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, 2020 through December 31, 2020

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

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

ITEM 1. REPORTS TO STOCKHOLDERS.

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

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

Semi-Annual Report

J.P. Morgan Small Cap Funds

December 31, 2020 (Unaudited)

JPMorgan Small Cap Blend Fund

JPMorgan Small Cap Core Fund

JPMorgan Small Cap Equity Fund

JPMorgan Small Cap Growth Fund

JPMorgan Small Cap Value Fund

JPMorgan SMID Cap Equity Fund

(formerly known as JPMorgan Intrepid Mid Cap Fund)

JPMorgan U.S. Small Company Fund

CONTENTS

Letter to Shareholders	1
Market Overview	2
Fund Commentaries:
JPMorgan Small Cap Blend Fund	3
JPMorgan Small Cap Core Fund	5
JPMorgan Small Cap Equity Fund	7
JPMorgan Small Cap Growth Fund	9
JPMorgan Small Cap Value Fund	11
JPMorgan SMID Cap Equity Fund     (formerly known as JPMorgan Intrepid Mid Cap Fund)	13
JPMorgan U.S. Small Company Fund	16
Schedules of Portfolio Investments	18
Financial Statements	58
Financial Highlights	76
Notes to Financial Statements	100
Schedule of Shareholder Expenses	114
Board Approval of Investment Advisory Agreements	118

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

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

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

LETTER TO SHAREHOLDERS

February 4, 2021 (Unaudited)

Dear Shareholders,

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

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

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

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

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

On behalf of J.P. Morgan Asset Management, thank you for entrusting us to manage your investment. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management

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

J.P. Morgan Small Cap Funds

MARKET OVERVIEW

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

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

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

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

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

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

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

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

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

JPMorgan Small Cap Blend Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		35.16%
Russell 2000 Index		37.85%
Net Assets as of 12/31/2020 (In Thousands)	$	764,985

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class A Shares, without a sales charge, underperformed the Russell 2000 Index (the “Benchmark”) for the six months ended December 31, 2020. The Fund’s security selection in the industrials and materials sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the health care and information technology sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s underweight positions in Plug Power Inc. and Penn National Gaming Inc. and its out-of-Benchmark position in Ollie’s Bargain Outlet Holdings Inc. Shares of Plug Power, a developer of hydrogen fuel cell systems that was not held in the Fund, rose after reporting better-than-expected results for the third quarter amid increased industry adoption of fuel cell technology. Shares of Penn National Gaming, a provider of online betting and casino games, rose after voters in several U.S. states approved expanded sports betting and other gambling operations in the November 3, 2020 elections. Shares of Ollie’s Bargain Outlets Holdings, a discount retailer, fell as investors sold the stock after a run-up in the company’s share price during the early part of the reporting period.

Leading individual contributors to relative performance included the Fund’s out-of-Benchmark positions in Enphase Energy Inc. and Farfetch Ltd. and its overweight position in Twist Bioscience Corp. Shares of Enphase Energy, a provider of systems to the solar energy sector, rose amid better-than-expected earnings and investor expectations that the incoming Biden administration would seek increased investment in renewable energy. Shares of Farfetch, a U.K. online platform for luxury fashion retailers, rose amid consumer migration to online purchases. Shares of Twist Bioscience, a developer of synthetic DNA manufacturing processes, rose amid investor expectations for increased demand for the company’s technology in the fight against Covid-19 and its variants.

HOW WAS THE FUND POSITIONED?

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

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	ITT, Inc.	1.0	%
	2.	Lithia Motors, Inc., Class A	0.9
	3.	Applied Industrial Technologies, Inc.	0.9
	4.	Helen of Troy Ltd.	0.9
	5.	Texas Roadhouse, Inc.	0.9
	6.	Performance Food Group Co.	0.8
	7.	WSFS Financial Corp.	0.8
	8.	Simpson Manufacturing Co., Inc.	0.7
	9.	Premier Financial Corp.	0.7
	10.	Advanced Drainage Systems, Inc.	0.7

PORTFOLIO COMPOSITION BY SECTOR***
Industrials	17.8	%
Information Technology	15.3
Financials	15.3
Health Care	13.8
Consumer Discretionary	11.3
Real Estate	5.6
Consumer Staples	3.4
Materials	3.1
Communication Services	2.7
Utilities	2.6
Energy	2.2
Short-Term Investments	6.9

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

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

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

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

JPMorgan Small Cap Blend Fund

FUND COMMENTARY

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

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 19, 1997
With Sales Charge**			28.06	%		18.16	%		17.72	%		13.29	%
Without Sales Charge			35.16			24.72			18.99			13.90
CLASS C SHARES	January 7, 1998
With CDSC***			33.80			23.02			18.39			13.45
Without CDSC			34.80			24.02			18.39			13.45
CLASS I SHARES	April 5, 1999		35.33			24.99			19.29			14.22
CLASS R6 SHARES	July 2, 2018		35.51			25.29			19.59			14.54

* Not annualized.

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

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

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

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

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

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Small Cap Blend Fund and the Russell 2000 Index from December 31, 2010 to December 31, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Russell 2000 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 2000 Index is an unmanaged index which measures the performance of the 2000 smallest stocks (on the basis of capitalization) in the Russell 3000 Index. Investors cannot invest directly in an index.

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

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

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

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

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

4 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

JPMorgan Small Cap Core Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class R5 Shares)*		38.49%
Russell 2000 Index		37.85%
Net Assets as of 12/31/2020 (In Thousands)	$	417,789

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class R5 Shares outperformed the Russell 2000 Index (the “Benchmark”) for the six months ended December 31, 2020. The Fund’s security selection in the health care and financials sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the consumer discretionary and industrials sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s out-of-Benchmark position in Immunomedics Inc. and its overweight positions in Renewable Energy Group Inc. and Owens & Minor Inc. Shares of Immunomedics, a drug development company, rose ahead of its acquisition by Gilead Sciences Inc. for $21 billion. Shares of Renewable Energy Group, a biofuels manufacturer, rose after the company reported better-than-expected revenues and amid investor expectations for increased government investment in renewable energy. Shares of Owens & Minor, a surgical products manufacturer, rose after the company raised its earnings forecast for the full year 2020.

Leading individual detractors from relative performance included the Fund’s overweight position in Argan Inc. and its underweight positions in Plug Power Inc. and MyoKardia Inc. Shares of Argan, a power plant builder, fell late in the period following a run-up in the stock after reporting better-than-expected results for the first quarter of 2020 and the company’s announcement of a special dividend to shareholders. Shares of Plug Power, a developer of hydrogen fuel cell systems that was not held in the Fund, rose after reporting better-than-expected results for the third quarter amid increased industry adoption of fuel cell technology. Shares of MyoKardia, a drug development company not held in the Fund, rose ahead of Bristol Myers Squibb Co.’s planned $13.1 billion acquisition of the company.

HOW WAS THE FUND POSITIONED?

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

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

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Deckers Outdoor Corp.	1.1	%
	2.	WESCO International, Inc.	0.9
	3.	ArcBest Corp.	0.8
	4.	AdaptHealth Corp.	0.7
	5.	MicroStrategy, Inc., Class A	0.7
	6.	Renewable Energy Group, Inc.	0.7
	7.	Cornerstone OnDemand, Inc.	0.7
	8.	TTEC Holdings, Inc.	0.7
	9.	Korn Ferry	0.7
	10.	Horizon Therapeutics plc	0.7

PORTFOLIO COMPOSITION BY SECTOR***
Health Care	18.2	%
Industrials	14.7
Financials	14.1
Information Technology	12.1
Consumer Discretionary	9.8
Real Estate	5.4
Materials	5.3
Communication Services	4.2
Energy	2.6
Utilities	2.3
Consumer Staples	1.9
Short-Term Investments	9.4

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

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

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

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

JPMorgan Small Cap Core Fund

FUND COMMENTARY

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

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020

	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		May 31, 2016
With Sales Charge**				30.92	%		7.45	%		10.01	%		10.55	%
Without Sales Charge				38.16			13.40			11.21			11.15
CLASS C SHARES		May 31, 2016
With CDSC***				36.82			11.84			10.70			10.89
Without CDSC				37.82			12.84			10.70			10.89
CLASS I SHARES		January 3, 2017		38.35			13.68			11.49			11.29
CLASS R2 SHARES		July 31, 2017		37.98			13.11			10.89			10.60
CLASS R3 SHARES		July 31, 2017		38.18			13.41			11.16			10.88
CLASS R4 SHARES		July 31, 2017		38.34			13.68			11.44			11.16
CLASS R5 SHARES		January 1, 1997		38.49			13.89			11.66			11.37
CLASS R6 SHARES		May 31, 2016		38.52			13.98			11.72			11.40

* Not annualized.

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

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

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

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

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

The graph illustrates comparative performance for $10,000 invested in Class R5 Shares of the JPMorgan Small Cap Core Fund and the Russell 2000 Index from December 31, 2010 to December 31, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and

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

Class R5 Shares have no minimum initial investment.

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

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

6 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

JPMorgan Small Cap Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		31.91%
Russell 2000 Index		37.85%
Net Assets as of 12/31/2020 (In Thousands)	$	8,281,531

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class A Shares, without a sales charge, underperformed the Russell 2000 Index (the “Benchmark”) for the six months ended December 31, 2020. The Fund’s security selection in the consumer discretionary and information technology sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the financials and real estate sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight position in BJ’s Wholesale Club Holdings Inc., its out-of-Benchmark position in Thor Industries Inc. and its underweight position in Plug Power Inc. Shares of BJ’s Wholesale Club Holdings, a discount supermarket chain, underperformed the broader market after a run-up in the stock early in the reporting period driven by earnings growth. Shares of Thor Industries, a manufacturer of recreational vehicles, fell following a run-up in the stock in the first half of 2020. Shares of Plug Power, a developer of hydrogen fuel cell systems that was not held in the Fund, rose after reporting better-than-expected results for the third quarter amid increased industry adoption of fuel cell technology.

Leading individual contributors to relative performance included the Fund’s out-of-Benchmark positions in Generac Holdings Inc. and Eaton Vance Corp. and its overweight position in WillScot Mobile Mini Holdings Corp. Shares of Generac Holdings, a manufacturer of power generators, rose amid increased consumer demand for residential back-up electricity generators. Shares of Eaton Vance, an investment services provider, rose after the company agreed to be acquired by Morgan Stanley for about $7 billion. Shares of WillScot Mobile Mini Holdings, a provider of storage and related services, rose amid commercial demand for storage due to the pandemic.

HOW WAS THE FUND POSITIONED?

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

company fundamentals and proprietary analysis. The Fund’s portfolio managers looked for companies that, in their view, had leading competitive advantages, predictable and durable business models, and sustainable free cash flow generation with management teams committed to increasing intrinsic value.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Toro Co. (The)	2.4	%
	2.	AptarGroup, Inc.	2.3
	3.	Performance Food Group Co.	2.0
	4.	Encompass Health Corp.	1.7
	5.	Q2 Holdings, Inc.	1.7
	6.	WillScot Mobile Mini Holdings Corp.	1.6
	7.	RBC Bearings, Inc.	1.6
	8.	Lincoln Electric Holdings, Inc.	1.5
	9.	Molina Healthcare, Inc.	1.5
	10.	MSA Safety, Inc.	1.5

PORTFOLIO COMPOSITION BY SECTOR***
Industrials	20.7	%
Financials	17.2
Information Technology	14.4
Health Care	13.1
Consumer Discretionary	9.4
Real Estate	6.3
Materials	6.1
Consumer Staples	5.0
Utilities	1.9
Exchange-Traded Fund	0.8
Short-Term Investments	5.1

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

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

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

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

JPMorgan Small Cap Equity Fund

FUND COMMENTARY

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

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	December 20, 1994
With Sales Charge**			24.99	%		11.94	%		12.81	%		12.15	%
Without Sales Charge			31.91			18.15			14.03			12.76
CLASS C SHARES	February 19, 2005
With CDSC***			30.60			16.63			13.49			12.31
Without CDSC			31.60			17.63			13.49			12.31
CLASS I SHARES	May 7, 1996		32.11			18.51			14.35			13.08
CLASS R2 SHARES	November 3, 2008		31.78			17.93			13.77			12.48
CLASS R3 SHARES	September 9, 2016		31.95			18.22			14.06			12.77
CLASS R4 SHARES	September 9, 2016		32.11			18.52			14.35			13.08
CLASS R5 SHARES	May 15, 2006		32.24			18.73			14.57			13.30
CLASS R6 SHARES	May 31, 2016		32.28			18.80			14.63			13.33

* Not annualized.

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

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

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

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

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

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

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

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Small Cap Equity Fund and the Russell 2000 Index from December 31, 2010 to December 31, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a

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

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

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

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

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

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

JPMorgan Small Cap Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		47.37%
Russell 2000 Growth Index		38.88%
Net Assets as of 12/31/2020 (In Thousands)	$	6,332,988

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class A Shares, without a sales charge, outperformed the Russell 2000 Growth Index (the “Benchmark”) for the six months ended December 31, 2020. The Fund’s security selection in the health care sector and its security selection and overweight position in the information technology sector were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the industrials sector was a sole sector detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s out-of-Benchmark positions in Enphase Energy Inc. and Farfetch Ltd. and its overweight position in Twist Bioscience Corp. Shares of Enphase Energy, a provider of systems to the solar energy sector, rose amid better-than-expected earnings and investor expectations that the incoming Biden administration would seek increased investment in renewable energy. Shares of Farfetch, a U.K. online platform for luxury fashion retailers, rose amid consumer migration to online purchases. Shares of Twist Bioscience, a developer of synthetic DNA manufacturing processes, rose amid investor expectations for increased demand for the company’s technology in the fight against Covid-19 and its variants.

Leading individual detractors from relative performance included the Fund’s underweight position in Plug Power Inc. and its out-of-Benchmark positions in ADC Therapeutics SA and Ollie’s Bargain Outlet Holdings Inc. Shares of Plug Power, a developer of hydrogen fuel cell systems that was not held in the Fund, rose after reporting better-than-expected results for the third quarter amid increased industry adoption of fuel cell technology. Shares of ADC Therapeutics, a Swiss drug development company, fell following a run-up in the share price at the company’s initial public offering in May 2020. Shares of Ollie’s Bargain Outlets Holdings, a discount retailer, fell after a run-up in the company’s share price earlier in the year.

HOW WAS THE FUND POSITIONED?

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

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Advanced Drainage Systems, Inc.	1.7	%
	2.	Natera, Inc.	1.6
	3.	Halozyme Therapeutics, Inc.	1.4
	4.	Twist Bioscience Corp.	1.4
	5.	Freshpet, Inc.	1.4
	6.	Enphase Energy, Inc.	1.3
	7.	iRhythm Technologies, Inc.	1.3
	8.	National Vision Holdings, Inc.	1.3
	9.	Entegris, Inc.	1.3
	10.	Itron, Inc.	1.3

PORTFOLIO COMPOSITION BY SECTOR***
Health Care	28.4	%
Information Technology	25.6
Industrials	13.6
Consumer Discretionary	11.6
Consumer Staples	3.6
Financials	3.5
Communication Services	3.0
Real Estate	0.9
Short-Term Investments	9.8

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

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

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

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 9

JPMorgan Small Cap Growth Fund

FUND COMMENTARY

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

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	July 1, 1991
With Sales Charge**			39.61	%		50.84	%		24.53	%		16.69	%
Without Sales Charge			47.37			59.21			25.88			17.32
CLASS C SHARES	November 4, 1997
With CDSC***			45.97			57.34			25.23			16.84
Without CDSC			46.97			58.34			25.23			16.84
CLASS I SHARES	March 26, 1996		47.52			59.60			26.19			17.61
CLASS L SHARES	February 19, 2005		47.61			59.78			26.37			17.78
CLASS R2 SHARES	November 3, 2008		47.14			58.80			25.55			17.01
CLASS R3 SHARES	July 31, 2017		47.40			59.17			25.87			17.32
CLASS R4 SHARES	July 31, 2017		47.52			59.55			26.19			17.61
CLASS R5 SHARES	September 9, 2016		47.62			59.78			26.37			17.78
CLASS R6 SHARES	November 30, 2010		47.72			59.96			26.50			17.90

* Not annualized.

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

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

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

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

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

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

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

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Small Cap Growth Fund and the Russell 2000 Growth Index from December 31, 2010 to December 31, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Russell 2000 Growth

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

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

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

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

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

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

JPMorgan Small Cap Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		36.21%
Russell 2000 Value Index		36.77%
Net Assets as of 12/31/2020 (In Thousands)	$	1,219,112

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class I Shares underperformed the Russell 2000 Value Index (the “Benchmark”) for the six months ended December 31, 2020.

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

Leading individual detractors from relative performance included the Fund’s overweight positions in Now Inc. and Eastman Kodak Co., and its underweight position in Brookfield Renewable Corp. Shares of Now, a distributor of products and service to the energy sector, fell after the company reported a loss and lower-than-expected revenue for the second quarter of 2020. Shares of Eastman Kodak, a provider of printing and imaging products and services, fell after the company reported consecutive quarters of per-share losses as well as a decline in revenue and negative cash flow for the third quarter of 2020. Shares of Brookfield Renewable, an operator of hydroelectric, wind and solar power plants that was not held in the Fund, rose amid investor expectations for increased government investment in renewable energy projects in the U.S. and Europe.

Leading individual contributors to relative performance included the Fund’s overweight positions in Owens & Minor Inc., SunPower Corp. and Gogo Inc. Shares of Owens & Minor, a surgical products manufacturer, rose after the company raised its earnings forecast for the full year 2020. Shares of SunPower, a provider of solar energy equipment and services, rose amid investor expectations for increased government investment in renewable energy projects in the U.S. and Europe. Shares of Gogo, a provider of in-flight broadband services to the aviation industry, rose after the company announced it would sell its commercial aviation business to Intelsat SA for $400 million.

HOW WAS THE FUND POSITIONED?

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

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

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	CIT Group, Inc.	1.0	%
	2.	Cathay General Bancorp	0.9
	3.	EMCOR Group, Inc.	0.8
	4.	Stifel Financial Corp.	0.7
	5.	Builders FirstSource, Inc.	0.7
	6.	Darling Ingredients, Inc.	0.7
	7.	UMB Financial Corp.	0.7
	8.	Sunstone Hotel Investors, Inc.	0.7
	9.	CNO Financial Group, Inc.	0.7
	10.	TRI Pointe Group, Inc.	0.7

PORTFOLIO COMPOSITION BY SECTOR***
Financials	24.9	%
Industrials	17.5
Consumer Discretionary	11.2
Real Estate	7.2
Materials	6.3
Health Care	5.6
Information Technology	5.3
Energy	3.9
Utilities	3.6
Communication Services	3.0
Consumer Staples	2.2
Short-Term Investments	9.3

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

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

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

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 11

JPMorgan Small Cap Value Fund

FUND COMMENTARY

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

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020

	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		January 27, 1995
With Sales Charge**				28.90	%		0.23	%		6.41	%		7.45	%
Without Sales Charge				36.02			5.79			7.56			8.04
CLASS C SHARES		March 22, 1999
With CDSC***				34.66			4.28			7.00			7.52
Without CDSC				35.66			5.28			7.00			7.52
CLASS I SHARES		January 27, 1995		36.21			6.14			7.84			8.31
CLASS R2 SHARES		November 3, 2008		35.85			5.58			7.29			7.76
CLASS R3 SHARES		September 9, 2016		36.00			5.81			7.56			8.03
CLASS R4 SHARES		September 9, 2016		36.19			6.13			7.82			8.29
CLASS R5 SHARES		May 15, 2006		36.28			6.22			7.98			8.43
CLASS R6 SHARES		February 22, 2005		36.34			6.32			8.09			8.52

* Not annualized.

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

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

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

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

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Small Cap Value Fund and the Russell 2000 Value Index from December 31, 2010 to December 31, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 2000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all

dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 2000 Value Index is an unmanaged index which measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index.

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

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

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

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

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

JPMorgan SMID Cap Equity Fund⁽¹⁾

(formerly known as JPMorgan Intrepid Mid Cap Fund)

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		25.83%
Russell 2500 Index		34.90%
Russell Midcap Index		28.86%
Net Assets as of 12/31/2020 (In Thousands)	$	403,045

INVESTMENT OBJECTIVE**

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

INVESTMENT PROCESS

The Fund implemented a new investment process effective November 1, 2020, and no longer uses an investment process based on behavioral finance principals. The new process employs a fundamental bottom-up investment process to invest in a diversified portfolio of small to mid-cap stocks — similar to those in the Russell 2500 Index — and seeks to invest in companies with leading competitive advantages, predictable and durable business models and sustainable free cash flows.

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

The Fund’s Class I Shares underperformed the Russell 2500 Index (the “Benchmark”) and the Russell Midcap Index for the six months ended December 31, 2020. As a result of the change in investment strategy and process, the turnover of securities held in the Fund during the period was high compared with previous reporting periods, on an annualized basis, but did not have a significant impact on performance.

Relative to the Benchmark, the Fund’s security selection in the industrials and health care sectors was a leading detractor from performance, while the Fund’s security selection in the financials sector was the sole sector contributor to performance.

Leading individual detractors from performance relative to the Benchmark included the Fund’s out-of-Benchmark positions in Centene Corp. and Waste Connections Inc., and its overweight position in Pool Corp. Shares of Centene, a provider of managed health care plans, fell after the company provided a lower-than-expected earnings forecast for its fiscal year 2021. Shares of Waste Connections, a waste collection, transport and recycling company, underperformed the broader market following a run-up in its stock price driven by better-than-expected quarterly earnings. Shares of Pool, a provider of swimming pools and related products, underperformed the market following a run-up in its stock price earlier in 2020.

Leading individual contributors to performance relative to the Benchmark included the Fund’s out-of-Benchmark position in

Unity Software Inc. and its overweight positions in Timken Co. and Wex Inc. Shares of Unity Software, a provider of software for video content development, rose after the company reported better-than-expected earnings and revenue for its first quarter following the company’s initial public offering in September 2020. Shares of Timken, a maker of industrial machinery and equipment, rose after the company reported better-than-expected earnings for the third quarter of 2020 and increased its quarterly dividend. Shares of Wex, a provider of payment processing systems, rose amid investor expectations that the company would benefit from pent-up demand during potential economic recovery in 2021.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers employ a fundamental bottom-up investment process that seeks to invest in companies that they believe are undervalued and have leading competitive positions and predictable and durable business models. As a result of this process, the Fund’s largest allocations during the period were to the information technology and industrials sectors and the smallest allocations were to the energy and communications services sectors.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Toro Co. (The)	2.3	%
	2.	Pool Corp.	2.2
	3.	SS&C Technologies Holdings, Inc.	2.0
	4.	Molina Healthcare, Inc.	1.8
	5.	Waste Connections, Inc.	1.8
	6.	AptarGroup, Inc.	1.7
	7.	Catalent, Inc.	1.6
	8.	Performance Food Group Co.	1.5
	9.	West Pharmaceutical Services, Inc.	1.5
	10.	Encompass Health Corp.	1.4

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 13

JPMorgan SMID Cap Equity Fund

(formerly known as JPMorgan Intrepid Mid Cap Fund)

FUND COMMENTARY

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

PORTFOLIO COMPOSITION BY SECTOR***
Industrials	22.0	%
Financials	16.5
Information Technology	15.7
Health Care	13.5
Consumer Discretionary	10.7
Real Estate	6.3
Consumer Staples	5.6
Materials	4.1
Utilities	2.3
Short-Term Investments	3.3

⁽¹⁾  On November 1, 2020, the Intrepid Mid Cap Fund was renamed, its investment strategy, investment process and portfolio management team were changed and its benchmark equity index was changed to the Russell 2500 Index from the Russell Midcap Index.

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

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

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

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

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 1, 1992
With Sales Charge**			19.04	%		4.16	%		8.55	%		10.03	%
Without Sales Charge			25.63			9.91			9.73			10.62
CLASS C SHARES	March 22, 1999
With CDSC***			24.27			8.34			9.13			10.09
Without CDSC			25.27			9.34			9.13			10.09
CLASS I SHARES	June 1, 1991		25.83			10.20			10.00			10.90
CLASS R3 SHARES	September 9, 2016		25.65			9.89			9.73			10.62
CLASS R4 SHARES	September 9, 2016		25.75			10.13			9.99			10.89
CLASS R6 SHARES	November 2, 2015		25.96			10.44			10.27			11.04

* Not annualized.

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

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

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

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

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan SMID Cap Equity Fund, the Russell Midcap Index and the Russell 2500 Index from December 31, 2010 to December 31, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell Midcap Index and the Russell 2500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell

Midcap Index is an unmanaged index which measures the performance of the 800 smallest companies of the Russell 1000 Index. The Russell 2500 Index measures the performance of the 2,500 smallest companies in the Russell 3000 Index. Investors cannot invest directly in an index.

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

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

Effective November 1, 2020, the Fund changed its investment strategies. The Fund’s past performance would have been different if the Fund were managed using the current strategies. Past performance is not necessarily an indication of how any class of the Fund will perform in the future. Also on November 1, 2020, the Fund’s Benchmark changed from Russell Midcap Index to Russell 2500 Index because the adviser believes that the Russell 2500 Index is a more appropriate comparison in light of the Fund’s new name and investment strategies.

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

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

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 15

JPMorgan U.S. Small Company Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class L Shares)*		37.91%
Russell 2000 Index		37.85%
Net Assets as of 12/31/2020 (In Thousands)	$	986,894

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class L Shares outperformed the Russell 2000 Index (the “Benchmark”) for the six months ended December 31, 2020. The Fund’s security selection in the health care and communication services sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the industrials and financials sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Seres Therapeutics Inc., Owens & Minor Inc. and MyoKardia Inc. Shares of Seres Therapeutics, a drug development company, rose after the company reported positive results from its Phase 3 clinical trial of its treatment for Clostridium difficile infection. Shares of Owens & Minor, a surgical products manufacturer, rose after the company raised its earnings forecast for the full year 2020. Shares of MyoKardia, a drug development company, rose ahead of Bristol Myers Squibb Co.’s planned $13.1 billion acquisition of the company.

Leading individual detractors from relative performance included the Fund’s underweight position in Plug Power Inc. and its overweight positions in Now Inc. and Tri Pointe Group Inc. Shares of Plug Power, a developer of hydrogen fuel cell systems that was not held in the Fund, rose after reporting better-than-expected results for the third quarter amid increased industry adoption of fuel cell technology. Shares of Now, a distributor of products and services to the energy sector, fell after the company reported a loss and lower-than-expected revenue for the second quarter of 2020. Shares of Tri Pointe Group, a home builder, underperformed the broader markets after a pullback in a key measure of U.S. consumer home buying sentiment.

HOW WAS THE FUND POSITIONED?

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

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

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Cinemark Holdings, Inc.	1.0	%
	2.	TRI Pointe Group, Inc.	0.8
	3.	Darling Ingredients, Inc.	0.8
	4.	AdaptHealth Corp.	0.8
	5.	EMCOR Group, Inc.	0.7
	6.	Avaya Holdings Corp.	0.7
	7.	Builders FirstSource, Inc.	0.7
	8.	Wabash National Corp.	0.6
	9.	Allscripts Healthcare Solutions, Inc.	0.6
	10.	Perspecta, Inc.	0.6

PORTFOLIO COMPOSITION BY SECTOR***
Health Care	18.4	%
Industrials	14.6
Financials	13.7
Information Technology	12.7
Consumer Discretionary	10.8
Materials	4.6
Real Estate	4.3
Communication Services	3.7
Consumer Staples	2.5
Utilities	2.3
Energy	2.1
Short-Term Investments	10.3

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

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

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

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

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	November 1, 2007
With Sales Charge**			30.40	%		11.53	%		9.16	%		10.15	%
Without Sales Charge			37.61			17.70			10.34			10.74
CLASS C SHARES	November 1, 2007
With CDSC***			36.22			16.09			9.77			10.30
Without CDSC			37.22			17.09			9.77			10.30
CLASS I SHARES	September 10, 2001		37.72			17.99			10.62			11.02
CLASS L SHARES	November 4, 1993		37.91			18.20			10.80			11.20
CLASS R2 SHARES	November 1, 2011		37.37			17.42			10.04			10.49
CLASS R3 SHARES	September 9, 2016		37.63			17.74			10.35			10.74
CLASS R4 SHARES	September 9, 2016		37.75			17.98			10.61			11.02
CLASS R5 SHARES	September 9, 2016		37.89			18.21			10.78			11.19
CLASS R6 SHARES	November 1, 2011		37.87			18.32			10.90			11.29

* Not annualized.

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

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

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

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

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

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

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

The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan U.S. Small Company Fund and the Russell 2000 Index from

December 31, 2010 to December 31, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 2000 Index does not reflect the deduction of expenses associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 2000 Index is an unmanaged index which measures the performance of the 2000 smallest stocks (on the basis of capitalization) in the Russell 3000 Index. Investors cannot invest directly in an index.

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

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

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

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

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 17

JPMorgan Small Cap Blend Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.7%
Aerospace & Defense — 0.5%
Curtiss-Wright Corp.		33		3,802
Airlines — 0.4%
Allegiant Travel Co.		17		3,232
Auto Components — 0.6%
Fox Factory Holding Corp. *		27		2,864
LCI Industries		15		1,891
				4,755
Automobiles — 0.4%
Winnebago Industries, Inc.		49		2,956
Banks — 8.7%
BancFirst Corp. (a)		77		4,515
Camden National Corp.		112		3,995
City Holding Co.		33		2,325
Columbia Banking System, Inc.		155		5,577
Community Trust Bancorp, Inc.		69		2,571
Cullen/Frost Bankers, Inc.		26		2,263
First Busey Corp.		229		4,938
First Commonwealth Financial Corp.		330		3,605
First Financial Bancorp		150		2,624
First Financial Bankshares, Inc.		60		2,155
First Hawaiian, Inc.		116		2,726
First Merchants Corp.		145		5,407
Heritage Commerce Corp. (a)		366		3,250
Heritage Financial Corp.		42		981
Independent Bank Corp.		226		4,167
Independent Bank Corp. (a)		60		4,378
Lakeland Bancorp, Inc.		323		4,108
Simmons First National Corp., Class A		232		5,003
Trustmark Corp.		84		2,285
				66,873
Beverages — 0.3%
Primo Water Corp.		168		2,642
Biotechnology — 7.9%
ACADIA Pharmaceuticals, Inc. *		24		1,284
ADC Therapeutics SA (Switzerland) *		62		1,999
Alector, Inc. *		54		819
Allogene Therapeutics, Inc. * (a)		26		655
Amicus Therapeutics, Inc. *		156		3,611
Arrowhead Pharmaceuticals, Inc. *		44		3,405
Atara Biotherapeutics, Inc. *		112		2,202
Avrobio, Inc. *		87		1,208
Biohaven Pharmaceutical Holding Co. Ltd. *		35		3,008
Blueprint Medicines Corp. *		31		3,423

INVESTMENTS	SHARES (000)		VALUE ($000)
Biotechnology — continued
Bridgebio Pharma, Inc. * (a)		38		2,685
Coherus Biosciences, Inc. * (a)		106		1,845
FibroGen, Inc. * (a)		43		1,583
G1 Therapeutics, Inc. * (a)		51		925
Generation Bio Co. * (a)		22		629
Global Blood Therapeutics, Inc. *		20		848
Halozyme Therapeutics, Inc. * (a)		113		4,836
Heron Therapeutics, Inc. * (a)		87		1,832
Homology Medicines, Inc. *		58		653
Intercept Pharmaceuticals, Inc. *		20		490
Kronos Bio, Inc. * (a)		39		1,172
Mirati Therapeutics, Inc. *		9		1,877
Natera, Inc. *		54		5,333
Orchard Therapeutics plc, ADR (United Kingdom) *		70		304
REGENXBIO, Inc. *		40		1,797
Relay Therapeutics, Inc. * (a)		40		1,644
REVOLUTION Medicines, Inc. *		34		1,328
Rubius Therapeutics, Inc. * (a)		71		542
Sage Therapeutics, Inc. *		26		2,287
Twist Bioscience Corp. *		33		4,680
Viela Bio, Inc. * (a)		34		1,207
				60,111
Building Products — 3.7%
Advanced Drainage Systems, Inc.		68		5,692
AZEK Co., Inc. (The) *		39		1,481
CSW Industrials, Inc.		35		3,946
Gibraltar Industries, Inc. *		56		4,038
Simpson Manufacturing Co., Inc.		65		6,048
Trex Co., Inc. *		37		3,106
UFP Industries, Inc.		75		4,161
				28,472
Capital Markets — 1.8%
Evercore, Inc., Class A		29		3,219
Focus Financial Partners, Inc., Class A *		48		2,087
LPL Financial Holdings, Inc.		55		5,690
Virtus Investment Partners, Inc.		12		2,553
				13,549
Chemicals — 2.2%
Hawkins, Inc.		67		3,506
Innospec, Inc.		52		4,692
Stepan Co.		33		3,953
Valvoline, Inc.		185		4,285
				16,436

SEE NOTES TO FINANCIAL STATEMENTS.

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

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Commercial Services & Supplies — 2.5%
Brady Corp., Class A		107		5,632
Cimpress plc (Ireland) * (a)		34		2,997
Deluxe Corp.		70		2,037
Kimball International, Inc., Class B		191		2,282
McGrath RentCorp		51		3,437
MSA Safety, Inc.		21		3,089
				19,474
Communications Equipment — 0.5%
Ciena Corp. *		33		1,744
Viavi Solutions, Inc. *		151		2,260
				4,004
Construction & Engineering — 0.6%
Comfort Systems USA, Inc.		86		4,521
Consumer Finance — 0.2%
PROG Holdings Inc.		32		1,698
Containers & Packaging — 0.9%
Graphic Packaging Holding Co.		208		3,525
Pactiv Evergreen, Inc. *		51		920
Silgan Holdings, Inc.		58		2,161
				6,606
Diversified Consumer Services — 0.2%
Bright Horizons Family Solutions, Inc. *		11		1,822
Diversified Telecommunication Services — 1.0%
Bandwidth, Inc., Class A * (a)		20		3,074
Iridium Communications, Inc. *		110		4,345
				7,419
Electric Utilities — 0.3%
Portland General Electric Co.		49		2,083
Electrical Equipment — 0.2%
Vertiv Holdings Co. (a)		97		1,804
Electronic Equipment, Instruments & Components — 3.6%
CTS Corp.		106		3,632
ePlus, Inc. *		25		2,174
Fabrinet (Thailand) *		30		2,342
II-VI, Inc. * (a)		53		4,018
Insight Enterprises, Inc. *		57		4,339
Itron, Inc. *		45		4,332
Littelfuse, Inc.		14		3,590
Plexus Corp. *		37		2,887
				27,314

INVESTMENTS	SHARES (000)		VALUE ($000)
Equity Real Estate Investment Trusts (REITs) — 5.9%
American Campus Communities, Inc. (a)		84		3,596
American Homes 4 Rent, Class A		155		4,654
Brixmor Property Group, Inc.		214		3,541
CubeSmart		38		1,280
Equity Commonwealth		129		3,528
Highwoods Properties, Inc.		70		2,774
JBG SMITH Properties		88		2,745
Rayonier, Inc.		127		3,723
Rexford Industrial Realty, Inc.		94		4,622
RLJ Lodging Trust		216		3,053
Sunstone Hotel Investors, Inc.		399		4,522
Terreno Realty Corp.		81		4,752
Washington		101		2,191
				44,981
Food & Staples Retailing — 1.5%
BJ’s Wholesale Club Holdings, Inc. *		51		1,912
Grocery Outlet Holding Corp. * (a)		59		2,332
Performance Food Group Co. *		144		6,858
				11,102
Food Products — 1.4%
Flowers Foods, Inc.		136		3,068
Freshpet, Inc. *		32		4,597
J&J Snack Foods Corp.		21		3,288
				10,953
Gas Utilities — 1.4%
Chesapeake Utilities Corp.		29		3,098
ONE Gas, Inc.		57		4,366
Southwest Gas Holdings, Inc.		53		3,193
				10,657
Health Care Equipment & Supplies — 2.2%
iRhythm Technologies, Inc. *		19		4,460
Nevro Corp. *		22		3,835
Outset Medical, Inc. * (a)		23		1,284
Shockwave Medical, Inc. * (a)		36		3,742
Utah Medical Products, Inc.		39		3,271
				16,592
Health Care Providers & Services — 2.6%
Acadia Healthcare Co., Inc. *		45		2,274
Amedisys, Inc. *		13		3,673
Encompass Health Corp.		55		4,560
Ensign Group, Inc. (The)		59		4,320
Oak Street Health, Inc. * (a)		17		1,048

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 19

JPMorgan Small Cap Blend Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Health Care Providers & Services — continued
Providence Service Corp. (The) *		27		3,695
				19,570
Health Care Technology — 0.5%
Accolade, Inc. * (a)		55		2,409
Evolent Health, Inc., Class A *		98		1,566
				3,975
Hotels, Restaurants & Leisure — 2.3%
Boyd Gaming Corp. *		84		3,618
Cheesecake Factory, Inc. (The) (a)		47		1,746
Cracker Barrel Old Country Store, Inc.		21		2,792
Planet Fitness, Inc., Class A *		31		2,380
Texas Roadhouse, Inc.		89		6,947
				17,483
Household Durables — 2.1%
Helen of Troy Ltd. *		31		6,951
La-Z-Boy, Inc.		70		2,779
M/I Homes, Inc. *		47		2,085
MDC Holdings, Inc.		47		2,287
TRI Pointe Group, Inc. *		95		1,644
				15,746
Industrial Conglomerates — 0.4%
Carlisle Cos., Inc.		21		3,268
Insurance — 2.4%
James River Group Holdings Ltd.		33		1,626
Lemonade, Inc. * (a)		10		1,241
Old Republic International Corp.		157		3,096
Safety Insurance Group, Inc.		31		2,450
Selective Insurance Group, Inc.		66		4,438
Selectquote, Inc. *		64		1,334
Third Point Reinsurance Ltd. (Bermuda) *		244		2,326
Universal Insurance Holdings, Inc.		130		1,957
				18,468
Interactive Media & Services — 0.2%
MediaAlpha, Inc., Class A *		39		1,541
Internet & Direct Marketing Retail — 0.4%
Farfetch Ltd., Class A (United Kingdom) *		25		1,607
RealReal, Inc. (The) * (a)		76		1,487
				3,094
IT Services — 1.9%
Globant SA (Argentina) *		14		3,093
I3 Verticals, Inc., Class A *		60		1,979

INVESTMENTS	SHARES (000)		VALUE ($000)
IT Services — continued
LiveRamp Holdings, Inc. *		26		1,872
ManTech International Corp., Class A		41		3,629
Repay Holdings Corp. *		19		507
Science Applications International Corp.		34		3,261
				14,341
Leisure Products — 0.3%
Johnson Outdoors, Inc., Class A		20		2,254
Life Sciences Tools & Services — 0.8%
Adaptive Biotechnologies Corp. *		12		732
Berkeley Lights, Inc. * (a)		18		1,567
Personalis, Inc. *		64		2,327
Seer, Inc. *		23		1,275
				5,901
Machinery — 6.6%
Alamo Group, Inc.		31		4,228
Allison Transmission Holdings, Inc.		73		3,145
Blue Bird Corp. *		245		4,473
Graco, Inc.		41		2,947
Hillenbrand, Inc.		128		5,087
ITT, Inc.		110		8,481
John Bean Technologies Corp.		33		3,732
Kadant, Inc.		34		4,804
Lincoln Electric Holdings, Inc.		41		4,713
Mueller Industries, Inc.		102		3,582
Watts Water Technologies, Inc., Class A		44		5,395
				50,587
Media — 1.7%
Cardlytics, Inc. * (a)		15		2,200
Gray Television, Inc. *		139		2,488
New York Times Co. (The), Class A		65		3,358
Nexstar Media Group, Inc., Class A		44		4,798
				12,844
Metals & Mining — 0.3%
Warrior Met Coal, Inc.		112		2,395
Multiline Retail — 0.2%
Ollie’s Bargain Outlet Holdings, Inc. * (a)		18		1,439
Multi-Utilities — 0.3%
Unitil Corp.		58		2,574
Oil, Gas & Consumable Fuels — 2.3%
CNX Resources Corp. *		248		2,679
Delek US Holdings, Inc.		99		1,584

SEE NOTES TO FINANCIAL STATEMENTS.

