	)		(3,340	)
Intel Corp.		(95	)		(5,660	)
					(9,000	)
Software — (0.5)%
Adobe, Inc. *		(15	)		(6,733	)
Splunk, Inc. *		(39	)		(7,831	)
					(14,564	)

INVESTMENTS	SHARES (000)			VALUE ($000)
Specialty Retail — (0.1)%
Bed Bath & Beyond, Inc.		(186	)		(1,971	)
Technology Hardware, Storage & Peripherals — (1.1)%
Hewlett Packard Enterprise Co.		(156	)		(1,518	)
HP, Inc.		(268	)		(4,668	)
NetApp, Inc.		(354	)		(15,702	)
Seagate Technology plc		(108	)		(5,208	)
Western Digital Corp.		(119	)		(5,261	)
Xerox Holdings Corp.		(157	)		(2,403	)
					(34,760	)
Textiles, Apparel & Luxury Goods — (0.2)%
Hanesbrands, Inc.		(431	)		(4,868	)
Trading Companies & Distributors — (0.1)%
Fastenal Co.		(81	)		(3,454	)
Total Common Stocks (Proceeds $(963,436))					(895,228	)
Total Short Positions (Proceeds $(963,436))					(895,228	)
Total Investments — 100.2% (Cost $1,522,524)					3,054,349
Liabilities in Excess of Other Assets — (0.2)%					(4,043	)
NET ASSETS — 100.0%					3,050,306

Percentages indicated are based on net assets.

Abbreviations

ADR	American Depositary Receipt
NYRS	New York Registry Shares
(a)	All or a portion of this security is segregated as collateral for short sales. The total value of securities segregated as collateral is approximately $1,215,707,000.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Amount rounds to less than one thousand.
(d)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(e)	The rate shown is the current yield as of June 30, 2020.
*	Non-income producing security.

Futures contracts outstanding as of June 30, 2020 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
S&P 500 E-Mini Index		14		09/2020		USD		2,159		(24	)

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN LARGE CAP FUNDS 53

JPMorgan U.S. Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.8%
Aerospace & Defense — 1.3%
General Dynamics Corp.		88		13,193
Northrop Grumman Corp.		60		18,446
Raytheon Technologies Corp.		376		23,146
				54,785
Airlines — 0.3%
Delta Air Lines, Inc.		160		4,478
Southwest Airlines Co.		207		7,073
				11,551
Auto Components — 0.2%
Magna International, Inc. (Canada)		152		6,752
Automobiles — 0.2%
General Motors Co.		293		7,421
Banks — 3.1%
Bank of America Corp.		979		23,257
Citigroup, Inc.		999		51,047
Citizens Financial Group, Inc.		364		9,198
KeyCorp		1,247		15,194
Regions Financial Corp.		963		10,703
Truist Financial Corp.		83		3,124
Wells Fargo & Co.		972		24,886
				137,409
Beverages — 1.2%
Coca-Cola Co. (The)		657		29,365
Constellation Brands, Inc., Class A		127		22,231
				51,596
Biotechnology — 2.9%
AbbVie, Inc.		554		54,396
Alexion Pharmaceuticals, Inc. *		123		13,757
Amgen, Inc.		33		7,754
Biogen, Inc. *		46		12,184
Gilead Sciences, Inc.		21		1,613
Regeneron Pharmaceuticals, Inc. *		32		19,954
Vertex Pharmaceuticals, Inc. *		57		16,602
				126,260
Building Products — 0.8%
Carrier Global Corp.		429		9,522
Masco Corp.		288		14,447
Trane Technologies plc		130		11,533
				35,502
Capital Markets — 3.0%
BlackRock, Inc.		33		18,035
Charles Schwab Corp. (The)		237		8,012

INVESTMENTS	SHARES (000)		VALUE ($000)
Capital Markets — continued
CME Group, Inc.		64		10,412
Goldman Sachs Group, Inc. (The)		55		10,900
MarketAxess Holdings, Inc.		13		6,418
Morgan Stanley		582		28,106
MSCI, Inc.		18		6,137
S&P Global, Inc.		86		28,202
State Street Corp.		179		11,400
T. Rowe Price Group, Inc.		34		4,215
				131,837
Chemicals — 1.6%
Air Products and Chemicals, Inc.		36		8,797
Celanese Corp.		115		9,948
Dow, Inc.		223		9,075
DuPont de Nemours, Inc.		131		6,973
Eastman Chemical Co.		248		17,298
Linde plc (United Kingdom)		63		13,451
LyondellBasell Industries NV, Class A		84		5,532
				71,074
Commercial Services & Supplies — 0.1%
Cintas Corp.		18		4,699
Communications Equipment — 0.4%
Cisco Systems, Inc.		312		14,538
Motorola Solutions, Inc.		16		2,306
				16,844
Consumer Finance — 0.6%
American Express Co.		165		15,746
Capital One Financial Corp.		152		9,486
				25,232
Containers & Packaging — 0.6%
Avery Dennison Corp.		83		9,457
Crown Holdings, Inc. *		121		7,881
Packaging Corp. of America		33		3,305
Westrock Co.		147		4,145
				24,788
Diversified Consumer Services — 0.0% (a)
H&R Block, Inc.		66		942
Diversified Financial Services — 1.5%
Berkshire Hathaway, Inc., Class B *		365		65,149
Voya Financial, Inc.		16		752
				65,901
Diversified Telecommunication Services — 1.2%
Verizon Communications, Inc.		937		51,642

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Electric Utilities — 2.4%
Duke Energy Corp.		119		9,481
Entergy Corp.		249		23,374
FirstEnergy Corp.		276		10,706
NextEra Energy, Inc.		183		44,067
Southern Co. (The)		144		7,454
Xcel Energy, Inc.		124		7,726
				102,808
Electrical Equipment — 0.9%
Eaton Corp. plc		329		28,799
Emerson Electric Co.		177		10,976
				39,775
Electronic Equipment, Instruments & Components — 0.1%
TE Connectivity Ltd.		58		4,733
Entertainment — 1.3%
Electronic Arts, Inc. *		29		3,885
Netflix, Inc. *		112		51,044
				54,929
Equity Real Estate Investment Trusts (REITs) — 1.9%
Equinix, Inc.		33		23,447
Equity LifeStyle Properties, Inc.		69		4,326
Equity Residential		183		10,788
Mid-America Apartment Communities, Inc.		74		8,522
Prologis, Inc.		249		23,280
Realty Income Corp.		35		2,111
Sun Communities, Inc.		23		3,087
UDR, Inc.		49		1,843
Ventas, Inc.		131		4,790
				82,194
Food & Staples Retailing — 0.9%
Costco Wholesale Corp.		104		31,620
Kroger Co. (The)		193		6,548
				38,168
Food Products — 0.7%
Conagra Brands, Inc.		83		2,919
Mondelez International, Inc., Class A		532		27,202
				30,121
Health Care Equipment & Supplies — 2.9%
ABIOMED, Inc. *		7		1,808
Baxter International, Inc.		263		22,634
Becton Dickinson and Co.		10		2,447
Boston Scientific Corp. *		355		12,477
DexCom, Inc. *		12		4,695

INVESTMENTS	SHARES (000)		VALUE ($000)
Health Care Equipment & Supplies — continued
Edwards Lifesciences Corp. *		73		5,078
Intuitive Surgical, Inc. *		13		7,582
Medtronic plc		485		44,482
Zimmer Biomet Holdings, Inc.		219		26,087
				127,290
Health Care Providers & Services — 3.0%
Anthem, Inc.		59		15,520
Cigna Corp.		130		24,455
DaVita, Inc. *		63		5,005
McKesson Corp.		165		25,329
UnitedHealth Group, Inc.		199		58,662
				128,971
Hotels, Restaurants & Leisure — 0.5%
Hilton Worldwide Holdings, Inc.		127		9,361
Yum! Brands, Inc.		145		12,589
				21,950
Household Durables — 0.4%
Lennar Corp., Class A		250		15,391
Household Products — 2.0%
Kimberly-Clark Corp.		142		20,024
Procter & Gamble Co. (The)		547		65,432
				85,456
Industrial Conglomerates — 1.1%
Honeywell International, Inc.		319		46,102
Insurance — 1.9%
Allstate Corp. (The)		257		24,908
American International Group, Inc.		146		4,545
Aon plc, Class A		73		13,990
Arch Capital Group Ltd. *		73		2,089
Everest Re Group Ltd.		7		1,515
Hartford Financial Services Group, Inc. (The)		131		5,032
Marsh & McLennan Cos., Inc.		86		9,190
MetLife, Inc.		53		1,949
Progressive Corp. (The)		270		21,669
				84,887
Interactive Media & Services — 5.6%
Alphabet, Inc., Class A *		56		79,943
Alphabet, Inc., Class C *		50		71,076
Facebook, Inc., Class A *		403		91,475
				242,494

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN LARGE CAP FUNDS 55

JPMorgan U.S. Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Internet & Direct Marketing Retail — 5.4%
Amazon.com, Inc. *		79		217,834
Booking Holdings, Inc. *		11		18,277
				236,111
IT Services — 6.4%
Accenture plc, Class A		147		31,596
Automatic Data Processing, Inc.		154		22,907
FleetCor Technologies, Inc. *		14		3,628
International Business Machines Corp.		222		26,816
Leidos Holdings, Inc.		160		14,976
Mastercard, Inc., Class A		272		80,388
PayPal Holdings, Inc. *		356		62,107
Visa, Inc., Class A		209		40,348
				282,766
Life Sciences Tools & Services — 1.4%
Illumina, Inc. *		25		9,079
Thermo Fisher Scientific, Inc.		140		50,644
				59,723
Machinery — 1.7%
Cummins, Inc.		119		20,557
Deere & Co.		73		11,408
Parker-Hannifin Corp.		112		20,508
Snap-on, Inc.		39		5,393
Stanley Black & Decker, Inc.		123		17,121
				74,987
Media — 2.3%
Altice USA, Inc., Class A *		176		3,956
Charter Communications, Inc., Class A *		87		44,383
Comcast Corp., Class A		965		37,605
Discovery, Inc., Class A *		358		7,563
Discovery, Inc., Class C *		391		7,539
				101,046
Metals & Mining — 0.2%
Newmont Corp.		133		8,207
Multiline Retail — 0.7%
Dollar Tree, Inc. *		97		8,946
Target Corp.		187		22,480
				31,426
Multi-Utilities — 0.6%
CenterPoint Energy, Inc.		187		3,491
CMS Energy Corp.		188		10,957
DTE Energy Co.		66		7,116
Sempra Energy		46		5,426
				26,990

INVESTMENTS	SHARES (000)		VALUE ($000)
Oil, Gas & Consumable Fuels — 2.8%
Cabot Oil & Gas Corp.		80		1,372
Cheniere Energy, Inc. *		102		4,924
Chevron Corp.		432		38,530
Diamondback Energy, Inc.		144		6,025
EOG Resources, Inc.		390		19,772
Exxon Mobil Corp.		197		8,808
Marathon Petroleum Corp.		137		5,127
ONEOK, Inc.		191		6,348
Phillips 66		165		11,870
Pioneer Natural Resources Co.		181		17,724
Williams Cos., Inc. (The)		203		3,862
				124,362
Pharmaceuticals — 4.3%
Bristol-Myers Squibb Co.		740		43,495
Eli Lilly and Co.		254		41,686
Johnson & Johnson		291		40,921
Merck & Co., Inc.		683		52,780
Pfizer, Inc.		245		8,006
				186,888
Professional Services — 0.1%
Verisk Analytics, Inc.		27		4,656
Road & Rail — 1.4%
CSX Corp.		237		16,498
Kansas City Southern		22		3,280
Lyft, Inc., Class A *		77		2,530
Norfolk Southern Corp.		185		32,565
Union Pacific Corp.		33		5,604
				60,477
Semiconductors & Semiconductor Equipment — 5.1%
Advanced Micro Devices, Inc. *		185		9,712
Analog Devices, Inc.		274		33,664
Applied Materials, Inc.		113		6,859
Intel Corp.		164		9,809
Lam Research Corp.		74		23,821
Microchip Technology, Inc.		90		9,445
Micron Technology, Inc. *		245		12,607
NVIDIA Corp.		86		32,505
NXP Semiconductors NV (Netherlands)		167		19,036
Qorvo, Inc. *		100		11,063
QUALCOMM, Inc.		104		9,509
Texas Instruments, Inc.		345		43,836
				221,866

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Software — 9.0%
Fortinet, Inc. *		24		3,281
Intuit, Inc.		119		35,120
Microsoft Corp.		1,499		305,101
salesforce.com, Inc. *		249		46,569
Workday, Inc., Class A *		38		7,035
				397,106
Specialty Retail — 3.7%
AutoZone, Inc. *		18		20,550
Best Buy Co., Inc.		277		24,144
Home Depot, Inc. (The)		190		47,534
Lowe’s Cos., Inc.		281		37,940
Ross Stores, Inc.		132		11,224
TJX Cos., Inc. (The)		357		18,067
				159,459
Technology Hardware, Storage & Peripherals — 6.5%
Apple, Inc.		762		277,937
HP, Inc.		562		9,798
				287,735
Textiles, Apparel & Luxury Goods — 0.7%
Carter’s, Inc.		26		2,109
NIKE, Inc., Class B		256		25,058
Ralph Lauren Corp.		59		4,312
				31,479
Tobacco — 1.3%
Altria Group, Inc.		654		25,687
Philip Morris International, Inc.		459		32,138
				57,825

INVESTMENTS	SHARES (000)		VALUE ($000)
Wireless Telecommunication Services — 0.6%
T-Mobile US, Inc. *		259		26,967
Total Common Stocks (Cost $2,976,403)				4,309,580
	NO. OF RIGHTS (000)
Rights — 0.0% (a)
Wireless Telecommunication Services — 0.0% (a)
T-Mobile US, Inc., expiring 7/27/2020 * (Cost $1,115)		232		39
	SHARES (000)
Short-Term Investments — 2.5%
Investment Companies — 2.5%
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (b) (c) (Cost $110,137)		110,045		110,144
Total Investments — 101.3% (Cost $3,087,655)				4,419,763
Liabilities in Excess of Other Assets — (1.3)%				(54,999	)
NET ASSETS — 100.0%				4,364,764

Percentages indicated are based on net assets.

(a)	Amount rounds to less than 0.1% of net assets.
(b)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of June 30, 2020.
*	Non-income producing security.

Futures contracts outstanding as of June 30, 2020 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
S&P 500 E-Mini Index		328		09/2020		USD		50,582		992

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN LARGE CAP FUNDS 57

STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2020

(Amounts in thousands, except per share amounts)

	JPMorgan Equity Focus Fund			JPMorgan Equity Income Fund		JPMorgan Equity Premium Income Fund
ASSETS:
Investments in non-affiliates, at value	$	81,889		$	28,681,470	$	188,884
Investments in affiliates, at value		3,216			883,014		5,899
Cash		1			361		2
Receivables:
Investment securities sold		—			—		10,701
Fund shares sold		40			42,691		193
Interest and dividends from non-affiliates		44			51,541		1,298
Dividends from affiliates		—	(a)		11		—	(a)
Securities lending income (See Note 2.B.)		—	(a)		—		—
Other assets		—			168		—
Total Assets		85,190			29,659,256		206,977
LIABILITIES:
Payables:
Distributions		—			—		10
Investment securities purchased		—			50,059		14,200
Fund shares redeemed		10			37,478		906
Accrued liabilities:
Investment advisory fees		8			9,709		9
Administration fees		—			1,242		—
Distribution fees		3			1,597		5
Service fees		12			3,357		37
Custodian and accounting fees		9			173		12
Trustees’ and Chief Compliance Officer’s fees		—	(a)		2		—	(a)
Audit fees		27			27		45
Printing and mailing costs		52			569		4
Registration fees		9			—		16
Other		6			106		3
Total Liabilities		136			104,319		15,247
Net Assets	$	85,054		$	29,554,937	$	191,730

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2020

	JPMorgan Equity Focus Fund			JPMorgan Equity Income Fund			JPMorgan Equity Premium Income Fund
NET ASSETS:
Paid-in-Capital	$	55,297		$	26,551,129		$	216,611
Total distributable earnings (loss)		29,757			3,003,808			(24,881	)
Total Net Assets	$	85,054		$	29,554,937		$	191,730
Net Assets:
Class A	$	5,723		$	3,234,850		$	12,904
Class C		3,147			1,350,402			4,710
Class I		52,303			10,727,252			173,409
Class R2		—			72,182			—
Class R3		—			170,246			—
Class R4		—			106,277			—
Class R5		—			1,230,147			21
Class R6		23,881			12,663,581			686
Total	$	85,054		$	29,554,937		$	191,730
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		213			199,425			996
Class C		123			85,030			363
Class I		1,910			649,396			13,378
Class R2		—			4,472			—
Class R3		—			10,504			—
Class R4		—			6,438			—
Class R5		—			74,412			2
Class R6		877			766,658			53
Net Asset Value (a):
Class A — Redemption price per share	$	26.88		$	16.22		$	12.96
Class C — Offering price per share (b)		25.63			15.88			12.96
Class I — Offering and redemption price per share		27.38			16.52			12.96
Class R2 — Offering and redemption price per share		—			16.14			—
Class R3 — Offering and redemption price per share		—			16.21			—
Class R4 — Offering and redemption price per share		—			16.51			—
Class R5 — Offering and redemption price per share		—			16.53			12.96
Class R6 — Offering and redemption price per share		27.25			16.52			12.96
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)]	$	28.37		$	17.12		$	13.68
Cost of investments in non-affiliates	$	58,592		$	24,776,423		$	181,141
Cost of investments in affiliates		3,215			882,345			5,899

(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.

JUNE 30, 2020 J.P. MORGAN LARGE CAP FUNDS 59

STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2020 (continued)

(Amounts in thousands, except per share amounts)

	JPMorgan Growth and Income Fund			JPMorgan Hedged Equity Fund			JPMorgan Large Cap Growth Fund
ASSETS:
Investments in non-affiliates, at value	$	701,191		$	8,339,237		$	22,142,641
Investments in affiliates, at value		25,234			456,381			1,084,362
Investment of cash collateral received from securities loaned, at value (See Note 2.B.)		—			—			1,199,704
Options purchased, at value		—			298,312			—
Cash		10			125			389
Deposits at broker for futures contracts		—			21,442			—
Receivables:
Investment securities sold		—			1,438,064			36,470
Fund shares sold		458			357,447			40,303
Dividends from non-affiliates		893			9,461			2,875
Dividends from affiliates		—	(a)		13			14
Securities lending income (See Note 2.B.)		—			—			2,105
Variation margin on futures contracts		—			3,458			—
Other assets		—			31			138
Total Assets		727,786			10,923,971			24,509,001
LIABILITIES:
Payables:
Investment securities purchased		—			1,867,528			—
Collateral received on securities loaned (See Note 2.B.)		—			—			1,199,704
Fund shares redeemed		337			5,598			32,745
Outstanding options written, at fair value		—			305,199			—
Accrued liabilities:
Investment advisory fees		207			1,587			7,064
Administration fees		25			472			411
Distribution fees		121			246			1,146
Service fees		109			1,457			2,278
Custodian and accounting fees		17			139			103
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—	(a)		1
Audit fees		26			42			28
Printing and mailing costs		18			90			286
Registration fees		32			—			—
Other		40			21			69
Total Liabilities		932			2,182,379			1,243,835
Net Assets	$	726,854		$	8,741,592		$	23,265,166

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2020

	JPMorgan Growth and Income Fund			JPMorgan Hedged Equity Fund			JPMorgan Large Cap Growth Fund
NET ASSETS:
Paid-in-Capital	$	561,690		$	7,976,458		$	12,152,998
Total distributable earnings (loss)		165,164			765,134			11,112,168
Total Net Assets	$	726,854		$	8,741,592		$	23,265,166
Net Assets:
Class A	$	497,399		$	473,314		$	3,280,463
Class C		26,487			246,741			701,820
Class I		135,234			7,167,488			7,058,308
Class R2		1,126			—			118,628
Class R3		398			—			90,107
Class R4		1,159			—			64,792
Class R5		83			2,964			781,380
Class R6		64,968			851,085			11,169,668
Total	$	726,854		$	8,741,592		$	23,265,166
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		10,903			21,684			68,286
Class C		652			11,372			19,807
Class I		2,798			327,324			144,303
Class R2		24			—			2,584
Class R3		8			—			1,864
Class R4		24			—			1,326
Class R5		2			135			15,564
Class R6		1,334			38,781			220,494
Net Asset Value (a):
Class A — Redemption price per share	$	45.62		$	21.83		$	48.04
Class C — Offering price per share (b)		40.63			21.70			35.43
Class I — Offering and redemption price per share		48.34			21.90			48.91
Class R2 — Offering and redemption price per share		45.72			—			45.90
Class R3 — Offering and redemption price per share		48.25			—			48.34
Class R4 — Offering and redemption price per share		48.31			—			48.84
Class R5 — Offering and redemption price per share		48.69			21.93			50.20
Class R6 — Offering and redemption price per share		48.70			21.95			50.66
Class A maximum sales charge		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	48.15		$	23.04		$	50.70
Cost of investments in non-affiliates	$	534,823		$	6,839,268		$	11,896,273
Cost of investments in affiliates		25,216			456,381			1,083,765
Cost of options purchased		—			309,275			—
Investment securities on loan, at value (See Note 2.B.)		—			—			1,215,560
Cost of investment of cash collateral (See Note 2.B.)		—			—			1,199,665
Premiums received from options written		—			300,626			—

(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.

JUNE 30, 2020 J.P. MORGAN LARGE CAP FUNDS 61

STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2020 (continued)

(Amounts in thousands, except per share amounts)

	JPMorgan Large Cap Value Fund			JPMorgan U.S. Equity Fund		JPMorgan U.S. Large Cap Core Plus Fund			JPMorgan U.S. Research Enhanced Equity Fund
ASSETS:
Investments in non-affiliates, at value	$	1,244,852		$	14,941,211	$	3,913,916		$	4,309,619
Investments in affiliates, at value		12,570			41,341		35,661			110,144
Investment of cash collateral received from securities loaned, at value (See Note 2.B.)		60,397			13,679		—			—
Cash		6			47		23			44
Deposits at broker for futures contracts		—			—		368			9,236
Receivables:
Investment securities sold		2,020			65,587		39,484			10,105
Fund shares sold		676			12,528		697			3,431
Interest and dividends from non-affiliates		2,084			11,462		3,941			4,541
Dividends from affiliates		—	(a)		1		—	(a)		1
Tax reclaims		—			—		6			6
Securities lending income (See Note 2.B.)		26			24		—			—
Variation margin on futures contracts		—			—		26			871
Total Assets		1,322,631			15,085,880		3,994,122			4,447,998
LIABILITIES:
Payables:
Securities sold short, at value		—			—		895,228			—
Dividend expense to non-affiliates on securities sold short		—			—		1,071			—
Investment securities purchased		239			90,961		42,579			76,348
Collateral received on securities loaned (See Note 2.B.)		60,397			13,679		—			—
Fund shares redeemed		1,254			34,853		2,343			5,629
Accrued liabilities:
Investment advisory fees		375			4,634		1,570			714
Administration fees		48			658		146			155
Distribution fees		66			665		117			37
Service fees		78			881		308			62
Custodian and accounting fees		19			122		109			37
Trustees’ and Chief Compliance Officer’s fees		—	(a)		1		—	(a)		1
Audit fees		27			28		38			29
Printing and mailing costs		78			536		172			154
Registration fees		35			28		96			38
Other		18			72		39			30
Total Liabilities		62,634			147,118		943,816			83,234
Net Assets	$	1,259,997		$	14,938,762	$	3,050,306		$	4,364,764

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2020

	JPMorgan Large Cap Value Fund			JPMorgan U.S. Equity Fund			JPMorgan U.S. Large Cap Core Plus Fund			JPMorgan U.S. Research Enhanced Equity Fund
NET ASSETS:
Paid-in-Capital	$	1,337,326		$	10,151,899		$	1,092,254		$	3,003,808
Total distributable earnings (loss)		(77,329	)		4,786,863			1,958,052			1,360,956
Total Net Assets	$	1,259,997		$	14,938,762		$	3,050,306		$	4,364,764
Net Assets:
Class A	$	119,402		$	1,869,111		$	267,701		$	183,005
Class C		33,769			274,741			59,105			—
Class I		262,414			1,038,998			2,189,079			204,193
Class L		—			1,309,531			—			391,894
Class R2		17,777			216,689			4,560			—
Class R3		18			117,991			—			—
Class R4		11,823			21,651			—			—
Class R5		18,535			817,671			38,447			—
Class R6		796,259			9,272,379			491,414			3,585,672
Total	$	1,259,997		$	14,938,762		$	3,050,306		$	4,364,764
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		9,384			115,270			10,891			6,893
Class C		2,775			17,611			2,607			—
Class I		21,012			63,841			87,406			7,606
Class L		—			80,324			—			14,625
Class R2		1,410			13,508			194			—
Class R3		1			7,305			—			—
Class R4		929			1,332			—			—
Class R5		1,469			50,136			1,526			—
Class R6		63,531			567,326			19,515			133,743
Net Asset Value (a):
Class A — Redemption price per share	$	12.72		$	16.22		$	24.58		$	26.55
Class C — Offering price per share (b)		12.17			15.60			22.67			—
Class I — Offering and redemption price per share		12.49			16.27			25.04			26.85
Class L — Offering and redemption price per share		—			16.30			—			26.80
Class R2 — Offering and redemption price per share		12.61			16.04			23.54			—
Class R3 — Offering and redemption price per share		12.48			16.15			—			—
Class R4 — Offering and redemption price per share		12.73			16.25			—			—
Class R5 — Offering and redemption price per share		12.62			16.31			25.20			—
Class R6 — Offering and redemption price per share		12.53			16.34			25.18			26.81
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)]	$	13.42		$	17.12		$	25.94		$	28.02
Cost of investments in non-affiliates	$	1,245,090		$	10,549,672		$	2,450,303		$	2,977,518
Cost of investments in affiliates		12,570			41,341			35,657			110,137
Investment securities on loan, at value (See Note 2.B.)		59,241			13,372			—			—
Cost of investment of cash collateral (See Note 2.B.)		60,398			13,679			—			—
Proceeds from securities sold short		—			—			963,436			—

(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.

JUNE 30, 2020 J.P. MORGAN LARGE CAP FUNDS 63

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED JUNE 30, 2020

(Amounts in thousands)

	JPMorgan Equity Focus Fund			JPMorgan Equity Income Fund			JPMorgan Equity Premium Income Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—	(a)	$	9		$	11,943
Interest income from affiliates		—	(a)		—			—
Dividend income from non-affiliates		1,544			779,142			2,277
Dividend income from affiliates		35			15,227			25
Income from securities lending (net) (See Note 2.B.)		—	(a)		—			—
Total investment income		1,579			794,378			14,245
EXPENSES:
Investment advisory fees		491			112,524			293
Administration fees		72			14,360			88
Distribution fees:
Class A		14			8,521			15
Class C		24			10,928			17
Class R2		—			433			—
Class R3		—			407			—
Service fees:
Class A		14			8,521			15
Class C		8			3,643			6
Class I		155			25,616			271
Class R2		—			216			—
Class R3		—			407			—
Class R4		—			231			—
Class R5		—			1,423			—	(a)
Custodian and accounting fees		23			738			45
Interest expense to affiliates		—	(a)		1			2
Professional fees		55			347			97
Trustees’ and Chief Compliance Officer’s fees		26			126			26
Printing and mailing costs		40			1,631			22
Registration and filing fees		76			1,005			176
Transfer agency fees (See Note 2.J.)		5			864			2
Offering costs (See Note 2.H.)		—			—			5
Other		9			359			10
Total expenses		1,012			192,301			1,090
Less fees waived		(223	)		(1,353	)		(299	)
Less expense reimbursements		—			—			(58	)
Net expenses		789			190,948			733
Net investment income (loss)		790			603,430			13,512
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		11,965			(525,415	)		(29,238	)
Investments in affiliates		(2	)		164			—	(a)
Net realized gain (loss)		11,963			(525,251	)		(29,238	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(8,471	)		(2,031,491	)		4,460
Investments in affiliates		1			588			—	(a)
Change in net unrealized appreciation/depreciation		(8,470	)		(2,030,903	)		4,460
Net realized/unrealized gains (losses)		3,493			(2,556,154	)		(24,778	)
Change in net assets resulting from operations	$	4,283		$	(1,952,724	)	$	(11,266	)

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2020

	JPMorgan Growth and Income Fund			JPMorgan Hedged Equity Fund			JPMorgan Large Cap Growth Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—	(a)	$	58		$	12
Interest income from affiliates		—	(a)		—			—	(a)
Dividend income from non-affiliates		17,415			131,924			143,212
Dividend income from affiliates		287			1,628			8,356
Non-cash dividend income from non-affiliates		—			9,811			—
Income from securities lending (net) (See Note 2.B.)		—	(a)		—			9,815
Total investment income		17,702			143,421			161,395
EXPENSES:
Investment advisory fees		2,780			16,376			80,645
Administration fees		521			4,913			11,495
Distribution fees:
Class A		1,278			1,037			6,695
Class C		207			1,468			4,137
Class R2		3			—			604
Class R3		—	(a)		—			165
Service fees:
Class A		1,278			1,037			6,695
Class C		69			489			1,379
Class I		258			13,347			12,683
Class R2		1			—			302
Class R3		—	(a)		—			165
Class R4		1			—			68
Class R5		—	(a)		2			713
Custodian and accounting fees		41			354			442
Interest expense to affiliates		—			7			4
Professional fees		60			147			240
Trustees’ and Chief Compliance Officer’s fees		28			48			88
Printing and mailing costs		51			391			709
Registration and filing fees		125			471			577
Transfer agency fees (See Note 2.J.)		193			125			524
Other		21			103			230
Total expenses		6,915			40,315			128,560
Less fees waived		(780	)		(366	)		(17,465	)
Less expense reimbursements		(8	)		(7	)		(17	)
Net expenses		6,127			39,942			111,078
Net investment income (loss)		11,575			103,479			50,317
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		1,993			(329,388	)		1,883,710
Investments in affiliates		(1	)		—			125
Options purchased		—			401,900			—
Futures contracts		—			14,045			—
Options written		—			(556,447	)		—
Net realized gain (loss)		1,992			(469,890	)		1,883,835
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(46,648	)		914,381			3,286,356
Investments in affiliates		17			—			592
Options purchased		—			(9,352	)		—
Futures contracts		—			441			—
Options written		—			(3,226	)		—
Change in net unrealized appreciation/depreciation		(46,631	)		902,244			3,286,948
Net realized/unrealized gains (losses)		(44,639	)		432,354			5,170,783
Change in net assets resulting from operations	$	(33,064	)	$	535,833		$	5,221,100

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN LARGE CAP FUNDS 65

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED JUNE 30, 2020 (continued)

(Amounts in thousands)

	JPMorgan Large Cap Value Fund			JPMorgan U.S. Equity Fund			JPMorgan U.S. Large Cap Core Plus Fund			JPMorgan U.S. Research Enhanced Equity Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	1		$	43		$	32		$	29
Interest income from affiliates		—			—	(a)		2			—	(a)
Dividend income from non-affiliates		32,140			237,219			86,340			86,166
Dividend income from affiliates		480			2,292			988			793
Non-cash dividend income from non-affiliates		—			—			—			4,720
Income from securities lending (net) (See Note 2.B.)		105			201			—			—
Total investment income		32,726			239,755			87,362			91,708
EXPENSES:
Investment advisory fees		5,752			58,661			27,650			11,230
Administration fees		1,079			9,861			3,159			3,369
Distribution fees:
Class A		551			4,221			1,161			472
Class C		340			2,074			629			—
Class R2		100			1,136			25			—
Class R3		—	(a)		283			—			—
Service fees:
Class A		551			4,221			1,161			472
Class C		113			691			210			—
Class I		662			2,555			7,354			526
Class L		—			1,423			—			401
Class R2		50			568			12			—
Class R3		—	(a)		283			—			—
Class R4		32			55			—			—
Class R5		26			812			83			—
Custodian and accounting fees		56			428			268			142
Interest expense to affiliates		—			2			7			—	(a)
Professional fees		68			217			120			112
Trustees’ and Chief Compliance Officer’s fees		31			79			42			43
Printing and mailing costs		103			466			112			52
Registration and filing fees		166			280			191			96
Transfer agency fees (See Note 2.J.)		110			388			109			75
Dividend expense to non-affiliates on securities sold short		—			—			28,761			—
Interest expense to non-affiliates on securities sold short		—			—			5,979			—
Other		25			214			71			77
Total expenses		9,815			88,918			77,104			17,067
Less fees waived		(1,106	)		(6,033	)		(5,804	)		(4,578	)
Less expense reimbursements		(18	)		(86	)		(3	)		(34	)
Net expenses		8,691			82,799			71,297			12,455
Net investment income (loss)		24,035			156,956			16,065			79,253
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(22,839	)		1,059,829			1,393,660			808,278
Investments in affiliates		17			(3	)		26			(11	)
Futures contracts		—			14,270			(11,552	)		878
Securities sold short		—			—			79,467			—
Net realized gain (loss)		(22,822	)		1,074,096			1,461,601			809,145
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(109,303	)		589,057			(1,035,662	)		(499,924	)
Investments in affiliates		(2	)		(10	)		2			3
Futures contracts		—			(142	)		132			356
Securities sold short		—			—			(9,577	)		—
Change in net unrealized appreciation/depreciation		(109,305	)		588,905			(1,045,105	)		(499,565	)
Net realized/unrealized gains (losses)		(132,127	)		1,663,001			416,496			309,580
Change in net assets resulting from operations	$	(108,092	)	$	1,819,957		$	432,561		$	388,833

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2020

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Equity Focus Fund						JPMorgan Equity Income Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	790		$	1,021		$	603,430		$	417,629
Net realized gain (loss)		11,963			25,683			(525,251	)		261,966
Change in net unrealized appreciation/depreciation		(8,470	)		(16,976	)		(2,030,903	)		1,549,963
Change in net assets resulting from operations		4,283			9,728			(1,952,724	)		2,229,558
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(962	)		(681	)		(100,496	)		(140,305	)
Class C		(540	)		(399	)		(36,790	)		(57,794	)
Class I		(10,258	)		(14,230	)		(324,790	)		(356,669	)
Class R2		—			—			(2,344	)		(3,859	)
Class R3		—			—			(4,859	)		(5,148	)
Class R4		—			—			(2,895	)		(1,500	)
Class R5		—			—			(46,903	)		(59,529	)
Class R6 (a)		(4,735	)		(2	)		(394,174	)		(310,524	)
Total distributions to shareholders		(16,495	)		(15,312	)		(913,251	)		(935,328	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(9,562	)		(140,958	)		8,758,465			5,113,722
NET ASSETS:
Change in net assets		(21,774	)		(146,542	)		5,892,490			6,407,952
Beginning of period		106,828			253,370			23,662,447			17,254,495
End of period	$	85,054		$	106,828		$	29,554,937		$	23,662,447

(a) Commencement of offering of class of shares effective October 1, 2018 for JPMorgan Equity Focus Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN LARGE CAP FUNDS 67

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Equity Premium Income Fund						JPMorgan Growth and Income Fund
	Year Ended June 30, 2020			Period Ended June 30, 2019 (a)			Year Ended June 30, 2020			Year Ended June 30, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	13,512		$	3,239		$	11,575		$	11,130
Net realized gain (loss)		(29,238	)		(3,432	)		1,992			16,767
Change in net unrealized appreciation/depreciation		4,460			3,283			(46,631	)		12,931
Change in net assets resulting from operations		(11,266	)		3,090			(33,064	)		40,828
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(857	)		(2	)		(19,342	)		(28,923	)
Class C		(258	)		(1	)		(1,019	)		(1,489	)
Class I		(12,367	)		(3,249	)		(3,705	)		(5,085	)
Class R2		—			—			(16	)		(6	)
Class R3		—			—			(2	)		(1	)
Class R4		—			—			(12	)		(1	)
Class R5		(2	)		(1	)		(3	)		(3	)
Class R6		(39	)		(1	)		(2,189	)		(2,303	)
Total distributions to shareholders		(13,523	)		(3,254	)		(26,288	)		(37,811	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		162,286			54,397			133,703			38,723
NET ASSETS:
Change in net assets		137,497			54,233			74,351			41,740
Beginning of period		54,233			—			652,503			610,763
End of period	$	191,730		$	54,233		$	726,854		$	652,503

(a) Commencement of operations was August 31, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2020

	JPMorgan Hedged Equity Fund						JPMorgan Large Cap Growth Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	103,479		$	44,889		$	50,317		$	9,977
Net realized gain (loss)		(469,890	)		(199,259	)		1,883,835			2,059,616
Change in net unrealized appreciation/depreciation		902,244			377,249			3,286,948			(142,274	)
Change in net assets resulting from operations		535,833			222,879			5,221,100			1,927,319
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(3,986	)		(2,575	)		(307,305	)		(290,662	)
Class C		(836	)		(707	)		(82,111	)		(80,926	)
Class I		(62,588	)		(36,679	)		(568,389	)		(537,464	)
Class R2		—			—			(16,104	)		(19,576	)
Class R3		—			—			(7,619	)		(2,356	)
Class R4		—			—			(2,550	)		(823	)
Class R5		(32	)		(7	)		(83,447	)		(94,352	)
Class R6		(8,633	)		(3,472	)		(964,234	)		(744,597	)
Total distributions to shareholders		(76,075	)		(43,440	)		(2,031,759	)		(1,770,756	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		3,226,028			2,447,975			4,163,215			1,405,460
NET ASSETS:
Change in net assets		3,685,786			2,627,414			7,352,556			1,562,023
Beginning of period		5,055,806			2,428,392			15,912,610			14,350,587
End of period	$	8,741,592		$	5,055,806		$	23,265,166		$	15,912,610

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN LARGE CAP FUNDS 69

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Large Cap Value Fund						JPMorgan U.S. Equity Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	24,035		$	24,256		$	156,956		$	163,804
Net realized gain (loss)		(22,822	)		(38,069	)		1,074,096			1,320,157
Change in net unrealized appreciation/depreciation		(109,305	)		29,360			588,905			(180,336	)
Change in net assets resulting from operations		(108,092	)		15,547			1,819,957			1,303,625
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(2,660	)		(14,350	)		(161,648	)		(145,610	)
Class C		(354	)		(4,699	)		(26,242	)		(34,523	)
Class I		(4,022	)		(26,304	)		(97,817	)		(176,401	)
Class L		—			—			(142,043	)		(197,302	)
Class R2		(207	)		(1,479	)		(21,799	)		(28,317	)
Class R3 (a)		—	(b)		(1	)		(11,145	)		(10,133	)
Class R4 (a)		(193	)		(93	)		(2,149	)		(1,931	)
Class R5		(425	)		(2,258	)		(80,738	)		(104,750	)
Class R6		(15,475	)		(70,128	)		(925,117	)		(936,749	)
Total distributions to shareholders		(23,336	)		(119,312	)		(1,468,698	)		(1,635,716	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(19,703	)		(137,459	)		286,006			(424,509	)
NET ASSETS:
Change in net assets		(151,131	)		(241,224	)		637,265			(756,600	)
Beginning of period		1,411,128			1,652,352			14,301,497			15,058,097
End of period	$	1,259,997		$	1,411,128		$	14,938,762		$	14,301,497

(a) Commencement of offering of class of shares effective October 1, 2018 for JPMorgan Large Cap Value Fund.

(b) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2020

	JPMorgan U.S. Large Cap Core Plus Fund						JPMorgan U.S. Research Enhanced Equity Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	16,065		$	33,620		$	79,253		$	100,475
Net realized gain (loss)		1,461,601			962,925			809,145			517,266
Change in net unrealized appreciation/depreciation		(1,045,105	)		(561,494	)		(499,565	)		(24,892	)
Change in net assets resulting from operations		432,561			435,051			388,833			592,849
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(110,686	)		(96,383	)		(21,842	)		(27,920	)
Class C		(22,436	)		(20,837	)		—			—
Class I		(858,499	)		(784,212	)		(23,849	)		(27,285	)
Class L		—			—			(45,099	)		(51,150	)
Class R2		(1,126	)		(839	)		—			—
Class R5		(20,316	)		(16,031	)		—			—
Class R6		(161,893	)		(193,852	)		(463,809	)		(633,551	)
Total distributions to shareholders		(1,174,956	)		(1,112,154	)		(554,599	)		(739,906	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(2,626,307	)		(1,932,512	)		(1,284,816	)		(774,687	)
NET ASSETS:
Change in net assets		(3,368,702	)		(2,609,615	)		(1,450,582	)		(921,744	)
Beginning of period		6,419,008			9,028,623			5,815,346			6,737,090
End of period	$	3,050,306		$	6,419,008		$	4,364,764		$	5,815,346

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN LARGE CAP FUNDS 71

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Equity Focus Fund						JPMorgan Equity Income Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	2,181		$	2,435		$	1,164,544		$	755,202
Distributions reinvested		962			681			95,360			133,800
Cost of shares redeemed		(2,204	)		(1,458	)		(977,172	)		(824,132	)
Change in net assets resulting from Class A capital transactions	$	939		$	1,658		$	282,732		$	64,870
Class C
Proceeds from shares issued	$	409		$	529		$	366,152		$	284,340
Distributions reinvested		540			399			32,079			51,095
Cost of shares redeemed		(490	)		(688	)		(334,932	)		(286,413	)
Change in net assets resulting from Class C capital transactions	$	459		$	240		$	63,299		$	49,022
Class I
Proceeds from shares issued	$	4,205		$	23,367		$	5,501,467		$	3,482,287
Distributions reinvested		10,183			14,130			291,290			318,091
Cost of shares redeemed		(30,218	)		(198,184	)		(3,044,873	)		(1,602,290	)
Change in net assets resulting from Class I capital transactions	$	(15,830	)	$	(160,687	)	$	2,747,884		$	2,198,088
Class R2
Proceeds from shares issued	$	—		$	—		$	23,230		$	30,350
Distributions reinvested		—			—			2,243			3,484
Cost of shares redeemed		—			—			(40,287	)		(25,985	)
Change in net assets resulting from Class R2 capital transactions	$	—		$	—		$	(14,814	)	$	7,849
Class R3
Proceeds from shares issued	$	—		$	—		$	92,006		$	64,756
Distributions reinvested		—			—			4,162			4,644
Cost of shares redeemed		—			—			(46,297	)		(30,072	)
Change in net assets resulting from Class R3 capital transactions	$	—		$	—		$	49,871		$	39,328
Class R4
Proceeds from shares issued	$	—		$	—		$	71,534		$	57,970
Distributions reinvested		—			—			2,895			1,500
Cost of shares redeemed		—			—			(23,816	)		(20,302	)
Change in net assets resulting from Class R4 capital transactions	$	—		$	—		$	50,613		$	39,168
Class R5
Proceeds from shares issued	$	—		$	—		$	478,990		$	460,008
Distributions reinvested		—			—			44,948			55,745
Cost of shares redeemed		—			—			(593,726	)		(273,526	)
Change in net assets resulting from Class R5 capital transactions	$	—		$	—		$	(69,788	)	$	242,227
Class R6 (a)
Proceeds from shares issued	$	7,519		$	40,177		$	7,465,340		$	3,362,596
Subscriptions in-kind (See Note 9)		—			—			48,418			—
Distributions reinvested		4,735			2			377,452			292,441
Cost of shares redeemed		(7,384	)		(22,348	)		(2,242,542	)		(1,127,173	)
Redemptions in-kind (See Note 8)		—			—			—			(54,694	)
Change in net assets resulting from Class R6 capital transactions	$	4,870		$	17,831		$	5,648,668		$	2,473,170
Total change in net assets resulting from capital transactions	$	(9,562	)	$	(140,958	)	$	8,758,465		$	5,113,722

(a) Commencement of offering of class of shares effective October 1, 2018 for JPMorgan Equity Focus Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2020

	JPMorgan Equity Focus Fund						JPMorgan Equity Income Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
SHARE TRANSACTIONS:
Class A
Issued		79			81			67,608			44,333
Reinvested		35			25			5,373			8,045
Redeemed		(84	)		(51	)		(57,395	)		(48,297	)
Change in Class A Shares		30			55			15,586			4,081
Class C
Issued		17			18			21,351			17,076
Reinvested		21			15			1,838			3,143
Redeemed		(21	)		(25	)		(20,307	)		(17,081	)
Change in Class C Shares		17			8			2,882			3,138
Class I
Issued		143			726			317,929			201,387
Reinvested		366			511			16,183			18,776
Redeemed		(1,079	)		(6,421	)		(181,493	)		(93,029	)
Change in Class I Shares		(570	)		(5,184	)		152,619			127,134
Class R2
Issued		—			—			1,382			1,779
Reinvested		—			—			126			211
Redeemed		—			—			(2,304	)		(1,521	)
Change in Class R2 Shares		—			—			(796	)		469
Class R3
Issued		—			—			5,236			3,784
Reinvested		—			—			235			280
Redeemed		—			—			(2,666	)		(1,796	)
Change in Class R3 Shares		—			—			2,805			2,268
Class R4
Issued		—			—			3,947			3,364
Reinvested		—			—			162			88
Redeemed		—			—			(1,344	)		(1,151	)
Change in Class R4 Shares		—			—			2,765			2,301
Class R5
Issued		—			—			26,787			26,643
Reinvested		—			—			2,489			3,283
Redeemed		—			—			(33,212	)		(15,716	)
Change in Class R5 Shares		—			—			(3,936	)		14,210
Class R6 (a)
Issued		264			1,490			418,476			192,820
Subscriptions in-kind (See Note 9)		—			—			2,637			—
Reinvested		170			—	(b)		21,032			17,229
Redeemed		(290	)		(757	)		(128,412	)		(64,768	)
Redemptions in-kind (See Note 8)		—			—			—			(3,151	)
Change in Class R6 Shares		144			733			313,733			142,130

(a) Commencement of offering of class of shares effective October 1, 2018 for JPMorgan Equity Focus Fund.

(b) Amount rounds to less than one thousand

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN LARGE CAP FUNDS 73

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Equity Premium Income Fund						JPMorgan Growth and Income Fund
	Year Ended June 30, 2020			Period Ended June 30, 2019 (a)			Year Ended June 30, 2020			Year Ended June 30, 2019
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	25,022		$	123		$	103,634		$	48,540
Distributions reinvested		852			2			18,821			28,106
Cost of shares redeemed		(11,252	)		—	(b)		(69,860	)		(63,999	)
Change in net assets resulting from Class A capital transactions	$	14,622		$	125		$	52,595		$	12,647
Class C
Proceeds from shares issued	$	5,247		$	20		$	9,193		$	8,554
Distributions reinvested		254			1			848			1,282
Cost of shares redeemed		(238	)		—			(6,721	)		(6,924	)
Change in net assets resulting from Class C capital transactions	$	5,263		$	21		$	3,320		$	2,912
Class I
Proceeds from shares issued	$	165,512		$	51,120		$	75,806		$	37,640
Distributions reinvested		12,358			3,248			3,345			4,589
Cost of shares redeemed		(36,261	)		(159	)		(33,791	)		(26,157	)
Change in net assets resulting from Class I capital transactions	$	141,609		$	54,209		$	45,360		$	16,072
Class R2
Proceeds from shares issued	$	—		$	—		$	1,202		$	66
Distributions reinvested		—			—			16			6
Cost of shares redeemed		—			—			(111	)		(3	)
Change in net assets resulting from Class R2 capital transactions	$	—		$	—		$	1,107		$	69
Class R3
Proceeds from shares issued	$	—		$	—		$	400		$	—
Distributions reinvested		—			—			2			1
Cost of shares redeemed		—			—			—	(b)		—
Change in net assets resulting from Class R3 capital transactions	$	—		$	—		$	402		$	1
Class R4
Proceeds from shares issued	$	—		$	—		$	1,340		$	—
Distributions reinvested		—			—			12			1
Cost of shares redeemed		—			—			(38	)		—
Change in net assets resulting from Class R4 capital transactions	$	—		$	—		$	1,314		$	1
Class R5
Proceeds from shares issued	$	—		$	20		$	71		$	30
Distributions reinvested		2			1			3			3
Cost of shares redeemed		—			—			(55	)		(3	)
Change in net assets resulting from Class R5 capital transactions	$	2		$	21		$	19		$	30
Class R6
Proceeds from shares issued	$	939		$	20		$	48,377		$	12,212
Distributions reinvested		25			1			2,097			2,197
Cost of shares redeemed		(174	)		—			(20,888	)		(7,418	)
Change in net assets resulting from Class R6 capital transactions	$	790		$	21		$	29,586		$	6,991
Total change in net assets resulting from capital transactions	$	162,286		$	54,397		$	133,703		$	38,723

(a) Commencement of operations was August 31, 2018.

(b) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2020

	JPMorgan Equity Premium Income Fund						JPMorgan Growth and Income Fund
	Year Ended June 30, 2020			Period Ended June 30, 2019 (a)			Year Ended June 30, 2020			Year Ended June 30, 2019
SHARE TRANSACTIONS:
Class A
Issued		1,779			8			2,118			987
Reinvested		66			—	(b)		373			606
Redeemed		(857	)		—	(b)		(1,432	)		(1,316	)
Change in Class A Shares		988			8			1,059			277
Class C
Issued		362			1			209			198
Reinvested		19			—	(b)		19			31
Redeemed		(19	)		—			(160	)		(158	)
Change in Class C Shares		362			1			68			71
Class I
Issued		11,688			3,410			1,616			736
Reinvested		917			225			64			93
Redeemed		(2,849	)		(11	)		(675	)		(519	)
Change in Class I Shares		9,756			3,624			1,005			310
Class R2
Issued		—			—			24			1
Reinvested		—			—			—	(b)		—	(b)
Redeemed		—			—			(2	)		—	(b)
Change in Class R2 Shares		—			—			22			1
Class R3
Issued		—			—			7			—
Reinvested		—			—			—	(b)		1
Redeemed		—			—			—	(b)		—
Change in Class R3 Shares		—			—			7			1
Class R4
Issued		—			—			24			—
Reinvested		—			—			—	(b)		1
Redeemed		—			—			(1	)		—
Change in Class R4 Shares		—			—			23			1
Class R5
Issued		—			1			2			—	(b)
Reinvested		1			—	(b)		—	(b)		—	(b)
Redeemed		—			—			(1	)		—	(b)
Change in Class R5 Shares		1			1			1			—	(b)
Class R6
Issued		64			1			915			235
Reinvested		2			—	(b)		39			44
Redeemed		(14	)		—			(395	)		(144	)
Change in Class R6 Shares		52			1			559			135

(a) Commencement of operations was August 31, 2018.

(b) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN LARGE CAP FUNDS 75

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Hedged Equity Fund						JPMorgan Large Cap Growth Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	495,566		$	200,515		$	1,093,424		$	565,602
Distributions reinvested		3,972			2,559			290,772			268,247
Cost of shares redeemed		(348,671	)		(196,149	)		(1,019,134	)		(848,901	)
Change in net assets resulting from Class A capital transactions	$	150,867		$	6,925		$	365,062		$	(15,052	)
Class C
Proceeds from shares issued	$	128,940		$	98,773		$	194,307		$	101,496
Distributions reinvested		835			705			64,738			64,190
Cost of shares redeemed		(56,070	)		(27,734	)		(147,910	)		(162,510	)
Change in net assets resulting from Class C capital transactions	$	73,705		$	71,744		$	111,135		$	3,176
Class I
Proceeds from shares issued	$	5,474,198		$	3,264,704		$	2,721,471		$	1,278,824
Distributions reinvested		59,927			34,623			522,530			499,924
Cost of shares redeemed		(2,956,713	)		(1,180,493	)		(1,843,411	)		(1,526,803	)
Change in net assets resulting from Class I capital transactions	$	2,577,412		$	2,118,834		$	1,400,590		$	251,945
Class R2
Proceeds from shares issued	$	—		$	—		$	36,135		$	52,974
Distributions reinvested		—			—			13,984			15,016
Cost of shares redeemed		—			—			(83,183	)		(85,360	)
Change in net assets resulting from Class R2 capital transactions	$	—		$	—		$	(33,064	)	$	(17,370	)
Class R3
Proceeds from shares issued	$	—		$	—		$	51,615		$	41,442
Distributions reinvested		—			—			4,020			1,370
Cost of shares redeemed		—			—			(23,556	)		(5,767	)
Change in net assets resulting from Class R3 capital transactions	$	—		$	—		$	32,079		$	37,045
Class R4
Proceeds from shares issued	$	—		$	—		$	49,115		$	5,495
Distributions reinvested		—			—			2,550			823
Cost of shares redeemed		—			—			(6,458	)		(1,898	)
Change in net assets resulting from Class R4 capital transactions	$	—		$	—		$	45,207		$	4,420
Class R5
Proceeds from shares issued	$	1,405		$	1,826		$	172,183		$	171,763
Distributions reinvested		32			7			78,312			89,822
Cost of shares redeemed		(550	)		(105	)		(278,117	)		(351,362	)
Change in net assets resulting from Class R5 capital transactions	$	887		$	1,728		$	(27,622	)	$	(89,777	)
Class R6
Proceeds from shares issued	$	755,421		$	295,474		$	3,367,122		$	1,840,965
Distributions reinvested		3,351			978			931,375			723,675
Cost of shares redeemed		(335,615	)		(47,708	)		(2,028,669	)		(1,333,567	)
Change in net assets resulting from Class R6 capital transactions	$	423,157		$	248,744		$	2,269,828		$	1,231,073
Total change in net assets resulting from capital transactions	$	3,226,028		$	2,447,975		$	4,163,215		$	1,405,460

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2020

	JPMorgan Hedged Equity Fund						JPMorgan Large Cap Growth Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
SHARE TRANSACTIONS:
Class A
Issued		23,862			10,234			26,425			14,213
Reinvested		190			131			7,477			7,726
Redeemed		(17,011	)		(10,028	)		(24,532	)		(21,501	)
Change in Class A Shares		7,041			337			9,370			438
Class C
Issued		6,200			5,092			6,347			3,322
Reinvested		40			37			2,250			2,388
Redeemed		(2,757	)		(1,432	)		(4,817	)		(5,303	)
Change in Class C Shares		3,483			3,697			3,780			407
Class I
Issued		261,714			166,589			64,836			31,957
Reinvested		2,858			1,758			13,208			14,219
Redeemed		(145,069	)		(60,565	)		(44,234	)		(38,672	)
Change in Class I Shares		119,503			107,782			33,810			7,504
Class R2
Issued		—			—			906			1,393
Reinvested		—			—			376			449
Redeemed		—			—			(2,121	)		(2,227	)
Change in Class R2 Shares		—			—			(839	)		(385	)
Class R3
Issued		—			—			1,251			1,026
Reinvested		—			—			103			39
Redeemed		—			—			(568	)		(148	)
Change in Class R3 Shares		—			—			786			917
Class R4
Issued		—			—			1,166			139
Reinvested		—			—			64			23
Redeemed		—			—			(157	)		(47	)
Change in Class R4 Shares		—			—			1,073			115
Class R5
Issued		66			92			3,989			4,109
Reinvested		2			—	(a)		1,927			2,499
Redeemed		(26	)		(5	)		(6,525	)		(8,504	)
Change in Class R5 Shares		42			87			(609	)		(1,896	)
Class R6
Issued		36,462			15,045			77,205			44,475
Reinvested		159			49			22,702			19,983
Redeemed		(16,768	)		(2,420	)		(47,053	)		(32,490	)
Change in Class R6 Shares		19,853			12,674			52,854			31,968

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN LARGE CAP FUNDS 77

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Large Cap Value Fund						JPMorgan U.S. Equity Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	138,275		$	38,199		$	715,588		$	668,701
Distributions reinvested		2,618			13,929			154,154			132,720
Cost of shares redeemed		(156,095	)		(120,946	)		(605,447	)		(561,909	)
Change in net assets resulting from Class A capital transactions	$	(15,202	)	$	(68,818	)	$	264,295		$	239,512
Class C
Proceeds from shares issued	$	3,402		$	12,245		$	40,488		$	47,501
Distributions reinvested		344			4,589			24,891			32,837
Cost of shares redeemed		(20,436	)		(26,332	)		(84,646	)		(81,416	)
Change in net assets resulting from Class C capital transactions	$	(16,690	)	$	(9,498	)	$	(19,267	)	$	(1,078	)
Class I
Proceeds from shares issued	$	187,035		$	180,351		$	295,219		$	408,617
Distributions reinvested		4,008			26,175			94,363			171,208
Cost of shares redeemed		(206,607	)		(258,184	)		(492,924	)		(922,817	)
Change in net assets resulting from Class I capital transactions	$	(15,564	)	$	(51,658	)	$	(103,342	)	$	(342,992	)
Class L
Proceeds from shares issued	$	—		$	—		$	269,061		$	340,083
Distributions reinvested		—			—			124,874			166,869
Cost of shares redeemed		—			—			(663,087	)		(575,141	)
Change in net assets resulting from Class L capital transactions	$	—		$	—		$	(269,152	)	$	(68,189	)
Class R2
Proceeds from shares issued	$	4,111		$	9,456		$	28,578		$	31,183
Distributions reinvested		196			1,316			21,162			26,663
Cost of shares redeemed		(6,217	)		(4,971	)		(82,008	)		(72,348	)
Change in net assets resulting from Class R2 capital transactions	$	(1,910	)	$	5,801		$	(32,268	)	$	(14,502	)
Class R3 (a)
Proceeds from shares issued	$	—	(b)	$	20		$	27,510		$	53,558
Distributions reinvested		—	(b)		1			10,063			9,047
Cost of shares redeemed		—	(b)		—			(33,612	)		(9,993	)
Change in net assets resulting from Class R3 capital transactions	$	—	(b)	$	21		$	3,961		$	52,612
Class R4 (a)
Proceeds from shares issued	$	1,815		$	13,825		$	4,496		$	17,146
Distributions reinvested		192			93			2,149			1,931
Cost of shares redeemed		(3,474	)		(1,201	)		(8,139	)		(6,325	)
Change in net assets resulting from Class R4 capital transactions	$	(1,467	)	$	12,717		$	(1,494	)	$	12,752
Class R5
Proceeds from shares issued	$	7,109		$	20,278		$	78,859		$	73,209
Distributions reinvested		420			2,241			73,591			94,444
Cost of shares redeemed		(17,058	)		(13,694	)		(194,808	)		(236,756	)
Change in net assets resulting from Class R5 capital transactions	$	(9,529	)	$	8,825		$	(42,358	)	$	(69,103	)
Class R6
Proceeds from shares issued	$	166,602		$	325,810		$	1,785,782		$	1,335,233
Subscriptions in-kind (See Note 9)		—			—			45,414			—
Distributions reinvested		15,432			69,882			919,240			934,866
Cost of shares redeemed		(141,375	)		(430,541	)		(2,264,805	)		(2,503,620	)
Change in net assets resulting from Class R6 capital transactions	$	40,659		$	(34,849	)	$	485,631		$	(233,521	)
Total change in net assets resulting from capital transactions	$	(19,703	)	$	(137,459	)	$	286,006		$	(424,509	)

(a) Commencement of offering of class of shares effective October 1, 2018 for JPMorgan Large Cap Value Fund.

(b) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2020

	JPMorgan Large Cap Value Fund						JPMorgan U.S. Equity Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
SHARE TRANSACTIONS:
Class A
Issued		10,104			2,636			46,733			43,450
Reinvested		196			1,057			9,829			9,250
Redeemed		(11,819	)		(8,443	)		(39,445	)		(35,922	)
Change in Class A Shares		(1,519	)		(4,750	)		17,117			16,778
Class C
Issued		262			893			2,740			3,118
Reinvested		26			365			1,647			2,381
Redeemed		(1,590	)		(1,966	)		(5,697	)		(5,483	)
Change in Class C Shares		(1,302	)		(708	)		(1,310	)		16
Class I
Issued		14,482			12,677			18,972			26,279
Reinvested		306			2,016			5,999			11,895
Redeemed		(15,555	)		(18,372	)		(31,630	)		(59,810	)
Change in Class I Shares		(767	)		(3,679	)		(6,659	)		(21,636	)
Class L
Issued		—			—			17,663			21,487
Reinvested		—			—			7,922			11,566
Redeemed		—			—			(42,694	)		(37,224	)
Change in Class L Shares		—			—			(17,109	)		(4,171	)
Class R2
Issued		326			652			1,874			2,018
Reinvested		15			101			1,363			1,883
Redeemed		(468	)		(353	)		(5,292	)		(4,597	)
Change in Class R2 Shares		(127	)		400			(2,055	)		(696	)
Class R3 (a)
Issued		—	(b)		1			1,723			3,354
Reinvested		—	(b)		—	(b)		644			633
Redeemed		—	(b)		—			(2,144	)		(643	)
Change in Class R3 Shares		—	(b)		1			223			3,344
Class R4 (a)
Issued		134			1,113			290			1,067
Reinvested		14			7			137			134
Redeemed		(250	)		(89	)		(534	)		(400	)
Change in Class R4 Shares		(102	)		1,031			(107	)		801
Class R5
Issued		542			1,415			5,056			4,699
Reinvested		32			170			4,669			6,538
Redeemed		(1,286	)		(950	)		(12,468	)		(15,115	)
Change in Class R5 Shares		(712	)		635			(2,743	)		(3,878	)
Class R6
Issued		12,775			22,094			113,479			85,926
Subscriptions in-kind (See Note 9)		—			—			2,771			—
Reinvested		1,189			5,350			58,213			64,491
Redeemed		(10,425	)		(29,764	)		(143,075	)		(154,015	)
Change in Class R6 Shares		3,539			(2,320	)		31,388			(3,598	)

(a) Commencement of offering of class of shares effective October 1, 2018 for JPMorgan Large Cap Value Fund.

(b) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN LARGE CAP FUNDS 79

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan U.S. Large Cap Core Plus Fund						JPMorgan U.S. Research Enhanced Equity Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	82,531		$	135,379		$	56,324		$	34,397
Distributions reinvested		107,818			94,468			21,732			27,797
Cost of shares redeemed		(536,310	)		(275,160	)		(97,073	)		(123,985	)
Change in net assets resulting from Class A capital transactions	$	(345,961	)	$	(45,313	)	$	(19,017	)	$	(61,791	)
Class C
Proceeds from shares issued	$	7,465		$	12,993		$	—		$	—
Distributions reinvested		19,111			17,995			—			—
Cost of shares redeemed		(60,945	)		(67,277	)		—			—
Change in net assets resulting from Class C capital transactions	$	(34,369	)	$	(36,289	)	$	—		$	—
Class I
Proceeds from shares issued	$	542,564		$	888,442		$	49,261		$	56,824
Distributions reinvested		811,087			739,627			23,349			26,614
Cost of shares redeemed		(3,344,154	)		(2,590,860	)		(94,822	)		(115,409	)
Change in net assets resulting from Class I capital transactions	$	(1,990,503	)	$	(962,791	)	$	(22,212	)	$	(31,971	)
Class L
Proceeds from shares issued	$	—		$	—		$	76,268		$	60,334
Distributions reinvested		—			—			26,507			32,173
Cost of shares redeemed		—			—			(125,628	)		(138,095	)
Change in net assets resulting from Class L capital transactions	$	—		$	—		$	(22,853	)	$	(45,588	)
Class R2
Proceeds from shares issued	$	1,116		$	946		$	—		$	—
Distributions reinvested		808			532			—			—
Cost of shares redeemed		(1,967	)		(2,235	)		—			—
Change in net assets resulting from Class R2 capital transactions	$	(43	)	$	(757	)	$	—		$	—
Class R5
Proceeds from shares issued	$	15,058		$	22,201		$	—		$	—
Distributions reinvested		20,259			15,977			—			—
Cost of shares redeemed		(84,259	)		(57,731	)		—			—
Change in net assets resulting from Class R5 capital transactions	$	(48,942	)	$	(19,553	)	$	—		$	—
Class R6
Proceeds from shares issued	$	91,207		$	38,738		$	898,953		$	253,929
Distributions reinvested		113,531			166,828			462,987			633,410
Cost of shares redeemed		(411,227	)		(1,073,375	)		(1,245,965	)		(1,522,676	)
Redemptions in-kind (See Note 8)		—			—			(1,336,709	)		—
Change in net assets resulting from Class R6 capital transactions	$	(206,489	)	$	(867,809	)	$	(1,220,734	)	$	(635,337	)
Total change in net assets resulting from capital transactions	$	(2,626,307	)	$	(1,932,512	)	$	(1,284,816	)	$	(774,687	)

SEE NOTES TO FINANCIAL STATEMENTS.