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

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Oil, Gas & Consumable Fuels — continued
EQT Corp.		182		2,308
Equitrans Midstream Corp.		236		1,899
Matador Resources Co. *		347		4,188
PDC Energy, Inc. *		236		4,845
				17,503
Personal Products — 0.4%
Inter Parfums, Inc.		53		3,201
Pharmaceuticals — 0.7%
Arvinas, Inc. * (a)		38		3,195
Revance Therapeutics, Inc. *		79		2,227
				5,422
Professional Services — 0.7%
ASGN, Inc. *		19		1,619
CBIZ, Inc. *		84		2,242
FTI Consulting, Inc. *		14		1,532
				5,393
Road & Rail — 0.9%
Marten Transport Ltd.		162		2,783
Saia, Inc. *		24		4,320
				7,103
Semiconductors & Semiconductor Equipment — 4.5%
CMC Materials, Inc.		16		2,492
Cree, Inc. *		29		3,025
Enphase Energy, Inc. *		26		4,526
Entegris, Inc.		45		4,364
Inphi Corp. *		23		3,664
MKS Instruments, Inc.		25		3,747
Onto Innovation, Inc. *		97		4,602
Rambus, Inc. *		111		1,943
Semtech Corp. *		38		2,704
SolarEdge Technologies, Inc. *		9		3,020
				34,087
Software — 5.6%
Anaplan, Inc. *		53		3,789
Avalara, Inc. *		7		1,175
Bill.Com Holdings, Inc. *		11		1,567
Blackline, Inc. *		31		4,115
CyberArk Software Ltd. *		17		2,801
Duck Creek Technologies, Inc. *		54		2,325
Elastic NV *		26		3,843
Envestnet, Inc. *		39		3,245

INVESTMENTS	SHARES (000)		VALUE ($000)
Software — continued
Everbridge, Inc. * (a)		20		2,999
Jamf Holding Corp. *		12		363
JFrog Ltd. (Israel) * (a)		28		1,759
Medallia, Inc. * (a)		53		1,754
nCino, Inc. *		9		675
Ping Identity Holding Corp. *		49		1,410
Q2 Holdings, Inc. *		16		2,078
Smartsheet, Inc., Class A *		47		3,267
Upland Software, Inc. *		88		4,045
Vertex, Inc., Class A * (a)		53		1,857
				43,067
Specialty Retail — 3.0%
Floor & Decor Holdings, Inc., Class A *		29		2,703
Leslie’s, Inc. * (a)		36		997
Lithia Motors, Inc., Class A		25		7,304
National Vision Holdings, Inc. *		101		4,556
Sleep Number Corp. *		24		1,927
Urban Outfitters, Inc. *		106		2,710
Williams-Sonoma, Inc. (a)		28		2,882
				23,079
Technology Hardware, Storage & Peripherals — 0.2%
Corsair Gaming, Inc. * (a)		39		1,417
Textiles, Apparel & Luxury Goods — 2.5%
Carter’s, Inc.		59		5,527
Columbia Sportswear Co.		12		1,054
Kontoor Brands, Inc. (a)		102		4,143
Oxford Industries, Inc.		67		4,404
Steven Madden Ltd.		108		3,811
				18,939
Thrifts & Mortgage Finance — 3.0%
Flagstar Bancorp, Inc.		71		2,877
PennyMac Financial Services, Inc.		53		3,491
Premier Financial Corp.		251		5,783
Radian Group, Inc.		212		4,299
WSFS Financial Corp.		152		6,838
				23,288
Trading Companies & Distributors — 2.2%
Applied Industrial Technologies, Inc.		92		7,194
GMS, Inc. *		79		2,397
Rush Enterprises, Inc., Class A		51		2,125
SiteOne Landscape Supply, Inc. *		23		3,611
Systemax, Inc.		46		1,637
				16,964

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 21

JPMorgan Small Cap Blend Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Water Utilities — 0.8%
American States Water Co.		33		2,606
Middlesex Water Co.		48		3,445
				6,051
Total Common Stocks (Cost $553,160)				754,852
	NO. OF RIGHTS (000)
Rights — 0.0% (b)
Biotechnology — 0.0% (b)
Clementia Pharmaceuticals, Inc. (France) * ‡ (Cost $— )		51		—	(c)
	SHARES (000)
Short-Term Investments — 7.3%
Investment Companies — 2.1%
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (d) (e) (Cost $16,092)		16,088		16,096
Investment of Cash Collateral from Securities Loaned — 5.2%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (d) (e)		30,005		30,008
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (d) (e)		10,145		10,145
Total Investment of Cash Collateral from Securities Loaned (Cost $40,154)				40,153
Total Short-Term Investments (Cost $56,246)				56,249
Total Investments — 106.0% (Cost $609,406)				811,101
Liabilities in Excess of Other Assets — (6.0)%				(46,116	)
NET ASSETS — 100.0%				764,985

Percentages indicated are based on net assets.

Abbreviations

ADR	American Depositary Receipt
(a)	The security or a portion of this security is on loan at December 31, 2020. The total value of securities on loan at December 31, 2020 is approximately $38,841,000.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Amount rounds to less than one thousand.
(d)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(e)	The rate shown is the current yield as of December 31, 2020.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

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

JPMorgan Small Cap Core Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.0%
Aerospace & Defense — 0.9%
AAR Corp.		37		1,326
Aerojet Rocketdyne Holdings, Inc. *		4		217
Astronics Corp. *		35		460
Ducommun, Inc. *		10		532
Moog, Inc., Class A		4		305
Park Aerospace Corp.		8		100
Triumph Group, Inc.		13		161
Vectrus, Inc. *		17		821
				3,922
Air Freight & Logistics — 0.6%
Atlas Air Worldwide Holdings, Inc. *		1		66
Echo Global Logistics, Inc. *		8		217
Hub Group, Inc., Class A *		36		2,052
				2,335
Airlines — 0.5%
Alaska Air Group, Inc.		11		567
Allegiant Travel Co.		7		1,343
				1,910
Auto Components — 1.5%
Adient plc *		51		1,777
American Axle & Manufacturing Holdings, Inc. *		102		854
Cooper Tire & Rubber Co.		32		1,296
Dana, Inc.		121		2,352
				6,279
Banks — 6.8%
Ameris Bancorp		12		470
Associated Banc-Corp.		19		322
Bancorp, Inc. (The) *		54		734
Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		52		1,629
Bar Harbor Bankshares (a)		8		183
Business First Bancshares, Inc.		11		220
California BanCorp *		3		53
Capital Bancorp, Inc. *		4		57
Capstar Financial Holdings, Inc.		9		134
Cathay General Bancorp		9		291
CB Financial Services, Inc.		2		40
Community Trust Bancorp, Inc.		2		66
ConnectOne Bancorp, Inc.		87		1,722
Customers Bancorp, Inc. *		40		727
Enterprise Financial Services Corp.		2		65
Financial Institutions, Inc.		20		460
First BanCorp (Puerto Rico)		200		1,841
First Bank		5		47

INVESTMENTS	SHARES (000)		VALUE ($000)
Banks — continued
First Business Financial Services, Inc.		5		96
First Choice Bancorp		2		33
First Community Bankshares, Inc.		4		83
First Horizon National Corp.		51		646
First Internet Bancorp		6		184
Great Southern Bancorp, Inc.		7		362
Hancock Whitney Corp.		27		915
Hanmi Financial Corp.		38		429
HBT Financial, Inc.		13		201
Hilltop Holdings, Inc.		31		845
Investar Holding Corp.		10		164
Investors Bancorp, Inc.		243		2,565
Meridian Corp.		3		67
Metropolitan Bank Holding Corp. *		4		152
Mid Penn Bancorp, Inc.		4		77
Northeast Bank		5		102
OceanFirst Financial Corp.		93		1,726
PacWest Bancorp		27		696
Peapack-Gladstone Financial Corp.		9		196
Popular, Inc. (Puerto Rico)		34		1,939
RBB Bancorp		5		83
Select Bancorp, Inc. *		41		387
Shore Bancshares, Inc.		7		100
Sierra Bancorp		3		78
Signature Bank		12		1,603
Sterling Bancorp		29		512
Synovus Financial Corp.		25		819
Umpqua Holdings Corp.		88		1,335
United Community Banks, Inc.		20		565
Wintrust Financial Corp.		9		548
Zions Bancorp NA		47		2,020
				28,589
Beverages — 0.1%
Coca-Cola Consolidated, Inc.		1		240
Biotechnology — 7.4%
Akebia Therapeutics, Inc. *		36		101
Alector, Inc. *		31		463
Allogene Therapeutics, Inc. * (a)		30		745
Amicus Therapeutics, Inc. *		62		1,422
AnaptysBio, Inc. *		52		1,128
Arrowhead Pharmaceuticals, Inc. *		32		2,486
Assembly Biosciences, Inc. *		28		169
Atara Biotherapeutics, Inc. *		6		109
Bluebird Bio, Inc. *		5		196

SEE NOTES TO FINANCIAL STATEMENTS.

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

JPMorgan Small Cap Core Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Biotechnology — continued
Blueprint Medicines Corp. *		13		1,469
Bridgebio Pharma, Inc. * (a)		16		1,106
CareDx, Inc. *		18		1,275
Catalyst Pharmaceuticals, Inc. * (a)		129		431
Chinook Therapeutics, Inc. * (a)		39		626
Coherus Biosciences, Inc. * (a)		40		691
Concert Pharmaceuticals, Inc. * (a)		20		256
Dicerna Pharmaceuticals, Inc. *		46		1,011
Esperion Therapeutics, Inc. * (a)		15		396
FibroGen, Inc. *		13		488
Gritstone Oncology, Inc. *		9		34
Heron Therapeutics, Inc. * (a)		65		1,380
Homology Medicines, Inc. *		24		268
Insmed, Inc. *		28		929
Jounce Therapeutics, Inc. * (a)		25		175
Kronos Bio, Inc. * (a)		43		1,275
Kura Oncology, Inc. *		4		126
MeiraGTx Holdings plc * (a)		21		321
Mustang Bio, Inc. * (a)		371		1,405
Natera, Inc. *		14		1,433
Radius Health, Inc. *		3		58
REVOLUTION Medicines, Inc. *		10		376
Rhythm Pharmaceuticals, Inc. *		16		470
Sage Therapeutics, Inc. *		13		1,133
Sarepta Therapeutics, Inc. *		6		989
Spruce Biosciences, Inc. *		38		924
Sutro Biopharma, Inc. *		7		156
Syros Pharmaceuticals, Inc. * (a)		151		1,635
TCR2 Therapeutics, Inc. * (a)		15		459
Translate Bio, Inc. *		59		1,084
Viela Bio, Inc. * (a)		19		676
Vir Biotechnology, Inc. * (a)		21		549
Xencor, Inc. *		12		517
Y-mAbs Therapeutics, Inc. *		2		105
				31,045
Building Products — 1.1%
Advanced Drainage Systems, Inc.		5		410
Builders FirstSource, Inc. *		57		2,331
Cornerstone Building Brands, Inc. *		47		435
Gibraltar Industries, Inc. *		8		554
Quanex Building Products Corp.		22		492
UFP Industries, Inc.		6		340
				4,562

INVESTMENTS	SHARES (000)		VALUE ($000)
Capital Markets — 2.0%
Artisan Partners Asset Management, Inc., Class A		5		247
Blucora, Inc. *		76		1,209
Brightsphere Investment Group, Inc.		11		208
Cohen & Steers, Inc.		4		304
Cowen, Inc., Class A (a)		28		735
Federated Hermes, Inc.		56		1,607
Focus Financial Partners, Inc., Class A *		19		839
Piper Sandler Cos.		5		535
Stifel Financial Corp. (a)		32		1,610
Virtus Investment Partners, Inc.		4		966
				8,260
Chemicals — 1.9%
Avient Corp.		43		1,736
FutureFuel Corp.		20		258
Ingevity Corp. *		12		939
Koppers Holdings, Inc. *		46		1,421
Kraton Corp. *		5		130
Minerals Technologies, Inc.		8		509
Orion Engineered Carbons SA (Germany)		32		554
PQ Group Holdings, Inc.		18		262
Trinseo SA		16		802
Tronox Holdings plc, Class A		93		1,362
				7,973
Commercial Services & Supplies — 1.7%
ABM Industries, Inc.		54		2,032
ACCO Brands Corp. (a)		83		700
Brink’s Co. (The)		11		763
Herman Miller, Inc.		18		612
HNI Corp.		17		586
KAR Auction Services, Inc.		18		335
Knoll, Inc.		67		978
Quad/Graphics, Inc.		73		277
Steelcase, Inc., Class A		66		888
Team, Inc. *		15		162
				7,333
Communications Equipment — 0.4%
Ciena Corp. *		7		349
Extreme Networks, Inc. *		162		1,113
PCTEL, Inc. *		42		275
				1,737
Construction & Engineering — 2.8%
Argan, Inc.		62		2,745
Comfort Systems USA, Inc.		27		1,439

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Construction & Engineering — continued
EMCOR Group, Inc.		17		1,593
Great Lakes Dredge & Dock Corp. *		87		1,142
MasTec, Inc. * (a)		32		2,184
Primoris Services Corp.		40		1,104
Sterling Construction Co., Inc. *		54		1,011
Tutor Perini Corp. *		36		470
				11,688
Construction Materials — 0.2%
Summit Materials, Inc., Class A *		10		207
US Concrete, Inc. *		20		803
				1,010
Consumer Finance — 1.0%
Enova International, Inc. *		13		325
Green Dot Corp., Class A *		24		1,317
Nelnet, Inc., Class A		14		983
Oportun Financial Corp. *		20		391
PROG Holdings Inc.		19		1,045
				4,061
Containers & Packaging — 0.3%
Myers Industries, Inc.		14		281
O-I Glass, Inc.		59		702
Pactiv Evergreen, Inc. *		11		203
				1,186
Distributors — 0.3%
Core-Mark Holding Co., Inc.		42		1,219
Diversified Consumer Services — 0.4%
American Public Education, Inc. *		9		268
Houghton Mifflin Harcourt Co. *		285		947
WW International, Inc. *		19		459
				1,674
Diversified Telecommunication Services — 1.3%
ATN International, Inc.		3		142
Cogent Communications Holdings, Inc.		32		1,892
IDT Corp., Class B *		138		1,711
Liberty Latin America Ltd., Class A (Chile) *		60		671
Liberty Latin America Ltd., Class C (Chile) * (a)		55		608
Ooma, Inc. *		34		493
				5,517
Electric Utilities — 0.8%
ALLETE, Inc. (a)		15		904
Genie Energy Ltd., Class B		8		56

INVESTMENTS	SHARES (000)		VALUE ($000)
Electric Utilities — continued
IDACORP, Inc.		6		591
Portland General Electric Co.		25		1,087
Spark Energy, Inc., Class A (a)		95		910
				3,548
Electrical Equipment — 0.8%
Atkore International Group, Inc. *		61		2,492
Generac Holdings, Inc. *		4		819
Powell Industries, Inc.		6		171
				3,482
Electronic Equipment, Instruments & Components — 2.9%
Bel Fuse, Inc., Class B		39		580
Benchmark Electronics, Inc.		86		2,335
Fabrinet (Thailand) *		19		1,507
Itron, Inc. *		5		451
Kimball Electronics, Inc. *		7		111
Methode Electronics, Inc.		30		1,151
Sanmina Corp. *		91		2,913
ScanSource, Inc. *		44		1,148
Vishay Intertechnology, Inc.		47		968
Vishay Precision Group, Inc. *		32		1,020
				12,184
Energy Equipment & Services — 0.7%
Cactus, Inc., Class A		26		673
ChampionX Corp. * (a)		6		96
Helix Energy Solutions Group, Inc. *		18		77
National Energy Services Reunited Corp. *		25		244
NexTier Oilfield Solutions, Inc. *		68		233
Oil States International, Inc. *		46		230
Patterson-UTI Energy, Inc.		39		205
Select Energy Services, Inc., Class A *		129		530
Solaris Oilfield Infrastructure, Inc., Class A		55		450
				2,738
Entertainment — 0.7%
Cinemark Holdings, Inc. (a)		161		2,810
Equity Real Estate Investment Trusts (REITs) — 5.4%
Acadia Realty Trust		14		197
Agree Realty Corp. (a)		3		226
Alexander & Baldwin, Inc.		23		390
American Assets Trust, Inc.		7		199
American Finance Trust, Inc.		40		297
Armada Hoffler Properties, Inc.		77		862
Broadstone Net Lease, Inc., Class A		35		679

SEE NOTES TO FINANCIAL STATEMENTS.

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

JPMorgan Small Cap Core Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Equity Real Estate Investment Trusts (REITs) — continued
BRT Apartments Corp. (a)		6		85
CareTrust REIT, Inc.		7		146
CatchMark Timber Trust, Inc., Class A		50		463
Centerspace		7		473
Chatham Lodging Trust		7		75
City Office REIT, Inc.		81		789
Columbia Property Trust, Inc.		18		254
Community Healthcare Trust, Inc.		2		80
CorePoint Lodging, Inc.		7		45
Cousins Properties, Inc.		20		683
DiamondRock Hospitality Co. *		51		419
Essential Properties Realty Trust, Inc.		24		509
First Industrial Realty Trust, Inc.		21		881
Four Corners Property Trust, Inc.		12		363
Getty Realty Corp.		4		113
Gladstone Commercial Corp.		44		785
Global Medical REIT, Inc.		5		64
Global Net Lease, Inc.		82		1,407
Healthcare Realty Trust, Inc.		32		941
Highwoods Properties, Inc.		3		121
Hudson Pacific Properties, Inc.		12		285
Innovative Industrial Properties, Inc. (a)		1		202
Kite Realty Group Trust		8		112
Monmouth Real Estate Investment Corp.		15		260
National Health Investors, Inc.		1		83
New Senior Investment Group, Inc.		81		419
Physicians Realty Trust		30		541
Piedmont Office Realty Trust, Inc., Class A		20		330
Plymouth Industrial REIT, Inc.		21		312
PotlatchDeltic Corp.		21		1,070
QTS Realty Trust, Inc., Class A (a)		7		446
Retail Properties of America, Inc., Class A		84		723
Retail Value, Inc.		12		184
Ryman Hospitality Properties, Inc.		2		156
Sabra Health Care REIT, Inc.		44		771
Service Properties Trust		12		139
SITE Centers Corp.		26		258
STAG Industrial, Inc.		51		1,610
Summit Hotel Properties, Inc.		14		123
Sunstone Hotel Investors, Inc.		110		1,252
Urban Edge Properties		29		375
Xenia Hotels & Resorts, Inc.		84		1,274
				22,471

INVESTMENTS	SHARES (000)		VALUE ($000)
Food & Staples Retailing — 0.9%
Andersons, Inc. (The)		4		86
BJ’s Wholesale Club Holdings, Inc. *		18		678
Performance Food Group Co. *		42		2,004
PriceSmart, Inc.		11		993
				3,761
Food Products — 0.3%
Bunge Ltd.		10		623
Sanderson Farms, Inc.		3		338
Seneca Foods Corp., Class A *		7		275
				1,236
Gas Utilities — 0.7%
Chesapeake Utilities Corp.		6		693
New Jersey Resources Corp.		13		465
Northwest Natural Holding Co.		7		340
Southwest Gas Holdings, Inc.		14		853
Spire, Inc.		11		698
				3,049
Health Care Equipment & Supplies — 3.2%
Accuray, Inc. * (a)		202		843
Alphatec Holdings, Inc. *		81		1,176
Apyx Medical Corp. *		90		647
Axogen, Inc. *		48		850
CONMED Corp.		1		143
Cutera, Inc. *		49		1,184
Inogen, Inc. *		26		1,162
Integer Holdings Corp. *		5		398
Invacare Corp.		92		826
Natus Medical, Inc. *		24		477
NuVasive, Inc. *		13		721
Orthofix Medical, Inc. *		51		2,205
Outset Medical, Inc. *		14		796
SI-BONE, Inc. *		39		1,151
Sientra, Inc. * (a)		56		219
Utah Medical Products, Inc.		5		388
				13,186
Health Care Providers & Services — 4.5%
AdaptHealth Corp. *		90		3,365
American Renal Associates Holdings, Inc. *		63		717
AMN Healthcare Services, Inc. *		19		1,311
Apollo Medical Holdings, Inc. * (a)		24		433
Cross Country Healthcare, Inc. *		97		860
Hanger, Inc. *		29		629
LHC Group, Inc. *		3		661

SEE NOTES TO FINANCIAL STATEMENTS.

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

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Health Care Providers & Services — continued
Magellan Health, Inc. *		22		1,839
MEDNAX, Inc. *		12		302
National HealthCare Corp.		27		1,806
Owens & Minor, Inc.		68		1,840
Providence Service Corp. (The) *		6		790
Select Medical Holdings Corp. *		74		2,058
Surgery Partners, Inc. * (a)		39		1,140
Tivity Health, Inc. *		61		1,189
				18,940
Health Care Technology — 0.6%
NextGen Healthcare, Inc. * (a)		45		821
Omnicell, Inc. *		4		504
Schrodinger, Inc. *		16		1,251
				2,576
Hotels, Restaurants & Leisure — 2.5%
Bloomin’ Brands, Inc.		55		1,059
Boyd Gaming Corp. *		10		412
Brinker International, Inc.		27		1,505
Caesars Entertainment, Inc. * (a)		33		2,436
Dine Brands Global, Inc.		12		713
Marriott Vacations Worldwide Corp.		12		1,660
Penn National Gaming, Inc. * (a)		24		2,078
Scientific Games Corp. *		14		589
				10,452
Household Durables — 1.7%
Helen of Troy Ltd. *		4		863
Hooker Furniture Corp.		23		751
KB Home		25		840
Lifetime Brands, Inc.		60		915
Meritage Homes Corp. *		14		1,118
Taylor Morrison Home Corp. *		46		1,172
Tupperware Brands Corp. *		17		538
Universal Electronics, Inc. *		19		1,007
				7,204
Household Products — 0.3%
Central Garden & Pet Co., Class A *		36		1,321
Independent Power and Renewable Electricity Producers — 0.8%
Atlantic Power Corp. *		51		108
Clearway Energy, Inc.		51		1,492
Clearway Energy, Inc., Class C		45		1,443
Vistra Corp.		11		210
				3,253

INVESTMENTS	SHARES (000)		VALUE ($000)
Insurance — 0.9%
Ambac Financial Group, Inc. *		16		251
American Equity Investment Life Holding Co.		20		556
Argo Group International Holdings Ltd.		12		507
CNO Financial Group, Inc.		41		905
FedNat Holding Co.		10		60
Heritage Insurance Holdings, Inc. (a)		5		49
Horace Mann Educators Corp.		3		109
James River Group Holdings Ltd.		5		241
ProAssurance Corp.		16		283
ProSight Global, Inc. * (a)		22		286
Selective Insurance Group, Inc.		4		240
Stewart Information Services Corp.		4		203
United Insurance Holdings Corp. (a)		29		168
				3,858
Interactive Media & Services — 1.2%
Cars.com, Inc. *		51		573
Liberty TripAdvisor Holdings, Inc., Class A *		667		2,894
Yelp, Inc. *		43		1,418
				4,885
Internet & Direct Marketing Retail — 0.3%
Groupon, Inc. * (a)		19		713
Overstock.com, Inc. * (a)		8		364
				1,077
IT Services — 2.6%
Evo Payments, Inc., Class A *		41		1,105
KBR, Inc.		73		2,262
NIC, Inc.		29		739
Perspecta, Inc.		35		835
Science Applications International Corp.		15		1,429
StarTek, Inc. *		163		1,227
TTEC Holdings, Inc.		43		3,136
				10,733
Life Sciences Tools & Services — 1.2%
Adaptive Biotechnologies Corp. *		11		633
Berkeley Lights, Inc. * (a)		13		1,189
Personalis, Inc. *		57		2,101
Seer, Inc. *		21		1,170
				5,093
Machinery — 1.7%
Albany International Corp., Class A		2		162
Altra Industrial Motion Corp.		7		399
Barnes Group, Inc.		14		689

SEE NOTES TO FINANCIAL STATEMENTS.

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

JPMorgan Small Cap Core Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Machinery — continued
CIRCOR International, Inc. *		4		161
Columbus McKinnon Corp.		21		821
Gencor Industries, Inc. *		6		76
Manitowoc Co., Inc. (The) *		31		412
Meritor, Inc. *		30		842
Mueller Industries, Inc.		9		306
Park-Ohio Holdings Corp.		4		136
Terex Corp.		76		2,652
Welbilt, Inc. *		24		317
				6,973
Marine — 0.2%
Costamare, Inc. (Monaco)		100		825
Media — 1.3%
Cardlytics, Inc. * (a)		5		671
EW Scripps Co. (The), Class A		55		833
Fluent, Inc. *		79		418
Gray Television, Inc. *		43		762
Meredith Corp.		83		1,588
Sinclair Broadcast Group, Inc., Class A (a)		32		1,032
				5,304
Metals & Mining — 1.9%
Alcoa Corp. *		21		491
Allegheny Technologies, Inc. *		45		750
Arconic Corp. *		23		676
Carpenter Technology Corp.		8		218
Cleveland-Cliffs, Inc. (a)		79		1,143
Commercial Metals Co.		101		2,080
Kaiser Aluminum Corp.		4		435
SunCoke Energy, Inc.		140		608
Warrior Met Coal, Inc.		51		1,085
Worthington Industries, Inc.		6		298
				7,784
Mortgage Real Estate Investment Trusts (REITs) — 1.1%
Apollo Commercial Real Estate Finance, Inc. (a)		23		255
Ares Commercial Real Estate Corp.		20		232
Blackstone Mortgage Trust, Inc., Class A (a)		16		438
Colony Credit Real Estate, Inc.		12		92
Ellington Financial, Inc.		2		33
Granite Point Mortgage Trust, Inc.		9		93
Great Ajax Corp. (a)		3		30
KKR Real Estate Finance Trust, Inc.		5		93
Ladder Capital Corp.		84		823
New York Mortgage Trust, Inc.		11		40

INVESTMENTS	SHARES (000)		VALUE ($000)
Mortgage Real Estate Investment Trusts (REITs) — continued
PennyMac Mortgage Investment Trust		67		1,173
Redwood Trust, Inc. (a)		79		695
TPG RE Finance Trust, Inc. (a)		30		313
Two Harbors Investment Corp.		43		275
				4,585
Multiline Retail — 0.4%
Big Lots, Inc. (a)		16		695
Dillard’s, Inc., Class A (a)		6		385
Macy’s, Inc.		38		429
				1,509
Multi-Utilities — 0.1%
Black Hills Corp.		9		539
Oil, Gas & Consumable Fuels — 2.1%
Arch Resources, Inc. *		14		598
Berry Corp.		87		320
Bonanza Creek Energy, Inc. *		9		172
CNX Resources Corp. *		26		275
CVR Energy, Inc.		23		339
Dorian LPG Ltd. *		44		534
Falcon Minerals Corp.		86		272
Green Plains, Inc. * (a)		18		241
Magnolia Oil & Gas Corp., Class A * (a)		100		707
Matador Resources Co. *		50		603
Par Pacific Holdings, Inc. *		33		464
PDC Energy, Inc. *		41		842
Renewable Energy Group, Inc. *		46		3,229
REX American Resources Corp. *		2		144
Talos Energy, Inc. *		7		61
				8,801
Paper & Forest Products — 1.4%
Boise Cascade Co.		19		908
Domtar Corp.		21		668
Glatfelter Corp.		7		115
Louisiana-Pacific Corp.		35		1,282
Neenah, Inc.		7		382
Schweitzer-Mauduit International, Inc.		58		2,314
Verso Corp., Class A		33		392
				6,061
Personal Products — 0.5%
Edgewell Personal Care Co.		36		1,255
Medifast, Inc.		4		786
				2,041

SEE NOTES TO FINANCIAL STATEMENTS.

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

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Pharmaceuticals — 2.8%
Arvinas, Inc. * (a)		1		81
Cara Therapeutics, Inc. *		18		270
Endo International plc *		302		2,167
Horizon Therapeutics plc *		41		3,003
Intersect ENT, Inc. *		58		1,335
Lannett Co., Inc. * (a)		233		1,519
NGM Biopharmaceuticals, Inc. * (a)		41		1,236
Phibro Animal Health Corp., Class A		11		208
Revance Therapeutics, Inc. *		5		155
TherapeuticsMD, Inc. * (a)		104		125
VYNE Therapeutics, Inc. * (a)		55		87
WaVe Life Sciences Ltd. *		101		791
Zogenix, Inc. *		25		496
Zynerba Pharmaceuticals, Inc. * (a)		44		145
				11,618
Professional Services — 2.5%
Barrett Business Services, Inc.		29		1,953
CBIZ, Inc. *		21		569
Heidrick & Struggles International, Inc.		26		754
Insperity, Inc.		7		537
Kelly Services, Inc., Class A		32		653
Kforce, Inc.		18		770
Korn Ferry (a)		72		3,116
TriNet Group, Inc. *		17		1,402
TrueBlue, Inc. *		41		761
				10,515
Real Estate Management & Development — 0.5%
Jones Lang LaSalle, Inc. *		2		285
Realogy Holdings Corp. *		119		1,557
RMR Group, Inc. (The), Class A		4		147
				1,989
Road & Rail — 0.9%
ArcBest Corp.		88		3,756
Semiconductors & Semiconductor Equipment — 2.0%
Advanced Energy Industries, Inc. *		10		997
Alpha & Omega Semiconductor Ltd. *		53		1,246
Amkor Technology, Inc.		55		834
GSI Technology, Inc. *		51		377
Ichor Holdings Ltd. *		21		647
NVE Corp.		6		315
PDF Solutions, Inc. *		16		350
Photronics, Inc. *		130		1,455
Rambus, Inc. *		13		221

INVESTMENTS	SHARES (000)		VALUE ($000)
Semiconductors & Semiconductor Equipment — continued
SMART Global Holdings, Inc. * (a)		34		1,291
Ultra Clean Holdings, Inc. *		25		770
				8,503
Software — 4.9%
ACI Worldwide, Inc. *		5		203
American Software, Inc., Class A		31		536
Appian Corp. * (a)		6		940
Asana, Inc., Class A * (a)		21		617
Avaya Holdings Corp. *		77		1,476
Cerence, Inc. * (a)		10		1,005
Cornerstone OnDemand, Inc. *		72		3,151
Digital Turbine, Inc. *		21		1,188
eGain Corp. *		158		1,865
Envestnet, Inc. *		6		461
j2 Global, Inc. * (a)		20		1,993
JFrog Ltd. (Israel) * (a)		7		408
MicroStrategy, Inc., Class A * (a)		9		3,361
Model N, Inc. * (a)		6		207
PubMatic, Inc., Class A * (a)		20		564
Rimini Street, Inc. *		70		309
Verint Systems, Inc. *		24		1,599
Zuora, Inc., Class A *		49		687
				20,570
Specialty Retail — 2.3%
Aaron’s Co., Inc. (The) *		10		183
Bed Bath & Beyond, Inc. (a)		21		369
Genesco, Inc. * (a)		20		593
Guess?, Inc.		54		1,228
Hibbett Sports, Inc. * (a)		31		1,445
MarineMax, Inc. *		18		645
ODP Corp. (The) *		32		935
Rent-A-Center, Inc.		62		2,381
Signet Jewelers Ltd. (a)		38		1,025
Zumiez, Inc. *		24		883
				9,687
Technology Hardware, Storage & Peripherals — 0.2%
Diebold Nixdorf, Inc. *		80		852
Textiles, Apparel & Luxury Goods — 1.3%
Deckers Outdoor Corp. *		17		4,761
Movado Group, Inc. *		33		553
				5,314

SEE NOTES TO FINANCIAL STATEMENTS.

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

JPMorgan Small Cap Core Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Thrifts & Mortgage Finance — 3.4%
ESSA Bancorp, Inc.		3		39
Essent Group Ltd.		41		1,754
Flagstar Bancorp, Inc.		51		2,063
FS Bancorp, Inc.		2		106
HomeStreet, Inc.		11		358
Kearny Financial Corp.		37		385
Luther Burbank Corp.		14		134
MGIC Investment Corp.		61		759
MMA Capital Holdings, Inc. *		2		47
Mr. Cooper Group, Inc. *		47		1,446
NMI Holdings, Inc., Class A *		13		301
OP Bancorp		15		118
PennyMac Financial Services, Inc.		15		1,006
Provident Bancorp, Inc.		29		347
Provident Financial Services, Inc.		88		1,582
Radian Group, Inc.		70		1,407
Standard AVB Financial Corp.		2		65
Walker & Dunlop, Inc.		25		2,331
				14,248
Trading Companies & Distributors — 2.2%
Applied Industrial Technologies, Inc.		12		897
Beacon Roofing Supply, Inc. *		20		788
BMC Stock Holdings, Inc. *		19		1,014
GMS, Inc. *		46		1,402
NOW, Inc. *		86		616
Veritiv Corp. *		14		292
WESCO International, Inc. *		54		4,200
				9,209
Water Utilities — 0.0% (b)
Consolidated Water Co. Ltd. (Cayman Islands)		2		29
Wireless Telecommunication Services — 0.1%
Spok Holdings, Inc.		54		601
Total Common Stocks (Cost $299,738)				409,710
	NO. OF RIGHTS (000)
Rights — 0.0% (b)
Biotechnology — 0.0% (b)
Contra Aduro Biotech I * ‡ (Cost $128)		43		—	(c)

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 10.2%
Investment Companies — 2.0%
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (d) (e) (Cost $8,366)		8,362		8,366
Investment of Cash Collateral from Securities Loaned — 8.2%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (d) (e)		24,997		25,000
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (d) (e)		9,131		9,131
Total Investment of Cash Collateral from Securities Loaned (Cost $34,132)				34,131
Total Short-Term Investments (Cost $42,498)				42,497
Total Investments — 108.2% (Cost $342,364)				452,207
Liabilities in Excess of Other Assets — (8.2)%				(34,418	)
NET ASSETS — 100.0%				417,789

Percentages indicated are based on net assets.

Abbreviations

REIT	Real Estate Investment Trust
(a)	The security or a portion of this security is on loan at December 31, 2020. The total value of securities on loan at December 31, 2020 is approximately $32,792,000.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Amount rounds to less than one thousand.
(d)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(e)	The rate shown is the current yield as of December 31, 2020.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

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

Futures contracts outstanding as of December 31, 2020 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Russell 2000 E-Mini Index	18		03/2021		USD		1,780		(6	)

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

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

JPMorgan Small Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 95.6%
Auto Components — 1.3%
LCI Industries		836		108,393
Automobiles — 0.7%
Thor Industries, Inc.		595		55,321
Banks — 8.9%
BankUnited, Inc.		2,554		88,821
Commerce Bancshares, Inc. (a)		1,246		81,876
Cullen/Frost Bankers, Inc.		758		66,155
First Financial Bancorp		2,778		48,702
First Hawaiian, Inc.		3,040		71,679
First Horizon National Corp.		7,983		101,867
Signature Bank		657		88,819
Western Alliance Bancorp		1,724		103,330
Wintrust Financial Corp.		1,437		87,777
				739,026
Beverages — 0.9%
Primo Water Corp.		4,865		76,280
Biotechnology — 0.5%
Certara, Inc. *		1,204		40,583
Building Products — 0.5%
Fortune Brands Home & Security, Inc.		436		37,392
Capital Markets — 5.7%
Assetmark Financial Holdings, Inc. *		1,440		34,858
Eaton Vance Corp.		467		31,735
Focus Financial Partners, Inc., Class A *		1,841		80,068
Lazard Ltd., Class A		2,451		103,669
Moelis & Co., Class A		1,844		86,220
Morningstar, Inc.		426		98,688
StepStone Group, Inc., Class A *		886		35,274
				470,512
Chemicals — 2.5%
GCP Applied Technologies, Inc. *		2,336		55,236
PQ Group Holdings, Inc.		2,946		42,008
Quaker Chemical Corp. (a)		428		108,433
				205,677
Commercial Services & Supplies — 5.4%
Brady Corp., Class A		1,502		79,354
Casella Waste Systems, Inc., Class A *		948		58,727
IAA, Inc. *		1,882		122,298
MSA Safety, Inc. (a)		846		126,403
Stericycle, Inc. * (a)		899		62,361
				449,143

INVESTMENTS	SHARES (000)		VALUE ($000)
Construction & Engineering — 1.6%
WillScot Mobile Mini Holdings Corp. *		5,702		132,117
Containers & Packaging — 3.7%
AptarGroup, Inc.		1,445		197,802
Crown Holdings, Inc. *		774		77,592
Pactiv Evergreen, Inc. *		1,782		32,324
				307,718
Distributors — 0.9%
Pool Corp.		198		73,673
Diversified Consumer Services — 1.0%
Bright Horizons Family Solutions, Inc. *		456		78,892
Electric Utilities — 0.9%
Portland General Electric Co.		1,751		74,880
Electronic Equipment, Instruments & Components — 2.1%
Badger Meter, Inc.		570		53,608
nLight, Inc. * (a)		2,119		69,170
Novanta, Inc. * (a)		465		55,017
				177,795
Equity Real Estate Investment Trusts (REITs) — 5.5%
American Campus Communities, Inc. (a)		1,216		52,002
CubeSmart		2,850		95,802
EastGroup Properties, Inc.		900		124,311
National Retail Properties, Inc.		2,186		89,460
Outfront Media, Inc.		3,003		58,739
Ryman Hospitality Properties, Inc.		570		38,611
				458,925
Food & Staples Retailing — 4.2%
BJ’s Wholesale Club Holdings, Inc. *		2,858		106,553
Casey’s General Stores, Inc.		415		74,119
Performance Food Group Co. *		3,479		165,645
				346,317
Health Care Equipment & Supplies — 2.8%
Cantel Medical Corp.		1,010		79,679
Envista Holdings Corp. * (a)		1,812		61,113
ICU Medical, Inc. *		426		91,356
				232,148
Health Care Providers & Services — 6.8%
Chemed Corp.		136		72,645
Covetrus, Inc. * (a)		2,244		64,488
Encompass Health Corp.		1,741		143,969
HealthEquity, Inc. *		1,246		86,835
Molina Healthcare, Inc. *		595		126,604

SEE NOTES TO FINANCIAL STATEMENTS.

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

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Health Care Providers & Services — continued
Premier, Inc., Class A		1,822		63,938
Progyny, Inc. *		184		7,793
				566,272
Health Care Technology — 1.1%
HMS Holdings Corp. *		2,381		87,489
Hotels, Restaurants & Leisure — 1.9%
Monarch Casino & Resort, Inc. *		509		31,191
Planet Fitness, Inc., Class A *		730		56,664
Wendy’s Co. (The)		3,116		68,298
				156,153
Insurance — 2.9%
Kinsale Capital Group, Inc.		427		85,420
RLI Corp.		1,057		110,114
Selectquote, Inc. * (a)		1,998		41,464
				236,998
IT Services — 1.5%
WEX, Inc. *		611		124,375
Leisure Products — 2.2%
Acushnet Holdings Corp. (a)		1,610		65,272
Brunswick Corp.		1,569		119,595
				184,867
Life Sciences Tools & Services — 1.2%
Syneos Health, Inc. *		1,470		100,130
Machinery — 10.1%
Altra Industrial Motion Corp.		1,578		87,489
Douglas Dynamics, Inc.		996		42,593
Gates Industrial Corp. plc *		2,917		37,225
Lincoln Electric Holdings, Inc.		1,119		130,048
Nordson Corp.		197		39,488
RBC Bearings, Inc. *		734		131,358
Toro Co. (The)		2,150		203,933
Welbilt, Inc. *		3,451		45,557
Woodward, Inc.		948		115,194
				832,885
Multi-Utilities — 1.1%
NorthWestern Corp.		1,491		86,930
Pharmaceuticals — 0.9%
Catalent, Inc. *		704		73,312
Professional Services — 0.7%
CoreLogic, Inc.		792		61,268
Real Estate Management & Development — 0.9%
Cushman & Wakefield plc * (a)		4,825		71,547

INVESTMENTS	SHARES (000)		VALUE ($000)
Road & Rail — 1.8%
Knight-Swift Transportation Holdings, Inc.		1,751		73,247
Landstar System, Inc.		561		75,483
				148,730
Semiconductors & Semiconductor Equipment — 3.1%
Allegro MicroSystems, Inc. (Japan) * (a)		1,187		31,653
CMC Materials, Inc.		720		108,948
Power Integrations, Inc. (a)		1,421		116,329
				256,930
Software — 7.8%
Aspen Technology, Inc. *		614		80,019
Bentley Systems, Inc., Class B		490		19,862
Bill.Com Holdings, Inc. * (a)		349		47,611
Duck Creek Technologies, Inc. *		395		17,082
Envestnet, Inc. *		910		74,855
Guidewire Software, Inc. * (a)		659		84,778
Medallia, Inc. * (a)		1,721		57,186
nCino, Inc. * (a)		233		16,884
Q2 Holdings, Inc. *		1,136		143,686
RealPage, Inc. *		1,227		107,067
				649,030
Specialty Retail — 0.8%
Leslie’s, Inc. * (a)		1,004		27,858
National Vision Holdings, Inc. *		921		41,697
				69,555
Textiles, Apparel & Luxury Goods — 0.8%
Carter’s, Inc.		673		63,328
Trading Companies & Distributors — 0.9%
Applied Industrial Technologies, Inc.		1,003		78,245
Total Common Stocks (Cost $4,894,560)				7,912,836
Exchange-Traded Funds — 0.8%
U.S. Equity — 0.8%
iShares Russell 2000 ETF (a) (Cost $48,510)		340		66,694
Short-Term Investments — 5.2%
Investment Companies — 3.6%
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (b) (c) (Cost $297,388)		297,275		297,424
Investment of Cash Collateral from Securities Loaned — 1.6%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (b) (c)		115,027		115,038

SEE NOTES TO FINANCIAL STATEMENTS.

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

JPMorgan Small Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — continued
Investment of Cash Collateral from Securities Loaned — continued
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		18,233		18,233
Total Investment of Cash Collateral from Securities Loaned (Cost $133,271)				133,271
Total Short-Term Investments (Cost $430,659)				430,695
Total Investments — 101.6% (Cost $5,373,729)				8,410,225
Liabilities in Excess of Other Assets — (1.6)%				(128,694	)
NET ASSETS — 100.0%				8,281,531

Percentages indicated are based on net assets.

Abbreviations
ETF	Exchange-Traded Fund
(a)	The security or a portion of this security is on loan at December 31, 2020. The total value of securities on loan at December 31, 2020 is approximately $130,194,000.
(b)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of December 31, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

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

JPMorgan Small Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.3%
Auto Components — 0.9%
Fox Factory Holding Corp. *		561		59,352
Automobiles — 0.9%
Winnebago Industries, Inc.		1,009		60,480
Banks — 0.7%
First Financial Bankshares, Inc. (a)		1,219		44,115
Biotechnology — 19.4%
ACADIA Pharmaceuticals, Inc. *		493		26,342
ADC Therapeutics SA (Switzerland) * (a)		1,295		41,457
Alector, Inc. *		1,121		16,958
Allogene Therapeutics, Inc. * (a)		534		13,489
Amicus Therapeutics, Inc. *		3,210		74,111
Arrowhead Pharmaceuticals, Inc. *		907		69,587
Atara Biotherapeutics, Inc. *		2,295		45,043
Avrobio, Inc. * (a)		1,731		24,130
Biohaven Pharmaceutical Holding Co. Ltd. *		717		61,475
Blueprint Medicines Corp. *		624		69,958
Bridgebio Pharma, Inc. * (a)		773		54,971
Coherus Biosciences, Inc. * (a)		2,173		37,771
FibroGen, Inc. * (a)		874		32,427
G1 Therapeutics, Inc. * (a)		1,058		19,030
Generation Bio Co. * (a)		452		12,818
Global Blood Therapeutics, Inc. *		403		17,464
Halozyme Therapeutics, Inc. * (a)		2,312		98,755
Heron Therapeutics, Inc. * (a)		1,773		37,534
Homology Medicines, Inc. *		1,195		13,496
Intercept Pharmaceuticals, Inc. * (a)		410		10,115
Kronos Bio, Inc. * (a)		805		24,047
Mirati Therapeutics, Inc. *		175		38,420
Natera, Inc. *		1,100		109,459
Orchard Therapeutics plc, ADR (United Kingdom) *		1,471		6,356
REGENXBIO, Inc. *		806		36,574
Relay Therapeutics, Inc. * (a)		810		33,657
REVOLUTION Medicines, Inc. *		688		27,243
Rubius Therapeutics, Inc. * (a)		1,483		11,252
Sage Therapeutics, Inc. * (a)		541		46,790
Twist Bioscience Corp. *		677		95,631
Viela Bio, Inc. * (a)		688		24,764
				1,231,124
Building Products — 4.3%
Advanced Drainage Systems, Inc.		1,391		116,234
AZEK Co., Inc. (The) *		794		30,524
Simpson Manufacturing Co., Inc. (a)		674		63,031
Trex Co., Inc. * (a)		758		63,496
				273,285

INVESTMENTS	SHARES (000)		VALUE ($000)
Capital Markets — 1.7%
Evercore, Inc., Class A		594		65,159
Focus Financial Partners, Inc., Class A *		986		42,901
				108,060
Commercial Services & Supplies — 1.0%
MSA Safety, Inc. (a)		423		63,120
Communications Equipment — 0.6%
Ciena Corp. * (a)		676		35,738
Consumer Finance — 0.5%
PROG Holdings Inc.		653		35,184
Diversified Consumer Services — 0.6%
Bright Horizons Family Solutions, Inc. *		216		37,309
Diversified Telecommunication Services — 1.0%
Bandwidth, Inc., Class A * (a)		409		62,810
Electrical Equipment — 0.6%
Vertiv Holdings Co.		1,992		37,196
Electronic Equipment, Instruments & Components — 2.6%
Itron, Inc. * (a)		923		88,514
Littelfuse, Inc.		288		73,366
				161,880
Equity Real Estate Investment Trusts (REITs) — 0.9%
CubeSmart		781		26,256
Terreno Realty Corp.		581		33,988
				60,244
Food & Staples Retailing — 2.5%
BJ’s Wholesale Club Holdings, Inc. * (a)		1,050		39,143
Grocery Outlet Holding Corp. * (a)		1,215		47,702
Performance Food Group Co. *		1,502		71,502
				158,347
Food Products — 1.5%
Freshpet, Inc. *		661		93,879
Health Care Equipment & Supplies — 4.3%
iRhythm Technologies, Inc. *		384		91,109
Nevro Corp. *		453		78,363
Outset Medical, Inc. * (a)		467		26,525
Shockwave Medical, Inc. * (a)		732		75,932
				271,929
Health Care Providers & Services — 2.3%
Acadia Healthcare Co., Inc. *		926		46,549
Amedisys, Inc. *		256		75,050
Oak Street Health, Inc. * (a)		353		21,559
				143,158

SEE NOTES TO FINANCIAL STATEMENTS.

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

JPMorgan Small Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Health Care Technology — 1.3%
Accolade, Inc. * (a)		1,140		49,587
Evolent Health, Inc., Class A * (a)		2,003		32,107
				81,694
Hotels, Restaurants & Leisure — 3.1%
Boyd Gaming Corp. *		1,723		73,933
Planet Fitness, Inc., Class A * (a)		636		49,409
Texas Roadhouse, Inc.		975		76,209
				199,551
Household Durables — 1.8%
Helen of Troy Ltd. *		367		81,602
TRI Pointe Group, Inc. *		1,942		33,496
				115,098
Industrial Conglomerates — 1.1%
Carlisle Cos., Inc.		431		67,279
Insurance — 0.8%
Lemonade, Inc. * (a)		208		25,482
Selectquote, Inc. * (a)		1,318		27,355
				52,837
Interactive Media & Services — 0.5%
MediaAlpha, Inc., Class A *		808		31,574
Internet & Direct Marketing Retail — 1.0%
Farfetch Ltd., Class A (United Kingdom) * (a)		511		32,611
RealReal, Inc. (The) * (a)		1,562		30,525
				63,136
IT Services — 3.6%
Globant SA (Argentina) *		291		63,310
I3 Verticals, Inc., Class A * (a)		1,230		40,845
LiveRamp Holdings, Inc. *		522		38,177
ManTech International Corp., Class A		828		73,609
Repay Holdings Corp. *		384		10,460
				226,401
Life Sciences Tools & Services — 1.9%
Adaptive Biotechnologies Corp. *		255		15,101
Berkeley Lights, Inc. * (a)		359		32,122
Personalis, Inc. *		1,300		47,590
Seer, Inc. *		464		26,035
				120,848
Machinery — 3.3%
Graco, Inc.		829		59,993
ITT, Inc.		963		74,145
John Bean Technologies Corp.		670		76,239
				210,377

INVESTMENTS	SHARES (000)		VALUE ($000)
Media — 1.8%
Cardlytics, Inc. * (a)		315		45,018
New York Times Co. (The), Class A		1,326		68,645
				113,663
Multiline Retail — 0.5%
Ollie’s Bargain Outlet Holdings, Inc. * (a)		357		29,204
Pharmaceuticals — 1.7%
Arvinas, Inc. * (a)		770		65,383
Revance Therapeutics, Inc. *		1,608		45,581
				110,964
Professional Services — 0.5%
FTI Consulting, Inc. *		281		31,393
Road & Rail — 1.4%
Saia, Inc. *		488		88,239
Semiconductors & Semiconductor Equipment — 8.1%
Cree, Inc. *		590		62,495
Enphase Energy, Inc. *		528		92,617
Entegris, Inc.		928		89,137
Inphi Corp. *		467		74,870
MKS Instruments, Inc.		509		76,551
Semtech Corp. *		767		55,291
SolarEdge Technologies, Inc. *		193		61,578
				512,539
Software — 12.6%
Anaplan, Inc. *		1,080		77,565
Avalara, Inc. *		146		24,047
Bill.Com Holdings, Inc. *		233		31,872
Blackline, Inc. * (a)		630		84,062
CyberArk Software Ltd. *		355		57,334
Duck Creek Technologies, Inc. *		1,110		48,047
Elastic NV *		537		78,526
Envestnet, Inc. *		806		66,320
Everbridge, Inc. * (a)		411		61,328
Jamf Holding Corp. * (a)		252		7,550
JFrog Ltd. (Israel) * (a)		573		36,009
Medallia, Inc. * (a)		1,082		35,936
nCino, Inc. * (a)		192		13,918
Ping Identity Holding Corp. *		1,010		28,931
Q2 Holdings, Inc. *		338		42,731
Smartsheet, Inc., Class A *		964		66,776
Vertex, Inc., Class A * (a)		1,103		38,436
				799,388

SEE NOTES TO FINANCIAL STATEMENTS.

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

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Specialty Retail — 3.8%
Floor & Decor Holdings, Inc., Class A *		596		55,374
Leslie’s, Inc. * (a)		740		20,544
Lithia Motors, Inc., Class A		246		71,904
National Vision Holdings, Inc. *		1,990		90,134
				237,956
Technology Hardware, Storage & Peripherals — 0.5%
Corsair Gaming, Inc. * (a)		800		28,978
Trading Companies & Distributors — 2.7%
Applied Industrial Technologies, Inc.		687		53,551
Rush Enterprises, Inc., Class A		1,050		43,491
SiteOne Landscape Supply, Inc. *		464		73,616
				170,658
Total Common Stocks (Cost $3,688,769)				6,228,987
	NO. OF RIGHTS (000)
Rights — 0.0% (b)
Biotechnology — 0.0% (b)
Clementia Pharmaceuticals, Inc. (France) * ‡ (Cost $— )		927		—	(c)
	SHARES (000)
Short-Term Investments — 10.7%
Investment Companies — 2.1%
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (d) (e) (Cost $132,906)		132,849		132,915

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment of Cash Collateral from Securities Loaned — 8.6%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (d) (e)		468,165		468,212
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (d) (e)		75,663		75,663
Total Investment of Cash Collateral from Securities Loaned (Cost $543,882)				543,875
Total Short-Term Investments (Cost $676,788)				676,790
Total Investments — 109.0% (Cost $4,365,557)				6,905,777
Liabilities in Excess of Other Assets — (9.0)%				(572,789	)
NET ASSETS — 100.0%				6,332,988

Percentages indicated are based on net assets.

Abbreviations

ADR	American Depositary Receipt
(a)	The security or a portion of this security is on loan at December 31, 2020. The total value of securities on loan at December 31, 2020 is approximately $523,701,000.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Amount rounds to less than one thousand.
(d)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(e)	The rate shown is the current yield as of December 31, 2020.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

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

JPMorgan Small Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.9%
Aerospace & Defense — 1.3%
AAR Corp.		129		4,687
Astronics Corp. *		230		3,041
Maxar Technologies, Inc. (a)		120		4,631
Moog, Inc., Class A		36		2,863
Triumph Group, Inc.		50		627
				15,849
Air Freight & Logistics — 0.5%
Echo Global Logistics, Inc. *		193		5,168
Hub Group, Inc., Class A *		7		382
				5,550
Airlines — 0.6%
Allegiant Travel Co.		21		4,050
Hawaiian Holdings, Inc. (a)		91		1,616
SkyWest, Inc.		48		1,943
				7,609
Auto Components — 1.5%
Adient plc *		135		4,684
American Axle & Manufacturing Holdings, Inc. *		53		440
Cooper Tire & Rubber Co.		52		2,122
Cooper-Standard Holdings, Inc. *		5		163
Dana, Inc.		131		2,551
Gentherm, Inc. *		76		4,937
Goodyear Tire & Rubber Co. (The)		271		2,953
				17,850
Banks — 15.7%
1st Source Corp.		65		2,603
American National Bankshares, Inc.		4		97
Atlantic Capital Bancshares, Inc. *		46		728
Atlantic Union Bankshares Corp.		5		168
BancFirst Corp.		75		4,420
BancorpSouth Bank		47		1,279
BankFinancial Corp.		17		150
Banner Corp.		25		1,174
Brookline Bancorp, Inc.		139		1,670
Bryn Mawr Bank Corp.		19		566
Cadence BanCorp		427		7,008
Cathay General Bancorp		349		11,225
Central Pacific Financial Corp.		268		5,097
Central Valley Community Bancorp		15		216
Century Bancorp, Inc., Class A (a)		2		170
CIT Group, Inc.		355		12,752
Citizens & Northern Corp.		8		163
City Holding Co. (a)		39		2,678

INVESTMENTS	SHARES (000)		VALUE ($000)
Banks — continued
Columbia Banking System, Inc.		135		4,846
Community Bank System, Inc.		76		4,704
Community Trust Bancorp, Inc.		73		2,707
Customers Bancorp, Inc. *		67		1,224
East West Bancorp, Inc.		7		367
Enterprise Financial Services Corp.		127		4,432
Equity Bancshares, Inc., Class A *		58		1,259
Farmers National Banc Corp.		66		877
Financial Institutions, Inc.		42		934
First Bancorp		18		616
First BanCorp (Puerto Rico)		725		6,684
First Citizens BancShares, Inc., Class A (a)		4		2,297
First Commonwealth Financial Corp. (a)		577		6,310
First Community Bankshares, Inc.		36		779
First Financial Corp.		12		478
First Hawaiian, Inc.		57		1,337
First Interstate BancSystem, Inc., Class A		40		1,645
First Merchants Corp.		99		3,696
First Midwest Bancorp, Inc. (a)		109		1,740
First Northwest Bancorp		13		207
Flushing Financial Corp.		88		1,458
Fulton Financial Corp. (a)		224		2,852
Glacier Bancorp, Inc. (a)		35		1,629
Great Southern Bancorp, Inc.		22		1,071
Great Western Bancorp, Inc. (a)		298		6,232
Hancock Whitney Corp.		103		3,494
Home BancShares, Inc.		230		4,484
HomeTrust Bancshares, Inc.		95		1,836
Hope Bancorp, Inc.		514		5,605
Independent Bank Corp.		33		606
Investors Bancorp, Inc.		582		6,150
Mercantile Bank Corp.		11		310
OFG Bancorp (Puerto Rico)		62		1,155
Old National Bancorp		293		4,845
Pacific Premier Bancorp, Inc.		61		1,899
Pinnacle Financial Partners, Inc. (a)		30		1,906
Preferred Bank		11		530
RBB Bancorp		23		352
Renasant Corp. (a)		9		293
S&T Bancorp, Inc.		14		340
Sandy Spring Bancorp, Inc.		94		3,019
Select Bancorp, Inc. *		129		1,221
Tompkins Financial Corp. (a)		14		953
TriState Capital Holdings, Inc. *		15		264
Trustmark Corp.		309		8,450

SEE NOTES TO FINANCIAL STATEMENTS.

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

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Banks — continued
UMB Financial Corp.		134		9,210
Umpqua Holdings Corp.		353		5,347
United Bankshares, Inc. (a)		184		5,945
Valley National Bancorp		27		268
Washington Trust Bancorp, Inc.		23		1,012
Webster Financial Corp.		67		2,811
West BanCorp, Inc.		8		150
Westamerica BanCorp		98		5,441
Western Alliance Bancorp		20		1,205
				191,646
Biotechnology — 2.7%
89bio, Inc. *		80		1,960
Arcus Biosciences, Inc. *		162		4,212
Enanta Pharmaceuticals, Inc. * (a)		17		724
Epizyme, Inc. * (a)		116		1,254
Fate Therapeutics, Inc. *		85		7,729
Five Prime Therapeutics, Inc. *		79		1,342
Iovance Biotherapeutics, Inc. * (a)		117		5,424
Myriad Genetics, Inc. *		48		947
Novavax, Inc. * (a)		29		3,267
Protagonist Therapeutics, Inc. *		280		5,635
				32,494
Building Products — 1.1%
Builders FirstSource, Inc. *		231		9,423
Caesarstone Ltd.		36		465
Cornerstone Building Brands, Inc. *		84		775
Quanex Building Products Corp.		81		1,796
Resideo Technologies, Inc. *		19		406
				12,865
Capital Markets — 2.0%
Artisan Partners Asset Management, Inc., Class A		19		941
Blucora, Inc. *		81		1,284
Cowen, Inc., Class A (a)		133		3,444
Donnelley Financial Solutions, Inc. *		108		1,833
Federated Hermes, Inc.		70		2,014
Oppenheimer Holdings, Inc., Class A		9		273
Piper Sandler Cos. (a)		23		2,280
Stifel Financial Corp.		195		9,815
Virtus Investment Partners, Inc.		12		2,647
				24,531
Chemicals — 2.0%
AdvanSix, Inc. *		18		352
Avient Corp.		119		4,797

INVESTMENTS	SHARES (000)		VALUE ($000)
Chemicals — continued
FutureFuel Corp.		132		1,680
HB Fuller Co.		6		311
Koppers Holdings, Inc. *		123		3,833
Kraton Corp. *		32		895
Minerals Technologies, Inc.		73		4,560
PQ Group Holdings, Inc.		69		987
Trinseo SA		82		4,220
Tronox Holdings plc, Class A		180		2,627
				24,262
Commercial Services & Supplies — 3.1%
ABM Industries, Inc.		197		7,435
ACCO Brands Corp.		674		5,695
Cimpress plc (Ireland) * (a)		6		553
Deluxe Corp.		69		2,024
Ennis, Inc.		50		891
Heritage-Crystal Clean, Inc. *		45		944
Herman Miller, Inc.		175		5,905
HNI Corp.		39		1,351
IBEX Holdings Ltd. *		173		3,235
Pitney Bowes, Inc.		132		812
Quad/Graphics, Inc.		400		1,528
SP Plus Corp. *		62		1,779
Steelcase, Inc., Class A		346		4,688
Team, Inc. *		89		969
				37,809
Communications Equipment — 0.7%
ADTRAN, Inc.		198		2,917
Comtech Telecommunications Corp.		21		439
Infinera Corp. * (a)		438		4,590
				7,946
Construction & Engineering — 3.5%
Aegion Corp. *		87		1,656
Arcosa, Inc.		105		5,757
Argan, Inc.		127		5,628
EMCOR Group, Inc.		109		9,960
Fluor Corp.		81		1,297
MasTec, Inc. * (a)		113		7,697
MYR Group, Inc. *		28		1,707
Primoris Services Corp.		121		3,352
Tutor Perini Corp. *		419		5,426
				42,480
Construction Materials — 0.1%
Summit Materials, Inc., Class A *		87		1,755

SEE NOTES TO FINANCIAL STATEMENTS.

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

JPMorgan Small Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Consumer Finance — 1.0%
Enova International, Inc. *		77		1,900
EZCORP, Inc., Class A *		159		761
Navient Corp.		364		3,572
Nelnet, Inc., Class A		54		3,868
PROG Holdings Inc.		28		1,492
Regional Management Corp.		20		588
				12,181
Containers & Packaging — 0.3%
Myers Industries, Inc.		22		451
O-I Glass, Inc.		238		2,836
Pactiv Evergreen, Inc. *		18		330
Ranpak Holdings Corp. *		7		100
				3,717
Distributors — 0.3%
Core-Mark Holding Co., Inc.		130		3,806
Diversified Consumer Services — 0.5%
American Public Education, Inc. * (a)		109		3,332
Houghton Mifflin Harcourt Co. * (a)		735		2,446
Laureate Education, Inc., Class A *		34		499
				6,277
Diversified Financial Services — 0.0% (b)
Marlin Business Services Corp.		19		235
Diversified Telecommunication Services — 0.5%
Consolidated Communications Holdings, Inc. * (a)		466		2,277
Liberty Latin America Ltd., Class A (Chile) *		116		1,287
Liberty Latin America Ltd., Class C (Chile) *		223		2,478
				6,042
Electric Utilities — 0.8%
ALLETE, Inc.		19		1,158
IDACORP, Inc.		9		903
Portland General Electric Co.		155		6,616
Spark Energy, Inc., Class A (a)		56		538
				9,215
Electrical Equipment — 0.5%
AZZ, Inc. (a)		40		1,888
Bloom Energy Corp., Class A * (a)		8		235
LSI Industries, Inc.		35		300
Powell Industries, Inc.		118		3,489
Thermon Group Holdings, Inc. *		32		494
				6,406

INVESTMENTS	SHARES (000)		VALUE ($000)
Electronic Equipment, Instruments & Components — 1.3%
Benchmark Electronics, Inc.		265		7,155
Sanmina Corp. *		55		1,741
ScanSource, Inc. *		214		5,635
Vishay Intertechnology, Inc.		57		1,174
				15,705
Energy Equipment & Services — 1.3%
Bristow Group, Inc. * (a)		17		439
ChampionX Corp. * (a)		130		1,984
Helix Energy Solutions Group, Inc. *		141		594
Matrix Service Co. * (a)		421		4,644
NexTier Oilfield Solutions, Inc. *		668		2,296
Oceaneering International, Inc. *		229		1,818
Oil States International, Inc. *		191		961
Patterson-UTI Energy, Inc.		310		1,632
ProPetro Holding Corp. *		81		602
Select Energy Services, Inc., Class A *		138		567
Solaris Oilfield Infrastructure, Inc., Class A		90		732
				16,269
Entertainment — 0.5%
Cinemark Holdings, Inc. (a)		285		4,967
Eros STX Global Corp. (United Arab Emirates) * (a)		904		1,644
				6,611
Equity Real Estate Investment Trusts (REITs) — 7.5%
Acadia Realty Trust		86		1,213
Agree Realty Corp.		26		1,738
Alexander & Baldwin, Inc.		119		2,047
American Assets Trust, Inc.		138		3,974
American Finance Trust, Inc.		233		1,734
Broadstone Net Lease, Inc., Class A (a)		125		2,438
CareTrust REIT, Inc.		29		637
Centerspace		5		374
Chatham Lodging Trust		50		541
City Office REIT, Inc.		142		1,390
Columbia Property Trust, Inc.		33		469
CoreCivic, Inc. (a)		47		308
CorePoint Lodging, Inc.		33		230
DiamondRock Hospitality Co. *		698		5,762
Diversified Healthcare Trust		108		445
Easterly Government Properties, Inc. (a)		76		1,721
Essential Properties Realty Trust, Inc.		57		1,213
First Industrial Realty Trust, Inc.		52		2,203
Franklin Street Properties Corp.		35		155
Getty Realty Corp.		103		2,827

SEE NOTES TO FINANCIAL STATEMENTS.

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

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Equity Real Estate Investment Trusts (REITs) — continued
Gladstone Commercial Corp.		137		2,466
Global Net Lease, Inc.		37		633
Hersha Hospitality Trust		15		122
Highwoods Properties, Inc.		18		705
Innovative Industrial Properties, Inc. (a)		5		934
Kite Realty Group Trust		116		1,740
Lexington Realty Trust (a)		175		1,859
Mack-Cali Realty Corp. (a)		120		1,496
Monmouth Real Estate Investment Corp.		13		230
National Health Investors, Inc.		3		228
New Senior Investment Group, Inc.		552		2,861
NexPoint Residential Trust, Inc.		7		277
Pebblebrook Hotel Trust		63		1,194
Physicians Realty Trust		200		3,562
Piedmont Office Realty Trust, Inc., Class A (a)		159		2,585
PotlatchDeltic Corp.		108		5,382
PS Business Parks, Inc.		7		970
QTS Realty Trust, Inc., Class A (a)		3		155
Retail Opportunity Investments Corp.		195		2,608
Retail Properties of America, Inc., Class A (a)		219		1,873
RLJ Lodging Trust		109		1,537
Ryman Hospitality Properties, Inc.		7		495
Sabra Health Care REIT, Inc.		200		3,478
Saul Centers, Inc.		7		222
Service Properties Trust		184		2,116
SITE Centers Corp.		211		2,130
STAG Industrial, Inc.		107		3,354
Summit Hotel Properties, Inc.		43		387
Sunstone Hotel Investors, Inc.		798		9,043
UMH Properties, Inc.		17		256
Urban Edge Properties		107		1,388
Urstadt Biddle Properties, Inc., Class A		46		656
Xenia Hotels & Resorts, Inc.		233		3,539
				91,900
Food & Staples Retailing — 0.2%
Andersons, Inc. (The)		19		461
Rite Aid Corp. * (a)		35		554
SpartanNash Co. (a)		30		522
United Natural Foods, Inc. * (a)		67		1,067
				2,604
Food Products — 1.1%
B&G Foods, Inc. (a)		59		1,639
Darling Ingredients, Inc. *		162		9,338
Farmer Bros Co. *		89		414

INVESTMENTS	SHARES (000)		VALUE ($000)
Food Products — continued
Fresh Del Monte Produce, Inc.		69		1,666
Seneca Foods Corp., Class A *		20		806
				13,863
Gas Utilities — 1.2%
New Jersey Resources Corp. (a)		47		1,653
Northwest Natural Holding Co.		19		856
ONE Gas, Inc.		60		4,576
Southwest Gas Holdings, Inc.		90		5,455
Spire, Inc.		30		1,940
				14,480
Health Care Equipment & Supplies — 0.3%
Invacare Corp.		155		1,388
LivaNova plc *		17		1,106
Varex Imaging Corp. * (a)		67		1,122
				3,616
Health Care Providers & Services — 1.4%
Cross Country Healthcare, Inc. *		226		2,007
Magellan Health, Inc. *		52		4,341
Patterson Cos., Inc. (a)		43		1,265
Tenet Healthcare Corp. *		158		6,293
Tivity Health, Inc. * (a)		158		3,103
				17,009
Health Care Technology — 0.7%
Allscripts Healthcare Solutions, Inc. *		545		7,862
Computer Programs and Systems, Inc. (a)		18		494
				8,356
Hotels, Restaurants & Leisure — 2.4%
BJ’s Restaurants, Inc.		85		3,272
Boyd Gaming Corp. * (a)		81		3,481
Brinker International, Inc. (a)		92		5,205
Caesars Entertainment, Inc. * (a)		98		7,241
Marriott Vacations Worldwide Corp.		38		5,214
Penn National Gaming, Inc. * (a)		51		4,422
				28,835
Household Durables — 1.9%
Hooker Furniture Corp.		48		1,554
KB Home		67		2,232
Lifetime Brands, Inc.		49		740
Meritage Homes Corp. *		37		3,081
Purple Innovation, Inc. *		147		4,826
Taylor Morrison Home Corp. *		27		693
TRI Pointe Group, Inc. *		494		8,528

SEE NOTES TO FINANCIAL STATEMENTS.

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

JPMorgan Small Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Household Durables — continued
Tupperware Brands Corp. *		43		1,377
				23,031
Household Products — 0.5%
Central Garden & Pet Co., Class A *		108		3,931
Spectrum Brands Holdings, Inc.		25		1,990
				5,921
Independent Power and Renewable Electricity Producers — 1.0%
Atlantic Power Corp. *		1,234		2,591
Clearway Energy, Inc. (a)		154		4,554
Clearway Energy, Inc., Class C		154		4,901
				12,046
Insurance — 1.8%
Ambac Financial Group, Inc. *		78		1,198
American Equity Investment Life Holding Co.		125		3,460
Argo Group International Holdings Ltd.		49		2,159
CNO Financial Group, Inc.		395		8,770
FedNat Holding Co.		14		80
Heritage Insurance Holdings, Inc.		60		604
Horace Mann Educators Corp.		29		1,198
MBIA, Inc. *		96		630
ProAssurance Corp.		88		1,573
ProSight Global, Inc. *		27		340
Stewart Information Services Corp.		39		1,867
United Insurance Holdings Corp. (a)		68		388
				22,267
Interactive Media & Services — 0.7%
Cars.com, Inc. *		381		4,310
Yelp, Inc. *		113		3,705
				8,015
Internet & Direct Marketing Retail — 0.2%
Groupon, Inc. * (a)		59		2,253
IT Services — 0.8%
KBR, Inc.		142		4,386
Perspecta, Inc.		140		3,381
Sykes Enterprises, Inc. *		62		2,339
				10,106
Machinery — 3.6%
AGCO Corp.		57		5,866
Albany International Corp., Class A		5		396
Altra Industrial Motion Corp.		151		8,364
Astec Industries, Inc.		80		4,636

INVESTMENTS	SHARES (000)		VALUE ($000)
Machinery — continued
Barnes Group, Inc.		60		3,021
CIRCOR International, Inc. *		18		688
Douglas Dynamics, Inc.		25		1,069
EnPro Industries, Inc.		28		2,130
Graham Corp.		15		231
LB Foster Co., Class A *		20		300
Manitowoc Co., Inc. (The) *		76		1,016
Meritor, Inc. *		71		1,968
Navistar International Corp. *		15		637
Rexnord Corp.		66		2,595
Terex Corp.		120		4,173
TriMas Corp. *		21		662
Wabash National Corp.		331		5,710
				43,462
Media — 1.4%
AMC Networks, Inc., Class A * (a)		130		4,661
comScore, Inc. *		701		1,745
Gannett Co., Inc. * (a)		551		1,850
Hemisphere Media Group, Inc. *		179		1,859
National CineMedia, Inc.		362		1,348
Sinclair Broadcast Group, Inc., Class A (a)		112		3,573
WideOpenWest, Inc. * (a)		240		2,559
				17,595
Metals & Mining — 2.9%
Alcoa Corp. *		166		3,817
Allegheny Technologies, Inc. *		234		3,916
Arconic Corp. *		119		3,537
Carpenter Technology Corp.		49		1,418
Century Aluminum Co. *		52		571
Cleveland-Cliffs, Inc. (a)		372		5,418
Commercial Metals Co.		230		4,718
Kaiser Aluminum Corp.		36		3,511
SunCoke Energy, Inc.		594		2,583
Warrior Met Coal, Inc. (a)		206		4,396
Worthington Industries, Inc.		36		1,833
				35,718
Mortgage Real Estate Investment Trusts (REITs) — 2.5%
Apollo Commercial Real Estate Finance, Inc. (a)		97		1,086
Ares Commercial Real Estate Corp.		128		1,527
ARMOUR Residential REIT, Inc.		31		337
Blackstone Mortgage Trust, Inc., Class A		239		6,569
Cherry Hill Mortgage Investment Corp.		17		156
Ellington Financial, Inc.		22		329

SEE NOTES TO FINANCIAL STATEMENTS.