80 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2020

	JPMorgan U.S. Large Cap Core Plus Fund						JPMorgan U.S. Research Enhanced Equity Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
SHARE TRANSACTIONS:
Class A
Issued		3,532			4,895			2,164			1,253
Reinvested		4,576			3,825			890			1,116
Redeemed		(21,865	)		(9,740	)		(3,751	)		(4,605	)
Change in Class A Shares		(13,757	)		(1,020	)		(697	)		(2,236	)
Class C
Issued		340			506			—			—
Reinvested		873			773			—			—
Redeemed		(2,792	)		(2,631	)		—			—
Change in Class C Shares		(1,579	)		(1,352	)		—			—
Class I
Issued		22,659			31,989			1,907			2,021
Reinvested		33,851			29,468			945			1,056
Redeemed		(138,788	)		(93,992	)		(3,638	)		(4,084	)
Change in Class I Shares		(82,278	)		(32,535	)		(786	)		(1,007	)
Class L
Issued		—			—			3,031			2,291
Reinvested		—			—			1,075			1,280
Redeemed		—			—			(4,779	)		(4,963	)
Change in Class L Shares		—			—			(673	)		(1,392	)
Class R2
Issued		49			36			—			—
Reinvested		36			22			—			—
Redeemed		(90	)		(82	)		—			—
Change in Class R2 Shares		(5	)		(24	)		—			—
Class R5
Issued		639			840			—			—
Reinvested		840			633			—			—
Redeemed		(3,482	)		(2,058	)		—			—
Change in Class R5 Shares		(2,003	)		(585	)		—			—
Class R6
Issued		3,578			1,425			35,010			9,239
Reinvested		4,714			6,614			18,774			25,157
Redeemed		(16,836	)		(38,577	)		(46,532	)		(54,997	)
Redemptions in-kind (See Note 8)		—			—			(52,834	)		—
Change in Class R6 Shares		(8,544	)		(30,538	)		(45,582	)		(20,601	)

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN LARGE CAP FUNDS 81

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED JUNE 30, 2020

(Amounts in thousands)

	JPMorgan U.S. Large Cap Core Plus Fund
INCREASE (DECREASE) IN CASH
Cash flows provided (used) by operating activities:
Net increase in net assets resulting from operations	$	432,561
Adjustments to reconcile net increase/decrease in net assets resulting from
operations to net cash provided (used) by operating activities:
Purchases of investment securities		(4,437,015	)
Proceeds from disposition of investment securities		8,696,129
Covers of investment securities sold short		(2,603,850	)
Proceeds from investment securities sold short		2,100,141
Purchases of short-term investments — affiliates, net		42,453
Change in unrealized (appreciation)/depreciation on investments in non-affiliates		1,035,662
Change in unrealized (appreciation)/depreciation on investments in affiliates		(2	)
Change in unrealized (appreciation)/depreciation on investment securities sold short		9,577
Net realized (gain)/loss on investments in non-affiliates		(1,393,660	)
Net realized (gain)/loss on investments in affiliates		(26	)
Net realized (gain)/loss on securities sold short		(79,467	)
Decrease in interest and dividends receivable from non-affiliates		5,040
Decrease in dividends receivable from affiliates		5
Increase in tax reclaims receivable		(6	)
Decrease in variation margin receivable		143
Decrease in dividend expense to non-affiliates on securities sold short		(1,782	)
Decrease in interest expense to non-affiliates on securities sold short		(674	)
Decrease in investment advisory fees payable		(1,904	)
Decrease in administration fees payable		(79	)
Decrease in distribution fees payable		(92	)
Decrease in service fees payable		(385	)
Decrease in custodian and accounting fees payable		(26	)
Increase in audit fees payable		5
Decrease in printing and mailing cost payable		(61	)
Increase in registration fees payable		96
Decrease in other accrued expenses payable		(68	)
Net cash provided (used) by operating activities		3,802,715
Cash flows provided (used) by financing activities:
Proceeds from shares issued		742,052
Payment for shares redeemed		(4,444,274	)
Cash distributions paid to shareholders (net of reinvestments of approximately $1,072,614,000)		(102,342	)
Net cash provided (used) by financing activities		(3,804,564	)
Cash:
Net increase (decrease) in unrestricted and restricted cash and deposits at broker		(1,849	)
Restricted and unrestricted cash and deposits at broker at beginning of period		2,240
Restricted and unrestricted cash and deposits at broker at end of period	$	391

Supplemental disclosure of cash flow information:

For the year ended June 30, 2020 the Fund paid approximately $6,660,000 in interest expense for securities sold short.

For purposes of reporting the Statement of Cash Flows, the Fund considers all cash accounts that are not subject to withdrawal restrictions or penalties to be cash equivalents.

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

	June 30, 2019		June 30, 2020
Cash	$	408	$	23
Deposits at broker:
Futures contracts		1,832		368
	$	2,240	$	391

SEE NOTES TO FINANCIAL STATEMENTS.

82 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2020

THIS PAGE IS INTENTIONALLY LEFT BLANK

JUNE 30, 2020 J.P. MORGAN LARGE CAP FUNDS 83

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
Year Ended June 30, 2020	$	30.15	$	0.15		$	1.68		$	1.83		$	(0.12	)	$	(4.98	)	$	(5.10	)
Year Ended June 30, 2019		31.83		0.13			2.32			2.45			(0.41	)		(3.72	)		(4.13	)
Year Ended June 30, 2018		29.09		0.08			4.23			4.31			(0.01	)		(1.56	)		(1.57	)
Year Ended June 30, 2017		23.73		(0.01	)		5.70			5.69			(0.01	)		(0.32	)		(0.33	)
Year Ended June 30, 2016		24.78		(0.01	)		(0.38	)		(0.39	)		—	(f)		(0.66	)		(0.66	)
Class C
Year Ended June 30, 2020		29.01		0.01			1.60			1.61			(0.01	)		(4.98	)		(4.99	)
Year Ended June 30, 2019		30.75		(0.03	)		2.25			2.22			(0.24	)		(3.72	)		(3.96	)
Year Ended June 30, 2018		28.28		(0.08	)		4.11			4.03			—			(1.56	)		(1.56	)
Year Ended June 30, 2017		23.18		(0.14	)		5.56			5.42			—			(0.32	)		(0.32	)
Year Ended June 30, 2016		24.34		(0.13	)		(0.37	)		(0.50	)		—			(0.66	)		(0.66	)
Class I
Year Ended June 30, 2020		30.60		0.23			1.70			1.93			(0.17	)		(4.98	)		(5.15	)
Year Ended June 30, 2019		32.13		0.18			2.38			2.56			(0.37	)		(3.72	)		(4.09	)
Year Ended June 30, 2018		29.34		0.16			4.27			4.43			(0.08	)		(1.56	)		(1.64	)
Year Ended June 30, 2017		23.92		0.06			5.75			5.81			(0.07	)		(0.32	)		(0.39	)
Year Ended June 30, 2016		24.95		0.06			(0.39	)		(0.33	)		(0.04	)		(0.66	)		(0.70	)
Class R6
Year Ended June 30, 2020		30.48		0.30			1.69			1.99			(0.24	)		(4.98	)		(5.22	)
October 1, 2018 (g) through June 30, 2019		34.55		0.23			(0.05	)		0.18			(0.53	)		(3.72	)		(4.25	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Amount rounds to less than $0.005.

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

84 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	26.88		5.87	%	$	5,723		1.10	%		0.55	%		1.34	%		44	%
	30.15		9.22			5,511		1.09			0.42			1.41			45
	31.83		15.02			4,077		1.11			0.26			1.31			34
	29.09		24.09			3,362		1.17			(0.02	)		1.37			84
	23.73		(1.60	)		1,937		1.24			(0.03	)		1.55			45
	25.63		5.30			3,147		1.60			0.05			1.84			44
	29.01		8.67			3,084		1.59			(0.09	)		1.89			45
	30.75		14.45			3,017		1.61			(0.26	)		1.80			34
	28.28		23.49			3,331		1.66			(0.51	)		1.86			84
	23.18		(2.10	)		1,268		1.74			(0.54	)		1.96			45
	27.38		6.12			52,303		0.85			0.79			1.08			44
	30.60		9.50			75,887		0.84			0.57			1.08			45
	32.13		15.31			246,276		0.86			0.52			1.03			34
	29.34		24.43			180,151		0.92			0.23			1.10			84
	23.92		(1.37	)		136,284		0.99			0.24			1.11			45
	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.

JUNE 30, 2020 J.P. MORGAN LARGE 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 Equity Income Fund
Class A
Year Ended June 30, 2020	$	17.83	$	0.32	$	(1.42	)	$	(1.10)		$	(0.32	)	$	(0.19	)	$	(0.51	)
Year Ended June 30, 2019		16.82		0.32		1.48			1.80			(0.33	)		(0.46	)		(0.79	)
Year Ended June 30, 2018		15.67		0.26		1.29			1.55			(0.25	)		(0.15	)		(0.40	)
Year Ended June 30, 2017		14.01		0.24		1.75			1.99			(0.24	)		(0.09	)		(0.33	)
Year Ended June 30, 2016		13.77		0.25		0.35			0.60			(0.25	)		(0.11	)		(0.36	)
Class C
Year Ended June 30, 2020		17.47		0.23		(1.39	)		(1.16	)		(0.24	)		(0.19	)		(0.43	)
Year Ended June 30, 2019		16.50		0.23		1.46			1.69			(0.26	)		(0.46	)		(0.72	)
Year Ended June 30, 2018		15.41		0.17		1.26			1.43			(0.19	)		(0.15	)		(0.34	)
Year Ended June 30, 2017		13.80		0.16		1.72			1.88			(0.18	)		(0.09	)		(0.27	)
Year Ended June 30, 2016		13.58		0.18		0.35			0.53			(0.20	)		(0.11	)		(0.31	)
Class I
Year Ended June 30, 2020		18.14		0.37		(1.43	)		(1.06	)		(0.37	)		(0.19	)		(0.56	)
Year Ended June 30, 2019		17.10		0.37		1.51			1.88			(0.38	)		(0.46	)		(0.84	)
Year Ended June 30, 2018		15.92		0.31		1.31			1.62			(0.29	)		(0.15	)		(0.44	)
Year Ended June 30, 2017		14.23		0.28		1.77			2.05			(0.27	)		(0.09	)		(0.36	)
Year Ended June 30, 2016		13.97		0.28		0.37			0.65			(0.28	)		(0.11	)		(0.39	)
Class R2
Year Ended June 30, 2020		17.74		0.27		(1.40	)		(1.13	)		(0.28	)		(0.19	)		(0.47	)
Year Ended June 30, 2019		16.74		0.28		1.47			1.75			(0.29	)		(0.46	)		(0.75	)
Year Ended June 30, 2018		15.62		0.21		1.28			1.49			(0.22	)		(0.15	)		(0.37	)
Year Ended June 30, 2017		13.97		0.20		1.75			1.95			(0.21	)		(0.09	)		(0.30	)
Year Ended June 30, 2016		13.74		0.21		0.35			0.56			(0.22	)		(0.11	)		(0.33	)
Class R3
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
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
Year Ended June 30, 2020		18.16		0.40		(1.45	)		(1.05	)		(0.39	)		(0.19	)		(0.58	)
Year Ended June 30, 2019		17.11		0.40		1.51			1.91			(0.40	)		(0.46	)		(0.86	)
Year Ended June 30, 2018		15.93		0.34		1.30			1.64			(0.31	)		(0.15	)		(0.46	)
Year Ended June 30, 2017		14.23		0.31		1.78			2.09			(0.30	)		(0.09	)		(0.39	)
Year Ended June 30, 2016		13.98		0.31		0.35			0.66			(0.30	)		(0.11	)		(0.41	)
Class R6
Year Ended June 30, 2020		18.14		0.42		(1.44	)		(1.02	)		(0.41	)		(0.19	)		(0.60	)
Year Ended June 30, 2019		17.10		0.42		1.50			1.92			(0.42	)		(0.46	)		(0.88	)
Year Ended June 30, 2018		15.92		0.35		1.31			1.66			(0.33	)		(0.15	)		(0.48	)
Year Ended June 30, 2017		14.22		0.32		1.78			2.10			(0.31	)		(0.09	)		(0.40	)
Year Ended June 30, 2016		13.97		0.33		0.34			0.67			(0.31	)		(0.11	)		(0.42	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

86 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	16.22		(6.36	)%	$	3,234,850		0.98	%		1.83	%		0.98	%		22	%
	17.83		11.17			3,277,249		0.99			1.90			1.00			23
	16.82		9.94			3,022,879		1.00			1.55			1.01			20
	15.67		14.34			3,176,361		1.04			1.59			1.08			14
	14.01		4.45			3,370,383		1.04			1.83			1.11			20
	15.88		(6.83	)		1,350,402		1.47			1.34			1.47			22
	17.47		10.66			1,434,793		1.48			1.39			1.49			23
	16.50		9.35			1,303,731		1.50			1.05			1.50			20
	15.41		13.74			1,385,115		1.54			1.09			1.55			14
	13.80		4.01			1,304,007		1.54			1.33			1.58			20
	16.52		(6.06	)		10,727,252		0.71			2.11			0.72			22
	18.14		11.45			9,013,293		0.73			2.12			0.74			23
	17.10		10.22			6,320,979		0.74			1.81			0.75			20
	15.92		14.57			6,542,906		0.78			1.84			0.79			14
	14.23		4.75			4,679,200		0.79			2.07			0.81			20
	16.14		(6.57	)		72,182		1.23			1.56			1.23			22
	17.74		10.90			93,453		1.24			1.64			1.25			23
	16.74		9.59			80,330		1.26			1.29			1.26			20
	15.62		14.08			87,437		1.29			1.34			1.39			14
	13.97		4.20			77,230		1.29			1.59			1.45			20
	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
	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
	16.53		(5.98	)		1,230,147		0.56			2.24			0.57			22
	18.16		11.67			1,422,483		0.58			2.29			0.59			23
	17.11		10.38			1,097,476		0.59			1.98			0.60			20
	15.93		14.84			912,746		0.58			2.05			0.63			14
	14.23		4.89			722,424		0.59			2.28			0.64			20
	16.52		(5.83	)		12,663,581		0.46			2.38			0.47			22
	18.14		11.72			8,217,432		0.48			2.38			0.49			23
	17.10		10.49			5,314,382		0.49			2.08			0.50			20
	15.92		14.95			2,821,798		0.50			2.13			0.50			14
	14.22		4.98			1,913,077		0.50			2.43			0.50			20

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN LARGE CAP FUNDS 87

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
JPMorgan Equity Premium Income Fund
Class A
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
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
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
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
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.

88 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	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
	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
	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
	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
	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.

JUNE 30, 2020 J.P. MORGAN LARGE CAP FUNDS 89

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Growth and Income Fund
Class A
Year Ended June 30, 2020	$	49.84	$	0.79	$	(3.18	)	$	(2.39	)	$	(0.76	)	$	(1.07	)	$	(1.83	)
Year Ended June 30, 2019		49.77		0.85		2.21			3.06			(0.85	)		(2.14	)		(2.99	)
Year Ended June 30, 2018		46.85		0.64		4.98			5.62			(0.62	)		(2.08	)		(2.70	)
Year Ended June 30, 2017		42.75		0.57		6.31			6.88			(0.57	)		(2.21	)		(2.78	)
Year Ended June 30, 2016		45.46		0.59		(0.27	)		0.32			(0.55	)		(2.48	)		(3.03	)
Class C
Year Ended June 30, 2020		44.59		0.48		(2.81	)		(2.33	)		(0.56	)		(1.07	)		(1.63	)
Year Ended June 30, 2019		44.91		0.53		1.98			2.51			(0.69	)		(2.14	)		(2.83	)
Year Ended June 30, 2018		42.54		0.35		4.51			4.86			(0.41	)		(2.08	)		(2.49	)
Year Ended June 30, 2017		39.07		0.31		5.76			6.07			(0.39	)		(2.21	)		(2.60	)
Year Ended June 30, 2016		41.83		0.35		(0.25	)		0.10			(0.38	)		(2.48	)		(2.86	)
Class I
Year Ended June 30, 2020		52.69		0.96		(3.36	)		(2.40	)		(0.88	)		(1.07	)		(1.95	)
Year Ended June 30, 2019		52.41		1.00		2.36			3.36			(0.94	)		(2.14	)		(3.08	)
Year Ended June 30, 2018		49.21		0.81		5.21			6.02			(0.74	)		(2.08	)		(2.82	)
Year Ended June 30, 2017		44.77		0.72		6.62			7.34			(0.69	)		(2.21	)		(2.90	)
Year Ended June 30, 2016		47.45		0.73		(0.27	)		0.46			(0.66	)		(2.48	)		(3.14	)
Class R2
Year Ended June 30, 2020		50.01		0.69		(3.19	)		(2.50	)		(0.72	)		(1.07	)		(1.79	)
Year Ended June 30, 2019		49.98		0.63		2.31			2.94			(0.77	)		(2.14	)		(2.91	)
Year Ended June 30, 2018		47.06		0.53		4.99			5.52			(0.52	)		(2.08	)		(2.60	)
Year Ended June 30, 2017		42.94		0.46		6.33			6.79			(0.46	)		(2.21	)		(2.67	)
November 2, 2015 (f) through June 30, 2016		45.92		0.40		(0.70	)		(0.30	)		(0.20	)		(2.48	)		(2.68	)
Class R3
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
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
Year Ended June 30, 2020		53.06		1.04		(3.39	)		(2.35	)		(0.95	)		(1.07	)		(2.02	)
Year Ended June 30, 2019		52.74		1.09		2.38			3.47			(1.01	)		(2.14	)		(3.15	)
Year Ended June 30, 2018		49.50		0.91		5.23			6.14			(0.82	)		(2.08	)		(2.90	)
Year Ended June 30, 2017		45.01		0.83		6.65			7.48			(0.78	)		(2.21	)		(2.99	)
November 2, 2015 (f) through June 30, 2016		47.95		0.62		(0.73	)		(0.11	)		(0.35	)		(2.48	)		(2.83	)
Class R6
Year Ended June 30, 2020		53.08		1.11		(3.42	)		(2.31	)		(1.00	)		(1.07	)		(2.07	)
Year Ended June 30, 2019		52.75		1.16		2.36			3.52			(1.05	)		(2.14	)		(3.19	)
Year Ended June 30, 2018		49.50		1.04		5.16			6.20			(0.87	)		(2.08	)		(2.95	)
Year Ended June 30, 2017		45.01		0.81		6.69			7.50			(0.80	)		(2.21	)		(3.01	)
November 2, 2015 (f) through June 30, 2016		47.95		0.63		(0.72	)		(0.09	)		(0.37	)		(2.48	)		(2.85	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

90 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	45.62		(5.11	)%	$	497,399		0.94	%		1.61	%		1.06	%		22	%
	49.84		6.68			490,597		0.93			1.73			1.06			26
	49.77		12.04			476,090		0.97			1.29			1.08			32
	46.85		16.34			445,078		1.03			1.26			1.10			28
	42.75		1.02			422,151		1.06			1.38			1.13			39
	40.63		(5.57	)		26,487		1.44			1.11			1.53			22
	44.59		6.15			26,032		1.43			1.21			1.54			26
	44.91		11.45			23,034		1.47			0.77			1.55			32
	42.54		15.76			28,290		1.53			0.76			1.59			28
	39.07		0.54			25,541		1.56			0.89			1.62			39
	48.34		(4.85	)		135,234		0.69			1.88			0.78			22
	52.69		6.94			94,500		0.68			1.93			0.79			26
	52.41		12.29			77,737		0.72			1.55			0.79			32
	49.21		16.64			64,148		0.78			1.50			0.83			28
	44.77		1.28			40,068		0.81			1.64			0.86			39
	45.72		(5.34	)		1,126		1.19			1.46			1.98			22
	50.01		6.41			108		1.18			1.30			2.77			26
	49.98		11.76			41		1.21			1.06			1.49			32
	47.06		16.04			23		1.28			1.01			2.06			28
	42.94		(0.40	)		20		1.28			1.44			3.72			39
	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
	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
	48.69		(4.72	)		83		0.54			2.02			5.20			22
	53.06		7.10			74		0.53			2.10			1.01			26
	52.74		12.48			43		0.55			1.72			0.80			32
	49.50		16.88			37		0.59			1.72			1.23			28
	45.01		0.05			20		0.59			2.14			3.02			39
	48.70		(4.64	)		64,968		0.44			2.14			0.53			22
	53.08		7.21			41,144		0.43			2.22			0.53			26
	52.75		12.59			33,774		0.44			1.95			0.52			32
	49.50		16.94			2,129		0.53			1.66			0.55			28
	45.01		0.08			20		0.53			2.19			2.96			39

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN LARGE CAP FUNDS 91

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
JPMorgan Hedged Equity Fund
Class A
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	)
Year Ended June 30, 2016		16.47		0.20		(0.28	)		(0.08	)		(0.16	)
Class C
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	)
Year Ended June 30, 2016		16.43		0.13		(0.29	)		(0.16	)		(0.10	)
Class I
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	)
Year Ended June 30, 2016		16.50		0.25		(0.28	)		(0.03	)		(0.21	)
Class R5
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	)
Year Ended June 30, 2016		16.51		0.24		(0.24	)		—	(d)		(0.23	)
Class R6
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	)
Year Ended June 30, 2016		16.52		0.27		(0.27	)		—	(d)		(0.24	)

(a) Calculated based upon average shares outstanding.

(b) 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.

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

(d) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

92 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2020

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate
$	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
	16.23		(0.43	)		71,417		0.85			1.27			1.11			57
	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
	16.17		(0.95	)		9,867		1.35			0.80			1.52			57
	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
	16.26		(0.17	)		158,820		0.60			1.54			0.74			57
	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
	16.28		0.07			25		0.40			1.49			2.16			57
	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
	16.28		0.07			74		0.35			1.66			1.40			57

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN LARGE CAP FUNDS 93

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Large Cap Growth Fund
Class A
Year Ended June 30, 2020	$	41.87	$	(0.01	)	$	11.39		$	11.38		$	—		$	(5.21	)	$	(5.21	)
Year Ended June 30, 2019		42.44		(0.09	)		4.80			4.71			—			(5.28	)		(5.28	)
Year Ended June 30, 2018		38.23		(0.10	)		9.92			9.82			—			(5.61	)		(5.61	)
Year Ended June 30, 2017		32.93		(0.07	)		8.51			8.44			—			(3.14	)		(3.14	)
Year Ended June 30, 2016		36.82		(0.06	)		(2.23	)		(2.29	)		—			(1.60	)		(1.60	)
Class C
Year Ended June 30, 2020		32.33		(0.17	)		8.48			8.31			—			(5.21	)		(5.21	)
Year Ended June 30, 2019		34.20		(0.23	)		3.64			3.41			—			(5.28	)		(5.28	)
Year Ended June 30, 2018		31.95		(0.25	)		8.11			7.86			—			(5.61	)		(5.61	)
Year Ended June 30, 2017		28.15		(0.20	)		7.14			6.94			—			(3.14	)		(3.14	)
Year Ended June 30, 2016		31.86		(0.20	)		(1.91	)		(2.11	)		—			(1.60	)		(1.60	)
Class I
Year Ended June 30, 2020		42.46		0.09			11.59			11.68			(0.02	)		(5.21	)		(5.23	)
Year Ended June 30, 2019		42.86		0.01			4.87			4.88			—			(5.28	)		(5.28	)
Year Ended June 30, 2018		38.47		(0.01	)		10.01			10.00			—			(5.61	)		(5.61	)
Year Ended June 30, 2017		33.08		(0.02	)		8.55			8.53			—			(3.14	)		(3.14	)
Year Ended June 30, 2016		36.92		(0.01	)		(2.23	)		(2.24	)		—			(1.60	)		(1.60	)
Class R2
Year Ended June 30, 2020		40.32		(0.11	)		10.90			10.79			—			(5.21	)		(5.21	)
Year Ended June 30, 2019		41.17		(0.18	)		4.61			4.43			—			(5.28	)		(5.28	)
Year Ended June 30, 2018		37.33		(0.20	)		9.65			9.45			—			(5.61	)		(5.61	)
Year Ended June 30, 2017		32.31		(0.16	)		8.32			8.16			—			(3.14	)		(3.14	)
Year Ended June 30, 2016		36.24		(0.15	)		(2.18	)		(2.33	)		—			(1.60	)		(1.60	)
Class R3
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
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
Year Ended June 30, 2020		43.44		0.16			11.88			12.04			(0.07	)		(5.21	)		(5.28	)
Year Ended June 30, 2019		43.65		0.07			5.00			5.07			—			(5.28	)		(5.28	)
Year Ended June 30, 2018		39.04		0.06			10.16			10.22			—			(5.61	)		(5.61	)
Year Ended June 30, 2017		33.46		0.05			8.67			8.72			—			(3.14	)		(3.14	)
Year Ended June 30, 2016		37.25		0.06			(2.25	)		(2.19	)		—			(1.60	)		(1.60	)
Class R6
Year Ended June 30, 2020		43.78		0.21			11.99			12.20			(0.11	)		(5.21	)		(5.32	)
Year Ended June 30, 2019		43.95		0.11			5.03			5.14			(0.03	)		(5.28	)		(5.31	)
Year Ended June 30, 2018		39.23		0.10			10.23			10.33			—			(5.61	)		(5.61	)
Year Ended June 30, 2017		33.58		0.09			8.70			8.79			—			(3.14	)		(3.14	)
Year Ended June 30, 2016		37.34		0.10			(2.26	)		(2.16	)		—			(1.60	)		(1.60	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

94 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	48.04		30.09	%	$	3,280,463		0.94	%		(0.03	)%		1.04	%		47	%
	41.87		13.67			2,466,910		0.93			(0.23	)		1.10			50
	42.44		28.45			2,481,816		0.97			(0.25	)		1.11			24
	38.23		27.50			2,462,957		1.05			(0.19	)		1.25			22
	32.93		(6.45	)		4,251,242		1.04			(0.17	)		1.27			43
	35.43		29.42			701,820		1.44			(0.53	)		1.54			47
	32.33		13.11			518,116		1.43			(0.73	)		1.59			50
	34.20		27.83			534,199		1.47			(0.75	)		1.60			24
	31.95		26.79			487,702		1.55			(0.69	)		1.67			22
	28.15		(6.90	)		559,238		1.55			(0.67	)		1.69			43
	48.91		30.40			7,058,308		0.69			0.22			0.78			47
	42.46		13.95			4,691,515		0.68			0.02			0.84			50
	42.86		28.77			4,413,908		0.74			(0.03	)		0.85			24
	38.47		27.65			4,771,428		0.89			(0.05	)		0.90			22
	33.08		(6.29	)		4,161,010		0.89			(0.04	)		0.93			43
	45.90		29.76			118,628		1.19			(0.27	)		1.29			47
	40.32		13.39			138,030		1.18			(0.47	)		1.34			50
	41.17		28.11			156,775		1.24			(0.52	)		1.35			24
	37.33		27.14			147,902		1.31			(0.46	)		1.47			22
	32.31		(6.67	)		192,560		1.30			(0.43	)		1.55			43
	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
	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
	50.20		30.59			781,380		0.54			0.38			0.63			47
	43.44		14.15			702,536		0.53			0.17			0.69			50
	43.65		28.93			788,766		0.59			0.14			0.70			24
	39.04		27.92			799,190		0.70			0.15			0.72			22
	33.46		(6.10	)		1,209,521		0.69			0.17			0.73			43
	50.66		30.75			11,169,668		0.44			0.47			0.53			47
	43.78		14.23			7,339,387		0.43			0.27			0.58			50
	43.95		29.08			5,962,328		0.48			0.24			0.60			24
	39.23		28.03			3,606,093		0.60			0.25			0.60			22
	33.58		(6.00	)		3,330,565		0.60			0.28			0.60			43

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN LARGE CAP FUNDS 95

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Large Cap Value Fund
Class A
Year Ended June 30, 2020	$	14.11	$	0.18	$	(1.40	)	$	(1.22	)	$	(0.17	)	$	—		$	(0.17	)
Year Ended June 30, 2019		15.11		0.17		(0.09	)		0.08			(0.17	)		(0.91	)		(1.08	)
Year Ended June 30, 2018		15.48		0.15		0.89			1.04			(0.13	)		(1.28	)		(1.41	)
Year Ended June 30, 2017		12.71		0.15		3.42			3.57			(0.14	)		(0.66	)		(0.80	)
Year Ended June 30, 2016		15.02		0.17		(0.59	)		(0.42	)		(0.16	)		(1.73	)		(1.89	)
Class C
Year Ended June 30, 2020		13.49		0.11		(1.32	)		(1.21	)		(0.11	)		—			(0.11	)
Year Ended June 30, 2019		14.51		0.10		(0.10	)		—	(f)		(0.11	)		(0.91	)		(1.02	)
Year Ended June 30, 2018		14.93		0.06		0.86			0.92			(0.06	)		(1.28	)		(1.34	)
Year Ended June 30, 2017		12.30		0.07		3.30			3.37			(0.08	)		(0.66	)		(0.74	)
Year Ended June 30, 2016		14.60		0.10		(0.58	)		(0.48	)		(0.09	)		(1.73	)		(1.82	)
Class I
Year Ended June 30, 2020		13.85		0.21		(1.36	)		(1.15	)		(0.21	)		—			(0.21	)
Year Ended June 30, 2019		14.85		0.20		(0.09	)		0.11			(0.20	)		(0.91	)		(1.11	)
Year Ended June 30, 2018		15.24		0.18		0.87			1.05			(0.16	)		(1.28	)		(1.44	)
Year Ended June 30, 2017		12.53		0.17		3.37			3.54			(0.17	)		(0.66	)		(0.83	)
Year Ended June 30, 2016		14.79		0.15		(0.54	)		(0.39	)		(0.14	)		(1.73	)		(1.87	)
Class R2
Year Ended June 30, 2020		13.98		0.15		(1.38	)		(1.23	)		(0.14	)		—			(0.14	)
Year Ended June 30, 2019		14.99		0.14		(0.10	)		0.04			(0.14	)		(0.91	)		(1.05	)
Year Ended June 30, 2018		15.39		0.11		0.86			0.97			(0.09	)		(1.28	)		(1.37	)
Year Ended June 30, 2017		12.64		0.10		3.41			3.51			(0.10	)		(0.66	)		(0.76	)
Year Ended June 30, 2016		14.96		0.14		(0.60	)		(0.46	)		(0.13	)		(1.73	)		(1.86	)
Class R3
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
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
Year Ended June 30, 2020		14.00		0.24		(1.39	)		(1.15	)		(0.23	)		—			(0.23	)
Year Ended June 30, 2019		14.99		0.23		(0.09	)		0.14			(0.22	)		(0.91	)		(1.13	)
Year Ended June 30, 2018		15.37		0.21		0.88			1.09			(0.19	)		(1.28	)		(1.47	)
Year Ended June 30, 2017		12.63		0.20		3.39			3.59			(0.19	)		(0.66	)		(0.85	)
Year Ended June 30, 2016		14.93		0.21		(0.58	)		(0.37	)		(0.20	)		(1.73	)		(1.93	)
Class R6
Year Ended June 30, 2020		13.90		0.25		(1.37	)		(1.12	)		(0.25	)		—			(0.25	)
Year Ended June 30, 2019		14.90		0.24		(0.10	)		0.14			(0.23	)		(0.91	)		(1.14	)
Year Ended June 30, 2018		15.28		0.22		0.88			1.10			(0.20	)		(1.28	)		(1.48	)
Year Ended June 30, 2017		12.56		0.20		3.38			3.58			(0.20	)		(0.66	)		(0.86	)
Year Ended June 30, 2016		14.86		0.24		(0.60	)		(0.36	)		(0.21	)		(1.73	)		(1.94	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Amount rounds to less than $0.005.

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

96 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	12.72		(8.66	)%	$	119,402		0.93	%		1.33	%		1.04	%		177	%
	14.11		1.07			153,809		0.93			1.19			1.04			162
	15.11		6.52			236,470		0.93			0.92			1.04			130
	15.48		28.47			215,017		0.92			1.01			1.08			145
	12.71		(2.51	)		96,373		0.93			1.27			1.12			219
	12.17		(9.04	)		33,769		1.44			0.81			1.52			177
	13.49		0.57			55,009		1.44			0.70			1.52			162
	14.51		5.94			69,445		1.44			0.42			1.52			130
	14.93		27.72			48,028		1.44			0.50			1.57			145
	12.30		(2.98	)		17,041		1.45			0.75			1.62			219
	12.49		(8.35	)		262,414		0.69			1.57			0.76			177
	13.85		1.31			301,663		0.69			1.44			0.77			162
	14.85		6.74			378,058		0.70			1.19			0.77			130
	15.24		28.61			161,494		0.79			1.15			0.80			145
	12.53		(2.34	)		23,373		0.77			1.07			0.77			219
	12.61		(8.83	)		17,777		1.19			1.09			1.28			177
	13.98		0.83			21,489		1.19			0.97			1.29			162
	14.99		6.14			17,046		1.21			0.68			1.30			130
	15.39		28.11			6,775		1.23			0.71			1.43			145
	12.64		(2.78	)		3,462		1.20			1.05			1.57			219
	12.48		(8.59	)		18		0.94			1.36			2.24			177
	13.84		(4.25	)		19		0.94			1.28			1.17			162
	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
	12.62		(8.26	)		18,535		0.54			1.72			0.62			177
	14.00		1.50			30,522		0.54			1.61			0.63			162
	14.99		6.90			23,166		0.55			1.33			0.63			130
	15.37		28.82			10,218		0.59			1.35			0.62			145
	12.63		(2.15	)		4,155		0.59			1.52			0.60			219
	12.53		(8.14	)		796,259		0.44			1.86			0.51			177
	13.90		1.52			834,072		0.44			1.70			0.52			162
	14.90		7.04			928,167		0.46			1.41			0.52			130
	15.28		28.90			610,732		0.51			1.43			0.52			145
	12.56		(2.06	)		565,542		0.51			1.90			0.52			219

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN LARGE CAP FUNDS 97

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan U.S. Equity Fund
Class A
Year Ended June 30, 2020	$	15.86	$	0.11	$	1.82		$	1.93		$	(0.11	)	$	(1.46	)	$	(1.57	)
Year Ended June 30, 2019		16.48		0.12		1.17			1.29			(0.12	)		(1.79	)		(1.91	)
Year Ended June 30, 2018		15.80		0.11		1.94			2.05			(0.11	)		(1.26	)		(1.37	)
Year Ended June 30, 2017		13.76		0.11		2.57			2.68			(0.11	)		(0.53	)		(0.64	)
Year Ended June 30, 2016		14.75		0.12		(0.30	)		(0.18	)		(0.11	)		(0.70	)		(0.81	)
Class C
Year Ended June 30, 2020		15.31		0.03		1.75			1.78			(0.03	)		(1.46	)		(1.49	)
Year Ended June 30, 2019		15.99		0.04		1.13			1.17			(0.06	)		(1.79	)		(1.85	)
Year Ended June 30, 2018		15.37		0.03		1.89			1.92			(0.04	)		(1.26	)		(1.30	)
Year Ended June 30, 2017		13.41		0.04		2.49			2.53			(0.04	)		(0.53	)		(0.57	)
Year Ended June 30, 2016		14.40		0.05		(0.30	)		(0.25	)		(0.04	)		(0.70	)		(0.74	)
Class I
Year Ended June 30, 2020		15.91		0.15		1.82			1.97			(0.15	)		(1.46	)		(1.61	)
Year Ended June 30, 2019		16.51		0.16		1.18			1.34			(0.15	)		(1.79	)		(1.94	)
Year Ended June 30, 2018		15.83		0.15		1.94			2.09			(0.15	)		(1.26	)		(1.41	)
Year Ended June 30, 2017		13.79		0.14		2.57			2.71			(0.14	)		(0.53	)		(0.67	)
Year Ended June 30, 2016		14.78		0.13		(0.29	)		(0.16	)		(0.13	)		(0.70	)		(0.83	)
Class L
Year Ended June 30, 2020		15.93		0.17		1.83			2.00			(0.17	)		(1.46	)		(1.63	)
Year Ended June 30, 2019		16.53		0.18		1.18			1.36			(0.17	)		(1.79	)		(1.96	)
Year Ended June 30, 2018		15.85		0.17		1.94			2.11			(0.17	)		(1.26	)		(1.43	)
Year Ended June 30, 2017		13.80		0.16		2.58			2.74			(0.16	)		(0.53	)		(0.69	)
Year Ended June 30, 2016		14.79		0.16		(0.30	)		(0.14	)		(0.15	)		(0.70	)		(0.85	)
Class R2
Year Ended June 30, 2020		15.70		0.07		1.80			1.87			(0.07	)		(1.46	)		(1.53	)
Year Ended June 30, 2019		16.34		0.08		1.16			1.24			(0.09	)		(1.79	)		(1.88	)
Year Ended June 30, 2018		15.68		0.07		1.92			1.99			(0.07	)		(1.26	)		(1.33	)
Year Ended June 30, 2017		13.66		0.07		2.55			2.62			(0.07	)		(0.53	)		(0.60	)
Year Ended June 30, 2016		14.66		0.08		(0.31	)		(0.23	)		(0.07	)		(0.70	)		(0.77	)
Class R3
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 (f) through June 30, 2017		14.11		0.08		2.24			2.32			(0.14	)		(0.53	)		(0.67	)
Class R4
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 (f) through June 30, 2017		14.15		0.13		2.22			2.35			(0.15	)		(0.53	)		(0.68	)
Class R5
Year Ended June 30, 2020		15.94		0.17		1.83			2.00			(0.17	)		(1.46	)		(1.63	)
Year Ended June 30, 2019		16.54		0.19		1.17			1.36			(0.17	)		(1.79	)		(1.96	)
Year Ended June 30, 2018		15.85		0.18		1.95			2.13			(0.18	)		(1.26	)		(1.44	)
Year Ended June 30, 2017		13.81		0.17		2.57			2.74			(0.17	)		(0.53	)		(0.70	)
Year Ended June 30, 2016		14.80		0.18		(0.31	)		(0.13	)		(0.16	)		(0.70	)		(0.86	)
Class R6
Year Ended June 30, 2020		15.97		0.19		1.83			2.02			(0.19	)		(1.46	)		(1.65	)
Year Ended June 30, 2019		16.56		0.20		1.19			1.39			(0.19	)		(1.79	)		(1.98	)
Year Ended June 30, 2018		15.87		0.19		1.95			2.14			(0.19	)		(1.26	)		(1.45	)
Year Ended June 30, 2017		13.82		0.18		2.58			2.76			(0.18	)		(0.53	)		(0.71	)
Year Ended June 30, 2016		14.82		0.18		(0.31	)		(0.13	)		(0.17	)		(0.70	)		(0.87	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

98 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings  credits			Portfolio turnover rate (c)
$	16.22		12.59	%	$	1,869,111		0.94	%		0.70	%		0.99	%		84	%
	15.86		9.18			1,556,392		0.94			0.76			0.99			91
	16.48		13.20			1,340,858		0.94			0.69			1.01			97
	15.80		19.86			1,371,821		0.94			0.75			1.10			86
	13.76		(1.15	)		1,446,878		0.94			0.85			1.14			83
	15.60		12.01			274,741		1.44			0.19			1.49			84
	15.31		8.63			289,675		1.44			0.27			1.49			91
	15.99		12.66			302,297		1.44			0.19			1.50			97
	15.37		19.23			318,369		1.44			0.25			1.55			86
	13.41		(1.66	)		294,744		1.44			0.35			1.59			83
	16.27		12.82			1,038,998		0.69			0.94			0.73			84
	15.91		9.47			1,121,609		0.69			1.03			0.74			91
	16.51		13.44			1,521,535		0.71			0.92			0.75			97
	15.83		20.05			1,287,300		0.76			0.93			0.81			86
	13.79		(1.00	)		1,066,145		0.76			0.94			0.81			83
	16.30		13.03			1,309,531		0.55			1.08			0.59			84
	15.93		9.60			1,552,520		0.55			1.16			0.60			91
	16.53		13.56			1,679,995		0.57			1.05			0.60			97
	15.85		20.27			3,391,256		0.61			1.07			0.67			86
	13.80		(0.83	)		3,704,104		0.61			1.18			0.68			83
	16.04		12.29			216,689		1.19			0.44			1.23			84
	15.70		8.89			244,356		1.19			0.52			1.24			91
	16.34		12.88			265,675		1.21			0.42			1.25			97
	15.68		19.58			260,589		1.20			0.48			1.40			86
	13.66		(1.47	)		205,224		1.19			0.60			1.48			83
	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
	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
	16.31		13.04			817,671		0.54			1.09			0.58			84
	15.94		9.60			842,888		0.54			1.17			0.59			91
	16.54		13.66			938,744		0.54			1.08			0.60			97
	15.85		20.24			890,105		0.56			1.12			0.62			86
	13.81		(0.77	)		910,033		0.56			1.27			0.63			83
	16.34		13.13			9,272,379		0.44			1.20			0.48			84
	15.97		9.74			8,559,285		0.44			1.27			0.49			91
	16.56		13.75			8,937,049		0.46			1.17			0.50			97
	15.87		20.37			6,751,473		0.50			1.19			0.50			86
	13.82		(0.78	)		4,755,359		0.50			1.33			0.50			83

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN LARGE CAP FUNDS 99

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			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
Year Ended June 30, 2020	$	27.51	$	0.04		$	2.65		$	2.69		$	(0.03	)	$	(5.59	)	$	(5.62	)
Year Ended June 30, 2019		30.10		0.05			1.53			1.58			(0.05	)		(4.12	)		(4.17	)
Year Ended June 30, 2018		30.35		—	(g)		3.87			3.87			—			(4.12	)		(4.12	)
Year Ended June 30, 2017		26.06		—	(g)		5.54			5.54			(0.01	)		(1.24	)		(1.25	)
Year Ended June 30, 2016		29.81		0.04			(1.37	)		(1.33	)		—	(g)		(2.42	)		(2.42	)
Class C
Year Ended June 30, 2020		25.88		(0.08	)		2.46			2.38			—			(5.59	)		(5.59	)
Year Ended June 30, 2019		28.65		(0.08	)		1.43			1.35			—			(4.12	)		(4.12	)
Year Ended June 30, 2018		29.21		(0.15	)		3.71			3.56			—			(4.12	)		(4.12	)
Year Ended June 30, 2017		25.23		(0.14	)		5.36			5.22			—			(1.24	)		(1.24	)
Year Ended June 30, 2016		29.07		(0.10	)		(1.32	)		(1.42	)		—			(2.42	)		(2.42	)
Class I
Year Ended June 30, 2020		27.94		0.10			2.69			2.79			(0.10	)		(5.59	)		(5.69	)
Year Ended June 30, 2019		30.51		0.13			1.54			1.67			(0.12	)		(4.12	)		(4.24	)
Year Ended June 30, 2018		30.66		0.08			3.92			4.00			(0.03	)		(4.12	)		(4.15	)
Year Ended June 30, 2017		26.32		0.08			5.59			5.67			(0.09	)		(1.24	)		(1.33	)
Year Ended June 30, 2016		30.07		0.10			(1.37	)		(1.27	)		(0.06	)		(2.42	)		(2.48	)
Class R2
Year Ended June 30, 2020		26.62		(0.04	)		2.55			2.51			—			(5.59	)		(5.59	)
Year Ended June 30, 2019		29.31		(0.04	)		1.47			1.43			—			(4.12	)		(4.12	)
Year Ended June 30, 2018		29.74		(0.09	)		3.78			3.69			—			(4.12	)		(4.12	)
Year Ended June 30, 2017		25.61		(0.07	)		5.44			5.37			—			(1.24	)		(1.24	)
Year Ended June 30, 2016		29.40		(0.03	)		(1.34	)		(1.37	)		—			(2.42	)		(2.42	)
Class R5
Year Ended June 30, 2020		28.08		0.11			2.71			2.82			(0.11	)		(5.59	)		(5.70	)
Year Ended June 30, 2019		30.65		0.14			1.55			1.69			(0.14	)		(4.12	)		(4.26	)
Year Ended June 30, 2018		30.81		0.11			3.93			4.04			(0.08	)		(4.12	)		(4.20	)
Year Ended June 30, 2017		26.44		0.13			5.62			5.75			(0.14	)		(1.24	)		(1.38	)
Year Ended June 30, 2016		30.21		0.18			(1.40	)		(1.22	)		(0.13	)		(2.42	)		(2.55	)
Class R6
Year Ended June 30, 2020		28.07		0.14			2.70			2.84			(0.14	)		(5.59	)		(5.73	)
Year Ended June 30, 2019		30.63		0.17			1.56			1.73			(0.17	)		(4.12	)		(4.29	)
November 1, 2017 (i) through June 30, 2018		32.99		0.09			1.79			1.88			(0.12	)		(4.12	)		(4.24	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) The net expenses and expenses without waivers, reimbursements and earnings credits (excluding dividend and interest expense for securities sold short) for Class A are 1.10% and 1.26% for the year ended June 30, 2020, 1.09% and 1.34% for the year ended June 30, 2019, 1.15% and 1.40% for the year ended June 30, 2018, 1.25% and 1.43% for the year ended June 30, 2017 and 1.26% and 1.49% for the year ended June 30, 2016; for Class C are 1.60% and 1.76% for the year ended June 30, 2020, 1.60% and 1.85% for the year ended June 30, 2019, 1.65% and 1.90% for the year ended June 30, 2018, 1.75% and 1.94% for the year ended June 30, 2017 and 1.76% and 2.00% for the year ended June 30, 2016; for Class I are 0.85% and 1.01% for the year ended June 30, 2020, 0.85% and 1.09% for the year ended June 30, 2019, 0.90% and 1.15% for the year ended June 30, 2018, 0.98% and 1.16% for the year ended June 30, 2017 and 1.00% and 1.21% for the year ended June 30, 2016; for Class R2 are 1.45% and 1.52% for the year ended June 30, 2020, 1.45% and 1.63% for the year ended June 30, 2019, 1.47% and 1.67% for the year ended June 30, 2018, 1.50% and 1.76% for the year ended June 30, 2017 and 1.51% and 1.84% for the year ended June 30, 2016; for Class R5 are 0.80% and 0.85% for the year ended June 30, 2020, 0.80% and 0.94% for the year ended June 30, 2019, 0.79% and 1.00% for the year ended June 30, 2018, 0.80% and 0.96% for the year ended June 30, 2017 and 0.80% and 0.97% for the year ended June 30, 2016; for Class R6 are 0.70% and 0.75% for the year ended June 30, 2020, 0.70% and 0.85% for the year ended June 30, 2019 and 0.70% and 0.90% for the period ended June 30, 2018, respectively.

(g) Amount rounds to less than $0.005.

(h) Amount rounds to less than 0.005%.

(i) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

100 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (including dividend and interest expense for securities sold short) (e)(f)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits (including dividend and interest expense for securities sold short) (f)			Portfolio turnover rate (excluding securities sold short) (c)			Portfolio turnover rate (including securities sold short) (c)
$	24.58		11.66	%	$	267,701		1.92	%		0.19	%		2.08	%		85	%		134	%
	27.51		6.84			678,071		1.91			0.22			2.16			98			148
	30.10		13.16			772,656		2.01			0.01			2.26			110			161
	30.35		21.64			791,067		2.20			0.00	(h)		2.39			94			131
	26.06		(4.52	)		890,217		2.21			0.14			2.44			88			127
	22.67		11.11			59,105		2.42			(0.32	)		2.58			85			134
	25.88		6.31			108,332		2.42			(0.29	)		2.67			98			148
	28.65		12.58			158,677		2.50			(0.50	)		2.75			110			161
	29.21		21.05			201,031		2.70			(0.50	)		2.89			94			131
	25.23		(4.98	)		212,879		2.71			(0.37	)		2.95			88			127
	25.04		11.93			2,189,079		1.67			0.40			1.83			85			134
	27.94		7.11			4,740,691		1.67			0.46			1.91			98			148
	30.51		13.46			6,169,553		1.75			0.27			2.00			110			161
	30.66		21.95			8,075,047		1.94			0.27			2.12			94			131
	26.32		(4.28	)		8,175,603		1.95			0.38			2.16			88			127
	23.54		11.32			4,560		2.27			(0.13	)		2.34			85			134
	26.62		6.45			5,304		2.27			(0.14	)		2.45			98			148
	29.31		12.81			6,528		2.31			(0.30	)		2.52			110			161
	29.74		21.33			6,207		2.45			(0.24	)		2.71			94			131
	25.61		(4.74	)		5,987		2.46			(0.11	)		2.79			88			127
	25.20		11.99			38,447		1.62			0.46			1.67			85			134
	28.08		7.14			99,113		1.62			0.51			1.76			98			148
	30.65		13.57			126,084		1.65			0.37			1.85			110			161
	30.81		22.18			168,526		1.76			0.47			1.92			94			131
	26.44		(4.07	)		591,379		1.75			0.73			1.92			88			127
	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.

JUNE 30, 2020 J.P. MORGAN LARGE CAP FUNDS 101

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)		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
Year Ended June 30, 2020	$	27.38	$	0.38	$	1.80		$	2.18		$	(0.31	)	$	(2.70	)	$	—		$	(3.01	)
Year Ended June 30, 2019		28.37		0.34		1.96			2.30			(0.36	)		(2.93	)		—			(3.29	)
Year Ended June 30, 2018		25.40		0.31		2.96			3.27			(0.30	)		—			—			(0.30	)
Year Ended June 30, 2017		21.74		0.28		3.72			4.00			(0.32	)		—			(0.02	)		(0.34	)
Year Ended June 30, 2016		23.99		0.26		(1.32	)		(1.06	)		(0.22	)		(0.97	)		—			(1.19	)
Class I
Year Ended June 30, 2020		27.65		0.45		1.83			2.28			(0.38	)		(2.70	)		—			(3.08	)
Year Ended June 30, 2019		28.61		0.41		1.98			2.39			(0.42	)		(2.93	)		—			(3.35	)
Year Ended June 30, 2018		25.62		0.39		2.98			3.37			(0.38	)		—			—			(0.38	)
Year Ended June 30, 2017		21.92		0.35		3.76			4.11			(0.39	)		—			(0.02	)		(0.41	)
Year Ended June 30, 2016		24.18		0.32		(1.34	)		(1.02	)		(0.27	)		(0.97	)		—			(1.24	)
Class L
Year Ended June 30, 2020		27.61		0.45		1.82			2.27			(0.38	)		(2.70	)		—			(3.08	)
Year Ended June 30, 2019		28.57		0.41		1.97			2.38			(0.41	)		(2.93	)		—			(3.34	)
Year Ended June 30, 2018		25.58		0.38		2.98			3.36			(0.37	)		—			—			(0.37	)
Year Ended June 30, 2017		21.89		0.35		3.75			4.10			(0.39	)		—			(0.02	)		(0.41	)
Year Ended June 30, 2016		24.15		0.35		(1.33	)		(0.98	)		(0.31	)		(0.97	)		—			(1.28	)
Class R6
Year Ended June 30, 2020		27.62		0.48		1.81			2.29			(0.40	)		(2.70	)		—			(3.10	)
Year Ended June 30, 2019		28.57		0.44		1.98			2.42			(0.44	)		(2.93	)		—			(3.37	)
Year Ended June 30, 2018		25.59		0.41		2.97			3.38			(0.40	)		—			—			(0.40	)
Year Ended June 30, 2017		21.90		0.38		3.75			4.13			(0.42	)		—			(0.02	)		(0.44	)
Year Ended June 30, 2016		24.16		0.37		(1.33	)		(0.96	)		(0.33	)		(0.97	)		—			(1.30	)

(a) Calculated based upon average shares outstanding.

(b) 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.

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

SEE NOTES TO FINANCIAL STATEMENTS.

102 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2020

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate
$	26.55		9.08	%	$	183,005		0.60	%		1.45	%		0.85	%		59	%
	27.38		9.39			207,809		0.60			1.24			0.85			42
	28.37		12.92			278,766		0.60			1.13			0.85			45
	25.40		18.52			422,719		0.69			1.19			0.96			40
	21.74		(4.30	)		497,934		0.85			1.20			1.02			122
	26.85		9.38			204,193		0.35			1.70			0.59			59
	27.65		9.65			232,077		0.35			1.50			0.59			42
	28.61		13.19			268,898		0.35			1.39			0.60			45
	25.62		18.85			285,141		0.43			1.45			0.69			40
	21.92		(4.08	)		260,494		0.60			1.45			0.69			122
	26.80		9.36			391,894		0.35			1.70			0.44			59
	27.61		9.66			422,351		0.35			1.50			0.44			42
	28.57		13.20			476,809		0.35			1.38			0.44			45
	25.58		18.86			835,535		0.40			1.47			0.49			40
	21.89		(3.94	)		824,559		0.45			1.59			0.50			122
	26.81		9.47			3,585,672		0.25			1.79			0.34			59
	27.62		9.78			4,953,109		0.25			1.60			0.34			42
	28.57		13.28			5,712,617		0.25			1.50			0.34			45
	25.59		19.00			5,863,138		0.28			1.60			0.34			40
	21.90		(3.83	)		6,638,591		0.34			1.69			0.35			122

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN LARGE CAP FUNDS 103

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020

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 10 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(1)	JPM I	Diversified(5)
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(2)	Class A, Class C, Class I, Class R5 and Class R6	JPM IV	Diversified
JPMorgan Growth and Income Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM I	Diversified
JPMorgan Hedged Equity Fund	Class A, Class C, Class I, Class R5 and Class R6	JPM I	Diversified
JPMorgan Large Cap Growth Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM II	Diversified
JPMorgan Large Cap Value Fund	Class A, Class C, Class I, Class R2, Class R3(3), Class R4(3), Class R5 and Class R6	JPM II	Diversified
JPMorgan U.S. Equity Fund	Class A, Class C, Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM I	Diversified
JPMorgan U.S. 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(4), Class I, Class L(6) and Class R6	JPM I	Diversified

⁽¹⁾  Class R6 commenced operations on October 1, 2018 for JPMorgan Equity Focus Fund.

⁽²⁾  Equity Premium Income Fund commenced operations on August 31, 2018.

⁽³⁾  Class R3 and Class R4 commenced operations on October 1, 2018 for JPMorgan Large Cap Value Fund.

⁽⁴⁾  Class A Shares are publicly offered on a limited basis for JPMorgan U.S. Research Enhanced Equity Fund.

⁽⁵⁾  Effective February 12, 2020, JPMorgan Equity Focus Fund is classified as a diversified fund.

⁽⁶⁾  On July 6, 2020, the Funds’ Class L Shares will be converted into Class I Shares. Additionally, on July 6, 2020, the Class L Shares were no longer offered.

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 Growth and Income Fund (“Growth and Income Fund”) is to seek to provide capital growth over the long-term and to earn income from dividends.

The investment objective of JPMorgan Hedged Equity Fund (“Hedged Equity Fund”) is to seek to provide capital appreciation.

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

The investment objective of JPMorgan U.S. Equity Fund (“U.S. Equity Fund”) is to seek to provide high total return from a portfolio of selected equity securities.

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

The investment objective of JPMorgan U.S. Research Enhanced Equity Fund (“U.S. Research Enhanced Equity Fund”) is to seek to provide a consistently high total return from a broadly diversified portfolio of equity securities with risk characteristics similar to the Standard and Poor’s 500 Composite Stock Price Index.

104 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2020

Class L Shares for U.S. Equity Fund and Class A and Class L Shares for U.S. Research Enhanced Equity Fund are publicly offered on a limited basis. Investors are not eligible to purchase Class L Shares of the Funds unless they meet certain requirements as described in Funds’ prospectuses.

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

Class A Shares for the U.S. Research Enhanced Equity Fund are publicly offered on a limited basis. Investors are not eligible to purchase shares of the Fund unless they meet certain requirements as described in the Fund’s prospectus.

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

2. Significant Accounting Policies

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

A. Valuation of Investments — Investments are valued in accordance with GAAP and the Funds’ valuation policies set forth by, and under the supervision and responsibility of, the Boards of Trustees of the Trusts (the “Boards”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Boards.

The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Boards with the oversight and monitoring of the valuation of the Funds’ investments. The Administrator implements the valuation policies of the Funds’ investments, as directed by the Boards. The AVC oversees and carries out the policies for the valuation of investments held in the Funds. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and at least on a quarterly basis, with the AVC and the Boards.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Funds are calculated on a valuation date.

Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

Futures contracts and options are generally valued on the basis of available market quotations.

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

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

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

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

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

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

JUNE 30, 2020 J.P. MORGAN LARGE CAP FUNDS 105

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

The following tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”) (amounts in thousands):

Equity Focus Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	85,105		$	—	$	—	$	85,105
Equity Income Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	29,564,484		$	—	$	—	$	29,564,484
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	$	156,764		$	—	$	—	$	156,764
Equity Linked Notes		—			30,251		—		30,251
Exchange-Traded Funds		1,866			—		—		1,866
Rights		3			—		—		3
Short-Term Investments
Investment Companies		5,899			—		—		5,899
Total Investments in Securities	$	164,532		$	30,251	$	—	$	194,783
Growth and Income Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	726,425		$	—	$	—	$	726,425
Hedged Equity Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	9,093,930		$	—	$	—	$	9,093,930
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	1,680		$	—	$	—	$	1,680
Depreciation in Other Financial Instruments
Options Written
Call Options Written	$	(219,672	)	$	—	$	—	$	(219,672	)
Put Options Written		(85,527	)		—		—		(85,527	)
Total Depreciation in Other Financial Instruments	$	(305,199	)	$	—	$	—	$	(305,199	)
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)	$	24,426,707		$	—	$	—	$	24,426,707

106 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2020

Large Cap Value Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	1,317,819		$	—	$	—	$	1,317,819
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)	$	14,996,231		$	—	$	—	$	14,996,231
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)	$	3,949,577		$	—	$	—	$	3,949,577
Total Liabilities for Securities Sold Short (a)	$	(895,228	)	$	—	$	—	$	(895,228	)
Depreciation in Other Financial Instruments
Futures Contracts (a)	$	(24	)	$	—	$	—	$	(24	)
U.S. Research Enhanced Equity Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	4,419,763		$	—	$	—	$	4,419,763
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	992		$	—	$	—	$	992

(a) Please refer to the SOIs for specifics of portfolio holdings.

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

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

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimis amounts.

The value of securities out on loan is recorded as an asset on the Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statements of Assets and Liabilities and details of collateral investments are disclosed on the SOIs.

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

JUNE 30, 2020 J.P. MORGAN LARGE CAP FUNDS 107

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

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 June 30, 2020 (amounts in thousands).

	Investment Securities on Loan, at value, Presented on the Statements of Assets and Liabilities		Cash Collateral Posted by Borrower*			Net Amount Due to Counterparty (not less than zero)
Large Cap Growth Fund	$	1,215,560	$	(1,199,704	)**	$	15,856
Large Cap Value Fund		59,241		(59,241	)		—
U.S. Equity Fund		13,372		(13,372	)		—

* Collateral posted reflects the value of securities on loan and does not include any additional amounts received from the borrower.

** Subsequent to June 30, 2020, 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 management fees investment advisory fees charged to the Funds to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.15% to 0.06%. For the year ended June 30, 2020, JPMIM waived fees associated with the Funds’ investment in the JPMorgan U.S. Government Money Market Fund as follows (amounts in thousands):

Equity Focus Fund	$	—	(a)
Growth and Income Fund		—	(a)
Large Cap Growth Fund		65
Large Cap Value Fund		4
U.S. Equity Fund		8

(a) Amount rounds to less than one thousand.

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

Equity Focus Fund and Growth and Income Fund did not have any securities out on loan at June 30, 2020. Equity Income Fund, Equity Premium Income Fund, Hedged Equity Fund, U.S. Large Cap Core Plus Fund and U.S. Research Enhanced Equity Fund did not lend out any securities during the year ended June 30, 2020.

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

Equity Focus Fund
For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at June 30, 2020		Shares at June 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (a)(b)	$	2,779	$	32,183	$	31,745	$	(2	)	$	1	$	3,216		3,213	$	35		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares (a)		—		18,414		18,414		—			—		—		—		1	*		—
Total	$	2,779	$	50,597	$	50,159	$	(2	)	$	1	$	3,216			$	36		$	—

108 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2020

Equity Income Fund
For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (a)(b)	$	1,052,315	$	11,186,437	$	11,356,490	$	164		$	588		$	883,014		882,220	$	15,227		$	—
Equity Premium Income Fund
For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (a)(b)	$	—	$	235,098	$	229,199	$	—	(c)	$	—	(c)	$	5,899		5,893	$	25		$	—
Growth and Income Fund
For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (a)(b)	$	20,398	$	188,034	$	183,214	$	(1	)	$	17		$	25,234		25,211	$	287		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares (a)		—		5,048		5,048		—			—			—		—		—	*(c)		—
Total	$	20,398	$	193,082	$	188,262	$	(1	)	$	17		$	25,234			$	287		$	—
Hedged Equity Fund
For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.06% (a)(b)	$	232,451	$	4,012,643	$	3,788,713	$	—		$	—		$	456,381		456,381	$	1,628		$	—

JUNE 30, 2020 J.P. MORGAN LARGE CAP FUNDS 109

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

Large Cap Growth Fund
For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (a)(b)	$	177,684	$	7,186,540	$	6,280,577	$	125		$	590		$	1,084,362		1,083,387	$	8,356		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (a)(b)		406,108		4,166,500		3,469,999		288	*		2			1,102,899		1,102,458		8,541	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a)(b)		96,965		2,481,334		2,481,494		—			—			96,805		96,805		1,063	*		—
Total	$	680,757	$	13,834,374	$	12,232,070	$	413		$	592		$	2,284,066			$	17,960		$	—
Large Cap Value Fund
For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (a)(b)	$	11,520	$	965,730	$	964,695	$	17		$	(2	)	$	12,570		12,558	$	480		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (a)(b)		—		270,200		218,500		5	*		—			51,705		51,684		166	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a)(b)		—		266,260		257,568		—			—			8,692		8,693		77	*		—
Total	$	11,520	$	1,502,190	$	1,440,763	$	22		$	(2	)	$	72,967			$	723		$	—
U.S. Equity Fund
For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (a)(b)	$	88,792	$	6,761,851	$	6,809,290	$	(3	)	$	(9	)	$	41,341		41,304	$	2,292		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (a)(b)		13,017		1,194,300		1,206,299		57	*		(1	)		1,074		1,073		658	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a)(b)		3,902		574,106		565,403		—			—			12,605		12,605		142	*		—
Total	$	105,711	$	8,530,257	$	8,580,992	$	54		$	(10	)	$	55,020			$	3,092		$	—

110 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2020

U.S. Large Cap Core Plus Fund
For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at June 30, 2020		Shares at June 30, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (a)(b)	$	78,086	$	3,523,730	$	3,566,183	$	26		$	2	$	35,661		35,630	$	988	$	—
U.S. Research Enhanced Equity Fund
For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at June 30, 2020		Shares at June 30, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (a)(b)	$	39,677	$	1,462,388	$	1,391,913	$	(11	)	$	3	$	110,144		110,045	$	793	$	—

(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 June 30, 2020.

(c) Amount rounds to less than one thousand.

  * Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).

D. Futures Contracts — Hedged Equity Fund, U.S. Equity Fund, U.S. Large Cap Core Plus Fund and U.S. Research Enhanced Equity Fund used index futures contracts to gain or reduce exposure to the stock market, maintain liquidity or minimize transaction costs. The Funds also 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 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 table below discloses the volume of the Funds’ futures contracts activity during the year ended June 30, 2020 (amounts in thousands):

	Hedged Equity Fund		U.S. Equity Fund			U.S. Large Cap Core Plus Fund		U.S. Research Enhanced Equity Fund
Futures Contracts — Equity:
Average Notional Balance Long	$	109,146	$	43,267	(a)	$	17,019	$	50,779
Ending Notional Balance Long		161,769		—			2,159		50,582

(a) For the period July 1, 2019 through May 31, 2020.

JUNE 30, 2020 J.P. MORGAN LARGE CAP FUNDS 111

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

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).

E. Options — Hedged Equity Fund purchased and sold (“wrote”) put and call options on indices to manage and hedge equity risk within its portfolio. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price (“strike price”) to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller.

Options Purchased — Premiums paid by the Fund for options purchased are included on the Statements of Assets and Liabilities as Options purchased. The option is adjusted daily to reflect the current market value of the option and the change is recorded as Change in net unrealized appreciation/depreciation on options purchased on the Statements of Operations. If the option is allowed to expire, the Fund will lose the entire premium it paid and record a loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or will offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the underlying investment.

Options Written — Premiums received by the Fund for options written are included on the Statements of Assets and Liabilities as a liability. The amount of the liability is adjusted daily to reflect the current market value of the option written and the change in market value is recorded as Change in net unrealized appreciation/depreciation of options written on the Statements of Operations. Premiums received from options written that expire are treated as realized gains. If a written option is closed, the Fund records a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Fund is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.

The Fund pledges collateral to the counterparty in the form of securities for options written. Securities designated as collateral are denoted on the SOI.

Written uncovered call options subject the Fund to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Written put options subject the Fund to risk of loss if the value of the security declines below the exercise price minus the put premium.

The Fund is not subject to credit risk on options written as the counterparty has already performed its obligation by paying the premium at the inception of the contract.

The Fund’s exchange-traded option contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

The Fund may be required to post or receive collateral for over-the-counter options. Cash collateral posted by the Fund is considered restricted.