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

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Mortgage Real Estate Investment Trusts (REITs) — continued
Granite Point Mortgage Trust, Inc.		121		1,208
Great Ajax Corp. (a)		20		210
Invesco Mortgage Capital, Inc. (a)		115		390
KKR Real Estate Finance Trust, Inc. (a)		127		2,276
Ladder Capital Corp.		371		3,627
New York Mortgage Trust, Inc. (a)		196		723
PennyMac Mortgage Investment Trust		168		2,952
Redwood Trust, Inc. (a)		284		2,493
TPG RE Finance Trust, Inc. (a)		176		1,870
Two Harbors Investment Corp. (a)		645		4,110
				29,863
Multiline Retail — 0.8%
Dillard’s, Inc., Class A (a)		75		4,735
Macy’s, Inc. (a)		476		5,355
				10,090
Multi-Utilities — 0.9%
Avista Corp.		80		3,223
Black Hills Corp.		96		5,911
Unitil Corp.		37		1,656
				10,790
Oil, Gas & Consumable Fuels — 2.9%
Arch Resources, Inc. *		69		3,003
Berry Corp.		606		2,231
Bonanza Creek Energy, Inc. *		26		508
CNX Resources Corp. *		112		1,214
CVR Energy, Inc.		131		1,956
Delek US Holdings, Inc.		140		2,247
Diamond S Shipping, Inc. *		102		680
Dorian LPG Ltd. *		138		1,685
Falcon Minerals Corp.		302		952
Green Plains, Inc. * (a)		176		2,317
International Seaways, Inc. (a)		48		782
Kosmos Energy Ltd. (Ghana)		203		476
Magnolia Oil & Gas Corp., Class A * (a)		303		2,142
Ovintiv, Inc.		192		2,760
PDC Energy, Inc. *		172		3,523
Range Resources Corp. *		157		1,054
Renewable Energy Group, Inc. *		55		3,881
REX American Resources Corp. *		30		2,219
Southwestern Energy Co. * (a)		235		701
Talos Energy, Inc. *		55		456
W&T Offshore, Inc. * (a)		329		714
				35,501

INVESTMENTS	SHARES (000)		VALUE ($000)
Paper & Forest Products — 1.4%
Boise Cascade Co.		59		2,806
Domtar Corp.		150		4,754
Glatfelter Corp. (a)		57		927
Louisiana-Pacific Corp.		31		1,156
Neenah, Inc.		30		1,643
Schweitzer-Mauduit International, Inc.		103		4,138
Verso Corp., Class A		156		1,877
				17,301
Personal Products — 0.6%
BellRing Brands, Inc., Class A *		214		5,205
Edgewell Personal Care Co.		52		1,808
				7,013
Pharmaceuticals — 1.0%
Endo International plc *		802		5,758
Intra-Cellular Therapies, Inc. *		65		2,067
Lannett Co., Inc. * (a)		648		4,225
				12,050
Professional Services — 2.1%
Barrett Business Services, Inc.		58		3,965
GP Strategies Corp. *		155		1,835
Heidrick & Struggles International, Inc.		83		2,436
Huron Consulting Group, Inc. *		75		4,409
Insperity, Inc.		6		521
Kelly Services, Inc., Class A		262		5,383
TrueBlue, Inc. *		358		6,685
				25,234
Real Estate Management & Development — 0.3%
Realogy Holdings Corp. *		242		3,170
Road & Rail — 0.6%
ArcBest Corp.		164		6,976
Covenant Logistics Group, Inc., Class A *		26		381
				7,357
Semiconductors & Semiconductor Equipment — 1.7%
Amkor Technology, Inc.		248		3,740
Cohu, Inc.		105		4,024
Maxeon Solar Technologies Ltd. * (a)		45		1,266
NeoPhotonics Corp. *		322		2,927
SMART Global Holdings, Inc. * (a)		56		2,092
SunPower Corp. * (a)		120		3,069
Veeco Instruments, Inc. *		213		3,701
				20,819

SEE NOTES TO FINANCIAL STATEMENTS.

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

JPMorgan Small Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Software — 1.1%
ACI Worldwide, Inc. *		67		2,579
Asure Software, Inc. *		189		1,345
MicroStrategy, Inc., Class A * (a)		14		5,284
SecureWorks Corp., Class A * (a)		50		716
Synchronoss Technologies, Inc. * (a)		739		3,472
				13,396
Specialty Retail — 3.8%
Aaron’s Co., Inc. (The) *		14		263
Abercrombie & Fitch Co., Class A (a)		372		7,582
Bed Bath & Beyond, Inc. (a)		191		3,397
Caleres, Inc.		185		2,890
Children’s Place, Inc. (The) * (a)		27		1,338
Genesco, Inc. * (a)		96		2,901
Group 1 Automotive, Inc. (a)		33		4,341
Haverty Furniture Cos., Inc. (a)		80		2,205
Lithia Motors, Inc., Class A		14		4,097
Murphy USA, Inc.		10		1,361
ODP Corp. (The) *		168		4,922
Signet Jewelers Ltd. (a)		90		2,452
Sleep Number Corp. *		30		2,431
Sonic Automotive, Inc., Class A		78		3,020
Zumiez, Inc. *		82		3,031
				46,231
Technology Hardware, Storage & Peripherals — 0.1%
Diebold Nixdorf, Inc. *		166		1,767
Textiles, Apparel & Luxury Goods — 0.7%
Fossil Group, Inc. * (a)		57		497
G-III Apparel Group Ltd. * (a)		202		4,798
Movado Group, Inc. *		16		266
Wolverine World Wide, Inc. (a)		102		3,190
				8,751
Thrifts & Mortgage Finance — 3.8%
Axos Financial, Inc. *		136		5,089
ESSA Bancorp, Inc.		12		177
Essent Group Ltd.		119		5,119
Kearny Financial Corp. (a)		179		1,892
Luther Burbank Corp.		59		574
Meridian Bancorp, Inc.		185		2,763
MGIC Investment Corp.		303		3,803
Mr. Cooper Group, Inc. *		30		925
NMI Holdings, Inc., Class A *		53		1,203
Northfield Bancorp, Inc. (a)		372		4,589
PennyMac Financial Services, Inc.		63		4,160

INVESTMENTS	SHARES (000)		VALUE ($000)
Thrifts & Mortgage Finance — continued
Premier Financial Corp.		50		1,155
Radian Group, Inc.		371		7,511
Washington Federal, Inc.		207		5,333
Western New England Bancorp, Inc.		39		267
WSFS Financial Corp. (a)		50		2,259
				46,819
Trading Companies & Distributors — 2.1%
Applied Industrial Technologies, Inc.		54		4,188
BMC Stock Holdings, Inc. *		83		4,455
DXP Enterprises, Inc. *		69		1,529
Foundation Building Materials, Inc. *		71		1,366
GMS, Inc. *		72		2,204
H&E Equipment Services, Inc.		21		626
MRC Global, Inc. *		337		2,235
NOW, Inc. * (a)		783		5,623
Titan Machinery, Inc. *		61		1,187
Veritiv Corp. *		72		1,497
WESCO International, Inc. *		14		1,095
				26,005
Wireless Telecommunication Services — 0.1%
Gogo, Inc. * (a)		91		873
Total Common Stocks (Cost $926,256)				1,193,217
Short-Term Investments — 10.1%
Investment Companies — 2.5%
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (c) (d) (Cost $30,390)		30,379		30,395
Investment of Cash Collateral from Securities Loaned — 7.6%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (c) (d)		75,304		75,312
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (c) (d)		17,211		17,211
Total Investment of Cash Collateral from Securities Loaned (Cost $92,526)				92,523
Total Short-Term Investments (Cost $122,916)				122,918
Total Investments — 108.0% (Cost $1,049,172)				1,316,135
Liabilities in Excess of Other Assets — (8.0)%				(97,023	)
NET ASSETS — 100.0%				1,219,112

SEE NOTES TO FINANCIAL STATEMENTS.

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

Percentages indicated are based on net assets.

Abbreviations

REIT Real Estate Investment Trust

(a)	The security or a portion of this security is on loan at December 31, 2020. The total value of securities on loan at December 31, 2020 is approximately $89,318,000.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of December 31, 2020.
*	Non-income producing security.

Futures contracts outstanding as of December 31, 2020 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Russell 2000 E-Mini Index	240		03/2021		USD		23,735		40

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

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

JPMorgan SMID Cap Equity Fund

(formerly known as JPMorgan Intrepid Mid Cap Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.6%
Automobiles — 0.9%
Thor Industries, Inc.		38		3,558
Banks — 7.8%
Commerce Bancshares, Inc.		56		3,666
Cullen/Frost Bankers, Inc.		46		4,026
First Hawaiian, Inc.		115		2,710
First Horizon National Corp.		371		4,729
ServisFirst Bancshares, Inc.		78		3,139
Signature Bank		33		4,444
SVB Financial Group *		12		4,827
Western Alliance Bancorp		66		3,944
				31,485
Biotechnology — 0.5%
Certara, Inc. * (a)		58		1,952
Building Products — 2.1%
Fortune Brands Home & Security, Inc.		46		3,960
Lennox International, Inc.		17		4,603
				8,563
Capital Markets — 6.7%
FactSet Research Systems, Inc.		11		3,712
Focus Financial Partners, Inc., Class A *		74		3,228
Lazard Ltd., Class A		111		4,706
LPL Financial Holdings, Inc.		46		4,784
Moelis & Co., Class A		65		3,037
Morningstar, Inc.		21		4,780
StepStone Group, Inc., Class A *		69		2,740
				26,987
Chemicals — 0.8%
Axalta Coating Systems Ltd. *		113		3,229
Commercial Services & Supplies — 4.9%
IAA, Inc. *		77		4,989
MSA Safety, Inc.		31		4,673
Stericycle, Inc. *		44		3,078
Waste Connections, Inc.		70		7,185
				19,925
Construction & Engineering — 1.1%
WillScot Mobile Mini Holdings Corp. *		186		4,315
Containers & Packaging — 3.3%
AptarGroup, Inc.		51		6,938
Crown Holdings, Inc. *		48		4,836
Pactiv Evergreen, Inc. *		82		1,480
				13,254

INVESTMENTS	SHARES (000)		VALUE ($000)
Distributors — 3.3%
LKQ Corp. *		118		4,158
Pool Corp.		24		9,091
				13,249
Diversified Consumer Services — 1.4%
Bright Horizons Family Solutions, Inc. *		33		5,708
Electric Utilities — 0.6%
Portland General Electric Co.		58		2,463
Electrical Equipment — 1.2%
Generac Holdings, Inc. *		21		4,755
Electronic Equipment, Instruments & Components — 1.0%
Cognex Corp.		51		4,075
Equity Real Estate Investment Trusts (REITs) — 5.6%
American Campus Communities, Inc.		65		2,779
CubeSmart		111		3,741
EastGroup Properties, Inc.		33		4,584
Mid-America Apartment Communities, Inc.		37		4,748
National Retail Properties, Inc.		107		4,378
Outfront Media, Inc.		127		2,487
				22,717
Food & Staples Retailing — 3.7%
BJ’s Wholesale Club Holdings, Inc. *		130		4,861
Casey’s General Stores, Inc.		20		3,514
Performance Food Group Co. *		133		6,337
				14,712
Food Products — 1.2%
Lamb Weston Holdings, Inc.		60		4,689
Gas Utilities — 1.1%
Atmos Energy Corp.		45		4,276
Health Care Equipment & Supplies — 4.6%
ICU Medical, Inc. *		17		3,549
IDEXX Laboratories, Inc. *		10		4,959
STERIS plc		21		3,968
West Pharmaceutical Services, Inc.		21		5,957
				18,433
Health Care Providers & Services — 5.7%
Centene Corp. *		57		3,424
Chemed Corp.		8		4,329
Encompass Health Corp.		71		5,834
Molina Healthcare, Inc. *		35		7,341
Premier, Inc., Class A		64		2,241
				23,169

SEE NOTES TO FINANCIAL STATEMENTS.

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

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Hotels, Restaurants & Leisure — 2.4%
Planet Fitness, Inc., Class A *		34		2,649
Vail Resorts, Inc.		13		3,703
Wendy’s Co. (The)		147		3,219
				9,571
Household Products — 0.9%
Reynolds Consumer Products, Inc.		116		3,496
Insurance — 2.1%
Kinsale Capital Group, Inc.		18		3,513
RLI Corp.		49		5,141
				8,654
Internet & Direct Marketing Retail — 0.8%
Chewy, Inc., Class A * (a)		36		3,221
IT Services — 3.6%
Black Knight, Inc. *		40		3,541
Broadridge Financial Solutions, Inc.		35		5,329
WEX, Inc. *		28		5,732
				14,602
Leisure Products — 1.3%
Brunswick Corp.		71		5,435
Life Sciences Tools & Services — 1.2%
Syneos Health, Inc. *		69		4,689
Machinery — 9.4%
Douglas Dynamics, Inc.		50		2,137
IDEX Corp.		25		4,912
Lincoln Electric Holdings, Inc.		46		5,329
Nordson Corp.		19		3,797
RBC Bearings, Inc. *		27		4,753
Snap-on, Inc.		18		3,090
Toro Co. (The)		97		9,194
Woodward, Inc.		39		4,764
				37,976
Multi-Utilities — 0.7%
NorthWestern Corp.		45		2,650
Pharmaceuticals — 1.7%
Catalent, Inc. *		64		6,692
Professional Services — 1.7%
CoreLogic, Inc.		30		2,318
TransUnion		48		4,718
				7,036
Real Estate Management & Development — 0.7%
Cushman & Wakefield plc *		192		2,850

INVESTMENTS	SHARES (000)		VALUE ($000)
Road & Rail — 1.7%
Knight-Swift Transportation Holdings, Inc.		86		3,577
Landstar System, Inc.		26		3,459
				7,036
Semiconductors & Semiconductor Equipment — 2.0%
CMC Materials, Inc.		31		4,636
Monolithic Power Systems, Inc.		10		3,516
				8,152
Software — 9.2%
Aspen Technology, Inc. *		36		4,669
Envestnet, Inc. *		33		2,728
Guidewire Software, Inc. *		34		4,435
PTC, Inc. *		27		3,206
Q2 Holdings, Inc. *		45		5,670
RealPage, Inc. *		41		3,579
SS&C Technologies Holdings, Inc.		111		8,064
Tyler Technologies, Inc. *		11		4,719
				37,070
Textiles, Apparel & Luxury Goods — 0.7%
Carter’s, Inc.		28		2,642
Total Common Stocks (Cost $335,179)				393,286
Short-Term Investments — 3.3%
Investment Companies — 2.5%
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (b) (c) (Cost $10,089)		10,084		10,088
Investment of Cash Collateral from Securities Loaned — 0.8%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (b) (c)		1,100		1,100
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		2,033		2,033
Total Investment of Cash Collateral from Securities Loaned (Cost $3,133)				3,133
Total Short-Term Investments (Cost $13,222)				13,221
Total Investments — 100.9% (Cost $348,401)				406,507
Liabilities in Excess of Other Assets — (0.9)%				(3,462	)
NET ASSETS — 100.0%				403,045

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

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

JPMorgan SMID Cap Equity Fund

(formerly known as JPMorgan Intrepid Mid Cap Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(a)	The security or a portion of this security is on loan at December 31, 2020. The total value of securities on loan at December 31, 2020 is approximately $2,971,000.
(b)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of December 31, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

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

JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.8%
Aerospace & Defense — 1.2%
AAR Corp.		106		3,847
AeroVironment, Inc. *		16		1,408
Astronics Corp. *		164		2,174
Maxar Technologies, Inc.		80		3,083
Moog, Inc., Class A		14		1,098
Triumph Group, Inc.		33		412
				12,022
Air Freight & Logistics — 0.4%
Echo Global Logistics, Inc. *		81		2,171
Hub Group, Inc., Class A *		30		1,733
				3,904
Airlines — 0.3%
Allegiant Travel Co.		15		2,782
Auto Components — 0.9%
Adient plc *		28		984
Cooper Tire & Rubber Co.		22		903
Dana, Inc.		117		2,278
Gentherm, Inc. *		75		4,892
				9,057
Banks — 7.4%
1st Source Corp.		24		947
Atlantic Union Bankshares Corp.		19		624
BancFirst Corp. (a)		72		4,238
BancorpSouth Bank		97		2,662
BankFinancial Corp.		5		43
Banner Corp.		75		3,498
Brookline Bancorp, Inc.		96		1,158
Cadence BanCorp		315		5,176
Cathay General Bancorp		128		4,123
Central Pacific Financial Corp.		118		2,236
CIT Group, Inc.		70		2,513
Columbia Banking System, Inc.		123		4,418
CVB Financial Corp. (a)		157		3,052
Enterprise Financial Services Corp.		22		776
Equity Bancshares, Inc., Class A *		45		963
First Commonwealth Financial Corp.		158		1,731
First Community Bankshares, Inc.		11		227
First Hawaiian, Inc.		54		1,274
First Horizon National Corp.		65		825
First Merchants Corp.		79		2,967
Flushing Financial Corp.		32		535
Great Western Bancorp, Inc. (a)		124		2,598
HarborOne Bancorp, Inc.		42		457

INVESTMENTS	SHARES (000)		VALUE ($000)
Banks — continued
HomeTrust Bancshares, Inc.		54		1,045
Hope Bancorp, Inc.		165		1,798
Independent Bank Corp.		45		835
Investors Bancorp, Inc.		106		1,123
Old National Bancorp		272		4,501
People’s United Financial, Inc.		53		681
Pinnacle Financial Partners, Inc.		32		2,054
Trustmark Corp.		137		3,745
UMB Financial Corp.		23		1,616
United Bankshares, Inc.		30		957
Webster Financial Corp.		69		2,925
Westamerica BanCorp		45		2,484
Western Alliance Bancorp		33		1,972
				72,777
Biotechnology — 8.3%
ACADIA Pharmaceuticals, Inc. *		73		3,924
Akebia Therapeutics, Inc. * (a)		1,064		2,978
Alector, Inc. *		19		285
Amicus Therapeutics, Inc. *		153		3,527
Arena Pharmaceuticals, Inc. *		46		3,563
Atara Biotherapeutics, Inc. *		118		2,315
Athenex, Inc. * (a)		115		1,270
Biohaven Pharmaceutical Holding Co. Ltd. *		47		4,063
Black Diamond Therapeutics, Inc. * (a)		43		1,375
Bluebird Bio, Inc. *		8		348
Bridgebio Pharma, Inc. * (a)		38		2,695
Clovis Oncology, Inc. * (a)		151		723
CytomX Therapeutics, Inc. *		52		340
Dicerna Pharmaceuticals, Inc. *		97		2,133
Eagle Pharmaceuticals, Inc. *		29		1,328
Eiger BioPharmaceuticals, Inc. *		124		1,518
Emergent BioSolutions, Inc. *		9		798
Esperion Therapeutics, Inc. * (a)		16		421
Flexion Therapeutics, Inc. * (a)		162		1,872
Global Blood Therapeutics, Inc. *		39		1,693
Gritstone Oncology, Inc. * (a)		21		82
Harpoon Therapeutics, Inc. *		70		1,154
Homology Medicines, Inc. * (a)		32		359
Intercept Pharmaceuticals, Inc. * (a)		66		1,635
Kronos Bio, Inc. * (a)		103		3,068
La Jolla Pharmaceutical Co. *		46		177
Ligand Pharmaceuticals, Inc. * (a)		16		1,601
LogicBio Therapeutics, Inc. *		209		1,598
Mersana Therapeutics, Inc. *		130		3,447

SEE NOTES TO FINANCIAL STATEMENTS.

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

JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Biotechnology — continued
Metacrine, Inc. *		44		346
Myriad Genetics, Inc. *		91		1,797
Protagonist Therapeutics, Inc. * (a)		121		2,435
Puma Biotechnology, Inc. * (a)		163		1,671
REGENXBIO, Inc. *		51		2,323
REVOLUTION Medicines, Inc. *		22		859
Sarepta Therapeutics, Inc. *		14		2,395
Seres Therapeutics, Inc. * (a)		105		2,573
Solid Biosciences, Inc. *		49		368
Sutro Biopharma, Inc. *		19		411
TCR2 Therapeutics, Inc. * (a)		39		1,211
TG Therapeutics, Inc. *		93		4,854
UroGen Pharma Ltd. * (a)		66		1,186
Vanda Pharmaceuticals, Inc. *		289		3,792
Viela Bio, Inc. * (a)		46		1,640
Voyager Therapeutics, Inc. * (a)		83		591
Xencor, Inc. * (a)		59		2,576
Y-mAbs Therapeutics, Inc. *		5		267
				81,585
Building Products — 1.1%
Advanced Drainage Systems, Inc.		11		886
Builders FirstSource, Inc. *		174		7,105
Cornerstone Building Brands, Inc. *		109		1,010
Quanex Building Products Corp.		54		1,202
UFP Industries, Inc.		16		872
				11,075
Capital Markets — 2.0%
Artisan Partners Asset Management, Inc., Class A		12		604
Blucora, Inc. *		192		3,056
Brightsphere Investment Group, Inc.		27		511
Cohen & Steers, Inc.		10		758
Cowen, Inc., Class A (a)		67		1,751
Donnelley Financial Solutions, Inc. *		52		888
Federated Hermes, Inc.		37		1,055
Focus Financial Partners, Inc., Class A *		55		2,384
Houlihan Lokey, Inc.		28		1,851
Piper Sandler Cos.		11		1,150
Stifel Financial Corp.		75		3,796
Virtus Investment Partners, Inc.		10		2,213
				20,017
Chemicals — 1.9%
Avient Corp.		97		3,908
FutureFuel Corp.		119		1,506

INVESTMENTS	SHARES (000)		VALUE ($000)
Chemicals — continued
Ingevity Corp. *		29		2,219
Koppers Holdings, Inc. *		76		2,365
Kraton Corp. *		12		328
Minerals Technologies, Inc.		43		2,645
PQ Group Holdings, Inc.		46		656
Trinseo SA		49		2,531
Tronox Holdings plc, Class A		186		2,719
				18,877
Commercial Services & Supplies — 2.4%
ABM Industries, Inc. (a)		81		3,077
ACCO Brands Corp.		279		2,353
Brink’s Co. (The)		19		1,361
Clean Harbors, Inc. *		26		1,964
Deluxe Corp.		47		1,365
Ennis, Inc.		132		2,361
Heritage-Crystal Clean, Inc. *		28		594
Herman Miller, Inc.		110		3,728
HNI Corp.		90		3,099
Quad/Graphics, Inc.		181		690
SP Plus Corp. *		41		1,182
Steelcase, Inc., Class A		94		1,270
Team, Inc. *		55		597
				23,641
Communications Equipment — 0.5%
ADTRAN, Inc.		61		896
Extreme Networks, Inc. *		479		3,302
PCTEL, Inc. *		56		367
				4,565
Construction & Engineering — 3.0%
Arcosa, Inc.		55		3,010
Argan, Inc.		109		4,863
Comfort Systems USA, Inc.		49		2,585
EMCOR Group, Inc.		82		7,536
MasTec, Inc. * (a)		90		6,157
MYR Group, Inc. *		33		1,973
Primoris Services Corp.		37		1,024
Tutor Perini Corp. *		165		2,143
				29,291
Construction Materials — 0.1%
Summit Materials, Inc., Class A *		25		504
US Concrete, Inc. *		12		476
				980

SEE NOTES TO FINANCIAL STATEMENTS.

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

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Consumer Finance — 0.9%
Credit Acceptance Corp. * (a)		4		1,514
EZCORP, Inc., Class A *		50		241
FirstCash, Inc.		24		1,690
Green Dot Corp., Class A *		20		1,130
Navient Corp.		290		2,843
Nelnet, Inc., Class A		6		406
Regional Management Corp.		22		651
				8,475
Containers & Packaging — 0.4%
Graphic Packaging Holding Co.		52		872
Myers Industries, Inc.		48		992
O-I Glass, Inc.		141		1,679
Pactiv Evergreen, Inc. *		19		345
				3,888
Distributors—0.5%
Core-Mark Holding Co., Inc.		156		4,571
Diversified Consumer Services — 0.6%
American Public Education, Inc. *		116		3,545
Houghton Mifflin Harcourt Co. *		652		2,173
				5,718
Diversified Telecommunication Services — 0.4%
Consolidated Communications Holdings, Inc. *		559		2,736
ORBCOMM, Inc. *		174		1,288
				4,024
Electric Utilities — 0.8%
ALLETE, Inc.		22		1,344
IDACORP, Inc.		7		682
PNM Resources, Inc.		34		1,631
Portland General Electric Co.		74		3,157
Spark Energy, Inc., Class A (a)		119		1,142
				7,956
Electrical Equipment — 0.7%
AZZ, Inc.		21		982
Bloom Energy Corp., Class A * (a)		5		135
LSI Industries, Inc.		37		316
Powell Industries, Inc.		63		1,870
Sunrun, Inc. *		46		3,219
Thermon Group Holdings, Inc. *		43		675
				7,197
Electronic Equipment, Instruments & Components — 2.4%
Bel Fuse, Inc., Class B		248		3,724

INVESTMENTS	SHARES (000)		VALUE ($000)
Electronic Equipment, Instruments & Components — continued
Benchmark Electronics, Inc.		156		4,203
Fabrinet (Thailand) *		43		3,342
Insight Enterprises, Inc. *		10		761
Kimball Electronics, Inc. *		31		501
OSI Systems, Inc. *		26		2,403
Sanmina Corp. *		54		1,735
ScanSource, Inc. *		203		5,363
TTM Technologies, Inc. *		145		1,996
				24,028
Energy Equipment & Services — 0.8%
ChampionX Corp. *		35		537
Helix Energy Solutions Group, Inc. * (a)		158		663
Matrix Service Co. *		273		3,010
NexTier Oilfield Solutions, Inc. *		569		1,958
Oceaneering International, Inc. *		29		232
Oil States International, Inc. *		112		562
Patterson-UTI Energy, Inc.		177		930
Select Energy Services, Inc., Class A *		61		251
				8,143
Entertainment — 1.1%
Cinemark Holdings, Inc. (a)		640		11,138
Eros STX Global Corp. (United Arab Emirates) * (a)		55		100
				11,238
Equity Real Estate Investment Trusts (REITs) — 4.7%
Acadia Realty Trust		31		446
Agree Realty Corp.		11		726
Alexander & Baldwin, Inc.		26		439
American Assets Trust, Inc.		122		3,514
American Finance Trust, Inc.		104		774
Americold Realty Trust		49		1,836
Broadstone Net Lease, Inc., Class A (a)		80		1,565
CareTrust REIT, Inc.		16		348
Chatham Lodging Trust		16		177
City Office REIT, Inc.		42		412
Columbia Property Trust, Inc.		45		648
CoreSite Realty Corp.		7		886
DiamondRock Hospitality Co. *		327		2,701
Easterly Government Properties, Inc.		27		605
Equity LifeStyle Properties, Inc.		14		893
Essential Properties Realty Trust, Inc.		62		1,310
First Industrial Realty Trust, Inc.		50		2,098
Four Corners Property Trust, Inc.		30		896
Getty Realty Corp.		40		1,107

SEE NOTES TO FINANCIAL STATEMENTS.

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

JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Equity Real Estate Investment Trusts (REITs) — continued
Gladstone Commercial Corp.		27		489
Global Net Lease, Inc.		13		221
Hersha Hospitality Trust		10		80
Highwoods Properties, Inc.		17		666
Innovative Industrial Properties, Inc. (a)		2		403
Kite Realty Group Trust		18		266
Lexington Realty Trust (a)		24		251
National Health Investors, Inc.		3		180
New Senior Investment Group, Inc.		204		1,056
Pebblebrook Hotel Trust		25		463
Physicians Realty Trust		101		1,796
Piedmont Office Realty Trust, Inc., Class A (a)		74		1,199
Plymouth Industrial REIT, Inc.		21		312
PotlatchDeltic Corp.		58		2,916
QTS Realty Trust, Inc., Class A (a)		30		1,881
Retail Opportunity Investments Corp.		47		632
Retail Properties of America, Inc., Class A		85		729
RLJ Lodging Trust		16		229
Ryman Hospitality Properties, Inc.		20		1,382
Sabra Health Care REIT, Inc. (a)		82		1,419
Saul Centers, Inc.		22		694
Service Properties Trust		64		731
SITE Centers Corp.		61		621
STAG Industrial, Inc.		35		1,090
Summit Hotel Properties, Inc.		33		301
Sunstone Hotel Investors, Inc.		302		3,416
Xenia Hotels & Resorts, Inc.		96		1,465
				46,269
Food & Staples Retailing — 0.0% (b)
Andersons, Inc. (The) (a)		8		206
SpartanNash Co. (a)		9		158
				364
Food Products — 1.6%
B&G Foods, Inc. (a)		60		1,656
Darling Ingredients, Inc. *		151		8,737
Farmer Bros Co. *		71		331
Fresh Del Monte Produce, Inc.		41		984
John B Sanfilippo & Son, Inc.		25		1,987
Seneca Foods Corp., Class A *		41		1,650
				15,345
Gas Utilities — 0.6%
New Jersey Resources Corp.		26		921
Northwest Natural Holding Co.		29		1,338

INVESTMENTS	SHARES (000)		VALUE ($000)
Gas Utilities — continued
ONE Gas, Inc.		33		2,541
Southwest Gas Holdings, Inc.		23		1,385
				6,185
Health Care Equipment & Supplies — 3.3%
Accuray, Inc. * (a)		578		2,410
AngioDynamics, Inc. * (a)		134		2,057
Cutera, Inc. *		74		1,786
Integer Holdings Corp. *		62		5,030
LivaNova plc *		43		2,814
Natus Medical, Inc. *		114		2,293
NuVasive, Inc. *		103		5,812
Orthofix Medical, Inc. *		43		1,861
Outset Medical, Inc. *		14		790
SeaSpine Holdings Corp. *		163		2,843
Sientra, Inc. * (a)		169		658
Varex Imaging Corp. * (a)		158		2,639
Zynex, Inc. *		148		1,988
				32,981
Health Care Providers & Services — 4.0%
AdaptHealth Corp. *		221		8,301
American Renal Associates Holdings, Inc. *		5		57
Brookdale Senior Living, Inc. *		1,124		4,981
Cross Country Healthcare, Inc. *		454		4,023
HealthEquity, Inc. *		30		2,064
Magellan Health, Inc. *		43		3,562
MEDNAX, Inc. *		60		1,465
Owens & Minor, Inc.		95		2,556
Patterson Cos., Inc.		102		3,017
Providence Service Corp. (The) *		3		430
Tenet Healthcare Corp. *		103		4,112
Tivity Health, Inc. * (a)		168		3,281
Triple-S Management Corp., Class B (Puerto Rico) * (a)		65		1,396
				39,245
Health Care Technology — 1.2%
Allscripts Healthcare Solutions, Inc. *		476		6,877
Computer Programs and Systems, Inc. (a)		36		964
Evolent Health, Inc., Class A * (a)		251		4,019
				11,860
Hotels, Restaurants & Leisure — 2.5%
BJ’s Restaurants, Inc.		56		2,148
Bloomin’ Brands, Inc.		236		4,576
Boyd Gaming Corp. *		63		2,718
Brinker International, Inc.		60		3,418

SEE NOTES TO FINANCIAL STATEMENTS.

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

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Hotels, Restaurants & Leisure — continued
Caesars Entertainment, Inc. * (a)		79		5,830
Marriott Vacations Worldwide Corp.		33		4,528
Penn National Gaming, Inc. *		20		1,710
				24,928
Household Durables — 1.9%
Hamilton Beach Brands Holding Co., Class A		12		212
Hooker Furniture Corp.		27		877
KB Home		158		5,291
Meritage Homes Corp. *		13		1,035
Purple Innovation, Inc. *		55		1,822
TRI Pointe Group, Inc. *		531		9,168
				18,405
Household Products — 0.1%
Central Garden & Pet Co., Class A *		30		1,079
Independent Power and Renewable Electricity Producers — 0.5%
Atlantic Power Corp. *		1,593		3,344
Clearway Energy, Inc.		42		1,243
Clearway Energy, Inc., Class C		11		342
				4,929
Insurance — 1.1%
Ambac Financial Group, Inc. *		19		288
American Equity Investment Life Holding Co.		34		933
Argo Group International Holdings Ltd.		25		1,110
CNO Financial Group, Inc.		181		4,030
First American Financial Corp.		15		789
Heritage Insurance Holdings, Inc. (a)		11		112
Horace Mann Educators Corp.		6		261
MBIA, Inc. *		27		175
Primerica, Inc.		11		1,466
ProAssurance Corp.		36		642
ProSight Global, Inc. *		20		262
Stewart Information Services Corp.		11		513
				10,581
Interactive Media & Services — 0.4%
Yelp, Inc. *		130		4,250
Internet & Direct Marketing Retail — 0.3%
Groupon, Inc. * (a)		11		434
Stamps.com, Inc. *		14		2,766
				3,200
IT Services — 2.7%
CACI International, Inc., Class A *		12		3,029
CSG Systems International, Inc.		13		573

INVESTMENTS	SHARES (000)		VALUE ($000)
IT Services — continued
Euronet Worldwide, Inc. *		5		688
Evo Payments, Inc., Class A *		120		3,247
KBR, Inc.		36		1,107
NIC, Inc.		36		934
Perficient, Inc. *		124		5,887
Perspecta, Inc.		258		6,208
Sykes Enterprises, Inc. *		71		2,678
Verra Mobility Corp. *		136		1,821
				26,172
Life Sciences Tools & Services — 1.1%
Adaptive Biotechnologies Corp. *		27		1,585
Berkeley Lights, Inc. * (a)		30		2,655
Medpace Holdings, Inc. *		18		2,516
Personalis, Inc. *		30		1,113
Seer, Inc. * (a)		51		2,841
				10,710
Machinery — 3.0%
Albany International Corp., Class A		6		426
Altra Industrial Motion Corp.		85		4,711
Astec Industries, Inc.		68		3,942
Barnes Group, Inc.		29		1,480
Douglas Dynamics, Inc.		61		2,611
EnPro Industries, Inc.		29		2,152
Kadant, Inc.		17		2,337
LB Foster Co., Class A *		10		155
Manitowoc Co., Inc. (The) *		76		1,013
Meritor, Inc. *		78		2,174
Rexnord Corp.		11		450
Wabash National Corp.		409		7,053
Welbilt, Inc. * (a)		81		1,073
				29,577
Media — 1.9%
AMC Networks, Inc., Class A * (a)		118		4,207
comScore, Inc. *		253		631
Hemisphere Media Group, Inc. *		174		1,802
iHeartMedia, Inc., Class A * (a)		191		2,484
National CineMedia, Inc.		406		1,511
Sinclair Broadcast Group, Inc., Class A (a)		176		5,614
WideOpenWest, Inc. * (a)		199		2,122
				18,371
Metals & Mining — 1.7%
Alcoa Corp. *		51		1,176
Allegheny Technologies, Inc. *		107		1,788

SEE NOTES TO FINANCIAL STATEMENTS.

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

JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Metals & Mining — continued
Arconic Corp. *		56		1,675
Carpenter Technology Corp.		18		524
Century Aluminum Co. *		19		213
Cleveland-Cliffs, Inc. (a)		194		2,825
Commercial Metals Co.		112		2,302
Kaiser Aluminum Corp.		10		1,009
SunCoke Energy, Inc.		331		1,438
Warrior Met Coal, Inc.		123		2,616
Worthington Industries, Inc.		14		712
				16,278
Mortgage Real Estate Investment Trusts (REITs) — 1.2%
Ares Commercial Real Estate Corp.		54		637
Blackstone Mortgage Trust, Inc., Class A		127		3,507
Ellington Financial, Inc.		6		86
Granite Point Mortgage Trust, Inc.		67		667
Great Ajax Corp. (a)		8		82
Invesco Mortgage Capital, Inc. (a)		27		92
KKR Real Estate Finance Trust, Inc.		59		1,059
Ladder Capital Corp.		190		1,855
New York Mortgage Trust, Inc. (a)		26		95
PennyMac Mortgage Investment Trust		98		1,715
Redwood Trust, Inc. (a)		133		1,166
TPG RE Finance Trust, Inc. (a)		65		686
Two Harbors Investment Corp. (a)		94		602
				12,249
Multiline Retail — 0.6%
Dillard’s, Inc., Class A (a)		42		2,661
Macy’s, Inc. (a)		268		3,011
				5,672
Multi-Utilities — 0.2%
Black Hills Corp.		31		1,923
Oil, Gas & Consumable Fuels — 1.4%
Arch Resources, Inc. * (a)		30		1,320
Berry Corp.		84		311
Bonanza Creek Energy, Inc. *		7		139
CNX Resources Corp. *		60		647
CVR Energy, Inc.		8		126
Delek US Holdings, Inc.		50		799
Diamond S Shipping, Inc. *		41		270
Dorian LPG Ltd. *		2		27
Green Plains, Inc. * (a)		46		600
Magnolia Oil & Gas Corp., Class A * (a)		217		1,533
Ovintiv, Inc.		74		1,067

INVESTMENTS	SHARES (000)		VALUE ($000)
Oil, Gas & Consumable Fuels — continued
PDC Energy, Inc. *		94		1,922
Range Resources Corp. *		57		380
Renewable Energy Group, Inc. * (a)		41		2,891
REX American Resources Corp. *		22		1,644
W&T Offshore, Inc. * (a)		256		555
				14,231
Paper & Forest Products — 1.0%
Boise Cascade Co.		47		2,249
Domtar Corp.		50		1,571
Glatfelter Corp.		28		454
Louisiana-Pacific Corp. (a)		82		3,052
Neenah, Inc.		17		962
Verso Corp., Class A (a)		111		1,337
				9,625
Personal Products — 1.1%
BellRing Brands, Inc., Class A *		226		5,484
Herbalife Nutrition Ltd. *		31		1,503
Medifast, Inc.		12		2,396
USANA Health Sciences, Inc. * (a)		13		1,029
				10,412
Pharmaceuticals — 2.3%
Amneal Pharmaceuticals, Inc. *		383		1,750
Arvinas, Inc. * (a)		2		138
Endo International plc *		846		6,077
Horizon Therapeutics plc *		56		4,100
Lannett Co., Inc. * (a)		448		2,919
Lyra Therapeutics, Inc. *		154		1,751
Marinus Pharmaceuticals, Inc. * (a)		130		1,587
Reata Pharmaceuticals, Inc., Class A * (a)		25		3,105
VYNE Therapeutics, Inc. * (a)		39		61
WaVe Life Sciences Ltd. *		208		1,639
				23,127
Professional Services — 2.2%
Barrett Business Services, Inc.		44		2,988
GP Strategies Corp. *		54		641
Heidrick & Struggles International, Inc.		10		306
Huron Consulting Group, Inc. *		83		4,897
Insperity, Inc.		14		1,107
Kelly Services, Inc., Class A		106		2,178
Kforce, Inc.		62		2,614
Korn Ferry		43		1,853
TrueBlue, Inc. *		260		4,855
				21,439

SEE NOTES TO FINANCIAL STATEMENTS.

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

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Real Estate Management & Development — 0.1%
Realogy Holdings Corp. * (a)		83		1,085
Road & Rail — 0.6%
ArcBest Corp.		123		5,258
Schneider National, Inc., Class B		23		472
				5,730
Semiconductors & Semiconductor Equipment — 2.5%
Amkor Technology, Inc.		241		3,628
Cirrus Logic, Inc. *		21		1,706
Cohu, Inc.		46		1,768
MACOM Technology Solutions Holdings, Inc. *		20		1,079
Maxeon Solar Technologies Ltd. * (a)		32		912
NeoPhotonics Corp. *		367		3,338
Rambus, Inc. *		257		4,481
SMART Global Holdings, Inc. * (a)		49		1,855
SunPower Corp. * (a)		169		4,323
Veeco Instruments, Inc. *		118		2,049
				25,139
Software — 5.6%
ACI Worldwide, Inc. *		98		3,767
Asana, Inc., Class A * (a)		49		1,442
Asure Software, Inc. *		160		1,139
Avaya Holdings Corp. * (a)		377		7,210
CommVault Systems, Inc. *		74		4,072
Cornerstone OnDemand, Inc. *		136		6,003
Digital Turbine, Inc. *		33		1,850
eGain Corp. *		402		4,749
Envestnet, Inc. *		5		387
JFrog Ltd. (Israel) * (a)		15		955
McAfee Corp., Class A		176		2,944
MicroStrategy, Inc., Class A * (a)		6		2,156
Proofpoint, Inc. *		10		1,391
PubMatic, Inc., Class A * (a)		49		1,383
Qualys, Inc. *		33		4,006
Secure Works Corp., Class A * (a)		111		1,583
SVMK, Inc. *		37		948
Synchronoss Technologies, Inc. * (a)		834		3,921
Telenav, Inc. *		73		345
Workiva, Inc. *		43		3,912
Xperi Holding Corp.		35		734
				54,897
Specialty Retail — 3.6%
Abercrombie & Fitch Co., Class A (a)		224		4,567
Bed Bath & Beyond, Inc. (a)		94		1,662

INVESTMENTS	SHARES (000)		VALUE ($000)
Specialty Retail — continued
Children’s Place, Inc. (The) * (a)		21		1,057
Group 1 Automotive, Inc. (a)		11		1,469
Guess?, Inc.		94		2,115
Haverty Furniture Cos., Inc. (a)		38		1,049
Hibbett Sports, Inc. * (a)		30		1,368
Lithia Motors, Inc., Class A		4		1,229
MarineMax, Inc. *		22		771
Murphy USA, Inc.		30		3,864
ODP Corp. (The) *		135		3,970
Rent-A-Center, Inc.		31		1,179
Sleep Number Corp. *		62		5,100
Sonic Automotive, Inc., Class A		57		2,214
Winmark Corp. (a)		5		947
Zumiez, Inc. *		82		3,000
				35,561
Technology Hardware, Storage & Peripherals — 0.3%
Avid Technology, Inc. *		128		2,030
Diebold Nixdorf, Inc. *		86		917
				2,947
Textiles, Apparel & Luxury Goods — 1.0%
Deckers Outdoor Corp. *		16		4,653
Fossil Group, Inc. * (a)		43		374
G-III Apparel Group Ltd. * (a)		224		5,306
				10,333
Thrifts & Mortgage Finance — 2.5%
Axos Financial, Inc. *		65		2,447
Essent Group Ltd.		87		3,763
Meridian Bancorp, Inc.		232		3,459
MGIC Investment Corp.		173		2,177
NMI Holdings, Inc., Class A *		23		528
Northfield Bancorp, Inc.		219		2,696
PennyMac Financial Services, Inc.		48		3,117
Premier Financial Corp.		17		393
Radian Group, Inc.		159		3,215
Washington Federal, Inc.		129		3,326
				25,121
Trading Companies & Distributors — 1.2%
Applied Industrial Technologies, Inc.		41		3,190
BMC Stock Holdings, Inc. *		47		2,496
DXP Enterprises, Inc. *		52		1,155
MRC Global, Inc. *		189		1,254
NOW, Inc. * (a)		497		3,565
Veritiv Corp. *		32		667
				12,327

SEE NOTES TO FINANCIAL STATEMENTS.

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

JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Water Utilities — 0.4%
American States Water Co.		46		3,669
Wireless Telecommunication Services — 0.3%
Gogo, Inc. * (a)		278		2,672
Total Common Stocks (Cost $722,195)				974,699
	NO. OF RIGHTS (000)
Rights — 0.0% (b)
Biotechnology — 0.0% (b)
Alder Biopharmaceuticals, Inc. * ‡ (Cost $—)		187		165
	SHARES (000)
Short-Term Investments — 11.3%
Investment Companies — 1.7%
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (c) (d) (Cost $16,351)		16,342		16,350
Investment of Cash Collateral from Securities Loaned — 9.6%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (c) (d)		77,106		77,114
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (c) (d)		18,046		18,046
Total Investment of Cash Collateral from Securities Loaned (Cost $95,161)				95,160
Total Short-Term Investments (Cost $111,512)				111,510
Total Investments — 110.1% (Cost $833,707)				1,086,374
Liabilities in Excess of Other Assets — (10.1)%				(99,480	)
NET ASSETS — 100.0%				986,894

Percentages indicated are based on net assets.

Abbreviations
REIT	Real Estate Investment Trust
(a)	The security or a portion of this security is on loan at December 31, 2020. The total value of securities on loan at December 31, 2020 is approximately $91,006,000.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of December 31, 2020.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

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

THIS PAGE IS INTENTIONALLY LEFT BLANK

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

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2020 (Unaudited)

(Amounts in thousands, except per share amounts)

	JPMorgan Small Cap Blend Fund			JPMorgan Small Cap Core Fund			JPMorgan Small Cap Equity Fund
ASSETS:
Investments in non-affiliates, at value	$	754,852		$	409,710		$	7,979,530
Investments in affiliates, at value		16,096			8,366			297,424
Investment of cash collateral received from securities loaned, at value (See Note 2.B.)		40,153			34,131			133,271
Cash		2			3			28
Deposits at broker for futures contracts		—			330			—
Receivables:
Due from custodian		—			301			—
Investment securities sold		—			638			7,798
Fund shares sold		1,749			379			4,014
Dividends from non-affiliates		365			399			6,077
Dividends from affiliates		—	(a)		—	(a)		1
Securities lending income (See Note 2.B.)		29			12			38
Total Assets		813,246			454,269			8,428,181
LIABILITIES:
Payables:
Investment securities purchased		6,578			1,519			1,742
Collateral received on securities loaned (See Note 2.B.)		40,153			34,131			133,271
Fund shares redeemed		863			449			4,900
Variation margin on futures contracts		—			1			—
Accrued liabilities:
Investment advisory fees		382			215			4,456
Administration fees		37			19			518
Distribution fees		51			4			231
Service fees		92			15			1,098
Custodian and accounting fees		11			6			35
Trustees’ and Chief Compliance Officer’s fees		2			1			1
Other		92			120			398
Total Liabilities		48,261			36,480			146,650
Net Assets	$	764,985		$	417,789		$	8,281,531

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

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

	JPMorgan Small Cap Blend Fund			JPMorgan Small Cap Core Fund			JPMorgan Small Cap Equity Fund
NET ASSETS:
Paid-in-Capital	$	562,564		$	325,314		$	4,977,405
Total distributable earnings (loss)		202,421			92,475			3,304,126
Total Net Assets	$	764,985		$	417,789		$	8,281,531
Net Assets:
Class A	$	203,932		$	5,472		$	813,718
Class C		9,059			1,943			91,257
Class I		249,101			18,599			4,172,745
Class R2		—			275			6,844
Class R3		—			4,476			4,586
Class R4		—			2,441			662
Class R5		—			166,447			1,176,000
Class R6		302,893			218,136			2,015,719
Total	$	764,985		$	417,789		$	8,281,531
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		8,051			95			13,903
Class C		568			34			2,229
Class I		8,110			320			60,423
Class R2		—			5			120
Class R3		—			77			79
Class R4		—			42			9
Class R5		—			2,854			16,978
Class R6		9,831			3,747			29,114
Net Asset Value (a):
Class A — Redemption price per share	$	25.33		$	57.83		$	58.53
Class C — Offering price per share (b)		15.96			57.01			40.94
Class I — Offering and redemption price per share		30.72			58.12			69.06
Class R2 — Offering and redemption price per share		—			57.78			57.18
Class R3 — Offering and redemption price per share		—			58.01			58.06
Class R4 — Offering and redemption price per share		—			58.15			68.96
Class R5 — Offering and redemption price per share		—			58.31			69.26
Class R6 — Offering and redemption price per share		30.81			58.21			69.24
Class A maximum sales charge		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	26.73		$	61.03		$	61.77
Cost of investments in non-affiliates	$	553,160		$	299,866		$	4,943,070
Cost of investments in affiliates		16,092			8,366			297,388
Investment securities on loan, at value (See Note 2.B.)		38,841			32,792			130,194
Cost of investment of cash collateral (See Note 2.B.)		40,154			34,132			133,271

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

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

STATEMENTS OF ASSETS AND LIABILITIES

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

(Amounts in thousands, except per share amounts)

	JPMorgan Small Cap Growth Fund			JPMorgan Small Cap Value Fund			JPMorgan SMID Cap Equity Fund (formerly known as JPMorgan Intrepid Mid Cap Fund)			JPMorgan U.S. Small Company Fund
ASSETS:
Investments in non-affiliates, at value	$	6,228,987		$	1,193,217		$	393,286		$	974,864
Investments in affiliates, at value		132,915			30,395			10,088			16,350
Investment of cash collateral received from securities loaned, at value (See Note 2.B.)		543,875			92,523			3,133			95,160
Cash		42			4			1			9
Deposits at broker for futures contracts		—			1,930			—			428
Receivables:
Investment securities sold		—			530			218			1,717
Fund shares sold		13,580			750			207			624
Dividends from non-affiliates		594			1,701			308			848
Dividends from affiliates		—	(a)		—	(a)		—	(a)		—	(a)
Securities lending income (See Note 2.B.)		596			103			2			80
Variation margin on futures contracts		—			10			—			—
Total Assets		6,920,589			1,321,163			407,243			1,090,080
LIABILITIES:
Payables:
Investment securities purchased		1,152			109			—			1,215
Collateral received on securities loaned (See Note 2.B.)		543,875			92,523			3,133			95,160
Fund shares redeemed		37,942			8,405			686			5,983
Variation margin on futures contracts		—			—			—			3
Accrued liabilities:
Investment advisory fees		3,355			669			170			508
Administration fees		378			77			15			64
Distribution fees		231			52			50			58
Service fees		434			75			65			108
Custodian and accounting fees		16			12			8			13
Trustees’ and Chief Compliance Officer’s fees		2			1			—	(a)		1
Other		216			128			71			73
Total Liabilities		587,601			102,051			4,198			103,186
Net Assets	$	6,332,988		$	1,219,112		$	403,045		$	986,894

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

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

	JPMorgan Small Cap Growth Fund			JPMorgan Small Cap Value Fund			JPMorgan SMID Cap Equity Fund (formerly known as JPMorgan Intrepid Mid Cap Fund)			JPMorgan U.S. Small Company Fund
NET ASSETS:
Paid-in-Capital	$	3,688,748		$	986,824		$	279,925		$	697,073
Total distributable earnings (loss)		2,644,240			232,288			123,120			289,821
Total Net Assets	$	6,332,988		$	1,219,112		$	403,045		$	986,894
Net Assets:
Class A	$	789,104		$	149,740		$	161,637		$	110,142
Class C		91,249			6,775			24,185			20,126
Class I		776,605			155,222			142,443			175,121
Class L		1,125,433			—			—			299,043
Class R2		31,657			31,493			—			38,245
Class R3		7,576			13,538			2,246			29,609
Class R4		4,157			18,325			582			10,348
Class R5		39,325			38,055			—			8,218
Class R6		3,467,882			805,964			71,952			296,042
Total	$	6,332,988		$	1,219,112		$	403,045		$	986,894
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		30,779			5,989			8,625			5,548
Class C		5,525			346			1,673			1,080
Class I		26,564			5,769			7,046			8,587
Class L		37,013			—			—			14,688
Class R2		1,299			1,276			—			1,976
Class R3		296			542			120			1,503
Class R4		161			681			29			511
Class R5		1,292			1,413			—			405
Class R6		112,510			29,890			3,559			14,537
Net Asset Value (a):
Class A — Redemption price per share	$	25.64		$	25.00		$	18.74		$	19.85
Class C — Offering price per share (b)		16.52			19.60			14.45			18.64
Class I — Offering and redemption price per share		29.24			26.91			20.22			20.39
Class L — Offering and redemption price per share		30.41			—			—			20.36
Class R2 — Offering and redemption price per share		24.36			24.68			—			19.35
Class R3 — Offering and redemption price per share		25.57			24.95			18.71			19.70
Class R4 — Offering and redemption price per share		25.82			26.90			20.13			20.26
Class R5 — Offering and redemption price per share		30.44			26.93			—			20.31
Class R6 — Offering and redemption price per share		30.82			26.96			20.21			20.37
Class A maximum sales charge		5.25	%		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	27.06		$	26.39		$	19.78		$	20.95
Cost of investments in non-affiliates	$	3,688,769		$	926,256		$	335,179		$	722,195
Cost of investments in affiliates		132,906			30,390			10,089			16,351
Investment securities on loan, at value (See Note 2.B.)		523,701			89,318			2,971			91,006
Cost of investment of cash collateral (See Note 2.B.)		543,882			92,526			3,133			95,161

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

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

STATEMENTS OF OPERATIONS

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

(Amounts in thousands)

	JPMorgan Small Cap Blend Fund			JPMorgan Small Cap Core Fund			JPMorgan Small Cap Equity Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	3,265		$	2,928		$	54,284
Dividend income from affiliates		14			6			274
Income from securities lending (net) (See Note 2.B.)		159			115			388
Total investment income		3,438			3,049			54,946
EXPENSES:
Investment advisory fees		1,872			1,175			23,696
Administration fees		216			136			2,734
Distribution fees:
Class A		194			6			904
Class C		83			7			315
Class R2		—			1			17
Class R3		—			5			5
Service fees:
Class A		194			6			904
Class C		28			2			105
Class I		234			18			4,512
Class R2		—			—	(a)		8
Class R3		—			5			5
Class R4		—			3			1
Class R5		—			73			530
Custodian and accounting fees		23			37			118
Interest expense to affiliates		—			—	(a)		—	(a)
Professional fees		30			29			60
Trustees’ and Chief Compliance Officer’s fees		15			14			24
Printing and mailing costs		21			3			229
Registration and filing fees		52			39			59
Transfer agency fees (See Note 2.F.)		13			7			181
Other		10			10			79
Total expenses		2,985			1,576			34,486
Less fees waived		(129	)		(144	)		(444	)
Less expense reimbursements		—			(1	)		—
Net expenses		2,856			1,431			34,042
Net investment income (loss)		582			1,618			20,904
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		25,130			21,253			715,135
Investments in affiliates		(2	)		(2	)		(44	)
Futures contracts		—			1,708			—
Net realized gain (loss)		25,128			22,959			715,091
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		153,734			94,817			1,333,584
Investments in affiliates		(6	)		(8	)		(74	)
Futures contracts		—			(100	)		—
Change in net unrealized appreciation/depreciation		153,728			94,709			1,333,510
Net realized/unrealized gains (losses)		178,856			117,668			2,048,601
Change in net assets resulting from operations	$	179,438		$	119,286		$	2,069,505

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

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

	JPMorgan Small Cap Growth Fund			JPMorgan Small Cap Value Fund			JPMorgan SMID Cap Equity Fund (formerly known as JPMorgan Intrepid Mid Cap Fund)			JPMorgan U.S. Small Company Fund
INVESTMENT INCOME:
Interest income from affiliates	$	—	(a)	$	—		$	—		$	—
Dividend income from non-affiliates		5,944			11,016			2,820			6,791
Dividend income from affiliates		86			20			7			16
Income from securities lending (net) (See Note 2.B.)		2,815			727			65			610
Total investment income		8,845			11,763			2,892			7,417
EXPENSES:
Investment advisory fees		16,178			3,433			1,096			2,818
Administration fees		1,867			396			149			352
Distribution fees:
Class A		771			165			199			130
Class C		275			29			97			71
Class R2		71			68			—			84
Class R3		7			15			16			32
Service fees:
Class A		771			165			199			130
Class C		92			10			32			24
Class I		738			174			154			218
Class L		448			—			—			144
Class R2		35			34			—			42
Class R3		7			15			16			32
Class R4		4			7			1			11
Class R5		13			17			—			4
Custodian and accounting fees		79			33			19			38
Interest expense to affiliates		—	(a)		—	(a)		—	(a)		—	(a)
Professional fees		45			32			34			33
Trustees’ and Chief Compliance Officer’s fees		20			15			13			14
Printing and mailing costs		193			52			31			40
Registration and filing fees		139			63			31			64
Transfer agency fees (See Note 2.F.)		83			53			27			33
Other		45			18			9			18
Total expenses		21,881			4,794			2,123			4,332
Less fees waived		(239	)		(57	)		(255	)		(10	)
Less expense reimbursements		(38	)		—			(1	)		—
Net expenses		21,604			4,737			1,867			4,322
Net investment income (loss)		(12,759	)		7,026			1,025			3,095
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		416,422			32,178			76,570			102,764
Investments in affiliates		(12	)		(5	)		—	(a)		(4	)
Futures contracts		—			7,620			553			4,748
Net realized gain (loss)		416,410			39,793			77,123			107,508
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		1,575,168			287,776			12,983			191,684
Investments in affiliates		(36	)		(11	)		(6	)		(13	)
Futures contracts		—			(239	)		(108	)		(53	)
Change in net unrealized appreciation/depreciation		1,575,132			287,526			12,869			191,618
Net realized/unrealized gains (losses)		1,991,542			327,319			89,992			299,126
Change in net assets resulting from operations	$	1,978,783		$	334,345		$	91,017		$	302,221

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

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

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Small Cap Blend Fund						JPMorgan Small Cap Core Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	582		$	1,508		$	1,618		$	3,252
Net realized gain (loss)		25,128			(634	)		22,959			(28,853	)
Change in net unrealized appreciation/depreciation		153,728			(2,118	)		94,709			(31,313	)
Change in net assets resulting from operations		179,438			(1,244	)		119,286			(56,914	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(3,491	)		(4,206	)		(35	)		(207	)
Class C		(703	)		(1,643	)		(2	)		(85	)
Class I		(4,107	)		(3,897	)		(142	)		(765	)
Class R2		—			—			(1	)		(7	)
Class R3		—			—			(28	)		(227	)
Class R4		—			—			(22	)		(104	)
Class R5		—			—			(1,585	)		(9,535	)
Class R6		(4,922	)		(3,543	)		(2,200	)		(9,154	)
Total distributions to shareholders		(13,223	)		(13,289	)		(4,015	)		(20,084	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		125,911			139,135			(47,343	)		(22,685	)
NET ASSETS:
Change in net assets		292,126			124,602			67,928			(99,683	)
Beginning of period		472,859			348,257			349,861			449,544
End of period	$	764,985		$	472,859		$	417,789		$	349,861

SEE NOTES TO FINANCIAL STATEMENTS.

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

	JPMorgan Small Cap Equity Fund						JPMorgan Small Cap Growth Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	20,904		$	37,847		$	(12,759	)	$	(8,294	)
Net realized gain (loss)		715,091			(144,466	)		416,410			185,416
Change in net unrealized appreciation/depreciation		1,333,510			(137,311	)		1,575,132			386,775
Change in net assets resulting from operations		2,069,505			(243,930	)		1,978,783			563,897
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(23,187	)		(40,838	)		(51,789	)		(25,608	)
Class C		(3,627	)		(6,716	)		(8,859	)		(5,161	)
Class I		(108,102	)		(145,648	)		(46,046	)		(17,200	)
Class L		—			—			(66,160	)		(32,083	)
Class R2		(200	)		(416	)		(2,275	)		(1,612	)
Class R3		(135	)		(144	)		(511	)		(220	)
Class R4		(17	)		(23	)		(280	)		(139	)
Class R5		(32,929	)		(54,434	)		(1,892	)		(807	)
Class R6		(56,367	)		(73,447	)		(204,601	)		(90,416	)
Total distributions to shareholders		(224,564	)		(321,666	)		(382,413	)		(173,246	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(158,896	)		885,158			776,465			692,836
NET ASSETS:
Change in net assets		1,686,045			319,562			2,372,835			1,083,487
Beginning of period		6,595,486			6,275,924			3,960,153			2,876,666
End of period	$	8,281,531		$	6,595,486		$	6,332,988		$	3,960,153

SEE NOTES TO FINANCIAL STATEMENTS.

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

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Small Cap Value Fund						JPMorgan SMID Cap Equity Fund (formerly known as JPMorgan Intrepid Mid Cap Fund)
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	7,026		$	13,687		$	1,025		$	3,435
Net realized gain (loss)		39,793			(12,093	)		77,123			36,663
Change in net unrealized appreciation/depreciation		287,526			(200,038	)		12,869			(57,837	)
Change in net assets resulting from operations		334,345			(198,444	)		91,017			(17,739	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(744	)		(10,797	)		(6,204	)		(21,131	)
Class C		(36	)		(1,133	)		(1,102	)		(5,115	)
Class I		(891	)		(14,242	)		(5,432	)		(17,337	)
Class R2		(132	)		(2,111	)		—			—
Class R3		(71	)		(926	)		(80	)		(1,616	)
Class R4		(72	)		(6	)		(23	)		(132	)
Class R5		(242	)		(2,678	)		—			—
Class R6		(5,386	)		(51,882	)		(2,861	)		(9,366	)
Total distributions to shareholders		(7,574	)		(83,775	)		(15,702	)		(54,697	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(63,232	)		(315,490	)		(62,935	)		(66,132	)
NET ASSETS:
Change in net assets		263,539			(597,709	)		12,380			(138,568	)
Beginning of period		955,573			1,553,282			390,665			529,233
End of period	$	1,219,112		$	955,573		$	403,045		$	390,665

SEE NOTES TO FINANCIAL STATEMENTS.

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

	JPMorgan U.S. Small Company Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	3,095		$	6,022
Net realized gain (loss)		107,508			(2,410	)
Change in net unrealized appreciation/depreciation		191,618			(106,057	)
Change in net assets resulting from operations		302,221			(102,445	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(3,058	)		(357	)
Class C		(541	)		(14	)
Class I		(5,378	)		(1,438	)
Class L		(9,176	)		(3,033	)
Class R2		(1,049	)		(20	)
Class R3		(854	)		(95	)
Class R4		(302	)		(52	)
Class R5		(260	)		(50	)
Class R6		(9,828	)		(3,261	)
Total distributions to shareholders		(30,446	)		(8,320	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(184,917	)		(382,146	)
NET ASSETS:
Change in net assets		86,858			(492,911	)
Beginning of period		900,036			1,392,947
End of period	$	986,894		$	900,036

SEE NOTES TO FINANCIAL STATEMENTS.

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

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Small Cap Blend Fund						JPMorgan Small Cap Core Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	41,185		$	54,866		$	774		$	1,151
Distributions reinvested		3,248			3,607			33			207
Cost of shares redeemed		(17,349	)		(37,184	)		(932	)		(2,401	)
Change in net assets resulting from Class A capital transactions		27,084			21,289			(125	)		(1,043	)
Class C
Proceeds from shares issued		2,134			10,538			146			545
Distributions reinvested		247			347			2			85
Cost of shares redeemed		(23,846	)		(22,645	)		(453	)		(813	)
Change in net assets resulting from Class C capital transactions		(21,465	)		(11,760	)		(305	)		(183	)
Class I
Proceeds from shares issued		63,319			102,711			4,273			13,956
Distributions reinvested		4,096			3,883			137			750
Cost of shares redeemed		(21,269	)		(62,751	)		(3,781	)		(11,751	)
Change in net assets resulting from Class I capital transactions		46,146			43,843			629			2,955
Class R2
Proceeds from shares issued		—			—			23			43
Distributions reinvested		—			—			1			7
Cost of shares redeemed		—			—			(2	)		(7	)
Change in net assets resulting from Class R2 capital transactions		—			—			22			43
Class R3
Proceeds from shares issued		—			—			411			2,958
Distributions reinvested		—			—			28			226
Cost of shares redeemed		—			—			(963	)		(2,501	)
Change in net assets resulting from Class R3 capital transactions		—			—			(524	)		683
Class R4
Proceeds from shares issued		—			—			91			1,260
Distributions reinvested		—			—			22			104
Cost of shares redeemed		—			—			(549	)		(780	)
Change in net assets resulting from Class R4 capital transactions		—			—			(436	)		584
Class R5
Proceeds from shares issued		—			—			7,491			34,515
Distributions reinvested		—			—			1,497			9,135
Cost of shares redeemed		—			—			(36,673	)		(80,632	)
Change in net assets resulting from Class R5 capital transactions		—			—			(27,685	)		(36,982	)
Class R6
Proceeds from shares issued		97,559			115,599			15,288			79,125
Distributions reinvested		4,922			3,542			2,200			9,153
Cost of shares redeemed		(28,335	)		(33,378	)		(36,407	)		(77,020	)
Change in net assets resulting from Class R6 capital transactions		74,146			85,763			(18,919	)		11,258
Total change in net assets resulting from capital transactions	$	125,911		$	139,135		$	(47,343	)	$	(22,685	)

SEE NOTES TO FINANCIAL STATEMENTS.

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

	JPMorgan Small Cap Blend Fund						JPMorgan Small Cap Core Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		1,783			2,893			16			28
Reinvested		132			177			1			4
Redeemed		(807	)		(2,029	)		(20	)		(52	)
Change in Class A Shares		1,108			1,041			(3	)		(20	)
Class C
Issued		150			854			3			11
Reinvested		16			27			—	(a)		2
Redeemed		(1,593	)		(1,881	)		(10	)		(19	)
Change in Class C Shares		(1,427	)		(1,000	)		(7	)		(6	)
Class I
Issued		2,352			4,514			83			317
Reinvested		137			157			2			15
Redeemed		(807	)		(2,879	)		(78	)		(282	)
Change in Class I Shares		1,682			1,792			7			50
Class R2
Issued		—			—			1			1
Reinvested		—			—			—	(a)		—	(a)
Redeemed		—			—			—	(a)		—	(a)
Change in Class R2 Shares		—			—			1			1
Class R3
Issued		—			—			7			63
Reinvested		—			—			1			4
Redeemed		—			—			(19	)		(54	)
Change in Class R3 Shares		—			—			(11	)		13
Class R4
Issued		—			—			2			28
Reinvested		—			—			—	(a)		2
Redeemed		—			—			(10	)		(19	)
Change in Class R4 Shares		—			—			(8	)		11
Class R5
Issued		—			—			153			762
Reinvested		—			—			26			177
Redeemed		—			—			(811	)		(1,730	)
Change in Class R5 Shares		—			—			(632	)		(791	)
Class R6
Issued		3,524			5,128			313			1,648
Reinvested		164			143			38			177
Redeemed		(1,083	)		(1,520	)		(764	)		(1,769	)
Change in Class R6 Shares		2,605			3,751			(413	)		56

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

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

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Small Cap Equity Fund						JPMorgan Small Cap Growth Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	64,184		$	313,626		$	135,552		$	180,131
Distributions reinvested		21,887			38,275			49,234			24,237
Cost of shares redeemed		(106,985	)		(415,845	)		(87,309	)		(147,817	)
Change in net assets resulting from Class A capital transactions		(20,914	)		(63,944	)		97,477			56,551
Class C
Proceeds from shares issued		980			2,175			12,772			21,380
Distributions reinvested		3,552			6,552			8,216			4,812
Cost of shares redeemed		(13,110	)		(27,646	)		(11,962	)		(25,261	)
Change in net assets resulting from Class C capital transactions		(8,578	)		(18,919	)		9,026			931
Class I
Proceeds from shares issued		448,670			1,699,465			181,426			288,209
Distributions reinvested		103,830			138,087			36,354			13,161
Cost of shares redeemed		(541,816	)		(1,065,103	)		(95,957	)		(164,919	)
Change in net assets resulting from Class I capital transactions		10,684			772,449			121,823			136,451
Class L
Proceeds from shares issued		—			—			182,927			272,538
Distributions reinvested		—			—			60,559			28,396
Cost of shares redeemed		—			—			(143,768	)		(206,673	)
Change in net assets resulting from Class L capital transactions		—			—			99,718			94,261
Class R2
Proceeds from shares issued		635			3,031			3,794			4,229
Distributions reinvested		185			325			2,263			1,583
Cost of shares redeemed		(2,361	)		(5,397	)		(7,539	)		(9,363	)
Change in net assets resulting from Class R2 capital transactions		(1,541	)		(2,041	)		(1,482	)		(3,551	)
Class R3
Proceeds from shares issued		986			1,095			1,485			4,272
Distributions reinvested		121			125			511			220
Cost of shares redeemed		(404	)		(569	)		(1,446	)		(812	)
Change in net assets resulting from Class R3 capital transactions		703			651			550			3,680
Class R4
Proceeds from shares issued		71			51			514			1,777
Distributions reinvested		17			23			280			138
Cost of shares redeemed		(8	)		(60	)		(541	)		(653	)
Change in net assets resulting from Class R4 capital transactions		80			14			253			1,262
Class R5
Proceeds from shares issued		104,949			152,763			14,145			10,790
Distributions reinvested		29,974			49,703			1,891			807
Cost of shares redeemed		(209,792	)		(339,014	)		(7,374	)		(5,345	)
Change in net assets resulting from Class R5 capital transactions		(74,869	)		(136,548	)		8,662			6,252
Class R6
Proceeds from shares issued		184,473			640,649			745,377			925,190
Distributions reinvested		55,129			72,408			202,471			89,486
Cost of shares redeemed		(304,063	)		(379,561	)		(507,410	)		(617,677	)
Change in net assets resulting from Class R6 capital transactions		(64,461	)		333,496			440,438			396,999
Total change in net assets resulting from capital transactions	$	(158,896	)	$	885,158		$	776,465		$	692,836

SEE NOTES TO FINANCIAL STATEMENTS.

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

	JPMorgan Small Cap Equity Fund						JPMorgan Small Cap Growth Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		1,278			6,782			5,919			10,856
Reinvested		386			760			2,008			1,419
Redeemed		(2,072	)		(9,053	)		(3,908	)		(9,052	)
Change in Class A Shares		(408	)		(1,511	)		4,019			3,223
Class C
Issued		26			64			829			1,896
Reinvested		90			184			521			419
Redeemed		(363	)		(847	)		(807	)		(2,281	)
Change in Class C Shares		(247	)		(599	)		543			34
Class I
Issued		7,380			31,752			7,019			15,402
Reinvested		1,546			2,334			1,297			682
Redeemed		(8,849	)		(20,362	)		(3,802	)		(9,213	)
Change in Class I Shares		77			13,724			4,514			6,871
Class L
Issued		—			—			6,829			14,183
Reinvested		—			—			2,077			1,419
Redeemed		—			—			(5,445	)		(10,894	)
Change in Class L Shares		—			—			3,461			4,708
Class R2
Issued		13			65			179			269
Reinvested		3			7			97			97
Redeemed		(47	)		(120	)		(350	)		(588	)
Change in Class R2 Shares		(31	)		(48	)		(74	)		(222	)
Class R3
Issued		20			25			66			253
Reinvested		2			2			21			13
Redeemed		(8	)		(14	)		(71	)		(49	)
Change in Class R3 Shares		14			13			16			217
Class R4
Issued		1			1			24			102
Reinvested		—	(a)		—	(a)		11			8
Redeemed		—	(a)		(1	)		(24	)		(38	)
Change in Class R4 Shares		1			—	(a)		11			72
Class R5
Issued		1,730			2,800			492			551
Reinvested		444			837			65			41
Redeemed		(3,474	)		(6,109	)		(279	)		(279	)
Change in Class R5 Shares		(1,300	)		(2,472	)		278			313
Class R6
Issued		3,078			11,645			27,919			47,492
Reinvested		816			1,219			6,844			4,411
Redeemed		(4,955	)		(7,061	)		(18,655	)		(31,625	)
Change in Class R6 Shares		(1,061	)		5,803			16,108			20,278

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

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

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Small Cap Value Fund						JPMorgan SMID Cap Equity Fund (formerly known as JPMorgan Intrepid Mid Cap Fund)
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	12,944		$	24,245		$	9,199		$	13,822
Distributions reinvested		712			10,115			5,947			19,511
Cost of shares redeemed		(28,038	)		(67,548	)		(36,985	)		(54,915	)
Change in net assets resulting from Class A capital transactions		(14,382	)		(33,188	)		(21,839	)		(21,582	)
Class C
Proceeds from shares issued		232			527			404			1,393
Distributions reinvested		36			1,043			1,087			4,865
Cost of shares redeemed		(5,021	)		(6,896	)		(9,439	)		(14,460	)
Change in net assets resulting from Class C capital transactions		(4,753	)		(5,326	)		(7,948	)		(8,202	)
Class I
Proceeds from shares issued		19,895			61,608			30,892			28,647
Distributions reinvested		889			14,229			4,871			15,360
Cost of shares redeemed		(39,732	)		(175,602	)		(36,700	)		(89,816	)
Change in net assets resulting from Class I capital transactions		(18,948	)		(99,765	)		(937	)		(45,809	)
Class R2
Proceeds from shares issued		3,228			8,711			—			—
Distributions reinvested		130			2,053			—			—
Cost of shares redeemed		(5,346	)		(14,418	)		—			—
Change in net assets resulting from Class R2 capital transactions		(1,988	)		(3,654	)		—			—
Class R3
Proceeds from shares issued		1,343			5,318			1,713			3,971
Distributions reinvested		71			926			67			1,599
Cost of shares redeemed		(1,931	)		(7,200	)		(14,920	)		(6,383	)
Change in net assets resulting from Class R3 capital transactions		(517	)		(956	)		(13,140	)		(813	)
Class R4
Proceeds from shares issued		15,739			767			44			296
Distributions reinvested		72			6			14			105
Cost of shares redeemed		(1,577	)		(740	)		(151	)		(966	)
Change in net assets resulting from Class R4 capital transactions		14,234			33			(93	)		(565	)
Class R5
Proceeds from shares issued		4,456			9,383			—			—
Distributions reinvested		236			2,524			—			—
Cost of shares redeemed		(7,422	)		(41,707	)		—			—
Change in net assets resulting from Class R5 capital transactions		(2,730	)		(29,800	)		—			—
Class R6
Proceeds from shares issued		70,288			151,215			9,117			27,441
Distributions reinvested		5,386			51,882			2,455			7,917
Cost of shares redeemed		(109,822	)		(345,931	)		(30,550	)		(24,519	)
Change in net assets resulting from Class R6 capital transactions		(34,148	)		(142,834	)		(18,978	)		10,839
Total change in net assets resulting from capital transactions	$	(63,232	)	$	(315,490	)	$	(62,935	)	$	(66,132	)

SEE NOTES TO FINANCIAL STATEMENTS.