The table below discloses the volume of the Fund’s options contracts activity during the year ended June 30, 2020:

Exchange-Traded Options:
Average Number of Contracts Purchased	22,110
Average Number of Contracts Written	44,220
Ending Number of Contracts Purchased	27,545
Ending Number of Contracts Written	55,090

F. Equity-Linked Notes — The Equity Premium Income Fund invested in Equity-Linked Notes (“ELNs”). These are hybrid instruments which combine both debt and equity characteristics into a single note form. ELNs’ values are linked to the performance of an underlying index. ELNs are unsecured debt obligations of an issuer and may not be publicly listed or traded on an exchange. ELNs are valued daily, under procedures adopted by the Board of JPM IV, based on values provided by an approved pricing source. These notes have a coupon which is accrued and recorded as interest income on the Statements of Operations. Changes in the market value of ELNs are recorded as Change in net unrealized appreciation or depreciation on the Statements of Operations. The Fund realizes a gain or loss when an ELN is sold or matures which is recorded as Net realized gain (loss) on transactions from investments in non-affiliates on the Statements of Operations.

As of June 30, 2020, the Fund had outstanding ELNs as listed on the SOI.

G. Short Sales — The U.S. Large Cap Core Plus Fund engages in short sales as part of its normal investment activities. In a short sale, the Fund sells securities it does not own in anticipation of a decline in the market value of those securities. In order to deliver securities to the purchaser, the Fund borrows securities from a broker. To close out a short position, the Fund delivers the same securities to the broker.

The Fund is required to pledge cash or securities to the broker as collateral for the securities sold short. Collateral requirements are calculated daily based on the current market value of the short positions. Cash collateral deposited with the broker is recorded as Deposits at broker for securities sold short, while cash collateral deposited at the Fund’s custodian for the benefit of the broker is recorded as Restricted cash for securities sold short on the Statements of Assets and Liabilities. Securities segregated as collateral are denoted on the SOI. The Fund may receive or pay the net of the following amounts: (i) a portion of the income from the investment of cash collateral; (ii) the broker’s fee on the borrowed securities (calculated daily based upon the market value of each borrowed security and a variable rate that is dependent on availability of the security); and (iii) a

112 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2020

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. 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 June 30, 2020, the Fund had outstanding short sales as listed on the SOI.

H. Offering and Organizational Costs — Total offering costs of approximately $27,000 incurred in connection with the offering of shares of the Equity Premium Income Fund are amortized on a straight line basis over 12 months from the date the Fund commenced operations. Costs paid in connection with the organization of the Fund, if any, are recorded as an expense at the time the Fund commenced operations. For the year ended June 30, 2020, total offering costs amortized were approximately $5,000.

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 interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts. Dividend income net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when a Fund first learns of the dividend.

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

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

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Funds for the year ended June 30, 2020 are as follows (amounts in thousands):

	Class A		Class C			Class I		Class L		Class R2		Class R3			Class R4			Class R5			Class R6			Total
Equity Focus Fund
Transfer agency fees	$	1	$	—	(a)	$	3		n/a		n/a		n/a			n/a			n/a		$	1		$	5
Equity Income Fund
Transfer agency fees		424		79			129		n/a	$	11	$	5		$	3		$	26			187			864
Equity Premium Income Fund
Transfer agency fees		1		—	(a)		1		n/a		n/a		n/a			n/a			—	(a)		—	(a)		2
Growth and Income Fund
Transfer agency fees		176		2			6		n/a		4		—	(a)		—	(a)		4			1			193
Hedged Equity Fund
Transfer agency fees		34		13			58		n/a		n/a		n/a			n/a			3			17			125
Large Cap Growth Fund
Transfer agency fees		312		22			73		n/a		8		2			1			14			92			524
Large Cap Value Fund
Transfer agency fees		68		3			7		n/a		4		—	(a)		—	(a)		2			26			110
U.S. Equity Fund
Transfer agency fees		98		13			33	$	139		6		3			—	(a)		10			86			388
U.S. Large Cap Core Plus Fund
Transfer agency fees		41		7			55		n/a		1		n/a			n/a			—	(a)		5			109
U.S. Research Enhanced Equity Fund
Transfer agency fees		21		n/a			6		14		n/a		n/a			n/a			n/a			34			75

(a) Amount rounds to less than one thousand.

JUNE 30, 2020 J.P. MORGAN LARGE CAP FUNDS 113

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

K. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of June 30, 2020, no liability for Federal income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

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

The following amounts were reclassified within the capital accounts (amounts in thousands):

	Paid-in-Capital			Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
Equity Focus Fund	$	1,688		$	(41	)	$	(1,647	)
Equity Income Fund		(1,369	)		(366	)		1,735
Equity Premium Income Fund		(57	)		(7	)		64
Growth and Income Fund		—			(46	)		46
Hedged Equity Fund		—			(2,562	)		2,562
Large Cap Growth Fund		133,929			(4,345	)		(129,584	)
Large Cap Value Fund		—			(552	)		552
U.S. Equity Fund		85,025			(5,849	)		(79,176	)
U.S. Large Cap Core Plus Fund		237,550			(370	)		(237,180	)
U.S. Research Enhanced Equity Fund		529,741			(2,676	)		(527,065	)

The reclassifications for the Funds relate primarily to non-taxable dividends, redemptions in-kind and tax equalization.

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 based on each Fund’s average daily net assets. The annual rate for each Fund is as follows:

Equity Focus Fund	0.50	%(1)
Equity Income Fund	0.40
Equity Premium Income Fund	0.25
Growth and Income Fund	0.40
Hedged Equity Fund	0.25
Large Cap Growth Fund	0.45	(1)
Large Cap Value Fund	0.40
U.S. Equity Fund	0.40
U.S. Large Cap Core Plus Fund	0.65	(1)
U.S. Research Enhanced Equity Fund	0.25

⁽¹⁾  Prior to August 1, 2019, the investment advisory fee for Equity Focus Fund, Large Cap Growth Fund and U.S. Large Cap Core Plus Fund was accrued daily and paid monthly at an annual rate of 0.60%, 0.50% and 0.70%, respectively, of each Fund’s daily net assets.

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

B. Administration Fee — Pursuant to Administration Agreements, the Administrator provides certain administration services to 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

114 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2020

$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 year ended June 30, 2020, the effective annualized rate for Equity Focus Fund, Equity Income Fund, Equity Premium Income Fund, Growth and Income Fund, Hedged Equity Fund, Large Cap Growth Fund, Large Cap Value Fund, U.S. Equity Fund, U.S. Large Cap Core Plus Fund and U.S. Research Enhanced Equity Fund was 0.08%, 0.05%, 0.08%, 0.08%, 0.08%, 0.06%, 0.08%, 0.07%, 0.08% and 0.08%, 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 Funds’ 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. The 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
Growth and Income Fund		0.25			0.75			0.50			0.25
Hedged Equity Fund		0.25			0.75			n/a			n/a
Large Cap Growth Fund		0.25			0.75			0.50			0.25
Large Cap Value Fund		0.25			0.75			0.50			0.25
U.S. Equity Fund		0.25			0.75			0.50			0.25
U.S. 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

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 year ended June 30, 2020, JPMDS retained the following (amounts in thousands):

	Front-End Sales Charge			CDSC
Equity Focus Fund	$	3		$	—
Equity Income Fund		831			9
Equity Premium Income Fund		9			—
Growth and Income Fund		20			—	(a)
Hedged Equity Fund		224			6
Large Cap Growth Fund		584			1
Large Cap Value Fund		6			—	(a)
U.S. Equity Fund		86			1
U.S. Large Cap Core Plus Fund		10			—
U.S. Research Enhanced Equity Fund		—	(a)		—	(a)

(a) Amount rounds to less than one thousand.

D. Service Fees — The Trusts, on behalf of the Funds, have entered into Shareholder Servicing Agreements with JPMDS under which JPMDS provides certain support services to fund shareholders. For performing these services, JPMDS receives a fee with respect to all share classes, except for

JUNE 30, 2020 J.P. MORGAN LARGE CAP FUNDS 115

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

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
Growth and Income Fund		0.25			0.25			0.25			n/a			0.25			0.25			0.25			0.10
Hedged Equity Fund		0.25			0.25			0.25			n/a			n/a			n/a			n/a			0.10
Large Cap Growth Fund		0.25			0.25			0.25			n/a			0.25			0.25			0.25			0.10
Large Cap Value Fund		0.25			0.25			0.25			n/a			0.25			0.25			0.25			0.10
U.S. Equity Fund		0.25			0.25			0.25			0.10	%		0.25			0.25			0.25			0.10
U.S. 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			0.10			n/a			n/a			n/a			n/a

JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds. 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
Equity Focus Fund		1.10	%		1.60	%		0.85	%		n/a			n/a			n/a			n/a			n/a			0.60	%
Equity Income Fund		n/a	(1)		n/a	(1)		n/a	(1)		n/a			n/a	(1)		n/a	(1)		n/a	(1)		n/a	(1)		n/a	(1)
Equity Premium Income Fund		0.85			1.35			0.60			n/a			n/a			n/a			n/a			0.45	%		0.35
Growth and Income Fund		0.94			1.44			0.69			n/a			1.19	%		0.94	%		0.69	%		0.54			0.44
Hedged Equity Fund		0.85			1.35			0.60			n/a			n/a			n/a			n/a			0.45			0.35
Large Cap Growth Fund		0.94			1.44			0.69			n/a			1.19			0.94			0.69			0.54			0.44
Large Cap Value Fund		0.93			1.44			0.69			n/a			1.19			0.94			0.69			0.54			0.44
U.S. Equity Fund		0.94			1.44			0.69			0.61	%		1.19			0.94			0.69			0.54			0.44
U.S. 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	(2)		n/a			n/a			n/a			n/a			0.25

⁽¹⁾   Effective November 1, 2019, the contractual expense limitation for Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares expired. Prior to November 1, 2019, the contractual expense limitation was 1.04%, 1.54%, 0.79%, 1.29%, 1.04%, 0.79%, 0.59% and 0.54% for Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares, respectively.

⁽²⁾ Effective November 1, 2019, the contractual expense limitation for Class L Shares expired. Prior to November 1, 2019, the contractual expense limitation was 0.45% for Class L Shares.

Except as noted above, the expense limitation agreements were in effect for the year ended June 30, 2020 and the contractual expense limitation percentages in the table above are in place until at least October 31, 2020.

116 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2020

For the year ended June 30, 2020, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees		Total		Contractual Reimbursements
Equity Focus Fund	$	144	$	72	$	4	$	220	$	—
Equity Income Fund		26		—		—		26		—
Equity Premium Income Fund		207		86		2		295		58
Growth and Income Fund		342		228		184		754		8
Hedged Equity Fund		34		23		38		95		7
Large Cap Growth Fund		9,855		6,561		349		16,765		17
Large Cap Value Fund		580		386		100		1,066		18
U.S. Equity Fund		3,402		2,262		163		5,827		86
U.S. Large Cap Core Plus Fund		1,285		856		3,583		5,724		3
U.S. Research Enhanced Equity Fund		2,331		1,553		627		4,511		34

(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 reimbursed expenses in future years.

The amounts of waivers resulting from investments in these money market funds for the year ended June 30, 2020 were as follows (amounts in thousands):

Equity Focus Fund	$	3
Equity Income Fund		1,327
Equity Premium Income Fund		4
Growth and Income Fund		26
Hedged Equity Fund		271
Large Cap Growth Fund		700
Large Cap Value Fund		40
U.S. Equity Fund		206
U.S. Large Cap Core Plus Fund		80
U.S. Research Enhanced Equity Fund		67

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 year ended June 30, 2020, the Equity Focus Fund, Hedged Equity Fund, Large Cap Value Fund, U.S. Equity Fund, U.S. Large Cap Core Plus Fund and U.S. Research Enhanced Equity 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, Inc., an affiliated broker, involving taxable money market instruments, subject to certain conditions.

JUNE 30, 2020 J.P. MORGAN LARGE CAP FUNDS 117

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

4. Investment Transactions

During the year ended June 30, 2020, purchases and sales of investments (excluding short-term investments and transfers in-kind) were as follows (amounts in thousands):

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Securities Sold Short		Covers on Securities Sold Short
Equity Focus Fund	$	40,702	$	66,276	$	—	$	—
Equity Income Fund		14,541,363		5,952,474		—		—
Equity Premium Income Fund		391,071		243,402		—		—
Growth and Income Fund		256,073		147,831		—		—
Hedged Equity Fund		7,197,964		4,440,015		—		—
Large Cap Growth Fund		9,150,109		8,029,538		—		—
Large Cap Value Fund		2,467,558		2,480,523		—		—
U.S. Equity Fund		12,158,581		13,148,030		—		—
U.S. Large Cap Core Plus Fund		4,437,561		8,676,822		2,085,919		2,568,414
U.S. Research Enhanced Equity Fund		2,620,610		3,083,207		—		—

During the year ended June 30, 2020, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at June 30, 2020 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Equity Focus Fund	$	63,787	$	23,839	$	2,521	$	21,318
Equity Income Fund		25,738,640		5,105,328		1,279,484		3,825,844
Equity Premium Income Fund		190,402		9,560		5,179		4,381
Growth and Income Fund		563,252		186,206		23,033		163,173
Hedged Equity Fund		7,681,671		1,342,625		233,885		1,108,740
Large Cap Growth Fund		14,247,264		10,312,516		133,073		10,179,443
Large Cap Value Fund		1,336,577		96,559		115,317		(18,758	)
U.S. Equity Fund		10,890,347		4,265,729		159,845		4,105,884
U.S. Large Cap Core Plus Fund*		1,665,830		1,498,392		109,897		1,388,495
U.S. Research Enhanced Equity Fund		3,129,584		1,405,463		114,292		1,291,171

* The tax cost includes the proceeds from short sales which may result in a net negative cost.

For the Funds, the difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to wash sale loss deferrals, mark to market of options contracts and non-taxable dividends.

The tax character of distributions paid during the year ended June 30, 2020 was as follows (amounts in thousands):

	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Equity Focus Fund	$	1,840	$	14,655	$	16,495
Equity Income Fund		604,025		309,226		913,251
Equity Premium Income Fund		13,523		—		13,523
Growth and Income Fund		12,810		13,478		26,288
Hedged Equity Fund		76,075		—		76,075
Large Cap Growth Fund		25,755		2,006,004		2,031,759
Large Cap Value Fund		23,336		—		23,336
U.S. Equity Fund		156,829		1,311,869		1,468,698
U.S. Large Cap Core Plus Fund		20,011		1,154,945		1,174,956
U.S. Research Enhanced Equity Fund		70,897		483,702		554,599

* Short-term gain distributions are treated as ordinary income for income tax purposes.

118 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2020

The tax character of distributions paid during the year ended June 30, 2019 was as follows (amounts in thousands):

	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Equity Focus Fund	$	1,517	$	13,795	$	15,312
Equity Income Fund		429,818		505,510		935,328
Equity Premium Income Fund		3,254		—		3,254
Growth and Income Fund		12,960		24,851		37,811
Hedged Equity Fund		43,440		—		43,440
Large Cap Growth Fund		5,415		1,765,341		1,770,756
Large Cap Value Fund		69,943		49,369		119,312
U.S. Equity Fund		493,090		1,142,626		1,635,716
U.S. Large Cap Core Plus Fund		34,942		1,077,212		1,112,154
U.S. Research Enhanced Equity Fund		99,784		640,122		739,906

* Short-term gain distributions are treated as ordinary income for income tax purposes.

As of June 30, 2020, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss Carryover)			Unrealized Appreciation (Depreciation)
Equity Focus Fund	$	1,000	$	7,466		$	21,318
Equity Income Fund		—		—			3,825,844
Equity Premium Income Fund		—		(4,187	)		4,381
Growth and Income Fund		793		7,677			163,173
Hedged Equity Fund		26,480		(272,280	)		1,108,740
Large Cap Growth Fund		25,426		976,336			10,179,443
Large Cap Value Fund		1,422		(24,093	)		(18,758	)
U.S. Equity Fund		26,301		654,859			4,105,884
U.S. Large Cap Core Plus Fund		48,650		521,841			1,387,712
U.S. Research Enhanced Equity Fund		12,968		91,777			1,291,171

For the Funds, the cumulative timing differences primarily consist of mark to market of options contracts, post-October capital loss deferrals, non-taxable dividends and wash sale loss deferrals.

As of June 30, 2020, the following Funds had net capital loss carryforwards (amounts in thousands):

	Capital Loss Carryforward Character
	Short-Term		Long-Term
Equity Premium Income Fund	$	4,187	$	—
Hedged Equity Fund		114,389		157,891
Large Cap Value Fund		24,093		—

Net capital losses incurred after October 31, and within the taxable year are deemed to arise on the first business day of the Funds’ next taxable year. For the year ended June 30, 2020, the following Funds deferred to July 1, 2020 the following net capital losses of (amounts in thousands):

	Net Capital Losses (Gains)
	Short-Term		Long-Term
Equity Income Fund	$	491,217	$	330,688
Equity Premium Income Fund		25,154		(102	)
Growth and Income Fund		6,424		—
Hedged Equity Fund		57,540		40,233
Large Cap Growth Fund		68,836		—
Large Cap Value Fund		49,514		(13,663	)
U.S. Research Enhanced Equity Fund		34,878		—

JUNE 30, 2020 J.P. MORGAN LARGE CAP FUNDS 119

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

6. Borrowings

The Funds rely upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to 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 year ended June 30, 2020.

The Trusts and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 2, 2020.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended June 30, 2020.

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

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00%, which has increased to 1.25% pursuant to the amendment referenced below, plus the greater of the federal funds effective rate or one month 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 11, 2020, this agreement has been amended and restated for a term of 364 days, unless extended, and to include the change to the interest rate charged for borrowing from the Credit Facility to 1.25%, as noted above, and an upfront fee of 0.075% of the Credit Facility to be charged and paid by all participating funds of the Credit Facility.

The Funds had no borrowings outstanding from the Credit Facility at June 30, 2020. Average borrowings from the Credit Facility during the year ended June 30, 2020 were as follows (amounts in thousands, except number of days outstanding):

	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
Hedged Equity Fund	$	94,500		1.95	%		2	$	10

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.

120 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2020

As of June 30, 2020, the Funds had individual shareholder and/or omnibus accounts which owned 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		64.5	%		1		21.1	%
Equity Income Fund		1		10.3			2		25.9
Equity Premium Income Fund		1		19.1			3		54.1
Growth and Income Fund		1		15.7			1		17.9
Hedged Equity Fund		—		—			2		29.3
Large Cap Growth Fund		—		—			1		19.7
Large Cap Value Fund		2		30.4			1		10.4
U.S. Equity Fund		—		—			1		14.4
U.S. Large Cap Core Plus Fund		1		23.1			1		32.1
U.S. Research Enhanced Equity Fund		1		10.3			1		14.7

As of June 30, 2020, J.P. Morgan Investor Funds and JPMorgan SmartRetirement Funds, which are affiliated funds of funds, owned in the aggregate, shares representing more than 10% of the net assets of the following Funds:

	J.P. Morgan Investor Funds			JPMorgan SmartRetirement Funds
Large Cap Value Fund		42.5	%		n/a
U.S. Equity Fund		n/a			28.0	%
U.S. Research Enhanced Equity Fund		14.9			38.9

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

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

The Funds are subject to infectious disease epidemics/pandemics risk. Recently, 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.

JUNE 30, 2020 J.P. MORGAN LARGE CAP FUNDS 121

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

8. Redemptions in-kind

On February 28, 2019, certain shareholders sold Class R6 Shares of Equity Income Fund. The portfolio securities were delivered primarily by means of a redemption in-kind in exchange for shares of the Fund. Cash and portfolio securities were transferred as detailed below (amounts in thousands):

	Value			Realized Gains (Losses)		Type
Equity Income Fund	$	54,694	*	$	27,965		Redemption in-kind

* This amount includes cash of approximately $2,919,000 associated with the redemption in-kind.

On October 18, 2019, certain shareholders sold Class R6 Shares of U.S. Research Enhanced Equity Fund. The portfolio securities were delivered primarily by means of a redemption in-kind in exchange for shares of the Fund. Cash and portfolio securities were transferred as detailed below (amounts in thousands):

	Value			Realized Gains (Losses)		Type
U.S. Research Enhanced Equity Fund	$	1,336,709	*	$	545,813		Redemption in-kind

* This amount includes cash of approximately $17,300,000 associated with the redemption in-kind.

9. Subscription in-kind

On July 29, 2019, certain shareholders purchased Class R6 Shares of U.S. Equity Fund. The portfolio securities were received primarily by means of a subscription in-kind in exchange for shares of the Fund. Portfolio securities were transferred as detailed below (amounts in thousands):

	Value		Type
U.S. Equity Fund	$	45,414		Subscription in-kind

On February 26, 2020, certain shareholders purchased Class R6 Shares of Equity Income Fund. The portfolio securities were received primarily by means of a subscription in-kind in exchange for shares of the Fund. Portfolio securities were transferred as detailed below (amounts in thousands):

	Value	Type
Equity Income Fund	$48,418*		Subscription in-kind

* This amount includes cash of approximately $230,000 associated with the subscription in-kind.

10. Subsequent Events

On August 11, 2020 the Board of Trustees of JPM I approved the following changes for the Growth and Income Fund, which are expected to become effective on or about November 1, 2020: (i) a change to the Fund’s name to JPMorgan U.S. Value Fund; (ii) a change to the Fund’s investment objective so the new objective will be “the Fund seeks to provide capital growth over the long-term”; and (iii) a change to the Fund’s 80% investment policy so that, under normal circumstances, at least 80% of the Fund’s Assets (net assets plus the amount of any borrowings for investment purposes) will be invested in common stocks issued by U.S companies.

On August 11, 2020, the contractual expense limitations for all share classes of the Funds, excluding Equity Income Fund and Class L Shares of the U.S. Equity Fund, were extended until at least October 31, 2021.

122 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2020

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I, JPMorgan Trust II and JPMorgan Trust IV and Shareholders of JPMorgan Equity Focus Fund, JPMorgan Equity Income Fund, JPMorgan Equity Premium Income Fund, JPMorgan Growth and Income Fund, JPMorgan Hedged Equity Fund, JPMorgan Large Cap Growth Fund, JPMorgan Large Cap Value Fund, JPMorgan U.S. Equity Fund, JPMorgan U.S. Large Cap Core Plus Fund and JPMorgan U.S. Research Enhanced Equity Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of JPMorgan Equity Focus Fund, JPMorgan Growth and Income Fund, JPMorgan Hedged Equity Fund, JPMorgan U.S. Equity Fund, JPMorgan U.S. Research Enhanced Equity Fund and JPMorgan U.S. Large Cap Core Plus Fund (six of the funds constituting JPMorgan Trust I), JPMorgan Equity Income Fund, JPMorgan Large Cap Growth Fund and JPMorgan Large Cap Value Fund (three of the funds constituting JPMorgan Trust II) and JPMorgan Equity Premium Income Fund (one of the funds constituting JPMorgan Trust IV) (hereafter collectively referred to as the “Funds”) as of June 30, 2020, the related statements of operations and the statement of cash flows for JPMorgan U.S. Large Cap Core Plus Fund for the year ended June 30, 2020 and the statements of changes in net assets and the financial highlights for each of the periods indicated in the table below, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2020, the results of each of their operations and its cash flows for JPMorgan U.S. Large Cap Core Plus Fund for the year then ended and the changes in each of their net assets and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

JPMorgan Equity Focus Fund JPMorgan Growth and Income Fund JPMorgan Hedged Equity Fund JPMorgan U.S. Equity Fund JPMorgan U.S. Research Enhanced Equity Fund JPMorgan Equity Income Fund JPMorgan Large Cap Growth Fund JPMorgan Large Cap Value Fund JPMorgan U.S. Large Cap Core Plus Fund	Statements of changes in net assets for each of the two years in the period ended June 30, 2020 and the financial highlights for each of the periods indicated therein
JPMorgan Equity Premium Income Fund	Statement of changes in net assets for the year ended June 30, 2020, and the period August 31, 2018 (commencement of operations) through June 30, 2019 and the financial highlights for the year ended June 30, 2020, and the period August 31, 2018 (commencement of operations) through June 30, 2019

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2020 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

August 24, 2020

We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.

JUNE 30, 2020 J.P. MORGAN LARGE CAP FUNDS 123

TRUSTEES

(Unaudited)

The Funds’ Statement of Additional Information includes additional information about the Funds’ Trustees and is available, without charge, upon request by calling 1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees
John F. Finn (1947); Chairman since 2020; Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	126	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Stephen P. Fisher (1959); Trustee of Trusts since 2018.	Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies).	126	Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).
Kathleen M. Gallagher (1958); Trustee of the Trusts since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	126	Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, Fiduciary Solutions, State Street Global Advisors (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016).
Dennis P. Harrington* (1950); Trustee of Trusts since 2017.	Retired; Partner, Deloitte LLP (accounting firm) (serving in various roles 1984-2012).	126	None
Frankie D. Hughes (1952); Trustee of Trusts since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	126	None

124 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2020

Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)
Raymond Kanner** (1953); Trustee of Trusts since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	126	Advisory Board Member, Penso Advisors LLC (2020-present); Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors Fiduciary Solutions Board (2017-present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016-2017); Advisory Board Member, BlueStar Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015).
Peter C. Marshall (1942); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	126	None
Mary E. Martinez (1960); Trustee of Trusts since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	126	None
Marilyn McCoy (1948); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	126	None
Mitchell M. Merin (1953); Trustee of Trusts since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (serving in various roles 1981-2006).	126	Director, Sun Life Financial (SLF) (financial services and insurance) (2007-2013).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	126	Trustee and Vice Chair, Trout Unlimited (2017-present); Trustee, American Museum of Fly Fishing (2013-present); Vice Chair, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American University in Cairo (1999-2014).
Marian U. Pardo*** (1946); Trustee of Trusts since 2013.	Managing Director and Founder, Virtual Capital Management LLC (investment consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	126	President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).

JUNE 30, 2020 J.P. MORGAN LARGE CAP FUNDS 125

TRUSTEES

(Unaudited) (continued)

(1) The Trustees serve for an indefinite term, subject to the Trusts’ current retirement policy, which is age 78 for all Trustees.

(2) A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Boards of Trustees serve currently includes ten registered investment companies (126 funds).

    * Two family members of Mr. Harrington are partner and managing director, respectively, of the Funds’ independent registered public accounting firm. Such firm has represented to the Boards that those family members are not involved in the audit of the Funds’ financial statements and do not provide other services to the Funds. The Boards have concluded that such association does not interfere with Mr. Harrington’s exercise of independent judgment as an Independent Trustee.

  ** A family member of Mr. Kanner is employed by JPMorgan Chase Bank, which is affiliated with JPMIM and JPMDS. In that capacity, this employee provides services to various JPMorgan affiliates including JPMIM and JPMDS and for which JPMIM and JPMDS bear some portion of the expense thereof.

*** In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient of non-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase.

The contact address for each of the Trustees is 277 Park Avenue, New York, NY 10172.

126 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2020

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trusts (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (from 2014 to present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (from 1999 to 2014).
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)*	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from October 2013 to January 2016.
Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary since 2010)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2010 to February 2014.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
Anthony Geron (1971), Assistant Secretary (2018)*	Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015.
Carmine Lekstutis (1980), Assistant Secretary (2011)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015.
Keri E. Riemer (1976), Assistant Secretary (2019)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2019; Counsel, Seward & Kissel LLP (law firm) (2016-2019); Associate, Seward & Kissel LLP (2011-2016).
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)*	Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014.
Aleksandr Fleytekh (1972), Assistant Treasurer (2019)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2012.
Shannon Gaines (1977), Assistant Treasurer (2018)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since January 2014.
Jeffrey D. House (1972), Assistant Treasurer (2017)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006.
Lauren A. Paino (1973), Assistant Treasurer (2014)*	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013.
Joseph Parascondola (1963), Assistant Treasurer (2011)*	Executive Director, J.P. Morgan Investment Management, Inc. since February 2020, formerly Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) from August 2006 to January 2020.
Gillian I. Sands (1969), Assistant Treasurer (2012)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012.

The contact address for each of the officers, unless otherwise noted, is 277 Park Avenue, New York, NY 10172.

    * The contact address for the officer is 4 New York Plaza, New York, NY 10004.

  ** The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240.

JUNE 30, 2020 J.P. MORGAN LARGE CAP FUNDS 127

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, January 1, 2020, and continued to hold your shares at the end of the reporting period, June 30, 2020.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Equity Focus Fund
Class A
Actual	$	1,000.00	$	968.60	$	5.38		1.10	%
Hypothetical		1,000.00		1,019.39		5.52		1.10
Class C
Actual		1,000.00		966.10		7.82		1.60
Hypothetical		1,000.00		1,016.91		8.02		1.60
Class I
Actual		1,000.00		969.50		4.16		0.85
Hypothetical		1,000.00		1,020.64		4.27		0.85
Class R6
Actual		1,000.00		971.10		2.94		0.60
Hypothetical		1,000.00		1,021.88		3.02		0.60
JPMorgan Equity Income Fund
Class A
Actual		1,000.00		858.00		4.48		0.97
Hypothetical		1,000.00		1,020.04		4.87		0.97
Class C
Actual		1,000.00		856.00		6.78		1.47
Hypothetical		1,000.00		1,017.55		7.37		1.47
Class I
Actual		1,000.00		859.00		3.28		0.71
Hypothetical		1,000.00		1,021.33		3.57		0.71
Class R2
Actual		1,000.00		857.20		5.63		1.22
Hypothetical		1,000.00		1,018.80		6.12		1.22
Class R3
Actual		1,000.00		858.40		4.48		0.97
Hypothetical		1,000.00		1,020.04		4.87		0.97

128 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2020

	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Equity Income Fund (continued)
Class R4
Actual	$	1,000.00	$	859.40	$	3.28		0.71	%
Hypothetical		1,000.00		1,021.33		3.57		0.71
Class R5
Actual		1,000.00		859.70		2.59		0.56
Hypothetical		1,000.00		1,022.08		2.82		0.56
Class R6
Actual		1,000.00		860.10		2.13		0.46
Hypothetical		1,000.00		1,022.58		2.31		0.46
JPMorgan Equity Premium Income Fund
Class A
Actual		1,000.00		908.30		4.03		0.85
Hypothetical		1,000.00		1,020.64		4.27		0.85
Class C
Actual		1,000.00		906.10		6.40		1.35
Hypothetical		1,000.00		1,018.15		6.77		1.35
Class I
Actual		1,000.00		909.40		2.85		0.60
Hypothetical		1,000.00		1,021.88		3.02		0.60
Class R5
Actual		1,000.00		910.10		2.14		0.45
Hypothetical		1,000.00		1,022.63		2.26		0.45
Class R6
Actual		1,000.00		910.50		1.66		0.35
Hypothetical		1,000.00		1,023.12		1.76		0.35
JPMorgan Growth and Income Fund
Class A
Actual		1,000.00		854.70		4.33		0.94
Hypothetical		1,000.00		1,020.19		4.72		0.94
Class C
Actual		1,000.00		852.70		6.63		1.44
Hypothetical		1,000.00		1,017.70		7.22		1.44
Class I
Actual		1,000.00		855.90		3.18		0.69
Hypothetical		1,000.00		1,021.43		3.47		0.69
Class R2
Actual		1,000.00		853.80		5.48		1.19
Hypothetical		1,000.00		1,018.95		5.97		1.19
Class R3
Actual		1,000.00		854.80		4.33		0.94
Hypothetical		1,000.00		1,020.19		4.72		0.94
Class R4
Actual		1,000.00		855.80		3.18		0.69
Hypothetical		1,000.00		1,021.43		3.47		0.69
Class R5
Actual		1,000.00		856.50		2.49		0.54
Hypothetical		1,000.00		1,022.18		2.72		0.54
Class R6
Actual		1,000.00		856.90		2.03		0.44
Hypothetical		1,000.00		1,022.68		2.21		0.44
JPMorgan Hedged Equity Fund
Class A
Actual		1,000.00		1,034.30		4.30		0.85
Hypothetical		1,000.00		1,020.64		4.27		0.85

JUNE 30, 2020 J.P. MORGAN LARGE CAP FUNDS 129

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Hedged Equity Fund (continued)
Class C
Actual	$	1,000.00	$	1,031.90	$	6.82		1.35	%
Hypothetical		1,000.00		1,018.15		6.77		1.35
Class I
Actual		1,000.00		1,035.90		2.99		0.59
Hypothetical		1,000.00		1,021.93		2.97		0.59
Class R5
Actual		1,000.00		1,036.20		2.28		0.45
Hypothetical		1,000.00		1,022.63		2.26		0.45
Class R6
Actual		1,000.00		1,037.60		1.77		0.35
Hypothetical		1,000.00		1,023.12		1.76		0.35
JPMorgan Large Cap Growth Fund
Class A
Actual		1,000.00		1,202.20		5.09		0.93
Hypothetical		1,000.00		1,020.24		4.67		0.93
Class C
Actual		1,000.00		1,199.00		7.82		1.43
Hypothetical		1,000.00		1,017.75		7.17		1.43
Class I
Actual		1,000.00		1,203.80		3.73		0.68
Hypothetical		1,000.00		1,021.48		3.42		0.68
Class R2
Actual		1,000.00		1,200.60		6.46		1.18
Hypothetical		1,000.00		1,019.00		5.92		1.18
Class R3
Actual		1,000.00		1,202.20		5.09		0.93
Hypothetical		1,000.00		1,020.24		4.67		0.93
Class R4
Actual		1,000.00		1,203.50		3.73		0.68
Hypothetical		1,000.00		1,021.48		3.42		0.68
Class R5
Actual		1,000.00		1,204.70		2.91		0.53
Hypothetical		1,000.00		1,022.23		2.66		0.53
Class R6
Actual		1,000.00		1,205.30		2.36		0.43
Hypothetical		1,000.00		1,022.73		2.16		0.43
JPMorgan Large Cap Value Fund
Class A
Actual		1,000.00		825.90		4.22		0.93
Hypothetical		1,000.00		1,020.24		4.67		0.93
Class C
Actual		1,000.00		824.20		6.53		1.44
Hypothetical		1,000.00		1,017.70		7.22		1.44
Class I
Actual		1,000.00		827.30		3.13		0.69
Hypothetical		1,000.00		1,021.43		3.47		0.69
Class R2
Actual		1,000.00		825.20		5.40		1.19
Hypothetical		1,000.00		1,018.95		5.97		1.19
Class R3
Actual		1,000.00		826.00		4.27		0.94
Hypothetical		1,000.00		1,020.19		4.72		0.94

130 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2020

	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Large Cap Value Fund (continued)
Class R4
Actual	$	1,000.00	$	827.20	$	3.13		0.69	%
Hypothetical		1,000.00		1,021.43		3.47		0.69
Class R5
Actual		1,000.00		827.80		2.45		0.54
Hypothetical		1,000.00		1,022.18		2.72		0.54
Class R6
Actual		1,000.00		827.80		2.00		0.44
Hypothetical		1,000.00		1,022.68		2.21		0.44
JPMorgan U.S. Equity Fund
Class A
Actual		1,000.00		1,014.20		4.71		0.94
Hypothetical		1,000.00		1,020.19		4.72		0.94
Class C
Actual		1,000.00		1,011.40		7.20		1.44
Hypothetical		1,000.00		1,017.70		7.22		1.44
Class I
Actual		1,000.00		1,014.90		3.46		0.69
Hypothetical		1,000.00		1,021.43		3.47		0.69
Class L
Actual		1,000.00		1,015.60		2.76		0.55
Hypothetical		1,000.00		1,022.13		2.77		0.55
Class R2
Actual		1,000.00		1,013.00		5.96		1.19
Hypothetical		1,000.00		1,018.95		5.97		1.19
Class R3
Actual		1,000.00		1,013.60		4.71		0.94
Hypothetical		1,000.00		1,020.19		4.72		0.94
Class R4
Actual		1,000.00		1,015.50		3.46		0.69
Hypothetical		1,000.00		1,021.43		3.47		0.69
Class R5
Actual		1,000.00		1,016.30		2.71		0.54
Hypothetical		1,000.00		1,022.18		2.72		0.54
Class R6
Actual		1,000.00		1,016.20		2.21		0.44
Hypothetical		1,000.00		1,022.68		2.21		0.44
JPMorgan U.S. Large Cap Core Plus Fund
Class A
Actual		1,000.00		1,012.80		9.97		1.99
Hypothetical		1,000.00		1,014.95		9.98		1.99
Class C
Actual		1,000.00		1,010.30		12.46		2.49
Hypothetical		1,000.00		1,012.47		12.47		2.49
Class I
Actual		1,000.00		1,013.80		8.68		1.73
Hypothetical		1,000.00		1,016.25		8.69		1.73
Class R2
Actual		1,000.00		1,011.20		11.71		2.34
Hypothetical		1,000.00		1,013.21		11.73		2.34
Class R5
Actual		1,000.00		1,014.10		8.48		1.69
Hypothetical		1,000.00		1,016.45		8.49		1.69

JUNE 30, 2020 J.P. MORGAN LARGE CAP FUNDS 131

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan U.S. Large Cap Core Plus Fund (continued)
Class R6
Actual	$	1,000.00	$	1,014.90	$	7.98		1.59	%
Hypothetical		1,000.00		1,016.94		7.99		1.59
JPMorgan U.S. Research Enhanced Equity Fund
Class A
Actual		1,000.00		981.50		2.96		0.60
Hypothetical		1,000.00		1,021.88		3.02		0.60
Class I
Actual		1,000.00		983.00		1.73		0.35
Hypothetical		1,000.00		1,023.12		1.76		0.35
Class L
Actual		1,000.00		983.00		1.73		0.35
Hypothetical		1,000.00		1,023.12		1.76		0.35
Class R6
Actual		1,000.00		983.20		1.23		0.25
Hypothetical		1,000.00		1,023.62		1.26		0.25

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

132 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2020

LIQUIDITY RISK MANAGEMENT PROGRAM

(Unaudited)

Each of the Funds has adopted the J.P. Morgan Funds Liquidity Risk Management Program (the “Program”) under Rule 22e-4 under the 1940 Act (the “Liquidity Rule”). The Program seeks to assess, manage and review each Fund’s Liquidity Risk. “Liquidity Risk” is defined as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund. Among other things, the Liquidity Rule requires that a written report be provided to the Boards of Trustees (the “Board”) on an annual basis that addresses the operation of the Program and assesses the adequacy and effectiveness of its implementation, including the operation of any Highly Liquidity Investment Minimum (“HLIM”) established for a Fund and any material changes to the Program.

The Board has appointed J.P. Morgan Asset Management’s Liquidity Risk Forum to be the program administrator for the Program (the “Program Administrator”). On February 11, 2020, the Board of Trustees reviewed the Program Administrator’s initial written report (the “Report”) concerning the operation of the Program for the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a Fund’s HLIM. There were no material changes to the Program during the Program Reporting Period.

The Report summarized the operation of the Program and the information and factors considered by the Program

Administrator in assessing whether the Program has been adequately and effectively implemented with respect to each Fund. Such information and factors included, among other things: (1) the liquidity risk framework used to assess, manage, and periodically review each Fund’s Liquidity Risk and the results of this assessment; (2) the methodology and inputs for classifying each of the Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) whether a Fund invested primarily in “Highly Liquid Investments” (as defined under the Liquidity Rule), whether an HLIM should be established for a Fund (and, for Funds that have adopted an HLIM, whether the HLIM continues to be appropriate or whether a Fund has invested below its HLIM) and the procedures for monitoring for this limit; (4) whether a Fund invested more than 15% of its assets in “Illiquid Investments” (as defined under the Liquidity Rule) and the procedures for monitoring for this limit; and (5) specific liquidity events arising during the Program Reporting Period, including the impact on Fund liquidity caused by extended non-U.S. market closures.

Based on this review, the Report concluded that: (1) the Program continues to be reasonably designed to effectively assess and manage each Fund’s Liquidity Risk; and (2) the Program has been adequately and effectively implemented with respect to each Fund during the Program Reporting Period.

JUNE 30, 2020 J.P. MORGAN LARGE CAP FUNDS 133

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended June 30, 2020. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2020. The information necessary to complete your income tax returns for the calendar year ending December 31, 2020 will be provided under separate cover.

Dividends Received Deduction (DRD)

Each Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the fiscal year ended June 30, 2020:

	Dividends Received Deduction
JPMorgan Equity Focus Fund		72.59	%
JPMorgan Equity Income Fund		100.00
JPMorgan Equity Premium Income Fund		13.70
JPMorgan Growth and Income Fund		100.00
JPMorgan Hedged Equity Fund		100.00
JPMorgan Large Cap Growth Fund		100.00
JPMorgan Large Cap Value Fund		100.00
JPMorgan U.S. Equity Fund		100.00
JPMorgan U.S. Large Cap Core Plus Fund		100.00
JPMorgan U.S. Research Enhanced Equity Fund		100.00

Long-Term Capital Gain

Each Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended June 30, 2020 (amounts in thousands):

	Long-Term Capital Gain Distribution
JPMorgan Equity Focus Fund	$	16,179
JPMorgan Equity Income Fund		309,226
JPMorgan Growth and Income Fund		13,478
JPMorgan Large Cap Growth Fund		2,139,934
JPMorgan U.S. Equity Fund		1,385,904
JPMorgan U.S. Large Cap Core Plus Fund		1,386,459
JPMorgan U.S. Research Enhanced Equity Fund		483,702

Qualified Dividend Income (QDI)

Each Fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended June 30, 2020 (amounts in thousands):

	Qualified Dividend Income
JPMorgan Equity Focus Fund	$	1,339
JPMorgan Equity Income Fund		604,025
JPMorgan Equity Premium Income Fund		1,990
JPMorgan Growth and Income Fund		12,810
JPMorgan Hedged Equity Fund		76,075
JPMorgan Large Cap Growth Fund		25,755
JPMorgan Large Cap Value Fund		23,336
JPMorgan U.S. Equity Fund		156,829
JPMorgan U.S. Large Cap Core Plus Fund		20,011
JPMorgan U.S. Research Enhanced Equity Fund		70,897

Section 199A Income

The Fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as 199A dividends for the fiscal year ended June 30, 2020.

JPMorgan Equity Focus Fund $ 145

134 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2020

Rev. January 2011

FACTS WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION?

Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:   ◾  Social Security number and account balances   ◾  transaction history and account transactions   ◾  checking account information and wire transfer instructions When you are no longer our customer, we continue to share your information as described in this notice.

How? All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does J.P. Morgan Funds share?	Can you limit  this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes — information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

Questions? Call 1-800-480-4111 or go to www.jpmorganfunds.com

Page 2

Who we are
Who is providing this notice?	J.P. Morgan Funds

What we do
How does J.P. Morgan Funds protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information.
How does J.P. Morgan Funds collect my personal information?	We collect your personal information, for example, when you: ◾  open an account or provide contact information ◾  give us your account information or pay us by check ◾  make a wire transfer We also collect your personal information from others, such as credit bureaus, affiliates and other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ◾  sharing for affiliates’ everyday business purposes – information about your creditworthiness ◾  affiliates from using your information to market to you ◾  sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.

Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ◾  J.P. Morgan Funds does not share with our affiliates.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ◾  J.P. Morgan Funds does not share with nonaffiliates so they can market to you.
Joint Marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ◾  J.P. Morgan Funds doesn’t jointly market.

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

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

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

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC as an exhibit to its report on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC’s website at http://www.sec.gov. Each Fund’s quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

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

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

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

^© JPMorgan Chase & Co., 2020. All rights reserved. June 2020. AN-LCE-620

Annual Report

J.P. Morgan Equity Funds

June 30, 2020

JPMorgan Equity Index Fund

JPMorgan Market Expansion Enhanced Index Fund

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

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

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

CONTENTS

Letter to Shareholders	1
Market Overview	2
Fund Commentaries:
JPMorgan Equity Index Fund	3
JPMorgan Market Expansion Enhanced Index Fund	5
Schedules of Portfolio Investments	7
Financial Statements	26
Financial Highlights	32
Notes to Financial Statements	36
Report of Independent Registered Public Accounting Firm	45
Trustees	46
Officers	49
Schedule of Shareholder Expenses	50
Liquidity Risk Management Program	51
Tax Letter	52
Privacy Policy — Located at the back of this Annual Report

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

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

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

LETTER TO SHAREHOLDERS

JULY 28, 2020 (Unaudited)

Dear Shareholders,

While every epoch holds challenges and opportunities, the current year has brought unprecedented challenges that impacted communities both globally and locally. J.P. Morgan Asset Management has directly confronted the challenges of this year, with sensitivity, urgency and a clear vision, serving our shareholders, clients and communities with unwavering commitment.

  “J.P. Morgan Asset Management has directly confronted the challenges of this year, with sensitivity, urgency and a clear vision, serving our shareholders, clients and communities with unwavering commitment.”
— Andrea L. Lisher

The advent of the COVID-19 pandemic and the ensuing closure of large parts of global, national and local economies also brought severe stress to financial markets. Daily market volatility spiked and yields on U.S. Treasury bonds fell to record lows in March 2020 and by the end of the first quarter of 2020, the value of the S&P 500 Index had declined by 20%. However, the U.S. Federal Reserve, along with other leading central banks, slashed interest rates and unleashed a range of initiatives to seek to ensure liquidity and stability in financial markets. From their lows on March 23, 2020 to the end of the reporting period, the S&P 500 and the Bloomberg Barclays U.S.

Aggregate Index rebounded by 39.3% and 5.0%, respectively, amid accommodative central bank policies, government stimulus programs and global efforts to halt the spread of COVID-19.

Many have faced significant challenges throughout the past year, whether related to the COVID-19 pandemic or the recent acts of racism and discrimination around the world. JPMorgan Chase & Co. has recommitted its firm stance against any form of racism, discrimination, or social injustice. As Brian Lamb, Global Head of Diversity & Inclusion for JPMorgan Chase & Co., recently said, “We are working across the entire firm — being intentional to strengthen our inclusive environment where our employees, customers and partners feel welcomed and valued in the communities where we do business.” To learn more, please visit JPMorgan Chase & Co.’s Diversity & Inclusion web site.

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

JUNE 30, 2020 J.P. MORGAN EQUITY FUNDS 1

J.P. Morgan Index Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)

While U.S. equity markets generally outperformed other financial markets in the second half of 2019, global prices for a broad range of assets fell sharply in the first quarter of 2020 as large sectors of global, national and local economies shut down in response to the COVID-19 pandemic. However, equity markets rebounded somewhat in the final three months of the reporting period as stimulus programs from leading central banks and governments took hold and countries in Asia and Europe showed progress in halting the spread of virus.

In late July 2019, the U.S. Federal Reserve (the “Fed”) cut interest rates for the first time in more than a decade as U.S. economic growth showed signs of slowing, even as U.S. unemployment remained at historically low levels. The central bank followed with two more interest rate cuts in September and October 2019. In response to lower rates and improved or stable economic data, equity prices in the U.S. generally rose in the final months of 2019.

Further support for U.S. equity markets came from a “Phase One” trade agreement between the U.S. and China that reduced existing tariffs and headed off the implementation of new tariffs scheduled to take effect December 15, 2019. U.S. investor sentiment remained positive through January 2020 and weathered a brief flare up in military tension between the U.S. and Iran.

While the S&P 500 reached six new closing highs in February — the last one on February 19 — the final weeks of the month were marked by a broad sell-off of assets and a sharp rise in financial market volatility in reaction to the spread of COVID-19 and the expected economic damage to follow. In early March 2020, the World Health Organization declared COVID-19 a pandemic and as businesses, schools and other institutions across the country began to close, U.S. weekly unemployment claims reached record highs. By the end of the first quarter of the 2020, the S&P 500 had declined by 20%.

A U.S. government stimulus package, valued at 10% of U.S. gross domestic product, and the Fed’s decision to slash interest rates further and restart its quantitative easing asset purchasing program — along with a range of other stimulus programs — provided support for U.S. and global equity markets in the following months. As economies in Asia and Europe, as well as parts of the U.S., began to reopen in the second quarter of 2020, global prices both for equity and fixed income assets rose. Within U.S. equity markets, large cap stocks generally outperformed mid cap and small cap stocks and growth stocks outperformed value stocks during the reporting period.

2 J.P. MORGAN EQUITY FUNDS JUNE 30, 2020

JPMorgan Equity Index Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		7.35%
S&P 500 Index**		7.51%
Net Assets as of 6/30/2020 (In Thousands)	$	5,003,871

INVESTMENT OBJECTIVE***

The JPMorgan Equity Index Fund (the “Fund”) seeks investment results that correspond to the aggregate price and dividend performance of securities in the Standard & Poor’s 500 Composite Stock Price Index (the “Benchmark”).

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

For the twelve months ended June 30, 2020, the Fund’s Class I Shares largely performed in line with the Benchmark, before considering the effect of Fund fees and expenses. This was consistent with the Fund’s investment objective and indexing strategy, as the Fund looks to generate returns that are comparable to those of the Benchmark.

U.S. equity markets provided positive returns for the reporting period amid lower interest rates, continued growth in corporate earnings and an easing of global trade tensions in 2019. During the reporting period, the information technology and consumer discretionary sectors were leading contributors to performance for the Fund and the Benchmark, while the energy and financials sectors were leading detractors from performance for the Fund and the Benchmark.

HOW WAS THE FUND POSITIONED?

Regardless of the market outlook, the Fund was managed in strict conformity with a full index replication strategy and aimed to hold the same stocks in nearly the same proportions as those found in the Benchmark.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Microsoft Corp.	5.8	%
	2.	Apple, Inc.	5.6
	3.	Amazon.com, Inc.	4.4
	4.	Facebook, Inc., Class A	2.1
	5.	Alphabet, Inc., Class A	1.6
	6.	Alphabet, Inc., Class C	1.6
	7.	Johnson & Johnson	1.4
	8.	Berkshire Hathaway, Inc., Class B	1.3
	9.	Visa, Inc., Class A	1.2
	10.	Procter & Gamble Co. (The)	1.1

PORTFOLIO COMPOSITION BY SECTOR****
Information Technology	26.7	%
Health Care	14.2
Consumer Discretionary	10.5
Communication Services	10.5
Financials	9.8
Industrials	7.7
Consumer Staples	6.8
Utilities	3.0
Real Estate	2.8
Energy	2.7
Materials	2.4
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.

** “S&P 500 Index” is a registered service mark of Standard & Poor’s Corporation, which does not sponsor and is in no way affiliated with the Fund.

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

**** Percentages indicated are based on total investments as of June 30, 2020. The Fund’s portfolio composition is subject to change.

JUNE 30, 2020 J.P. MORGAN EQUITY FUNDS 3

JPMorgan Equity Index Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 18, 1992
With Sales Charge*			1.46	%		9.05	%		12.86	%
Without Sales Charge			7.09			10.24			13.47
CLASS C SHARES	November 4, 1997
With CDSC**			5.42			9.53			12.68
Without CDSC			6.42			9.53			12.68
CLASS I SHARES	July 2, 1991		7.35			10.52			13.76
CLASS R6 SHARES	September 1, 2016		7.52			10.65			13.83

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)

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

Returns for Class R6 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 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 Index Fund and the S&P 500 Index from June 30, 2010 to June 30, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual

fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Investors cannot invest directly in an index.

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

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

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

4 J.P. MORGAN EQUITY FUNDS JUNE 30, 2020

JPMorgan Market Expansion Enhanced Index Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		(9.68)%
S&P 1000 Index**		(8.04)%
Net Assets as of 6/30/2020 (In Thousands)	$	798,709

INVESTMENT OBJECTIVE***

The JPMorgan Market Expansion Enhanced Index Fund (the “Fund”) seeks to provide investment results that correspond to or incrementally exceed the total return performance of an index that tracks the performance of the small- and mid-capitalization equity markets.

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

The Fund’s Class I Shares underperformed the S&P 1000 Index (the “Benchmark”) for the twelve months ended June 30, 2020. The Fund’s security selection in the industrial cyclical and semiconductors sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the real estate investment trust and pharmaceutical sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s underweight positions in Trex Co. and Nordson Corp., and its overweight position in Meredith Corp. Shares of Trex, a manufacturer of residential outdoor products, rose after the company reported growth in earnings and revenue for the first quarter of 2020. Shares of Nordson, a manufacturer of adhesives, coating and related materials, rose after the company unveiled plans to reorganize into two businesses and reported better-than-expected earnings and revenue for its fiscal second quarter of 2020. Shares of Meredith, a media company, fell after the company reported declining advertising revenue amid the COVID-19 pandemic.

Leading individual contributors to relative performance included the Fund’s overweight positions in The Medicines Co., Etsy Inc. and Momenta Pharmaceuticals Inc. Shares of Medicines, a German pharmaceutical company, rose ahead of its acquisition by Novartis AG. Shares of Etsy, an online retail market operator, rose as consumers turned to online retailers amid at-home quarantines in response to the COVID-19 pandemic. Shares of Momenta Pharmaceuticals, a drug development company focused on immune systems diseases, rose after the company reported better-than-expected earnings and revenue for the first quarter of 2020.

HOW WAS THE FUND POSITIONED?

The Fund seeks to closely follow the sector and industry weights within the Benchmark. Because the Fund uses an enhanced index strategy, not all of the stocks in the Benchmark

are held by the Fund, and the Fund’s position in an individual stock may be overweight or underweight as compared to the Benchmark. The Fund’s portfolio managers seek to invest in stocks that they believe are attractively valued and that have improving momentum characteristics. The portfolio managers strive to add value exclusively through security selection rather than sector, style or theme allocation.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Etsy, Inc.	0.8	%
	2.	Teradyne, Inc.	0.7
	3.	Masimo Corp.	0.7
	4.	Arrow Electronics, Inc.	0.6
	5.	Chemed Corp.	0.5
	6.	FactSet Research Systems, Inc.	0.5
	7.	Molina Healthcare, Inc.	0.5
	8.	Fair Isaac Corp.	0.5
	9.	CACI International, Inc., Class A	0.5
	10.	United Therapeutics Corp.	0.5

PORTFOLIO COMPOSITION BY SECTOR****
Industrials	15.4	%
Information Technology	14.0
Financials	13.8
Consumer Discretionary	12.9
Health Care	11.4
Real Estate	8.1
Materials	5.7
Consumer Staples	3.8
Utilities	3.6
Communication Services	2.0
Energy	1.6
Short-Term Investments	7.7

* 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.

** “S&P 1000 Index” is a registered service mark of Standard & Poor’s Corporation, which does not sponsor and is in no way affiliated with the Fund.

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

**** Percentages indicated are based on total investments as of June 30, 2020. The Fund’s portfolio composition is subject to change.

JUNE 30, 2020 J.P. MORGAN EQUITY FUNDS 5

JPMorgan Market Expansion Enhanced Index Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	July 31, 1998
With Sales Charge*			(14.72	)%		2.30	%		9.74	%
Without Sales Charge			(9.97	)		3.41			10.34
CLASS C SHARES	March 22, 1999
With CDSC**			(11.43	)		2.82			9.65
Without CDSC			(10.43	)		2.82			9.65
CLASS I SHARES	July 31, 1998		(9.68	)		3.66			10.62
CLASS R2 SHARES	November 3, 2008		(10.32	)		3.09			10.01
CLASS R6 SHARES	October 1, 2018		(9.65	)		3.68			10.63

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Market Expansion Enhanced Index Fund and the S&P 1000 Index from June 30, 2010 to June 30, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 1000 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 1000 Index is an unmanaged index generally representative of the performance of the small and mid-size 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.

6 J.P. MORGAN EQUITY FUNDS JUNE 30, 2020

JPMorgan Equity Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 99.3%
Aerospace & Defense — 1.8%
Boeing Co. (The)		104		19,051
General Dynamics Corp.		45		6,733
Howmet Aerospace, Inc.		74		1,179
Huntington Ingalls Industries, Inc.		8		1,369
L3Harris Technologies, Inc.		42		7,101
Lockheed Martin Corp.		48		17,459
Northrop Grumman Corp.		30		9,241
Raytheon Technologies Corp.		285		17,571
Teledyne Technologies, Inc. *		7		2,210
Textron, Inc.		44		1,452
TransDigm Group, Inc.		10		4,310
				87,676
Air Freight & Logistics — 0.5%
CH Robinson Worldwide, Inc. (a)		26		2,063
Expeditors International of Washington, Inc.		32		2,453
FedEx Corp.		47		6,534
United Parcel Service, Inc., Class B		137		15,177
				26,227
Airlines — 0.2%
Alaska Air Group, Inc.		24		862
American Airlines Group, Inc. (a)		96		1,259
Delta Air Lines, Inc.		110		3,087
Southwest Airlines Co.		104		3,555
United Airlines Holdings, Inc. *		49		1,695
				10,458
Auto Components — 0.1%
Aptiv plc		52		4,049
BorgWarner, Inc. (a)		40		1,419
				5,468
Automobiles — 0.2%
Ford Motor Co.		757		4,604
General Motors Co.		244		6,177
				10,781
Banks — 3.6%
Bank of America Corp.		1,514		35,952
Citigroup, Inc.		404		20,624
Citizens Financial Group, Inc.		83		2,088
Comerica, Inc.		27		1,027
Fifth Third Bancorp		138		2,661
First Republic Bank		33		3,523
Huntington Bancshares, Inc.		197		1,777
JPMorgan Chase & Co. (b)		591		55,564

INVESTMENTS	SHARES (000)		VALUE ($000)
Banks — continued
KeyCorp		189		2,303
M&T Bank Corp.		25		2,573
People’s United Financial, Inc. (a)		82		953
PNC Financial Services Group, Inc. (The)		82		8,654
Regions Financial Corp.		186		2,063
SVB Financial Group *		10		2,152
Truist Financial Corp.		261		9,809
US Bancorp		266		9,785
Wells Fargo & Co.		723		18,517
Zions Bancorp NA		32		1,080
				181,105
Beverages — 1.7%
Brown-Forman Corp., Class B		35		2,251
Coca-Cola Co. (The)		749		33,483
Constellation Brands, Inc., Class A		33		5,697
Molson Coors Beverage Co., Class B (a)		36		1,253
Monster Beverage Corp. *		72		5,024
PepsiCo, Inc.		269		35,577
				83,285
Biotechnology — 2.5%
AbbVie, Inc.		342		33,546
Alexion Pharmaceuticals, Inc. *		43		4,805
Amgen, Inc.		114		26,898
Biogen, Inc. *		32		8,464
Gilead Sciences, Inc.		243		18,705
Incyte Corp. *		35		3,637
Regeneron Pharmaceuticals, Inc. *		20		12,195
Vertex Pharmaceuticals, Inc. *		50		14,593
				122,843
Building Products — 0.4%
Allegion plc		18		1,828
AO Smith Corp.		26		1,234
Carrier Global Corp.		158		3,507
Fortune Brands Home & Security, Inc.		27		1,732
Johnson Controls International plc		144		4,923
Masco Corp.		51		2,567
Trane Technologies plc		46		4,127
				19,918
Capital Markets — 2.7%
Ameriprise Financial, Inc.		24		3,559
Bank of New York Mellon Corp. (The)		156		6,038
BlackRock, Inc.		30		16,272
Cboe Global Markets, Inc.		21		1,984

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN EQUITY FUNDS 7

JPMorgan Equity Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Capital Markets — continued
Charles Schwab Corp. (The)		222		7,495
CME Group, Inc.		70		11,300
E*TRADE Financial Corp.		43		2,131
Franklin Resources, Inc. (a)		54		1,128
Goldman Sachs Group, Inc. (The)		60		11,858
Intercontinental Exchange, Inc.		106		9,718
Invesco Ltd.		73		785
MarketAxess Holdings, Inc.		7		3,682
Moody’s Corp.		31		8,589
Morgan Stanley		232		11,213
MSCI, Inc.		16		5,502
Nasdaq, Inc.		22		2,660
Northern Trust Corp.		40		3,200
Raymond James Financial, Inc.		24		1,627
S&P Global, Inc.		47		15,388
State Street Corp.		68		4,336
T. Rowe Price Group, Inc.		44		5,448
				133,913
Chemicals — 1.8%
Air Products and Chemicals, Inc.		43		10,339
Albemarle Corp. (a)		21		1,591
Celanese Corp.		23		1,979
CF Industries Holdings, Inc.		41		1,166
Corteva, Inc.		145		3,887
Dow, Inc.		144		5,853
DuPont de Nemours, Inc.		142		7,558
Eastman Chemical Co.		26		1,835
Ecolab, Inc.		48		9,538
FMC Corp.		25		2,500
International Flavors & Fragrances, Inc. (a)		21		2,537
Linde plc (United Kingdom)		102		21,598
LyondellBasell Industries NV, Class A		50		3,274
Mosaic Co. (The)		68		846
PPG Industries, Inc.		46		4,851
Sherwin-Williams Co. (The)		16		9,053
				88,405
Commercial Services & Supplies — 0.4%
Cintas Corp.		16		4,352
Copart, Inc. *		40		3,335
Republic Services, Inc.		41		3,342
Rollins, Inc.		27		1,158
Waste Management, Inc.		75		7,973
				20,160

INVESTMENTS	SHARES (000)		VALUE ($000)
Communications Equipment — 1.0%
Arista Networks, Inc. *		10		2,189
Cisco Systems, Inc.		822		38,346
F5 Networks, Inc. *		12		1,647
Juniper Networks, Inc.		64		1,469
Motorola Solutions, Inc.		33		4,620
				48,271
Construction & Engineering — 0.1%
Jacobs Engineering Group, Inc.		25		2,139
Quanta Services, Inc.		27		1,047
				3,186
Construction Materials — 0.1%
Martin Marietta Materials, Inc.		12		2,493
Vulcan Materials Co. (a)		26		2,974
				5,467
Consumer Finance — 0.5%
American Express Co.		128		12,183
Capital One Financial Corp.		88		5,525
Discover Financial Services		59		2,974
Synchrony Financial		104		2,307
				22,989
Containers & Packaging — 0.3%
Amcor plc (a)		305		3,117
Avery Dennison Corp.		16		1,842
Ball Corp.		63		4,393
International Paper Co.		76		2,683
Packaging Corp. of America		18		1,835
Sealed Air Corp.		30		991
Westrock Co.		50		1,420
				16,281
Distributors — 0.1%
Genuine Parts Co.		28		2,432
LKQ Corp. *		59		1,544
				3,976
Diversified Consumer Services — 0.0% (c)
H&R Block, Inc. (a)		37		533
Diversified Financial Services — 1.3%
Berkshire Hathaway, Inc., Class B * (a)		377		67,279
Diversified Telecommunication Services — 1.8%
AT&T, Inc.		1,381		41,758
CenturyLink, Inc.		191		1,921
Verizon Communications, Inc.		802		44,227
				87,906

SEE NOTES TO FINANCIAL STATEMENTS.