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

	JPMorgan Small Cap Value Fund						JPMorgan SMID Cap Equity Fund (formerly known as JPMorgan Intrepid Mid Cap Fund)
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		614			1,212			533			834
Reinvested		32			431			325			1,108
Redeemed		(1,339	)		(3,143	)		(2,157	)		(3,212	)
Change in Class A Shares		(693	)		(1,500	)		(1,299	)		(1,270	)
Class C
Issued		14			34			30			107
Reinvested		2			56			77			355
Redeemed		(313	)		(404	)		(704	)		(1,090	)
Change in Class C Shares		(297	)		(314	)		(597	)		(628	)
Class I
Issued		869			2,798			1,630			1,604
Reinvested		37			565			246			810
Redeemed		(1,777	)		(8,060	)		(2,005	)		(4,928	)
Change in Class I Shares		(871	)		(4,697	)		(129	)		(2,514	)
Class R2
Issued		156			442			—			—
Reinvested		6			88			—			—
Redeemed		(258	)		(711	)		—			—
Change in Class R2 Shares		(96	)		(181	)		—			—
Class R3
Issued		64			258			104			235
Reinvested		3			40			3			91
Redeemed		(88	)		(364	)		(806	)		(360	)
Change in Class R3 Shares		(21	)		(66	)		(699	)		(34	)
Class R4
Issued		719			39			2			18
Reinvested		3			—	(a)		1			6
Redeemed		(64	)		(33	)		(8	)		(52	)
Change in Class R4 Shares		658			6			(5	)		(28	)
Class R5
Issued		194			416			—			—
Reinvested		10			101			—			—
Redeemed		(331	)		(1,734	)		—			—
Change in Class R5 Shares		(127	)		(1,217	)		—			—
Class R6
Issued		3,106			7,059			489			1,545
Reinvested		225			2,072			124			416
Redeemed		(4,778	)		(14,571	)		(1,605	)		(1,377	)
Change in Class R6 Shares		(1,447	)		(5,440	)		(992	)		584

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

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

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan U.S. Small Company Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	34,746		$	19,360
Distributions reinvested		2,798			328
Cost of shares redeemed		(51,503	)		(53,824	)
Change in net assets resulting from Class A capital transactions		(13,959	)		(34,136	)
Class C
Proceeds from shares issued		465			1,325
Distributions reinvested		532			13
Cost of shares redeemed		(4,519	)		(9,632	)
Change in net assets resulting from Class C capital transactions		(3,522	)		(8,294	)
Class I
Proceeds from shares issued		42,320			54,409
Distributions reinvested		5,201			1,403
Cost of shares redeemed		(84,600	)		(148,125	)
Change in net assets resulting from Class I capital transactions		(37,079	)		(92,313	)
Class L
Proceeds from shares issued		15,683			180,077
Distributions reinvested		6,808			2,129
Cost of shares redeemed		(108,843	)		(262,774	)
Change in net assets resulting from Class L capital transactions		(86,352	)		(80,568	)
Class R2
Proceeds from shares issued		2,599			7,181
Distributions reinvested		1,022			18
Cost of shares redeemed		(5,592	)		(18,727	)
Change in net assets resulting from Class R2 capital transactions		(1,971	)		(11,528	)
Class R3
Proceeds from shares issued		3,214			7,420
Distributions reinvested		799			85
Cost of shares redeemed		(4,886	)		(6,924	)
Change in net assets resulting from Class R3 capital transactions		(873	)		581
Class R4
Proceeds from shares issued		484			3,577
Distributions reinvested		302			52
Cost of shares redeemed		(1,037	)		(1,334	)
Change in net assets resulting from Class R4 capital transactions		(251	)		2,295
Class R5
Proceeds from shares issued		847			2,217
Distributions reinvested		151			33
Cost of shares redeemed		(1,333	)		(7,177	)
Change in net assets resulting from Class R5 capital transactions		(335	)		(4,927	)
Class R6
Proceeds from shares issued		25,284			69,664
Distributions reinvested		9,563			3,215
Cost of shares redeemed		(75,422	)		(226,135	)
Change in net assets resulting from Class R6 capital transactions		(40,575	)		(153,256	)
Total change in net assets resulting from capital transactions	$	(184,917	)	$	(382,146	)

SEE NOTES TO FINANCIAL STATEMENTS.

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

	JPMorgan U.S. Small Company Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		2,142			1,287
Reinvested		144			19
Redeemed		(3,130	)		(3,461	)
Change in Class A Shares		(844	)		(2,155	)
Class C
Issued		30			93
Reinvested		29			1
Redeemed		(289	)		(673	)
Change in Class C Shares		(230	)		(579	)
Class I
Issued		2,496			3,533
Reinvested		260			79
Redeemed		(4,720	)		(9,733	)
Change in Class I Shares		(1,964	)		(6,121	)
Class L
Issued		890			11,011
Reinvested		341			120
Redeemed		(6,394	)		(17,742	)
Change in Class L Shares		(5,163	)		(6,611	)
Class R2
Issued		156			493
Reinvested		54			1
Redeemed		(329	)		(1,228	)
Change in Class R2 Shares		(119	)		(734	)
Class R3
Issued		190			507
Reinvested		42			5
Redeemed		(286	)		(460	)
Change in Class R3 Shares		(54	)		52
Class R4
Issued		29			226
Reinvested		15			3
Redeemed		(63	)		(86	)
Change in Class R4 Shares		(19	)		143
Class R5
Issued		48			137
Reinvested		8			2
Redeemed		(78	)		(432	)
Change in Class R5 Shares		(22	)		(293	)
Class R6
Issued		1,420			4,527
Reinvested		478			181
Redeemed		(4,133	)		(14,475	)
Change in Class R6 Shares		(2,235	)		(9,767	)

SEE NOTES TO FINANCIAL STATEMENTS.

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

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Small Cap Blend Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	19.11	$	(0.01	)	$	6.72		$	6.71		$	(0.02	)	$	(0.47	)	$	(0.49	)
Year Ended June 30, 2020		19.78		0.04			(0.04	)		—	(f)		(0.02	)		(0.65	)		(0.67	)
Year Ended June 30, 2019		26.65		—	(f)		(0.63	)		(0.63	)		—			(6.24	)		(6.24	)
Year Ended June 30, 2018		22.03		(0.20	)		7.54			7.34			—			(2.72	)		(2.72	)
Year Ended June 30, 2017		19.14		(0.16	)		6.24			6.08			—			(3.19	)		(3.19	)
Year Ended June 30, 2016		26.04		(0.16	)		(3.52	)		(3.68	)		—			(3.22	)		(3.22	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		12.19		(0.04	)		4.28			4.24			—			(0.47	)		(0.47	)
Year Ended June 30, 2020		12.90		(0.04	)		(0.02	)		(0.06	)		—			(0.65	)		(0.65	)
Year Ended June 30, 2019		19.89		(0.08	)		(0.67	)		(0.75	)		—			(6.24	)		(6.24	)
Year Ended June 30, 2018		17.12		(0.24	)		5.73			5.49			—			(2.72	)		(2.72	)
Year Ended June 30, 2017		15.58		(0.21	)		4.94			4.73			—			(3.19	)		(3.19	)
Year Ended June 30, 2016		21.97		(0.22	)		(2.95	)		(3.17	)		—			(3.22	)		(3.22	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		23.09		0.03			8.12			8.15			(0.05	)		(0.47	)		(0.52	)
Year Ended June 30, 2020		23.75		0.10			(0.06	)		0.04			(0.05	)		(0.65	)		(0.70	)
Year Ended June 30, 2019		30.53		0.05			(0.59	)		(0.54	)		—			(6.24	)		(6.24	)
Year Ended June 30, 2018		24.83		(0.15	)		8.57			8.42			—			(2.72	)		(2.72	)
Year Ended June 30, 2017		21.17		(0.12	)		6.97			6.85			—			(3.19	)		(3.19	)
Year Ended June 30, 2016		28.34		(0.14	)		(3.81	)		(3.95	)		—			(3.22	)		(3.22	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		23.17		0.06			8.15			8.21			(0.10	)		(0.47	)		(0.57	)
Year Ended June 30, 2020		23.82		0.16			(0.06	)		0.10			(0.10	)		(0.65	)		(0.75	)
July 2, 2018 (g) through June 30, 2019		30.73		0.18			(0.85	)		(0.67	)		—			(6.24	)		(6.24	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Amount rounds to less than $0.005.

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

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

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	25.33		35.16	%	$	203,932		1.23	%		(0.05	)%		1.28	%		21	%
	19.11		(0.24	)		132,674		1.24			0.19			1.32			48
	19.78		0.70			116,751		1.24			(0.01	)		1.37			75
	26.65		35.55			85,586		1.24			(0.81	)		1.36			89
	22.03		34.99			66,189		1.25			(0.78	)		1.48			41
	19.14		(14.42	)		55,583		1.25			(0.76	)		1.51			56
	15.96		34.89			9,059		1.73			(0.53	)		1.78			21
	12.19		(0.83	)		24,323		1.74			(0.31	)		1.80			48
	12.90		0.25			38,625		1.74			(0.53	)		1.85			75
	19.89		34.88			40,470		1.74			(1.31	)		1.83			89
	17.12		34.25			36,707		1.74			(1.28	)		2.04			41
	15.58		(14.80	)		32,734		1.75			(1.27	)		2.12			56
	30.72		35.37			249,101		0.98			0.21			1.02			21
	23.09		(0.02	)		148,443		0.99			0.44			1.05			48
	23.75		0.94			110,123		0.99			0.20			1.10			75
	30.53		35.91			92,701		0.99			(0.56	)		1.08			89
	24.83		35.29			67,496		1.00			(0.53	)		1.18			41
	21.17		(14.19	)		64,589		1.00			(0.57	)		1.09			56
	30.81		35.51			302,893		0.73			0.45			0.77			21
	23.17		0.22			167,419		0.74			0.69			0.80			48
	23.82		0.55			82,758		0.74			0.79			1.10			75

SEE NOTES TO FINANCIAL STATEMENTS.

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

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Small Cap Core Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	42.12	$	0.11		$	15.96		$	16.07		$	(0.36	)	$	—		$	(0.36	)
Year Ended June 30, 2020		49.98		0.15			(6.00	)		(5.85	)		(0.15	)		(1.86	)		(2.01	)
Year Ended June 30, 2019		57.16		0.11			(3.52	)		(3.41	)		(0.02	)		(3.75	)		(3.77	)
Year Ended June 30, 2018		52.32		0.04	(f)		9.19			9.23			(0.01	)		(4.38	)		(4.39	)
Year Ended June 30, 2017		45.88		(0.04	)		11.81			11.77			(0.20	)		(5.13	)		(5.33	)
May 31, 2016 (g) through June 30, 2016		45.81		0.02	(f)		0.05			0.07			—			—			—
Class C
Six Months Ended December 31, 2020 (Unaudited)		41.41		(0.01	)		15.68			15.67			(0.07	)		—			(0.07	)
Year Ended June 30, 2020		49.27		(0.07	)		(5.93	)		(6.00	)		—			(1.86	)		(1.86	)
Year Ended June 30, 2019		56.67		(0.15	)		(3.50	)		(3.65	)		—			(3.75	)		(3.75	)
Year Ended June 30, 2018		52.14		(0.24	)(f)		9.15			8.91			—			(4.38	)		(4.38	)
Year Ended June 30, 2017		45.86		(0.24	)		11.74			11.50			(0.09	)		(5.13	)		(5.22	)
May 31, 2016 (g) through June 30, 2016		45.81		—	(f)(h)		0.05			0.05			—			—			—
Class I
Six Months Ended December 31, 2020 (Unaudited)		42.35		0.17			16.07			16.24			(0.47	)		—			(0.47	)
Year Ended June 30, 2020		50.25		0.28			(6.03	)		(5.75	)		(0.29	)		(1.86	)		(2.15	)
Year Ended June 30, 2019		57.44		0.23			(3.55	)		(3.32	)		(0.12	)		(3.75	)		(3.87	)
Year Ended June 30, 2018		52.58		0.17	(f)		9.24			9.41			(0.17	)		(4.38	)		(4.55	)
January 3, 2017 (g) through June 30, 2017		50.44		0.07			2.07			2.14			—			—			—
Class R2
Six Months Ended December 31, 2020 (Unaudited)		42.07		0.05			15.94			15.99			(0.28	)		—			(0.28	)
Year Ended June 30, 2020		50.01		0.05			(6.02	)		(5.97	)		(0.11	)		(1.86	)		(1.97	)
Year Ended June 30, 2019		57.32		0.04			(3.60	)		(3.56	)		—			(3.75	)		(3.75	)
July 31, 2017 (g) through June 30, 2018		53.24		(0.08	)(f)		8.58			8.50			(0.04	)		(4.38	)		(4.42	)
Class R3
Six Months Ended December 31, 2020 (Unaudited)		42.23		0.11			16.01			16.12			(0.34	)		—			(0.34	)
Year Ended June 30, 2020		50.18		0.16			(6.02	)		(5.86	)		(0.23	)		(1.86	)		(2.09	)
Year Ended June 30, 2019		57.40		0.26			(3.71	)		(3.45	)		(0.02	)		(3.75	)		(3.77	)
July 31, 2017 (g) through June 30, 2018		53.24		0.05	(f)		8.58			8.63			(0.09	)		(4.38	)		(4.47	)
Class R4
Six Months Ended December 31, 2020 (Unaudited)		42.37		0.17			16.08			16.25			(0.47	)		—			(0.47	)
Year Ended June 30, 2020		50.28		0.28			(6.03	)		(5.75	)		(0.30	)		(1.86	)		(2.16	)
Year Ended June 30, 2019		57.48		0.23			(3.56	)		(3.33	)		(0.12	)		(3.75	)		(3.87	)
July 31, 2017 (g) through June 30, 2018		53.24		0.18	(f)		8.58			8.76			(0.14	)		(4.38	)		(4.52	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

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

(g) Commencement of offering of class of shares.

(h) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

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

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	57.83		38.16	%	$	5,472		1.23	%		0.45	%		1.33	%		33	%
	42.12		(12.40	)		4,127		1.24			0.33			1.38			102
	49.98		(5.48	)		5,896		1.23			0.21			1.36			74
	57.16		18.37			4,624		1.24			0.07	(f)		1.41			39
	52.32		26.29			2,203		1.24			(0.07	)		1.45			61
	45.88		0.15			23		1.25			0.56	(f)		1.39			58
	57.01		37.85			1,943		1.73			(0.06	)		1.83			33
	41.41		(12.84	)		1,690		1.74			(0.16	)		1.82			102
	49.27		(5.97	)		2,307		1.73			(0.30	)		1.86			74
	56.67		17.79			1,816		1.74			(0.45	)(f)		1.90			39
	52.14		25.68			1,017		1.74			(0.47	)		1.96			61
	45.86		0.11			20		1.74			0.06	(f)		1.89			58
	58.12		38.35			18,599		0.98			0.71			1.05			33
	42.35		(12.18	)		13,264		0.99			0.61			1.06			102
	50.25		(5.24	)		13,211		0.98			0.45			1.09			74
	57.44		18.64			15,557		0.99			0.32	(f)		1.12			39
	52.58		4.24			3,545		0.99			0.26			1.21			61
	57.78		38.01			275		1.48			0.21			1.80			33
	42.07		(12.62	)		180		1.49			0.11			1.69			102
	50.01		(5.73	)		166		1.48			0.08			2.08			74
	57.32		16.67			24		1.49			(0.15	)(f)		1.72			39
	58.01		38.18			4,476		1.23			0.45			1.29			33
	42.23		(12.40	)		3,692		1.24			0.36			1.30			102
	50.18		(5.51	)		3,768		1.23			0.53			1.59			74
	57.40		16.94			24		1.24			0.10	(f)		1.46			39
	58.15		38.36			2,441		0.98			0.69			1.06			33
	42.37		(12.17	)		2,125		0.99			0.61			1.06			102
	50.28		(5.26	)		1,941		0.98			0.45			1.10			74
	57.48		17.21			1,536		0.99			0.36	(f)		1.11			39

SEE NOTES TO FINANCIAL STATEMENTS.

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

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Small Cap Core Fund (continued)
Class R5
Six Months Ended December 31, 2020 (Unaudited)	$	42.51	$	0.21		$	16.15		$	16.36		$	(0.56	)	$	—		$	(0.56	)
Year Ended June 30, 2020		50.42		0.36			(6.04	)		(5.68	)		(0.37	)		(1.86	)		(2.23	)
Year Ended June 30, 2019		57.63		0.33			(3.58	)		(3.25	)		(0.21	)		(3.75	)		(3.96	)
Year Ended June 30, 2018		52.64		0.26	(f)		9.28			9.54			(0.17	)		(4.38	)		(4.55	)
Year Ended June 30, 2017		45.90		0.20			11.83			12.03			(0.16	)		(5.13	)		(5.29	)
Year Ended June 30, 2016		56.18		0.15	(f)		(5.25	)		(5.10	)		(0.32	)		(4.86	)		(5.18	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		42.45		0.23			16.12			16.35			(0.59	)		—			(0.59	)
Year Ended June 30, 2020		50.34		0.39			(6.02	)		(5.63	)		(0.40	)		(1.86	)		(2.26	)
Year Ended June 30, 2019		57.55		0.39			(3.61	)		(3.22	)		(0.24	)		(3.75	)		(3.99	)
Year Ended June 30, 2018		52.57		0.33	(f)		9.23			9.56			(0.20	)		(4.38	)		(4.58	)
Year Ended June 30, 2017		45.90		0.29			11.76			12.05			(0.25	)		(5.13	)		(5.38	)
May 31, 2016 (g) through June 30, 2016		45.81		0.04	(f)		0.05			0.09			—			—			—

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

(b) Calculated based upon average shares outstanding.

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

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

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

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

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

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

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	58.31		38.49	%	$	166,447		0.79	%		0.88	%		0.90	%		33	%
	42.51		(12.02	)		148,185		0.80			0.78			0.90			102
	50.42		(5.07	)		215,630		0.79			0.63			0.93			74
	57.63		18.88			223,933		0.79			0.48	(f)		0.97			39
	52.64		26.87			187,198		0.79			0.40			1.11			61
	45.90		(8.97	)		164,573		0.80			0.30	(f)		1.16			58
	58.21		38.52			218,136		0.73			0.95			0.80			33
	42.45		(11.95	)		176,598		0.74			0.84			0.80			102
	50.34		(5.02	)		206,625		0.73			0.75			0.83			74
	57.55		18.95			66,306		0.74			0.59	(f)		0.86			39
	52.57		26.94			16,782		0.74			0.56			0.98			61
	45.90		0.20			20		0.74			1.06	(f)		0.88			58

SEE NOTES TO FINANCIAL STATEMENTS.

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

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Small Cap Equity Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	45.69	$	0.06		$	14.48		$	14.54		$	(0.07	)	$	(1.63	)	$	(1.70	)
Year Ended June 30, 2020		50.05		0.12			(1.95	)		(1.83	)		(0.15	)		(2.38	)		(2.53	)
Year Ended June 30, 2019		52.43		0.12			0.95			1.07			(0.06	)		(3.39	)		(3.45	)
Year Ended June 30, 2018		48.63		0.10			6.67			6.77			(0.10	)		(2.87	)		(2.97	)
Year Ended June 30, 2017		41.68		0.11			8.21			8.32			(0.12	)		(1.25	)		(1.37	)
Year Ended June 30, 2016		44.68		0.13	(f)		0.08			0.21			(0.14	)		(3.07	)		(3.21	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		32.42		(0.05	)		10.24			10.19			(0.04	)		(1.63	)		(1.67	)
Year Ended June 30, 2020		36.25		(0.08	)		(1.35	)		(1.43	)		(0.02	)		(2.38	)		(2.40	)
Year Ended June 30, 2019		39.12		(0.09	)		0.61			0.52			—			(3.39	)		(3.39	)
Year Ended June 30, 2018		37.07		(0.12	)		5.04			4.92			—			(2.87	)		(2.87	)
Year Ended June 30, 2017		32.21		(0.09	)		6.31			6.22			(0.11	)		(1.25	)		(1.36	)
Year Ended June 30, 2016		35.32		(0.06	)(f)		0.02			(0.04	)		—			(3.07	)		(3.07	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		53.70		0.16			17.04			17.20			(0.21	)		(1.63	)		(1.84	)
Year Ended June 30, 2020		58.34		0.30			(2.30	)		(2.00	)		(0.26	)		(2.38	)		(2.64	)
Year Ended June 30, 2019		60.52		0.29			1.12			1.41			(0.20	)		(3.39	)		(3.59	)
Year Ended June 30, 2018		55.69		0.26			7.67			7.93			(0.23	)		(2.87	)		(3.10	)
Year Ended June 30, 2017		47.50		0.28			9.37			9.65			(0.21	)		(1.25	)		(1.46	)
Year Ended June 30, 2016		50.31		0.25	(f)		0.17			0.42			(0.16	)		(3.07	)		(3.23	)
Class R2
Six Months Ended December 31, 2020 (Unaudited)		44.70		(0.01	)		14.16			14.15			(0.04	)		(1.63	)		(1.67	)
Year Ended June 30, 2020		48.98		0.01			(1.91	)		(1.90	)		—			(2.38	)		(2.38	)
Year Ended June 30, 2019		51.44		—	(g)		0.93			0.93			—			(3.39	)		(3.39	)
Year Ended June 30, 2018		47.81		(0.03	)		6.55			6.52			(0.02	)		(2.87	)		(2.89	)
Year Ended June 30, 2017		41.08		—	(g)		8.08			8.08			(0.10	)		(1.25	)		(1.35	)
Year Ended June 30, 2016		44.04		0.01	(f)		0.10			0.11			—			(3.07	)		(3.07	)
Class R3
Six Months Ended December 31, 2020 (Unaudited)		45.38		0.08			14.37			14.45			(0.14	)		(1.63	)		(1.77	)
Year Ended June 30, 2020		49.73		0.13			(1.93	)		(1.80	)		(0.17	)		(2.38	)		(2.55	)
Year Ended June 30, 2019		52.13		0.13			0.92			1.05			(0.06	)		(3.39	)		(3.45	)
Year Ended June 30, 2018		48.54		0.12			6.63			6.75			(0.29	)		(2.87	)		(3.16	)
September 9, 2016 (i) through June 30, 2017		43.22		0.12			6.68			6.80			(0.23	)		(1.25	)		(1.48	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

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

(g) Amount rounds to less than $0.005.

(h) Amount rounds to less than 0.005%.

(i) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

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

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	58.53		31.93	%	$	813,718		1.27	%		0.23	%		1.27	%		15	%
	45.69		(4.11	)		653,887		1.26			0.25			1.27			23
	50.05		2.82			791,846		1.23			0.24			1.25			23
	52.43		14.33			1,095,395		1.24			0.19			1.26			17
	48.63		20.14			1,135,394		1.29			0.24			1.35			21
	41.68		1.10			736,629		1.29			0.31	(f)		1.38			32
	40.94		31.60			91,257		1.73			(0.25	)		1.74			15
	32.42		(4.56	)		80,258		1.74			(0.24	)		1.75			23
	36.25		2.31			111,453		1.73			(0.25	)		1.75			23
	39.12		13.76			143,030		1.74			(0.32	)		1.76			17
	37.07		19.53			171,352		1.79			(0.25	)		1.84			21
	32.21		0.63			70,176		1.79			(0.20	)(f)		1.85			32
	69.06		32.13			4,172,745		0.98			0.53			0.99			15
	53.70		(3.83	)		3,240,725		0.98			0.54			0.99			23
	58.34		3.05			2,720,056		0.98			0.51			1.00			23
	60.52		14.61			2,868,739		0.98			0.45			1.00			17
	55.69		20.50			2,722,213		0.99			0.54			1.07			21
	47.50		1.41			1,261,772		0.99			0.54	(f)		1.14			32
	57.18		31.78			6,844		1.48			(0.02	)		1.51			15
	44.70		(4.32	)		6,746		1.49			0.02			1.52			23
	48.98		2.56			9,718		1.48			0.00	(h)		1.52			23
	51.44		14.02			12,133		1.49			(0.06	)		1.52			17
	47.81		19.85			13,078		1.53			0.00	(h)		1.73			21
	41.08		0.85			5,313		1.54			0.03	(f)		1.72			32
	58.06		31.95			4,586		1.23			0.30			1.24			15
	45.38		(4.08	)		2,948		1.24			0.28			1.24			23
	49.73		2.79			2,597		1.23			0.26			1.25			23
	52.13		14.33			2,542		1.23			0.24			1.30			17
	48.54		15.92			104		1.24			0.32			1.36			21

SEE NOTES TO FINANCIAL STATEMENTS.

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

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Small Cap Equity Fund (continued)
Class R4
Six Months Ended December 31, 2020 (Unaudited)	$	53.63	$	0.17		$	17.01		$	17.18		$	(0.22	)	$	(1.63	)	$	(1.85	)
Year Ended June 30, 2020		58.26		0.29			(2.29	)		(2.00	)		(0.25	)		(2.38	)		(2.63	)
Year Ended June 30, 2019		60.42		0.29			1.12			1.41			(0.18	)		(3.39	)		(3.57	)
Year Ended June 30, 2018		55.64		0.33			7.59			7.92			(0.27	)		(2.87	)		(3.14	)
September 9, 2016 (i) through June 30, 2017		49.28		0.23			7.63			7.86			(0.25	)		(1.25	)		(1.50	)
Class R5
Six Months Ended December 31, 2020 (Unaudited)		53.88		0.22			17.10			17.32			(0.31	)		(1.63	)		(1.94	)
Year Ended June 30, 2020		58.51		0.40			(2.30	)		(1.90	)		(0.35	)		(2.38	)		(2.73	)
Year Ended June 30, 2019		60.69		0.41			1.11			1.52			(0.31	)		(3.39	)		(3.70	)
Year Ended June 30, 2018		55.84		0.37			7.70			8.07			(0.35	)		(2.87	)		(3.22	)
Year Ended June 30, 2017		47.57		0.36			9.42			9.78			(0.26	)		(1.25	)		(1.51	)
Year Ended June 30, 2016		50.43		0.36	(f)		0.15			0.51			(0.30	)		(3.07	)		(3.37	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		53.87		0.23			17.11			17.34			(0.34	)		(1.63	)		(1.97	)
Year Ended June 30, 2020		58.50		0.44			(2.30	)		(1.86	)		(0.39	)		(2.38	)		(2.77	)
Year Ended June 30, 2019		60.68		0.44			1.11			1.55			(0.34	)		(3.39	)		(3.73	)
Year Ended June 30, 2018		55.83		0.41			7.69			8.10			(0.38	)		(2.87	)		(3.25	)
Year Ended June 30, 2017		47.57		0.46			9.34			9.80			(0.29	)		(1.25	)		(1.54	)
May 31, 2016 (i) through June 30, 2016		47.04		0.06	(f)		0.47			0.53			—			—			—

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

(b) Calculated based upon average shares outstanding.

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

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

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

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

(g) Amount rounds to less than $0.005.

(h) Amount rounds to less than 0.005%.

(i) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

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

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	68.96		32.13	%	$	662		0.98	%		0.56	%		1.01	%		15	%
	53.63		(3.83	)		449		0.98			0.53			1.01			23
	58.26		3.05			475		0.98			0.50			1.03			23
	60.42		14.61			624		0.98			0.57			1.07			17
	55.64		16.14			60		0.99			0.55			1.14			21
	69.26		32.24			1,176,000		0.79			0.71			0.84			15
	53.88		(3.65	)		984,863		0.80			0.71			0.84			23
	58.51		3.26			1,214,075		0.79			0.70			0.85			23
	60.69		14.83			1,255,251		0.79			0.64			0.85			17
	55.84		20.74			1,267,593		0.79			0.68			0.86			21
	47.57		1.62			1,349,107		0.79			0.78	(f)		0.86			32
	69.24		32.30			2,015,719		0.73			0.76			0.74			15
	53.87		(3.60	)		1,625,610		0.74			0.78			0.74			23
	58.50		3.33			1,425,704		0.73			0.76			0.75			23
	60.68		14.89			1,450,525		0.73			0.71			0.75			17
	55.83		20.80			978,649		0.74			0.85			0.76			21
	47.57		1.13			25,933		0.73			1.60	(f)		0.75			32

SEE NOTES TO FINANCIAL STATEMENTS.

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

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Small Cap Growth Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	18.70	$	(0.10	)	$	8.87		$	8.77		$	(0.01	)	$	(1.82	)	$	(1.83	)
Year Ended June 30, 2020		17.00		(0.11	)		2.88			2.77			—			(1.07	)		(1.07	)
Year Ended June 30, 2019		18.45		(0.11	)		0.67			0.56			—			(2.01	)		(2.01	)
Year Ended June 30, 2018		14.81		(0.14	)(f)		5.11			4.97			—			(1.33	)		(1.33	)
Year Ended June 30, 2017		11.43		(0.10	)		3.94			3.84			—			(0.46	)		(0.46	)
Year Ended June 30, 2016		14.50		(0.09	)		(1.94	)		(2.03	)		—			(1.04	)		(1.04	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		12.53		(0.10	)		5.91			5.81			—			(1.82	)		(1.82	)
Year Ended June 30, 2020		11.78		(0.13	)		1.95			1.82			—			(1.07	)		(1.07	)
Year Ended June 30, 2019		13.55		(0.14	)		0.38			0.24			—			(2.01	)		(2.01	)
Year Ended June 30, 2018		11.23		(0.16	)(f)		3.81			3.65			—			(1.33	)		(1.33	)
Year Ended June 30, 2017		8.82		(0.13	)		3.00			2.87			—			(0.46	)		(0.46	)
Year Ended June 30, 2016		11.50		(0.12	)		(1.52	)		(1.64	)		—			(1.04	)		(1.04	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		21.14		(0.08	)		10.05			9.97			(0.05	)		(1.82	)		(1.87	)
Year Ended June 30, 2020		19.05		(0.07	)		3.24			3.17			(0.01	)		(1.07	)		(1.08	)
Year Ended June 30, 2019		20.35		(0.08	)		0.79			0.71			—			(2.01	)		(2.01	)
Year Ended June 30, 2018		16.18		(0.11	)(f)		5.61			5.50			—			(1.33	)		(1.33	)
Year Ended June 30, 2017		12.42		(0.07	)		4.29			4.22			—			(0.46	)		(0.46	)
Year Ended June 30, 2016		15.61		(0.07	)		(2.08	)		(2.15	)		—			(1.04	)		(1.04	)
Class L
Six Months Ended December 31, 2020 (Unaudited)		21.93		(0.06	)		10.43			10.37			(0.07	)		(1.82	)		(1.89	)
Year Ended June 30, 2020		19.71		(0.04	)		3.36			3.32			(0.03	)		(1.07	)		(1.10	)
Year Ended June 30, 2019		20.95		(0.05	)		0.82			0.77			—			(2.01	)		(2.01	)
Year Ended June 30, 2018		16.60		(0.08	)(f)		5.76			5.68			—			(1.33	)		(1.33	)
Year Ended June 30, 2017		12.72		(0.05	)		4.39			4.34			—			(0.46	)		(0.46	)
Year Ended June 30, 2016		15.93		(0.05	)		(2.12	)		(2.17	)		—			(1.04	)		(1.04	)
Class R2
Six Months Ended December 31, 2020 (Unaudited)		17.85		(0.12	)		8.45			8.33			—			(1.82	)		(1.82	)
Year Ended June 30, 2020		16.31		(0.14	)		2.75			2.61			—			(1.07	)		(1.07	)
Year Ended June 30, 2019		17.84		(0.15	)		0.63			0.48			—			(2.01	)		(2.01	)
Year Ended June 30, 2018		14.39		(0.17	)(f)		4.95			4.78			—			(1.33	)		(1.33	)
Year Ended June 30, 2017		11.15		(0.13	)		3.83			3.70			—			(0.46	)		(0.46	)
Year Ended June 30, 2016		14.20		(0.12	)		(1.89	)		(2.01	)		—			(1.04	)		(1.04	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

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

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

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

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	25.64		47.37	%	$	789,104		1.23	%		(0.88	)%		1.25	%		24	%
	18.70		16.92			500,357		1.24			(0.63	)		1.27			51
	17.00		5.08			400,127		1.24			(0.68	)		1.27			58
	18.45		35.14			337,933		1.24			(0.83	)(f)		1.29			58
	14.81		34.36			196,403		1.24			(0.75	)		1.40			42
	11.43		(14.17	)		179,093		1.25			(0.77	)		1.50			47
	16.52		47.06			91,249		1.73			(1.38	)		1.75			24
	12.53		16.32			62,434		1.74			(1.13	)		1.77			51
	11.78		4.51			58,288		1.74			(1.17	)		1.77			58
	13.55		34.56			43,116		1.74			(1.32	)(f)		1.77			58
	11.23		33.51			20,352		1.74			(1.25	)		1.85			42
	8.82		(14.50	)		18,218		1.75			(1.27	)		1.91			47
	29.24		47.57			776,605		0.98			(0.63	)		0.99			24
	21.14		17.19			466,094		0.99			(0.37	)		1.01			51
	19.05		5.36			289,094		0.99			(0.43	)		1.02			58
	20.35		35.45			268,082		0.99			(0.57	)(f)		1.02			58
	16.18		34.69			110,644		1.00			(0.50	)		1.12			42
	12.42		(13.92	)		102,174		1.00			(0.52	)		1.18			47
	30.41		47.66			1,125,433		0.84			(0.48	)		0.84			24
	21.93		17.40			735,649		0.84			(0.23	)		0.86			51
	19.71		5.51			568,539		0.84			(0.27	)		0.86			58
	20.95		35.65			434,286		0.84			(0.43	)(f)		0.86			58
	16.60		34.82			360,044		0.85			(0.35	)		0.93			42
	12.72		(13.76	)		271,369		0.85			(0.35	)		0.96			47
	24.36		47.14			31,657		1.48			(1.13	)		1.51			24
	17.85		16.64			24,496		1.49			(0.88	)		1.52			51
	16.31		4.79			26,011		1.49			(0.94	)		1.52			58
	17.84		34.83			31,569		1.49			(1.08	)(f)		1.52			58
	14.39		33.96			23,569		1.49			(1.00	)		1.70			42
	11.15		(14.34	)		21,276		1.50			(1.01	)		1.85			47

SEE NOTES TO FINANCIAL STATEMENTS.