8 J.P. MORGAN EQUITY FUNDS JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Electric Utilities — 1.9%
Alliant Energy Corp.		48		2,314
American Electric Power Co., Inc.		96		7,652
Duke Energy Corp.		142		11,382
Edison International		73		3,979
Entergy Corp.		39		3,640
Evergy, Inc.		44		2,606
Eversource Energy		65		5,431
Exelon Corp.		189		6,856
FirstEnergy Corp.		105		4,073
NextEra Energy, Inc.		95		22,791
NRG Energy, Inc.		47		1,541
Pinnacle West Capital Corp.		22		1,598
PPL Corp.		149		3,851
Southern Co. (The)		205		10,615
Xcel Energy, Inc.		102		6,362
				94,691
Electrical Equipment — 0.5%
AMETEK, Inc.		44		3,975
Eaton Corp. plc		78		6,784
Emerson Electric Co.		116		7,185
Rockwell Automation, Inc.		22		4,783
				22,727
Electronic Equipment, Instruments & Components — 0.5%
Amphenol Corp., Class A		57		5,497
CDW Corp.		28		3,206
Corning, Inc.		147		3,811
FLIR Systems, Inc.		25		1,029
IPG Photonics Corp. * (a)		7		1,105
Keysight Technologies, Inc. *		36		3,654
TE Connectivity Ltd.		64		5,215
Zebra Technologies Corp., Class A *		10		2,634
				26,151
Energy Equipment & Services — 0.2%
Baker Hughes Co. (a)		127		1,954
Halliburton Co.		170		2,208
National Oilwell Varco, Inc. (a)		75		922
Schlumberger Ltd.		269		4,948
TechnipFMC plc (United Kingdom)		82		558
				10,590
Entertainment — 2.0%
Activision Blizzard, Inc.		149		11,338
Electronic Arts, Inc. *		56		7,391

INVESTMENTS	SHARES (000)		VALUE ($000)
Entertainment — continued
Live Nation Entertainment, Inc. * (a)		28		1,221
Netflix, Inc. *		85		38,799
Take-Two Interactive Software, Inc. *		22		3,083
Walt Disney Co. (The)		350		39,049
				100,881
Equity Real Estate Investment Trusts (REITs) — 2.8%
Alexandria Real Estate Equities, Inc.		24		3,970
American Tower Corp.		86		22,221
Apartment Investment and Management Co., Class A (a)		29		1,086
AvalonBay Communities, Inc.		27		4,219
Boston Properties, Inc.		28		2,532
Crown Castle International Corp.		81		13,521
Digital Realty Trust, Inc. (a)		52		7,392
Duke Realty Corp.		71		2,528
Equinix, Inc.		17		12,052
Equity Residential		68		3,989
Essex Property Trust, Inc. (a)		13		2,907
Extra Space Storage, Inc.		25		2,312
Federal Realty Investment Trust (a)		14		1,162
Healthpeak Properties, Inc.		104		2,876
Host Hotels & Resorts, Inc.		137		1,475
Iron Mountain, Inc. (a)		56		1,457
Kimco Realty Corp.		84		1,077
Mid-America Apartment Communities, Inc.		22		2,542
Prologis, Inc.		143		13,364
Public Storage		29		5,592
Realty Income Corp.		67		3,961
Regency Centers Corp.		33		1,509
SBA Communications Corp.		22		6,447
Simon Property Group, Inc. (a)		59		4,053
SL Green Realty Corp.		15		731
UDR, Inc.		57		2,137
Ventas, Inc.		72		2,649
Vornado Realty Trust		31		1,175
Welltower, Inc.		81		4,188
Weyerhaeuser Co.		145		3,249
				138,373
Food & Staples Retailing — 1.5%
Costco Wholesale Corp.		86		25,954
Kroger Co. (The)		152		5,159
Sysco Corp.		98		5,379
Walgreens Boots Alliance, Inc.		143		6,056
Walmart, Inc.		275		32,883
				75,431

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN EQUITY FUNDS 9

JPMorgan Equity Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Food Products — 1.1%
Archer-Daniels-Midland Co.		108		4,297
Campbell Soup Co.		33		1,628
Conagra Brands, Inc.		94		3,321
General Mills, Inc.		118		7,245
Hershey Co. (The)		29		3,704
Hormel Foods Corp. (a)		54		2,623
JM Smucker Co. (The) (a)		22		2,339
Kellogg Co.		48		3,204
Kraft Heinz Co. (The) (a)		121		3,853
Lamb Weston Holdings, Inc.		28		1,810
McCormick & Co., Inc. (Non-Voting)		24		4,300
Mondelez International, Inc., Class A		277		14,150
Tyson Foods, Inc., Class A		57		3,407
				55,881
Gas Utilities — 0.0% (c)
Atmos Energy Corp.		24		2,361
Health Care Equipment & Supplies — 3.8%
Abbott Laboratories		343		31,354
ABIOMED, Inc. *		9		2,105
Align Technology, Inc. * (a)		14		3,814
Baxter International, Inc.		99		8,494
Becton Dickinson and Co.		57		13,679
Boston Scientific Corp. *		277		9,725
Cooper Cos., Inc. (The)		10		2,702
Danaher Corp.		122		21,572
Dentsply Sirona, Inc.		42		1,871
DexCom, Inc. *		18		7,254
Edwards Lifesciences Corp. *		120		8,303
Hologic, Inc. *		50		2,853
IDEXX Laboratories, Inc. *		16		5,436
Intuitive Surgical, Inc. *		23		12,883
Medtronic plc		260		23,842
ResMed, Inc.		28		5,385
STERIS plc		16		2,527
Stryker Corp.		62		11,261
Teleflex, Inc.		9		3,276
Varian Medical Systems, Inc. *		18		2,157
West Pharmaceutical Services, Inc.		14		3,241
Zimmer Biomet Holdings, Inc.		40		4,786
				188,520
Health Care Providers & Services — 2.8%
AmerisourceBergen Corp.		29		2,901
Anthem, Inc.		49		12,854

INVESTMENTS	SHARES (000)		VALUE ($000)
Health Care Providers & Services — continued
Cardinal Health, Inc.		57		2,954
Centene Corp. *		112		7,135
Cigna Corp.		72		13,424
CVS Health Corp.		253		16,464
DaVita, Inc. *		17		1,308
HCA Healthcare, Inc.		51		4,955
Henry Schein, Inc. *		28		1,616
Humana, Inc.		26		9,938
Laboratory Corp. of America Holdings *		19		3,130
McKesson Corp.		31		4,814
Quest Diagnostics, Inc.		26		2,955
UnitedHealth Group, Inc.		184		54,231
Universal Health Services, Inc., Class B		15		1,399
				140,078
Health Care Technology — 0.1%
Cerner Corp. (a)		59		4,045
Hotels, Restaurants & Leisure — 1.5%
Carnival Corp. (a)		92		1,508
Chipotle Mexican Grill, Inc. *		5		5,235
Darden Restaurants, Inc.		25		1,908
Domino’s Pizza, Inc.		8		2,802
Hilton Worldwide Holdings, Inc.		54		3,948
Las Vegas Sands Corp.		65		2,967
Marriott International, Inc., Class A (a)		52		4,473
McDonald’s Corp.		144		26,593
MGM Resorts International (a)		96		1,606
Norwegian Cruise Line Holdings Ltd. * (a)		50		817
Royal Caribbean Cruises Ltd. (a)		33		1,674
Starbucks Corp.		226		16,666
Wynn Resorts Ltd. (a)		19		1,402
Yum! Brands, Inc.		58		5,071
				76,670
Household Durables — 0.4%
DR Horton, Inc.		64		3,555
Garmin Ltd.		28		2,744
Leggett & Platt, Inc.		26		902
Lennar Corp., Class A		53		3,281
Mohawk Industries, Inc. *		12		1,174
Newell Brands, Inc.		74		1,175
NVR, Inc. *		1		2,187
PulteGroup, Inc.		49		1,663
Whirlpool Corp. (a)		12		1,561
				18,242

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN EQUITY FUNDS JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Household Products — 1.8%
Church & Dwight Co., Inc.		48		3,685
Clorox Co. (The)		24		5,320
Colgate-Palmolive Co.		166		12,165
Kimberly-Clark Corp.		66		9,332
Procter & Gamble Co. (The)		480		57,389
				87,891
Independent Power and Renewable Electricity Producers — 0.0% (c)
AES Corp. (The)		129		1,868
Industrial Conglomerates — 1.1%
3M Co.		112		17,395
General Electric Co.		1,696		11,582
Honeywell International, Inc.		136		19,675
Roper Technologies, Inc.		20		7,858
				56,510
Insurance — 1.9%
Aflac, Inc.		139		5,012
Allstate Corp. (The)		61		5,906
American International Group, Inc.		167		5,206
Aon plc, Class A		45		8,629
Arthur J Gallagher & Co.		37		3,584
Assurant, Inc.		12		1,195
Chubb Ltd.		88		11,081
Cincinnati Financial Corp. (a)		29		1,873
Everest Re Group Ltd.		8		1,598
Globe Life, Inc.		19		1,409
Hartford Financial Services Group, Inc. (The)		69		2,676
Lincoln National Corp.		37		1,378
Loews Corp.		47		1,609
Marsh & McLennan Cos., Inc.		99		10,621
MetLife, Inc.		150		5,462
Principal Financial Group, Inc.		49		2,051
Progressive Corp. (The)		113		9,090
Prudential Financial, Inc.		77		4,664
Travelers Cos., Inc. (The)		49		5,591
Unum Group		39		654
Willis Towers Watson plc		25		4,915
WR Berkley Corp.		27		1,568
				95,772
Interactive Media & Services — 5.4%
Alphabet, Inc., Class A *		58		82,489
Alphabet, Inc., Class C *		57		80,152
Facebook, Inc., Class A *		466		105,854
Twitter, Inc. *		152		4,532
				273,027

INVESTMENTS	SHARES (000)		VALUE ($000)
Internet & Direct Marketing Retail — 4.9%
Amazon.com, Inc. *		81		224,091
Booking Holdings, Inc. *		8		12,635
eBay, Inc.		128		6,717
Expedia Group, Inc.		26		2,159
				245,602
IT Services — 5.6%
Accenture plc, Class A		124		26,518
Akamai Technologies, Inc. * (a)		31		3,369
Automatic Data Processing, Inc.		83		12,406
Broadridge Financial Solutions, Inc.		22		2,809
Cognizant Technology Solutions Corp., Class A (a)		105		5,955
DXC Technology Co.		49		812
Fidelity National Information Services, Inc.		120		16,061
Fiserv, Inc. *		109		10,643
FleetCor Technologies, Inc. *		16		4,087
Gartner, Inc. *		17		2,098
Global Payments, Inc.		58		9,836
International Business Machines Corp.		172		20,789
Jack Henry & Associates, Inc.		15		2,733
Leidos Holdings, Inc.		26		2,425
Mastercard, Inc., Class A		171		50,667
Paychex, Inc.		62		4,689
PayPal Holdings, Inc. *		228		39,661
VeriSign, Inc. *		20		4,077
Visa, Inc., Class A (a)		327		63,182
Western Union Co. (The) (a)		80		1,722
				284,539
Leisure Products — 0.0% (c)
Hasbro, Inc. (a)		25		1,851
Life Sciences Tools & Services — 1.2%
Agilent Technologies, Inc.		60		5,290
Bio-Rad Laboratories, Inc., Class A *		4		1,871
Illumina, Inc. *		28		10,555
IQVIA Holdings, Inc. *		34		4,885
Mettler-Toledo International, Inc. *		5		3,734
PerkinElmer, Inc.		22		2,118
Thermo Fisher Scientific, Inc.		77		27,744
Waters Corp. *		12		2,165
				58,362
Machinery — 1.5%
Caterpillar, Inc.		105		13,273
Cummins, Inc.		29		4,955
Deere & Co.		61		9,531

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN EQUITY FUNDS 11

JPMorgan Equity Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Machinery — continued
Dover Corp.		28		2,695
Flowserve Corp.		25		720
Fortive Corp.		57		3,888
IDEX Corp.		15		2,310
Illinois Tool Works, Inc.		56		9,745
Ingersoll Rand, Inc. * (a)		67		1,885
Otis Worldwide Corp.		79		4,488
PACCAR, Inc.		67		5,017
Parker-Hannifin Corp.		25		4,561
Pentair plc		32		1,221
Snap-on, Inc.		11		1,460
Stanley Black & Decker, Inc. (a)		30		4,165
Westinghouse Air Brake Technologies Corp. (a)		35		2,018
Xylem, Inc. (a)		35		2,266
				74,198
Media — 1.3%
Charter Communications, Inc., Class A * (a)		29		14,903
Comcast Corp., Class A		883		34,421
Discovery, Inc., Class A * (a)		31		655
Discovery, Inc., Class C *		61		1,181
DISH Network Corp., Class A *		50		1,720
Fox Corp., Class A		66		1,782
Fox Corp., Class B		31		829
Interpublic Group of Cos., Inc. (The)		76		1,296
News Corp., Class A		75		894
News Corp., Class B		24		282
Omnicom Group, Inc. (a)		42		2,268
ViacomCBS, Inc. (a)		105		2,444
				62,675
Metals & Mining — 0.3%
Freeport-McMoRan, Inc. (a)		281		3,257
Newmont Corp.		156		9,606
Nucor Corp.		58		2,418
				15,281
Multiline Retail — 0.5%
Dollar General Corp.		49		9,297
Dollar Tree, Inc. *		46		4,263
Kohl’s Corp.		31		635
Target Corp.		97		11,626
				25,821
Multi-Utilities — 1.0%
Ameren Corp.		48		3,368
CenterPoint Energy, Inc. (a)		106		1,972

INVESTMENTS	SHARES (000)		VALUE ($000)
Multi-Utilities — continued
CMS Energy Corp.		55		3,242
Consolidated Edison, Inc.		65		4,659
Dominion Energy, Inc.		163		13,208
DTE Energy Co.		37		4,014
NiSource, Inc.		74		1,688
Public Service Enterprise Group, Inc.		98		4,819
Sempra Energy		57		6,648
WEC Energy Group, Inc.		61		5,360
				48,978
Oil, Gas & Consumable Fuels — 2.6%
Apache Corp. (a)		73		988
Cabot Oil & Gas Corp.		77		1,328
Chevron Corp.		362		32,297
Concho Resources, Inc. (a)		38		1,964
ConocoPhillips		208		8,737
Devon Energy Corp. (a)		74		841
Diamondback Energy, Inc.		31		1,280
EOG Resources, Inc.		113		5,717
Exxon Mobil Corp.		820		36,657
Hess Corp. (a)		51		2,622
HollyFrontier Corp.		29		843
Kinder Morgan, Inc.		377		5,720
Marathon Oil Corp. (a)		153		938
Marathon Petroleum Corp.		126		4,712
Noble Energy, Inc.		93		833
Occidental Petroleum Corp.		174		3,193
ONEOK, Inc.		85		2,833
Phillips 66		85		6,087
Pioneer Natural Resources Co.		32		3,123
Valero Energy Corp.		79		4,649
Williams Cos., Inc. (The)		235		4,474
				129,836
Personal Products — 0.2%
Coty, Inc., Class A		58		258
Estee Lauder Cos., Inc. (The), Class A		44		8,222
				8,480
Pharmaceuticals — 4.3%
Bristol-Myers Squibb Co.		439		25,794
Eli Lilly and Co.		163		26,807
Johnson & Johnson		511		71,830
Merck & Co., Inc.		489		37,842
Mylan NV * (a)		100		1,612
Perrigo Co. plc (a)		26		1,461

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN EQUITY FUNDS JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Pharmaceuticals — continued
Pfizer, Inc.		1,077		35,215
Zoetis, Inc.		92		12,618
				213,179
Professional Services — 0.3%
Equifax, Inc.		24		4,045
IHS Markit Ltd.		77		5,839
Nielsen Holdings plc		69		1,027
Robert Half International, Inc.		22		1,174
Verisk Analytics, Inc.		31		5,354
				17,439
Real Estate Management & Development — 0.1%
CBRE Group, Inc., Class A *		65		2,938
Road & Rail — 1.0%
CSX Corp.		148		10,350
JB Hunt Transport Services, Inc.		16		1,968
Kansas City Southern		18		2,750
Norfolk Southern Corp.		50		8,720
Old Dominion Freight Line, Inc.		18		3,102
Union Pacific Corp.		132		22,242
				49,132
Semiconductors & Semiconductor Equipment — 4.8%
Advanced Micro Devices, Inc. *		227		11,946
Analog Devices, Inc.		71		8,760
Applied Materials, Inc.		178		10,741
Broadcom, Inc. (a)		78		24,462
Intel Corp.		821		49,111
KLA Corp.		30		5,846
Lam Research Corp.		28		9,103
Maxim Integrated Products, Inc.		52		3,133
Microchip Technology, Inc. (a)		48		5,009
Micron Technology, Inc. *		216		11,109
NVIDIA Corp.		119		45,306
Qorvo, Inc. *		22		2,459
QUALCOMM, Inc.		218		19,892
Skyworks Solutions, Inc.		32		4,136
Texas Instruments, Inc.		178		22,592
Xilinx, Inc.		47		4,638
				238,243
Software — 9.2%
Adobe, Inc. *		93		40,662
ANSYS, Inc. *		17		4,859
Autodesk, Inc. *		42		10,165
Cadence Design Systems, Inc. *		54		5,194

INVESTMENTS	SHARES (000)		VALUE ($000)
Software — continued
Citrix Systems, Inc.		22		3,328
Fortinet, Inc. *		26		3,571
Intuit, Inc.		51		14,974
Microsoft Corp.		1,470		299,204
NortonLifeLock, Inc.		105		2,083
Oracle Corp.		404		22,302
Paycom Software, Inc. *		9		2,897
salesforce.com, Inc. *		175		32,722
ServiceNow, Inc. *		37		14,976
Synopsys, Inc. *		29		5,701
Tyler Technologies, Inc. *		8		2,674
				465,312
Specialty Retail — 2.4%
Advance Auto Parts, Inc. (a)		13		1,908
AutoZone, Inc. *		5		5,107
Best Buy Co., Inc.		44		3,846
CarMax, Inc. * (a)		32		2,825
Gap, Inc. (The)		41		521
Home Depot, Inc. (The)		209		52,235
L Brands, Inc.		45		677
Lowe’s Cos., Inc.		146		19,778
O’Reilly Automotive, Inc. *		14		6,068
Ross Stores, Inc.		69		5,873
Tiffany & Co.		21		2,582
TJX Cos., Inc. (The)		232		11,742
Tractor Supply Co.		22		2,954
Ulta Beauty, Inc. *		11		2,221
				118,337
Technology Hardware, Storage & Peripherals — 5.9%
Apple, Inc.		790		288,152
Hewlett Packard Enterprise Co.		249		2,424
HP, Inc.		277		4,832
NetApp, Inc.		43		1,903
Seagate Technology plc		44		2,119
Western Digital Corp.		58		2,565
Xerox Holdings Corp.		36		543
				302,538
Textiles, Apparel & Luxury Goods — 0.6%
Hanesbrands, Inc. (a)		67		762
NIKE, Inc., Class B		240		23,571
PVH Corp.		14		661
Ralph Lauren Corp.		9		672
Tapestry, Inc.		54		711

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN EQUITY FUNDS 13

JPMorgan Equity Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Textiles, Apparel & Luxury Goods — continued
Under Armour, Inc., Class A * (a)		37		356
Under Armour, Inc., Class C * (a)		38		337
VF Corp.		62		3,767
				30,837
Tobacco — 0.7%
Altria Group, Inc.		360		14,141
Philip Morris International, Inc.		302		21,150
				35,291
Trading Companies & Distributors — 0.2%
Fastenal Co.		111		4,757
United Rentals, Inc. *		14		2,082
WW Grainger, Inc. (a)		8		2,638
				9,477
Water Utilities — 0.1%
American Water Works Co., Inc.		35		4,515
Wireless Telecommunication Services — 0.2%
T-Mobile US, Inc. * (a)		110		11,506
Total Common Stocks (Cost $2,940,655)				4,970,203

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 3.0%
Investment Companies — 0.5%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.06% (d) (e) (Cost $23,364)		23,364		23,364
Investment of Cash Collateral from Securities Loaned — 2.5%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (d) (e)		82,053		82,086
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (d) (e)		44,138		44,138
Total Investment of Cash Collateral from Securities Loaned (Cost $126,226)				126,224
Total Short-Term Investments (Cost $149,590)				149,588
Total Investments — 102.3% (Cost $3,090,245)				5,119,791
Liabilities in Excess of Other Assets — (2.3)%				(115,920	)
Net Assets — 100.0%				5,003,871

Percentages indicated are based on net assets.

(a)	The security or a portion of this security is on loan at June 30, 2020. The total value of securities on loan at June 30, 2020 is approximately $124,206,000.
(b)	Investment in affiliate. This security is included in an index in which the Fund tracks.
(c)	Amount rounds to less than 0.1% of net assets.
(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 June 30, 2020.
*	Non-income producing security.

Futures contracts outstanding as of June 30, 2020 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
S&P 500 E-Mini Index	229		09/2020		USD		35,315		512

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN EQUITY FUNDS JUNE 30, 2020

JPMorgan Market Expansion Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.0%
Aerospace & Defense — 0.9%
AAR Corp.		14		285
Aerojet Rocketdyne Holdings, Inc. *		27		1,050
Axon Enterprise, Inc. * (a)		21		2,061
Curtiss-Wright Corp.		34		3,001
Moog, Inc., Class A		20		1,037
Triumph Group, Inc.		16		143
				7,577
Air Freight & Logistics — 0.8%
Echo Global Logistics, Inc. *		10		212
Forward Air Corp.		11		538
Hub Group, Inc., Class A *		61		2,917
XPO Logistics, Inc. *		35		2,719
				6,386
Airlines — 0.4%
Hawaiian Holdings, Inc.		19		265
JetBlue Airways Corp. *		180		1,960
SkyWest, Inc.		18		594
				2,819
Auto Components — 1.5%
Adient plc *		61		1,008
American Axle & Manufacturing Holdings, Inc. *		49		369
Cooper Tire & Rubber Co.		18		508
Dana, Inc.		129		1,569
Garrett Motion, Inc. (Switzerland) *		44		243
Gentex Corp.		90		2,322
Goodyear Tire & Rubber Co. (The)		82		729
LCI Industries		10		1,115
Lear Corp.		32		3,434
Visteon Corp. *		9		630
				11,927
Automobiles — 0.5%
Harley-Davidson, Inc.		52		1,241
Thor Industries, Inc. (a)		19		2,071
Winnebago Industries, Inc. (a)		10		686
				3,998
Banks — 5.9%
Ameris Bancorp		11		262
Associated Banc-Corp.		124		1,701
BancorpSouth Bank		37		833
Bank OZK		43		1,012
Banner Corp.		50		1,890
Berkshire Hills Bancorp, Inc.		51		564

INVESTMENTS	SHARES (000)		VALUE ($000)
Banks — continued
Boston Private Financial Holdings, Inc.		26		180
Brookline Bancorp, Inc.		25		248
Cathay General Bancorp		27		703
CIT Group, Inc.		36		752
Columbia Banking System, Inc.		21		605
Commerce Bancshares, Inc. (a)		39		2,297
Cullen/Frost Bankers, Inc. (a)		8		628
Customers Bancorp, Inc. *		108		1,292
Dime Community Bancshares, Inc.		25		346
Eagle Bancorp, Inc.		49		1,595
East West Bancorp, Inc.		49		1,767
First BanCorp (Puerto Rico)		80		449
First Commonwealth Financial Corp.		37		307
First Financial Bancorp		14		199
First Horizon National Corp.		110		1,097
First Midwest Bancorp, Inc.		125		1,674
FNB Corp.		112		841
Fulton Financial Corp. (a)		70		736
Great Western Bancorp, Inc.		23		316
Hancock Whitney Corp. (a)		73		1,552
Hanmi Financial Corp.		47		460
Hope Bancorp, Inc.		55		508
International Bancshares Corp.		19		592
NBT Bancorp, Inc.		12		357
OFG Bancorp (Puerto Rico)		18		239
Pacific Premier Bancorp, Inc.		84		1,815
PacWest Bancorp		42		830
Pinnacle Financial Partners, Inc. (a)		25		1,064
Prosperity Bancshares, Inc.		32		1,924
Signature Bank		28		2,941
Sterling Bancorp		76		886
Synovus Financial Corp.		57		1,179
TCF Financial Corp.		56		1,637
Texas Capital Bancshares, Inc. *		18		543
Trustmark Corp.		22		537
UMB Financial Corp.		12		639
Umpqua Holdings Corp.		79		843
United Bankshares, Inc.		44		1,206
United Community Banks, Inc.		94		1,899
Valley National Bancorp		114		891
Veritex Holdings, Inc.		7		116
Webster Financial Corp.		32		921
Wintrust Financial Corp.		42		1,829
				47,702

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN EQUITY FUNDS 15

JPMorgan Market Expansion Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Beverages — 0.2%
Boston Beer Co., Inc. (The), Class A * (a)		2		1,127
Coca-Cola Consolidated, Inc.		2		344
				1,471
Biotechnology — 1.9%
Arrowhead Pharmaceuticals, Inc. * (a)		54		2,328
Eagle Pharmaceuticals, Inc. *		37		1,794
Emergent BioSolutions, Inc. * (a)		5		395
Momenta Pharmaceuticals, Inc. *		100		3,330
Myriad Genetics, Inc. *		23		261
REGENXBIO, Inc. * (a)		78		2,862
Spectrum Pharmaceuticals, Inc. *		107		363
United Therapeutics Corp. *		34		4,120
				15,453
Building Products — 1.3%
American Woodmark Corp. *		6		416
Apogee Enterprises, Inc.		10		223
Gibraltar Industries, Inc. *		12		595
Insteel Industries, Inc.		7		135
Lennox International, Inc. (a)		9		1,994
Owens Corning		39		2,159
Patrick Industries, Inc.		9		570
PGT Innovations, Inc. *		47		743
Quanex Building Products Corp.		79		1,092
Simpson Manufacturing Co., Inc.		2		177
UFP Industries, Inc.		41		2,023
				10,127
Capital Markets — 2.2%
Affiliated Managers Group, Inc.		12		857
Blucora, Inc. *		43		488
Eaton Vance Corp.		42		1,613
Evercore, Inc., Class A		21		1,243
FactSet Research Systems, Inc. (a)		14		4,501
Federated Hermes, Inc., Class B		46		1,090
Janus Henderson Group plc (United Kingdom) (a)		7		141
Legg Mason, Inc.		36		1,811
Piper Sandler Cos.		6		343
SEI Investments Co.		43		2,372
Stifel Financial Corp.		56		2,662
Virtus Investment Partners, Inc.		3		349
				17,470
Chemicals — 2.6%
Ashland Global Holdings, Inc.		27		1,852
Cabot Corp.		21		769

INVESTMENTS	SHARES (000)		VALUE ($000)
Chemicals — continued
FutureFuel Corp.		115		1,378
Hawkins, Inc.		3		141
HB Fuller Co.		28		1,262
Ingevity Corp. *		14		757
Innospec, Inc.		9		718
Koppers Holdings, Inc. *		48		904
Kraton Corp. *		22		372
Minerals Technologies, Inc.		13		603
NewMarket Corp.		1		400
PolyOne Corp.		78		2,054
RPM International, Inc. (a)		41		3,047
Scotts Miracle-Gro Co. (The)		14		1,936
Sensient Technologies Corp.		9		480
Stepan Co.		17		1,629
Tredegar Corp.		10		157
Trinseo SA		33		722
Valvoline, Inc.		67		1,289
				20,470
Commercial Services & Supplies — 1.6%
ABM Industries, Inc.		24		863
Brady Corp., Class A		19		876
Brink’s Co. (The)		35		1,579
Clean Harbors, Inc. *		19		1,116
Deluxe Corp.		16		370
Harsco Corp. *		29		394
Herman Miller, Inc.		78		1,847
HNI Corp.		19		583
Interface, Inc.		22		181
KAR Auction Services, Inc.		102		1,402
MSA Safety, Inc.		10		1,190
Pitney Bowes, Inc. (a)		52		136
RR Donnelley & Sons Co. (a)		65		78
Tetra Tech, Inc.		20		1,581
UniFirst Corp.		5		895
				13,091
Communications Equipment — 1.0%
ADTRAN, Inc.		80		869
Ciena Corp. *		35		1,879
Comtech Telecommunications Corp.		11		184
Digi International, Inc. *		47		546
InterDigital, Inc. (a)		11		634
Lumentum Holdings, Inc. * (a)		31		2,533
Viavi Solutions, Inc. * (a)		77		976
				7,621

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN EQUITY FUNDS JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Construction & Engineering — 1.7%
AECOM *		93		3,497
Aegion Corp. *		9		145
Arcosa, Inc.		18		772
Comfort Systems USA, Inc.		34		1,387
Dycom Industries, Inc. *		12		487
EMCOR Group, Inc. (a)		41		2,723
Fluor Corp.		54		647
MasTec, Inc. *		61		2,719
Valmont Industries, Inc.		7		841
				13,218
Construction Materials — 0.2%
Eagle Materials, Inc.		15		1,075
US Concrete, Inc. *		6		151
				1,226
Consumer Finance — 0.6%
Encore Capital Group, Inc. *		9		297
Enova International, Inc. *		12		180
EZCORP, Inc., Class A *		31		195
FirstCash, Inc.		15		998
Green Dot Corp., Class A *		18		864
LendingTree, Inc. * (a)		2		695
Navient Corp. (a)		84		591
SLM Corp.		150		1,054
				4,874
Containers & Packaging — 0.6%
AptarGroup, Inc.		8		873
Greif, Inc., Class A		7		248
O-I Glass, Inc. (a)		63		562
Silgan Holdings, Inc.		64		2,057
Sonoco Products Co.		13		695
				4,435
Distributors — 0.4%
Core-Mark Holding Co., Inc.		50		1,248
Pool Corp.		8		2,256
				3,504
Diversified Consumer Services — 0.8%
American Public Education, Inc. *		28		832
Graham Holdings Co., Class B		2		651
Grand Canyon Education, Inc. * (a)		2		190
Perdoceo Education Corp. * (a)		28		452
Service Corp. International (a)		70		2,726
Strategic Education, Inc.		8		1,183
WW International, Inc. *		19		470
				6,504

INVESTMENTS	SHARES (000)		VALUE ($000)
Diversified Financial Services — 0.2%
Jefferies Financial Group, Inc.		119		1,854
Diversified Telecommunication Services — 0.1%
ATN International, Inc.		4		212
Vonage Holdings Corp. *		88		887
				1,099
Electric Utilities — 1.3%
ALLETE, Inc.		18		967
Hawaiian Electric Industries, Inc. (a)		77		2,784
IDACORP, Inc.		42		3,701
OGE Energy Corp.		84		2,557
				10,009
Electrical Equipment — 1.7%
Acuity Brands, Inc.		14		1,312
Encore Wire Corp.		25		1,225
EnerSys (a)		16		1,025
Generac Holdings, Inc. *		10		1,219
Hubbell, Inc.		19		2,417
nVent Electric plc		58		1,094
Powell Industries, Inc.		38		1,033
Regal Beloit Corp.		46		3,986
				13,311
Electronic Equipment, Instruments & Components — 4.4%
Arrow Electronics, Inc. *		70		4,831
Avnet, Inc.		97		2,698
Bel Fuse, Inc., Class B		25		272
Belden, Inc.		13		434
Benchmark Electronics, Inc.		13		281
Cognex Corp.		41		2,437
Coherent, Inc. *		8		1,021
ePlus, Inc. *		15		1,032
Fabrinet (Thailand) *		44		2,722
Insight Enterprises, Inc. *		24		1,166
Itron, Inc. *		23		1,550
Jabil, Inc.		92		2,964
Littelfuse, Inc.		7		1,247
Methode Electronics, Inc.		56		1,764
National Instruments Corp.		67		2,605
OSI Systems, Inc. *		6		448
Sanmina Corp. *		59		1,477
SYNNEX Corp.		17		2,036
Trimble, Inc. *		69		2,986
TTM Technologies, Inc. * (a)		30		355
Vishay Intertechnology, Inc.		93		1,418
				35,744

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN EQUITY FUNDS 17

JPMorgan Market Expansion Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Energy Equipment & Services — 0.4%
Archrock, Inc. (a)		47		306
Bristow Group, Inc. *		10		140
ChampionX Corp. *		28		273
Exterran Corp. *		10		54
Helix Energy Solutions Group, Inc. *		30		103
Helmerich & Payne, Inc. (a)		24		460
Matrix Service Co. *		21		208
Newpark Resources, Inc. * (a)		31		70
Oceaneering International, Inc. *		37		237
Oil States International, Inc. *		22		105
Patterson-UTI Energy, Inc. (a)		77		266
ProPetro Holding Corp. *		91		468
SEACOR Holdings, Inc. *		6		161
Transocean Ltd. *		178		326
				3,177
Entertainment — 0.1%
Cinemark Holdings, Inc.		38		433
Equity Real Estate Investment Trusts (REITs) — 8.0%
Acadia Realty Trust		18		239
Agree Realty Corp. (a)		20		1,281
Alexander & Baldwin, Inc.		26		318
American Assets Trust, Inc.		67		1,871
American Campus Communities, Inc.		48		1,670
Armada Hoffler Properties, Inc.		94		934
Brixmor Property Group, Inc.		136		1,740
Camden Property Trust		42		3,844
CareTrust REIT, Inc.		52		892
Chatham Lodging Trust		14		87
Community Healthcare Trust, Inc.		18		753
CoreSite Realty Corp.		8		993
Corporate Office Properties Trust		92		2,320
Cousins Properties, Inc.		64		1,914
CyrusOne, Inc. (a)		37		2,677
DiamondRock Hospitality Co.		127		702
Douglas Emmett, Inc.		94		2,890
EastGroup Properties, Inc.		14		1,661
EPR Properties (a)		17		577
Essential Properties Realty Trust, Inc. (a)		61		902
First Industrial Realty Trust, Inc.		56		2,153
Four Corners Property Trust, Inc.		6		142
GEO Group, Inc. (The)		14		170
Getty Realty Corp.		12		364
Global Net Lease, Inc.		84		1,412
Highwoods Properties, Inc.		76		2,818

INVESTMENTS	SHARES (000)		VALUE ($000)
Equity Real Estate Investment Trusts (REITs) — continued
Hudson Pacific Properties, Inc.		26		664
Independence Realty Trust, Inc.		30		340
Innovative Industrial Properties, Inc. (a)		7		581
iStar, Inc. (a)		29		352
JBG SMITH Properties		42		1,254
Kilroy Realty Corp.		37		2,199
Kite Realty Group Trust		31		363
Life Storage, Inc.		28		2,678
Medical Properties Trust, Inc.		197		3,710
National Retail Properties, Inc.		49		1,746
National Storage Affiliates Trust		22		628
Office Properties Income Trust		16		421
Omega Healthcare Investors, Inc.		76		2,265
Park Hotels & Resorts, Inc.		89		883
Pebblebrook Hotel Trust (a)		11		149
PotlatchDeltic Corp.		56		2,139
PS Business Parks, Inc.		2		305
Rayonier, Inc.		31		761
RPT Realty		33		232
Sabra Health Care REIT, Inc.		69		1,001
Saul Centers, Inc.		4		129
Service Properties Trust		57		404
Spirit Realty Capital, Inc. (a)		57		1,970
STORE Capital Corp.		48		1,131
Summit Hotel Properties, Inc.		41		243
Uniti Group, Inc.		18		166
Urban Edge Properties		59		700
Urstadt Biddle Properties, Inc., Class A		11		132
Weingarten Realty Investors		44		836
Xenia Hotels & Resorts, Inc.		105		977
				64,683
Food & Staples Retailing — 1.0%
Andersons, Inc. (The)		12		171
BJ’s Wholesale Club Holdings, Inc. *		42		1,573
Casey’s General Stores, Inc.		13		1,928
Chefs’ Warehouse, Inc. (The) * (a)		11		147
Grocery Outlet Holding Corp. *		11		461
PriceSmart, Inc. (a)		26		1,592
SpartanNash Co.		13		276
Sprouts Farmers Market, Inc. * (a)		46		1,172
United Natural Foods, Inc. *		21		379
				7,699
Food Products — 1.9%
B&G Foods, Inc.		21		519
Cal-Maine Foods, Inc.*		10		458

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN EQUITY FUNDS JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Food Products — continued
Darling Ingredients, Inc. *		54		1,337
Flowers Foods, Inc.		88		1,957
Hain Celestial Group, Inc. (The) *		13		410
Ingredion, Inc.		41		3,383
J&J Snack Foods Corp.		2		267
John B Sanfilippo & Son, Inc.		4		316
Pilgrim’s Pride Corp. *		65		1,103
Post Holdings, Inc. *		37		3,251
Sanderson Farms, Inc. (a)		7		823
Seneca Foods Corp., Class A *		10		346
TreeHouse Foods, Inc. *		20		885
				15,055
Gas Utilities — 1.1%
National Fuel Gas Co.		36		1,519
New Jersey Resources Corp.		32		1,033
Southwest Gas Holdings, Inc.		20		1,371
Spire, Inc.		18		1,150
UGI Corp.		121		3,863
				8,936
Health Care Equipment & Supplies — 3.0%
CONMED Corp. (a)		9		626
Cutera, Inc. *		6		68
Globus Medical, Inc., Class A *		27		1,264
Haemonetics Corp. *		21		1,854
Hill-Rom Holdings, Inc.		32		3,513
ICU Medical, Inc. *		6		1,014
Inogen, Inc. * (a)		8		266
Integer Holdings Corp. *		30		2,184
Integra LifeSciences Holdings Corp. * (a)		24		1,142
Lantheus Holdings, Inc. *		54		766
LivaNova plc *		15		727
Masimo Corp. * (a)		27		6,066
Meridian Bioscience, Inc. *		20		468
Natus Medical, Inc. *		12		266
NuVasive, Inc. *		17		930
OraSure Technologies, Inc. *		19		222
Orthofix Medical, Inc. *		17		541
Penumbra, Inc. * (a)		12		2,146
Varex Imaging Corp. *		13		198
				24,261
Health Care Providers & Services — 4.1%
Acadia Healthcare Co., Inc. * (a)		16		402
Amedisys, Inc. *		13		2,482
AMN Healthcare Services, Inc. *		17		758

INVESTMENTS	SHARES (000)		VALUE ($000)
Health Care Providers & Services — continued
BioTelemetry, Inc. * (a)		25		1,116
Chemed Corp.		10		4,557
CorVel Corp. *		4		255
Encompass Health Corp.		23		1,412
Ensign Group, Inc. (The)		56		2,360
HealthEquity, Inc. *		23		1,373
LHC Group, Inc. *		11		1,987
Magellan Health, Inc. *		52		3,778
MEDNAX, Inc. * (a)		108		1,845
Molina Healthcare, Inc. *		24		4,324
Owens & Minor, Inc. (a)		223		1,696
Pennant Group, Inc. (The) *		28		637
Select Medical Holdings Corp. *		135		1,993
Tenet Healthcare Corp. *		45		815
Tivity Health, Inc. * (a)		81		914
				32,704
Health Care Technology — 0.5%
Allscripts Healthcare Solutions, Inc. * (a)		67		454
HealthStream, Inc. *		10		228
HMS Holdings Corp. *		56		1,823
NextGen Healthcare, Inc. *		17		191
Omnicell, Inc. *		14		1,010
				3,706
Hotels, Restaurants & Leisure — 1.9%
BJ’s Restaurants, Inc. (a)		8		172
Bloomin’ Brands, Inc.		26		279
Boyd Gaming Corp.		29		604
Brinker International, Inc.		13		314
Cheesecake Factory, Inc. (The) (a)		17		387
Cracker Barrel Old Country Store, Inc.		6		624
Dave & Buster’s Entertainment, Inc. (a)		12		163
Dine Brands Global, Inc. (a)		6		253
Dunkin’ Brands Group, Inc.		29		1,878
Eldorado Resorts, Inc. *		29		1,150
Jack in the Box, Inc. (a)		9		652
Marriott Vacations Worldwide Corp.		14		1,159
Penn National Gaming, Inc. * (a)		39		1,200
Ruth’s Hospitality Group, Inc.		8		64
Scientific Games Corp. * (a)		22		332
Six Flags Entertainment Corp. (a)		28		544
Texas Roadhouse, Inc. (a)		23		1,206
Wendy’s Co. (The)		66		1,435
Wingstop, Inc.		3		459

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN EQUITY FUNDS 19

JPMorgan Market Expansion Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Hotels, Restaurants & Leisure — continued
Wyndham Destinations, Inc.		40		1,136
Wyndham Hotels & Resorts, Inc.		24		1,006
				15,017
Household Durables — 2.0%
Cavco Industries, Inc. *		11		2,178
Helen of Troy Ltd. *		2		337
Installed Building Products, Inc. *		8		523
iRobot Corp. *		10		831
KB Home		61		1,874
La-Z-Boy, Inc.		16		430
M/I Homes, Inc. *		9		320
MDC Holdings, Inc.		18		646
Meritage Homes Corp. *		21		1,576
Taylor Morrison Home Corp. *		45		861
Tempur Sealy International, Inc. *		17		1,202
Toll Brothers, Inc.		48		1,548
TopBuild Corp. *		12		1,365
TRI Pointe Group, Inc. *		47		693
Tupperware Brands Corp. (a)		52		249
Universal Electronics, Inc. *		36		1,700
				16,333
Household Products — 0.4%
Central Garden & Pet Co. *		36		1,277
Central Garden & Pet Co., Class A *		16		537
Energizer Holdings, Inc.		23		1,088
				2,902
Industrial Conglomerates — 0.3%
Carlisle Cos., Inc.		21		2,481
Insurance — 4.1%
Alleghany Corp.		7		3,259
Ambac Financial Group, Inc. *		18		261
American Equity Investment Life Holding Co.		49		1,211
American Financial Group, Inc.		45		2,860
Brighthouse Financial, Inc. *		40		1,118
Brown & Brown, Inc. (a)		36		1,474
CNO Financial Group, Inc.		55		853
First American Financial Corp.		55		2,656
Hanover Insurance Group, Inc. (The)		32		3,245
HCI Group, Inc. (a)		2		106
James River Group Holdings Ltd.		11		513
Kemper Corp. (a)		28		2,060
Old Republic International Corp.		191		3,117
Primerica, Inc. (a)		15		1,772

INVESTMENTS	SHARES (000)		VALUE ($000)
Insurance — continued
Reinsurance Group of America, Inc.		34		2,628
RenaissanceRe Holdings Ltd. (Bermuda)		16		2,805
Selective Insurance Group, Inc.		18		964
Stewart Information Services Corp.		8		270
Third Point Reinsurance Ltd. (Bermuda) *		76		570
United Insurance Holdings Corp.		76		597
Universal Insurance Holdings, Inc.		12		211
				32,550
Interactive Media & Services — 0.3%
QuinStreet, Inc. *		46		482
TripAdvisor, Inc.		71		1,354
Yelp, Inc. *		27		613
				2,449
Internet & Direct Marketing Retail — 1.5%
Etsy, Inc. * (a)		64		6,767
Grubhub, Inc. *		12		872
PetMed Express, Inc.		8		299
Stamps.com, Inc. *		22		4,023
				11,961
IT Services — 2.9%
Alliance Data Systems Corp.		10		469
CACI International, Inc., Class A *		19		4,168
Cardtronics plc, Class A *		15		371
EVERTEC, Inc. (Puerto Rico)		21		579
ExlService Holdings, Inc. *		12		771
KBR, Inc.		99		2,235
ManTech International Corp., Class A		11		753
MAXIMUS, Inc.		23		1,585
NIC, Inc.		24		546
Perficient, Inc. *		12		429
Perspecta, Inc.		152		3,534
Sabre Corp.		180		1,448
Science Applications International Corp.		17		1,351
Sykes Enterprises, Inc. *		70		1,924
Unisys Corp. *		42		458
WEX, Inc. *		14		2,376
				22,997
Leisure Products — 0.8%
Brunswick Corp.		31		1,978
Mattel, Inc. * (a)		128		1,236
Polaris, Inc.		22		2,043
YETI Holdings, Inc. *		24		1,013
				6,270

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN EQUITY FUNDS JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Life Sciences Tools & Services — 1.5%
Bio-Techne Corp.		13		3,538
Charles River Laboratories International, Inc. *		19		3,261
Medpace Holdings, Inc. *		19		1,795
PRA Health Sciences, Inc. *		21		2,004
Syneos Health, Inc. *		24		1,410
				12,008
Machinery — 4.4%
AGCO Corp.		55		3,040
Albany International Corp., Class A		10		575
Barnes Group, Inc.		17		673
Chart Industries, Inc. *		11		548
Colfax Corp. *		31		868
Crane Co.		52		3,117
Federal Signal Corp.		20		595
Graco, Inc.		8		389
Greenbrier Cos., Inc. (The)		49		1,108
Hillenbrand, Inc.		37		988
ITT, Inc.		69		4,076
John Bean Technologies Corp.		12		1,015
Lydall, Inc. *		8		102
Meritor, Inc. *		27		533
Mueller Industries, Inc.		36		954
Nordson Corp.		10		1,935
Oshkosh Corp.		52		3,717
SPX Corp. *		17		708
SPX FLOW, Inc. *		15		558
Standex International Corp.		4		259
Terex Corp.		62		1,167
Timken Co. (The)		72		3,269
Toro Co. (The)		37		2,481
Wabash National Corp. (a)		134		1,418
Watts Water Technologies, Inc., Class A		9		769
Woodward, Inc.		6		450
				35,312
Marine — 0.1%
Kirby Corp. *		13		680
Media — 1.4%
AMC Networks, Inc., Class A * (a)		70		1,633
Cable One, Inc.		2		3,016
EW Scripps Co. (The), Class A		20		179
Gannett Co., Inc. (a)		90		124
John Wiley & Sons, Inc., Class A		68		2,660
Meredith Corp. (a)		53		769

INVESTMENTS	SHARES (000)		VALUE ($000)
Media — continued
New York Times Co. (The), Class A		14		580
TEGNA, Inc.		196		2,187
				11,148
Metals & Mining — 2.1%
Allegheny Technologies, Inc. * (a)		47		480
Arconic Corp. *		34		474
Carpenter Technology Corp.		6		155
Cleveland-Cliffs, Inc. (a)		85		471
Commercial Metals Co.		101		2,066
Haynes International, Inc.		10		238
Kaiser Aluminum Corp.		11		785
Materion Corp.		12		756
Reliance Steel & Aluminum Co.		40		3,815
Royal Gold, Inc.		13		1,653
Steel Dynamics, Inc.		130		3,388
SunCoke Energy, Inc.		38		111
Warrior Met Coal, Inc.		76		1,174
Worthington Industries, Inc.		26		964
				16,530
Mortgage Real Estate Investment Trusts (REITs) — 0.4%
Apollo Commercial Real Estate Finance, Inc.		53		516
ARMOUR Residential REIT, Inc.		22		209
Capstead Mortgage Corp.		92		503
KKR Real Estate Finance Trust, Inc.		33		542
PennyMac Mortgage Investment Trust		59		1,033
Redwood Trust, Inc. (a)		96		675
				3,478
Multiline Retail — 0.3%
Big Lots, Inc.		15		613
Dillard’s, Inc., Class A (a)		7		178
Macy’s, Inc.		111		762
Ollie’s Bargain Outlet Holdings, Inc. * (a)		12		1,182
				2,735
Multi-Utilities — 0.7%
Black Hills Corp.		22		1,247
MDU Resources Group, Inc. (a)		152		3,371
NorthWestern Corp.		24		1,327
				5,945
Oil, Gas & Consumable Fuels — 1.3%
Antero Midstream Corp.		97		496
Callon Petroleum Co. * (a)		51		59
Cimarex Energy Co.		39		1,078

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN EQUITY FUNDS 21

JPMorgan Market Expansion Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Oil, Gas & Consumable Fuels — continued
CNX Resources Corp. * (a)		71		612
EQT Corp.		99		1,175
Green Plains, Inc. * (a)		13		137
Murphy Oil Corp.		66		907
Par Pacific Holdings, Inc. * (a)		86		770
PBF Energy, Inc., Class A		26		264
PDC Energy, Inc. *		36		447
Renewable Energy Group, Inc. * (a)		33		823
REX American Resources Corp. *		2		160
Southwestern Energy Co. * (a)		173		443
World Fuel Services Corp.		79		2,038
WPX Energy, Inc. *		180		1,146
				10,555
Paper & Forest Products — 0.7%
Boise Cascade Co.		47		1,764
Domtar Corp.		37		785
Louisiana-Pacific Corp.		75		1,916
Mercer International, Inc. (Germany)		17		140
PH Glatfelter Co.		16		258
Schweitzer-Mauduit International, Inc.		12		392
				5,255
Personal Products — 0.3%
Edgewell Personal Care Co. *		20		620
Medifast, Inc. (a)		5		644
Nu Skin Enterprises, Inc., Class A		20		779
USANA Health Sciences, Inc. * (a)		4		294
				2,337
Pharmaceuticals — 1.0%
Catalent, Inc. *		56		4,112
Endo International plc * (a)		272		934
Lannett Co., Inc. * (a)		241		1,747
Prestige Consumer Healthcare, Inc. *		20		744
Supernus Pharmaceuticals, Inc. *		17		401
				7,938
Professional Services — 1.5%
ASGN, Inc. *		20		1,314
CoreLogic, Inc.		29		1,956
FTI Consulting, Inc. *		14		1,577
Heidrick & Struggles International, Inc.		43		938
Insperity, Inc.		14		893
Kelly Services, Inc., Class A		14		220
Korn Ferry		51		1,564
ManpowerGroup, Inc.		41		2,839

INVESTMENTS	SHARES (000)		VALUE ($000)
Professional Services — continued
Resources Connection, Inc.		40		484
TrueBlue, Inc. *		21		328
				12,113
Real Estate Management & Development — 0.4%
Jones Lang LaSalle, Inc.		20		2,026
RE/MAX Holdings, Inc., Class A (a)		8		239
Realogy Holdings Corp.		167		1,240
				3,505
Road & Rail — 0.6%
ArcBest Corp.		80		2,116
Landstar System, Inc.		27		3,073
				5,189
Semiconductors & Semiconductor Equipment — 3.2%
Advanced Energy Industries, Inc. *		15		989
Axcelis Technologies, Inc. *		12		345
Cabot Microelectronics Corp.		5		690
Cirrus Logic, Inc. *		21		1,300
Cohu, Inc.		15		251
Cree, Inc. * (a)		23		1,361
FormFactor, Inc. *		30		880
Ichor Holdings Ltd. *		9		242
Kulicke & Soffa Industries, Inc. (Singapore)		80		1,669
MKS Instruments, Inc.		27		3,022
Rambus, Inc. *		117		1,772
Semtech Corp. *		24		1,232
SMART Global Holdings, Inc. * (a)		46		1,242
Synaptics, Inc. * (a)		26		1,563
Teradyne, Inc. (a)		72		6,111
Ultra Clean Holdings, Inc. *		28		625
Universal Display Corp.		16		2,409
Veeco Instruments, Inc. *		2		32
				25,735
Software — 3.1%
ACI Worldwide, Inc. *		43		1,166
Bottomline Technologies DE, Inc. *		12		619
CDK Global, Inc.		66		2,717
CommVault Systems, Inc. *		17		673
Fair Isaac Corp. *		10		4,204
j2 Global, Inc. *		17		1,062
LogMeIn, Inc.		16		1,356
Manhattan Associates, Inc. * (a)		34		3,156
Progress Software Corp.		24		914
PTC, Inc. *		53		4,085

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN EQUITY FUNDS JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Software — continued
Qualys, Inc. *		11		1,175
SPS Commerce, Inc. *		13		999
Xperi Holding Corp.		157		2,318
				24,444
Specialty Retail — 2.6%
Aaron’s, Inc.		23		1,060
American Eagle Outfitters, Inc. (a)		54		586
Asbury Automotive Group, Inc. * (a)		7		534
AutoNation, Inc. *		22		842
Bed Bath & Beyond, Inc. (a)		121		1,282
Boot Barn Holdings, Inc. * (a)		10		218
Caleres, Inc.		17		138
Cato Corp. (The), Class A		40		328
Children’s Place, Inc. (The)		3		110
Dick’s Sporting Goods, Inc.		23		958
Express, Inc. * (a)		24		37
Five Below, Inc. *		11		1,219
Foot Locker, Inc.		40		1,163
Guess?, Inc. (a)		17		163
Haverty Furniture Cos., Inc. (a)		6		92
Hibbett Sports, Inc. * (a)		33		696
Lithia Motors, Inc., Class A		8		1,196
Michaels Cos., Inc. (The) * (a)		36		255
Murphy USA, Inc. *		11		1,238
Office Depot, Inc.		507		1,191
Rent-A-Center, Inc.		45		1,238
RH * (a)		6		1,493
Sally Beauty Holdings, Inc. * (a)		33		411
Signet Jewelers Ltd. (a)		20		207
Sleep Number Corp. *		9		375
Urban Outfitters, Inc. * (a)		24		370
Williams-Sonoma, Inc. (a)		29		2,385
Zumiez, Inc. *		29		805
				20,590
Technology Hardware, Storage & Peripherals — 0.1%
Diebold Nixdorf, Inc. *		30		184
NCR Corp. *		49		845
				1,029
Textiles, Apparel & Luxury Goods — 1.2%
Capri Holdings Ltd. * (a)		50		785
Carter’s, Inc.		16		1,323
Crocs, Inc. * (a)		26		972
Deckers Outdoor Corp. *		15		3,005

INVESTMENTS	SHARES (000)		VALUE ($000)
Textiles, Apparel & Luxury Goods — continued
Fossil Group, Inc. * (a)		19		88
G-III Apparel Group Ltd. *		15		199
Skechers U.S.A., Inc., Class A *		47		1,476
Steven Madden Ltd.		28		703
Wolverine World Wide, Inc.		29		679
				9,230
Thrifts & Mortgage Finance — 1.0%
Essent Group Ltd.		28		1,008
Flagstar Bancorp, Inc.		13		377
HomeStreet, Inc.		9		224
Meta Financial Group, Inc.		12		209
New York Community Bancorp, Inc. (a)		160		1,636
NMI Holdings, Inc., Class A *		30		489
Northwest Bancshares, Inc.		240		2,457
TrustCo Bank Corp.		146		926
Walker & Dunlop, Inc.		10		493
				7,819
Tobacco — 0.3%
Universal Corp.		9		400
Vector Group Ltd.		191		1,921
				2,321
Trading Companies & Distributors — 0.8%
Applied Industrial Technologies, Inc.		14		855
DXP Enterprises, Inc. *		5		90
GMS, Inc. *		14		354
Kaman Corp. (a)		35		1,443
MSC Industrial Direct Co., Inc., Class A		16		1,173
NOW, Inc. *		114		980
Univar Solutions, Inc. *		50		846
Veritiv Corp. * (a)		24		400
Watsco, Inc. (a)		2		444
				6,585
Water Utilities — 0.7%
American States Water Co.		12		978
California Water Service Group		17		787
Essential Utilities, Inc.		82		3,447
				5,212
Wireless Telecommunication Services — 0.2%
Spok Holdings, Inc.		30		281
Telephone and Data Systems, Inc.		73		1,442
				1,723
Total Common Stocks (Cost $674,553)				774,920

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN EQUITY FUNDS 23

JPMorgan Market Expansion Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Preferred Stocks — 0.0% (b)
Trading Companies & Distributors — 0.0% (b)
WESCO International, Inc. Series A, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 10.33%), 10.63%, 6/22/2025 (c) (d) (Cost $ — )		—	(e)		—	(e)
Short-Term Investments — 8.0%
Investment Companies — 3.1%
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (f) (g) (Cost $24,756)		24,740			24,762
Investment of Cash Collateral from Securities Loaned — 4.9%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (f) (g)		35,005			35,019
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (f) (g)		4,323			4,323
Total Investment of Cash Collateral from Securities Loaned (Cost $39,340)					39,342
Total Short-Term Investments (Cost $64,096)					64,104
Total Investments — 105.0% (Cost $738,649)					839,024
Liabilities in Excess of Other Assets — (5.0)%					(40,315	)
Net Assets — 100.0%					798,709

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 June 30, 2020. The total value of securities on loan at June 30, 2020 is approximately $38,484,000.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of June 30, 2020.
(d)	The date shown reflects the next call date on which the issuer may redeem the security at par value. The coupon rate for this security is based on par value and is in effect as of June 30, 2020.
(e)	Amount rounds to less than one thousand.
(f)	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.
(g)	The rate shown is the current yield as of June 30, 2020.
*	Non-income producing security.

Futures contracts outstanding as of June 30, 2020 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
Russell 2000 E-Mini Index		70		09/2020		USD		5,027		185
S&P Midcap 400 E-Mini Index		86		09/2020		USD		15,291		318
										503

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN EQUITY FUNDS JUNE 30, 2020

THIS PAGE IS INTENTIONALLY LEFT BLANK

JUNE 30, 2020 J.P. MORGAN EQUITY FUNDS 25

STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2020

(Amounts in thousands, except per share amounts)

	JPMorgan Equity Index Fund			JPMorgan Market Expansion Enhanced Index Fund
ASSETS:
Investments in non-affiliates, at value	$	4,914,639		$	774,920
Investments in affiliates, at value		78,928			24,762
Investment of cash collateral received from securities loaned, at value (See Note 2.B.)		126,224			39,342
Cash		—			37
Deposits at broker for futures contracts		2,288			1,735
Receivables:
Investment securities sold		15			15,945
Fund shares sold		33,090			167
Dividends from non-affiliates		3,890			873
Dividends from affiliates		1			—	(a)
Securities lending income (See Note 2.B.)		48			19
Variation margin on futures contracts		303			213
Due from adviser		6			—
Total Assets		5,159,432			858,013
LIABILITIES:
Payables:
Investment securities purchased		24,359			19,126
Collateral received on securities loaned (See Note 2.B.)		126,224			39,342
Fund shares redeemed		4,380			555
Accrued liabilities:
Investment advisory fees		—			108
Administration fees		37			12
Distribution fees		209			37
Service fees		206			24
Custodian and accounting fees		51			23
Trustees’ and Chief Compliance Officer’s fees		—	(a)		1
Other		95			76
Total Liabilities		155,561			59,304
Net Assets	$	5,003,871		$	798,709

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN EQUITY FUNDS JUNE 30, 2020

	JPMorgan Equity Index Fund			JPMorgan Market Expansion Enhanced Index Fund
NET ASSETS:
Paid-in-Capital	$	3,082,963		$	694,056
Total distributable earnings (loss)		1,920,908			104,653
Total Net Assets	$	5,003,871		$	798,709
Net Assets:
Class A	$	572,292		$	96,485
Class C		102,864			19,697
Class I		1,022,318			171,771
Class R2		—			10,627
Class R6		3,306,397			500,129
Total	$	5,003,871		$	798,709
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		12,149			11,520
Class C		2,205			2,940
Class I		21,650			20,100
Class R2		—			1,295
Class R6		70,034			58,896
Net Asset Value (a):
Class A — Redemption price per share	$	47.11		$	8.38
Class C — Offering price per share (b)		46.65			6.70
Class I — Offering and redemption price per share		47.22			8.55
Class R2 — Offering and redemption price per share		—			8.21
Class R6 — Offering and redemption price per share		47.21			8.49
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)]	$	49.72		$	8.84
Cost of investments in non-affiliates	$	2,902,621		$	674,553
Cost of investments in affiliates		61,398			24,756
Investment securities on loan, at value (See Note 2.B.)		124,206			38,484
Cost of investment of cash collateral (See Note 2.B.)		126,226			39,340

(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.

JUNE 30, 2020 J.P. MORGAN EQUITY FUNDS 27

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED JUNE 30, 2020

(Amounts in thousands)

	JPMorgan Equity Index Fund			JPMorgan Market Expansion Enhanced Index Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	19		$	10
Interest income from affiliates		—	(a)		—
Dividend income from non-affiliates		114,564			14,005
Dividend income from affiliates		2,522			331
Income from securities lending (net) (See Note 2.B.)		360			233
Total investment income		117,465			14,579
EXPENSES:
Investment advisory fees		1,942			2,165
Administration fees		3,642			650
Distribution fees:
Class A		1,815			284
Class C		761			188
Class R2		—			57
Service fees:
Class A		1,815			284
Class C		254			63
Class I		1,993			545
Class R2		—			28
Custodian and accounting fees		153			51
Interest expense to affiliates		1			—	(a)
Professional fees		105			63
Trustees’ and Chief Compliance Officer’s fees		43			29
Printing and mailing costs		133			51
Registration and filing fees		141			101
Transfer agency fees (See Note 2.F.)		253			60
Other		66			21
Total expenses		13,117			4,640
Less fees waived		(5,773	)		(1,586	)
Less expense reimbursements		(24	)		(1	)
Net expenses		7,320			3,053
Net investment income (loss)		110,145			11,526
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(73,743	)		21,630
Investments in affiliates		(882	)		9
Futures contracts		(4,930	)		(8,431	)
Net realized gain (loss)		(79,555	)		13,208
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		320,605			(102,510	)
Investments in affiliates		(9,615	)		(1	)
Futures contracts		51			348
Change in net unrealized appreciation/depreciation		311,041			(102,163	)
Net realized/unrealized gains (losses)		231,486			(88,955	)
Change in net assets resulting from operations	$	341,631		$	(77,429	)

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN EQUITY FUNDS JUNE 30, 2020

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Equity Index Fund						JPMorgan Market Expansion Enhanced Index Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	110,145		$	79,171		$	11,526		$	11,988
Net realized gain (loss)		(79,555	)		(697	)		13,208			60,062
Change in net unrealized appreciation/depreciation		311,041			296,868			(102,163	)		(113,928	)
Change in net assets resulting from operations		341,631			375,342			(77,429	)		(41,878	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(13,786	)		(10,894	)		(7,463	)		(17,379	)
Class C		(1,399	)		(1,200	)		(1,930	)		(4,564	)
Class I		(17,951	)		(15,256	)		(14,281	)		(38,817	)
Class R2		—			—			(683	)		(1,606	)
Class R6 (a)		(76,732	)		(59,940	)		(32,417	)		(57,201	)
Total distributions to shareholders		(109,868	)		(87,290	)		(56,774	)		(119,567	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		261,702			856,598			(16,159	)		24,718
NET ASSETS:
Change in net assets		493,465			1,144,650			(150,362	)		(136,727	)
Beginning of period		4,510,406			3,365,756			949,071			1,085,798
End of period	$	5,003,871		$	4,510,406		$	798,709		$	949,071

(a) Commencement of offering of class of shares effective October 1, 2018 for JPMorgan Market Expansion Enhanced Index Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN EQUITY FUNDS 29

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Equity Index Fund						JPMorgan Market Expansion Enhanced Index Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	396,037		$	104,926		$	14,635		$	28,741
Distributions reinvested		13,586			10,738			7,071			15,789
Cost of shares redeemed		(476,055	)		(150,518	)		(35,182	)		(62,068	)
Change in net assets resulting from Class A capital transactions	$	(66,432	)	$	(34,854	)	$	(13,476	)	$	(17,538	)
Class C
Proceeds from shares issued	$	28,430		$	39,258		$	2,645		$	9,837
Distributions reinvested		1,019			886			1,874			4,419
Cost of shares redeemed		(27,965	)		(30,024	)		(9,924	)		(14,664	)
Change in net assets resulting from Class C capital transactions	$	1,484		$	10,120		$	(5,405	)	$	(408	)
Class I
Proceeds from shares issued	$	615,684		$	373,010		$	66,205		$	135,987
Distributions reinvested		17,086			14,608			12,652			34,494
Cost of shares redeemed		(449,355	)		(340,701	)		(132,377	)		(683,948	)
Change in net assets resulting from Class I capital transactions	$	183,415		$	46,917		$	(53,520	)	$	(513,467	)
Class R2
Proceeds from shares issued	$	—		$	—		$	2,859		$	5,659
Distributions reinvested		—			—			683			1,476
Cost of shares redeemed		—			—			(3,891	)		(5,678	)
Change in net assets resulting from Class R2 capital transactions	$	—		$	—		$	(349	)	$	1,457
Class R6 (a)
Proceeds from shares issued	$	933,144		$	1,219,905		$	88,970		$	516,387
Distributions reinvested		75,669			59,271			32,417			57,201
Cost of shares redeemed		(865,578	)		(444,761	)		(64,796	)		(18,914	)
Change in net assets resulting from Class R6 capital transactions	$	143,235		$	834,415		$	56,591		$	554,674
Total change in net assets resulting from capital transactions	$	261,702		$	856,598		$	(16,159	)	$	24,718

(a) Commencement of offering of class of shares effective October 1, 2018 for JPMorgan Market Expansion Enhanced Index Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN EQUITY FUNDS JUNE 30, 2020

	JPMorgan Equity Index Fund						JPMorgan Market Expansion Enhanced Index Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
SHARE TRANSACTIONS:
Class A
Issued		9,010			2,516			1,620			2,791
Reinvested		300			257			706			1,719
Redeemed		(10,572	)		(3,539	)		(3,909	)		(5,982	)
Change in Class A Shares		(1,262	)		(766	)		(1,583	)		(1,472	)
Class C
Issued		638			964			354			1,183
Reinvested		23			22			234			591
Redeemed		(629	)		(718	)		(1,383	)		(1,763	)
Change in Class C Shares		32			268			(795	)		11
Class I
Issued		13,690			8,890			7,326			13,208
Reinvested		378			349			1,238			3,691
Redeemed		(10,027	)		(8,135	)		(14,740	)		(63,152	)
Change in Class I Shares		4,041			1,104			(6,176	)		(46,253	)
Class R2
Issued		—			—			332			530
Reinvested		—			—			69			164
Redeemed		—			—			(425	)		(548	)
Change in Class R2 Shares		—			—			(24	)		146
Class R6 (a)
Issued		20,323			27,981			11,559			47,015
Reinvested		1,679			1,409			3,191			6,146
Redeemed		(19,098	)		(10,460	)		(7,082	)		(1,933	)
Change in Class R6 Shares		2,904			18,930			7,668			51,228

(a) Commencement of offering of class of shares effective October 1, 2018 for JPMorgan Market Expansion Enhanced Index Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN EQUITY FUNDS 31

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 Index Fund
Class A
Year Ended June 30, 2020	$	44.90	$	0.91	$	2.20	$	3.11	$	(0.81	)	$	(0.09	)	$	(0.90	)
Year Ended June 30, 2019		41.64		0.72		3.33		4.05		(0.65	)		(0.14	)		(0.79	)
Year Ended June 30, 2018		37.41		0.61		4.54		5.15		(0.54	)		(0.38	)		(0.92	)
Year Ended June 30, 2017		35.36		0.61		5.22		5.83		(0.59	)		(3.19	)		(3.78	)
Year Ended June 30, 2016		41.12		0.71		0.38		1.09		(0.67	)		(6.18	)		(6.85	)
Class C
Year Ended June 30, 2020		44.45		0.62		2.21		2.83		(0.54	)		(0.09	)		(0.63	)
Year Ended June 30, 2019		41.27		0.46		3.30		3.76		(0.44	)		(0.14	)		(0.58	)
Year Ended June 30, 2018		37.08		0.37		4.50		4.87		(0.30	)		(0.38	)		(0.68	)
Year Ended June 30, 2017		35.09		0.36		5.18		5.54		(0.36	)		(3.19	)		(3.55	)
Year Ended June 30, 2016		40.86		0.43		0.38		0.81		(0.40	)		(6.18	)		(6.58	)
Class I
Year Ended June 30, 2020		44.97		1.02		2.25		3.27		(0.93	)		(0.09	)		(1.02	)
Year Ended June 30, 2019		41.68		0.83		3.34		4.17		(0.74	)		(0.14	)		(0.88	)
Year Ended June 30, 2018		37.44		0.72		4.54		5.26		(0.64	)		(0.38	)		(1.02	)
Year Ended June 30, 2017		35.39		0.70		5.22		5.92		(0.68	)		(3.19	)		(3.87	)
Year Ended June 30, 2016		41.14		0.81		0.38		1.19		(0.76	)		(6.18	)		(6.94	)
Class R6
Year Ended June 30, 2020		44.98		1.10		2.22		3.32		(1.00	)		(0.09	)		(1.09	)
Year Ended June 30, 2019		41.68		0.90		3.33		4.23		(0.79	)		(0.14	)		(0.93	)
Year Ended June 30, 2018		37.44		0.76		4.57		5.33		(0.71	)		(0.38	)		(1.09	)
September 1, 2016 (f) through June 30, 2017		36.73		0.58		4.05		4.63		(0.73	)		(3.19	)		(3.92	)

(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.

32 J.P. MORGAN EQUITY FUNDS JUNE 30, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	47.11		7.02	%	$	572,292		0.45	%		1.97	%		0.66	%		15	%
	44.90		9.87			602,186		0.45			1.68			0.66			6
	41.64		13.88			590,286		0.45			1.52			0.69			14
	37.41		17.35			580,645		0.45			1.67			0.76			21
	35.36		3.53			598,815		0.45			1.93			0.94			4
	46.65		6.42			102,864		1.05			1.37			1.14			15
	44.45		9.23			96,605		1.05			1.10			1.13			6
	41.27		13.20			78,613		1.05			0.92			1.15			14
	37.08		16.57			89,681		1.11			1.01			1.23			21
	35.09		2.76			89,104		1.20			1.19			1.43			4
	47.22		7.40			1,022,318		0.20			2.21			0.38			15
	44.97		10.16			791,881		0.20			1.94			0.38			6
	41.68		14.18			687,941		0.20			1.78			0.40			14
	37.44		17.62			740,340		0.20			1.93			0.48			21
	35.39		3.81			819,463		0.20			2.17			0.67			4
	47.21		7.52			3,306,397		0.044			2.38			0.13			15
	44.98		10.33			3,019,734		0.043			2.11			0.13			6
	41.68		14.36			2,008,916		0.042			1.85			0.14			14
	37.44		13.49			338,764		0.045			1.93			0.15			21

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN EQUITY FUNDS 33

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 Market Expansion Enhanced Index Fund
Class A
Year Ended June 30, 2020	$	9.88	$	0.10	$	(0.98	)	$	(0.88	)	$	(0.11	)	$	(0.51	)	$	(0.62	)
Year Ended June 30, 2019		11.75		0.10		(0.65	)		(0.55	)		(0.09	)		(1.23	)		(1.32	)
Year Ended June 30, 2018		11.52		0.10		1.46			1.56			(0.08	)		(1.25	)		(1.33	)
Year Ended June 30, 2017		10.64		0.10		1.92			2.02			(0.08	)		(1.06	)		(1.14	)
Year Ended June 30, 2016		12.98		0.09		(0.21	)		(0.12	)		(0.08	)		(2.14	)		(2.22	)
Class C
Year Ended June 30, 2020		8.02		0.04		(0.78	)		(0.74	)		(0.07	)		(0.51	)		(0.58	)
Year Ended June 30, 2019		9.83		0.04		(0.56	)		(0.52	)		(0.06	)		(1.23	)		(1.29	)
Year Ended June 30, 2018		9.85		0.03		1.24			1.27			(0.04	)		(1.25	)		(1.29	)
Year Ended June 30, 2017		9.27		0.03		1.65			1.68			(0.04	)		(1.06	)		(1.10	)
Year Ended June 30, 2016		11.62		0.01		(0.19	)		(0.18	)		(0.03	)		(2.14	)		(2.17	)
Class I
Year Ended June 30, 2020		10.06		0.12		(0.99	)		(0.87	)		(0.13	)		(0.51	)		(0.64	)
Year Ended June 30, 2019		11.92		0.13		(0.67	)		(0.54	)		(0.09	)		(1.23	)		(1.32	)
Year Ended June 30, 2018		11.66		0.13		1.48			1.61			(0.10	)		(1.25	)		(1.35	)
Year Ended June 30, 2017		10.75		0.13		1.94			2.07			(0.10	)		(1.06	)		(1.16	)
Year Ended June 30, 2016		13.09		0.12		(0.21	)		(0.09	)		(0.11	)		(2.14	)		(2.25	)
Class R2
Year Ended June 30, 2020		9.69		0.06		(0.97	)		(0.91	)		(0.06	)		(0.51	)		(0.57	)
Year Ended June 30, 2019		11.56		0.07		(0.65	)		(0.58	)		(0.06	)		(1.23	)		(1.29	)
Year Ended June 30, 2018		11.36		0.07		1.44			1.51			(0.06	)		(1.25	)		(1.31	)
Year Ended June 30, 2017		10.52		0.07		1.89			1.96			(0.06	)		(1.06	)		(1.12	)
Year Ended June 30, 2016		12.87		0.07		(0.22	)		(0.15	)		(0.06	)		(2.14	)		(2.20	)
Class R6
Year Ended June 30, 2020		10.00		0.13		(0.99	)		(0.86	)		(0.14	)		(0.51	)		(0.65	)
October 1, 2018 (f) through June 30, 2019		12.08		0.11		(0.82	)		(0.71	)		(0.14	)		(1.23	)		(1.37	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN EQUITY FUNDS JUNE 30, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	8.38		(9.97	)%	$	96,485		0.60	%		1.08	%		0.88	%		49	%
	9.88		(3.69	)		129,406		0.60			0.98			0.88			36
	11.75		14.02			171,304		0.60			0.85			0.88			33
	11.52		19.37			162,853		0.62			0.87			0.93			30
	10.64		0.22			99,397		0.69			0.81			0.98			39
	6.70		(10.43	)		19,697		1.10			0.57			1.39			49
	8.02		(4.21	)		29,952		1.10			0.49			1.38			36
	9.83		13.46			36,618		1.10			0.34			1.38			33
	9.85		18.58			37,529		1.17			0.32			1.44			30
	9.27		(0.43	)		24,343		1.39			0.12			1.52			39
	8.55		(9.68	)		171,771		0.35			1.32			0.62			49
	10.06		(3.56	)		264,415		0.34			1.14			0.61			36
	11.92		14.31			864,316		0.35			1.10			0.61			33
	11.66		19.66			788,063		0.38			1.13			0.62			30
	10.75		0.47			800,082		0.44			1.04			0.63			39
	8.21		(10.32	)		10,627		1.00			0.68			1.29			49
	9.69		(4.11	)		12,786		0.93			0.66			1.35			36
	11.56		13.79			13,560		0.83			0.61			1.35			33
	11.36		19.06			22,703		0.85			0.63			1.29			30
	10.52		(0.05	)		11,536		0.92			0.60			1.40			39
	8.49		(9.65	)		500,129		0.25			1.45			0.36			49
	10.00		(4.81	)		512,512		0.25			1.51			0.37			36

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN EQUITY FUNDS 35

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020

1. Organization

JPMorgan Trust II (“JPM II” or 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 Equity Index Fund	Class A, Class C, Class I and Class R6	Diversified
JPMorgan Market Expansion Enhanced Index Fund	Class A, Class C, Class I, Class R2 and Class R6	Diversified

The investment objective of the JPMorgan Equity Index Fund (“Equity Index Fund”) is to seek investment results that correspond to the aggregate price and dividend performance of securities in the Standard & Poor’s 500 Composite Stock Price Index.

The investment objective of the JPMorgan Market Expansion Enhanced Index Fund (“Market Expansion Enhanced Index Fund”) is to seek to provide investment results that correspond to or incrementally exceed the total return performance of an index that tracks the performance of the small- and mid-capitalization equity markets.

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 and Class R6 Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds’ prospectuses. Class C Shares automatically convert to Class A Shares after ten years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

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

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, 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.

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.

36 J.P. MORGAN EQUITY FUNDS JUNE 30, 2020

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

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

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

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

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

The following tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”) (amounts in thousands):

Equity Index Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	5,119,791	$	—	$	—	$	5,119,791
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	512	$	—	$	—	$	512
Market Expansion Enhanced Index Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	839,024	$	—	$	—	$	839,024
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	503	$	—	$	—	$	503

(a) Please refer to the SOIs for specifics of portfolio holdings.

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

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

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimis amounts.

The value of securities out on loan is recorded as an asset on the Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statements of Assets and Liabilities and details of collateral investments are disclosed on the SOIs.

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

JUNE 30, 2020 J.P. MORGAN EQUITY FUNDS 37

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

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 June 30, 2020 (amounts in thousands).

	Investment Securities on Loan, at value, Presented on the Statements of Assets and Liabilities		Cash Collateral Posted by Borrower*			Net Amount Due to Counterparty (not less than zero)
Equity Index Fund	$	124,206	$	(124,206	)	$	—
Market Expansion Enhanced Index Fund		38,484		(38,484	)		—

* Collateral posted reflects the value of securities on loan and does not include any additional amounts received from the borrower.

Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Funds from losses resulting from a borrower’s failure to return a loaned security. JPMIM voluntarily waived investment advisory fees charged to the Funds to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.15% to 0.06%. For the year ended June 30, 2020, JPMIM waived fees associated with the Funds’ investment in the JPMorgan U.S. Government Money Market Fund as follows (amounts in thousands):

Equity Index Fund	$	13
Market Expansion Enhanced Index Fund		8

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 the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the tables below. Amounts in the tables below are in thousands.

Equity Index Fund

	For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Chase & Co. Shares (a)	$	66,537	$	11,588	$	12,069	$	(882	)	$	(9,610	)	$	55,564		591	$	2,144		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (b) (c)		30,018		1,395,800		1,344,000		273	*		(5	)		82,086		82,053		830	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (b) (c)		8,648		749,545		714,055		—			—			44,138		44,138		152	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.06% (b) (c)		24,731		1,281,700		1,283,067		—			—			23,364		23,364		378			—
Total	$	129,934	$	3,438,633	$	3,353,191	$	(609	)	$	(9,615	)	$	205,152			$	3,504		$	—

Market Expansion Enhanced Index Fund

	For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (b) (c)	$	9,338	$	338,063	$	322,654	$	9		$	6		$	24,762		24,740	$	331		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (b) (c)		58,018		96,001		118,999		6	*		(7	)		35,019		35,005		651	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (b) (c)		14,456		216,999		227,132		—			—			4,323		4,323		139	*		—
Total	$	81,812	$	651,063	$	668,785	$	15		$	(1	)	$	64,104			$	1,121		$	—

38 J.P. MORGAN EQUITY FUNDS JUNE 30, 2020

(a) Investment in affiliate. This security is included in an index in which the Fund, as an index fund, tracks.

(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 June 30, 2020.

* 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 — The Funds used index futures contracts to gain or reduce exposure to their respective indices, 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 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 table below discloses the volume of the Funds’ futures contracts activity during the year ended June 30, 2020 (amounts in thousands):

	Equity Index Fund		Market Expansion Enhanced Index Fund
Futures Contracts — Equity:
Average Notional Balance Long	$	34,532	$	17,408
Ending Notional Balance Long		35,315		20,318

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).

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

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

F. Allocation of Income and Expenses — Expenses directly attributable to a Fund are charged directly to that Fund, while the expenses attributable to more than one fund of the 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.

JUNE 30, 2020 J.P. MORGAN EQUITY FUNDS 39

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Funds for the year ended June 30, 2020 are as follows (amounts in thousands):

	Class A		Class C		Class I		Class R2		Class R6		Total
Equity Index Fund
Transfer agency fees	$	201	$	6	$	22		n/a	$	24	$	253
Market Expansion Enhanced Index Fund
Transfer agency fees		21		7		7	$	20		5		60

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 June 30, 2020, no liability for Federal income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

H. Distributions to Shareholders — Equity Index Fund generally declares and pays distributions from net investment income quarterly. Market Expansion Enhanced Index Fund generally declares and pays distributions from net investment income annually. 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.

The following amounts were reclassified within the capital accounts (amounts in thousands):

	Paid-in-Capital		Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
Equity Index Fund	$	—	$	(947	)	$	947
Market Expansion Enhanced Index Fund		—		(62	)		62

The reclassifications for the Fund relate primarily to non-taxable dividends.

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 0.04% of the Equity Index Fund’s average daily net assets and 0.25% of the Market Expansion Enhanced Index 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 Agreements, 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 year ended June 30, 2020, the effective rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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 and Class R2 Shares of the Funds, as applicable, pursuant to Rule 12b-1 under the 1940 Act. The Class I and Class R6 Shares of the Funds do not charge a distribution fee. The Distribution Plan provides that

40 J.P. MORGAN EQUITY FUNDS JUNE 30, 2020

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
Equity Index Fund		0.25	%		0.75	%		n/a
Market Expansion Enhanced Index Fund		0.25			0.75			0.50	%

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 year ended June 30, 2020, JPMDS retained the following amounts (amounts in thousands):

	Front-End Sales Charge		CDSC
Equity Index Fund	$	37	$	—	(a)
Market Expansion Enhanced Index Fund		9		—	(a)

(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 an annual rate of 0.25% of the average daily net assets of each share class.

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 R2			Class R6
Equity Index Fund		0.45	%		n/a	(1)		0.20	%		n/a			0.045	%
Market Expansion Enhanced Index Fund		0.60			1.10	%		0.35			1.00	%		0.25

⁽¹⁾   Effective November 1, 2019, the contractual expense limitation for Class C Shares expired. Prior to November 1, 2019, the contractual expense limitation was 1.20% for Class C Shares.

The expense limitation agreements were in effect for the year ended June 30, 2020 and are in place until at least October 31, 2020.

For the year ended June 30, 2020, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees		Total		Contractual Reimbursements
Equity Index Fund	$	1,942	$	2,097	$	1,670	$	5,709	$	24
Market Expansion Enhanced Index Fund		584		389		586		1,559		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

JUNE 30, 2020 J.P. MORGAN EQUITY FUNDS 41

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

market fund, except for investments of securities lending cash collateral. None of these parties expect the Funds to repay any such waived fees and reimbursed expenses in future years.

The amount of waivers resulting from investments in these money market funds for the year ended June 30, 2020 was as follows (amounts in thousands):

Equity Index Fund	$	64
Market Expansion Enhanced Index Fund		27

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, Inc., an affiliated broker, involving taxable money market instruments, subject to certain conditions.

4. Investment Transactions

During the year ended June 30, 2020, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Equity Index Fund	$	961,005	$	729,294
Market Expansion Enhanced Index Fund		416,535		497,866

During the year ended June 30, 2020, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at June 30, 2020 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Equity Index Fund	$	3,207,806	$	2,022,801	$	110,304	$	1,912,497
Market Expansion Enhanced Index Fund		752,037		171,594		84,104		87,490

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to mark to market of futures contracts, non-taxable dividends and wash sale loss deferrals.

The tax character of distributions paid during the fiscal year ended June 30, 2020 was as follows (amounts in thousands):

	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Equity Index Fund	$	100,689	$	9,179	$	109,868
Market Expansion Enhanced Index Fund		11,935		44,839		56,774

* Short-term gain distributions are treated as ordinary income for income tax purposes.

The tax character of distributions paid during the fiscal year ended June 30, 2019 was as follows (amounts in thousands):

	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Equity Index Fund	$	74,803	$	12,487	$	87,290
Market Expansion Enhanced Index Fund		19,234		100,333		119,567

* Short-term gain distributions are treated as ordinary income for income tax purposes.

42 J.P. MORGAN EQUITY FUNDS JUNE 30, 2020

As of June 30, 2020, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss Carryover)			Unrealized Appreciation (Depreciation)
Equity Index Fund	$	14,873	$	(4,479	)	$	1,912,497
Market Expansion Enhanced Index Fund		5,191		20,724			87,490

The cumulative timing differences primarily consist of mark to market of futures contracts, non-taxable dividends, post-October capital loss deferrals and wash sale loss deferrals.

As of June 30, 2020, the following Fund had net capital loss carryforwards (amounts in thousands):

	Capital Loss Carryforward Character
	Short-Term		Long-Term
Equity Index Fund	$	3,355	$	1,124

Net capital losses incurred after October 31, and within the taxable year are deemed to arise on the first business day of the Funds’ next taxable year. For the year ended June 30, 2020, the Funds deferred to July 1, 2020 the following net capital losses of (amounts in thousands):

	Net Capital Losses (Gains)
	Short-Term			Long-Term
Equity Index Fund	$	(5,720	)	$	7,623
Market Expansion Enhanced Index Fund		8,700			—

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 at June 30, 2020. Average borrowings from the Facility during the year ended June 30, 2020, were as follows (amounts in thousands, except for number of days outstanding):

	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
Equity Index Fund	$	4,774		1.08	%		5	$	1

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 2, 2020.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended June 30, 2020.

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

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00%, which has increased to 1.25% pursuant to the amendment referenced below, plus the greater of the federal funds effective rate or one month 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 11, 2020, this agreement has been

JUNE 30, 2020 J.P. MORGAN EQUITY FUNDS 43

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

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

The Funds did not utilize the Credit Facility during the year ended June 30, 2020.

7. Risks, Concentrations and Indemnifications

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

As of June 30, 2020, the Funds had individual shareholder and/or omnibus accounts, which owned more than 10% of the respective Fund’s outstanding shares as follows:

	Number of individual shareholder and/or Affiliated Omnibus Accounts		% of the Fund
Market Expansion Enhanced Index Fund		3		52.8	%

As of June 30, 2020, J.P. Morgan Investor Funds and JPMorgan SmartRetirement Blend Funds, which are affiliated funds of funds, owned in the aggregate, shares representing more than 10% of the net assets of the Funds as follows:

	JPMorgan Investor Funds			JPMorgan SmartRetirement Blend Funds
Equity Index Fund		—			46.1	%
Market Expansion Enhanced Index Fund		59.0	%		—

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

Because the Funds may invest a portion of their assets in Real Estate Investment Trusts (“REITs”), the Funds may be subject to certain risks similar to those associated with direct investments in real estate. REITs may be affected by changes in the value of their underlying properties and by defaults by tenants. REITs depend generally on their ability to generate cash flow to make distributions to shareholders, and certain REITs have self-liquidation provisions by which mortgages held may be paid in full and distributions of capital returns may be made at any time.

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds’ original investment. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Funds to sell or otherwise close a derivatives position could expose the Funds to losses.

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

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

8. Subsequent Event

On August 11, 2020, the contractual expense limitations for Class A, Class I, Class R2 and Class R6 Shares of the Equity Index Fund and Class A, Class C, Class I, Class R2 and Class R6 Shares of the Market Expansion Enhanced Index Fund were extended until at least October 31, 2021.

44 J.P. MORGAN EQUITY FUNDS JUNE 30, 2020

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust II and Shareholders of JPMorgan Equity Index Fund and JPMorgan Market Expansion Enhanced Index Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of JPMorgan Equity Index Fund and JPMorgan Market Expansion Enhanced Index Fund (two of the funds constituting JPMorgan Trust II, hereafter collectively referred to as the “Funds”) as of June 30, 2020, the related statements of operations for the year ended June 30, 2020, the statements of changes in net assets for each of the two years in the period ended June 30, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended June 30, 2020 and each of the financial highlightsfor each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2020 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

August 24, 2020

We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.

JUNE 30, 2020 J.P. MORGAN EQUITY FUNDS 45

TRUSTEES

(Unaudited)

The Funds’ Statement of Additional Information includes additional information about the Funds’ Trustees and is available, without charge, upon request by calling 1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees
John F. Finn (1947); Chairman since 2020; Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	126	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Stephen P. Fisher (1959); Trustee of Trust since 2018.	Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies).	126	Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).
Kathleen M. Gallagher (1958); Trustee of the Trust since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	126	Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, Fiduciary Solutions, State Street Global Advisors (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016).
Dennis P. Harrington* (1950); Trustee of Trust since 2017.	Retired; Partner, Deloitte LLP (accounting firm) (serving in various roles 1984-2012).	126	None
Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	126	None

46 J.P. MORGAN EQUITY FUNDS JUNE 30, 2020

Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)
Raymond Kanner** (1953); Trustee of Trust since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	126	Advisory Board Member, Penso Advisors LLC (2020-present); Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors Fiduciary Solutions Board (2017-present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016-2017); Advisory Board Member, BlueStar Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015).
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	126	None
Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	126	None
Marilyn McCoy (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	126	None
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (serving in various roles 1981-2006).	126	Director, Sun Life Financial (SLF) (financial services and insurance) (2007-2013).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	126	Trustee and Vice Chair, Trout Unlimited (2017-present); Trustee, American Museum of Fly Fishing (2013-present); Vice Chair, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American University in Cairo (1999-2014).
Marian U. Pardo*** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (investment consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	126	President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).

JUNE 30, 2020 J.P. MORGAN EQUITY FUNDS 47

TRUSTEES

(Unaudited) (continued)

(1) The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 78 for all Trustees.

(2) A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes ten registered investment companies (126 funds).

    * Two family members of Mr. Harrington are partner and managing director, respectively, of the Funds’ independent registered public accounting firm. Such firm has represented to the Board that those family members are not involved in the audit of the Funds’ financial statements and do not provide other services to the Funds. The Board has concluded that such association does not interfere with Mr. Harrington’s exercise of independent judgment as an Independent Trustee.

  ** A family member of Mr. Kanner is employed by JPMorgan Chase Bank, which is affiliated with JPMIM and JPMDS. In that capacity, this employee provides services to various JPMorgan affiliates including JPMIM and JPMDS and for which JPMIM and JPMDS bear some portion of the expense thereof.

*** In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient of non-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase.

The contact address for each of the Trustees is 277 Park Avenue, New York, NY 10172.

48 J.P. MORGAN EQUITY FUNDS JUNE 30, 2020

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (from 2014 to present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (from 1999 to 2014).
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)*	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from October 2013 to January 2016.
Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary since 2010)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2010 to February 2014.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
Anthony Geron (1971), Assistant Secretary (2018)*	Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015.
Carmine Lekstutis (1980), Assistant Secretary (2011)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015.
Keri E. Riemer (1976), Assistant Secretary (2019)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2019; Counsel, Seward & Kissel LLP (law firm) (2016-2019); Associate, Seward & Kissel LLP (2011-2016).
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)*	Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014.
Aleksandr Fleytekh (1972), Assistant Treasurer (2019)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2012.
Shannon Gaines (1977), Assistant Treasurer (2018)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since January 2014.
Jeffrey D. House (1972), Assistant Treasurer (2017)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006.
Lauren A. Paino (1973), Assistant Treasurer (2014)*	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013.
Joseph Parascondola (1963), Assistant Treasurer (2011)*	Executive Director, J.P. Morgan Investment Management, Inc. since February 2020, formerly Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) from August 2006 to January 2020.
Gillian I. Sands (1969), Assistant Treasurer (2012)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012.

The contact address for each of the officers, unless otherwise noted, is 277 Park Avenue, New York, NY 10172.

    * The contact address for the officer is 4 New York Plaza, New York, NY 10004.

  ** The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240.

JUNE 30, 2020 J.P. MORGAN EQUITY FUNDS 49

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, January 1, 2020, and continued to hold your shares at the end of the reporting period, June 30, 2020.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. 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 January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Equity Index Fund
Class A
Actual	$	1,000.00	$	967.00	$	2.20		0.45	%
Hypothetical		1,000.00		1,022.63		2.26		0.45
Class C
Actual		1,000.00		964.60		5.13		1.05
Hypothetical		1,000.00		1,019.64		5.27		1.05
Class I
Actual		1,000.00		969.10		0.98		0.20
Hypothetical		1,000.00		1,023.87		1.01		0.20
Class R6
Actual		1,000.00		969.50		0.20		0.04
Hypothetical		1,000.00		1,024.66		0.20		0.04
JPMorgan Market Expansion Enhanced Index Fund
Class A
Actual		1,000.00		836.30		2.74		0.60
Hypothetical		1,000.00		1,021.88		3.02		0.60
Class C
Actual		1,000.00		833.30		5.01		1.10
Hypothetical		1,000.00		1,019.39		5.52		1.10
Class I
Actual		1,000.00		837.40		1.60		0.35
Hypothetical		1,000.00		1,023.12		1.76		0.35
Class R2
Actual		1,000.00		834.30		4.56		1.00
Hypothetical		1,000.00		1,019.89		5.02		1.00
Class R6
Actual		1,000.00		837.30		1.14		0.25
Hypothetical		1,000.00		1,023.62		1.26		0.25

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

50 J.P. MORGAN EQUITY FUNDS JUNE 30, 2020

LIQUIDITY RISK MANAGEMENT PROGRAM

(Unaudited)

Each of the Funds has adopted the J.P. Morgan Funds Liquidity Risk Management Program (the “Program”) under Rule 22e-4 under the 1940 Act (the “Liquidity Rule”). The Program seeks to assess, manage and review each Fund’s Liquidity Risk. “Liquidity Risk” is defined as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund. Among other things, the Liquidity Rule requires that a written report be provided to the Board of Trustees (the “Board”) on an annual basis that addresses the operation of the Program and assesses the adequacy and effectiveness of its implementation, including the operation of any Highly Liquidity Investment Minimum (“HLIM”) established for a Fund and any material changes to the Program.

The Board has appointed J.P. Morgan Asset Management’s Liquidity Risk Forum to be the program administrator for the Program (the “Program Administrator”). On February 11, 2020, the Board of Trustees reviewed the Program Administrator’s initial written report (the “Report”) concerning the operation of the Program for the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a Fund’s HLIM. There were no material changes to the Program during the Program Reporting Period.

The Report summarized the operation of the Program and the information and factors considered by the Program Administrator in assessing whether the Program has been adequately and effectively implemented with respect to each Fund. Such information and factors included, among other things: (1) the liquidity risk framework used to assess, manage, and periodically review each Fund’s Liquidity Risk and the results of this assessment; (2) the methodology and inputs for classifying each of the Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) whether a Fund invested primarily in “Highly Liquid Investments” (as defined under the Liquidity Rule), whether an HLIM should be established for a Fund (and, for Funds that have adopted an HLIM, whether the HLIM continues to be appropriate or whether a Fund has invested below its HLIM) and the procedures for monitoring for this limit; (4) whether a Fund invested more than 15% of its assets in “Illiquid Investments” (as defined under the Liquidity Rule) and the procedures for monitoring for this limit; and (5) specific liquidity events arising during the Program Reporting Period, including the impact on Fund liquidity caused by extended non-U.S. market closures.

Based on this review, the Report concluded that: (1) the Program continues to be reasonably designed to effectively assess and manage each Fund’s Liquidity Risk; and (2) the Program has been adequately and effectively implemented with respect to each Fund during the Program Reporting Period.

JUNE 30, 2020 J.P. MORGAN EQUITY FUNDS 51

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended June 30, 2020. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2020. The information necessary to complete your income tax returns for the calendar year ending December 31, 2020 will be provided under separate cover.

Dividends Received Deduction (DRD)

Each Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the fiscal year ended June 30, 2020:

	Dividends Received Deduction
JPMorgan Equity Index Fund		99.98	%
JPMorgan Market Expansion Enhanced Index Fund		87.17

Long-Term Capital Gain

Each Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended June 30, 2020 (amounts in thousands):

	Long-Term Capital Gain Distribution
JPMorgan Equity Index Fund	$	9,179
JPMorgan Market Expansion Enhanced Index Fund		44,839

Qualified Dividend Income (QDI)

Each Fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended June 30, 2020 (amounts in thousands):

	Qualified Dividend Income
JPMorgan Equity Index Fund	$	100,689
JPMorgan Market Expansion Enhanced Index Fund		10,166

Section 199A Income

The Fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as 199A dividends for the fiscal year ended June 30, 2020 (amounts in thousands):

	Section 199A Income
JPMorgan Market Expansion Enhanced Index Fund	$	1,769

52 J.P. MORGAN EQUITY FUNDS JUNE 30, 2020

Rev. January 2011

FACTS WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION?

Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:   ◾  Social Security number and account balances   ◾  transaction history and account transactions   ◾  checking account information and wire transfer instructions When you are no longer our customer, we continue to share your information as described in this notice.

How? All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does J.P. Morgan Funds share?	Can you limit  this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes — information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

Questions? Call 1-800-480-4111 or go to www.jpmorganfunds.com

Page 2

Who we are
Who is providing this notice?	J.P. Morgan Funds

What we do
How does J.P. Morgan Funds protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information.
How does J.P. Morgan Funds collect my personal information?	We collect your personal information, for example, when you: ◾  open an account or provide contact information ◾  give us your account information or pay us by check ◾  make a wire transfer We also collect your personal information from others, such as credit bureaus, affiliates and other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ◾  sharing for affiliates’ everyday business purposes – information about your creditworthiness ◾  affiliates from using your information to market to you ◾  sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.

Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ◾  J.P. Morgan Funds does not share with our affiliates.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ◾  J.P. Morgan Funds does not share with nonaffiliates so they can market to you.
Joint Marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ◾  J.P. Morgan Funds doesn’t jointly market.

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

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

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

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC as an exhibit to its report on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC’s website at http://www.sec.gov. Each Fund’s quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

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

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

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

^© JPMorgan Chase & Co., 2020. All rights reserved. June 2020. AN-INDEX-620

Annual Report

J.P. Morgan Investor Funds

June 30, 2020

JPMorgan Investor Balanced Fund

JPMorgan Investor Conservative Growth Fund

JPMorgan Investor Growth Fund

JPMorgan Investor Growth & Income Fund

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

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

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

CONTENTS

Letter to Shareholders	1
Fund Facts	2
Funds Commentary	3
Schedules of Portfolio Investments	9
Financial Statements	14
Financial Highlights	22
Notes to Financial Statements	30
Report of Independent Registered Public Accounting Firm	44
Trustees	45
Officers	48
Schedule of Shareholder Expenses	49
Liquidity Risk Management Program	51
Tax Letter	52
Privacy Policy — Located at the back of this Annual Report

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

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

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

LETTER TO SHAREHOLDERS

JULY 28, 2020 (Unaudited)

Dear Shareholders,

While every epoch holds challenges and opportunities, the current year has brought unprecedented challenges that impacted communities both globally and locally. J.P. Morgan Asset Management has directly confronted the challenges of this year, with sensitivity, urgency and a clear vision, serving our shareholders, clients and communities with unwavering commitment.

  “J.P. Morgan Asset Management has directly confronted the challenges of this year, with sensitivity, urgency and a clear vision, serving our shareholders, clients and communities with unwavering commitment.”
— Andrea L. Lisher

The advent of the COVID-19 pandemic and the ensuing closure of large parts of global, national and local economies also brought severe stress to financial markets. Daily market volatility spiked and yields on U.S. Treasury bonds fell to record lows in March 2020 and by the end of the first quarter of 2020, the value of the S&P 500 Index had declined by 20%. However, the U.S. Federal Reserve, along with other leading central banks, slashed interest rates and unleashed a range of initiatives to seek to ensure liquidity and stability in financial markets. From their lows on March 23, 2020 to the end of the reporting period, the S&P 500 and the Bloomberg Barclays U.S.

Aggregate Index rebounded by 39.3% and 5.0%, respectively, amid accommodative central bank policies, government stimulus programs and global efforts to halt the spread of COVID-19.

Many have faced significant challenges throughout the past year, whether related to the COVID-19 pandemic or the recent acts of racism and discrimination around the world. JPMorgan Chase & Co. has recommitted its firm stance against any form of racism, discrimination, or social injustice. As Brian Lamb, Global Head of Diversity & Inclusion for JPMorgan Chase & Co., recently said, “We are working across the entire firm — being intentional to strengthen our inclusive environment where our employees, customers and partners feel welcomed and valued in the communities where we do business.” To learn more, please visit JPMorgan Chase & Co.’s Diversity & Inclusion web site.

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

JUNE 30, 2020 J.P. MORGAN INVESTOR FUNDS 1

J.P. Morgan Investor Funds

FUND FACTS

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)

Fund	Fund Return (With sales charge)*			Fund Return (Without sales charge)*			Bloomberg Barclays U.S. Intermediate Aggregate Index Return (Broad-Based Fixed Income Benchmark)			Russell 3000 Index Return (Broad-Based Equity Benchmark)			MSCI EAFE Index (net of foreign withholding taxes)			Fund Net Assets as of June 30, 2020 (in thousands)
JPMorgan Investor Balanced Fund, Class A		0.23	%		4.97	%		6.60	%		6.53	%		(5.13	)%	$	4,664,302
JPMorgan Investor Conservative Growth Fund, Class A		0.42			5.13			6.60			6.53			(5.13	)		3,534,600
JPMorgan Investor Growth Fund, Class A		(0.07	)		4.64			6.60			6.53			(5.13	)		2,890,351
JPMorgan Investor Growth & Income Fund, Class A		0.40			5.14			6.60			6.53			(5.13	)		3,032,638

Portfolio Composition by Asset Class**

Investor Balanced Fund
Fixed Income	46.8	%
U.S. Equity	35.9
International Equity	13.1
Alternative Assets	2.4
Short-Term Investments	1.8
Investor Conservative Growth Fund
Fixed Income	66.2	%
U.S. Equity	20.5
International Equity	8.4
Alternative Assets	2.6
Short-Term Investments	2.3
Investor Growth Fund
U.S. Equity	62.8	%
International Equity	23.0
Fixed Income	12.5
Short-Term Investments	1.7

Investor Growth & Income Fund
U.S. Equity	49.1	%
Fixed Income	32.0
International Equity	16.3
Alternative Assets	0.8
Short-Term Investments	1.8

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

** Percentages indicated are based on total investments as of June 30, 2020. The Funds’ portfolio composition is subject to change.

2 J.P. MORGAN INVESTOR FUNDS JUNE 30, 2020

J.P. Morgan Investor Funds

FUNDS COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)

INVESTMENT OBJECTIVES*

The JPMorgan Investor Balanced Fund seeks high total return consistent with the preservation of capital by investing primarily in a diversified group of mutual funds within the same group of investment companies that invest primarily in equity and fixed income securities.

The JPMorgan Investor Conservative Growth Fund seeks income and capital appreciation by investing primarily in a diversified group of mutual funds within the same group of investment companies that invest primarily in fixed income and equity securities.

The JPMorgan Investor Growth Fund seeks long-term capital appreciation by investing primarily in a diversified group of mutual funds within the same group of investment companies that invest primarily in equity securities.

The JPMorgan Investor Growth & Income Fund seeks long-term capital appreciation and growth of income by investing primarily in a diversified group of mutual funds within the same group of investment companies that invest primarily in equity securities.

HOW DID THE MARKET PERFORM?

While U.S. equity markets generally outperformed other financial markets in the second half of 2019, global prices for a broad range of assets fell sharply in the first quarter of 2020 as large sectors of global, national and local economies shut down in response to the COVID-19 pandemic. However, equity markets rebounded somewhat in the final three months of the reporting period as stimulus programs from leading central banks and governments took hold and countries in Asia and Europe showed progress in halting the spread of virus.

In late July 2019, the U.S. Federal Reserve (the “Fed”) cut interest rates for the first time in more than a decade as U.S. economic growth showed signs of slowing, even as U.S. unemployment remained at historically low levels. The central bank followed with two more interest rate cuts in September and October 2019. In response to lower rates and improved or stable economic data, equity prices in the U.S. generally rose in the final months of 2019.

Further support for U.S. equity markets came from a “Phase One” trade agreement between the U.S. and China that reduced existing tariffs and headed off the implementation of new tariffs scheduled to take effect December 15, 2019. U.S. investor sentiment remained positive through January 2020 and weathered a brief flare up in military tension between the U.S. and Iran.

While the S&P 500 reached six new closing highs in February — the last one on February 19 – the final weeks of the month were marked by a broad sell-off of assets and a sharp rise in financial market volatility in reaction to the spread of COVID-19 and the

expected economic damage to follow. In early March 2020, the World Health Organization declared COVID-19 a pandemic and as businesses, schools and other institutions across the country began to close, U.S. weekly unemployment claims reached record highs. By the end of the first quarter of 2020, the S&P 500 had declined by 20%.

A U.S. government stimulus package, valued at 10% of U.S. gross domestic product, and the Fed’s decision to slash interest rates further and restart its quantitative easing asset purchasing program — along with a range of other stimulus programs — provided support for U.S. and global equity markets in the following months. As economies in Asia and Europe, as well as parts of the U.S., began to reopen in the second quarter of 2020, global prices both for equity and fixed income assets rose.

WHAT WERE THE MAIN DRIVERS OF THE FUNDS’ PERFORMANCE?

In accordance with their model allocations, each of the JPMorgan Investor Funds (the “Investor Funds”) allocated its assets among fixed income, equity and alternative investments.

For the twelve months ended June 30, 2020, each of the Investor Funds’ Class A Shares underperformed the Bloomberg Barclays U.S. Intermediate Aggregate Index, the Investor Funds’ broad based fixed income benchmark, mainly due to the Investor Funds’ exposure to global equity, which largely underperformed fixed income markets.

Each of the Investor Funds’ Class A Shares underperformed the Russell 3000 Index, the Investor Funds’ broad based equity benchmark, mainly due to the Investor Funds’ allocation to international equity, which underperformed U.S. equity.

Each of the Investor Funds’ Class A Shares outperformed the MSCI EAFE Index, largely due to their exposure to U.S. equity and fixed income markets.

HOW WERE THE FUNDS POSITIONED?

Each Investor Fund invested in underlying JPMorgan Funds (“underlying funds”). The underlying funds invest in fixed income securities, equities and other alternative fixed income and equity strategies, such as below investment grade, high yield bonds, commodities, equity long/short and market-neutral strategies. Among equities, the underlying funds in which the Investor Funds invested were allocated among large-cap, mid-cap, small-cap and international stocks. The Investor Funds’ portfolio managers made investments for each Investor Fund based on an evaluation of three components: underlying fund selection, tactical asset allocation and strategic asset allocation. The portfolio managers determined the strategic weight for each asset class in the Investor Funds by making

JUNE 30, 2020 J.P. MORGAN INVESTOR FUNDS 3

J.P. Morgan Investor Funds

FUNDS COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)

investments that they believed would perform well over the long term and maintaining a level of volatility similar to that of each Investor Fund’s composite benchmark. During the reporting period, the Investor Funds’ portfolio managers maintained their relative overweight positions in international equities.

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

4 J.P. MORGAN INVESTOR FUNDS JUNE 30, 2020

JPMorgan Investor Balanced Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	December 10, 1996
With Sales Charge*			0.23	%		4.47	%		6.68	%
Without Sales Charge			4.97			5.43			7.17
CLASS C SHARES	July 1, 1997
With CDSC**			3.48			4.84			6.60
Without CDSC			4.48			4.84			6.60
CLASS I SHARES	December 10, 1996		5.26			5.70			7.44
CLASS R6 SHARES	July 31, 2017		5.46			5.80			7.49

* Sales Charge for Class A Shares is 4.50%.

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

TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)

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

Returns for Class R6 Shares prior to its inception date are based on the performance of Class 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 $10,000 invested in Class A Shares of the JPMorgan Investor Balanced Fund, the Bloomberg Barclays U.S. Intermediate Aggregate Index, the Russell 3000 Index, the MSCI EAFE Index (net of foreign withholding taxes) and the Lipper Mixed-Asset Target Allocation Moderate Funds Index from June 30, 2010 to June 30, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the broad-based securities indices and the MSCI EAFE Index (net of foreign withholding taxes) does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Mixed-Asset Target Allocation Moderate Funds Index, which is not a broad-based securities index, includes expenses associated with a mutual fund, such as investment management fees. These expenses are not

identical to the expenses incurred by the Fund. The Bloomberg Barclays U.S. Intermediate Aggregate Index is an unmanaged index comprised of U.S. Government, mortgage, corporate, and asset-backed securities with maturities of one to 10 years. The Russell 3000 Index is an unmanaged index which measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The MSCI EAFE 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, excluding the U.S. and Canada. The Lipper Mixed-Asset Target Allocation Moderate Funds Index consists of funds that by portfolio practice maintain a mix of between 40% to 60% equity securities, with the remainder invested in bonds, cash and cash equivalents. Investors cannot invest directly in an index.

Class A Shares have a $500 minimum initial investment and carry a 4.50% 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.

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.

JUNE 30, 2020 J.P. MORGAN INVESTOR FUNDS 5

JPMorgan Investor Conservative Growth Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	December 10, 1996
With Sales Charge*			0.42	%		3.54	%		5.00	%
Without Sales Charge			5.13			4.50			5.48
CLASS C SHARES	July 1, 1997
With CDSC**			3.60			3.91			4.91
Without CDSC			4.60			3.91			4.91
CLASS I SHARES	December 10, 1996		5.35			4.76			5.73
CLASS R6 SHARES	July 31, 2017		5.57			4.84			5.77

* Sales Charge for Class A Shares is 4.50%.

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

TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)

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

Returns for Class R6 Shares prior to its inception date are based on the performance of Class 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 $10,000 invested in Class A Shares of the JPMorgan Investor Conservative Growth Fund, the Bloomberg Barclays U.S. Intermediate Aggregate Index, the Russell 3000 Index, the MSCI EAFE Index (net of foreign withholding taxes) and the Lipper Mixed-Asset Target Allocation Conservative Funds Index from June 30, 2010 to June 30, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the broad-based securities indices and the MSCI EAFE Index (net of foreign withholding taxes) does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Mixed-Asset Target Allocation Conservative Funds Index, which is not a broad-based securities index, includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The

Bloomberg Barclays U.S. Intermediate Aggregate Index is an unmanaged index comprised of U.S. Government, mortgage, corporate, and asset-backed securities with maturities of one to 10 years. The Russell 3000 Index is an unmanaged index which measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The MSCI EAFE 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, excluding the U.S. and Canada. The Lipper Mixed-Asset Target Allocation Conservative Funds Index consists of funds that by portfolio practice maintain a mix of between 20% to 40% equity securities, with the remainder invested in bonds, cash and cash equivalents. Investors cannot invest directly in an index.

Class A Shares have a $500 minimum initial investment and carry a 4.50% 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.

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 INVESTOR FUNDS JUNE 30, 2020

JPMorgan Investor Growth Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	December 10, 1996
With Sales Charge*			(0.07	)%		6.01	%		9.85	%
Without Sales Charge			4.64			6.99			10.35
CLASS C SHARES	July 1, 1997
With CDSC**			3.09			6.39			9.75
Without CDSC			4.09			6.39			9.75
CLASS I SHARES	December 10, 1996		4.92			7.26			10.64
CLASS R6 SHARES	July 31, 2017		5.13			7.35			10.68

* Sales Charge for Class A Shares is 4.50%.

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

TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)

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

Returns for Class R6 Shares prior to its inception date are based on the performance of Class 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 $10,000 invested in Class A Shares of the JPMorgan Investor Growth Fund, the Bloomberg Barclays U.S. Intermediate Aggregate Index, the Russell 3000 Index, the MSCI EAFE Index (net of foreign withholding taxes) and the Lipper Mixed-Asset Target Allocation Aggressive Growth Funds Index from June 30, 2010 to June 30, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the broad-based securities indices and the MSCI EAFE Index (net of foreign withholding taxes) does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Mixed-Asset Target Allocation Aggressive Growth Funds Index, which is not a broad-based securities index, includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the

Fund. The Bloomberg Barclays U.S. Intermediate Aggregate Index is an unmanaged index comprised of U.S. Government, mortgage, corporate, and asset-backed securities with maturities of one to 10 years. The Russell 3000 Index is an unmanaged index which measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The MSCI EAFE 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, excluding the U.S. and Canada. The Lipper Mixed-Asset Target Allocation Aggressive Growth Funds Index consists of funds that invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. Investors cannot invest directly in an index.

Class A Shares have a $500 minimum initial investment and carry a 4.50% 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.

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.

JUNE 30, 2020 J.P. MORGAN INVESTOR FUNDS 7

JPMorgan Investor Growth & Income Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	December 10, 1996
With Sales Charge*			0.40	%		5.29	%		8.22	%
Without Sales Charge			5.14			6.26			8.72
CLASS C SHARES	July 1, 1997
With CDSC**			3.62			5.66			8.13
Without CDSC			4.62			5.66			8.13
CLASS I SHARES	December 10, 1996		5.45			6.53			8.99
CLASS R6 SHARES	July 31, 2017		5.62			6.62			9.03

* Sales Charge for Class A Shares is 4.50%.

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

TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)

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

Returns for Class R6 Shares prior to its inception date are based on the performance of Class 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 $10,000 invested in Class A Shares of the JPMorgan Investor Growth & Income Fund, the Bloomberg Barclays U.S. Intermediate Aggregate Index, the Russell 3000 Index, the MSCI EAFE Index (net of foreign withholding taxes) and the Lipper Mixed-Asset Target Allocation Growth Funds Index from June 30, 2010 to June 30, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the broad-based securities indices and the MSCI EAFE Index (net of foreign withholding taxes) does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Mixed-Asset Target Allocation Growth Funds Index, which is not a broad-based securities index, includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Bloomberg Barclays U.S.

Intermediate Aggregate Index is an unmanaged index comprised of U.S. Government, mortgage, corporate, and asset-backed securities with maturities of one to 10 years. The Russell 3000 Index is an unmanaged index which measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The MSCI EAFE 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, excluding the U.S. and Canada. The Lipper Mixed-Asset Target Allocation Growth Funds Index consists of funds that by portfolio practice maintain a mix of between 60% to 80% equity securities, with the remainder invested in bonds, cash and cash equivalents. Investors cannot invest directly in an index.

Class A Shares have a $500 minimum initial investment and carry a 4.50% 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.

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 INVESTOR FUNDS JUNE 30, 2020

JPMorgan Investor Balanced Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment Companies — 98.3%
Alternative Assets — 2.3%
JPMorgan Strategic Income Opportunities Fund Class R6 Shares (a)		6,311		71,761
JPMorgan Unconstrained Debt Fund Class R6 Shares (a)		3,780		37,161
Total Alternative Assets				108,922
Fixed Income — 46.9%
JPMorgan Core Bond Fund Class R6 Shares (a)		82,141		1,016,902
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		52,783		460,270
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		5,841		44,506
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		7,970		67,191
JPMorgan High Yield Fund Class R6 Shares (a)		18,737		123,852
JPMorgan Income Fund Class R6 Shares (a)		22,795		206,297
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		6,063		63,174
JPMorgan Limited Duration Bond Fund Class R6 Shares (a)		20,001		203,010
Total Fixed Income				2,185,202
International Equity — 13.1%
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		3,569		113,205
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		4,742		75,736
JPMorgan Europe Dynamic Fund Class R6 Shares (a)		3,217		72,638
JPMorgan International Equity Fund Class R6 Shares (a)		4,455		72,965
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		17,108		276,983
Total International Equity				611,527
U.S. Equity — 36.0%
JPMorgan Equity Income Fund Class R6 Shares (a)		8,157		134,748
JPMorgan Intrepid Growth Fund Class R6 Shares (a)		2,717		157,349
JPMorgan Large Cap Growth Fund Class R6 Shares (a)		5,213		264,075
JPMorgan Large Cap Value Fund Class R6 Shares (a)		9,321		116,791
JPMorgan Market Expansion Enhanced Index Fund Class R6 Shares (a)		18,502		157,086
JPMorgan Mid Cap Growth Fund Class R6 Shares * (a)		1,057		46,588
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		360		19,408

INVESTMENTS	SHARES (000)		VALUE ($000)
U.S. Equity — continued
JPMorgan Small Cap Value Fund Class R6 Shares (a)		2,034		40,527
JPMorgan U.S. Equity Fund Class R6 Shares (a)		25,525		417,080
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		7,386		198,019
JPMorgan Value Advantage Fund Class R6 Shares (a)		4,217		125,287
Total U.S. Equity				1,676,958
Total Investment Companies (Cost $3,907,173)				4,582,609
Short-Term Investments — 1.8%
Investment Companies — 1.8%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a) (b) (Cost $85,748)		85,748		85,748
Total Investments — 100.1% (Cost $3,992,921)				4,668,357
Liabilities in Excess of Other Assets — (0.1)%				(4,055	)
NET ASSETS — 100.0%				4,664,302

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 June 30, 2020.
*	Non-income producing security.

Detailed information about investment portfolios of the underlying funds can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC’s as well as each respective underlying fund’s website. Detailed information about underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN INVESTOR FUNDS 9

JPMorgan Investor Conservative Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment Companies — 97.8%
Alternative Assets — 2.6%
JPMorgan Strategic Income Opportunities Fund Class R6 Shares (a)		5,264		59,857
JPMorgan Unconstrained Debt Fund Class R6 Shares (a)		3,173		31,189
Total Alternative Assets				91,046
Fixed Income — 66.2%
JPMorgan Core Bond Fund Class R6 Shares (a)		89,642		1,109,768
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		50,957		444,346
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		4,376		33,346
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		8,152		68,718
JPMorgan Government Bond Fund Class R6 Shares (a)		3,181		36,072
JPMorgan High Yield Fund Class R6 Shares (a)		14,159		93,590
JPMorgan Income Fund Class R6 Shares (a)		21,894		198,144
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		5,649		58,859
JPMorgan Limited Duration Bond Fund Class R6 Shares (a)		29,404		298,450
Total Fixed Income				2,341,293
International Equity — 8.4%
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		1,960		62,166
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		2,812		44,908
JPMorgan Europe Dynamic Fund Class R6 Shares (a)		1,032		23,298
JPMorgan International Equity Fund Class R6 Shares (a)		1,559		25,534
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		8,664		140,275
Total International Equity				296,181
U.S. Equity — 20.6%
JPMorgan Equity Income Fund Class R6 Shares (a)		4,573		75,542
JPMorgan Intrepid Growth Fund Class R6 Shares (a)		1,497		86,700
JPMorgan Large Cap Growth Fund Class R6 Shares (a)		2,050		103,858
JPMorgan Large Cap Value Fund Class R6 Shares (a)		2,916		36,535
JPMorgan Market Expansion Enhanced Index Fund Class R6 Shares (a)		5,794		49,189
JPMorgan Mid Cap Growth Fund Class R6 Shares * (a)		752		33,158

INVESTMENTS	SHARES (000)		VALUE ($000)
U.S. Equity — continued
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		199		10,732
JPMorgan Small Cap Value Fund Class R6 Shares (a)		1,165		23,208
JPMorgan U.S. Equity Fund Class R6 Shares (a)		9,979		163,061
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		2,823		75,682
JPMorgan Value Advantage Fund Class R6 Shares (a)		2,329		69,196
Total U.S. Equity				726,861
Total Investment Companies (Cost $3,062,367)				3,455,381
Short-Term Investments — 2.3%
Investment Companies — 2.3%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a) (b) (Cost $81,542)		81,542		81,542
Total Investments — 100.1% (Cost $3,143,909)				3,536,923
Liabilities in Excess of Other Assets — (0.1)%				(2,323	)
NET ASSETS — 100.0%				3,534,600

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 June 30, 2020.
*	Non-income producing security.

Detailed information about investment portfolios of the underlying funds can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC’s as well as each respective underlying fund’s website. Detailed information about underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN INVESTOR FUNDS JUNE 30, 2020

JPMorgan Investor Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment Companies — 98.4%
Fixed Income — 12.5%
JPMorgan Core Bond Fund Class R6 Shares (a)		19,752		244,531
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		3,914		34,127
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		1,665		12,685
JPMorgan High Yield Fund Class R6 Shares (a)		8,566		56,620
JPMorgan Income Fund Class R6 Shares (a)		1,590		14,393
Total Fixed Income				362,356
International Equity — 23.0%
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		2,728		86,521
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		4,068		64,972
JPMorgan Europe Dynamic Fund Class R6 Shares (a)		3,670		82,873
JPMorgan International Equity Fund Class R6 Shares (a)		7,215		118,179
JPMorgan International Focus Fund Class R6 Shares (a)		4,146		87,895
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		13,838		224,042
Total International Equity				664,482
U.S. Equity — 62.9%
JPMorgan Equity Income Fund Class R6 Shares (a)		4,958		81,907
JPMorgan Intrepid Growth Fund Class R6 Shares (a)		2,730		158,097
JPMorgan Large Cap Growth Fund Class R6 Shares (a)		7,560		382,989
JPMorgan Large Cap Value Fund Class R6 Shares (a)		18,968		237,668
JPMorgan Market Expansion Enhanced Index Fund Class R6 Shares (a)		17,083		145,035
JPMorgan Mid Cap Growth Fund Class R6 Shares * (a)		1,150		50,686
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		250		13,476
JPMorgan Small Cap Value Fund Class R6 Shares (a)		2,993		59,627
JPMorgan U.S. Equity Fund Class R6 Shares (a)		25,713		420,147
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		6,937		185,993
JPMorgan Value Advantage Fund Class R6 Shares (a)		2,725		80,959
Total U.S. Equity				1,816,584
Total Investment Companies (Cost $2,279,740)				2,843,422

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 1.7%
Investment Companies — 1.7%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a) (b) (Cost $49,643)		49,643		49,643
Total Investments — 100.1% (Cost $2,329,383)				2,893,065
Liabilities in Excess of Other Assets — (0.1)%				(2,714	)
NET ASSETS — 100.0%				2,890,351

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 June 30, 2020.
*	Non-income producing security.

Detailed information about investment portfolios of the underlying funds can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC’s as well as each respective underlying fund’s website. Detailed information about underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN INVESTOR FUNDS 11

JPMorgan Investor Growth & Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment Companies — 98.2%
Alternative Assets — 0.8%
JPMorgan Strategic Income Opportunities Fund Class R6 Shares (a)		2,114		24,041
Fixed Income — 32.0%
JPMorgan Core Bond Fund Class R6 Shares (a)		39,483		488,800
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		20,474		178,529
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		1,825		13,905
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		3,398		28,641
JPMorgan High Yield Fund Class R6 Shares (a)		13,090		86,524
JPMorgan Income Fund Class R6 Shares (a)		10,183		92,158
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		3,255		33,920
JPMorgan Limited Duration Bond Fund Class R6 Shares (a)		4,784		48,554
Total Fixed Income				971,031
International Equity — 16.3%
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		2,418		76,698
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		3,613		57,707
JPMorgan Europe Dynamic Fund Class R6 Shares (a)		2,715		61,298
JPMorgan International Equity Fund Class R6 Shares (a)		4,311		70,614
JPMorgan International Focus Fund Class R6 Shares (a)		2,072		43,930
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		11,431		185,069
Total International Equity				495,316
U.S. Equity — 49.1%
JPMorgan Equity Income Fund Class R6 Shares (a)		5,823		96,196
JPMorgan Intrepid Growth Fund Class R6 Shares (a)		1,720		99,637
JPMorgan Large Cap Growth Fund Class R6 Shares (a)		6,026		305,298
JPMorgan Large Cap Value Fund Class R6 Shares (a)		11,548		144,690
JPMorgan Market Expansion Enhanced Index Fund Class R6 Shares (a)		14,087		119,601
JPMorgan Mid Cap Growth Fund Class R6 Shares * (a)		947		41,735
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		238		12,828
JPMorgan Small Cap Value Fund Class R6 Shares (a)		2,386		47,522

INVESTMENTS	SHARES (000)		VALUE ($000)
U.S. Equity — continued
JPMorgan U.S. Equity Fund Class R6 Shares (a)		20,481		334,653
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		7,059		189,258
JPMorgan Value Advantage Fund Class R6 Shares (a)		3,265		97,001
Total U.S. Equity				1,488,419
Total Investment Companies (Cost $2,435,969)				2,978,807
Short-Term Investments — 1.8%
Investment Companies — 1.8%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a) (b) (Cost $54,957)		54,957		54,957
Total Investments — 100.0% (Cost $2,490,926)				3,033,764
Liabilities in Excess of Other Assets — 0.0% (c)				(1,126	)
NET ASSETS — 100.0%				3,032,638

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 June 30, 2020.
(c)	Amount rounds to less than 0.1% of net assets.
*	Non-income producing security.

Detailed information about investment portfolios of the underlying funds can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC’s as well as each respective underlying fund’s website. Detailed information about underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN INVESTOR FUNDS JUNE 30, 2020

THIS PAGE IS INTENTIONALLY LEFT BLANK

JUNE 30, 2020 J.P. MORGAN INVESTOR FUNDS 13

STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2020

(Amounts in thousands, except per share amounts)

	JPMorgan Investor Balanced Fund			JPMorgan Investor Conservative Growth Fund			JPMorgan Investor Growth Fund			JPMorgan Investor Growth & Income Fund
ASSETS:
Investments in affiliates, at value	$	4,668,357		$	3,536,923		$	2,893,065		$	3,033,764
Cash		—			—			7			—
Receivables:
Fund shares sold		3,625			3,601			1,741			2,840
Dividends from affiliates		883			852			48			383
Total Assets		4,672,865			3,541,376			2,894,861			3,036,987
LIABILITIES:
Payables:
Due to custodian		872			842			—			374
Distributions		75			23			35			50
Fund shares redeemed		5,356			3,947			3,115			2,521
Accrued liabilities:
Investment advisory fees		182			138			112			118
Distribution fees		1,144			1,089			582			655
Service fees		826			660			538			535
Custodian and accounting fees		6			9			5			4
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—	(a)		—	(a)		—	(a)
Other		102			68			123			92
Total Liabilities		8,563			6,776			4,510			4,349
Net Assets	$	4,664,302		$	3,534,600		$	2,890,351		$	3,032,638

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN INVESTOR FUNDS JUNE 30, 2020

	JPMorgan Investor Balanced Fund			JPMorgan Investor Conservative Growth Fund			JPMorgan Investor Growth Fund			JPMorgan Investor Growth & Income Fund
NET ASSETS:
Paid-in-Capital	$	3,858,917		$	3,081,248		$	2,197,329		$	2,389,258
Total distributable earnings (loss)		805,385			453,352			693,022			643,380
Total Net Assets	$	4,664,302		$	3,534,600		$	2,890,351		$	3,032,638
Net Assets:
Class A	$	3,638,623		$	2,428,688		$	2,330,222		$	2,593,685
Class C		648,738			967,282			170,927			203,007
Class I		303,555			130,768			375,434			210,480
Class R6		73,386			7,862			13,768			25,466
Total	$	4,664,302		$	3,534,600		$	2,890,351		$	3,032,638
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		246,383			192,287			119,497			156,364
Class C		44,720			76,979			9,537			12,659
Class I		20,511			10,286			18,780			12,932
Class R6		4,962			619			689			1,565
Net Asset Value (a):
Class A — Redemption price per share	$	14.77		$	12.63		$	19.50		$	16.59
Class C — Offering price per share (b)		14.51			12.57			17.92			16.04
Class I — Offering and redemption price per share		14.80			12.71			19.99			16.28
Class R6 — Offering and redemption price per share		14.79			12.70			19.98			16.27
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)]	$	15.47		$	13.23		$	20.42		$	17.37
Cost of investments in affiliates	$	3,992,921		$	3,143,909		$	2,329,383		$	2,490,926

(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.

JUNE 30, 2020 J.P. MORGAN INVESTOR FUNDS 15

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED JUNE 30, 2020

(Amounts in thousands)

	JPMorgan Investor Balanced Fund			JPMorgan Investor Conservative Growth Fund			JPMorgan Investor Growth Fund			JPMorgan Investor Growth & Income Fund
INVESTMENT INCOME:
Interest income from affiliates	$	—		$	—	(a)	$	—		$	2
Dividend income from affiliates		110,742			91,001			48,778			61,440
Total investment income		110,742			91,001			48,778			61,442
EXPENSES:
Investment advisory fees		2,331			1,742			1,393			1,473
Distribution fees:
Class A		8,866			5,749			5,507			6,239
Class C		5,286			7,834			1,342			1,637
Service fees:
Class A		8,866			5,749			5,507			6,239
Class C		1,762			2,611			447			546
Class I		851			346			980			544
Custodian and accounting fees		46			42			33			33
Interest expense to affiliates		19			—			5			—
Professional fees		81			66			60			61
Trustees’ and Chief Compliance Officer’s fees		42			38			36			36
Printing and mailing costs		183			130			175			148
Registration and filing fees		292			198			157			169
Transfer agency fees (See Note 2.D.)		315			207			483			355
Other		58			46			40			39
Total expenses		28,998			24,758			16,165			17,519
Less fees waived		(1,365	)		(860	)		(1,250	)		(1,132	)
Net expenses		27,633			23,898			14,915			16,387
Net investment income (loss)		83,109			67,103			33,863			45,055
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on investments in affiliates		154,582			67,580			130,833			142,821
Distributions of capital gains received from investment company affiliates		119,158			52,549			112,377			97,301
Change in net unrealized appreciation/depreciation of investments in affiliates		(149,916	)		(30,281	)		(153,606	)		(144,999	)
Net realized/unrealized gains (losses)		123,824			89,848			89,604			95,123
Change in net assets resulting from operations	$	206,933		$	156,951		$	123,467		$	140,178

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN INVESTOR FUNDS JUNE 30, 2020

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Investor Balanced Fund						JPMorgan Investor Conservative Growth Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	83,109		$	89,737		$	67,103		$	69,987
Net realized gain (loss) on investments in affiliates		154,582			37,713			67,580			10,717
Distributions of capital gains received from investment company affiliates		119,158			173,212			52,549			72,093
Change in net unrealized appreciation/depreciation of investments in affiliates		(149,916	)		(54,707	)		(30,281	)		28,942
Change in net assets resulting from operations		206,933			245,955			156,951			181,739
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(229,989	)		(232,243	)		(106,707	)		(119,285	)
Class C		(42,751	)		(50,570	)		(43,315	)		(58,906	)
Class I		(20,229	)		(34,408	)		(6,669	)		(8,011	)
Class R6		(4,648	)		(6,281	)		(75	)		(56	)
Total distributions to shareholders		(297,617	)		(323,502	)		(156,766	)		(186,258	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(26,255	)		74,192			110,079			(70,867	)
NET ASSETS:
Change in net assets		(116,939	)		(3,355	)		110,264			(75,386	)
Beginning of period		4,781,241			4,784,596			3,424,336			3,499,722
End of period	$	4,664,302		$	4,781,241		$	3,534,600		$	3,424,336

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN INVESTOR FUNDS 17

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Investor Growth Fund						JPMorgan Investor Growth & Income Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	33,863		$	35,452		$	45,055		$	46,287
Net realized gain (loss) on investments in affiliates		130,833			14,651			142,821			18,602
Distributions of capital gains received from investment company affiliates		112,377			164,537			97,301			139,926
Change in net unrealized appreciation/depreciation of investments in affiliates		(153,606	)		(85,789	)		(144,999	)		(58,395	)
Change in net assets resulting from operations		123,467			128,851			140,178			146,420
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(177,809	)		(144,207	)		(180,537	)		(172,898	)
Class C		(14,895	)		(14,542	)		(15,142	)		(17,650	)
Class I		(30,485	)		(31,959	)		(16,426	)		(18,084	)
Class R6		(944	)		(635	)		(1,136	)		(131	)
Total distributions to shareholders		(224,133	)		(191,343	)		(213,241	)		(208,763	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		204,943			146,730			199,917			78,414
NET ASSETS:
Change in net assets		104,277			84,238			126,854			16,071
Beginning of period		2,786,074			2,701,836			2,905,784			2,889,713
End of period	$	2,890,351		$	2,786,074		$	3,032,638		$	2,905,784

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN INVESTOR FUNDS JUNE 30, 2020

	JPMorgan Investor Balanced Fund						JPMorgan Investor Conservative Growth Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	804,533		$	419,952		$	707,325		$	294,066
Distributions reinvested		229,101			231,262			106,330			118,802
Cost of shares redeemed		(783,437	)		(575,307	)		(558,904	)		(414,742	)
Change in net assets resulting from Class A capital transactions	$	250,197		$	75,907		$	254,751		$	(1,874	)
Class C
Proceeds from shares issued	$	92,860		$	129,028		$	152,586		$	143,401
Distributions reinvested		42,486			50,322			43,140			58,642
Cost of shares redeemed		(227,894	)		(197,314	)		(339,533	)		(273,784	)
Change in net assets resulting from Class C capital transactions	$	(92,548	)	$	(17,964	)	$	(143,807	)	$	(71,741	)
Class I
Proceeds from shares issued	$	61,893		$	106,093		$	29,848		$	31,399
Distributions reinvested		19,891			34,018			6,494			7,805
Cost of shares redeemed		(253,271	)		(126,231	)		(43,993	)		(37,283	)
Change in net assets resulting from Class I capital transactions	$	(171,487	)	$	13,880		$	(7,651	)	$	1,921
Class R6
Proceeds from shares issued	$	8,796		$	434		$	7,156		$	825
Distributions reinvested		4,648			6,281			75			56
Cost of shares redeemed		(25,861	)		(4,346	)		(445	)		(54	)
Change in net assets resulting from Class R6 capital transactions	$	(12,417	)	$	2,369		$	6,786		$	827
Total change in net assets resulting from capital transactions	$	(26,255	)	$	74,192		$	110,079		$	(70,867	)
SHARE TRANSACTIONS:
Class A
Issued		54,485			28,470			56,518			23,834
Reinvested		15,430			16,469			8,462			9,899
Redeemed		(54,146	)		(38,906	)		(45,232	)		(33,557	)
Change in Class A Shares		15,769			6,033			19,748			176
Class C
Issued		6,428			8,765			12,247			11,611
Reinvested		2,906			3,662			3,449			4,929
Redeemed		(16,049	)		(13,554	)		(27,680	)		(22,262	)
Change in Class C Shares		(6,715	)		(1,127	)		(11,984	)		(5,722	)
Class I
Issued		4,202			7,190			2,372			2,514
Reinvested		1,338			2,415			514			645
Redeemed		(16,863	)		(8,512	)		(3,553	)		(2,999	)
Change in Class I Shares		(11,323	)		1,093			(667	)		160
Class R6
Issued		605			29			570			63
Reinvested		313			446			6			5
Redeemed		(1,717	)		(303	)		(35	)		(4	)
Change in Class R6 Shares		(799	)		172			541			64

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN INVESTOR FUNDS 19

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Investor Growth Fund						JPMorgan Investor Growth & Income Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	558,177		$	295,028		$	565,444		$	294,835
Distributions reinvested		176,437			143,072			179,461			171,732
Cost of shares redeemed		(455,371	)		(311,300	)		(521,230	)		(373,201	)
Change in net assets resulting from Class A capital transactions	$	279,243		$	126,800		$	223,675		$	93,366
Class C
Proceeds from shares issued	$	27,420		$	34,224		$	27,326		$	35,286
Distributions reinvested		14,722			14,397			15,011			17,483
Cost of shares redeemed		(54,930	)		(55,653	)		(69,814	)		(68,604	)
Change in net assets resulting from Class C capital transactions	$	(12,788	)	$	(7,032	)	$	(27,477	)	$	(15,835	)
Class I
Proceeds from shares issued	$	66,549		$	82,376		$	33,034		$	35,550
Distributions reinvested		29,649			31,144			15,920			17,565
Cost of shares redeemed		(161,471	)		(88,944	)		(56,949	)		(64,882	)
Change in net assets resulting from Class I capital transactions	$	(65,273	)	$	24,576		$	(7,995	)	$	(11,767	)
Class R6
Proceeds from shares issued	$	5,644		$	3,044		$	11,377		$	12,753
Distributions reinvested		943			634			1,136			131
Cost of shares redeemed		(2,826	)		(1,292	)		(799	)		(234	)
Change in net assets resulting from Class R6 capital transactions	$	3,761		$	2,386		$	11,714		$	12,650
Total change in net assets resulting from capital transactions	$	204,943		$	146,730		$	199,917		$	78,414
SHARE TRANSACTIONS:
Class A
Issued		28,831			15,030			34,165			17,769
Reinvested		8,791			7,926			10,681			11,040
Redeemed		(23,795	)		(15,769	)		(31,975	)		(22,350	)
Change in Class A Shares		13,827			7,187			12,871			6,459
Class C
Issued		1,555			1,838			1,717			2,154
Reinvested		796			861			922			1,166
Redeemed		(3,095	)		(3,007	)		(4,444	)		(4,230	)
Change in Class C Shares		(744	)		(308	)		(1,805	)		(910	)
Class I
Issued		3,339			4,074			2,041			2,158
Reinvested		1,443			1,682			967			1,147
Redeemed		(8,024	)		(4,427	)		(3,539	)		(4,001	)
Change in Class I Shares		(3,242	)		1,329			(531	)		(696	)
Class R6
Issued		288			152			706			808
Reinvested		46			34			69			8
Redeemed		(145	)		(66	)		(48	)		(14	)
Change in Class R6 Shares		189			120			727			802

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN INVESTOR FUNDS JUNE 30, 2020

THIS PAGE IS INTENTIONALLY LEFT BLANK

JUNE 30, 2020 J.P. MORGAN INVESTOR FUNDS 21

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 Investor Balanced Fund
Class A
Year Ended June 30, 2020	$	15.00	$	0.27	$	0.46		$	0.73		$	(0.27	)	$	(0.69	)	$	(0.96	)
Year Ended June 30, 2019		15.30		0.29		0.46			0.75			(0.37	)		(0.68	)		(1.05	)
Year Ended June 30, 2018		15.37		0.24		0.72			0.96			(0.29	)		(0.74	)		(1.03	)
Year Ended June 30, 2017		14.33		0.23		1.33			1.56			(0.24	)		(0.28	)		(0.52	)
Year Ended June 30, 2016		15.12		0.22		(0.29	)		(0.07	)		(0.25	)		(0.47	)		(0.72	)
Class C
Year Ended June 30, 2020		14.74		0.19		0.46			0.65			(0.19	)		(0.69	)		(0.88	)
Year Ended June 30, 2019		15.06		0.21		0.44			0.65			(0.29	)		(0.68	)		(0.97	)
Year Ended June 30, 2018		15.14		0.14		0.73			0.87			(0.21	)		(0.74	)		(0.95	)
Year Ended June 30, 2017		14.13		0.14		1.30			1.44			(0.15	)		(0.28	)		(0.43	)
Year Ended June 30, 2016		14.92		0.14		(0.29	)		(0.15	)		(0.17	)		(0.47	)		(0.64	)
Class I
Year Ended June 30, 2020		15.02		0.29		0.48			0.77			(0.30	)		(0.69	)		(0.99	)
Year Ended June 30, 2019		15.33		0.33		0.45			0.78			(0.41	)		(0.68	)		(1.09	)
Year Ended June 30, 2018		15.39		0.28		0.73			1.01			(0.33	)		(0.74	)		(1.07	)
Year Ended June 30, 2017		14.35		0.27		1.33			1.60			(0.28	)		(0.28	)		(0.56	)
Year Ended June 30, 2016		15.14		0.26		(0.30	)		(0.04	)		(0.28	)		(0.47	)		(0.75	)
Class R6
Year Ended June 30, 2020		15.02		0.34		0.46			0.80			(0.34	)		(0.69	)		(1.03	)
Year Ended June 30, 2019		15.32		0.36		0.45			0.81			(0.43	)		(0.68	)		(1.11	)
July 31, 2017 (h) through June 30, 2018		15.63		0.29		0.50			0.79			(0.36	)		(0.74	)		(1.10	)

(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.