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

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Small Cap Growth Fund (continued)
Class R3
Six Months Ended December 31, 2020 (Unaudited)	$	18.66	$	(0.10	)	$	8.86		$	8.76		$	(0.03	)	$	(1.82	)	$	(1.85	)
Year Ended June 30, 2020		17.00		(0.11	)		2.87			2.76			(0.03	)		(1.07	)		(1.10	)
Year Ended June 30, 2019		18.45		(0.10	)		0.66			0.56			—			(2.01	)		(2.01	)
July 31, 2017 (g) through June 30, 2018		15.17		(0.13	)(f)		4.74			4.61			—			(1.33	)		(1.33	)
Class R4
Six Months Ended December 31, 2020 (Unaudited)		18.83		(0.07	)		8.93			8.86			(0.05	)		(1.82	)		(1.87	)
Year Ended June 30, 2020		17.09		(0.06	)		2.90			2.84			(0.03	)		(1.07	)		(1.10	)
Year Ended June 30, 2019		18.50		(0.07	)		0.67			0.60			—			(2.01	)		(2.01	)
July 31, 2017 (g) through June 30, 2018		15.17		(0.09	)(f)		4.75			4.66			—			(1.33	)		(1.33	)
Class R5
Six Months Ended December 31, 2020 (Unaudited)		21.95		(0.06	)		10.44			10.38			(0.07	)		(1.82	)		(1.89	)
Year Ended June 30, 2020		19.72		(0.04	)		3.36			3.32			(0.02	)		(1.07	)		(1.09	)
Year Ended June 30, 2019		20.96		(0.07	)		0.84			0.77			—			(2.01	)		(2.01	)
Year Ended June 30, 2018		16.60		(0.07	)(f)		5.76			5.69			—			(1.33	)		(1.33	)
September 9, 2016 (g) through June 30, 2017		13.75		(0.04	)		3.35			3.31			—			(0.46	)		(0.46	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		22.21		(0.05	)		10.56			10.51			(0.08	)		(1.82	)		(1.90	)
Year Ended June 30, 2020		19.95		(0.02	)		3.40			3.38			(0.05	)		(1.07	)		(1.12	)
Year Ended June 30, 2019		21.16		(0.03	)		0.83			0.80			—			(2.01	)		(2.01	)
Year Ended June 30, 2018		16.73		(0.06	)(f)		5.82			5.76			—			(1.33	)		(1.33	)
Year Ended June 30, 2017		12.80		(0.04	)		4.43			4.39			—			(0.46	)		(0.46	)
Year Ended June 30, 2016		16.01		(0.03	)		(2.14	)		(2.17	)		—			(1.04	)		(1.04	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

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

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

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

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	25.57		47.40	%	$	7,576		1.23	%		(0.88	)%		1.27	%		24	%
	18.66		16.86			5,217		1.24			(0.63	)		1.29			51
	17.00		5.08			1,072		1.24			(0.63	)		1.37			58
	18.45		31.93			446		1.23			(0.80	)(f)		1.28			58
	25.82		47.52			4,157		0.98			(0.63	)		0.99			24
	18.83		17.25			2,821		0.99			(0.38	)		1.04			51
	17.09		5.30			1,336		0.99			(0.39	)		1.01			58
	18.50		32.28			726		0.99			(0.53	)(f)		1.17			58
	30.44		47.67			39,325		0.83			(0.48	)		0.85			24
	21.95		17.37			22,261		0.84			(0.23	)		0.86			51
	19.72		5.50			13,817		0.84			(0.34	)		0.86			58
	20.96		35.71			28,656		0.84			(0.37	)(f)		0.88			58
	16.60		24.72			1,186		0.82			(0.31	)		0.84			42
	30.82		47.72			3,467,882		0.73			(0.38	)		0.75			24
	22.21		17.49			2,140,824		0.74			(0.12	)		0.76			51
	19.95		5.60			1,518,382		0.74			(0.16	)		0.76			58
	21.16		35.86			1,045,098		0.74			(0.32	)(f)		0.76			58
	16.73		34.99			603,730		0.75			(0.25	)		0.76			42
	12.80		(13.69	)		445,008		0.75			(0.25	)		0.77			47

SEE NOTES TO FINANCIAL STATEMENTS.

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

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Small Cap Value Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	18.48	$	0.10		$	6.54		$	6.64		$	(0.12	)	$	—		$	(0.12	)
Year Ended June 30, 2020		23.65		0.16			(3.82	)		(3.66	)		(0.18	)		(1.33	)		(1.51	)
Year Ended June 30, 2019		30.42		0.21			(3.28	)		(3.07	)		(0.24	)		(3.46	)		(3.70	)
Year Ended June 30, 2018		29.18		0.20	(f)		3.01			3.21			(0.23	)		(1.74	)		(1.97	)
Year Ended June 30, 2017		24.64		0.11	(f)		4.58			4.69			(0.13	)		(0.02	)		(0.15	)
Year Ended June 30, 2016		26.65		0.17			(0.94	)		(0.77	)		(0.15	)		(1.09	)		(1.24	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		14.52		0.04			5.13			5.17			(0.09	)		—			(0.09	)
Year Ended June 30, 2020		18.90		0.04			(2.97	)		(2.93	)		(0.12	)		(1.33	)		(1.45	)
Year Ended June 30, 2019		25.21		0.07			(2.73	)		(2.66	)		(0.19	)		(3.46	)		(3.65	)
Year Ended June 30, 2018		24.55		0.04	(f)		2.50			2.54			(0.14	)		(1.74	)		(1.88	)
Year Ended June 30, 2017		20.82		(0.05	)(f)		3.87			3.82			(0.07	)		(0.02	)		(0.09	)
Year Ended June 30, 2016		22.77		0.02			(0.82	)		(0.80	)		(0.06	)		(1.09	)		(1.15	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		19.88		0.14			7.04			7.18			(0.15	)		—			(0.15	)
Year Ended June 30, 2020		25.32		0.23			(4.11	)		(3.88	)		(0.23	)		(1.33	)		(1.56	)
Year Ended June 30, 2019		32.25		0.31			(3.48	)		(3.17	)		(0.30	)		(3.46	)		(3.76	)
Year Ended June 30, 2018		30.80		0.30	(f)		3.18			3.48			(0.29	)		(1.74	)		(2.03	)
Year Ended June 30, 2017		25.97		0.20	(f)		4.81			5.01			(0.16	)		(0.02	)		(0.18	)
Year Ended June 30, 2016		28.00		0.23			(0.97	)		(0.74	)		(0.20	)		(1.09	)		(1.29	)
Class R2
Six Months Ended December 31, 2020 (Unaudited)		18.25		0.08			6.45			6.53			(0.10	)		—			(0.10	)
Year Ended June 30, 2020		23.37		0.11			(3.77	)		(3.66	)		(0.13	)		(1.33	)		(1.46	)
Year Ended June 30, 2019		30.13		0.15			(3.25	)		(3.10	)		(0.20	)		(3.46	)		(3.66	)
Year Ended June 30, 2018		28.94		0.12	(f)		2.98			3.10			(0.17	)		(1.74	)		(1.91	)
Year Ended June 30, 2017		24.48		0.04	(f)		4.53			4.57			(0.09	)		(0.02	)		(0.11	)
Year Ended June 30, 2016		26.49		0.11			(0.94	)		(0.83	)		(0.09	)		(1.09	)		(1.18	)
Class R3
Six Months Ended December 31, 2020 (Unaudited)		18.45		0.10			6.53			6.63			(0.13	)		—			(0.13	)
Year Ended June 30, 2020		23.61		0.16			(3.81	)		(3.65	)		(0.18	)		(1.33	)		(1.51	)
Year Ended June 30, 2019		30.38		0.23			(3.29	)		(3.06	)		(0.25	)		(3.46	)		(3.71	)
Year Ended June 30, 2018		29.14		0.20	(f)		3.01			3.21			(0.23	)		(1.74	)		(1.97	)
September 9, 2016 (g) through June 30, 2017		25.89		0.12	(f)		3.31			3.43			(0.16	)		(0.02	)		(0.18	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

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

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

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

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	25.00		36.02	%	$	149,740		1.27	%		0.94	%		1.27	%		32	%
	18.48		(16.78	)		123,496		1.25			0.74			1.27			42
	23.65		(9.73	)		193,505		1.24			0.80			1.26			60
	30.42		11.41			336,054		1.24			0.67	(f)		1.30			39
	29.18		19.01			518,464		1.24			0.39	(f)		1.44			41
	24.64		(2.54	)		551,313		1.25			0.69			1.53			46
	19.60		35.66			6,775		1.73			0.45			1.79			32
	14.52		(17.14	)		9,340		1.74			0.23			1.78			42
	18.90		(10.18	)		18,088		1.74			0.33			1.77			60
	25.21		10.80			25,885		1.75			0.14	(f)		1.78			39
	24.55		18.32			40,349		1.85			(0.21	)(f)		1.86			41
	20.82		(3.12	)		41,161		1.86			0.07			1.94			46
	26.91		36.21			155,222		0.98			1.23			1.02			32
	19.88		(16.55	)		131,992		0.99			0.98			1.01			42
	25.32		(9.49	)		287,014		0.99			1.10			1.01			60
	32.25		11.70			336,366		0.99			0.96	(f)		1.01			39
	30.80		19.30			344,875		0.99			0.67	(f)		1.11			41
	25.97		(2.28	)		263,436		1.00			0.88			1.18			46
	24.68		35.85			31,493		1.48			0.73			1.60			32
	18.25		(16.96	)		25,034		1.49			0.51			1.57			42
	23.37		(9.94	)		36,276		1.49			0.60			1.58			60
	30.13		11.12			45,300		1.52			0.41	(f)		1.63			39
	28.94		18.68			60,282		1.52			0.14	(f)		1.75			41
	24.48		(2.78	)		47,309		1.50			0.45			1.91			46
	24.95		36.00			13,538		1.23			0.99			1.30			32
	18.45		(16.77	)		10,384		1.24			0.76			1.29			42
	23.61		(9.72	)		14,854		1.24			0.89			1.28			60
	30.38		11.42			12,948		1.25			0.67	(f)		1.29			39
	29.14		13.24			13,390		1.27			0.53	(f)		1.28			41

SEE NOTES TO FINANCIAL STATEMENTS.

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

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Small Cap Value Fund (continued)
Class R4
Six Months Ended December 31, 2020 (Unaudited)	$	19.88	$	0.20		$	6.98		$	7.18		$	(0.16	)	$	—		$	(0.16	)
Year Ended June 30, 2020		25.28		0.19			(4.06	)		(3.87	)		(0.20	)		(1.33	)		(1.53	)
Year Ended June 30, 2019		32.21		0.30			(3.47	)		(3.17	)		(0.30	)		(3.46	)		(3.76	)
Year Ended June 30, 2018		30.77		0.32	(f)		3.14			3.46			(0.28	)		(1.74	)		(2.02	)
September 9, 2016 (g) through June 30, 2017		27.30		0.18	(f)		3.49			3.67			(0.18	)		(0.02	)		(0.20	)
Class R5
Six Months Ended December 31, 2020 (Unaudited)		19.89		0.15			7.05			7.20			(0.16	)		—			(0.16	)
Year Ended June 30, 2020		25.34		0.26			(4.11	)		(3.85	)		(0.27	)		(1.33	)		(1.60	)
Year Ended June 30, 2019		32.26		0.34			(3.47	)		(3.13	)		(0.33	)		(3.46	)		(3.79	)
Year Ended June 30, 2018		30.80		0.35	(f)		3.17			3.52			(0.32	)		(1.74	)		(2.06	)
Year Ended June 30, 2017		25.97		0.23	(f)		4.81			5.04			(0.19	)		(0.02	)		(0.21	)
Year Ended June 30, 2016		28.01		0.26			(0.98	)		(0.72	)		(0.23	)		(1.09	)		(1.32	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		19.92		0.16			7.06			7.22			(0.18	)		—			(0.18	)
Year Ended June 30, 2020		25.38		0.29			(4.13	)		(3.84	)		(0.29	)		(1.33	)		(1.62	)
Year Ended June 30, 2019		32.30		0.38			(3.49	)		(3.11	)		(0.35	)		(3.46	)		(3.81	)
Year Ended June 30, 2018		30.83		0.38	(f)		3.18			3.56			(0.35	)		(1.74	)		(2.09	)
Year Ended June 30, 2017		25.99		0.27	(f)		4.82			5.09			(0.23	)		(0.02	)		(0.25	)
Year Ended June 30, 2016		28.03		0.31			(1.00	)		(0.69	)		(0.26	)		(1.09	)		(1.35	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

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

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

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

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	26.90		36.19	%	$	18,325		0.98	%		1.61			1.01	%		32	%
	19.88		(16.52	)		464		0.99			0.92			1.16			42
	25.28		(9.51	)		436		0.99			1.10			1.04			60
	32.21		11.65			102		1.01			1.03	(f)		1.27			39
	30.77		13.44			39		1.06			0.75	(f)		1.10			41
	26.93		36.33			38,055		0.87			1.35			0.87			32
	19.89		(16.44	)		30,637		0.85			1.11			0.87			42
	25.34		(9.35	)		69,857		0.84			1.21			0.86			60
	32.26		11.85			131,506		0.84			1.11	(f)		0.87			39
	30.80		19.43			130,338		0.88			0.77	(f)		0.89			41
	25.97		(2.21	)		96,674		0.90			1.04			0.93			46
	26.96		36.34			805,964		0.77			1.45			0.77			32
	19.92		(16.37	)		624,226		0.75			1.24			0.76			42
	25.38		(9.25	)		933,252		0.74			1.36			0.76			60
	32.30		11.97			1,040,121		0.74			1.21	(f)		0.76			39
	30.83		19.59			1,007,466		0.76			0.90	(f)		0.76			41
	25.99		(2.07	)		753,439		0.77			1.21			0.77			46

SEE NOTES TO FINANCIAL STATEMENTS.

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

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan SMID Cap Equity Fund (formerly known as JPMorgan Intrepid Mid Cap Fund)
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	15.52	$	0.03		$	3.92		$	3.95		$	(0.10	)	$	(0.63	)	$	(0.73	)
Year Ended June 30, 2020		18.24		0.11			(0.71	)		(0.60	)		(0.09	)		(2.03	)		(2.12	)
Year Ended June 30, 2019		22.76		0.10			(0.28	)		(0.18	)		(0.08	)		(4.26	)		(4.34	)
Year Ended June 30, 2018		22.11		0.15			2.29			2.44			(0.13	)		(1.66	)		(1.79	)
Year Ended June 30, 2017		19.48		0.08			2.62			2.70			(0.07	)		—	(f)		(0.07	)
Year Ended June 30, 2016		21.82		0.15			(0.64	)		(0.49	)		(0.13	)		(1.72	)		(1.85	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		12.08		(0.01	)		3.04			3.03			(0.03	)		(0.63	)		(0.66	)
Year Ended June 30, 2020		14.64		0.01			(0.52	)		(0.51	)		(0.02	)		(2.03	)		(2.05	)
Year Ended June 30, 2019		19.23		—	(f)		(0.30	)		(0.30	)		(0.03	)		(4.26	)		(4.29	)
Year Ended June 30, 2018		18.90		0.04			1.96			2.00			(0.01	)		(1.66	)		(1.67	)
Year Ended June 30, 2017		16.72		(0.04	)		2.24			2.20			(0.02	)		—	(f)		(0.02	)
Year Ended June 30, 2016		19.07		0.03			(0.58	)		(0.55	)		(0.08	)		(1.72	)		(1.80	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		16.71		0.06			4.23			4.29			(0.15	)		(0.63	)		(0.78	)
Year Ended June 30, 2020		19.48		0.16			(0.78	)		(0.62	)		(0.12	)		(2.03	)		(2.15	)
Year Ended June 30, 2019		24.01		0.16			(0.29	)		(0.13	)		(0.14	)		(4.26	)		(4.40	)
Year Ended June 30, 2018		23.22		0.22			2.41			2.63			(0.18	)		(1.66	)		(1.84	)
Year Ended June 30, 2017		20.43		0.14			2.75			2.89			(0.10	)		—	(f)		(0.10	)
Year Ended June 30, 2016		22.77		0.19			(0.64	)		(0.45	)		(0.17	)		(1.72	)		(1.89	)
Class R3
Six Months Ended December 31, 2020 (Unaudited)		15.41		0.03			3.90			3.93			—			(0.63	)		(0.63	)
Year Ended June 30, 2020		18.12		0.11			(0.70	)		(0.59	)		(0.09	)		(2.03	)		(2.12	)
Year Ended June 30, 2019		22.70		0.11			(0.31	)		(0.20	)		(0.12	)		(4.26	)		(4.38	)
Year Ended June 30, 2018		22.08		0.13			2.32			2.45			(0.17	)		(1.66	)		(1.83	)
September 9, 2016 (h) through June 30, 2017		19.97		0.11			2.09			2.20			(0.09	)		—	(f)		(0.09	)
Class R4
Six Months Ended December 31, 2020 (Unaudited)		16.64		0.06			4.21			4.27			(0.15	)		(0.63	)		(0.78	)
Year Ended June 30, 2020		19.41		0.15			(0.76	)		(0.61	)		(0.13	)		(2.03	)		(2.16	)
Year Ended June 30, 2019		23.95		0.16			(0.29	)		(0.13	)		(0.15	)		(4.26	)		(4.41	)
Year Ended June 30, 2018		23.20		0.19			2.44			2.63			(0.22	)		(1.66	)		(1.88	)
September 9, 2016 (h) through June 30, 2017		20.95		0.12			2.24			2.36			(0.11	)		—	(f)		(0.11	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		16.73		0.08			4.23			4.31			(0.20	)		(0.63	)		(0.83	)
Year Ended June 30, 2020		19.49		0.21			(0.76	)		(0.55	)		(0.18	)		(2.03	)		(2.21	)
Year Ended June 30, 2019		24.04		0.21			(0.30	)		(0.09	)		(0.20	)		(4.26	)		(4.46	)
Year Ended June 30, 2018		23.25		0.27			2.42			2.69			(0.24	)		(1.66	)		(1.90	)
Year Ended June 30, 2017		20.42		0.19			2.76			2.95			(0.12	)		—	(f)		(0.12	)
November 2, 2015 (h) through June 30, 2016		22.41		0.20			(0.29	)		(0.09	)		(0.18	)		(1.72	)		(1.90	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Amount rounds to less than $0.005.

(g) Amount rounds to less than 0.005%.

(h) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

94 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	18.74		25.63	%	$	161,637		1.07	%		0.38	%		1.22	%		112	%
	15.52		(4.62	)		154,019		1.14			0.62			1.22			92
	18.24		0.81			204,131		1.14			0.49			1.31			82
	22.76		11.18			314,171		1.14			0.65			1.29			62
	22.11		13.91			304,927		1.14			0.40			1.38			70
	19.48		(1.71	)		311,724		1.15			0.77			1.44			78
	14.45		25.27			24,185		1.57			(0.13	)		1.70			112
	12.08		(5.06	)		27,417		1.64			0.10			1.73			92
	14.64		0.24			42,429		1.64			0.00	(g)		1.79			82
	19.23		10.69			62,925		1.64			0.18			1.78			62
	18.90		13.20			81,761		1.74			(0.21	)		1.87			70
	16.72		(2.35	)		89,071		1.79			0.15			1.96			78
	20.22		25.83			142,443		0.83			0.62			0.95			112
	16.71		(4.40	)		119,926		0.89			0.85			0.96			92
	19.48		1.05			188,694		0.89			0.75			1.04			82
	24.01		11.47			296,876		0.89			0.91			1.02			62
	23.22		14.17			310,316		0.89			0.65			1.11			70
	20.43		(1.48	)		258,866		0.90			0.93			1.13			78
	18.71		25.65			2,246		1.07			0.31			1.19			112
	15.41		(4.58	)		12,615		1.14			0.63			1.20			92
	18.12		0.76			15,456		1.14			0.55			1.29			82
	22.70		11.22			13,823		1.14			0.59			1.27			62
	22.08		11.07			8,854		1.15			0.64			1.34			70
	20.13		25.81			582		0.83			0.63			0.94			112
	16.64		(4.38	)		562		0.89			0.82			0.98			92
	19.41		1.06			1,202		0.89			0.76			1.04			82
	23.95		11.46			1,157		0.89			0.80			1.11			62
	23.20		11.30			22		0.90			0.67			1.11			70
	20.21		25.89			71,952		0.57			0.86			0.69			112
	16.73		(4.08	)		76,126		0.64			1.16			0.70			92
	19.49		1.28			77,321		0.64			0.98			0.80			82
	24.04		11.73			127,571		0.64			1.11			0.77			62
	23.25		14.52			183,859		0.65			0.86			0.77			70
	20.42		0.12			304,934		0.65			1.53			0.78			78

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 95

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan U.S. Small Company Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	14.84	$	0.03		$	5.53		$	5.56		$	(0.04	)	$	(0.51	)	$	(0.55	)
Year Ended June 30, 2020		15.96		0.03			(1.10	)		(1.07	)		(0.04	)		(0.01	)		(0.05	)
Year Ended June 30, 2019		19.60		0.03			(1.81	)		(1.78	)		—			(1.86	)		(1.86	)
Year Ended June 30, 2018		18.10		—	(f)(g)		2.69			2.69			—			(1.19	)		(1.19	)
Year Ended June 30, 2017		15.09		—	(f)(g)		3.02			3.02			(0.01	)		—	(f)		(0.01	)
Year Ended June 30, 2016		16.96		0.02			(1.20	)		(1.18	)		(0.02	)		(0.67	)		(0.69	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		13.96		(0.01	)		5.20			5.19			—			(0.51	)		(0.51	)
Year Ended June 30, 2020		15.06		(0.05	)		(1.04	)		(1.09	)		—			(0.01	)		(0.01	)
Year Ended June 30, 2019		18.70		(0.06	)		(1.72	)		(1.78	)		—			(1.86	)		(1.86	)
Year Ended June 30, 2018		17.40		(0.09	)(g)		2.58			2.49			—			(1.19	)		(1.19	)
Year Ended June 30, 2017		14.57		(0.08	)(g)		2.91			2.83			—			—	(f)		—	(f)
Year Ended June 30, 2016		16.46		(0.05	)		(1.17	)		(1.22	)		—			(0.67	)		(0.67	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		15.25		0.05			5.68			5.73			(0.08	)		(0.51	)		(0.59	)
Year Ended June 30, 2020		16.40		0.07			(1.12	)		(1.05	)		(0.09	)		(0.01	)		(0.10	)
Year Ended June 30, 2019		20.05		0.07			(1.84	)		(1.77	)		(0.02	)		(1.86	)		(1.88	)
Year Ended June 30, 2018		18.47		0.05	(g)		2.75			2.80			(0.03	)		(1.19	)		(1.22	)
Year Ended June 30, 2017		15.40		0.04	(g)		3.08			3.12			(0.05	)		—	(f)		(0.05	)
Year Ended June 30, 2016		17.29		0.06			(1.22	)		(1.16	)		(0.06	)		(0.67	)		(0.73	)
Class L
Six Months Ended December 31, 2020 (Unaudited)		15.23		0.07			5.69			5.76			(0.12	)		(0.51	)		(0.63	)
Year Ended June 30, 2020		16.38		0.10			(1.12	)		(1.02	)		(0.12	)		(0.01	)		(0.13	)
Year Ended June 30, 2019		20.05		0.10			(1.86	)		(1.76	)		(0.05	)		(1.86	)		(1.91	)
Year Ended June 30, 2018		18.46		0.08	(g)		2.76			2.84			(0.06	)		(1.19	)		(1.25	)
Year Ended June 30, 2017		15.39		0.08	(g)		3.08			3.16			(0.09	)		—	(f)		(0.09	)
Year Ended June 30, 2016		17.28		0.10			(1.24	)		(1.14	)		(0.08	)		(0.67	)		(0.75	)
Class R2
Six Months Ended December 31, 2020 (Unaudited)		14.48		0.01			5.38			5.39			(0.01	)		(0.51	)		(0.52	)
Year Ended June 30, 2020		15.58		(0.01	)		(1.08	)		(1.09	)		—			(0.01	)		(0.01	)
Year Ended June 30, 2019		19.22		(0.01	)		(1.77	)		(1.78	)		—			(1.86	)		(1.86	)
Year Ended June 30, 2018		17.81		(0.05	)(g)		2.65			2.60			—			(1.19	)		(1.19	)
Year Ended June 30, 2017		14.88		(0.04	)(g)		2.97			2.93			—			—	(f)		—	(f)
Year Ended June 30, 2016		16.77		(0.01	)		(1.19	)		(1.20	)		(0.02	)		(0.67	)		(0.69	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Amount rounds to less than $0.005.

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

(h) Amount rounds to less than 0.005%.

(i) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

96 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	19.85		37.61	%	$	110,142		1.23	%		0.37	%		1.23	%		39	%
	14.84		(6.76	)		94,883		1.22			0.18			1.23			52
	15.96		(8.77	)		136,432		1.22			0.16			1.22			64
	19.60		15.40			210,050		1.22			0.00	(g)(h)		1.23			52
	18.10		20.04			244,958		1.25			(0.01	)(g)		1.35			53
	15.09		(6.86	)		226,309		1.26			0.15			1.44			49
	18.64		37.29			20,126		1.74			(0.16	)		1.74			39
	13.96		(7.25	)		18,297		1.74			(0.34	)		1.74			52
	15.06		(9.22	)		28,451		1.72			(0.35	)		1.73			64
	18.70		14.85			45,633		1.73			(0.50	)(g)		1.73			52
	17.40		19.43			49,946		1.75			(0.51	)(g)		1.85			53
	14.57		(7.35	)		45,932		1.76			(0.34	)		1.91			49
	20.39		37.72			175,121		0.97			0.59			0.97			39
	15.25		(6.51	)		160,892		0.96			0.44			0.96			52
	16.40		(8.49	)		273,370		0.96			0.41			0.96			64
	20.05		15.73			433,317		0.96			0.27	(g)		0.97			52
	18.47		20.29			387,043		1.01			0.25	(g)		1.05			53
	15.40		(6.63	)		289,631		1.00			0.42			1.11			49
	20.36		37.91			299,043		0.82			0.75			0.82			39
	15.23		(6.37	)		302,427		0.81			0.60			0.81			52
	16.38		(8.42	)		433,521		0.81			0.58			0.81			64
	20.05		15.95			554,361		0.81			0.42	(g)		0.82			52
	18.46		20.50			711,139		0.82			0.43	(g)		0.87			53
	15.39		(6.48	)		587,279		0.82			0.63			0.90			49
	19.35		37.37			38,245		1.49			0.09			1.49			39
	14.48		(7.01	)		30,330		1.48			(0.09	)		1.49			52
	15.58		(8.95	)		44,064		1.47			(0.07	)		1.49			64
	19.22		15.13			49,715		1.48			(0.25	)(g)		1.48			52
	17.81		19.70			51,511		1.50			(0.24	)(g)		1.69			53
	14.88		(7.09	)		34,326		1.51			(0.05	)		1.75			49

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 97

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan U.S. Small Company Fund (continued)
Class R3
Six Months Ended December 31, 2020 (Unaudited)	$	14.74	$	0.03		$	5.50		$	5.53		$	(0.06	)	$	(0.51	)	$	(0.57	)
Year Ended June 30, 2020		15.87		0.03			(1.10	)		(1.07	)		(0.05	)		(0.01	)		(0.06	)
Year Ended June 30, 2019		19.50		0.04			(1.81	)		(1.77	)		—	(f)		(1.86	)		(1.86	)
Year Ended June 30, 2018		18.03		0.01	(g)		2.68			2.69			(0.03	)		(1.19	)		(1.22	)
September 9, 2016 (i) through June 30, 2017		16.02		0.04	(g)		2.04			2.08			(0.07	)		—	(f)		(0.07	)
Class R4
Six Months Ended December 31, 2020 (Unaudited)		15.16		0.05			5.66			5.71			(0.10	)		(0.51	)		(0.61	)
Year Ended June 30, 2020		16.32		0.07			(1.12	)		(1.05	)		(0.10	)		(0.01	)		(0.11	)
Year Ended June 30, 2019		19.98		0.08			(1.85	)		(1.77	)		(0.03	)		(1.86	)		(1.89	)
Year Ended June 30, 2018		18.44		0.05	(g)		2.75			2.80			(0.07	)		(1.19	)		(1.26	)
September 9, 2016 (i) through June 30, 2017		16.36		0.13	(g)		2.04			2.17			(0.09	)		—	(f)		(0.09	)
Class R5
Six Months Ended December 31, 2020 (Unaudited)		15.20		0.07			5.67			5.74			(0.12	)		(0.51	)		(0.63	)
Year Ended June 30, 2020		16.34		0.09			(1.11	)		(1.02	)		(0.11	)		(0.01	)		(0.12	)
Year Ended June 30, 2019		20.01		0.11			(1.86	)		(1.75	)		(0.06	)		(1.86	)		(1.92	)
Year Ended June 30, 2018		18.45		0.08	(g)		2.74			2.82			(0.07	)		(1.19	)		(1.26	)
September 9, 2016 (i) through June 30, 2017		16.35		0.07	(g)		2.13			2.20			(0.10	)		—	(f)		(0.10	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		15.25		0.08			5.69			5.77			(0.14	)		(0.51	)		(0.65	)
Year Ended June 30, 2020		16.40		0.11			(1.12	)		(1.01	)		(0.13	)		(0.01	)		(0.14	)
Year Ended June 30, 2019		20.07		0.12			(1.86	)		(1.74	)		(0.07	)		(1.86	)		(1.93	)
Year Ended June 30, 2018		18.48		0.10	(g)		2.76			2.86			(0.08	)		(1.19	)		(1.27	)
Year Ended June 30, 2017		15.40		0.10	(g)		3.08			3.18			(0.10	)		—	(f)		(0.10	)
Year Ended June 30, 2016		17.29		0.11			(1.23	)		(1.12	)		(0.10	)		(0.67	)		(0.77	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Amount rounds to less than $0.005.

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

(h) Amount rounds to less than 0.005%.

(i) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

98 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	19.70		37.63	%	$	29,609		1.22	%		0.37	%		1.22	%		39	%
	14.74		(6.78	)		22,953		1.21			0.20			1.21			52
	15.87		(8.75	)		23,887		1.21			0.23			1.21			64
	19.50		15.49			17,655		1.21			0.04	(g)		1.21			52
	18.03		13.01			9,560		1.23			0.25	(g)		1.24			53
	20.26		37.75			10,348		0.98			0.59			0.98			39
	15.16		(6.55	)		8,042		0.97			0.45			0.98			52
	16.32		(8.52	)		6,313		0.97			0.45			0.98			64
	19.98		15.73			5,773		1.01			0.28	(g)		1.04			52
	18.44		13.24			794		1.00			0.89	(g)		1.07			53
	20.31		37.89			8,218		0.82			0.76			0.82			39
	15.20		(6.36	)		6,496		0.81			0.56			0.81			52
	16.34		(8.39	)		11,770		0.81			0.64			0.81			64
	20.01		15.83			6,491		0.85			0.43	(g)		0.86			52
	18.45		13.44			145		0.83			0.51	(g)		0.90			53
	20.37		37.93			296,042		0.72			0.85			0.72			39
	15.25		(6.27	)		255,716		0.71			0.68			0.71			52
	16.40		(8.30	)		435,139		0.71			0.70			0.72			64
	20.07		16.05			455,851		0.71			0.53	(g)		0.72			52
	18.48		20.64			296,577		0.72			0.55	(g)		0.72			53
	15.40		(6.39	)		139,835		0.73			0.71			0.74			49

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 99

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

1. Organization

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

The following are 7 separate funds of the Trusts (each, a “Fund” and collectively, the “Funds”) covered by this report:

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

⁽¹⁾  Effective November 1, 2020, JPMorgan Intrepid Mid Cap Fund changed its name to JPMorgan SMID Cap Equity Fund.

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

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

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

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

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

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

All share classes of Small Cap Equity Fund are publicly offered on a limited basis. Effective as of the close of business on February 5, 2021, all share classes of Small Cap Growth Fund are publicly offered on a limited basis. Investors are not eligible to purchase shares of the Funds unless they meet certain requirements as described in the Funds’ prospectuses.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds’ prospectus. Effective October 1, 2020, Class C Shares automatically convert to Class A Shares after eight years. Prior to October 1, 2020, Class C Shares automatically converted to Class A Shares after ten years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

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

2. Significant Accounting Policies

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

100 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

A. Valuation of Investments — Investments are valued in accordance with GAAP and the Funds’ valuation policies set forth by, and under the supervision and responsibility of, the Boards of Trustees of the Trusts (the “Boards”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Boards.

The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Boards with the oversight and monitoring of the valuation of the Funds’ investments. The Administrator implements the valuation policies of the Funds’ investments, as directed by the Boards. The AVC oversees and carries out the policies for the valuation of investments held in the Funds. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Boards.

A market-based approach is primarily used to value the Funds’ investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Boards. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Funds are calculated on a valuation date.

Investments in open-end investment companies, excluding exchange-traded funds (“ETFs”) (“Underlying Funds”), are valued at each Underlying Fund’s NAV per share as of the report date.

Futures contracts are generally valued on the basis of available market quotations.

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

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

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

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

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

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

The following tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”) (amounts in thousands):

Small Cap Blend Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks	$	754,852	$	—	$	—		$	754,852
Rights		—		—		—	(a)		—	(a)
Short-Term Investments
Investment Companies		16,096		—		—			16,096
Investment of cash collateral from securities loaned		40,153		—		—			40,153
Total Short-Term Investments		56,249		—		—			56,249
Total Investments in Securities	$	811,101	$	—		$    —(a)		$	811,101

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 101

NOTES TO FINANCIAL STATEMENTS

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

Small Cap Core Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks	$	409,710		$	—	$	—		$	409,710
Rights		—			—		—	(a)		—	(a)
Short-Term Investments
Investment Companies		8,366			—		—			8,366
Investment of cash collateral from securities loaned		34,131			—		—			34,131
Total Short-Term Investments		42,497			—		—			42,497
Total Investments in Securities	$	452,207		$	—	$	—	(a)	$	452,207
Depreciation in Other Financial Instruments
Futures Contracts	$	(6	)	$	—	$	—		$	(6	)
Small Cap Equity Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Total Investments in Securities (b)	$	8,410,225		$	—	$	—		$	8,410,225
Small Cap Growth Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks	$	6,228,987		$	—	$	—		$	6,228,987
Rights		—			—		—	(a)		—	(a)
Short-Term Investments
Investment Companies		132,915			—		—			132,915
Investment of cash collateral from securities loaned		543,875			—		—			543,875
Total Short-Term Investments		676,790			—		—			676,790
Total Investments in Securities	$	6,905,777		$	—	$	—	(a)	$	6,905,777
Small Cap Value Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Total Investments in Securities (b)	$	1,316,135		$	—	$	—		$	1,316,135
Appreciation in Other Financial Instruments
Futures Contracts (b)	$	40		$	—	$	—		$	40
SMID Cap Equity Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Total Investments in Securities (b)	$	406,507		$	—	$	—		$	406,507

102 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

U.S. Small Company Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks	$	974,699	$	—	$	—	$	974,699
Rights		—		—		165		165
Short-Term Investments
Investment Companies		16,350		—		—		16,350
Investment of cash collateral from securities loaned		95,160		—		—		95,160
Total Short-Term Investments		111,510		—		—		111,510
Total Investments in Securities	$	1,086,209	$	—		$165	$	1,086,374

(a) Amount rounds to less than one thousand.

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

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

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

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

The value of securities out on loan is recorded as an asset on the Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statements of Assets and Liabilities and details of collateral investments are disclosed on the SOIs.

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

The following table presents for each lending Fund, the value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Funds as of December 31, 2020 (amounts in thousands).