22 J.P. MORGAN INVESTOR FUNDS JUNE 30, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period (000’s)		Net expenses (f)(g)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (f)			Portfolio turnover rate (d)
$	14.77		4.97	%	$	3,638,623		0.54	%		1.85	%		0.57	%		26	%
	15.00		5.52			3,458,135		0.52			1.98			0.60			12
	15.30		6.30			3,436,111		0.52			1.54			0.63			9
	15.37		11.09			3,430,816		0.52			1.55			0.65			4
	14.33		(0.40	)		3,836,242		0.46			1.55			0.67			12
	14.51		4.48			648,738		1.07			1.31			1.07			26
	14.74		4.89			758,346		1.08			1.42			1.10			12
	15.06		5.71			791,718		1.09			0.89			1.13			9
	15.14		10.40			1,071,522		1.09			0.97			1.15			4
	14.13		(0.95	)		1,155,896		1.01			1.00			1.16			12
	14.80		5.26			303,555		0.29			1.98			0.32			26
	15.02		5.71			478,250		0.27			2.24			0.35			12
	15.33		6.62			471,153		0.27			1.76			0.37			9
	15.39		11.36			469,758		0.27			1.80			0.38			4
	14.35		(0.15	)		408,797		0.20			1.83			0.39			12
	14.79		5.46			73,386		0.06			2.27			0.07			26
	15.02		5.96			86,510		0.09			2.40			0.10			12
	15.32		5.07			85,614		0.12			2.03			0.12			9

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN INVESTOR FUNDS 23

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 Investor Conservative Growth Fund
Class A
Year Ended June 30, 2020	$	12.58	$	0.26	$	0.37		$	0.63	$	(0.26	)	$	(0.32	)	$	(0.58	)
Year Ended June 30, 2019		12.61		0.28		0.41			0.69		(0.32	)		(0.40	)		(0.72	)
Year Ended June 30, 2018		12.80		0.24		0.24			0.48		(0.26	)		(0.41	)		(0.67	)
Year Ended June 30, 2017		12.36		0.23		0.61			0.84		(0.23	)		(0.17	)		(0.40	)
Year Ended June 30, 2016		12.78		0.22		(0.11	)		0.11		(0.23	)		(0.30	)		(0.53	)
Class C
Year Ended June 30, 2020		12.52		0.19		0.37			0.56		(0.19	)		(0.32	)		(0.51	)
Year Ended June 30, 2019		12.55		0.21		0.41			0.62		(0.25	)		(0.40	)		(0.65	)
Year Ended June 30, 2018		12.75		0.16		0.24			0.40		(0.19	)		(0.41	)		(0.60	)
Year Ended June 30, 2017		12.30		0.15		0.62			0.77		(0.15	)		(0.17	)		(0.32	)
Year Ended June 30, 2016		12.73		0.15		(0.12	)		0.03		(0.16	)		(0.30	)		(0.46	)
Class I
Year Ended June 30, 2020		12.66		0.29		0.37			0.66		(0.29	)		(0.32	)		(0.61	)
Year Ended June 30, 2019		12.69		0.31		0.41			0.72		(0.35	)		(0.40	)		(0.75	)
Year Ended June 30, 2018		12.87		0.27		0.25			0.52		(0.29	)		(0.41	)		(0.70	)
Year Ended June 30, 2017		12.42		0.26		0.62			0.88		(0.26	)		(0.17	)		(0.43	)
Year Ended June 30, 2016		12.84		0.25		(0.11	)		0.14		(0.26	)		(0.30	)		(0.56	)
Class R6
Year Ended June 30, 2020		12.65		0.37		0.32			0.69		(0.32	)		(0.32	)		(0.64	)
Year Ended June 30, 2019		12.68		0.35		0.38			0.73		(0.36	)		(0.40	)		(0.76	)
July 31, 2017 (h) through June 30, 2018		13.00		0.24		0.14			0.38		(0.29	)		(0.41	)		(0.70	)

(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.

24 J.P. MORGAN INVESTOR FUNDS JUNE 30, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period (000’s)		Net expenses (f)(g)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (f)			Portfolio turnover rate (d)
$	12.63		5.13	%	$	2,428,688		0.54	%		2.08	%		0.57	%		21	%
	12.58		5.80			2,170,888		0.52			2.25			0.60			10
	12.61		3.76			2,173,957		0.52			1.85			0.64			6
	12.80		6.92			2,081,812		0.52			1.80			0.65			6
	12.36		0.97			2,411,763		0.46			1.76			0.66			12
	12.57		4.60			967,282		1.07			1.54			1.07			21
	12.52		5.24			1,113,797		1.08			1.69			1.10			10
	12.55		3.09			1,188,675		1.10			1.21			1.13			6
	12.75		6.40			1,573,159		1.10			1.22			1.15			6
	12.30		0.34			1,740,461		1.01			1.21			1.16			12
	12.71		5.35			130,768		0.29			2.32			0.33			21
	12.66		6.03			138,655		0.27			2.51			0.36			10
	12.69		4.08			136,915		0.27			2.09			0.39			6
	12.87		7.22			135,687		0.27			2.05			0.40			6
	12.42		1.22			135,832		0.21			2.02			0.41			12
	12.70		5.57			7,862		0.08			2.91			0.09			21
	12.65		6.19			996		0.12			2.78			0.12			10
	12.68		2.95			175		0.14			2.09			0.15			6

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN INVESTOR FUNDS 25

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 Investor Growth Fund
Class A
Year Ended June 30, 2020	$	20.15	$	0.24	$	0.73		$	0.97		$	(0.23	)	$	(1.39	)	$	(1.62	)
Year Ended June 30, 2019		20.80		0.27		0.55			0.82			(0.46	)		(1.01	)		(1.47	)
Year Ended June 30, 2018		20.38		0.19		2.04			2.23			(0.37	)		(1.44	)		(1.81	)
Year Ended June 30, 2017		18.04		0.18		3.19			3.37			(0.19	)		(0.84	)		(1.03	)
Year Ended June 30, 2016		19.95		0.17		(0.89	)		(0.72	)		(0.24	)		(0.95	)		(1.19	)
Class C
Year Ended June 30, 2020		18.67		0.12		0.68			0.80			(0.16	)		(1.39	)		(1.55	)
Year Ended June 30, 2019		19.43		0.14		0.51			0.65			(0.40	)		(1.01	)		(1.41	)
Year Ended June 30, 2018		19.20		0.04		1.95			1.99			(0.32	)		(1.44	)		(1.76	)
Year Ended June 30, 2017		17.10		0.06		3.01			3.07			(0.13	)		(0.84	)		(0.97	)
Year Ended June 30, 2016		19.01		0.07		(0.85	)		(0.78	)		(0.18	)		(0.95	)		(1.13	)
Class I
Year Ended June 30, 2020		20.62		0.28		0.76			1.04			(0.28	)		(1.39	)		(1.67	)
Year Ended June 30, 2019		21.24		0.32		0.58			0.90			(0.51	)		(1.01	)		(1.52	)
Year Ended June 30, 2018		20.77		0.24		2.09			2.33			(0.42	)		(1.44	)		(1.86	)
Year Ended June 30, 2017		18.37		0.23		3.25			3.48			(0.24	)		(0.84	)		(1.08	)
Year Ended June 30, 2016		20.29		0.23		(0.91	)		(0.68	)		(0.29	)		(0.95	)		(1.24	)
Class R6
Year Ended June 30, 2020		20.61		0.33		0.75			1.08			(0.32	)		(1.39	)		(1.71	)
Year Ended June 30, 2019		21.23		0.36		0.57			0.93			(0.54	)		(1.01	)		(1.55	)
July 31, 2017 (h) through June 30, 2018		21.25		0.29		1.58			1.87			(0.45	)		(1.44	)		(1.89	)

(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.

26 J.P. MORGAN INVESTOR FUNDS JUNE 30, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period (000’s)		Net expenses (f)(g)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (f)			Portfolio turnover rate (d)
$	19.50		4.69	%	$	2,330,222		0.54	%		1.23	%		0.59	%		21	%
	20.15		4.89			2,129,765		0.52			1.33			0.62			7
	20.80		11.02			2,048,525		0.52			0.88			0.67			11
	20.38		19.19			1,937,119		0.52			0.93			0.70			8
	18.04		(3.54	)		1,893,308		0.47			0.93			0.72			8
	17.92		4.09			170,927		1.08			0.67			1.09			21
	18.67		4.31			191,971		1.09			0.77			1.12			7
	19.43		10.41			205,740		1.10			0.20			1.16			11
	19.20		18.47			274,389		1.09			0.35			1.19			8
	17.10		(4.05	)		270,007		1.02			0.39			1.21			8
	19.99		4.92			375,434		0.29			1.41			0.33			21
	20.62		5.18			454,039		0.27			1.59			0.36			7
	21.24		11.33			439,498		0.27			1.11			0.39			11
	20.77		19.46			346,558		0.27			1.17			0.39			8
	18.37		(3.28	)		283,616		0.20			1.21			0.40			8
	19.98		5.13			13,768		0.10			1.67			0.10			21
	20.61		5.35			10,299		0.11			1.77			0.12			7
	21.23		8.90			8,073		0.14			1.45			0.27			11

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN INVESTOR FUNDS 27

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 Investor Growth & Income Fund
Class A
Year Ended June 30, 2020	$	16.94	$	0.26	$	0.61		$	0.87		$	(0.25	)	$	(0.97	)	$	(1.22	)
Year Ended June 30, 2019		17.41		0.28		0.52			0.80			(0.40	)		(0.87	)		(1.27	)
Year Ended June 30, 2018		17.37		0.22		1.27			1.49			(0.33	)		(1.12	)		(1.45	)
Year Ended June 30, 2017		15.79		0.22		2.07			2.29			(0.23	)		(0.48	)		(0.71	)
Year Ended June 30, 2016		17.02		0.21		(0.58	)		(0.37	)		(0.25	)		(0.61	)		(0.86	)
Class C
Year Ended June 30, 2020		16.41		0.16		0.61			0.77			(0.17	)		(0.97	)		(1.14	)
Year Ended June 30, 2019		16.92		0.18		0.49			0.67			(0.31	)		(0.87	)		(1.18	)
Year Ended June 30, 2018		16.91		0.10		1.26			1.36			(0.23	)		(1.12	)		(1.35	)
Year Ended June 30, 2017		15.39		0.12		2.01			2.13			(0.13	)		(0.48	)		(0.61	)
Year Ended June 30, 2016		16.62		0.12		(0.57	)		(0.45	)		(0.17	)		(0.61	)		(0.78	)
Class I
Year Ended June 30, 2020		16.64		0.29		0.61			0.90			(0.29	)		(0.97	)		(1.26	)
Year Ended June 30, 2019		17.14		0.32		0.50			0.82			(0.45	)		(0.87	)		(1.32	)
Year Ended June 30, 2018		17.11		0.26		1.26			1.52			(0.37	)		(1.12	)		(1.49	)
Year Ended June 30, 2017		15.57		0.25		2.04			2.29			(0.27	)		(0.48	)		(0.75	)
Year Ended June 30, 2016		16.80		0.25		(0.58	)		(0.33	)		(0.29	)		(0.61	)		(0.90	)
Class R6
Year Ended June 30, 2020		16.64		0.33		0.60			0.93			(0.33	)		(0.97	)		(1.30	)
Year Ended June 30, 2019		17.13		0.26		0.59			0.85			(0.47	)		(0.87	)		(1.34	)
July 31, 2017 (h) through June 30, 2018		17.44		0.22		0.99			1.21			(0.40	)		(1.12	)		(1.52	)

(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.

28 J.P. MORGAN INVESTOR FUNDS JUNE 30, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period (000’s)		Net expenses (f)(g)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (f)			Portfolio turnover rate (d)
$	16.59		5.14	%	$	2,593,685		0.54	%		1.55	%		0.58	%		27	%
	16.94		5.45			2,430,409		0.52			1.67			0.61			12
	17.41		8.67			2,386,397		0.52			1.25			0.66			11
	17.37		14.82			2,348,659		0.52			1.30			0.67			7
	15.79		(2.06	)		2,489,097		0.46			1.33			0.69			13
	16.04		4.62			203,007		1.07			1.00			1.08			27
	16.41		4.78			237,376		1.09			1.11			1.11			12
	16.92		8.10			260,085		1.10			0.57			1.14			11
	16.91		14.17			385,447		1.10			0.73			1.17			7
	15.39		(2.63	)		414,439		1.02			0.79			1.19			13
	16.28		5.45			210,480		0.29			1.79			0.33			27
	16.64		5.62			224,050		0.27			1.93			0.36			12
	17.14		9.02			242,612		0.27			1.49			0.39			11
	17.11		15.07			238,466		0.27			1.53			0.39			7
	15.57		(1.82	)		238,427		0.20			1.60			0.40			13
	16.27		5.62			25,466		0.06			2.02			0.07			27
	16.64		5.85			13,949		0.08			1.60			0.09			12
	17.13		7.04			619		0.13			1.42			0.14			11

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN INVESTOR FUNDS 29

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020

1. Organization

JPMorgan Trust II (“JPM II” or 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 4 separate funds of the Trust (each, a “Fund” and collectively, the “Funds”) covered by this report:

	Classes Offered	Diversification Classification
JPMorgan Investor Balanced Fund	Class A, Class C, Class I and Class R6	Diversified
JPMorgan Investor Conservative Growth Fund	Class A, Class C, Class I and Class R6	Diversified
JPMorgan Investor Growth Fund	Class A, Class C, Class I and Class R6	Diversified
JPMorgan Investor Growth & Income Fund	Class A, Class C, Class I and Class R6	Diversified

The investment objective of the JPMorgan Investor Balanced Fund (“Investor Balanced Fund”) is to seek high total return consistent with the preservation of capital by investing primarily in a diversified group of mutual funds within the same group of investment companies that invest primarily in equity and fixed income securities.

The investment objective of the JPMorgan Investor Conservative Growth Fund (“Investor Conservative Growth Fund”) is to seek income and capital appreciation by investing primarily in a diversified group of mutual funds within the same group of investment companies that invest primarily in fixed income and equity securities.

The investment objective of the JPMorgan Investor Growth Fund (“Investor Growth Fund”) is to seek long-term capital appreciation by investing primarily in a diversified group of mutual funds within the same group of investment companies that invest primarily in equity securities.

The investment objective of the JPMorgan Investor Growth & Income Fund (“Investor Growth & Income Fund”) is to seek long-term capital appreciation and growth of income by investing primarily in a diversified group of mutual funds within the same group of investment companies that invest primarily in equity securities.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class I Shares or 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. Class C Shares automatically convert to Class A Shares after ten years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

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

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, 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.

Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s net asset value per share (“NAV”) 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.

30 J.P. MORGAN INVESTOR FUNDS JUNE 30, 2020

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

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

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

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

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

The following tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”) (amounts in thousands):

Investor Balanced Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	4,668,357	$	—	$	—	$	4,668,357
Investor Conservative Growth Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	3,536,923	$	—	$	—	$	3,536,923
Investor Growth Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	2,893,065	$	—	$	—	$	2,893,065
Investor Growth & Income Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	3,033,764	$	—	$	—	$	3,033,764

(a) Please refer to the SOIs for specifics of portfolio holdings.

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

Investor Balanced Fund

For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Core Bond Fund Class R6 Shares (a)	$	1,022,269	$	166,600	$	220,855	$	4,633	$	44,255		$	1,016,902		82,141	$	27,547	$	4,772
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		494,130		78,360		127,063		1,598		13,245			460,270		52,783		14,562		—
JPMorgan Emerging Economies Fund Class R6 Shares (a)		72,339		—		70,683		12		(1,668	)		—		—		—		—

JUNE 30, 2020 J.P. MORGAN INVESTOR FUNDS 31

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

Investor Balanced Fund (continued)
For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)	$	48,363	$	2,203	$	2,866	$	48		$	(3,242	)	$	44,506		5,841	$	2,203	$	—
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		103,229		7,407		3,850		234			6,185			113,205		3,569		985		—
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		—		77,073		—		—			(1,337	)		75,736		4,742		559		154
JPMorgan Equity Income Fund Class R6 Shares (a)		102,579		44,500		—		—			(12,331	)		134,748		8,157		2,956		1,427
JPMorgan Europe Dynamic Fund Class R6 Shares (a)		83,133		2,561		6,257		(452	)		(6,347	)		72,638		3,217		2,561		—
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		99,110		4,194		27,971		(4,991	)		(3,151	)		67,191		7,970		4,195		—
JPMorgan Global Research Enhanced Index Fund Class R6 Shares (a)		165,104		18,235		165,612		24,708			(42,435	)		—		—		3,956		12,051
JPMorgan High Yield Fund Class R6 Shares (a)		144,086		7,726		15,375		(1,308	)		(11,277	)		123,852		18,737		7,725		—
JPMorgan Income Fund Class R6 Shares (a)		86,074		122,523		4,796		46			2,450			206,297		22,795		5,837		23
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		69,859		1,410		8,586		(931	)		1,422			63,174		6,063		1,410		—
JPMorgan International Equity Fund Class R6 Shares (a)		57,620		19,535		2,848		411			(1,753	)		72,965		4,455		1,816		60
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		250,550		58,563		14,307		(313	)		(17,510	)		276,983		17,108		7,448		—
JPMorgan Intrepid America Fund Class R6 Shares (a)		305,956		—		313,643		135,098			(127,411	)		—		—		—		—
JPMorgan Intrepid Growth Fund Class R6 Shares (a)		162,805		22,604		31,925		2,720			1,145			157,349		2,717		1,826		18,103
JPMorgan Large Cap Growth Fund Class R6 Shares (a)		156,297		126,438		60,456		3,837			37,959			264,075		5,213		681		28,563
JPMorgan Large Cap Value Fund Class R6 Shares (a)		110,175		20,208		3,375		105			(10,322	)		116,791		9,321		2,110		—
JPMorgan Limited Duration Bond Fund Class R6 Shares (a)		204,605		15,703		18,181		(89	)		972			203,010		20,001		4,761		—
JPMorgan Market Expansion Enhanced Index Fund Class R6 Shares (a)		157,807		38,513		19,221		(2,334	)		(17,679	)		157,086		18,502		2,268		7,791
JPMorgan Mid Cap Growth Fund Class R6 Shares * (a)		41,715		4,975		6,534		611			5,821			46,588		1,057		—		2,998
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		—		17,273		—		—			2,135			19,408		360		—		—
JPMorgan Small Cap Value Fund Class R6 Shares (a)		48,829		14,536		12,489		(4,960	)		(5,389	)		40,527		2,034		617		2,759

32 J.P. MORGAN INVESTOR FUNDS JUNE 30, 2020

Investor Balanced Fund (continued)
For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Strategic Income Opportunities Fund Class R6 Shares (a)	$	88,125	$	1,892	$	16,893	$	(1,080	)	$	(283	)	$	71,761		6,311	$	1,892	$	—
JPMorgan Systematic Alpha Fund Class R6 Shares (a)		72,859		1,563		65,928		(14,196	)		5,702			—		—		1,563		—	(b)
JPMorgan U.S. Equity Fund Class R6 Shares (a)		419,721		85,264		105,169		11,883			5,381			417,080		25,525		5,002		36,733
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a) (c)		75,914		346,509		336,675		—			—			85,748		85,748		1,036		—
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		—		193,369		4,387		(232	)		9,269			198,019		7,386		1,427		314
JPMorgan Unconstrained Debt Fund Class R6 Shares (a)		42,039		1,412		5,870		(707	)		287			37,161		3,780		1,412		—
JPMorgan Value Advantage Fund Class R6 Shares (a)		98,936		53,970		3,841		231			(24,009	)		125,287		4,217		2,387		3,410
Total	$	4,784,228	$	1,555,119	$	1,675,656	$	154,582		$	(149,916	)	$	4,668,357			$	110,742	$	119,158
Investor Conservative Growth Fund
For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Core Bond Fund Class R6 Shares (a)	$	1,063,660	$	120,806	$	126,668	$	1,693		$	50,277		$	1,109,768		89,642	$	29,859	$	5,178
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		449,252		57,083		76,036		818			13,229			444,346		50,957		13,848		—
JPMorgan Emerging Economies Fund Class R6 Shares (a)		40,505		—		39,576		566			(1,495	)		—		—		—		—
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		35,823		1,644		1,721		27			(2,427	)		33,346		4,376		1,645		—
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		52,237		6,140		—		—			3,789			62,166		1,960		498		—
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		—		45,239		—		—			(331	)		44,908		2,812		313		87
JPMorgan Equity Income Fund Class R6 Shares (a)		56,914		30,382		5,627		252			(6,379	)		75,542		4,573		1,656		801
JPMorgan Europe Dynamic Fund Class R6 Shares (a)		25,239		2,878		3,096		(435	)		(1,288	)		23,298		1,032		794		—
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		79,278		3,673		7,733		(1,712	)		(4,788	)		68,718		8,152		3,673		—
JPMorgan Global Research Enhanced Index Fund Class R6 Shares (a)		46,301		6,115		47,642		7,591			(12,365	)		—		—		1,096		3,282

JUNE 30, 2020 J.P. MORGAN INVESTOR FUNDS 33

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

Investor Conservative Growth Fund (continued)
For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Government Bond Fund Class R6 Shares (a)	$	37,739	$	5,077	$	9,092	$	120		$	2,228		$	36,072		3,181	$	870	$	—
JPMorgan High Yield Fund Class R6 Shares (a)		100,446		10,617		7,900		(1,072	)		(8,501	)		93,590		14,159		5,812		—
JPMorgan Income Fund Class R6 Shares (a)		104,309		93,252		—		—			583			198,144		21,894		6,298		26
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		62,568		1,277		5,613		(550	)		1,177			58,859		5,649		1,277		—
JPMorgan International Equity Fund Class R6 Shares (a)		27,175		893		1,035		124			(1,623	)		25,534		1,559		866		28
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		125,255		30,185		5,929		(49	)		(9,187	)		140,275		8,664		3,841		—
JPMorgan Intrepid America Fund Class R6 Shares (a)		156,000		—		160,464		74,295			(69,831	)		—		—		—		—
JPMorgan Intrepid Growth Fund Class R6 Shares (a)		81,748		14,333		11,676		36			2,259			86,700		1,497		955		9,484
JPMorgan Large Cap Growth Fund Class R6 Shares (a)		43,152		72,146		27,768		817			15,511			103,858		2,050		271		11,455
JPMorgan Large Cap Value Fund Class R6 Shares (a)		20,665		21,943		3,853		127			(2,347	)		36,535		2,916		585		—
JPMorgan Limited Duration Bond Fund Class R6 Shares (a)		289,258		18,304		10,480		(126	)		1,494			298,450		29,404		6,995		—
JPMorgan Market Expansion Enhanced Index Fund Class R6 Shares (a)		44,919		20,849		11,805		(1,701	)		(3,073	)		49,189		5,794		690		2,454
JPMorgan Mid Cap Growth Fund Class R6 Shares * (a)		34,234		4,668		10,827		3,012			2,071			33,158		752		—		2,461
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		—		9,509		—		—			1,223			10,732		199		—		—
JPMorgan Small Cap Value Fund Class R6 Shares (a)		27,792		12,335		10,458		(3,600	)		(2,861	)		23,208		1,165		356		1,655
JPMorgan Strategic Income Opportunities Fund Class R6 Shares (a)		64,851		1,457		5,429		(429	)		(593	)		59,857		5,264		1,457		—
JPMorgan Systematic Alpha Fund Class R6 Shares (a)		71,049		1,518		64,013		(14,360	)		5,806			—		—		1,517		—	(b)
JPMorgan U.S. Equity Fund Class R6 Shares (a)		153,308		53,113		50,652		2,658			4,634			163,061		9,979		1,932		13,620
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a) (c)		43,626		238,974		201,058		—			—			81,542		81,542		791		—
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		—		77,896		6,478		(96	)		4,360			75,682		2,823		689		188
JPMorgan Unconstrained Debt Fund Class R6 Shares (a)		33,730		1,148		3,429		(412	)		152			31,189		3,173		1,148		—

34 J.P. MORGAN INVESTOR FUNDS JUNE 30, 2020

Investor Conservative Growth Fund (continued)
For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Value Advantage Fund Class R6 Shares (a)	$	53,069	$	34,435	$	6,309	$	(14	)	$	(11,985	)	$	69,196		2,329	$	1,269	$	1,830
Total	$	3,424,102	$	997,889	$	922,367	$	67,580		$	(30,281	)	$	3,536,923			$	91,001	$	52,549
Investor Growth Fund
For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Core Bond Fund Class R6 Shares (a)	$	223,027	$	28,365	$	17,775	$	27		$	10,887		$	244,531		19,752	$	6,316	$	1,073
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		35,663		7,510		9,853		(233	)		1,040			34,127		3,914		1,060		—
JPMorgan Emerging Economies Fund Class R6 Shares (a)		59,679		—		58,313		(1,353	)		(13	)		—		—		—		—
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		12,981		623		—		—			(919	)		12,685		1,665		623		—
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		74,707		7,448		—		—			4,366			86,521		2,728		713		—
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		—		66,157		—		—			(1,185	)		64,972		4,068		461		127
JPMorgan Equity Income Fund Class R6 Shares (a)		55,107		35,692		—		—			(8,892	)		81,907		4,958		1,809		932
JPMorgan Europe Dynamic Fund Class R6 Shares (a)		84,747		5,124		—		—			(6,998	)		82,873		3,670		2,819		—
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		13,449		484		12,428		(1,424	)		(81	)		—		—		483		—
JPMorgan Global Research Enhanced Index Fund Class R6 Shares (a)		88,852		8,979		86,954		9,577			(20,454	)		—		—		2,287		6,692
JPMorgan High Yield Fund Class R6 Shares (a)		49,717		16,522		6,489		(628	)		(2,502	)		56,620		8,566		3,030		—
JPMorgan Income Fund Class R6 Shares (a)		—		14,146		—		—			247			14,393		1,590		52		—
JPMorgan International Equity Fund Class R6 Shares (a)		120,554		14,465		11,568		484			(5,756	)		118,179		7,215		3,608		115
JPMorgan International Focus Fund (formerly JPMorgan International Unconstrained Equity Fund) Class R6 Shares (a)		87,466		369		—		—			60			87,895		4,146		369		—
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		195,505		44,311		—		—			(15,774	)		224,042		13,838		6,159		—

JUNE 30, 2020 J.P. MORGAN INVESTOR FUNDS 35

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

Investor Growth Fund (continued)
For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Intrepid America Fund Class R6 Shares (a)	$	305,094	$	—	$	313,000	$	128,036		$	(120,130	)	$	—		—	$	—	$	—
JPMorgan Intrepid Growth Fund Class R6 Shares (a)		139,445		18,058		3,007		(92	)		3,693			158,097		2,730		1,677		16,381
JPMorgan Large Cap Growth Fund Class R6 Shares (a)		248,829		100,534		21,978		1,088			54,516			382,989		7,560		883		37,021
JPMorgan Large Cap Value Fund Class R6 Shares (a)		255,817		6,971		—		—			(25,120	)		237,668		18,968		4,562		—
JPMorgan Market Expansion Enhanced Index Fund Class R6 Shares (a)		151,149		23,905		8,778		(1,487	)		(19,754	)		145,035		17,083		2,120		7,282
JPMorgan Mid Cap Growth Fund Class R6 Shares * (a)		43,329		3,011		1,407		191			5,562			50,686		1,150		—		3,012
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		—		11,996		—		—			1,480			13,476		250		—		—
JPMorgan Small Cap Value Fund Class R6 Shares (a)		43,641		27,435		—		—			(11,449	)		59,627		2,993		707		2,882
JPMorgan Systematic Alpha Fund Class R6 Shares (a)		19,762		310		18,213		(3,353	)		1,494			—		—		309		—	(b)
JPMorgan U.S. Equity Fund Class R6 Shares (a)		371,400		38,786		—		—			9,961			420,147		25,713		4,667		34,120
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a) (c)		51,367		224,345		226,069		—			—			49,643		49,643		759		—
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		—		178,239		—		—			7,754			185,993		6,937		1,736		498
JPMorgan Value Advantage Fund Class R6 Shares (a)		54,788		41,810		—		—			(15,639	)		80,959		2,725		1,569		2,242
Total	$	2,786,075	$	925,595	$	795,832	$	130,833		$	(153,606	)	$	2,893,065			$	48,778	$	112,377
Investor Growth & Income Fund
For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Core Bond Fund Class R6 Shares (a)	$	463,773	$	82,127	$	80,605	$	1,336		$	22,169		$	488,800		39,483	$	13,200	$	2,255
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		189,282		31,148		47,410		922			4,587			178,529		20,474		5,725		—
JPMorgan Emerging Economies Fund Class R6 Shares (a)		51,555		—		50,372		309			(1,492	)		—		—		—		—
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		14,230		682		—		—			(1,007	)		13,905		1,825		683		—
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		67,416		5,490		—		—			3,792			76,698		2,418		643		—

36 J.P. MORGAN INVESTOR FUNDS JUNE 30, 2020

Investor Growth & Income Fund (continued)
For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)	$	—	$	58,422	$	—	$	—		$	(715	)	$	57,707		3,613	$	399	$	110
JPMorgan Equity Income Fund Class R6 Shares (a)		60,205		45,717		—		—			(9,726	)		96,196		5,823		2,063		1,052
JPMorgan Europe Dynamic Fund Class R6 Shares (a)		67,904		2,161		2,938		(351	)		(5,478	)		61,298		2,715		2,161		—
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		44,786		1,967		14,000		(2,745	)		(1,367	)		28,641		3,398		1,966		—
JPMorgan Global Research Enhanced Index Fund Class R6 Shares (a)		114,167		11,483		111,975		15,616			(29,291	)		—		—		2,925		8,558
JPMorgan High Yield Fund Class R6 Shares (a)		82,635		16,973		7,200		(983	)		(4,901	)		86,524		13,090		4,809		—
JPMorgan Income Fund Class R6 Shares (a)		29,419		60,278		—		—			2,461			92,158		10,183		2,142		7
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		38,526		774		5,601		(516	)		737			33,920		3,255		774		—
JPMorgan International Equity Fund Class R6 Shares (a)		59,410		15,237		1,469		178			(2,742	)		70,614		4,311		1,919		61
JPMorgan International Focus Fund (formerly JPMorgan International Unconstrained Equity Fund) Class R6 Shares (a)		41,989		1,571		—		—			370			43,930		2,072		177		—
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		152,749		47,356		3,589		(186	)		(11,261	)		185,069		11,431		4,844		—
JPMorgan Intrepid America Fund Class R6 Shares (a)		281,749		—		289,814		130,120			(122,055	)		—		—		—		—
JPMorgan Intrepid Growth Fund Class R6 Shares (a)		89,987		14,181		7,091		(26	)		2,586			99,637		1,720		1,082		10,572
JPMorgan Large Cap Growth Fund Class R6 Shares (a)		201,436		124,493		66,464		4,015			41,818			305,298		6,026		787		33,354
JPMorgan Large Cap Value Fund Class R6 Shares (a)		152,478		12,579		6,989		574			(13,952	)		144,690		11,548		2,735		—
JPMorgan Limited Duration Bond Fund Class R6 Shares (a)		43,271		6,790		1,718		(35	)		246			48,554		4,784		1,027		—
JPMorgan Market Expansion Enhanced Index Fund Class R6 Shares (a)		109,487		27,426		1,484		(515	)		(15,313	)		119,601		14,087		1,610		5,532
JPMorgan Mid Cap Growth Fund Class R6 Shares * (a)		39,253		2,821		5,454		744			4,371			41,735		947		—		2,821
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		—		11,403		—		—			1,425			12,828		238		—		—
JPMorgan Small Cap Value Fund Class R6 Shares (a)		47,232		14,341		2,427		(511	)		(11,113	)		47,522		2,386		652		2,805

JUNE 30, 2020 J.P. MORGAN INVESTOR FUNDS 37

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

Investor Growth & Income Fund (continued)
For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Strategic Income Opportunities Fund Class R6 Shares (a)	$	26,387	$	591	$	2,540	$	(186	)	$	(211	)	$	24,041		2,114	$	591	$	—
JPMorgan Systematic Alpha Fund Class R6 Shares (a)		33,150		682		29,902		(6,527	)		2,597			—		—		682		—	(b)
JPMorgan U.S. Equity Fund Class R6 Shares (a)		302,258		50,222		28,098		1,588			8,683			334,653		20,481		3,751		27,242
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a) (c)		42,608		187,859		175,510		—			—			54,957		54,957		725		—
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		—		181,557		—		—			7,701			189,258		7,059		1,623		439
JPMorgan Value Advantage Fund Class R6 Shares (a)		58,138		56,781		—		—			(17,918	)		97,001		3,265		1,745		2,493
Total	$	2,905,480	$	1,073,112	$	942,650	$	142,821		$	(144,999	)	$	3,033,764			$	61,440	$	97,301

(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 June 30, 2020.

* Non-income producing security.

C. 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. Distributions of net investment income and realized capital gains from the Underlying Funds are recorded on the ex-dividend date.

D. 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 year ended June 30, 2020 are as follows (amounts in thousands):

	Class A		Class C		Class I		Class R6			Total
Investor Balanced Fund
Transfer agency fees	$	259	$	34	$	21	$	1		$	315
Investor Conservative Growth Fund
Transfer agency fees		157		28		22		—	(a)		207
Investor Growth Fund
Transfer agency fees		416		29		34		4			483
Investor Growth & Income Fund
Transfer agency fees		320		15		20		—	(a)		355

(a)    Amount rounds to less than one thousand.

The Funds invest in other J.P. Morgan Funds and, as a result, bear a portion of the expenses incurred by the Underlying Funds. These expenses are not reflected in the expenses shown on the Statements of Operations and are not included in the ratios to average net assets shown on the Financial Highlights. Certain expenses of Underlying Funds are waived as described in Note 3.F.

E. 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 June 30, 2020, no liability for Federal

38 J.P. MORGAN INVESTOR FUNDS JUNE 30, 2020

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.

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

The following amounts were reclassified within the capital accounts (amounts in thousands):

	Paid-in-Capital		Accumulated undistributed (distributions in excess of) net investment income		Accumulated net realized gains (losses)
Investor Balanced Fund	$	—	$	177	$	(177	)
Investor Conservative Growth Fund		—		118		(118	)
Investor Growth Fund		—		186		(186	)
Investor Growth & Income Fund		—		173		(173	)

The reclassifications for the Funds relate primarily to investments in regulated investment companies.

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 0.05% of each 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 each Fund. The Administrator does not receive a fee for these services.

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 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
	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 year ended June 30, 2020, JPMDS retained the following amounts (in thousands):

	Front-End Sales Charge		CDSC
Investor Balanced Fund	$	307	$	—	(a)
Investor Conservative Growth Fund		201		—	(a)
Investor Growth Fund		182		3
Investor Growth & Income Fund		163		2

(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 at an annual rate of 0.25% of the average daily net assets of each share class.

JUNE 30, 2020 J.P. MORGAN INVESTOR FUNDS 39

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

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

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

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations.

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

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

F. Waivers and Reimbursements — The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding 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 R6
Investor Balanced Fund		0.55	%(1)		1.10	%		0.30	%(1)		0.15	%
Investor Conservative Growth Fund		0.55	(1)		1.10			0.30	(1)		0.15
Investor Growth Fund		0.55	(1)		1.10			0.30	(1)		0.15
Investor Growth & Income Fund		0.55	(1)		1.10			0.30	(1)		0.15

⁽¹⁾   Prior to November 1, 2019, the contractual expense limitation for Class A and Class I Shares was 0.52% and 0.27%, respectively.

The expense limitation agreements were in effect for the year ended June 30, 2020 and are in place until at least October 31, 2020.

The Underlying Funds may impose separate advisory and service fees. To avoid charging a service fee at an effective rate above 0.25% for Class A, Class C and Class I 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 Underlying Funds up to 0.25% for Class A, Class C and Class I Shares. This waiver 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 year ended June 30, 2020, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory Fees		Service Fees		Total
Investor Balanced Fund	$	4	$	1,259	$	1,263
Investor Conservative Growth Fund		3		779		782
Investor Growth Fund		3		1,172		1,175
Investor Growth & Income Fund		3		1,057		1,060

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 reimbursed expenses in future years.

The amounts of these waivers resulting from investments in these money market funds for the year ended June 30, 2020 were as follows (amounts in thousands):

Investor Balanced Fund	$	102
Investor Conservative Growth Fund		78
Investor Growth Fund		75
Investor Growth & Income Fund		72

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 381-1 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.

40 J.P. MORGAN INVESTOR FUNDS JUNE 30, 2020

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

4. Investment Transactions

During the year ended June 30, 2020, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Investor Balanced Fund	$	1,208,609	$	1,338,981
Investor Conservative Growth Fund		758,916		721,309
Investor Growth Fund		701,254		569,765
Investor Growth & Income Fund		885,251		767,140

During the year ended June 30, 2020, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at June 30, 2020 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Investor Balanced Fund	$	4,054,929	$	644,326	$	30,898	$	613,428
Investor Conservative Growth Fund		3,166,240		391,306		20,623		370,683
Investor Growth Fund		2,381,938		537,292		26,165		511,127
Investor Growth & Income Fund		2,569,040		481,048		16,324		464,724

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to wash sale loss deferrals.

The tax character of distributions paid during the year ended June 30, 2020 was as follows (amounts in thousands):

	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Investor Balanced Fund	$	98,387	$	199,230	$	297,617
Investor Conservative Growth Fund		73,997		82,769		156,766
Investor Growth Fund		39,217		184,916		224,133
Investor Growth & Income Fund		54,732		158,509		213,241

* Short-term gain distributions are treated as ordinary income for income tax purposes.

The tax character of distributions paid during the year ended June 30, 2019 was as follows (amounts in thousands):

	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Investor Balanced Fund	$	121,064	$	202,438	$	323,502
Investor Conservative Growth Fund		83,221		103,037		186,258
Investor Growth Fund		68,910		122,433		191,343
Investor Growth & Income Fund		73,149		135,614		208,763

* Short-term gain distributions are treated as ordinary income for income tax purposes.

As of June 30, 2020, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss Carryover)		Unrealized Appreciation (Depreciation)
Investor Balanced Fund	$	8,747	$	183,393	$	613,428
Investor Conservative Growth Fund		2,607		80,168		370,683
Investor Growth Fund		201		182,247		511,127
Investor Growth & Income Fund		3,514		175,279		464,724

JUNE 30, 2020 J.P. MORGAN INVESTOR FUNDS 41

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

The cumulative timing differences primarily consist of wash sale loss deferrals.

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

Net capital losses incurred after October 31, and within the taxable year are deemed to arise on the first business day of the Funds’ next taxable year. For the year ended June 30, 2020, the Funds deferred to July 1, 2020 the following net capital losses of (amounts in thousands):

	Net Capital Losses
	Short-Term		Long-Term
Investor Growth Fund	$	447	$	—

6. Borrowings

The Funds rely upon an exemptive order granted by the Securities and Exchange Commission (“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 at June 30, 2020. Average borrowings from the Facility during the year ended June 30, 2020, were as follows (amounts in thousands, except number of days outstanding):

	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
Investor Balanced Fund	$	90,299		2.59	%		3	$	19
Investor Growth Fund		25,311		2.59			3		5

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 2, 2020.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended June 30, 2020.

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

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00%, which has increased to 1.25% pursuant to the amendment referenced below, plus the greater of the federal funds effective rate or one month 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 11, 2020, this agreement has been amended and restated for a term of 364 days, unless extended, and to include the change to the interest rate charged for borrowing from the Credit Facility to 1.25%, as noted above, and an upfront fee of 0.075% of the Credit Facility to be charged and paid by all participating funds of the Credit Facility.

The Funds did not utilize the Credit Facility during the year ended June 30, 2020.

7. Risks, Concentrations and Indemnifications

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

42 J.P. MORGAN INVESTOR FUNDS JUNE 30, 2020

As of June 30, 2020, the Funds had individual shareholder and/or omnibus accounts, which owned 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
Investor Balanced Fund		1		76.1	%		—		—
Investor Conservative Growth Fund		1		80.3			—		—
Investor Growth Fund		1		59.3			1		13.2	%
Investor Growth & Income Fund		1		65.0			1		14.3

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

As of June 30, 2020, the Funds owned, in the aggregate, shares representing more than 10% of the net assets of the following Underlying Funds:

	% of Net Assets
JPMorgan Market Expansion Enhanced Index Fund		59.0	%
JPMorgan Europe Dynamic Fund		52.7
JPMorgan Intrepid Growth Fund		45.0
JPMorgan Limited Duration Bond Fund		43.9
JPMorgan Large Cap Value Fund		42.5
JPMorgan Floating Rate Income Fund		22.3
JPMorgan Small Cap Value Fund		17.9
JPMorgan Emerging Markets Debt Fund		16.6
JPMorgan International Research Enhanced Equity Fund		16.3
JPMorgan U.S. Research Enhanced Equity Fund		14.9
JPMorgan Inflation Managed Bond Fund		12.5

Because of the Funds’ investments in Underlying Funds, the Funds indirectly pay a portion of the expenses incurred by the Underlying Funds. 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’ 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 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 are disclosed within their individual financial statements and registration statements, as appropriate.

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

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

8. Subsequent Event

On August 11, 2020, the contractual expense limitations for Class A Shares of the Investor Growth Fund and Investor Growth & Income Fund were extended until at least October 31, 2021.

JUNE 30, 2020 J.P. MORGAN INVESTOR FUNDS 43

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust II and Shareholders of JPMorgan Investor Balanced Fund, JPMorgan Investor Conservative Growth Fund, JPMorgan Investor Growth Fund and JPMorgan Investor Growth & Income Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of JPMorgan Investor Balanced Fund, JPMorgan Investor Conservative Growth Fund, JPMorgan Investor Growth Fund and JPMorgan Investor Growth & Income Fund (four of the funds constituting JPMorgan Trust II, hereafter collectively referred to as the “Funds”) as of June 30, 2020, the related statements of operations for the year ended June 30, 2020, the statements of changes in net assets for each of the two years in the period ended June 30, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended June 30, 2020 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2020 by correspondence with the transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

August 24, 2020

We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.

44 J.P. MORGAN INVESTOR FUNDS JUNE 30, 2020

TRUSTEES

(Unaudited)

The Funds’ Statement of Additional Information includes additional information about the Funds’ Trustees and is available, without charge, upon request by calling 1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees
John F. Finn (1947); Chairman since 2020; Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	126	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Stephen P. Fisher (1959); Trustee of Trust since 2018.	Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies).	126	Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).
Kathleen M. Gallagher (1958); Trustee of the Trust since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	126	Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, Fiduciary Solutions, State Street Global Advisors (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016).
Dennis P. Harrington* (1950); Trustee of Trust since 2017.	Retired; Partner, Deloitte LLP (accounting firm) (serving in various roles 1984-2012).	126	None
Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	126	None

JUNE 30, 2020 J.P. MORGAN INVESTOR FUNDS 45

TRUSTEES

(Unaudited) (continued)

Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)
Raymond Kanner** (1953); Trustee of Trust since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	126	Advisory Board Member, Penso Advisors LLC (2020-present); Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors Fiduciary Solutions Board (2017-present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016-2017); Advisory Board Member, BlueStar Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015).
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	126	None
Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	126	None
Marilyn McCoy (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	126	None
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (serving in various roles 1981-2006).	126	Director, Sun Life Financial (SLF) (financial services and insurance) (2007-2013).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	126	Trustee and Vice Chair, Trout Unlimited (2017-present); Trustee, American Museum of Fly Fishing (2013-present); Vice Chair, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American University in Cairo (1999-2014).
Marian U. Pardo*** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (investment consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	126	President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).

46 J.P. MORGAN INVESTOR FUNDS JUNE 30, 2020

(1) The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 78 for all Trustees.

(2) A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes ten registered investment companies (126 funds).

    * Two family members of Mr. Harrington are partner and managing director, respectively, of the Funds’ independent registered public accounting firm. Such firm has represented to the Board that those family members are not involved in the audit of the Funds’ financial statements and do not provide other services to the Funds. The Board has concluded that such association does not interfere with Mr. Harrington’s exercise of independent judgment as an Independent Trustee.

  ** A family member of Mr. Kanner is employed by JPMorgan Chase Bank, which is affiliated with JPMIM and JPMDS. In that capacity, this employee provides services to various JPMorgan affiliates including JPMIM and JPMDS and for which JPMIM and JPMDS bear some portion of the expense thereof.

*** In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient of non-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase.

The contact address for each of the Trustees is 277 Park Avenue, New York, NY 10172.

JUNE 30, 2020 J.P. MORGAN INVESTOR FUNDS 47

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (from 2014 to present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (from 1999 to 2014).
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)*	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from October 2013 to January 2016.
Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary since 2010)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2010 to February 2014.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
Anthony Geron (1971), Assistant Secretary (2018)*	Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015.
Carmine Lekstutis (1980), Assistant Secretary (2011)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015.
Keri E. Riemer (1976), Assistant Secretary (2019)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2019; Counsel, Seward & Kissel LLP (law firm) (2016-2019); Associate, Seward & Kissel LLP (2011-2016).
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)*	Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014.
Aleksandr Fleytekh (1972), Assistant Treasurer (2019)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2012.
Shannon Gaines (1977), Assistant Treasurer (2018)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since January 2014.
Jeffrey D. House (1972), Assistant Treasurer (2017)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006.
Lauren A. Paino (1973), Assistant Treasurer (2014)*	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013.
Joseph Parascondola (1963), Assistant Treasurer (2011)*	Executive Director, J.P. Morgan Investment Management, Inc. since February 2020, formerly Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) from August 2006 to January 2020.
Gillian I. Sands (1969), Assistant Treasurer (2012)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012.

The contact address for each of the officers, unless otherwise noted, is 277 Park Avenue, New York, NY 10172.

    * The contact address for the officer is 4 New York Plaza, New York, NY 10004.

  ** The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240.

48 J.P. MORGAN INVESTOR FUNDS JUNE 30, 2020

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds (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, January 1, 2020 and continued to hold your shares at the end of the reporting period, June 30, 2020.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees, and expenses of the Underlying Funds. 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 January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Investor Balanced Fund
Class A
Actual	$	1,000.00	$	997.00	$	2.73		0.55	%
Hypothetical		1,000.00		1,022.13		2.77		0.55
Class C
Actual		1,000.00		994.20		5.31		1.07
Hypothetical		1,000.00		1,019.54		5.37		1.07
Class I
Actual		1,000.00		998.30		1.49		0.30
Hypothetical		1,000.00		1,023.37		1.51		0.30
Class R6
Actual		1,000.00		998.80		0.30		0.06
Hypothetical		1,000.00		1,024.57		0.30		0.06
JPMorgan Investor Conservative Growth Fund
Class A
Actual		1,000.00		1,011.60		2.75		0.55
Hypothetical		1,000.00		1,022.13		2.77		0.55
Class C
Actual		1,000.00		1,009.80		5.30		1.06
Hypothetical		1,000.00		1,019.59		5.32		1.06
Class I
Actual		1,000.00		1,012.70		1.50		0.30
Hypothetical		1,000.00		1,023.37		1.51		0.30
Class R6
Actual		1,000.00		1,013.80		0.45		0.09
Hypothetical		1,000.00		1,024.42		0.45		0.09

JUNE 30, 2020 J.P. MORGAN INVESTOR FUNDS 49

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Investor Growth Fund
Class A
Actual	$	1,000.00	$	970.90	$	2.70		0.55	%
Hypothetical		1,000.00		1,022.13		2.77		0.55
Class C
Actual		1,000.00		968.10		5.24		1.07
Hypothetical		1,000.00		1,019.54		5.37		1.07
Class I
Actual		1,000.00		971.80		1.47		0.30
Hypothetical		1,000.00		1,023.37		1.51		0.30
Class R6
Actual		1,000.00		972.90		0.44		0.09
Hypothetical		1,000.00		1,024.42		0.45		0.09
JPMorgan Investor Growth & Income Fund
Class A
Actual		1,000.00		987.30		2.72		0.55
Hypothetical		1,000.00		1,022.13		2.77		0.55
Class C
Actual		1,000.00		984.70		5.28		1.07
Hypothetical		1,000.00		1,019.54		5.37		1.07
Class I
Actual		1,000.00		988.90		1.48		0.30
Hypothetical		1,000.00		1,023.37		1.51		0.30
Class R6
Actual		1,000.00		989.60		0.30		0.06
Hypothetical		1,000.00		1,024.57		0.30		0.06

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

50 J.P. MORGAN INVESTOR FUNDS JUNE 30, 2020

LIQUIDITY RISK MANAGEMENT PROGRAM

(Unaudited)

Each of the Funds has adopted the J.P. Morgan Funds Liquidity Risk Management Program (the “Program”) under Rule 22e-4 under the 1940 Act (the “Liquidity Rule”). The Program seeks to assess, manage and review each Fund’s Liquidity Risk. “Liquidity Risk” is defined as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund. Among other things, the Liquidity Rule requires that a written report be provided to the Board of Trustees (the “Board”) on an annual basis that addresses the operation of the Program and assesses the adequacy and effectiveness of its implementation, including the operation of any Highly Liquidity Investment Minimum (“HLIM”) established for a Fund and any material changes to the Program.

The Board has appointed J.P. Morgan Asset Management’s Liquidity Risk Forum to be the program administrator for the Program (the “Program Administrator”). On February 11, 2020, the Board of Trustees reviewed the Program Administrator’s initial written report (the “Report”) concerning the operation of the Program for the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a Fund’s HLIM. There were no material changes to the Program during the Program Reporting Period.

The Report summarized the operation of the Program and the information and factors considered by the Program Administrator in assessing whether the Program has been adequately and effectively implemented with respect to each Fund. Such information and factors included, among other things: (1) the liquidity risk framework used to assess, manage, and periodically review each Fund’s Liquidity Risk and the results of this assessment; (2) the methodology and inputs for classifying each of the Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) whether a Fund invested primarily in “Highly Liquid Investments” (as defined under the Liquidity Rule), whether an HLIM should be established for a Fund (and, for Funds that have adopted an HLIM, whether the HLIM continues to be appropriate or whether a Fund has invested below its HLIM) and the procedures for monitoring for this limit; (4) whether a Fund invested more than 15% of its assets in “Illiquid Investments” (as defined under the Liquidity Rule) and the procedures for monitoring for this limit; and (5) specific liquidity events arising during the Program Reporting Period, including the impact on Fund liquidity caused by extended non-U.S. market closures.

Based on this review, the Report concluded that: (1) the Program continues to be reasonably designed to effectively assess and manage each Fund’s Liquidity Risk; and (2) the Program has been adequately and effectively implemented with respect to each Fund during the Program Reporting Period.

JUNE 30, 2020 J.P. MORGAN INVESTOR FUNDS 51

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended June 30, 2020. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2020. The information necessary to complete your income tax returns for the calendar year ending December 31, 2020 will be provided under separate cover.

Dividends Received Deduction (DRD)

Each Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the fiscal year ended June 30, 2020:

	Dividends Received Deduction
JPMorgan Investor Balanced Fund		18.83	%
JPMorgan Investor Conservative Growth Fund		10.73
JPMorgan Investor Growth Fund		46.92
JPMorgan Investor Growth & Income Fund		28.08

Long-Term Capital Gain

Each Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended June 30, 2020 (amounts in thousands):

	Long-Term Capital Gain Distribution
JPMorgan Investor Balanced Fund	$	199,230
JPMorgan Investor Conservative Growth Fund		82,769
JPMorgan Investor Growth Fund		184,916
JPMorgan Investor Growth & Income Fund		158,509

Qualified Dividend Income (QDI)

Each Fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended June 30, 2020 (amounts in thousands):

	Qualified Dividend Income
JPMorgan Investor Balanced Fund	$	48,188
JPMorgan Investor Conservative Growth Fund		26,937
JPMorgan Investor Growth Fund		39,217
JPMorgan Investor Growth & Income Fund		36,147

Foreign Source Income and Foreign Tax Credit Pass Through

For the fiscal year ended June 30, 2020, the Funds intend to elect to pass through to shareholders taxes paid to foreign countries. Gross income and foreign tax expenses cannot be quantified until Underlying Funds complete reporting for the calendar year in progress. Amounts for the fiscal year ended June 30, 2020 will be disclosed in the semiannual report for the period ended December 31, 2020.

52 J.P. MORGAN INVESTOR FUNDS JUNE 30, 2020

Rev. January 2011

FACTS WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION?

Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:   ◾  Social Security number and account balances   ◾  transaction history and account transactions   ◾  checking account information and wire transfer instructions When you are no longer our customer, we continue to share your information as described in this notice.

How? All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does J.P. Morgan Funds share?	Can you limit  this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes — information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

Questions? Call 1-800-480-4111 or go to www.jpmorganfunds.com

Page 2

Who we are
Who is providing this notice?	J.P. Morgan Funds

What we do
How does J.P. Morgan Funds protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information.
How does J.P. Morgan Funds collect my personal information?	We collect your personal information, for example, when you: ◾  open an account or provide contact information ◾  give us your account information or pay us by check ◾  make a wire transfer We also collect your personal information from others, such as credit bureaus, affiliates and other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ◾  sharing for affiliates’ everyday business purposes – information about your creditworthiness ◾  affiliates from using your information to market to you ◾  sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.

Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ◾  J.P. Morgan Funds does not share with our affiliates.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ◾  J.P. Morgan Funds does not share with nonaffiliates so they can market to you.
Joint Marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ◾  J.P. Morgan Funds doesn’t jointly market.

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

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

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

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC as an exhibit to its report on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC’s website at http://www.sec.gov. Each Fund’s quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

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

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

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

^© JPMorgan Chase & Co., 2020.  All rights reserved. June 2020. AN-INV-620

Annual Report

J.P. Morgan Intrepid Funds

June 30, 2020

JPMorgan Intrepid Growth Fund

JPMorgan Intrepid Mid Cap Fund

JPMorgan Intrepid Value Fund

JPMorgan U.S. Sustainable Leaders Fund

(formerly known as JPMorgan Intrepid Sustainable Equity Fund)

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

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

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

CONTENTS

Letter to Shareholders	1
Market Overview	2
Fund Commentaries:
JPMorgan Intrepid Growth Fund	3
JPMorgan Intrepid Mid Cap Fund	5
JPMorgan Intrepid Value Fund	7
JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund)	9
Schedules of Portfolio Investments	11
Financial Statements	24
Financial Highlights	34
Notes to Financial Statements	42
Report of Independent Registered Public Accounting Firm	53
Trustees	54
Officers	57
Schedule of Shareholder Expenses	58
Liquidity Risk Management Program	60
Tax Letter	61
Privacy Policy — Located at the back of this Annual Report

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

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

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

LETTER TO SHAREHOLDERS

JULY 28, 2020 (Unaudited)

Dear Shareholders,

While every epoch holds challenges and opportunities, the current year has brought unprecedented challenges that impacted communities both globally and locally. J.P. Morgan Asset Management has directly confronted the challenges of this year, with sensitivity, urgency and a clear vision, serving our shareholders, clients and communities with unwavering commitment.

  “J.P. Morgan Asset Management has directly confronted the challenges of this year, with sensitivity, urgency and a clear vision, serving our shareholders, clients and communities with unwavering commitment.”
— Andrea L. Lisher

The advent of the COVID-19 pandemic and the ensuing closure of large parts of global, national and local economies also brought severe stress to financial markets. Daily market volatility spiked and yields on U.S. Treasury bonds fell to record lows in March 2020 and by the end of the first quarter of 2020, the value of the S&P 500 Index had declined by 20%. However, the U.S. Federal Reserve, along with other leading central banks, slashed interest rates and unleashed a range of initiatives to seek to ensure liquidity and stability in financial markets. From their lows on March 23, 2020 to the end of the reporting period, the S&P 500 and the Bloomberg Barclays U.S.

Aggregate Index rebounded by 39.3% and 5.0%, respectively, amid accommodative central bank policies, government stimulus programs and global efforts to halt the spread of COVID-19.

Many have faced significant challenges throughout the past year, whether related to the COVID-19 pandemic or the recent acts of racism and discrimination around the world. JPMorgan Chase & Co. has recommitted its firm stance against any form of racism, discrimination, or social injustice. As Brian Lamb, Global Head of Diversity & Inclusion for JPMorgan Chase & Co., recently said, “We are working across the entire firm — being intentional to strengthen our inclusive environment where our employees, customers and partners feel welcomed and valued in the communities where we do business.” To learn more, please visit JPMorgan Chase & Co.’s Diversity & Inclusion web site.

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

JUNE 30, 2020 J.P. MORGAN INTREPID FUNDS 1

J.P. Morgan Intrepid Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)

While U.S. equity markets generally outperformed other financial markets in the second half of 2019, global prices for a broad range of assets fell sharply in the first quarter of 2020 as large sectors of global, national and local economies shut down in response to the COVID-19 pandemic. However, equity markets rebounded somewhat in the final three months of the reporting period as stimulus programs from leading central banks and governments took hold and countries in Asia and Europe showed progress in halting the spread of virus.

In late July 2019, the U.S. Federal Reserve (the “Fed”) cut interest rates for the first time in more than a decade as U.S. economic growth showed signs of slowing, even as U.S. unemployment remained at historically low levels. The central bank followed with two more interest rate cuts in September and October 2019. In response to lower rates and improved or stable economic data, equity prices in the U.S. generally rose in the final months of 2019.

Further support for U.S. equity markets came from a “Phase One” trade agreement between the U.S. and China that reduced existing tariffs and headed off the implementation of new tariffs scheduled to take effect December 15, 2019. U.S. investor sentiment remained positive through January 2020 and weathered a brief flare up in military tension between the U.S. and Iran.

While the S&P 500 reached six new closing highs in February — the last one on February 19 — the final weeks of the month were marked by a broad sell-off of assets and a sharp rise in financial market volatility in reaction to the spread of COVID-19 and the expected economic damage to follow. In early March 2020, the World Health Organization declared COVID-19 a pandemic and as businesses, schools and other institutions across the country began to close, U.S. weekly unemployment claims reached record highs. By the end of the first quarter of 2020, the S&P 500 had declined by 20%.

A U.S. government stimulus package, valued at 10% of U.S. gross domestic product, and the Fed’s decision to slash interest rates further and restart its quantitative easing asset purchasing program — along with a range of other stimulus programs — provided support for U.S. and global equity markets in the following months. As economies in Asia and Europe, as well as parts of the U.S., began to reopen in the second quarter of 2020, global prices both for equity and fixed income assets rose. Within U.S. equity markets, large cap stocks generally outperformed mid cap and small cap stocks and growth stocks outperformed value stocks during the reporting period.

2 J.P. MORGAN INTREPID FUNDS JUNE 30, 2020

JPMorgan Intrepid Growth Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		15.44%
Russell 1000 Growth Index		23.28%
Net Assets as of 6/30/2020 (In Thousands)	$	1,114,382

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class I Shares underperformed the Russell 1000 Growth Index (the “Benchmark”) for the twelve months ended June 30, 2020. The Fund’s security selection in the information technology and consumer discretionary sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the real estate and health care sectors was a leading contributor to relative performance.

Leading individual detractors from the Fund’s relative performance included the Fund’s overweight positions in Oracle Corp. and Euronet Worldwide Inc., and its underweight position in Tesla, Inc. Shares of Oracle, a software company, fell amid several consecutive quarters of weak revenue growth. Shares of Euronet Worldwide, a provider of electronic payment and transaction services, fell after the company reported lower-than-expected earnings for the first quarter of 2020. Shares of Tesla, a producer of electric vehicles and energy storage systems, rose amid a faster-than-expected schedule for production of its Model Y vehicles and efficient production output from its Shanghai factory.

Leading individual contributors to relative performance included the Fund’s underweight position in Boeing Co. and its overweight positions in Lam Research Corp. and MSCI Inc. Shares of Boeing, an aircraft and aerospace manufacturer, fell amid investor concerns about the future of its 737 Max aircraft as well as a sharp decline in airline traffic in response to the COVID-19 pandemic. Shares of Lam Research, a maker of semiconductor manufacturing equipment, rose after the company reported better-than-expected earnings for its fiscal third quarter ended March 29, 2020 and forecast strong demand for its products. Shares of MSCI, a provider of financial services technology and market indexes, rose after the company reported better-than-expected earnings for the first quarter of 2020 and reported growth in recurring subscriptions for its services.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Microsoft Corp.	9.8	%
	2.	Apple, Inc.	8.5
	3.	Amazon.com, Inc.	6.7
	4.	Facebook, Inc., Class A	3.5
	5.	Mastercard, Inc., Class A	3.0
	6.	AbbVie, Inc.	2.7
	7.	Amgen, Inc.	2.2
	8.	Alphabet, Inc., Class A	2.2
	9.	Oracle Corp.	2.1
	10.	eBay, Inc.	1.9

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	43.9	%
Health Care	15.0
Consumer Discretionary	14.4
Communication Services	11.5
Industrials	4.2
Consumer Staples	3.6
Financials	1.8
Real Estate	1.8
Materials	1.1
Energy	0.6
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.

*** Percentages indicated are based on total investments as of June 30, 2020. The Fund’s portfolio composition is subject to change.

JUNE 30, 2020 J.P. MORGAN INTREPID FUNDS 3

JPMorgan Intrepid Growth Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 19, 2005
With Sales Charge*			9.10	%		11.36	%		14.91	%
Without Sales Charge			15.15			12.57			15.52
CLASS C SHARES	February 19, 2005
With CDSC**			13.59			12.02			14.96
Without CDSC			14.59			12.02			14.96
CLASS I SHARES	February 28, 2003		15.44			12.85			15.82
CLASS R2 SHARES	November 3, 2008		14.88			12.30			15.24
CLASS R5 SHARES	May 15, 2006		15.61			13.05			16.04
CLASS R6 SHARES	November 2, 2015		15.74			13.13			16.08

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Intrepid Growth Fund and the Russell 1000 Growth Index, from June 30, 2010 to June 30, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 1000 Growth Index does not reflect the deduction of expenses or a sales charge

associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 1000 Growth Index is an unmanaged index which measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. Investors cannot invest directly in an index.

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

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

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

4 J.P. MORGAN INTREPID FUNDS JUNE 30, 2020

JPMorgan Intrepid Mid Cap Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		(4.35)%
Russell Midcap Index		(2.24)%
Net Assets as of 6/30/2020 (In Thousands)	$	390,665

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class I Shares underperformed the Russell Midcap Index (the “Benchmark”) for the twelve months ended June 30, 2020. The Fund’s security selection in the information technology sector and its security selection and underweight position in the consumer staples sector were leading detractors from performance relative to the Benchmark, while the Fund’s security selection in the real estate and consumer discretionary sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Xerox Holdings Corp., Sinclair Broadcast Group Inc. and US Foods Holding Corp. Shares of Xerox Holdings, a provider of printing and digital document services, fell after the company reported lower-than-expected earnings for the first quarter of 2020 and withdrew its 2020 earnings forecast due to uncertainty amid the COVID-19 pandemic. Shares of Sinclair Broadcast Group, a television broadcaster, fell amid investor expectations for declining advertising revenue in response to the COVID-19 pandemic. Shares of US Foods Holding, a distributor to restaurants and institutional food service providers, fell amid the closure of restaurants and institutional kitchens in response to the COVID-19 pandemic.

Leading individual contributors to relative performance included the Fund’s out-of-Benchmark position in Equinix Inc. and its overweight positions in Moderna Inc. and Lam Research Corp. Shares of Equinix, an operator of collocation space and data centers, rose amid investor expectations for increased demand for data centers in response to office closures during the COVID-19 pandemic. Shares of Moderna, a drug development company, rose on investor expectations that it would develop a vaccine for COVID-19. Shares of Lam Research, a maker of semiconductor manufacturing equipment, rose after the company reported better-than-expected earnings for its fiscal third quarter ended March 29, 2020 and forecast strong demand for its products.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Arrow Electronics, Inc.	1.8	%
	2.	Dolby Laboratories, Inc., Class A	1.6
	3.	Timken Co. (The)	1.6
	4.	Xerox Holdings Corp.	1.6
	5.	Centene Corp.	1.5
	6.	PulteGroup, Inc.	1.5
	7.	NCR Corp.	1.5
	8.	DXC Technology Co.	1.5
	9.	Dell Technologies, Inc., Class C	1.4
	10.	Vistra Energy Corp.	1.3

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	20.9	%
Industrials	13.8
Health Care	12.1
Consumer Discretionary	9.9
Financials	9.1
Real Estate	7.1
Communication Services	5.1
Utilities	4.9
Materials	4.6
Consumer Staples	3.8
Energy	2.4
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.

*** Percentages indicated are based on total investments as of June 30, 2020. The Fund’s portfolio composition is subject to change.

JUNE 30, 2020 J.P. MORGAN INTREPID FUNDS 5

JPMorgan Intrepid Mid Cap Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 1, 1992
With Sales Charge*			(9.58	)%		2.54	%		9.89	%
Without Sales Charge			(4.57	)		3.65			10.49
CLASS C SHARES	March 22, 1999
With CDSC**			(6.06	)		3.09			9.84
Without CDSC			(5.06	)		3.09			9.84
CLASS I SHARES	June 1, 1991		(4.35	)		3.91			10.77
CLASS R3 SHARES	September 9, 2016		(4.58	)		3.65			10.49
CLASS R4 SHARES	September 9, 2016		(4.33	)		3.90			10.77
CLASS R6 SHARES	November 2, 2015		(4.14	)		4.15			10.90

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)

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

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Intrepid Mid Cap Fund and the Russell Midcap

Index from June 30, 2010 to June 30, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell Midcap Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell Midcap Index is an unmanaged index which measures the performance of the 800 smallest companies of the Russell 1000 Index. 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.

6 J.P. MORGAN INTREPID FUNDS JUNE 30, 2020

JPMorgan Intrepid Value Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	(10.24)%
Russell 1000 Value Index	(8.84)%
Net Assets as of 6/30/2020 (In Thousands)	$255,766

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class I Shares underperformed the Russell 1000 Value Index (the “Benchmark”) for the twelve months ended June 30, 2020. The Fund’s security selection in the utilities and materials sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s overweight position and security selection in the information technology sector and its security selection in the consumer discretionary sector were leading contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Sinclair Broadcast Group Inc. and United Airlines Holdings Inc., and its underweight position in Intel Corp. Shares of Sinclair Broadcast Group, a television broadcaster, fell amid investor expectations for declining advertising revenue in response to the COVID-19 pandemic. Share of United Airlines Holdings, a passenger airline operator, fell amid a sharp decline in travel due to the COVID-19 pandemic. Shares of Intel, a semiconductor manufacturer, rose amid general strength in the semiconductor manufacturing sector during the reporting period.

Leading individual contributors to relative performance included the Fund’s out-of-Benchmark position in American Tower Corp. and its overweight positions in Lam Research Corp. and AbbVie Inc. Shares of American Tower, a real estate investment trust that owns and operates communications properties, rose amid investor expectations that the company would benefit from the build out of the so-called 5G communications network. Shares of Lam Research, a maker of semiconductor manufacturing equipment, rose after the company reported better-than-expected earnings for its fiscal third quarter ended March 29, 2020 and forecast strong demand for its products. Shares of AbbVie, a drug development company focused on autoimmune diseases, rose after the company reported better-than-expected earnings and revenue for the first quarter of 2020 and reiterated its earnings forecast for 2020.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Verizon Communications, Inc.	3.0	%
	2.	Bank of America Corp.	2.5
	3.	Procter & Gamble Co. (The)	2.1
	4.	AbbVie, Inc.	2.0
	5.	Anthem, Inc.	2.0
	6.	Allstate Corp. (The)	1.9
	7.	Citigroup, Inc.	1.9
	8.	Bristol-Myers Squibb Co.	1.8
	9.	Altria Group, Inc.	1.7
	10.	Berkshire Hathaway, Inc., Class B	1.7

PORTFOLIO COMPOSITION BY SECTOR***
Financials	16.5	%
Health Care	14.7
Information Technology	11.2
Industrials	10.1
Communication Services	8.9
Consumer Staples	8.8
Consumer Discretionary	6.2
Utilities	5.8
Energy	5.5
Real Estate	4.9
Materials	4.6
Short-Term Investments	2.8

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

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

*** Percentages indicated are based on total investments as of June 30, 2020. The Fund’s portfolio composition is subject to change.

JUNE 30, 2020 J.P. MORGAN INTREPID FUNDS 7

JPMorgan Intrepid Value Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 19, 2005
With Sales Charge*			(15.14	)%		1.72	%		9.19	%
Without Sales Charge			(10.44	)		2.82			9.78
CLASS C SHARES	February 19, 2005
With CDSC**			(11.88	)		2.32			9.24
Without CDSC			(10.88	)		2.32			9.24
CLASS I SHARES	February 28, 2003		(10.24	)		3.03			9.98
CLASS R2 SHARES	November 3, 2008		(10.69	)		2.55			9.50
CLASS R5 SHARES	May 15, 2006		(10.08	)		3.21			10.18
CLASS R6 SHARES	November 30, 2010		(10.03	)		3.28			10.25

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Intrepid Value Fund and the Russell 1000 Value Index, from June 30, 2010 to June 30, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 1000 Value Index does not reflect the deduction of expenses or a sales charge associated

with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 1000 Value Index is an unmanaged index which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index.

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

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

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

8 J.P. MORGAN INTREPID FUNDS JUNE 30, 2020

JPMorgan U.S. Sustainable Leaders Fund

(formerly known as JPMorgan Intrepid Sustainable Equity Fund)

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		9.86%
S&P 500 Index		7.51%
Net Assets as of 6/30/2020 (In Thousands)	$	40,700

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 twelve months ended June 30, 2020. The Fund’s underweight position and security selection in the energy sector and its security selection in the consumer staples sector were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the financials and information technology sectors was a leading detractor from relative performance.

Leading individual contributors to performance relative to the Benchmark included the Fund’s overweight positions in American Tower Corp., Hologic Inc. and General Mills Inc. Shares of American Tower Corp., a real estate investment trust that owns and operates communications properties, rose amid investor expectations that the company would benefit from the build out of the 5G communications network. Shares of Hologic, a maker of medical diagnostics and surgical products, rose amid demand for its coronavirus tests in response to the COVID-19 pandemic. Shares of General Mills, a maker of branded consumer foods, rose on growth in demand for packaged foods as consumers began at-home quarantines in response to the COVID-19 pandemic.

Leading individual detractors from performance relative to the Benchmark included the Fund’s underweight positions in Apple Inc. and Amazon.com Inc., and its overweight position in Cisco Systems Inc. Shares of Apple, a maker of mobile devices, computers, software and related services, rose amid better-than-expected earnings growth and positive investor sentiment over the company’s planned launch of new products and upgrades. Shares of Amazon.com, a provider of online retail products and services, rose amid investor expectations that the company would benefit from at-home quarantines in response to the COVID-19 pandemic, as well as investor demand for large cap technology sector stocks. Shares of Cisco Systems, a provider of internet networking products and services, fell in the first half of the reporting period after the company issued two consecutive quarters of weaker-than-expected earnings forecasts.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Microsoft Corp.	8.5	%
	2.	Home Depot, Inc. (The)	3.6
	3.	Procter & Gamble Co. (The)	3.5
	4.	Verizon Communications, Inc.	3.3
	5.	Walt Disney Co. (The)	3.1
	6.	Mastercard, Inc., Class A	3.1
	7.	Cisco Systems, Inc.	2.8
	8.	Target Corp.	2.6
	9.	Bank of America Corp.	2.4
	10.	Amgen, Inc.	2.3

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	29.3	%
Health Care	13.2
Financials	10.8
Consumer Discretionary	10.6
Communication Services	8.5
Industrials	8.3
Consumer Staples	6.4
Real Estate	5.4
Materials	1.4
Utilities	1.4
Short-Term Investments	4.7

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

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

*** Percentages indicated are based on total investments as of June 30, 2020. The Fund’s portfolio composition is subject to change.

JUNE 30, 2020 J.P. MORGAN INTREPID FUNDS 9

JPMorgan U.S. Sustainable Leaders Fund

(formerly known as JPMorgan Intrepid Sustainable Equity Fund)

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 19, 2005
With Sales Charge*			3.82	%		8.68	%		13.24	%
Without Sales Charge			9.57			9.86			13.85
CLASS C SHARES	February 19, 2005
With CDSC**			8.03			9.31			13.30
Without CDSC			9.03			9.31			13.30
CLASS I SHARES	February 28, 2003		9.86			10.14			14.14

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan U.S. Sustainable Leaders Fund and the S&P 500 Index from June 30, 2010 to June 30, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Investors cannot invest directly in an index.

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

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

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

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

10 J.P. MORGAN INTREPID FUNDS JUNE 30, 2020

JPMorgan Intrepid Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.0%
Aerospace & Defense — 0.8%
Northrop Grumman Corp.		10		2,951
Raytheon Technologies Corp.		93		5,700
				8,651
Airlines — 0.3%
Delta Air Lines, Inc.		101		2,830
Automobiles — 1.1%
Tesla, Inc. *		11		11,878
Biotechnology — 6.9%
AbbVie, Inc.		308		30,274
Alexion Pharmaceuticals, Inc. *		38		4,299
Amgen, Inc.		105		24,870
Exelixis, Inc. *		261		6,194
Vertex Pharmaceuticals, Inc. *		37		10,829
				76,466
Building Products — 0.8%
Fortune Brands Home & Security, Inc.		68		4,316
Owens Corning		75		4,204
				8,520
Capital Markets — 1.1%
MSCI, Inc.		15		4,907
State Street Corp.		120		7,639
				12,546
Commercial Services & Supplies — 0.2%
Waste Management, Inc.		21		2,203
Communications Equipment — 0.5%
Cisco Systems, Inc.		123		5,732
Construction & Engineering — 0.3%
MasTec, Inc. * (a)		76		3,406
Construction Materials — 0.2%
Eagle Materials, Inc. (a)		32		2,240
Containers & Packaging — 0.8%
Berry Global Group, Inc. *		11		496
Crown Holdings, Inc. *		127		8,259
				8,755
Diversified Consumer Services — 0.8%
Chegg, Inc. *		49		3,316
H&R Block, Inc.		396		5,649
				8,965
Diversified Telecommunication Services — 0.5%
AT&T, Inc.		179		5,414

INVESTMENTS	SHARES (000)		VALUE ($000)
Entertainment — 2.5%
Electronic Arts, Inc. *		84		11,132
Netflix, Inc. *		18		8,009
Take-Two Interactive Software, Inc. *		65		9,072
				28,213
Equity Real Estate Investment Trusts (REITs) — 1.8%
American Tower Corp.		52		13,548
Invitation Homes, Inc.		219		6,029
				19,577
Food & Staples Retailing — 1.1%
Kroger Co. (The)		116		3,923
Sprouts Farmers Market, Inc. *		324		8,299
				12,222
Food Products — 1.7%
Campbell Soup Co.		86		4,258
JM Smucker Co. (The)		40		4,201
TreeHouse Foods, Inc. * (a)		174		7,604
Tyson Foods, Inc., Class A		47		2,818
				18,881
Health Care Equipment & Supplies — 0.6%
Becton Dickinson and Co.		27		6,508
Health Care Providers & Services — 4.3%
Anthem, Inc.		66		17,252
Cigna Corp.		29		5,404
CVS Health Corp.		79		5,113
Humana, Inc.		35		13,377
UnitedHealth Group, Inc.		23		6,784
				47,930
Health Care Technology — 0.7%
Veeva Systems, Inc., Class A *		32		7,431
Household Durables — 1.1%
Lennar Corp., Class A		72		4,406
PulteGroup, Inc.		247		8,405
				12,811
Household Products — 0.8%
Procter & Gamble Co. (The)		76		9,087
Insurance — 0.7%
Allstate Corp. (The)		45		4,326
Lincoln National Corp.		97		3,572
				7,898

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN INTREPID FUNDS 11

JPMorgan Intrepid Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Interactive Media & Services — 7.6%
Alphabet, Inc., Class A *		17		24,249
Alphabet, Inc., Class C *		15		20,639
Facebook, Inc., Class A *		173		39,373
				84,261
Internet & Direct Marketing Retail — 9.3%
Amazon.com, Inc. *		27		74,764
Booking Holdings, Inc. *		3		4,936
eBay, Inc.		403		21,116
Expedia Group, Inc.		36		2,951
				103,767
IT Services — 10.8%
Accenture plc, Class A		78		16,662
Akamai Technologies, Inc. *		85		9,060
Amdocs Ltd.		127		7,732
DXC Technology Co.		256		4,222
Euronet Worldwide, Inc. *		56		5,347
International Business Machines Corp.		137		16,485
Mastercard, Inc., Class A		112		33,119
PayPal Holdings, Inc. *		50		8,746
Visa, Inc., Class A (a)		86		16,651
WEX, Inc. *		14		2,244
				120,268
Life Sciences Tools & Services — 0.7%
IQVIA Holdings, Inc. * (a)		59		8,300
Machinery — 0.7%
Deere & Co.		25		3,866
PACCAR, Inc.		55		4,102
				7,968
Media — 0.9%
Charter Communications, Inc., Class A *		11		5,764
Discovery, Inc., Class A * (a)		203		4,283
				10,047
Metals & Mining — 0.1%
Newmont Corp.		16		963
Reliance Steel & Aluminum Co.		5		465
				1,428
Multiline Retail — 0.9%
Target Corp.		84		10,062
Oil, Gas & Consumable Fuels — 0.6%
Cheniere Energy, Inc. *		120		5,788
EOG Resources, Inc.		22		1,130
				6,918

INVESTMENTS	SHARES (000)		VALUE ($000)
Pharmaceuticals — 1.9%
Bristol-Myers Squibb Co.		355		20,874
Professional Services — 0.4%
FTI Consulting, Inc. *		24		2,749
ManpowerGroup, Inc.		24		1,657
				4,406
Road & Rail — 0.7%
CSX Corp.		111		7,727
Semiconductors & Semiconductor Equipment — 6.1%
Applied Materials, Inc.		295		17,833
Lam Research Corp.		63		20,216
NVIDIA Corp.		37		14,209
Qorvo, Inc. *		19		2,144
QUALCOMM, Inc.		155		14,119
				68,521
Software — 16.4%
CDK Global, Inc.		64		2,655
Fortinet, Inc. *		65		8,923
Intuit, Inc.		52		15,313
j2 Global, Inc. * (a)		96		6,093
Microsoft Corp.		535		108,889
Oracle Corp.		418		23,108
Palo Alto Networks, Inc. *		19		4,341
SS&C Technologies Holdings, Inc.		38		2,146
VMware, Inc., Class A * (a)		74		11,413
				182,881
Specialty Retail — 1.1%
Best Buy Co., Inc.		108		9,399
Williams-Sonoma, Inc.		39		3,190
				12,589
Technology Hardware, Storage & Peripherals — 10.1%
Apple, Inc.		259		94,355
Dell Technologies, Inc., Class C *		190		10,450
NetApp, Inc.		107		4,734
Xerox Holdings Corp.		169		2,586
				112,125
Trading Companies & Distributors — 0.1%
United Rentals, Inc. * (a)		9		1,401
Total Common Stocks (Cost $749,118)				1,091,707

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN INTREPID FUNDS JUNE 30, 2020

INVESTMENTS	NO. OF RIGHTS (000)		VALUE ($000)
Rights — 0.0% (b)
Pharmaceuticals — 0.0% (b)
Bristol-Myers Squibb Co., CVR, expiring 12/31/2020 * (Cost $71)		33		119
	SHARES (000)
Short-Term Investments — 2.1%
Investment Companies — 1.1%
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (c) (d) (Cost $12,437)		12,436		12,447
Investment of Cash Collateral From Securities Loaned — 1.0%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (c) (d) (Cost $11,327)		11,327		11,327
Total Short-Term Investments (Cost $23,764)				23,774
Total Investments — 100.1% (Cost $772,953)				1,115,600
Liabilities in Excess of Other Assets — (0.1)%				(1,218	)
NET ASSETS — 100.0%				1,114,382

Percentages indicated are based on net assets.

Abbreviations

CVR Contingent Value Rights

(a)	The security or a portion of this security is on loan at June 30, 2020. The total value of securities on loan at June 30, 2020 is approximately $11,233,000.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of June 30, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN INTREPID FUNDS 13

JPMorgan Intrepid Mid Cap Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — 97.9%
Aerospace & Defense — 1.8%
Axon Enterprise, Inc. *		4			402
Curtiss-Wright Corp.		35			3,097
HEICO Corp., Class A		16			1,314
Huntington Ingalls Industries, Inc.		6			1,024
Spirit AeroSystems Holdings, Inc., Class A		16			387
Teledyne Technologies, Inc. *		2			575
Textron, Inc.		11			355
					7,154
Air Freight & Logistics — 1.1%
CH Robinson Worldwide, Inc.		13			1,048
Expeditors International of Washington, Inc.		29			2,197
XPO Logistics, Inc. *		14			1,091
					4,336
Airlines — 0.9%
Alaska Air Group, Inc.		48			1,726
JetBlue Airways Corp. *		178			1,940
					3,666
Banks — 2.2%
First Horizon National Corp. (a)		100			998
KeyCorp		53			646
Popular, Inc. (Puerto Rico)		118			4,380
Regions Financial Corp.		50			553
Signature Bank		11			1,155
SVB Financial Group *		5			1,008
					8,740
Biotechnology — 1.8%
BioMarin Pharmaceutical, Inc. *		5			672
Bluebird Bio, Inc. *		20			1,230
Exelixis, Inc. *		27			650
Incyte Corp. *		4			395
Moderna, Inc. * (a)		50			3,239
Neurocrine Biosciences, Inc. *		6			747
Sarepta Therapeutics, Inc. *		—	(b)		76
					7,009
Building Products — 1.7%
Masco Corp.		32			1,627
Trane Technologies plc		55			4,896
					6,523
Capital Markets — 3.4%
Affiliated Managers Group, Inc.		3			196
Ameriprise Financial, Inc.		11			1,650
Cboe Global Markets, Inc.		1			110

INVESTMENTS	SHARES (000)		VALUE ($000)
Capital Markets — continued
Evercore, Inc., Class A		6		327
Invesco Ltd.		34		362
KKR & Co., Inc.		15		463
Lazard Ltd., Class A		5		150
LPL Financial Holdings, Inc.		53		4,181
Morningstar, Inc.		15		2,104
State Street Corp.		44		2,796
Virtu Financial, Inc., Class A		45		1,050
				13,389
Chemicals — 1.5%
Axalta Coating Systems Ltd. *		27		604
Cabot Corp.		3		99
Eastman Chemical Co. (a)		1		96
Huntsman Corp.		174		3,135
Valvoline, Inc.		103		1,986
				5,920
Communications Equipment — 0.9%
Ciena Corp. *		7		375
F5 Networks, Inc. *		22		3,055
				3,430
Construction & Engineering — 0.2%
AECOM *		23		846
Containers & Packaging — 1.8%
Ardagh Group SA		76		979
Avery Dennison Corp.		6		693
Berry Global Group, Inc. *		51		2,238
Graphic Packaging Holding Co.		220		3,075
Westrock Co.		5		141
				7,126
Distributors — 0.8%
LKQ Corp. *		114		2,982
Diversified Consumer Services — 0.2%
frontdoor, Inc. *		17		757
Diversified Financial Services — 0.6%
Equitable Holdings, Inc. (a)		111		2,133
Jefferies Financial Group, Inc.		12		194
Voya Financial, Inc.		3		117
				2,444
Diversified Telecommunication Services — 0.5%
CenturyLink, Inc. (a)		199		1,997

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN INTREPID FUNDS JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Electric Utilities — 1.8%
Entergy Corp.		5		457
FirstEnergy Corp.		27		1,033
NRG Energy, Inc.		148		4,810
PG&E Corp. * (a)		78		691
				6,991
Electrical Equipment — 0.6%
AMETEK, Inc.		12		1,034
Regal Beloit Corp.		17		1,481
				2,515
Electronic Equipment, Instruments & Components — 5.0%
Arrow Electronics, Inc. *		108		7,403
Avnet, Inc.		96		2,674
CDW Corp.		10		1,165
Dolby Laboratories, Inc., Class A		102		6,689
National Instruments Corp.		37		1,435
				19,366
Energy Equipment & Services — 0.2%
Baker Hughes Co.		24		370
National Oilwell Varco, Inc. (a)		34		415
				785
Entertainment — 1.3%
Activision Blizzard, Inc.		6		429
Live Nation Entertainment, Inc. * (a)		17		734
Roku, Inc. *		6		722
Take-Two Interactive Software, Inc. *		24		3,301
				5,186
Equity Real Estate Investment Trusts (REITs) — 7.4%
Alexandria Real Estate Equities, Inc. (a)		5		872
Americold Realty Trust		21		760
Boston Properties, Inc.		1		124
Brandywine Realty Trust		9		97
Camden Property Trust		5		436
Cousins Properties, Inc.		7		204
Douglas Emmett, Inc.		6		188
Duke Realty Corp.		44		1,554
Empire State Realty Trust, Inc., Class A		7		51
EPR Properties		4		136
Equinix, Inc.		5		3,249
Equity LifeStyle Properties, Inc.		17		1,065
Federal Realty Investment Trust		28		2,416
Gaming and Leisure Properties, Inc.		62		2,150
Healthcare Trust of America, Inc., Class A		4		113

INVESTMENTS	SHARES (000)		VALUE ($000)
Equity Real Estate Investment Trusts (REITs) — continued
Highwoods Properties, Inc.		6		207
Host Hotels & Resorts, Inc. (a)		322		3,479
Hudson Pacific Properties, Inc.		14		355
Invitation Homes, Inc.		75		2,070
Medical Properties Trust, Inc.		26		479
Mid-America Apartment Communities, Inc.		2		185
Paramount Group, Inc.		98		756
Park Hotels & Resorts, Inc.		13		128
Realty Income Corp.		26		1,529
Regency Centers Corp.		4		197
Sun Communities, Inc.		8		1,136
VEREIT, Inc.		29		186
VICI Properties, Inc. (a)		155		3,124
Vornado Realty Trust		15		556
Weingarten Realty Investors		14		256
Weyerhaeuser Co.		47		1,051
				29,109
Food & Staples Retailing — 1.1%
Kroger Co. (The)		18		620
Sprouts Farmers Market, Inc. * (a)		142		3,626
				4,246
Food Products — 2.4%
Archer-Daniels-Midland Co.		64		2,563
Hershey Co. (The)		13		1,717
Pilgrim’s Pride Corp. * (a)		127		2,153
TreeHouse Foods, Inc. *		16		718
Tyson Foods, Inc., Class A		40		2,390
				9,541
Gas Utilities — 0.1%
National Fuel Gas Co.		7		274
Health Care Equipment & Supplies — 3.1%
Cooper Cos., Inc. (The)		1		163
Dentsply Sirona, Inc.		22		969
Hill-Rom Holdings, Inc.		14		1,562
Hologic, Inc. *		28		1,620
ICU Medical, Inc. *		4		793
SmileDirectClub, Inc. * (a)		264		2,085
Teleflex, Inc.		3		919
Zimmer Biomet Holdings, Inc.		33		3,906
				12,017
Health Care Providers & Services — 4.9%
AmerisourceBergen Corp.		18		1,766
Cardinal Health, Inc.		65		3,415

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN INTREPID FUNDS 15

JPMorgan Intrepid Mid Cap Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Health Care Providers & Services — continued
Centene Corp. *		100		6,323
DaVita, Inc. *		18		1,448
McKesson Corp.		24		3,739
Premier, Inc., Class A *		67		2,303
				18,994
Health Care Technology — 0.1%
Change Healthcare, Inc. *		40		445
Hotels, Restaurants & Leisure — 1.8%
Domino’s Pizza, Inc.		10		3,704
Hilton Worldwide Holdings, Inc.		9		679
Wendy’s Co. (The)		27		579
Wyndham Destinations, Inc.		73		2,069
				7,031
Household Durables — 3.4%
Garmin Ltd. (a)		20		1,974
Newell Brands, Inc.		251		3,991
PulteGroup, Inc.		184		6,252
Tempur Sealy International, Inc. *		16		1,142
				13,359
Independent Power and Renewable Electricity Producers — 2.5%
AES Corp. (The)		327		4,735
Vistra Energy Corp.		278		5,185
				9,920
Industrial Conglomerates — 0.2%
Carlisle Cos., Inc.		7		808
Insurance — 2.5%
Alleghany Corp.		1		391
American Financial Group, Inc.		12		774
American National Insurance Co.		2		119
Arch Capital Group Ltd. *		13		370
Assurant, Inc.		2		176
Assured Guaranty Ltd.		38		934
Axis Capital Holdings Ltd.		14		549
Everest Re Group Ltd.		7		1,427
Fidelity National Financial, Inc.		13		405
First American Financial Corp.		28		1,333
Hanover Insurance Group, Inc. (The)		12		1,173
Hartford Financial Services Group, Inc. (The)		28		1,074
Lincoln National Corp.		24		888
Reinsurance Group of America, Inc.		1		92
				9,705

INVESTMENTS	SHARES (000)		VALUE ($000)
Interactive Media & Services — 1.6%
InterActive Corp. *		11		3,461
Twitter, Inc. *		88		2,628
				6,089
IT Services — 5.6%
Black Knight, Inc. *		34		2,481
DXC Technology Co.		359		5,921
Fidelity National Information Services, Inc.		23		3,146
Fiserv, Inc. *		27		2,604
Global Payments, Inc.		11		1,838
Leidos Holdings, Inc.		36		3,403
Sabre Corp. (a)		167		1,342
Science Applications International Corp.		13		1,002
Switch, Inc., Class A (a)		18		316
				22,053
Leisure Products — 0.3%
Hasbro, Inc.		8		570
Mattel, Inc. * (a)		60		577
				1,147
Life Sciences Tools & Services — 1.1%
Agilent Technologies, Inc.		29		2,547
PPD, Inc. * (a)		39		1,044
Repligen Corp. *		6		692
				4,283
Machinery — 3.7%
Crane Co.		29		1,702
Ingersoll Rand, Inc. * (a)		48		1,360
PACCAR, Inc.		63		4,691
Timken Co. (The)		144		6,569
				14,322
Media — 1.9%
Discovery, Inc., Class C *		79		1,517
DISH Network Corp., Class A *		66		2,288
Fox Corp., Class B		77		2,062
Nexstar Media Group, Inc., Class A (a)		19		1,561
				7,428
Metals & Mining — 1.5%
Freeport-McMoRan, Inc.		76		885
Newmont Corp.		44		2,716
Nucor Corp.		7		270
Reliance Steel & Aluminum Co.		2		147
Steel Dynamics, Inc.		68		1,778
				5,796

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN INTREPID FUNDS JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Mortgage Real Estate Investment Trusts (REITs) — 0.4%
AGNC Investment Corp.		15		191
New Residential Investment Corp.		21		153
Starwood Property Trust, Inc.		74		1,102
				1,446
Multiline Retail — 0.9%
Dollar General Corp.		15		2,911
Kohl’s Corp.		27		552
				3,463
Multi-Utilities — 0.5%
CenterPoint Energy, Inc.		25		460
Consolidated Edison, Inc.		12		854
MDU Resources Group, Inc.		28		622
				1,936
Oil, Gas & Consumable Fuels — 2.3%
Cabot Oil & Gas Corp.		141		2,419
Cheniere Energy, Inc. *		30		1,425
Cimarex Energy Co.		8		233
HollyFrontier Corp.		93		2,722
Murphy Oil Corp.		29		401
Pioneer Natural Resources Co.		9		840
Valero Energy Corp.		7		407
Williams Cos., Inc. (The)		21		406
				8,853
Personal Products — 0.4%
Herbalife Nutrition Ltd. * (a)		39		1,756
Pharmaceuticals — 1.8%
Elanco Animal Health, Inc. *		52		1,124
Jazz Pharmaceuticals plc *		17		1,864
Mylan NV *		94		1,513
Nektar Therapeutics * (a)		54		1,247
Perrigo Co. plc		21		1,147
				6,895
Professional Services — 2.2%
CoStar Group, Inc. *		5		3,607
ManpowerGroup, Inc.		14		937
Nielsen Holdings plc		33		483
TransUnion		43		3,699
				8,726
Road & Rail — 0.4%
Landstar System, Inc.		6		635
Schneider National, Inc., Class B		37		915
				1,550

INVESTMENTS	SHARES (000)		VALUE ($000)
Semiconductors & Semiconductor Equipment — 1.4%
Lam Research Corp.		12		3,978
ON Semiconductor Corp. * (a)		76		1,513
				5,491
Software — 3.1%
FireEye, Inc. *		215		2,615
Medallia, Inc. *		34		848
Palo Alto Networks, Inc. *		11		2,429
Pluralsight, Inc., Class A *		63		1,141
Proofpoint, Inc. *		27		3,022
Synopsys, Inc. *		10		1,862
				11,917
Specialty Retail — 2.9%
Advance Auto Parts, Inc. (a)		18		2,593
AutoZone, Inc. *		1		761
Best Buy Co., Inc.		40		3,508
Burlington Stores, Inc. *		2		364
Dick’s Sporting Goods, Inc.		64		2,641
Foot Locker, Inc.		19		551
Ulta Beauty, Inc. *		1		183
Williams-Sonoma, Inc.		7		566
				11,167
Technology Hardware, Storage & Peripherals — 5.9%
Dell Technologies, Inc., Class C *		103		5,661
NCR Corp. *		349		6,045
NetApp, Inc.		65		2,884
Pure Storage, Inc., Class A *		35		613
Western Digital Corp.		33		1,440
Xerox Holdings Corp.		417		6,371
				23,014
Textiles, Apparel & Luxury Goods — 0.1%
Ralph Lauren Corp.		7		502
Thrifts & Mortgage Finance — 0.4%
MGIC Investment Corp.		182		1,493
Trading Companies & Distributors — 1.5%
HD Supply Holdings, Inc. *		39		1,339
Univar Solutions, Inc. * (a)		134		2,259
WW Grainger, Inc.		7		2,168
				5,766
Water Utilities — 0.2%
American Water Works Co., Inc.		5		579
Essential Utilities, Inc.		8		351
				930
Total Common Stocks (Cost $337,510)				382,634

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN INTREPID FUNDS 17

JPMorgan Intrepid Mid Cap Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 6.6%
Investment Companies — 1.2%
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (c) (d) (Cost $4,826)		4,824		4,828
Investment of Cash Collateral from Securities Loaned — 5.4%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (c) (d)		14,998		15,004
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (c) (d)		5,757		5,757
Total Investment of Cash Collateral from Securities Loaned (Cost $20,758)				20,761
Total Short-Term Investments (Cost $25,584)				25,589
Total Investments — 104.5% (Cost $363,094)				408,223
Liabilities in Excess of Other Assets — (4.5)%				(17,558	)
NET ASSETS — 100.0%				390,665

Percentages indicated are based on net assets.

(a)	The security or a portion of this security is on loan at June 30, 2020. The total value of securities on loan at June 30, 2020 is approximately $18,506,000.
(b)	Amount rounds to less than one thousand.
(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 June 30, 2020.
*	Non-income producing security.

Futures contracts outstanding as of June 30, 2020 (amounts in thousands, except number of contracts):
Description	Number of Contracts	Expiration Date		Trading Currency		Notional Amount ($)		Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
S&P Midcap 400 E-Mini Index	27		09/2020		USD		4,801		108

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN INTREPID FUNDS JUNE 30, 2020

JPMorgan Intrepid Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.5%
Aerospace & Defense — 1.3%
Northrop Grumman Corp.		7		2,213
Raytheon Technologies Corp.		19		1,171
				3,384
Airlines — 0.3%
Delta Air Lines, Inc.		29		813
Auto Components — 0.4%
Lear Corp.		9		1,025
Banks — 7.5%
Bank of America Corp.		274		6,509
Citigroup, Inc.		95		4,879
Citizens Financial Group, Inc.		65		1,628
Popular, Inc. (Puerto Rico)		31		1,149
Sterling Bancorp		101		1,180
Truist Financial Corp.		62		2,321
Western Alliance Bancorp		33		1,242
				18,908
Biotechnology — 4.7%
AbbVie, Inc.		53		5,240
Alexion Pharmaceuticals, Inc. *		14		1,571
Amgen, Inc.		12		2,723
Biogen, Inc. *		6		1,579
Gilead Sciences, Inc.		12		916
				12,029
Building Products — 1.4%
Fortune Brands Home & Security, Inc. (a)		21		1,330
Owens Corning		40		2,225
				3,555
Capital Markets — 1.9%
Ameriprise Financial, Inc.		14		2,101
State Street Corp.		42		2,662
				4,763
Chemicals — 3.0%
Axalta Coating Systems Ltd. *		45		1,024
Celanese Corp.		16		1,390
CF Industries Holdings, Inc.		55		1,559
DuPont de Nemours, Inc.		20		1,057
Eastman Chemical Co. (a)		10		717
Huntsman Corp.		86		1,540
LyondellBasell Industries NV, Class A		6		375
				7,662
Communications Equipment — 1.2%
Cisco Systems, Inc.		67		3,125

INVESTMENTS	SHARES (000)		VALUE ($000)
Construction & Engineering — 1.2%
AECOM *		29		1,090
MasTec, Inc. *		42		1,889
				2,979
Consumer Finance — 1.1%
Ally Financial, Inc.		37		724
American Express Co.		15		1,409
Discover Financial Services		14		706
				2,839
Containers & Packaging — 1.5%
Ball Corp.		8		528
Berry Global Group, Inc. *		5		222
Crown Holdings, Inc. *		34		2,240
Silgan Holdings, Inc.		23		755
				3,745
Diversified Consumer Services — 0.5%
H&R Block, Inc.		98		1,397
Diversified Financial Services — 2.5%
Berkshire Hathaway, Inc., Class B *		24		4,338
Voya Financial, Inc.		46		2,127
				6,465
Diversified Telecommunication Services — 4.1%
AT&T, Inc.		58		1,759
CenturyLink, Inc.		75		752
Verizon Communications, Inc.		143		7,862
				10,373
Electric Utilities — 5.1%
American Electric Power Co., Inc.		17		1,378
Entergy Corp.		20		1,876
Exelon Corp.		107		3,887
NextEra Energy, Inc.		5		1,129
NRG Energy, Inc.		60		1,963
OGE Energy Corp.		24		716
Southern Co. (The)		36		1,882
				12,831
Electrical Equipment — 0.6%
Eaton Corp. plc (a)		19		1,618
Energy Equipment & Services — 0.7%
Baker Hughes Co.		42		649
TechnipFMC plc (United Kingdom)		152		1,037
				1,686
Entertainment — 1.6%
Electronic Arts, Inc. *		31		4,146

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN INTREPID FUNDS 19

JPMorgan Intrepid Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Equity Real Estate Investment Trusts (REITs) — 4.9%
American Tower Corp.		10		2,482
Essex Property Trust, Inc.		9		1,971
Extra Space Storage, Inc.		7		619
Invitation Homes, Inc.		87		2,403
Kilroy Realty Corp.		20		1,186
Paramount Group, Inc.		199		1,532
SL Green Realty Corp.		6		286
STORE Capital Corp.		41		974
VEREIT, Inc.		188		1,206
				12,659
Food & Staples Retailing — 2.3%
Kroger Co. (The)		65		2,194
Sprouts Farmers Market, Inc. *		85		2,167
Walgreens Boots Alliance, Inc.		39		1,649
				6,010
Food Products — 2.2%
Kraft Heinz Co. (The)		67		2,124
Pilgrim’s Pride Corp. *		41		694
TreeHouse Foods, Inc. *		14		591
Tyson Foods, Inc., Class A		39		2,329
				5,738
Health Care Equipment & Supplies — 1.2%
Hologic, Inc. *		32		1,807
Zimmer Biomet Holdings, Inc.		11		1,349
				3,156
Health Care Providers & Services — 3.9%
Anthem, Inc.		19		5,050
Cigna Corp.		11		2,139
CVS Health Corp.		19		1,260
Humana, Inc.		2		853
McKesson Corp.		5		721
				10,023
Hotels, Restaurants & Leisure — 1.1%
Dunkin’ Brands Group, Inc.		23		1,526
Wyndham Destinations, Inc.		46		1,285
				2,811
Household Durables — 1.4%
DR Horton, Inc.		29		1,630
PulteGroup, Inc.		60		2,056
				3,686
Household Products — 2.2%
Procter & Gamble Co. (The)		46		5,500

INVESTMENTS	SHARES (000)		VALUE ($000)
Independent Power and Renewable Electricity Producers — 0.9%
Clearway Energy, Inc.		18		380
Vistra Energy Corp.		100		1,863
				2,243
Insurance — 3.8%
Allstate Corp. (The)		51		4,909
Fidelity National Financial, Inc.		72		2,201
MetLife, Inc.		19		683
Travelers Cos., Inc. (The)		18		2,041
				9,834
Interactive Media & Services — 0.9%
Alphabet, Inc., Class A *		1		1,276
Alphabet, Inc., Class C *		1		933
				2,209
Internet & Direct Marketing Retail — 1.6%
eBay, Inc.		57		2,974
Qurate Retail, Inc., Series A *		115		1,095
				4,069
IT Services — 3.0%
DXC Technology Co. (a)		63		1,031
International Business Machines Corp.		11		1,292
KBR, Inc.		42		952
Leidos Holdings, Inc.		5		487
Mastercard, Inc., Class A		8		2,307
Science Applications International Corp.		19		1,507
				7,576
Life Sciences Tools & Services — 0.9%
IQVIA Holdings, Inc. *		16		2,284
Machinery — 3.1%
Caterpillar, Inc.		20		2,543
Deere & Co.		19		2,955
PACCAR, Inc.		19		1,422
Rexnord Corp.		36		1,049
				7,969
Media — 2.5%
Charter Communications, Inc., Class A *		6		2,908
Discovery, Inc., Class A * (a)		60		1,255
Nexstar Media Group, Inc., Class A (a)		7		594
Omnicom Group, Inc. (a)		28		1,540
				6,297
Metals & Mining — 0.2%
Newmont Corp.		9		574

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN INTREPID FUNDS JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Multiline Retail — 0.5%
Target Corp.		10		1,187
Oil, Gas & Consumable Fuels — 4.9%
Cheniere Energy, Inc. *		44		2,121
Chevron Corp.		32		2,896
Concho Resources, Inc.		5		247
ConocoPhillips		48		2,025
EOG Resources, Inc.		18		902
Kinder Morgan, Inc.		55		839
ONEOK, Inc.		52		1,717
Phillips 66		26		1,841
				12,588
Personal Products — 0.4%
Herbalife Nutrition Ltd. *		23		1,044
Pharmaceuticals — 4.1%
Bristol-Myers Squibb Co.		79		4,645
Jazz Pharmaceuticals plc *		10		1,048
Johnson & Johnson		14		2,025
Mylan NV *		44		703
Pfizer, Inc.		66		2,158
				10,579
Professional Services — 0.3%
FTI Consulting, Inc. *		7		745
Road & Rail — 1.5%
CSX Corp.		56		3,871
Semiconductors & Semiconductor Equipment — 4.3%
Applied Materials, Inc.		25		1,529
Broadcom, Inc.		7		2,051
Intel Corp.		13		760
Lam Research Corp.		12		3,947
QUALCOMM, Inc.		29		2,618
				10,905
Software — 2.0%
j2 Global, Inc. *		14		904
Oracle Corp.		76		4,184
				5,088
Specialty Retail — 0.7%
Best Buy Co., Inc.		20		1,772
Technology Hardware, Storage & Peripherals — 0.9%
Dell Technologies, Inc., Class C *		15		819
NetApp, Inc.		15		661
Xerox Holdings Corp.		61		929
				2,409

INVESTMENTS	SHARES (000)		VALUE ($000)
Tobacco — 1.7%
Altria Group, Inc.		111		4,357
Trading Companies & Distributors — 0.5%
United Rentals, Inc. *		8		1,237
Total Common Stocks (Cost $240,855)				251,763
	NO. OF RIGHTS (000)
Rights — 0.0% (b)
Pharmaceuticals — 0.0% (b)
Bristol-Myers Squibb Co., CVR, expiring 12/31/2020 * (Cost $30)		14		51
	SHARES (000)
Short-Term Investments — 2.8%
Investment Companies — 1.8%
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (c) (d) (Cost $4,717)		4,715		4,719
Investment of Cash Collateral from Securities Loaned — 1.0%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (c) (d)		3		3
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (c) (d)		2,452		2,452
Total Investment of Cash Collateral from Securities Loaned (Cost $2,455)				2,455
Total Short-Term Investments (Cost $7,172)				7,174
Total Investments — 101.3% (Cost $248,057)				258,988
Liabilities in Excess of Other Assets — (1.3)%				(3,222	)
NET ASSETS — 100.0%				255,766

Percentages indicated are based on net assets.

Abbreviations

CVR	Contingent Value Rights
(a)	The security or a portion of this security is on loan at June 30, 2020. The total value of securities on loan at June 30, 2020 is approximately $2,394,000.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of June 30, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN INTREPID FUNDS 21

JPMorgan U.S. Sustainable Leaders Fund

(formerly known as JPMorgan Intrepid Sustainable Equity Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.0%
Auto Components — 1.5%
Aptiv plc		8		598
Banks — 4.5%
Bank of America Corp.		42		1,009
Citigroup, Inc.		16		836
				1,845
Biotechnology — 3.6%
Amgen, Inc.		4		943
Gilead Sciences, Inc.		7		513
				1,456
Building Products — 3.8%
Owens Corning		11		609
Trane Technologies plc		7		619
Trex Co., Inc. *		2		315
				1,543
Capital Markets — 2.6%
S&P Global, Inc.		2		616
State Street Corp.		7		459
				1,075
Communications Equipment — 2.9%
Cisco Systems, Inc.		25		1,171
Consumer Finance — 1.0%
American Express Co.		4		391
Containers & Packaging — 1.4%
Ball Corp.		8		568
Diversified Financial Services — 1.0%
Voya Financial, Inc.		8		395
Diversified Telecommunication Services — 3.3%
Verizon Communications, Inc.		24		1,349
Electric Utilities — 1.4%
NextEra Energy, Inc.		2		556
Electrical Equipment — 1.1%
Eaton Corp. plc		5		458
Entertainment — 5.3%
Electronic Arts, Inc. *		7		883
Walt Disney Co. (The) (a)		12		1,293
				2,176
Equity Real Estate Investment Trusts (REITs) — 4.8%
American Tower Corp.		3		833
Boston Properties, Inc.		5		478
Equinix, Inc.		1		625
				1,936

INVESTMENTS	SHARES (000)		VALUE ($000)
Food Products — 3.0%
General Mills, Inc.		11		686
Kellogg Co.		8		546
				1,232
Health Care Equipment & Supplies — 1.1%
Hologic, Inc.*		8		465
Health Care Providers & Services — 2.2%
Cigna Corp.		5		914
Household Products — 3.5%
Procter & Gamble Co. (The)		12		1,432
Insurance — 1.9%
Lincoln National Corp.		9		326
Travelers Cos., Inc. (The)		4		451
				777
IT Services — 4.3%
Accenture plc, Class A		2		468
Mastercard, Inc., Class A		4		1,283
				1,751
Life Sciences Tools & Services — 2.4%
Agilent Technologies, Inc.		5		436
IQVIA Holdings, Inc. * (a)		4		526
				962
Machinery — 3.0%
Deere & Co.		4		588
Parker-Hannifin Corp.		2		345
Xylem, Inc.		5		292
				1,225
Multiline Retail — 2.6%
Target Corp.		9		1,062
Pharmaceuticals — 4.1%
Bristol-Myers Squibb Co.		15		859
Merck & Co., Inc.		11		824
				1,683
Professional Services — 0.5%
FTI Consulting, Inc. *		2		214
Real Estate Management & Development — 0.7%
CBRE Group, Inc., Class A *		7		294
Semiconductors & Semiconductor Equipment — 8.0%
Applied Materials, Inc.		13		779
Lam Research Corp.		3		817
NVIDIA Corp.		2		722

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN INTREPID FUNDS JUNE 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Semiconductors & Semiconductor Equipment — continued
Texas Instruments, Inc.		7		887
				3,205
Software — 14.8%
Adobe, Inc. *		1		592
Cadence Design Systems, Inc. *		5		478
Intuit, Inc.		2		628
Microsoft Corp.		17		3,525
salesforce.com, Inc. *		4		764
				5,987
Specialty Retail — 5.4%
Best Buy Co., Inc.		8		728
Home Depot, Inc. (The)		6		1,470
				2,198
Textiles, Apparel & Luxury Goods — 1.3%
VF Corp.		9		539
Total Common Stocks (Cost $32,089)				39,457
Short-Term Investments — 4.7%
Investment Companies — 3.9%
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (b) (c) (Cost $1,605)		1,604		1,605
Investment of Cash Collateral from Securities Loaned — 0.8%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (b) (c) (Cost $326)		326		326
TOTAL Short-Term Investments (Cost $1,931)				1,931
Total Investments — 101.7% (Cost $34,020)				41,388
Liabilities in Excess of Other Assets — (1.7)%				(688	)
NET ASSETS — 100.0%				40,700

Percentages indicated are based on net assets.

(a)	The security or a portion of this security is on loan at June 30, 2020. The total value of securities on loan at June 30, 2020 is approximately $323,000.
(b)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of June 30, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN INTREPID FUNDS 23

STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2020

(Amounts in thousands, except per share amounts)

	JPMorgan Intrepid Growth Fund			JPMorgan Intrepid Mid Cap Fund			JPMorgan Intrepid Value Fund			JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund)
ASSETS:
Investments in non-affiliates, at value	$	1,091,826		$	382,634		$	251,814		$	39,457
Investments in affiliates, at value		12,447			4,828			4,719			1,605
Investment of cash collateral received from securities loaned, at value (See Note 2.B.)		11,327			20,761			2,455			326
Cash		11			—			12			1
Deposits at broker for futures contracts		—			550			—			—
Receivables:
Due from custodian		—			—			2,571			—
Investment securities sold		28,965			14,733			734			—
Fund shares sold		160			155			119			70
Dividends from non-affiliates		585			583			404			30
Dividends from affiliates		—	(a)		—	(a)		—	(a)		—	(a)
Securities lending income (See Note 2.B.)		7			76			—	(a)		—	(a)
Variation margin on futures contracts		—			75			—			—
Due from adviser		—			—			—			5
Total Assets		1,145,328			424,395			262,828			41,494
LIABILITIES:
Payables:
Due to custodian		—			927			—			—
Investment securities purchased		18,435			11,280			4,071			391
Collateral received on securities loaned (See Note 2.B.)		11,327			20,761			2,455			326
Fund shares redeemed		697			338			257			18
Accrued liabilities:
Investment advisory fees		236			169			54			—
Administration fees		46			18			9			—
Distribution fees		55			52			19			4
Service fees		72			62			37			—
Custodian and accounting fees		14			15			13			11
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—	(a)		—	(a)		—	(a)
Other		64			108			147			44
Total Liabilities		30,946			33,730			7,062			794
Net Assets	$	1,114,382		$	390,665		$	255,766		$	40,700

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN INTREPID FUNDS JUNE 30, 2020

	JPMorgan Intrepid Growth Fund			JPMorgan Intrepid Mid Cap Fund			JPMorgan Intrepid Value Fund			JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund)
NET ASSETS:
Paid-in-Capital	$	704,995		$	342,860		$	246,863		$	33,163
Total distributable earnings (loss)		409,387			47,805			8,903			7,537
Total Net Assets	$	1,114,382		$	390,665		$	255,766		$	40,700
Net Assets:
Class A	$	94,017		$	154,019		$	49,876		$	11,178
Class C		31,216			27,417			11,038			2,735
Class I		141,497			119,926			113,316			26,787
Class R2		40,305			—			2,664			—
Class R3		—			12,615			—			—
Class R4		—			562			—			—
Class R5		189,889			—			4,269			—
Class R6		617,458			76,126			74,603			—
Total	$	1,114,382		$	390,665		$	255,766		$	40,700
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		1,631			9,924			1,931			261
Class C		555			2,270			435			66
Class I		2,406			7,175			4,394			621
Class R2		719			—			104			—
Class R3		—			819			—			—
Class R4		—			34			—			—
Class R5		3,278			—			167			—
Class R6		10,659			4,551			2,863			—
Net Asset Value (a):
Class A — Redemption price per share	$	57.64		$	15.52		$	25.83		$	42.76
Class C — Offering price per share (b)		56.26			12.08			25.36			41.80
Class I — Offering and redemption price per share		58.80			16.71			25.79			43.11
Class R2 — Offering and redemption price per share		56.08			—			25.55			—
Class R3 — Offering and redemption price per share		—			15.41			—			—
Class R4 — Offering and redemption price per share		—			16.64			—			—
Class R5 — Offering and redemption price per share		57.93			—			25.66			—
Class R6 — Offering and redemption price per share		57.93			16.73			26.06			—
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)]	$	60.83		$	16.38		$	27.26		$	45.13
Cost of investments in non-affiliates	$	749,189		$	337,510		$	240,885		$	32,089
Cost of investments in affiliates		12,437			4,826			4,717			1,605
Investment securities on loan, at value (See Note 2.B.)		11,233			18,506			2,394			323
Cost of investment of cash collateral (See Note 2.B.)		11,327			20,758			2,455			326

(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.

JUNE 30, 2020 J.P. MORGAN INTREPID FUNDS 25

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED JUNE 30, 2020

(Amounts in thousands)

	JPMorgan Intrepid Growth Fund			JPMorgan Intrepid Mid Cap Fund			JPMorgan Intrepid Value Fund			JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund)
INVESTMENT INCOME:
Interest income from non-affiliates	$	15		$	7		$	16		$	1
Interest income from affiliates		—	(a)		—	(a)		—	(a)		—
Dividend income from non-affiliates		18,843			7,498			19,245			659
Dividend income from affiliates		405			166			394			18
Non-cash dividend income from non-affiliates		2,779			—			—			—
Income from securities lending (net) (See Note 2.B.)		64			387			10			—	(a)
Total investment income		22,106			8,058			19,665			678
EXPENSES:
Investment advisory fees		3,538			2,573			2,334			154
Administration fees		835			345			563			26
Distribution fees:
Class A		249			448			154			29
Class C		257			263			115			21
Class R2		212			—			18			—
Class R3		—			34			—			—
Service fees:
Class A		249			448			154			29
Class C		86			88			38			7
Class I		380			378			1,293			52
Class R2		106			—			9			—
Class R3		—			34			—			—
Class R4		—			2			—			—
Class R5		185			—			29			—
Custodian and accounting fees		42			37			40			29
Interest expense to affiliates		—	(a)		—	(a)		—	(a)		—	(a)
Professional fees		68			62			64			49
Trustees’ and Chief Compliance Officer’s fees		29			27			29			25
Printing and mailing costs		13			49			105			9
Registration and filing fees		93			103			95			51
Transfer agency fees (See Note 2.F.)		64			59			22			6
Other		26			16			23			6
Total expenses		6,432			4,966			5,085			493
Less fees waived		(955	)		(341	)		(760	)		(237	)
Less expense reimbursements		—	(a)		(2	)		(2	)		(6	)
Net expenses		5,477			4,623			4,323			250
Net investment income (loss)		16,629			3,435			15,342			428
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		90,171			35,786			47,527			341
Investments in affiliates		2			1			13			—	(a)
Futures contracts		(1,887	)		876			(705	)		(88	)
Net realized gain (loss)		88,286			36,663			46,835			253
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		54,692			(57,865	)		(120,359	)		2,780
Investments in affiliates		8			4			2			—	(a)
Futures contracts		(313	)		24			(127	)		(12	)
Change in net unrealized appreciation/depreciation		54,387			(57,837	)		(120,484	)		2,768
Net realized/unrealized gains (losses)		142,673			(21,174	)		(73,649	)		3,021
Change in net assets resulting from operations	$	159,302		$	(17,739	)	$	(58,307	)	$	3,449

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN INTREPID FUNDS JUNE 30, 2020

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Intrepid Growth Fund						JPMorgan Intrepid Mid Cap Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	16,629		$	13,040		$	3,435		$	3,897
Net realized gain (loss)		88,286			139,379			36,663			67,943
Change in net unrealized appreciation/depreciation		54,387			(69,695	)		(57,837	)		(69,436	)
Change in net assets resulting from operations		159,302			82,724			(17,739	)		2,404
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(12,262	)		(10,076	)		(21,131	)		(46,279	)
Class C		(4,180	)		(3,578	)		(5,115	)		(12,486	)
Class I		(18,221	)		(20,749	)		(17,337	)		(46,107	)
Class R2		(5,271	)		(4,245	)		—			—
Class R3		—			—			(1,616	)		(3,226	)
Class R4		—			—			(132	)		(191	)
Class R5		(23,132	)		(20,788	)		—			—
Class R6		(73,479	)		(60,741	)		(9,366	)		(13,230	)
Total distributions to shareholders		(136,545	)		(120,177	)		(54,697	)		(121,519	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(56,713	)		16,197			(66,132	)		(168,175	)
NET ASSETS:
Change in net assets		(33,956	)		(21,256	)		(138,568	)		(287,290	)
Beginning of period		1,148,338			1,169,594			529,233			816,523
End of period	$	1,114,382		$	1,148,338		$	390,665		$	529,233

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN INTREPID FUNDS 27

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Intrepid Value Fund						JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund)
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	15,342		$	19,043		$	428		$	329
Net realized gain (loss)		46,835			88,982			253			2,392
Change in net unrealized appreciation/depreciation		(120,484	)		(66,169	)		2,768			(180	)
Change in net assets resulting from operations		(58,307	)		41,856			3,449			2,541
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(5,592	)		(9,987	)		(858	)		(747	)
Class C		(1,365	)		(2,585	)		(204	)		(214	)
Class I		(54,344	)		(96,496	)		(1,447	)		(880	)
Class R2		(314	)		(579	)		—			—
Class R5		(3,383	)		(10,610	)		—			—
Class R6		(11,681	)		(15,052	)		—			—
Total distributions to shareholders		(76,679	)		(135,309	)		(2,509	)		(1,841	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(586,626	)		(27,032	)		9,075			8,039
NET ASSETS:
Change in net assets		(721,612	)		(120,485	)		10,015			8,739
Beginning of period		977,378			1,097,863			30,685			21,946
End of period	$	255,766		$	977,378		$	40,700		$	30,685

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN INTREPID FUNDS JUNE 30, 2020

	JPMorgan Intrepid Growth Fund						JPMorgan Intrepid Mid Cap Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	18,251		$	23,602		$	13,822		$	29,916
Distributions reinvested		8,614			6,926			19,511			40,963
Cost of shares redeemed		(40,642	)		(24,982	)		(54,915	)		(134,149	)
Change in net assets resulting from Class A capital transactions	$	(13,777	)	$	5,546		$	(21,582	)	$	(63,270	)
Class C
Proceeds from shares issued	$	2,490		$	5,263		$	1,393		$	4,428
Distributions reinvested		3,299			2,906			4,865			11,150
Cost of shares redeemed		(10,656	)		(8,391	)		(14,460	)		(23,180	)
Change in net assets resulting from Class C capital transactions	$	(4,867	)	$	(222	)	$	(8,202	)	$	(7,602	)
Class I
Proceeds from shares issued	$	21,569		$	42,963		$	28,647		$	46,939
Distributions reinvested		16,565			19,170			15,360			39,134
Cost of shares redeemed		(61,865	)		(86,816	)		(89,816	)		(146,883	)
Change in net assets resulting from Class I capital transactions	$	(23,731	)	$	(24,683	)	$	(45,809	)	$	(60,810	)
Class R2
Proceeds from shares issued	$	10,855		$	13,480		$	—		$	—
Distributions reinvested		5,051			3,834			—			—
Cost of shares redeemed		(21,173	)		(11,486	)		—			—
Change in net assets resulting from Class R2 capital transactions	$	(5,267	)	$	5,828		$	—		$	—
Class R3
Proceeds from shares issued	$	—		$	—		$	3,971		$	5,800
Distributions reinvested		—			—			1,599			2,914
Cost of shares redeemed		—			—			(6,383	)		(3,876	)
Change in net assets resulting from Class R3 capital transactions	$	—		$	—		$	(813	)	$	4,838
Class R4
Proceeds from shares issued	$	—		$	—		$	296		$	419
Distributions reinvested		—			—			105			191
Cost of shares redeemed		—			—			(966	)		(417	)
Change in net assets resulting from Class R4 capital transactions	$	—		$	—		$	(565	)	$	193
Class R5
Proceeds from shares issued	$	22,564		$	22,080		$	—		$	—
Distributions reinvested		23,131			19,502			—			—
Cost of shares redeemed		(53,596	)		(41,585	)		—			—
Change in net assets resulting from Class R5 capital transactions	$	(7,901	)	$	(3	)	$	—		$	—
Class R6
Proceeds from shares issued	$	41,741		$	52,907		$	27,441		$	52,306
Distributions reinvested		68,077			56,881			7,917			12,629
Cost of shares redeemed		(110,988	)		(80,057	)		(24,519	)		(106,459	)
Change in net assets resulting from Class R6 capital transactions	$	(1,170	)	$	29,731		$	10,839		$	(41,524	)
Total change in net assets resulting from capital transactions	$	(56,713	)	$	16,197		$	(66,132	)	$	(168,175	)

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN INTREPID FUNDS 29

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Intrepid Growth Fund						JPMorgan Intrepid Mid Cap Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
SHARE TRANSACTIONS:
Class A
Issued		335			427			834			1,581
Reinvested		160			136			1,108			2,426
Redeemed		(754	)		(436	)		(3,212	)		(6,614	)
Change in Class A Shares		(259	)		127			(1,270	)		(2,607	)
Class C
Issued		47			97			107			287
Reinvested		63			58			355			821
Redeemed		(203	)		(152	)		(1,090	)		(1,483	)
Change in Class C Shares		(93	)		3			(628	)		(375	)
Class I
Issued		377			747			1,604			2,306
Reinvested		300			371			810			2,168
Redeemed		(1,107	)		(1,560	)		(4,928	)		(7,149	)
Change in Class I Shares		(430	)		(442	)		(2,514	)		(2,675	)
Class R2
Issued		204			244			—			—
Reinvested		96			77			—			—
Redeemed		(397	)		(208	)		—			—
Change in Class R2 Shares		(97	)		113			—			—
Class R3
Issued		—			—			235			284
Reinvested		—			—			91			173
Redeemed		—			—			(360	)		(213	)
Change in Class R3 Shares		—			—			(34	)		244
Class R4
Issued		—			—			18			23
Reinvested		—			—			6			11
Redeemed		—			—			(52	)		(20	)
Change in Class R4 Shares		—			—			(28	)		14
Class R5
Issued		412			387			—			—
Reinvested		425			383			—			—
Redeemed		(983	)		(743	)		—			—
Change in Class R5 Shares		(146	)		27			—			—
Class R6
Issued		784			951			1,545			2,722
Reinvested		1,251			1,116			416			698
Redeemed		(1,980	)		(1,391	)		(1,377	)		(4,759	)
Change in Class R6 Shares		55			676			584			(1,339	)

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN INTREPID FUNDS JUNE 30, 2020

	JPMorgan Intrepid Value Fund						JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund)
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	6,903		$	11,985		$	3,668		$	2,348
Distributions reinvested		5,106			9,196			837			718
Cost of shares redeemed		(23,459	)		(27,574	)		(4,213	)		(1,953	)
Change in net assets resulting from Class A capital transactions	$	(11,450	)	$	(6,393	)	$	292		$	1,113
Class C
Proceeds from shares issued	$	567		$	1,402		$	266		$	525
Distributions reinvested		1,288			2,461			187			197
Cost of shares redeemed		(7,152	)		(6,446	)		(725	)		(1,137	)
Change in net assets resulting from Class C capital transactions	$	(5,297	)	$	(2,583	)	$	(272	)	$	(415	)
Class I
Proceeds from shares issued	$	134,333		$	264,946		$	12,036		$	9,527
Distributions reinvested		54,229			96,262			1,446			879
Cost of shares redeemed		(689,651	)		(367,734	)		(4,427	)		(3,065	)
Change in net assets resulting from Class I capital transactions	$	(501,089	)	$	(6,526	)	$	9,055		$	7,341
Class R2
Proceeds from shares issued	$	765		$	1,113		$	—		$	—
Distributions reinvested		218			330			—			—
Cost of shares redeemed		(2,045	)		(2,425	)		—			—
Change in net assets resulting from Class R2 capital transactions	$	(1,062	)	$	(982	)	$	—		$	—
Class R5
Proceeds from shares issued	$	2,988		$	11,721		$	—		$	—
Distributions reinvested		3,383			10,610			—			—
Cost of shares redeemed		(48,472	)		(55,669	)		—			—
Change in net assets resulting from Class R5 capital transactions	$	(42,101	)	$	(33,338	)	$	—		$	—
Class R6
Proceeds from shares issued	$	55,961		$	30,950		$	—		$	—
Distributions reinvested		11,672			15,044			—			—
Cost of shares redeemed		(93,260	)		(23,204	)		—			—
Change in net assets resulting from Class R6 capital transactions	$	(25,627	)	$	22,790		$	—		$	—
Total change in net assets resulting from capital transactions	$	(586,626	)	$	(27,032	)	$	9,075		$	8,039

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN INTREPID FUNDS 31

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Intrepid Value Fund						JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund)
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
SHARE TRANSACTIONS:
Class A
Issued		238			363			90			58
Reinvested		173			314			20			19
Redeemed		(800	)		(859	)		(108	)		(48	)
Change in Class A Shares		(389	)		(182	)		2			29
Class C
Issued		22			47			8			14
Reinvested		44			85			4			5
Redeemed		(250	)		(208	)		(18	)		(28	)
Change in Class C Shares		(184	)		(76	)		(6	)		(9	)
Class I
Issued		4,400			8,250			295			235
Reinvested		1,759			3,260			33			23
Redeemed		(23,872	)		(11,663	)		(108	)		(78	)
Change in Class I Shares		(17,713	)		(153	)		220			180
Class R2
Issued		25			36			—			—
Reinvested		8			11			—			—
Redeemed		(72	)		(73	)		—			—
Change in Class R2 Shares		(39	)		(26	)		—			—
Class R5
Issued		101			353			—			—
Reinvested		110			358			—			—
Redeemed		(1,585	)		(1,777	)		—			—
Change in Class R5 Shares		(1,374	)		(1,066	)		—			—
Class R6
Issued		1,871			992			—			—
Reinvested		394			507			—			—
Redeemed		(3,593	)		(719	)		—			—
Change in Class R6 Shares		(1,328	)		780			—			—

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN INTREPID FUNDS JUNE 30, 2020

THIS PAGE IS INTENTIONALLY LEFT BLANK

JUNE 30, 2020 J.P. MORGAN INTREPID FUNDS 33

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Intrepid Growth Fund
Class A
Year Ended June 30, 2020	$	56.61	$	0.63	(i)	$	7.41		$	8.04		$	(0.34	)	$	(6.67	)	$	(7.01	)
Year Ended June 30, 2019		59.09		0.45			3.01			3.46			(0.30	)		(5.64	)		(5.94	)
Year Ended June 30, 2018		48.60		0.23			10.51			10.74			(0.25	)		—			(0.25	)
Year Ended June 30, 2017		40.37		0.22			8.27			8.49			(0.26	)		—			(0.26	)
Year Ended June 30, 2016		40.99		0.27			(0.63	)		(0.36	)		(0.26	)		—			(0.26	)
Class C
Year Ended June 30, 2020		55.45		0.35	(i)		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		—	(f)		8.13			8.13			(0.04	)		—			(0.04	)
Year Ended June 30, 2016		40.26		0.07			(0.61	)		(0.54	)		(0.09	)		—			(0.09	)
Class I
Year Ended June 30, 2020		57.60		0.79	(i)		7.54			8.33			(0.46	)		(6.67	)		(7.13	)
Year Ended June 30, 2019		60.04		0.60			3.05			3.65			(0.45	)		(5.64	)		(6.09	)
Year Ended June 30, 2018		49.34		0.38			10.68			11.06			(0.36	)		—			(0.36	)
Year Ended June 30, 2017		40.99		0.34			8.40			8.74			(0.39	)		—			(0.39	)
Year Ended June 30, 2016		41.27		0.29			(0.55	)		(0.26	)		(0.02	)		—			(0.02	)
Class R2
Year Ended June 30, 2020		55.27		0.48	(i)		7.22			7.70			(0.22	)		(6.67	)		(6.89	)
Year Ended June 30, 2019		57.95		0.30			2.93			3.23			(0.27	)		(5.64	)		(5.91	)
Year Ended June 30, 2018		47.66		0.09			10.31			10.40			(0.11	)		—			(0.11	)
Year Ended June 30, 2017		39.66		0.11			8.12			8.23			(0.23	)		—			(0.23	)
Year Ended June 30, 2016		40.39		0.19			(0.63	)		(0.44	)		(0.29	)		—			(0.29	)
Class R5
Year Ended June 30, 2020		56.82		0.86	(i)		7.47			8.33			(0.55	)		(6.67	)		(7.22	)
Year Ended June 30, 2019		59.32		0.68			2.99			3.67			(0.53	)		(5.64	)		(6.17	)
Year Ended June 30, 2018		48.76		0.46			10.56			11.02			(0.46	)		—			(0.46	)
Year Ended June 30, 2017		40.51		0.42			8.29			8.71			(0.46	)		—			(0.46	)
Year Ended June 30, 2016		41.12		0.45			(0.62	)		(0.17	)		(0.44	)		—			(0.44	)
Class R6
Year Ended June 30, 2020		56.81		0.91	(i)		7.49			8.40			(0.61	)		(6.67	)		(7.28	)
Year Ended June 30, 2019		59.32		0.74			2.98			3.72			(0.59	)		(5.64	)		(6.23	)
Year Ended June 30, 2018		48.74		0.51			10.56			11.07			(0.49	)		—			(0.49	)
Year Ended June 30, 2017		40.50		0.44			8.29			8.73			(0.49	)		—			(0.49	)
November 2, 2015 (h) through June 30, 2016		42.20		0.36			(1.60	)		(1.24	)		(0.46	)		—			(0.46	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Amount rounds to less than $0.005.

(g) Amount rounds to less than 0.005%.

(h) Commencement of offering of class of shares.

(i) 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.

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN INTREPID FUNDS JUNE 30, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	57.64		15.11	%	$	94,017		0.84	%		1.15	%(i)		0.94	%		96	%
	56.61		7.06			106,993		0.84			0.79			1.12			95
	59.09		22.13			104,167		0.86			0.42			1.11			69
	48.60		21.12			90,633		0.92			0.50			1.20			68
	40.37		(0.88	)		90,529		0.93			0.66			1.23			70
	56.26		14.50			31,216		1.34			0.65	(i)		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	(g)		1.67			68
	39.63		(1.35	)		48,717		1.42			0.19			1.71			70
	58.80		15.38			141,497		0.59			1.40	(i)		0.67			96
	57.60		7.33			163,324		0.59			1.04			0.86			95
	60.04		22.45			196,798		0.61			0.67			0.86			69
	49.34		21.43			183,265		0.68			0.75			0.89			68
	40.99		(0.63	)		151,419		0.68			0.70			0.88			70
	56.08		14.84			40,305		1.09			0.90	(i)		1.25			96
	55.27		6.78			45,086		1.09			0.54			1.49			95
	57.95		21.84			40,763		1.10			0.16			1.37			69
	47.66		20.82			5,277		1.17			0.26			1.68			68
	39.66		(1.10	)		4,207		1.17			0.50			1.76			70
	57.93		15.63			189,889		0.44			1.55	(i)		0.52			96
	56.82		7.48			194,550		0.44			1.19			0.71			95
	59.32		22.66			201,539		0.45			0.83			0.71			69
	48.76		21.65			192,164		0.48			0.94			0.72			68
	40.51		(0.42	)		205,213		0.47			1.13			0.74			70
	57.93		15.76			617,458		0.34			1.65	(i)		0.42			96
	56.81		7.59			602,454		0.34			1.29			0.61			95
	59.32		22.78			588,911		0.36			0.92			0.61			69
	48.74		21.70			504,973		0.43			0.99			0.61			68
	40.50		(2.94	)		488,138		0.42			1.38			0.61			70

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN INTREPID FUNDS 35

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Intrepid Mid Cap Fund
Class A
Year Ended June 30, 2020	$	18.24	$	0.11		$	(0.71	)	$	(0.60	)	$	(0.09	)	$	(2.03	)	$	(2.12	)
Year Ended June 30, 2019		22.76		0.10			(0.28	)		(0.18	)		(0.08	)		(4.26	)		(4.34	)
Year Ended June 30, 2018		22.11		0.15			2.29			2.44			(0.13	)		(1.66	)		(1.79	)
Year Ended June 30, 2017		19.48		0.08			2.62			2.70			(0.07	)		—	(f)		(0.07	)
Year Ended June 30, 2016		21.82		0.15			(0.64	)		(0.49	)		(0.13	)		(1.72	)		(1.85	)
Class C
Year Ended June 30, 2020		14.64		0.01			(0.52	)		(0.51	)		(0.02	)		(2.03	)		(2.05	)
Year Ended June 30, 2019		19.23		—	(f)		(0.30	)		(0.30	)		(0.03	)		(4.26	)		(4.29	)
Year Ended June 30, 2018		18.90		0.04			1.96			2.00			(0.01	)		(1.66	)		(1.67	)
Year Ended June 30, 2017		16.72		(0.04	)		2.24			2.20			(0.02	)		—	(f)		(0.02	)
Year Ended June 30, 2016		19.07		0.03			(0.58	)		(0.55	)		(0.08	)		(1.72	)		(1.80	)
Class I
Year Ended June 30, 2020		19.48		0.16			(0.78	)		(0.62	)		(0.12	)		(2.03	)		(2.15	)
Year Ended June 30, 2019		24.01		0.16			(0.29	)		(0.13	)		(0.14	)		(4.26	)		(4.40	)
Year Ended June 30, 2018		23.22		0.22			2.41			2.63			(0.18	)		(1.66	)		(1.84	)
Year Ended June 30, 2017		20.43		0.14			2.75			2.89			(0.10	)		—	(f)		(0.10	)
Year Ended June 30, 2016		22.77		0.19			(0.64	)		(0.45	)		(0.17	)		(1.72	)		(1.89	)
Class R3
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
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
Year Ended June 30, 2020		19.49		0.21			(0.76	)		(0.55	)		(0.18	)		(2.03	)		(2.21	)
Year Ended June 30, 2019		24.04		0.21			(0.30	)		(0.09	)		(0.20	)		(4.26	)		(4.46	)
Year Ended June 30, 2018		23.25		0.27			2.42			2.69			(0.24	)		(1.66	)		(1.90	)
Year Ended June 30, 2017		20.42		0.19			2.76			2.95			(0.12	)		—	(f)		(0.12	)
November 2, 2015 (h) through June 30, 2016		22.41		0.20			(0.29	)		(0.09	)		(0.18	)		(1.72	)		(1.90	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Amount rounds to less than $0.005.

(g) Amount rounds to less than 0.005%.

(h) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN INTREPID FUNDS JUNE 30, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	15.52		(4.62	)%	$	154,019		1.14	%		0.62	%		1.22	%		92	%
	18.24		0.81			204,131		1.14			0.49			1.31			82
	22.76		11.18			314,171		1.14			0.65			1.29			62
	22.11		13.91			304,927		1.14			0.40			1.38			70
	19.48		(1.71	)		311,724		1.15			0.77			1.44			78
	12.08		(5.06	)		27,417		1.64			0.10			1.73			92
	14.64		0.24			42,429		1.64			0.00	(g)		1.79			82
	19.23		10.69			62,925		1.64			0.18			1.78			62
	18.90		13.20			81,761		1.74			(0.21	)		1.87			70
	16.72		(2.35	)		89,071		1.79			0.15			1.96			78
	16.71		(4.40	)		119,926		0.89			0.85			0.96			92
	19.48		1.05			188,694		0.89			0.75			1.04			82
	24.01		11.47			296,876		0.89			0.91			1.02			62
	23.22		14.17			310,316		0.89			0.65			1.11			70
	20.43		(1.48	)		258,866		0.90			0.93			1.13			78
	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
	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
	16.73		(4.08	)		76,126		0.64			1.16			0.70			92
	19.49		1.28			77,321		0.64			0.98			0.80			82
	24.04		11.73			127,571		0.64			1.11			0.77			62
	23.25		14.52			183,859		0.65			0.86			0.77			70
	20.42		0.12			304,934		0.65			1.53			0.78			78

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN INTREPID FUNDS 37

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Intrepid Value Fund
Class A
Year Ended June 30, 2020	$	31.42	$	0.55	(d)	$	(3.38	)	$	(2.83	)	$	(0.63	)	$	(2.13	)	$	(2.76	)
Year Ended June 30, 2019		34.53		0.49			0.55			1.04			(0.51	)		(3.64	)		(4.15	)
Year Ended June 30, 2018		35.54		0.53			4.10			4.63			(0.55	)		(5.09	)		(5.64	)
Year Ended June 30, 2017		31.20		0.47			4.66			5.13			(0.52	)		(0.27	)		(0.79	)
Year Ended June 30, 2016		35.66		0.53			(2.95	)		(2.42	)		(0.49	)		(1.55	)		(2.04	)
Class C
Year Ended June 30, 2020		30.90		0.40	(d)		(3.33	)		(2.93	)		(0.48	)		(2.13	)		(2.61	)
Year Ended June 30, 2019		34.06		0.32			0.54			0.86			(0.38	)		(3.64	)		(4.02	)
Year Ended June 30, 2018		35.14		0.35			4.05			4.40			(0.39	)		(5.09	)		(5.48	)
Year Ended June 30, 2017		30.87		0.30			4.60			4.90			(0.36	)		(0.27	)		(0.63	)
Year Ended June 30, 2016		35.29		0.36			(2.91	)		(2.55	)		(0.32	)		(1.55	)		(1.87	)
Class I
Year Ended June 30, 2020		31.62		0.62	(d)		(3.66	)		(3.04	)		(0.66	)		(2.13	)		(2.79	)
Year Ended June 30, 2019		34.71		0.57			0.55			1.12			(0.57	)		(3.64	)		(4.21	)
Year Ended June 30, 2018		35.69		0.62			4.11			4.73			(0.62	)		(5.09	)		(5.71	)
Year Ended June 30, 2017		31.34		0.53			4.67			5.20			(0.58	)		(0.27	)		(0.85	)
Year Ended June 30, 2016		35.80		0.57			(2.95	)		(2.38	)		(0.53	)		(1.55	)		(2.08	)
Class R2
Year Ended June 30, 2020		31.12		0.47	(d)		(3.35	)		(2.88	)		(0.56	)		(2.13	)		(2.69	)
Year Ended June 30, 2019		34.26		0.40			0.54			0.94			(0.44	)		(3.64	)		(4.08	)
Year Ended June 30, 2018		35.33		0.46			4.03			4.49			(0.47	)		(5.09	)		(5.56	)
Year Ended June 30, 2017		31.04		0.38			4.62			5.00			(0.44	)		(0.27	)		(0.71	)
Year Ended June 30, 2016		35.48		0.44			(2.92	)		(2.48	)		(0.41	)		(1.55	)		(1.96	)
Class R5
Year Ended June 30, 2020		31.73		0.67	(d)		(3.87	)		(3.20	)		(0.74	)		(2.13	)		(2.87	)
Year Ended June 30, 2019		34.80		0.62			0.56			1.18			(0.61	)		(3.64	)		(4.25	)
Year Ended June 30, 2018		35.78		0.66			4.13			4.79			(0.68	)		(5.09	)		(5.77	)
Year Ended June 30, 2017		31.42		0.59			4.69			5.28			(0.65	)		(0.27	)		(0.92	)
Year Ended June 30, 2016		35.88		0.64			(2.95	)		(2.31	)		(0.60	)		(1.55	)		(2.15	)
Class R6
Year Ended June 30, 2020		31.74		0.70	(d)		(3.47	)		(2.77	)		(0.78	)		(2.13	)		(2.91	)
Year Ended June 30, 2019		34.80		0.65			0.57			1.22			(0.64	)		(3.64	)		(4.28	)
Year Ended June 30, 2018		35.78		0.69			4.13			4.82			(0.71	)		(5.09	)		(5.80	)
Year Ended June 30, 2017		31.42		0.61			4.69			5.30			(0.67	)		(0.27	)		(0.94	)
Year Ended June 30, 2016		35.89		0.66			(2.97	)		(2.31	)		(0.61	)		(1.55	)		(2.16	)

(a) Calculated based upon average shares outstanding.

(b) 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.

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

(d) 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.

38 J.P. MORGAN INTREPID FUNDS JUNE 30, 2020

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate
$	25.83		(9.96	)%	$	49,876		0.83	%		1.88	%(d)		0.95	%		79	%
	31.42		4.08			72,888		0.82			1.49			1.01			88
	34.53		13.39			86,400		0.83			1.48			1.02			68
	35.54		16.55			95,891		0.83			1.41			1.16			81
	31.20		(6.70	)		240,808		0.83			1.64			1.18			66
	25.36		(10.46	)		11,038		1.33			1.37	(d)		1.46			79
	30.90		3.57			19,139		1.32			0.99			1.52			88
	34.06		12.84			23,686		1.33			1.00			1.53			68
	35.14		15.97			35,999		1.32			0.89			1.59			81
	30.87		(7.16	)		42,788		1.33			1.12			1.62			66
	25.79		(10.69	)		113,316		0.59			2.01	(d)		0.68			79
	31.62		4.33			698,989		0.58			1.74			0.76			88
	34.71		13.65			772,556		0.62			1.71			0.76			68
	35.69		16.72			886,602		0.68			1.56			0.90			81
	31.34		(6.56	)		1,224,039		0.68			1.77			0.91			66
	25.55		(10.24	)		2,664		1.09			1.62	(d)		1.30			79
	31.12		3.81			4,438		1.08			1.22			1.62			88
	34.26		13.04			5,781		1.12			1.28			1.52			68
	35.33		16.24			19,693		1.10			1.12			1.59			81
	31.04		(6.91	)		17,721		1.08			1.39			1.75			66
	25.66		(11.16	)		4,269		0.44			2.16	(d)		0.55			79
	31.73		4.50			48,910		0.43			1.89			0.61			88
	34.80		13.80			90,714		0.45			1.82			0.62			68
	35.78		16.97			86,134		0.48			1.73			0.61			81
	31.42		(6.35	)		85,624		0.48			1.98			0.61			66
	26.06		(9.68	)		74,603		0.34			2.37	(d)		0.44			79
	31.74		4.63			133,014		0.33			1.99			0.51			88
	34.80		13.90			118,726		0.37			1.90			0.52			68
	35.78		17.03			108,525		0.43			1.79			0.52			81
	31.42		(6.33	)		86,255		0.43			2.07			0.51			66

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN INTREPID FUNDS 39

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund)
Class A
Year Ended June 30, 2020	$	41.85	$	0.47		$	3.52		$	3.99		$	(0.43	)	$	(2.65	)	$	(3.08	)
Year Ended June 30, 2019		41.28		0.50			3.21			3.71			(0.41	)		(2.73	)		(3.14	)
Year Ended June 30, 2018		39.35		0.58			4.05			4.63			(0.48	)		(2.22	)		(2.70	)
Year Ended June 30, 2017		33.20		0.29			6.20			6.49			(0.34	)		—			(0.34	)
Year Ended June 30, 2016		34.01		0.62	(d)		(0.87	)(d)		(0.25	)		(0.56	)		—			(0.56	)
Class C
Year Ended June 30, 2020		40.98		0.25			3.44			3.69			(0.22	)		(2.65	)		(2.87	)
Year Ended June 30, 2019		40.44		0.29			3.16			3.45			(0.18	)		(2.73	)		(2.91	)
Year Ended June 30, 2018		38.51		0.41			3.92			4.33			(0.18	)		(2.22	)		(2.40	)
Year Ended June 30, 2017		32.48		0.11			6.06			6.17			(0.14	)		—			(0.14	)
Year Ended June 30, 2016		33.29		0.44	(d)		(0.85	)(d)		(0.41	)		(0.40	)		—			(0.40	)
Class I
Year Ended June 30, 2020		42.15		0.57			3.56			4.13			(0.52	)		(2.65	)		(3.17	)
Year Ended June 30, 2019		41.56		0.60			3.23			3.83			(0.51	)		(2.73	)		(3.24	)
Year Ended June 30, 2018		39.59		0.66			4.10			4.76			(0.57	)		(2.22	)		(2.79	)
Year Ended June 30, 2017		33.40		0.38			6.25			6.63			(0.44	)		—			(0.44	)
Year Ended June 30, 2016		34.22		0.68	(d)		(0.86	)(d)		(0.18	)		(0.64	)		—			(0.64	)

(a) Calculated based upon average shares outstanding.

(b) 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.

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN INTREPID FUNDS JUNE 30, 2020

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate
$	42.76		9.57	%	$	11,178		0.82	%		1.12	%		1.53	%		99	%
	41.85		9.90			10,828		0.83			1.22			1.73			97
	41.28		11.88			9,497		0.90			1.41			1.92			38
	39.35		19.64			7,943		1.08			0.80			2.29			53
	33.20		(0.72	)		8,760		1.15			1.90	(d)		1.95			31
	41.80		9.03			2,735		1.32			0.62			2.07			99
	40.98		9.34			2,949		1.33			0.73			2.22			97
	40.44		11.35			3,277		1.42			1.01			2.45			38
	38.51		19.02			5,063		1.58			0.30			2.79			53
	32.48		(1.21	)		6,131		1.65			1.38	(d)		2.46			31
	43.11		9.86			26,787		0.57			1.37			1.25			99
	42.15		10.18			16,908		0.58			1.46			1.45			97
	41.56		12.16			9,172		0.64			1.59			1.63			38
	39.59		19.95			5,038		0.83			1.04			2.03			53
	33.40		(0.48	)		4,148		0.90			2.05	(d)		1.65			31

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2020 J.P. MORGAN INTREPID FUNDS 41

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020

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

	Classes Offered	Trust	Diversification Classification
JPMorgan Intrepid Growth Fund	Class A, Class C, Class I, Class R2, Class R5 and Class R6	JPM I	Diversified
JPMorgan Intrepid Mid Cap Fund	Class A, Class C, Class I, Class R3, Class R4 and Class R6	JPM II	Diversified
JPMorgan Intrepid Value Fund	Class A, Class C, Class I, Class R2, Class R5 and Class R6	JPM I	Diversified
JPMorgan U.S. Sustainable Leaders  Fund(1)	Class A, Class C and Class I	JPM I	Diversified

⁽¹⁾  Effective August 17, 2020, JPMorgan Intrepid Sustainable Equity Fund changed its name to JPMorgan U.S. Sustainable Leaders Fund.

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

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

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

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

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

2. Significant Accounting Policies

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

A. Valuation of Investments — Investments are valued in accordance with GAAP and the Funds’ valuation policies set forth by, and under the supervision and responsibility of, the Boards of Trustees of the Trusts (the “Boards”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Boards.

The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Boards with the oversight and monitoring of the valuation of the Funds’ investments. The Administrator implements the valuation policies of the Funds’ investments, as directed by the Boards. The AVC oversees and carries out the policies for the valuation of investments held in the Funds. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Boards.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Funds are calculated on a valuation date.

Investments in open-end investment companies (“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.

42 J.P. MORGAN INTREPID FUNDS JUNE 30, 2020

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

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

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

The following tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”) (amounts in thousands):

Intrepid Growth Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	1,115,600	$	—	$	—	$	1,115,600
Intrepid Mid Cap Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	408,223	$	—	$	—	$	408,223
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	108	$	—	$	—	$	108
Intrepid Value Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	258,988	$	—	$	—	$	258,988
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)	$	41,388	$	—	$	—	$	41,388

(a) Please refer to the SOI for specifics of portfolio holdings.

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

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

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimis amounts.

The value of securities out on loan is recorded as an asset on the Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statements of Assets and Liabilities and details of collateral investments are disclosed on the SOIs.

JUNE 30, 2020 J.P. MORGAN INTREPID FUNDS 43

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

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 June 30, 2020 (amounts in thousands).

	Investment Securities on Loan, at value, Presented on the Statements of Assets and Liabilities		Cash Collateral Posted by Borrower*			Net Amount Due to Counterparty (not less than zero)
Intrepid Growth Fund	$	11,233	$	(11,233	)	$	—
Intrepid Mid Cap Fund		18,506		(18,506	)		—
Intrepid Value Fund		2,394		(2,394	)		—
U.S. Sustainable Leaders Fund		323		(323	)		—

* Collateral posted reflects the value of securities on loan and does not include any additional amounts received from the borrower.

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

JPMIM voluntarily waived investment advisory fees charged to the Funds to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.15% to 0.06%. For the year ended June 30, 2020, JPMIM waived fees associated with the Funds’ investment in the JPMorgan U.S. Government Money Market Fund as follows (amounts in thousands):

Intrepid Growth Fund	$	4
Intrepid Mid Cap Fund		2
Intrepid Value Fund		3
U.S. Sustainable Leaders Fund		—	(a)

(a) Amount rounds to less than one thousand.

The above waiver is included in the determination of earnings on cash collateral investment and in the calculation of Citibank’s compensation and is included in 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 table below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the tables below. Amounts in the tables below are in thousands.

Intrepid Growth Fund

For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at June 30, 2020		Shares at June 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (a) (b)	$	26,680	$	367,998	$	382,241	$	2		$	8	$	12,447		12,436	$	405		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares (a)		—		186,000		186,033		33	*		—		—		—		70	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a) (b)		1,273		205,920		195,866		—			—		11,327		11,327		45	*		—
Total	$	27,953	$	759,918	$	764,140	$	35		$	8	$	23,774			$	520		$	—

44 J.P. MORGAN INTREPID FUNDS JUNE 30, 2020

Intrepid Mid Cap Fund

For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at June 30, 2020		Shares at June 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (a) (b)	$	7,093	$	206,455	$	208,722	$	1		$	1	$	4,828		4,824	$	166		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (a) (b)		3,001		18,999		7,000		1	*		3		15,004		14,998		51	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a) (b)		2,904		94,109		91,256		—			—		5,757		5,757		39	*		—
Total	$	12,998	$	319,563	$	306,978	$	2		$	4	$	25,589			$	256		$	—

Intrepid Value Fund

For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at June 30, 2020		Shares at June 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (a) (b)	$	23,318	$	279,946	$	298,560	$	13		$	2	$	4,719		4,715	$	394		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (a) (b)		—		5,000		4,997		—	*(c)		—		3		3		29	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a) (b)		—		70,160		67,708		—			—		2,452		2,452		48	*		—
Total	$	23,318	$	355,106	$	371,265	$	13		$	2	$	7,174			$	471		$	—

U.S. Sustainable Leaders Fund

For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (a) (b)	$	1,669	$	20,684	$	20,748	$	—	(c)	$	—	(c)	$	1,605		1,604	$	18		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a) (b)		—		2,548		2,222		—			—			326		326		—	*(c)		—
Total	$	1,669	$	23,232	$	22,970	$	—	(c)	$	—	(c)	$	1,931			$	18		$	—

(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 June 30, 2020.

(c) Amount rounds to less than one thousand.

* Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).

D. Futures Contracts — The Funds 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

JUNE 30, 2020 J.P. MORGAN INTREPID FUNDS 45

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs, 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 table below discloses the volume of the Funds’ futures contracts activity during the year ended June 30, 2020 (amounts in thousands):

	Intrepid Growth Fund			Intrepid Mid Cap Fund		Intrepid Value Fund			U.S. Sustainable Leaders Fund
Futures Contracts — Equity:
Average Notional Balance Long	$	23,711	(a)	$	9,287	$	24,628	(a)	$	1,037	(a)
Ending Notional Balance Long		—			4,801		—			—

(a) For the period July 1, 2019 through March 31, 2020.

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

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

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

F. Allocation of Income and Expenses — Expenses directly attributable to a Fund are charged directly to that Fund, while the expenses attributable to more than one fund of the Trusts are allocated among the 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 year ended June 30, 2020 are as follows (amounts in thousands):

	Class A		Class C		Class I		Class R2		Class R3			Class R4			Class R5		Class R6		Total
Intrepid Growth Fund
Transfer agency fees	$	16	$	2	$	6	$	32		n/a			n/a		$	3	$	5	$	64
Intrepid Mid Cap Fund
Transfer agency fees		42		8		6		n/a	$	—	(a)	$	—	(a)		n/a		3		59
Intrepid Value Fund
Transfer agency fees		3		2		8		4		n/a			n/a			3		2		22
U.S. Sustainable Leaders Fund
Transfer agency fees		3		2		1		n/a		n/a			n/a			n/a		n/a		6

(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

46 J.P. MORGAN INTREPID FUNDS JUNE 30, 2020

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 June 30, 2020, no liability for Federal income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

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

The following amounts were reclassified within the capital accounts (amounts in thousands):

	Paid-in-Capital		Accumulated undistributed (distributions in excess of) net  investment income			Accumulated net realized gains (losses)
Intrepid Growth Fund	$	5,671	$	(232	)	$	(5,439	)
Intrepid Mid Cap Fund		3,965		(102	)		(3,863	)
Intrepid Value Fund		19,538		(208	)		(19,330	)
U.S. Sustainable Leaders Fund		—		—	(a)		—	(a)

(a) Amount rounds to less than one thousand.

The reclassifications for the Funds relate primarily to non-taxable dividends and tax equalization.

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 based on each Fund’s respective average daily net assets. The annual rate for each Fund is as follows:

Intrepid Growth Fund	0.30	%(1)
Intrepid Mid Cap Fund	0.55	(1)
Intrepid Value Fund	0.30	(1)
U.S. Sustainable Leaders Fund	0.30	(2)

⁽¹⁾   Prior to August 1, 2019, the investment advisory fee for Intrepid Growth Fund, Intrepid Mid Cap Fund and Intrepid Value Fund was accrued daily and paid monthly at an annual rate of 0.50%, 0.65% and 0.40%, respectively, of each Fund’s average daily net assets.

⁽²⁾  Prior to August 1, 2019, the investment advisory fee for U.S. Sustainable Leaders Fund was accrued daily and paid monthly at an annual rate of 0.50% of the Fund’s average daily net assets. From August 1, 2019 to May 31, 2020, the investment advisory fee for U.S. Sustainable Leaders Fund was accrued daily and paid monthly at an annual rate of 0.45% 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 Administration Agreements, 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 year ended June 30, 2020, the effective rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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.

JUNE 30, 2020 J.P. MORGAN INTREPID FUNDS 47

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

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 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
Intrepid Growth Fund		0.25	%		0.75	%		0.50	%		n/a
Intrepid Mid Cap Fund		0.25			0.75			n/a			0.25	%
Intrepid Value Fund		0.25			0.75			0.50			n/a
U.S. Sustainable Leaders Fund		0.25			0.75			n/a			n/a

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended June 30, 2020, JPMDS retained the following (amounts in thousands):

	Front-End Sales Charge		CDSC
Intrepid Growth Fund	$	8	$	—
Intrepid Mid Cap Fund		4		—	(a)
Intrepid Value Fund		1		—
U.S. Sustainable Leaders Fund		4		—

(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 R2			Class R3			Class R4			Class R5
Intrepid Growth Fund		0.25	%		0.25	%		0.25	%		0.25	%		n/a			n/a			0.10	%
Intrepid Mid Cap Fund		0.25			0.25			0.25			n/a			0.25	%		0.25	%		n/a
Intrepid Value Fund		0.25			0.25			0.25			0.25			n/a			n/a			0.10
U.S. Sustainable Leaders Fund		0.25			0.25			0.25			n/a			n/a			n/a			n/a

JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds. 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 each Fund’s respective average daily net assets as shown in the table below:

	Class A			Class C			Class I			Class R2			Class R3			Class R4			Class R5			Class R6
Intrepid Growth Fund		0.84	%		1.34	%		0.59	%		1.09	%		n/a			n/a			0.44	%		0.34	%
Intrepid Mid Cap Fund		1.14			1.64			0.89			n/a			1.14	%		0.89	%		n/a			0.64
Intrepid Value Fund		0.83			1.33			0.59			1.09			n/a			n/a			0.44			0.34
U.S. Sustainable Leaders Fund		0.64	(1)		1.14	(1)		0.39	(1)		n/a			n/a			n/a			n/a			n/a

⁽¹⁾   Prior to June 1, 2020, the contractual expense limitation was 0.84%, 1.34% and 0.59% for Class A, Class C and Class I, respectively. The contractual expense limitation percentages are in place until at least May 31, 2021 for U.S. Sustainable Leaders Fund.

48 J.P. MORGAN INTREPID FUNDS JUNE 30, 2020

The expense limitation agreements were in effect for the year ended June 30, 2020 and are in place until at least October 31, 2020 for Intrepid Growth Fund, Intrepid Mid Cap Fund and Intrepid Value Fund.

For the year ended June 30, 2020, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees		Total		Contractual Reimbursements
Intrepid Growth Fund	$	550	$	316	$	55	$	921	$	—	(a)
Intrepid Mid Cap Fund		163		109		55		327		2
Intrepid Value Fund		426		285		18		729		2
U.S. Sustainable Leaders Fund		154		26		55		235		6

(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 reimbursed expenses in future years.

The amounts of waivers resulting from investments in these money market funds for the year ended June 30, 2020 were as follows (amounts in thousands):

Intrepid Growth Fund	$	34
Intrepid Mid Cap Fund		14
Intrepid Value Fund		31
U.S. Sustainable Leaders Fund		2

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 year ended June 30, 2020, Intrepid Mid Cap 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, Inc., an affiliated broker, involving taxable money market instruments, subject to certain conditions.

4. Investment Transactions

During the year ended June 30, 2020, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Intrepid Growth Fund	$	1,035,621	$	1,221,060
Intrepid Mid Cap Fund		412,615		532,166
Intrepid Value Fund		573,805		1,206,829
U.S. Sustainable Leaders Fund		39,811		33,385

During the year ended June 30, 2020, there were no purchases or sales of U.S. Government securities.

JUNE 30, 2020 J.P. MORGAN INTREPID FUNDS 49

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at June 30, 2020 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Intrepid Growth Fund	$	775,222	$	366,813	$	26,435	$	340,378
Intrepid Mid Cap Fund		368,253		60,563		20,485		40,078
Intrepid Value Fund		252,322		26,941		20,275		6,666
U.S. Sustainable Leaders Fund		34,443		7,262		317		6,945

For the Funds, the difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to wash sale loss deferrals.

The tax character of distributions paid during the year ended June 30, 2020 was as follows (amounts in thousands):

	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Intrepid Growth Fund	$	10,945	$	125,600	$	136,545
Intrepid Mid Cap Fund		3,030		51,667		54,697
Intrepid Value Fund		13,455		63,224		76,679
U.S. Sustainable Leaders Fund		692		1,817		2,509

* Short-term gain distributions are treated as ordinary income for income tax purposes.

The tax character of distributions paid during the year ended June 30, 2019 was as follows (amounts in thousands):

	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Intrepid Growth Fund	$	10,743	$	109,434	$	120,177
Intrepid Mid Cap Fund		28,929		92,590		121,519
Intrepid Value Fund		37,341		97,968		135,309
U.S. Sustainable Leaders Fund		385		1,456		1,841

* Short-term gain distributions are treated as ordinary income for income tax purposes.

As of June 30, 2020, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss Carryover)		Unrealized Appreciation (Depreciation)
Intrepid Growth Fund	$	11,788	$	61,179	$	340,378
Intrepid Mid Cap Fund		1,819		17,069		40,078
Intrepid Value Fund		2,278		—		6,666
U.S. Sustainable Leaders Fund		226		625		6,945

For the Funds, the cumulative timing differences primarily consist of wash sale loss deferrals, post-October capital loss deferrals and trustee deferred compensation.

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

Net capital losses incurred after October 31, and within the taxable year are deemed to arise on the first business day of the Funds’ next taxable year. For the year ended June 30, 2020, the Funds deferred to July 1, 2020 the following net capital losses of (amounts in thousands):

	Net Capital Losses
	Short-Term		Long-Term
Intrepid Growth Fund	$	3,912	$	—
Intrepid Mid Cap Fund		11,113		—
U.S. Sustainable Leaders Fund		231		—

50 J.P. MORGAN INTREPID FUNDS JUNE 30, 2020

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 at June 30, 2020. Average borrowings from the Facility during the year ended June 30, 2020 were as follows (amounts in thousands, except number of days outstanding):

	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
Intrepid Value Fund	$	16,252		0.79	%		1	$	—	(a)

(a) Amount rounds to less than one thousand.

The Trusts and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 2, 2020.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended June 30, 2020.

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

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00%, which has increased to 1.25% pursuant to the amendment referenced below, plus the greater of the federal funds effective rate or one month 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 11, 2020, this agreement has been amended and restated for a term of 364 days, unless extended, and to include the change to the interest rate charged for borrowing from the Credit Facility to 1.25%, as noted above, and an upfront fee of 0.075% of the Credit Facility to be charged and paid by all participating funds of the Credit Facility.

The Funds did not utilize the Credit Facility during the year ended June 30, 2020.

7. Risks, Concentrations and Indemnifications

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

JUNE 30, 2020 J.P. MORGAN INTREPID FUNDS 51

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

As of June 30, 2020, the Funds had individual shareholder and/or omnibus accounts which owned 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
Intrepid Growth Fund		2		28.3	%		1		10.4	%
Intrepid Mid Cap Fund		1		19.6			1		16.2
Intrepid Value Fund		—		—			2		22.5
U.S. Sustainable Leaders Fund		1		14.3			3		46.5

As of June 30, 2020, J.P. Morgan Investor Funds, which are affiliated funds of funds, owned in the aggregate, shares representing more than 10% of the net assets of the Funds as follows:

	JPMorgan Investor Funds
Intrepid Growth Fund		45.0	%

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

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

The Funds are subject to infectious disease epidemics/pandemics risk. Recently, 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, negatively impact a Fund’s arbitrage and pricing mechanisms, exacerbate other pre-existing political, social and economic risks to the Funds and negatively impact broad segments of businesses and populations. The Funds’ operations may be interrupted as a result, which may have a significant negative impact on investment performance. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could also have a significant negative impact on a Fund’s investment performance. The full impact of this COVID-19 pandemic, or other future epidemics/pandemics, is currently unknown.

8. Subsequent Events

On August 11, 2020 the Board of Trustees of JPM II approved the following changes to the Intrepid Mid Cap Growth Fund, which are expected to become effective on or about November 1, 2020: (i) a change to the Fund’s name to “JPMorgan SMID Cap Equity Fund”; (ii) a change to the Fund’s 80% investment policy so that, under normal circumstances, at least 80% of the Fund’s Assets (net assets plus the amount of any borrowings for investment purposes) will be invested in equity securities of small- to mid-cap companies; and (iii) a change to the Fund’s investment strategy so that the Fund will invest primarily in common stocks.

On August 11, 2020, the contractual expense limitations for all share classes of the Funds were extended until at least October 31, 2021.

52 J.P. MORGAN INTREPID FUNDS JUNE 30, 2020

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and JPMorgan Trust II and Shareholders of JPMorgan Intrepid Growth Fund, JPMorgan Intrepid Mid Cap Fund, JPMorgan Intrepid Value Fund and JPMorgan U.S. Sustainable Leaders Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of JPMorgan Intrepid Growth Fund, JPMorgan Intrepid Value Fund and JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund) (three of the funds constituting JPMorgan Trust I) and JPMorgan Intrepid Mid Cap Fund (one of the funds constituting JPMorgan Trust II) (hereafter collectively referred to as the “Funds”) as of June 30, 2020, the related statements of operations for the year ended June 30, 2020, the statements of changes in net assets for each of the two years in the period ended June 30, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended June 30, 2020 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2020 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

August 24, 2020

We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.

JUNE 30, 2020 J.P. MORGAN INTREPID FUNDS 53

TRUSTEES

(Unaudited)

The Funds’ Statement of Additional Information includes additional information about the Funds’ Trustees and is available, without charge, upon request by calling 1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees
John F. Finn (1947); Chairman since 2020; Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	126	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Stephen P. Fisher (1959); Trustee of Trusts since 2018.	Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies).	126	Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).
Kathleen M. Gallagher (1958); Trustee of the Trusts since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	126	Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, Fiduciary Solutions, State Street Global Advisors (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016).
Dennis P. Harrington* (1950); Trustee of Trusts since 2017.	Retired; Partner, Deloitte LLP (accounting firm) (serving in various roles 1984-2012).	126	None
Frankie D. Hughes (1952); Trustee of Trusts since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	126	None

54 J.P. MORGAN INTREPID FUNDS JUNE 30, 2020

Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)
Raymond Kanner** (1953); Trustee of Trusts since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	126	Advisory Board Member, Penso Advisors LLC (2020-present); Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors Fiduciary Solutions Board (2017-present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016-2017); Advisory Board Member, BlueStar Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015).
Peter C. Marshall (1942); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	126	None
Mary E. Martinez (1960); Trustee of Trusts since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	126	None
Marilyn McCoy (1948); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	126	None
Mitchell M. Merin (1953); Trustee of Trusts since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (serving in various roles 1981-2006).	126	Director, Sun Life Financial (SLF) (financial services and insurance) (2007-2013).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	126	Trustee and Vice Chair, Trout Unlimited (2017-present); Trustee, American Museum of Fly Fishing (2013-present); Vice Chair, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American University in Cairo (1999-2014).
Marian U. Pardo*** (1946); Trustee of Trusts since 2013.	Managing Director and Founder, Virtual Capital Management LLC (investment consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	126	President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).

JUNE 30, 2020 J.P. MORGAN INTREPID FUNDS 55

TRUSTEES

(Unaudited) (continued)

(1) The Trustees serve for an indefinite term, subject to the Trusts’ current retirement policy, which is age 78 for all Trustees.

(2) A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Boards of Trustees serve currently includes ten registered investment companies (126 funds).

    * Two family members of Mr. Harrington are partner and managing director, respectively, of the Funds’ independent registered public accounting firm. Such firm has represented to the Boards that those family members are not involved in the audit of the Funds’ financial statements and do not provide other services to the Funds. The Boards have concluded that such association does not interfere with Mr. Harrington’s exercise of independent judgment as an Independent Trustee.

  ** A family member of Mr. Kanner is employed by JPMorgan Chase Bank, which is affiliated with JPMIM and JPMDS. In that capacity, this employee provides services to various JPMorgan affiliates including JPMIM and JPMDS and for which JPMIM and JPMDS bear some portion of the expense thereof.

*** In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient of non-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase.

The contact address for each of the Trustees is 277 Park Avenue, New York, NY 10172.

56 J.P. MORGAN INTREPID FUNDS JUNE 30, 2020

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trusts (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (from 2014 to present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (from 1999 to 2014).
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)*	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from October 2013 to January 2016.
Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary since 2010)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2010 to February 2014.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
Anthony Geron (1971), Assistant Secretary (2018)*	Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015.
Carmine Lekstutis (1980), Assistant Secretary (2011)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015.
Keri E. Riemer (1976), Assistant Secretary (2019)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2019; Counsel, Seward & Kissel LLP (law firm) (2016-2019); Associate, Seward & Kissel LLP (2011-2016).
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)*	Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014.
Aleksandr Fleytekh (1972), Assistant Treasurer (2019)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2012.
Shannon Gaines (1977), Assistant Treasurer (2018)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since January 2014.
Jeffrey D. House (1972), Assistant Treasurer (2017)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006.
Lauren A. Paino (1973), Assistant Treasurer (2014)*	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013.
Joseph Parascondola (1963), Assistant Treasurer (2011)*	Executive Director, J.P. Morgan Investment Management, Inc. since February 2020, formerly Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) from August 2006 to January 2020.
Gillian I. Sands (1969), Assistant Treasurer (2012)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012.

The contact address for each of the officers, unless otherwise noted, is 277 Park Avenue, New York, NY 10172.

    * The contact address for the officer is 4 New York Plaza, New York, NY 10004.

  ** The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240.

JUNE 30, 2020 J.P. MORGAN INTREPID FUNDS 57

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, January 1, 2020, and continued to hold your shares at the end of the reporting period, June 30, 2020.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Intrepid Growth Fund
Class A
Actual	$	1,000.00	$	1,052.20	$	4.29		0.84	%
Hypothetical		1,000.00		1,020.69		4.22		0.84
Class C
Actual		1,000.00		1,049.20		6.83		1.34
Hypothetical		1,000.00		1,018.20		6.72		1.34
Class I
Actual		1,000.00		1,053.40		3.01		0.59
Hypothetical		1,000.00		1,021.93		2.97		0.59
Class R2
Actual		1,000.00		1,051.00		5.56		1.09
Hypothetical		1,000.00		1,019.44		5.47		1.09
Class R5
Actual		1,000.00		1,054.80		2.25		0.44
Hypothetical		1,000.00		1,022.68		2.21		0.44
Class R6
Actual		1,000.00		1,055.40		1.74		0.34
Hypothetical		1,000.00		1,023.17		1.71		0.34
JPMorgan Intrepid Mid Cap Fund
Class A
Actual		1,000.00		874.90		5.31		1.14
Hypothetical		1,000.00		1,019.19		5.72		1.14
Class C
Actual		1,000.00		872.80		7.64		1.64
Hypothetical		1,000.00		1,016.71		8.22		1.64
Class I
Actual		1,000.00		875.80		4.15		0.89
Hypothetical		1,000.00		1,020.44		4.47		0.89

58 J.P. MORGAN INTREPID FUNDS JUNE 30, 2020

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Intrepid Mid Cap Fund (continued)
Class R3
Actual	$	1,000.00	$	874.60	$	5.31		1.14	%
Hypothetical		1,000.00		1,019.19		5.72		1.14
Class R4
Actual		1,000.00		875.80		4.15		0.89
Hypothetical		1,000.00		1,020.44		4.47		0.89
Class R6
Actual		1,000.00		877.30		2.99		0.64
Hypothetical		1,000.00		1,021.68		3.22		0.64
JPMorgan Intrepid Value Fund
Class A
Actual		1,000.00		841.70		3.80		0.83
Hypothetical		1,000.00		1,020.74		4.17		0.83
Class C
Actual		1,000.00		839.20		6.08		1.33
Hypothetical		1,000.00		1,018.25		6.67		1.33
Class I
Actual		1,000.00		833.90		2.69		0.59
Hypothetical		1,000.00		1,021.93		2.97		0.59
Class R2
Actual		1,000.00		840.20		4.99		1.09
Hypothetical		1,000.00		1,019.44		5.47		1.09
Class R5
Actual		1,000.00		828.90		2.00		0.44
Hypothetical		1,000.00		1,022.68		2.21		0.44
Class R6
Actual		1,000.00		842.20		1.56		0.34
Hypothetical		1,000.00		1,023.17		1.71		0.34
JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund)
Class A
Actual		1,000.00		990.70		3.96		0.80
Hypothetical		1,000.00		1,020.89		4.02		0.80
Class C
Actual		1,000.00		988.20		6.43		1.30
Hypothetical		1,000.00		1,018.40		6.52		1.30
Class I
Actual		1,000.00		992.20		2.72		0.55
Hypothetical		1,000.00		1,022.13		2.77		0.55

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

JUNE 30, 2020 J.P. MORGAN INTREPID FUNDS 59

LIQUIDITY RISK MANAGEMENT PROGRAM

(Unaudited)

Each of the Funds has adopted the J.P. Morgan Funds Liquidity Risk Management Program (the “Program”) under Rule 22e-4 under the 1940 Act (the “Liquidity Rule”). The Program seeks to assess, manage and review each Fund’s Liquidity Risk. “Liquidity Risk” is defined as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund. Among other things, the Liquidity Rule requires that a written report be provided to the Boards of Trustees (the “Board”) on an annual basis that addresses the operation of the Program and assesses the adequacy and effectiveness of its implementation, including the operation of any Highly Liquidity Investment Minimum (“HLIM”) established for a Fund and any material changes to the Program.

The Board has appointed J.P. Morgan Asset Management’s Liquidity Risk Forum to be the program administrator for the Program (the “Program Administrator”). On February 11, 2020, the Board of Trustees reviewed the Program Administrator’s initial written report (the “Report”) concerning the operation of the Program for the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a Fund’s HLIM. There were no material changes to the Program during the Program Reporting Period.

The Report summarized the operation of the Program and the information and factors considered by the Program

Administrator in assessing whether the Program has been adequately and effectively implemented with respect to each Fund. Such information and factors included, among other things: (1) the liquidity risk framework used to assess, manage, and periodically review each Fund’s Liquidity Risk and the results of this assessment; (2) the methodology and inputs for classifying each of the Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) whether a Fund invested primarily in “Highly Liquid Investments” (as defined under the Liquidity Rule), whether an HLIM should be established for a Fund (and, for Funds that have adopted an HLIM, whether the HLIM continues to be appropriate or whether a Fund has invested below its HLIM) and the procedures for monitoring for this limit; (4) whether a Fund invested more than 15% of its assets in “Illiquid Investments” (as defined under the Liquidity Rule) and the procedures for monitoring for this limit; and (5) specific liquidity events arising during the Program Reporting Period, including the impact on Fund liquidity caused by extended non-U.S. market closures.

Based on this review, the Report concluded that: (1) the Program continues to be reasonably designed to effectively assess and manage each Fund’s Liquidity Risk; and (2) the Program has been adequately and effectively implemented with respect to each Fund during the Program Reporting Period.

60 J.P. MORGAN INTREPID FUNDS JUNE 30, 2020

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended June 30, 2020. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2020. The information necessary to complete your income tax returns for the calendar year ending December 31, 2020 will be pro- vided under separate cover.

Dividends Received Deduction (DRD)

Each Fund listed below had the following percentage, or

maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the fiscal year ended June 30, 2020:

	Dividends Received Deduction
JPMorgan Intrepid Growth Fund		100.00	%
JPMorgan Intrepid Mid Cap Fund		100.00
JPMorgan Intrepid Value Fund		100.00
JPMorgan U.S. Sustainable Leaders Fund		87.53

Long Term Capital Gain

Each Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended June 30, 2020 (amounts in thousands):

	Long-Term Capital Gain Distribution
JPMorgan Intrepid Growth Fund	$	131,281
JPMorgan Intrepid Mid Cap Fund		55,651
JPMorgan Intrepid Value Fund		82,776
JPMorgan U.S. Sustainable Leaders Fund		1,817

Qualified Dividend Income (QDI)

Each Fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended June 30, 2020 (amounts in thousands):

	Qualified Dividend Income
JPMorgan Intrepid Growth Fund	$	10,945
JPMorgan Intrepid Mid Cap Fund		3,030
JPMorgan Intrepid Value Fund		13,455
JPMorgan U.S. Sustainable Leaders Fund		620

JUNE 30, 2020 J.P. MORGAN INTREPID FUNDS 61

Rev. January 2011

FACTS WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION?

Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:   ◾  Social Security number and account balances   ◾  transaction history and account transactions   ◾  checking account information and wire transfer instructions When you are no longer our customer, we continue to share your information as described in this notice.

How? All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does J.P. Morgan Funds share?	Can you limit  this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes — information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

Questions? Call 1-800-480-4111 or go to www.jpmorganfunds.com

Page 2

Who we are
Who is providing this notice?	J.P. Morgan Funds

What we do
How does J.P. Morgan Funds protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information.
How does J.P. Morgan Funds collect my personal information?	We collect your personal information, for example, when you: ◾  open an account or provide contact information ◾  give us your account information or pay us by check ◾  make a wire transfer We also collect your personal information from others, such as credit bureaus, affiliates and other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ◾  sharing for affiliates’ everyday business purposes – information about your creditworthiness ◾  affiliates from using your information to market to you ◾  sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.

Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ◾  J.P. Morgan Funds does not share with our affiliates.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ◾  J.P. Morgan Funds does not share with nonaffiliates so they can market to you.
Joint Marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ◾  J.P. Morgan Funds doesn’t jointly market.

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

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

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

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC as an exhibit to its report on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC’s website at http://www.sec.gov. Each Fund’s quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

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

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

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

^© JPMorgan Chase & Co., 2020. All rights reserved. June 2020. AN-INT-620

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.

The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer and principal financial officer. There were no amendments to the code of ethics or waivers granted with respect to the code of ethics in the period covered by the 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.

The Registrant’s Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its audit committee. The Securities and Exchange Commission has stated that the designation or identification of a person as an audit committee financial expert pursuant to this Item 3 of Form N-CSR does not impose on such person any duties, obligations or liabilities that are greater than the duties, obligations and liabilities imposed on such person as a member of the Audit Committee and the Board of Trustees in the absence of such designation or identification.

(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)).

The audit committee financial expert is Dennis P. Harrington. He is not an “interested person” of the Registrant and is also “independent” as defined by the U.S. Securities and Exchange Commission for purposes of audit committee financial expert determinations.

(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.

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.

AUDIT FEES

2020 – $393,508

2019 – $388,182

(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.

AUDIT-RELATED FEES

2020 – $53,460

2019 – $53,460

Audit-related fees consists of semi-annual financial statement reviews and security count procedures performed as required under Rule 17f-2 of the Investment Company Act of 1940 during the Registrant’s fiscal year.

(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.

TAX FEES

2020 – $150,184

2019 – $143,894

The tax fees consist of fees billed in connection with preparing the federal regulated investment company income tax returns for the Registrant for the tax years ended June 30, 2020 and 2019, respectively.

For the last fiscal year, no tax fees were required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.

(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.

ALL OTHER FEES

2020 – Not applicable

2019 – Not applicable

(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.

Pursuant to the Registrant’s Audit Committee Charter and written policies and procedures for the pre-approval of audit and non-audit services (the “Pre-approval Policy”), the Audit Committee pre-approves all audit and non-audit services performed by the Registrant’s independent public registered accounting firm for the Registrant. In addition, the Audit Committee pre-approves the auditor’s engagement for non-audit services with the Registrant’s investment adviser (not including a sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser) and any Service Affiliate in accordance with paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if the engagement relates directly to the operations and financial reporting of the Registrant. Proposed services may be pre-approved either 1) without consideration of specific case-by-case services or 2) require the specific pre-approval of the Audit Committee. Therefore, initially the Pre-approval Policy listed a number of audit and non-audit services that have been approved by the Audit Committee, or which were not subject to pre-approval under the transition provisions of Sarbanes-Oxley Act of 2002 (the “Pre-approval List”). The Audit Committee annually reviews and pre-approves the services included on the Pre-approval List that may be provided by the independent public registered accounting firm without obtaining additional specific pre-approval of individual services from the Audit Committee. The Audit Committee adds to, or subtracts from, the list of general pre-approved services from time to time, based on subsequent determinations. All other audit and non-audit services not on the Pre-approval List must be specifically pre-approved by the Audit Committee.

One or more members of the Audit Committee may be appointed as the Committee’s delegate for the purposes of considering whether to approve such services. Any pre-approvals granted by the delegate will be reported, for informational purposes only, to the Audit Committee at its next scheduled meeting. The Audit Committee’s responsibilities to pre-approve services performed by the independent public registered accounting firm are not delegated to management.

(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.

2020 – 0.0%

2019 – 0.0%

(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.

Not applicable - Less than 50%.

(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.

The aggregate non-audit fees billed by the independent registered public accounting firm for services rendered to the Registrant, and rendered to Service Affiliates, for the last two calendar year ends were:

2019 – $24.9 million

2018 – $30.4 million

(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.

The Registrant’s Audit Committee has considered whether the provision of the non-audit services that were rendered to Service Affiliates that were not pre-approved (not requiring pre-approval) is compatible with maintaining the independent public registered accounting firm’s independence. All services provided by the independent public registered accounting firm to the Registrant or to Service Affiliates that were required to be pre-approved were pre-approved as required.

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.

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.

Code of Ethics applicable to its Principal Executive and Principal Financial Officers pursuant to Section  406 of the Sarbanes-Oxley Act of 2002 attached hereto.

(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 II
By:	/s/ Brian S. Shlissel
	Brian S. Shlissel
	President and Principal Executive Officer
	August 31, 2020

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
	August 31, 2020

By:	/s/ Timothy J. Clemens
	Timothy J. Clemens
	Treasurer and Principal Financial Officer
	August 31, 2020

EX-99.CODE ETH

EX-99 COD ETH 2

JPMorgan Trust I

JPMorgan Trust II

JPMorgan Trust IV

Undiscovered Managers Funds

JPMorgan Insurance Trust

JPMorgan Institutional Trust

J. P. Morgan Mutual Fund Investment Trust

J. P. Morgan Fleming Mutual Fund Group, Inc.

J.P. Morgan Access Multi-Strategy Fund, LLC

J.P. Morgan Access Multi-Strategy Fund II

(collectively the “J.P. Morgan Funds”)

Code of Ethics for Principal Executive

and Principal Financial Officers

Persons covered by this Code of Ethics:

Brian S. Shlissel            Principal Executive Officer

Timothy J. Clemens     Principal Financial Officer

1. Covered Officers/ Purpose of the Code

a. This Sarbanes-Oxley Code of Ethics for the J.P. Morgan Funds (the “Funds”) applies to the Funds’ Principal Executive Officer and Principal Financial Officer (the “Covered Officers”) for the purpose of promoting

i. Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

ii. Full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the SEC and in other public communications made by the Funds;

iii. Compliance with applicable laws and governmental rules and regulations;

iv. The prompt internal reporting of violations of this Sarbanes-Oxley Code of Ethics to an appropriate person or persons identified herein; and

v. Accountability for adherence to this Sarbanes-Oxley Code of Ethics.

b. Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

2. Covered Officers Should Ethically Handle Actual and Apparent Conflicts of Interest.

A “conflict of interest” occurs when a Covered Officer’s private interest interferes with the interests of, or his service to, the Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Funds and already are subject to conflict of interest provisions in the Investment Company Act and the Advisers Act. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as “affiliated persons” of the Funds. The Funds and the investment adviser’s compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Sarbanes-Oxley Code of Ethics does not, and is not intended to, repeat or replace these programs and procedures.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Funds and the investment advisers, principal underwriters, administrators, and/or affiliated persons thereof (the “Funds Principal Service Providers”) of which the Covered Officers are also officers or employees. As a result, the Sarbanes-Oxley Code of Ethics recognizes that the Covered Officers will, in the normal course of

their duties (whether formally for the Company, the Funds Principal Service Providers, or for both) be involved in establishing policies and implementing decisions that will have different effects on the Funds Principal Service Providers and the Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Funds and the Funds Principal Service Providers and is consistent with the performance by the Covered Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Fund’s Board that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Sarbanes-Oxley Code of Ethics, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Advisers Act. The following list provides examples of conflicts of interest under the Sarbanes-Oxley Code of Ethics, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Funds.

3. Each Covered Officer must:

a. Not use his personal influence or personal relationships improperly to influence investment decisions and/or financial reporting by the Funds whereby the Covered Officer would benefit personally to the detriment of the Funds;

b. Not cause the Funds to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit the Funds;

c. Complete on an annual basis the Funds’ Trustee and Officer Questionnaire which requests information regarding other business affiliations and relationships

4. In furtherance of the above, below are some examples of conflict of interest situations that should be discussed with the Investment Adviser’s Compliance department, which is responsible for the day-to-day monitoring of the Investment Adviser and/or the Funds Chief Compliance Officer. Examples of these include, but are not limited to:

a. Serving as a director on the board of any public, private company or not for profit organization;

b. The receipt of any gifts in excess of $100;

c. The receipt of any entertainment from any company with which the Funds have current or prospective business dealings unless such entertainment is business related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety or other formulation as the Funds already use in another code of conduct;

d. Any ownership interest in, or any consulting or employment relationship with, any of the Funds’ service providers, other than the Funds Principal Service Providers;

e. A direct or indirect financial interest in commissions, transaction charges or spreads paid by the Funds for effecting portfolio transactions or for selling or redeeming shares such as compensation or equity ownership other than an interest arising from the Covered Officer’s employment with the Funds’ Principal Service Providers.

5. Disclosure and Compliance

a. Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Fund;

b. Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others, whether within or outside the Fund, including to the Fund’s directors and auditors, and/or to governmental regulators and self-regulatory organizations;

c. It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations;

6. Reporting and Accountability

a. Each covered officer must:

i. Upon adoption of this Sarbanes-Oxley Code of Ethics (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he has received, read, and understands the Code;

ii. Annually thereafter affirm to the Board that he has complied with the requirements of this Sarbanes-Oxley Code of Ethics;

iii. Not retaliate against any other Covered Officer and/or any employee of the Funds or affiliated persons for reports of potential violations that are made in good faith; and

iv. Notify the Funds’ Chief Compliance Officer promptly if he knows of any violation of this Sarbanes-Oxley Code of Ethics.

b. Failure to take any of the actions specified in Section 6(a) above is itself a violation of this Sarbanes-Oxley Code of Ethics.

c. The Funds’ Chief Compliance Officer is responsible for applying this Sarbanes-Oxley Code of Ethics to specific situations in which questions are presented relating to the Code. The Chief Compliance Officer has the authority to interpret this Sarbanes-Oxley Code of Ethics in any particular situation. However, any waivers sought by the Covered Officer will require prior review and approval by the Funds’ Board.

d. The Funds will follow these procedures in investigating and enforcing this Sarbanes-Oxley Code of Ethics:

i. The Funds’ Chief Compliance Officer (or his designee) will take all appropriate action to investigate any potential violations reported to him;

ii. If, after such investigation, the Funds’ Chief Compliance Officer believes that no violation has occurred, the Chief Compliance Officer is not required to take any further action;

iii. Any matter the Funds’ Chief Compliance Officer believes to be a violation will be reported to the Funds’ Board which will consider appropriate action, which may include review of, and/or appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; and/or a recommendation to dismiss the Covered Officer;

iv. The Funds’ Board will be responsible for granting waivers, as appropriate; and

v. Any changes to, or waivers of this Sarbanes-Oxley Code of Ethics will, to the extent required, be disclosed to the Funds’ Board as provided by SEC rules.

7. This Sarbanes-Oxley Code of Ethics shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds’ adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Sarbanes-Oxley Code of Ethics, they are superseded by the Sarbanes-Oxley Code of Ethics to the extent that they overlap or conflict with the provisions of this Sarbanes-Oxley Code of Ethics. The Funds’ and their investment adviser’s codes of ethics under Rule 17j-l, under the Investment Company Act, the adviser’s more detailed policies and procedures set forth in the Investment Adviser’s Code of Ethics are separate requirements applying to the Covered Officers and others, and are not part of this Sarbanes-Oxley Code of Ethics.

8. Any amendments to the Sarbanes-Oxley Code of Ethics, other than amendments to the list of Covered Officers, must be approved or ratified by a majority vote of the Funds’ Board, including a majority of independent directors or trustees.

9. All reports and records prepared or maintained pursuant to this Sarbanes-Oxley Code of Ethics will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Sarbanes-Oxley Code of Ethics, such matters shall not be disclosed to anyone.

10. All reports and records maintained under this Sarbanes-Oxley Code of Ethics are intended solely for internal use by the Funds and does not constitute an admission, by or on behalf of any Company, as to any fact, circumstance, or legal conclusion.

EX-99.CERT

EXHIBIT ITEM 13 (b)1

CERTIFICATIONS

I, Brian S. Shlissel, certify that:

1. I have reviewed this report on Form N-CSR of the JPMorgan Equity Income Fund, JPMorgan Equity Index Fund, JPMorgan Intrepid Mid Cap Fund, JPMorgan Investor Balanced Fund, JPMorgan Investor Conservative Growth Fund, JPMorgan Investor Growth & Income Fund, JPMorgan Investor Growth Fund, JPMorgan Large Cap Growth Fund, JPMorgan Large Cap Value Fund, JPMorgan Market Expansion Enhanced Index Fund, JPMorgan Mid Cap Growth Fund, JPMorgan Small Cap Growth Fund and JPMorgan Small Cap Value Fund (the “Funds”), each a series of the JPMorgan Trust II (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: August 31, 2020

/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 Equity Income Fund, JPMorgan Equity Index Fund, JPMorgan Intrepid Mid Cap Fund, JPMorgan Investor Balanced Fund, JPMorgan Investor Conservative Growth Fund, JPMorgan Investor Growth & Income Fund, JPMorgan Investor Growth Fund, JPMorgan Large Cap Growth Fund, JPMorgan Large Cap Value Fund, JPMorgan Market Expansion Enhanced Index Fund, JPMorgan Mid Cap Growth Fund, JPMorgan Small Cap Growth Fund and JPMorgan Small Cap Value Fund (the “Funds”), each a series of the JPMorgan Trust II (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: August 31, 2020

/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 JPMorgan Equity Income Fund, JPMorgan Equity Index Fund, JPMorgan Intrepid Mid Cap Fund, JPMorgan Investor Balanced Fund, JPMorgan Investor Conservative Growth Fund, JPMorgan Investor Growth & Income Fund, JPMorgan Investor Growth Fund, JPMorgan Large Cap Growth Fund, JPMorgan Large Cap Value Fund, JPMorgan Market Expansion Enhanced Index Fund, JPMorgan Mid Cap Growth Fund, JPMorgan Small Cap Growth Fund and JPMorgan Small Cap Value Fund (the “Funds”), each a series of the JPMorgan Trust II (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

August 31, 2020

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 JPMorgan Equity Income Fund, JPMorgan Equity Index Fund, JPMorgan Intrepid Mid Cap Fund, JPMorgan Investor Balanced Fund, JPMorgan Investor Conservative Growth Fund, JPMorgan Investor Growth & Income Fund, JPMorgan Investor Growth Fund, JPMorgan Large Cap Growth Fund, JPMorgan Large Cap Value Fund, JPMorgan Market Expansion Enhanced Index Fund, JPMorgan Mid Cap Growth Fund, JPMorgan Small Cap Growth Fund and JPMorgan Small Cap Value Fund (the “Funds”), each a series of the JPMorgan Trust II (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

August 31, 2020

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.