	Investment Securities on Loan, at value, Presented on the Statements of Assets and Liabilities		Cash Collateral Posted by Borrower*			Net Amount Due to Counterparty (not less than zero)
Small Cap Blend Fund	$	38,841	$	(38,841	)	$	—
Small Cap Core Fund		32,792		(32,792	)		—
Small Cap Equity Fund		130,194		(130,194	)		—
Small Cap Growth Fund		523,701		(523,701	)		—
Small Cap Value Fund		89,318		(89,318	)		—
SMID Cap Equity Fund		2,971		(2,971	)		—
U.S. Small Company Fund		91,006		(91,006	)		—

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

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 103

NOTES TO FINANCIAL STATEMENTS

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

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

JPMIM voluntarily waived investment advisory fees charged to the Funds to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.15% to 0.06%. For the six months ended December 31, 2020, JPMIM waived fees associated with the Funds’ investment in the JPMorgan U.S. Government Money Market Fund as follows (amounts in thousands):

Small Cap Blend Fund	$	1
Small Cap Core Fund		1
Small Cap Equity Fund		8
Small Cap Growth Fund		13
Small Cap Value Fund		3
SMID Cap Equity Fund		1
U.S. Small Company Fund		4

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

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

Small Cap Blend Fund

For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	17,254	$	116,153	$	117,306	$	(2	)	$	(3	)	$	16,096		16,088	$	14		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a) (b)		28,015		48,000		45,999		(5	)*		(3	)		30,008		30,005		33	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		6,247		71,819		67,921		—			—			10,145		10,145		2	*		—
Total	$	51,516	$	235,972	$	231,226	$	(7	)	$	(6	)	$	56,249			$	49		$	—

Small Cap Core Fund

For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	9,177	$	64,456	$	65,264	$	(2	)	$	(1	)	$	8,366		8,362	$	6		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a) (b)		21,006		45,000		40,999		—	*(c)		(7	)		25,000		24,997		28	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		3,876		63,026		57,771		—			—			9,131		9,131		1	*		—
Total	$	34,059	$	172,482	$	164,034	$	(2	)	$	(8	)	$	42,497			$	35		$	—

104 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

Small Cap Equity Fund

For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	276,403	$	783,633	$	762,495	$	(44	)	$	(73	)	$	297,424		297,275	$	274		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a) (b)		253,095		428,500		566,499		(57	)*		(1	)		115,038		115,027		274	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		32,048		203,548		217,363		—			—			18,233		18,233		8	*		—
Total	$	561,546	$	1,415,681	$	1,546,357	$	(101	)	$	(74	)	$	430,695			$	556		$	—

Small Cap Growth Fund

For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	123,428	$	912,972	$	903,447	$	(12	)	$	(26	)	$	132,915		132,849	$	86		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a) (b)		284,105		875,000		690,800		(83	)*		(10	)		468,212		468,165		471	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		32,903		357,936		315,176		—			—			75,663		75,663		13	*		—
Total	$	440,436	$	2,145,908	$	1,909,423	$	(95	)	$	(36	)	$	676,790			$	570		$	—

Small Cap Value Fund

For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	14,798	$	230,527	$	214,924	$	(5	)	$	(1	)	$	30,395		30,379	$	20		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a) (b)		64,032		138,000		126,701		(9	)*		(10	)		75,312		75,304		90	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		5,596		123,824		112,209		—			—			17,211		17,211		3	*		—
Total	$	84,426	$	492,351	$	453,834	$	(14	)	$	(11	)	$	122,918			$	113		$	—

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 105

NOTES TO FINANCIAL STATEMENTS

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

SMID Cap Equity Fund

For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	4,828	$	108,065	$	102,802	$	—	(c)	$	(3	)	$	10,088		10,084	$	7		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a) (b)		15,004		24,100		38,000		(1	)*		(3	)		1,100		1,100		12	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		5,757		57,571		61,295		—			—			2,033		2,033		1	*		—
Total	$	25,589	$	189,736	$	202,097	$	(1	)	$	(6	)	$	13,221			$	20		$	—

U.S. Small Company Fund

For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	14,420	$	282,734	$	280,799	$	(4	)	$	(1	)	$	16,350		16,342	$	16		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a) (b)		82,037		149,000		153,900		(11	)*		(12	)		77,114		77,106		112	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		9,849		135,068		126,871		—			—			18,046		18,046		4	*		—
Total	$	106,306	$	566,802	$	561,570	$	(15	)	$	(13	)	$	111,510			$	132		$	—

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

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

(c) Amount rounds to less than one thousand.

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

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

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

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

106 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

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

The table below discloses the volume of the Funds’ futures contracts activity during the six months ended December 31, 2020 (amounts in thousands):

	Small Cap Core Fund		Small Cap Value Fund		SMID Cap Equity Fund		U.S. Small Company Fund
Futures Contracts — Equity:
Average Notional Balance Long	$	4,833	$	16,591	$	3,544		14,778	(a)
Ending Notional Balance Long		1,780		23,735		—		—

(a) For the period July 1, 2020 through November 30, 2020.

E. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Dividend income is recorded on the ex-dividend date or when a Fund first learns of the dividend.

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

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

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Funds for the six months ended December 31, 2020 are as follows (amounts in thousands):

	Class A		Class C			Class I			Class L		Class R2			Class R3			Class R4			Class R5			Class R6			Total
Small Cap Blend Fund
Transfer agency fees	$	10	$	1		$	2			n/a		n/a			n/a			n/a			n/a		$	—	(a)	$	13
Small Cap Core Fund
Transfer agency fees		1		—	(a)		—	(a)		n/a	$	—	(a)	$	—	(a)	$	—	(a)	$	4			2			7
Small Cap Equity Fund
Transfer agency fees		134		3			27			n/a		1			—	(a)		—	(a)		5			11			181
Small Cap Growth Fund
Transfer agency fees		29		3			5		$	4		2			1			—	(a)		1			38			83
Small Cap Value Fund
Transfer agency fees		8		1			4			n/a		13			3			—	(a)		2			22			53
SMID Cap Equity Fund
Transfer agency fees		22		1			3			n/a		n/a			—	(a)		—	(a)		n/a			1			27
U.S. Small Company Fund
Transfer agency fees		8		3			4			4		5			—	(a)		1			—	(a)		8			33

(a) Amount rounds to less than one thousand.

G. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of December 31, 2020, no liability for Federal income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

H. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid at least annually, except for Small Cap Value Fund, for which distributions are generally declared and paid at least quarterly. Distributions are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 107

NOTES TO FINANCIAL STATEMENTS

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

permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.

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

3. Fees and Other Transactions with Affiliates

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

Small Cap Blend Fund	0.65	%
Small Cap Core Fund	0.65
Small Cap Equity Fund	0.65
Small Cap Growth Fund	0.65
Small Cap Value Fund	0.65
SMID Cap Equity Fund	0.55
U.S. Small Company Fund	0.60

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to each Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund’s respective average daily net assets, plus 0.050% of each Fund’s respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund’s respective average daily net assets between $20 billion and $25 billion, plus 0.01% of each Fund’s respective average daily net assets in excess of $25 billion. For the six months ended December 31, 2020, the effective annualized rate was 0.07% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

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

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

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

108 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended December 31, 2020, JPMDS retained the following (amounts in thousands):

	Front-End Sales Charge		CDSC
Small Cap Blend Fund	$	25	$	—
Small Cap Core Fund		1		—
Small Cap Equity Fund		3		—	(a)
Small Cap Growth Fund		86		—	(a)
Small Cap Value Fund		2		—	(a)
SMID Cap Equity Fund		1		—	(a)
U.S. Small Company Fund		1		—	(a)

(a) Amount rounds to less than one thousand.

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

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

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

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

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

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

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

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

	Class A			Class C			Class I			Class L		Class R2			Class R3			Class R4			Class R5			Class R6
Small Cap Blend Fund		1.24	%		1.74	%		0.99	%		n/a		n/a			n/a			n/a			n/a			0.74	%
Small Cap Core Fund		1.24			1.74			0.99			n/a		1.49	%		1.24	%		0.99	%		0.80	%		0.74
Small Cap Equity Fund		n/a			n/a			0.99			n/a		1.49			n/a			0.99			0.80			n/a
Small Cap Growth Fund		1.24			1.74			0.99			n/a		1.49			1.24			0.99			0.84			0.74
Small Cap Value Fund		n/a			1.74			0.99			n/a		1.49			1.24			0.99			n/a			n/a
SMID Cap Equity Fund		1.14	(1)		1.64	(1)		0.89	(1)		n/a		n/a			1.14	(1)		0.89	(1)		n/a			0.64	(1)
U.S. Small Company Fund		n/a			n/a			n/a			n/a		n/a			n/a			n/a			n/a			n/a

⁽¹⁾   Effective September 1, 2020, the contractual expense limitation were 0.99%, 1.49%, 0.74%, 0.99%, 0.74% and 0.49% for Class A, Class C, Class I, Class R3, Class R4 and Class R6 Shares, respectively and were in place until November 13, 2020.

Except as noted above, the expense limitation agreements were in effect for the six months ended December 31, 2020 and the contractual expense limitation percentages in the table above are in place until at least October 31, 2021 for Small Cap Blend Fund, Small Cap Core Fund, Small Cap Equity Fund, Small Cap Growth Fund and Small Cap Value Fund and are in place until at least October 31, 2022 for SMID Cap Equity Fund.

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 109

NOTES TO FINANCIAL STATEMENTS

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

For the six months ended December 31, 2020, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory Fees			Administration Fees		Service Fees		Total		Contractual Reimbursements
Small Cap Blend Fund	$	65		$	43	$	12	$	120	$	—
Small Cap Core Fund		64			42		34		140		1
Small Cap Equity Fund		—			—		267		267		—
Small Cap Growth Fund		89			58		41		188		38
Small Cap Value Fund		—	(a)		—		45		45		—
SMID Cap Equity Fund		137			89		24		250		1

(a) Amount rounds to less than one thousand.

Additionally, the Funds may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Fund’s investment in such affiliated money market fund, except for investments of securities lending cash collateral. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

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

Small Cap Blend Fund	$	9
Small Cap Core Fund		4
Small Cap Equity Fund		177
Small Cap Growth Fund		51
Small Cap Value Fund		12
SMID Cap Equity Fund		5
U.S. Small Company Fund		10

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

The Boards designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. Each Fund, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statements of Operations.

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

During the six months ended December 31, 2020, the Funds purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

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

4. Investment Transactions

During the six months ended December 31, 2020, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Small Cap Blend Fund	$	235,883	$	115,183
Small Cap Core Fund		115,761		163,180
Small Cap Equity Fund		1,022,044		1,390,648
Small Cap Growth Fund		1,572,828		1,185,889
Small Cap Value Fund		321,872		394,222
SMID Cap Equity Fund		430,040		508,865
U.S. Small Company Fund		351,854		559,405

110 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

During the six months ended December 31, 2020, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at December 31, 2020 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Small Cap Blend Fund	$	609,406	$	214,204	$	12,509	$	201,695
Small Cap Core Fund		342,364		120,941		11,104		109,837
Small Cap Equity Fund		5,373,729		3,074,627		38,131		3,036,496
Small Cap Growth Fund		4,365,557		2,618,908		78,688		2,540,220
Small Cap Value Fund		1,049,172		324,115		57,112		267,003
SMID Cap Equity Fund		348,401		58,533		427		58,106
U.S. Small Company Fund		833,707		285,464		32,797		252,667

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

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

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

	Net Capital Losses				Late Year Ordinary Loss Deferral
	Short-Term		Long-Term
Small Cap Blend Fund	$	3,542	$	—	$	—
Small Cap Core Fund		20,567		5,235		—
Small Cap Equity Fund		63,340		195,533		—
Small Cap Growth Fund		—		—		5,268
Small Cap Value Fund		26,943		—		—
SMID Cap Equity Fund		11,113		—
U.S. Small Company Fund		15,756		—		—

6. Borrowings

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

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

The Trusts and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 1, 2021.

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

The Trusts, along with certain other trusts for J.P. Morgan Funds (“Borrowers”), have entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 111

NOTES TO FINANCIAL STATEMENTS

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

minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00%, which has increased to 1.25% pursuant to the amendment referenced below, plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 11, 2020, this agreement has been amended and restated for a term of 364 days, unless extended, and to include the change to the interest rate charged for borrowing from the Credit Facility to 1.25%, as noted above, and an upfront fee of 0.075% of the Credit Facility to be charged and paid by all participating funds of the Credit Facility.

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

7. Risks, Concentrations and Indemnifications

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

As of December 31, 2020, the following Funds had individual shareholder and/or omnibus accounts each owning more than 10% of the respective Fund’s outstanding shares as follows:

	Number of individual shareholder and/or Affiliated Omnibus Accounts		% of the Fund			Number of individual shareholder and/or Non-Affiliated Omnibus Accounts		% of the Fund
Small Cap Blend Fund		—		—			2		62.5	%
Small Cap Core Fund		—		—			2		55.5
Small Cap Equity Fund		—		—			3		47.2
Small Cap Growth Fund		—		—			1		18.3
Small Cap Value Fund		—		—			1		10.6
SMID Cap Equity Fund		1		21.9	%		1		14.4
U.S. Small Company Fund		—		—			2		32.3

As of December 31, 2020, the J.P. Morgan Investor Funds and the JPMorgan SmartRetirement Funds, which are affiliated funds of funds, owned in the aggregate, shares representing more than 10% of the net assets of the Funds as follows:

	J.P. Morgan Investor Funds			JPMorgan SmartRetirement Funds
Small Cap Value Fund		18.9	%		19.8	%

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

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

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

The Funds invest in companies with relatively small market capitalizations. Investments in companies with relatively small market capitalizations may involve greater risk than is usually associated with stocks of larger companies. These securities may have limited marketability and may be subject to more abrupt or erratic movements in price than securities of companies with larger capitalizations.

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

112 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

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

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

8. Subsequent Events

On February 10, 2021, the Board of Trustees of JPM I approved the following changes for Small Cap Core Fund, which are expected to become effective on or about May 1, 2021: (i) a change to the Fund’s name to JPMorgan Small Cap Sustainable Leaders Fund; (ii) a change to the Fund’s investment strategy so that the Fund will invest in companies that, on a combined basis, appear attractive when considering the adviser’s sustainability criteria and financial characteristics; (iii) a change to the Fund’s 80% investment policy so that, under normal circumstances, the Fund invests at least 80% of its assets in equity securities of small cap companies meeting the adviser’s sustainability criteria; and (iv) the contractual expense limitations for Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares will be reduced to 1.14%, 1.64%, 0.89%, 1.39%, 1.14%, 0.89%, 0.70% and 0.65%, respectively, and will be in place until at least April 30, 2023.

Effective as of the close of business on February 5, 2021, Small Cap Growth Fund is offered on a limited basis. Investors are not eligible to purchase shares of the Fund unless they meet certain requirements as described in the Fund’s prospectuses.

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 113

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, July 1, 2020, and continued to hold your shares at the end of the reporting period, December 31, 2020.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Small Cap Blend Fund
Class A
Actual	$	1,000.00	$	1,351.60	$	7.29		1.23	%
Hypothetical		1,000.00		1,019.00		6.26		1.23
Class C
Actual		1,000.00		1,348.90		10.24		1.73
Hypothetical		1,000.00		1,016.48		8.79		1.73
Class I
Actual		1,000.00		1,353.70		5.81		0.98
Hypothetical		1,000.00		1,020.27		4.99		0.98
Class R6
Actual		1,000.00		1,355.10		4.33		0.73
Hypothetical		1,000.00		1,021.53		3.72		0.73
JPMorgan Small Cap Core Fund
Class A
Actual		1,000.00		1,381.60		7.38		1.23
Hypothetical		1,000.00		1,019.00		6.26		1.23
Class C
Actual		1,000.00		1,378.50		10.37		1.73
Hypothetical		1,000.00		1,016.48		8.79		1.73
Class I
Actual		1,000.00		1,383.50		5.89		0.98
Hypothetical		1,000.00		1,020.27		4.99		0.98
Class R2
Actual		1,000.00		1,380.10		8.88		1.48
Hypothetical		1,000.00		1,017.74		7.53		1.48
Class R3
Actual		1,000.00		1,381.80		7.38		1.23
Hypothetical		1,000.00		1,019.00		6.26		1.23

114 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

	Beginning Account Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Small Cap Core Fund (continued)
Class R4
Actual	$	1,000.00	$	1,383.60	$	5.89		0.98	%
Hypothetical		1,000.00		1,020.27		4.99		0.98
Class R5
Actual		1,000.00		1,384.90		4.75		0.79
Hypothetical		1,000.00		1,021.22		4.02		0.79
Class R6
Actual		1,000.00		1,385.20		4.39		0.73
Hypothetical		1,000.00		1,021.53		3.72		0.73
JPMorgan Small Cap Equity Fund
Class A
Actual		1,000.00		1,319.30		7.42		1.27
Hypothetical		1,000.00		1,018.80		6.46		1.27
Class C
Actual		1,000.00		1,316.00		10.10		1.73
Hypothetical		1,000.00		1,016.48		8.79		1.73
Class I
Actual		1,000.00		1,321.30		5.73		0.98
Hypothetical		1,000.00		1,020.27		4.99		0.98
Class R2
Actual		1,000.00		1,317.80		8.65		1.48
Hypothetical		1,000.00		1,017.74		7.53		1.48
Class R3
Actual		1,000.00		1,319.50		7.19		1.23
Hypothetical		1,000.00		1,019.00		6.26		1.23
Class R4
Actual		1,000.00		1,321.30		5.73		0.98
Hypothetical		1,000.00		1,020.27		4.99		0.98
Class R5
Actual		1,000.00		1,322.40		4.62		0.79
Hypothetical		1,000.00		1,021.22		4.02		0.79
Class R6
Actual		1,000.00		1,323.00		4.27		0.73
Hypothetical		1,000.00		1,021.53		3.72		0.73
JPMorgan Small Cap Growth Fund
Class A
Actual		1,000.00		1,473.70		7.67		1.23
Hypothetical		1,000.00		1,019.00		6.26		1.23
Class C
Actual		1,000.00		1,470.60		10.77		1.73
Hypothetical		1,000.00		1,016.48		8.79		1.73
Class I
Actual		1,000.00		1,475.70		6.12		0.98
Hypothetical		1,000.00		1,020.27		4.99		0.98
Class L
Actual		1,000.00		1,476.60		5.24		0.84
Hypothetical		1,000.00		1,020.97		4.28		0.84
Class R2
Actual		1,000.00		1,471.40		9.22		1.48
Hypothetical		1,000.00		1,017.74		7.53		1.48
Class R3
Actual		1,000.00		1,474.00		7.67		1.23
Hypothetical		1,000.00		1,019.00		6.26		1.23

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 115

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Small Cap Growth Fund (continued)
Class R4
Actual	$	1,000.00	$	1,475.20	$	6.11		0.98	%
Hypothetical		1,000.00		1,020.27		4.99		0.98
Class R5
Actual		1,000.00		1,476.70		5.18		0.83
Hypothetical		1,000.00		1,021.02		4.23		0.83
Class R6
Actual		1,000.00		1,477.20		4.56		0.73
Hypothetical		1,000.00		1,021.53		3.72		0.73
JPMorgan Small Cap Value Fund
Class A
Actual		1,000.00		1,360.20		7.56		1.27
Hypothetical		1,000.00		1,018.80		6.46		1.27
Class C
Actual		1,000.00		1,356.60		10.28		1.73
Hypothetical		1,000.00		1,016.48		8.79		1.73
Class I
Actual		1,000.00		1,362.10		5.83		0.98
Hypothetical		1,000.00		1,020.27		4.99		0.98
Class R2
Actual		1,000.00		1,358.50		8.80		1.48
Hypothetical		1,000.00		1,017.74		7.53		1.48
Class R3
Actual		1,000.00		1,360.00		7.32		1.23
Hypothetical		1,000.00		1,019.00		6.26		1.23
Class R4
Actual		1,000.00		1,361.90		5.83		0.98
Hypothetical		1,000.00		1,020.27		4.99		0.98
Class R5
Actual		1,000.00		1,363.30		5.18		0.87
Hypothetical		1,000.00		1,020.82		4.43		0.87
Class R6
Actual		1,000.00		1,363.40		4.59		0.77
Hypothetical		1,000.00		1,021.32		3.92		0.77
JPMorgan SMID Cap Equity Fund (formerly known as JPMorgan Intrepid Mid Cap Fund)
Class A
Actual		1,000.00		1,256.30		6.09		1.07
Hypothetical		1,000.00		1,019.81		5.45		1.07
Class C
Actual		1,000.00		1,252.70		8.91		1.57
Hypothetical		1,000.00		1,017.29		7.98		1.57
Class I
Actual		1,000.00		1,258.30		4.72		0.83
Hypothetical		1,000.00		1,021.02		4.23		0.83
Class R3
Actual		1,000.00		1,256.50		6.09		1.07
Hypothetical		1,000.00		1,019.81		5.45		1.07
Class R4
Actual		1,000.00		1,258.10		4.72		0.83
Hypothetical		1,000.00		1,021.02		4.23		0.83
Class R6
Actual		1,000.00		1,258.90		3.25		0.57
Hypothetical		1,000.00		1,022.33		2.91		0.57

116 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

	Beginning Account Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan U.S. Small Company Fund
Class A
Actual	$	1,000.00	$	1,376.10	$	7.37		1.23	%
Hypothetical		1,000.00		1,019.00		6.26		1.23
Class C
Actual		1,000.00		1,372.90		10.41		1.74
Hypothetical		1,000.00		1,016.43		8.84		1.74
Class I
Actual		1,000.00		1,377.20		5.81		0.97
Hypothetical		1,000.00		1,020.32		4.94		0.97
Class L
Actual		1,000.00		1,379.10		4.92		0.82
Hypothetical		1,000.00		1,021.07		4.18		0.82
Class R2
Actual		1,000.00		1,373.70		8.91		1.49
Hypothetical		1,000.00		1,017.69		7.58		1.49
Class R3
Actual		1,000.00		1,376.30		7.31		1.22
Hypothetical		1,000.00		1,019.06		6.21		1.22
Class R4
Actual		1,000.00		1,377.50		5.87		0.98
Hypothetical		1,000.00		1,020.27		4.99		0.98
Class R5
Actual		1,000.00		1,378.90		4.92		0.82
Hypothetical		1,000.00		1,021.07		4.18		0.82
Class R6
Actual		1,000.00		1,379.30		4.32		0.72
Hypothetical		1,000.00		1,021.58		3.67		0.72

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

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 117

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in June and August 2020, at which the Trustees considered the continuation of the investment advisory agreements for each Fund whose semi-annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). In accordance with SEC guidance, due to the COVID-19 pandemic, the meetings were conducted through video conference. At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not parties to an Advisory Agreement or “interested persons” (as defined in the 1940 Act) of any party to an Advisory Agreement or any of their affiliates, approved the continuation of each Advisory Agreement on August 11, 2020.

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

Agreements. The Trustees also discussed the Advisory Agreements in executive sessions with independent legal counsel at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds throughout the year, including additional reporting and information provided in connection with the market volatility caused by the COVID-19 pandemic, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

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

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of services provided to each Fund under the applicable Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management, personnel changes, if any, and the expertise of, and the amount of attention given to each Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund and the infrastructure supporting the team, including personnel changes, if any. In addition, the Board considered its discussions with the Adviser regarding the Adviser’s business continuity plan and steps the Adviser was taking to provide ongoing services to the Funds during the COVID-19 pandemic, and the Adviser’s success in continuing to provide services to the Funds and their shareholders throughout this period. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of each Fund. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of the administration services provided by the Adviser in its role as administrator.

118 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

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

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

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

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

The Trustees also considered that JPMDS, an affiliate of the Adviser, and the Adviser earn fees from the Funds for providing shareholder and administration services, respectively. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Funds’ distributor and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser (although they are retained by JPMDS in certain instances). The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A.

(“JPMCB”) for custody and fund accounting, and other related services.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds. The Trustees considered that the J.P. Morgan Funds’ operating accounts are held at JPMCB, which, as a result, will receive float benefits for certain J.P. Morgan Funds, as applicable. The Trustees also noted that the Adviser supports a diverse set of products and services, which benefits the Adviser by allowing it to leverage its infrastructure to serve additional clients, including benefits that may be received by the Adviser and its affiliates in connection with the Funds’ potential investments in other funds advised by the Adviser. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

Economies of Scale

The Trustees considered the extent to which the Funds may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Funds and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Funds were priced to scale and whether it would be appropriate to add advisory fee breakpoints. The Trustees noted certain Funds with contractual expense limitations and fee waivers (“Fee Caps”), which allow a Fund’s shareholders to share potential economies of scale from a Fund’s inception, prior to reaching scale. The Trustees also noted that other Funds which had achieved scale as asset levels had increased, no longer had Fee Caps in place for some or all of their share classes, but shared economies of scale through lower average expenses. The Trustees noted that the fees remain satisfactory relative to peer funds. The Trustees considered the benefits to the Funds of the use of an affiliated distributor and custodian, including the ability to rely on existing infrastructure supporting distribution, custodial and transfer agent services and the ability to negotiate competitive fees for the Funds. The Trustees further considered the Adviser’s and JPMDS’s ongoing investments in their business in support of the Funds, including the Adviser’s and/or JPMDS’s investments in trading systems, technology (including improvements to the J.P. Morgan Funds’ website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees concluded that the current fee structure for each Fund, including any Fee Caps the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels, was reasonable. The Trustees concluded that, for Funds with expense caps in place for some or all of their share classes, the relevant Fund’s shareholders received the benefits of potential

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 119

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

economies of scale through the Fee Caps and, for Funds that achieved scale and no longer had Fee Caps in place for some or all of their share classes, the relevant Fund’s shareholders benefited from lower average expenses resulting from increased assets. The Trustees also concluded that all Funds benefited from the Adviser’s reinvestment in its operations to serve the Funds and their shareholders. The Trustees noted that the Adviser’s reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Funds.

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

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

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Small Cap Blend Fund, Small Cap Core Fund, Small Cap Equity Fund, and U.S. Small Company Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreements.

Fees Relative to Adviser’s Other Clients

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

Investment Performance

The Trustees received and considered absolute and/or relative performance information for the Funds in a report prepared by

Broadridge. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Broadridge investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for the applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge’s methodology for selecting mutual funds in each Fund’s Universe and Peer Group and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Broadridge materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared by the Trustees’ independent consultant. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Small Cap Blend Fund’s performance for Class A shares was in the third, first and first quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the second, first and first quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the second quintile based upon the Universe for the one-year period ended December 31, 2019. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Small Cap Core Fund’s performance for Class A shares was in the second quintile based upon the Peer Group for both the one- and three-year periods ended December 31, 2020, and in the third and second quintiles based upon the Universe for the one- and three-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R5 shares was in the second quintile based upon the Peer Group, for each of the one-, three-, and five-year periods ended December 31, 2019, and in the third, second and second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019,

120 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

respectively. The Trustees noted that the performance for Class R6 shares was in the third and first quintiles based upon the Peer Group and in the third and second quintiles based upon the Universe for the one- and three-year periods ended December 31, 2019, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Small Cap Equity Fund’s performance for Class A shares was in the third, fifth and third quintiles based upon both the Peer Group and Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the second, fifth and third quintiles based upon the Peer Group and in the third, fifth and third quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the fifth and fourth quintiles based upon the Peer Group and in the third and fourth quintiles based upon the Universe, for the one- and three-year periods ended December 31, 2019, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

The Trustees noted that the Small Cap Growth Fund’s performance for Class A, Class I and Class R6 shares was in the first quintile based upon both the Peer Group and Universe, for each of the one-, three-, and five-year periods ended December 31, 2019. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Small Cap Value Fund’s performance for Class A shares was in the fourth, fourth and fifth quintiles based upon the Peer Group, and in the fourth, fifth and fourth quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the fourth quintile based upon the Universe for each of the one-, three-, and five-year periods ended December 31, 2019. The Trustees noted that the performance for Class R6 shares was in the third quintile based upon the Peer Group for the one-year period ended December 31, 2019, and in the fourth, fourth and third quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019,

respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

The Trustees noted that the SMID Cap Equity Fund’s performance for Class A shares was in the fifth, third and fourth quintiles based upon the Peer Group, and in the fourth, third and fourth quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the fourth, third and fourth quintiles based upon the Peer Group, and in the fourth, third, and third second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the fourth and first quintiles based upon the Peer Group, and in the fourth and third quintiles based upon the Universe, for the one- and three-year periods ended December 31, 20198, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances. The Trustees requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with the members of the Board’s equity committee at each of its regularly scheduled meetings over the course of the next year.

The Trustees noted that the U.S. Small Company Fund’s performance for Class A shares was in the fourth, fourth and third quintiles based upon the Peer Group for the one-, three-, and five-year periods ended December 31, 2019, respectively, and in the fourth quintile based upon the Universe, for each of the one-, three-, and five-year periods ended December 31, 2019. The Trustees noted that the performance for Class I shares was in the fourth quintile based upon both the Peer Group and Universe for each of the one-, three-, and five-year periods ended December 31, 2019. The Trustees noted that the performance for Class R6 shares was in the third quintile based upon the Peer Group for each of the one-, three-, and five-year periods ended December 31, 2019, and in the fourth, fourth and third quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 121

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate and administration fee rate paid by each Fund to the Adviser and compared the combined rate to the information prepared by Broadridge concerning management fee rates paid by other funds in the same Broadridge category as each Fund. The Trustees recognized that Broadridge reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Groups did not meet a predetermined minimum. For each Fund that had a Fee Cap in place, the Trustees considered the net advisory fee rate and net expense ratio for each share class, as applicable, taking into account any waivers and/or reimbursements. The Trustees also considered any proposed changes to a Fee Cap, and, where deemed appropriate by the Trustees, additional waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of each Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Small Cap Blend Fund’s net advisory fee and actual total expenses for Class A shares were in the second quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class I shares were in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class I shares were in the first and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the third and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class R6 shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Small Cap Core Fund’s net advisory fee and actual total expenses for Class A shares were in the second quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class R5 shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class R5 shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class R6 shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class R6

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

The Trustees noted that the Small Cap Equity Fund’s net advisory fee for Class A shares was in the second and third quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the fourth and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the third quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the first and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the third quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class R6 shares were in the second and first quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Small Cap Growth Fund’s net advisory fee for Class A shares was in the second quintile based upon both the Peer Group and Universe, and that the actual total expenses were in the fourth and third quintiles, based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the second quintile based upon both the Peer Group and Universe, and that the actual total expenses were in the first and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the second quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class R6 shares were in the second and first quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Small Cap Value Fund’s net advisory fee for Class A shares was in the second and third quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the third and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee and actual total expenses for Class I shares were in the third quintile based upon the Universe. The Trustees noted that the net advisory fee for Class R6 shares was in the third quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class R6 shares were in the third and first

122 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2020

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

The Trustees noted that the SMID Cap Equity Fund’s net advisory fee for both Class A and Class I shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for both Class A and Class I shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee and actual total expenses for Class R6 shares were in the second quintile based the Peer Group and in the first quintile based upon the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the U.S. Small Company Fund’s net advisory fee and actual total expenses for Class A shares were in the second quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class I shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class I shares were in the first and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class R6 shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

DECEMBER 31, 2020 J.P. MORGAN SMALL CAP FUNDS 123

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

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

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

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

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

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

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

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

Semi-Annual Report

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

December 31, 2020 (Unaudited)

JPMorgan Growth Advantage Fund

JPMorgan Mid Cap Equity Fund

JPMorgan Mid Cap Growth Fund

JPMorgan Mid Cap Value Fund

JPMorgan Value Advantage Fund

CONTENTS

Letter to Shareholders	1
Market Overview	2
Fund Commentaries:
JPMorgan Growth Advantage Fund	3
JPMorgan Mid Cap Equity Fund	5
JPMorgan Mid Cap Growth Fund	7
JPMorgan Mid Cap Value Fund	9
JPMorgan Value Advantage Fund	11
Schedules of Portfolio Investments	13
Financial Statements	28
Financial Highlights	44
Notes to Financial Statements	62
Schedule of Shareholder Expenses	73
Board Approval of Investment Advisory Agreements	76

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

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

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

LETTER TO SHAREHOLDERS

February 4, 2021 (Unaudited)

Dear Shareholders,

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

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

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

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

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

On behalf of J.P. Morgan Asset Management, thank you for entrusting us to manage your investment. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management

DECEMBER 31, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 1

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

MARKET OVERVIEW

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

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

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

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

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

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

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

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

2 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

JPMorgan Growth Advantage Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		32.21%
Russell 3000 Growth Index		26.86%
Net Assets as of 12/31/2020 (In Thousands)	$	14,286,136

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class A Shares, without a sales charge, outperformed the Russell 3000 Growth Index (the “Benchmark”) for the six months ended December 31, 2020. The Fund’s security selection in the information technology sector and its security selection and overweight position in the consumer discretionary sector were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the health care and communication services sector was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Tesla Inc., Enphase Energy Inc. and Trade Desk Inc. Shares of Tesla, a producer of electric vehicles and energy storage systems, rose after the company was included in the S&P 500 Index. Shares of Enphase Energy, a provider of systems to the solar energy sector, rose amid better-than-expected earnings and investor expectations that the incoming Biden administration would seek increased investment in renewable energy. Shares of Trade Desk, a provider of an online platform for buyers of advertising, rose after reporting better-than-expected earnings amid increased adoption of the company’s technology by the world’s largest advertisers.

Leading individual detractors from relative performance included the Fund’s underweight position in Apple Inc. and its overweight positions in Regeneron Pharmaceuticals Inc. and Splunk Inc. Shares of Apple, an information technology conglomerate, rose amid general investor demand for large capitalization stocks, better-than-expected quarterly earnings and investor expectations for the company’s planned 5G smartphone. Shares of Regeneron Pharmaceuticals, a drug development company, fell as the U.S. approval of multiple vaccines against Covid-19 reduced demand for alternative therapies for the virus. Shares of Splunk, a software developer, fell after the company reported lower-than-expected results for its fiscal third quarter and lowered its fiscal fourth quarter forecast

HOW WAS THE FUND POSITIONED?

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

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Apple, Inc.	6.9	%
	2.	Microsoft Corp.	6.2
	3.	Amazon.com, Inc.	6.1
	4.	Tesla, Inc.	4.0
	5.	Alphabet, Inc., Class C	2.6
	6.	UnitedHealth Group, Inc.	2.3
	7.	PayPal Holdings, Inc.	2.1
	8.	Mastercard, Inc., Class A	2.1
	9.	NVIDIA Corp.	2.0
	10.	QUALCOMM, Inc.	2.0

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	40.7	%
Consumer Discretionary	19.1
Health Care	14.8
Industrials	8.7
Communication Services	7.1
Financials	5.0
Consumer Staples	1.0
Materials	0.5
Short-Term Investments	3.1

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

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

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

DECEMBER 31, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 3

JPMorgan Growth Advantage Fund

FUND COMMENTARY

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

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	INCEPTION DATE OF CLASS	6 MONTH*	1 YEAR	5 YEAR	10 YEAR
CLASS A SHARES	October 29, 1999
With Sales Charge**		25.27%	45.19%	21.53%	17.88%
Without Sales Charge		32.21	53.25	22.84	18.52
CLASS C SHARES	May 1, 2006
With CDSC***		30.93	51.51	22.24	18.06
Without CDSC		31.93	52.51	22.24	18.06
CLASS I SHARES	May 1, 2006	32.44	53.66	23.14	18.78
CLASS R2 SHARES	July 31, 2017	32.08	52.89	22.53	18.22
CLASS R3 SHARES	May 31, 2017	32.27	53.25	22.85	18.52
CLASS R4 SHARES	May 31, 2017	32.41	53.62	23.15	18.82
CLASS R5 SHARES	January 8, 2009	32.56	53.87	23.31	18.99
CLASS R6 SHARES	December 23, 2013	32.57	54.00	23.45	19.08

* Not annualized.

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

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

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

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

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

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

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

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Growth Advantage Fund and the Russell 3000 Growth Index from December 31, 2010 to December 31, 2020. The performance of the

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

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

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

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

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

4 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

JPMorgan Mid Cap Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		28.60%
Russell Midcap Index		28.86%
Net Assets as of 12/31/2020 (In Thousands)	$	2,027,207

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class I Shares underperformed the Russell Midcap Index (the “Benchmark”) for the six months ended December 31, 2020. The Fund’s security selection in the health care and consumer discretionary sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the information technology sector and its underweight position in the consumer staples sector were leading contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight position in Splunk Inc. and its underweight positions in Freeport-McMoRan Inc. and Align Technology Inc. Shares of Splunk, a software developer, fell after the company reported lower-than-expected results for its fiscal third quarter and lowered its fiscal fourth-quarter forecast. Shares of Freeport-McMoRan, a mining company, rose amid investor expectations for accelerating global demand for copper and after the company reported better-than-expected earnings and revenue for the third quarter of 2020. Shares of Align Technologies, a manufacturer of orthodontics and dentistry products, rose amid continued growth in sales of its Invisalign product.

Leading individual contributors to relative performance included the Fund’s overweight positions in Enphase Energy Inc., Trade Desk Inc. and Generac Holdings Inc. Shares of Enphase Energy, a provider of systems to the solar energy sector, rose amid better-than-expected earnings and investor expectations that the incoming Biden administration would seek increased investment in renewable energy. Shares of Trade Desk, a provider of an online platform for buyers of advertising, rose after reporting better-than-expected earnings amid increased adoption of the company’s technology by the world’s largest advertisers. Shares of Generac Holdings, a manufacturer of power generators, rose amid increased consumer demand for residential back-up electricity generators.

HOW WAS THE FUND POSITIONED?

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

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

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Synopsys, Inc.	1.3	%
	2.	Amphenol Corp., Class A	1.2
	3.	AMETEK, Inc.	1.1
	4.	ITT, Inc.	1.1
	5.	Trade Desk, Inc. (The), Class A	1.0
	6.	Keysight Technologies, Inc.	1.0
	7.	Carlisle Cos., Inc.	1.0
	8.	Fortune Brands Home & Security, Inc.	0.9
	9.	Cigna Corp.	0.9
	10.	Ball Corp.	0.9

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	21.2	%
Financials	13.7
Industrials	13.6
Health Care	13.3
Consumer Discretionary	11.6
Communication Services	5.8
Real Estate	5.2
Utilities	3.9
Materials	3.5
Consumer Staples	2.5
Energy	1.8
Short-Term Investments	3.9

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

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

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

DECEMBER 31, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 5

JPMorgan Mid Cap Equity Fund

FUND COMMENTARY

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

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	November 2, 2009
With Sales Charge**			21.71	%		15.91	%		12.72	%		12.35	%
Without Sales Charge			28.46			22.35			13.94			12.95
CLASS C SHARES	November 2, 2009
With CDSC***			27.13			20.74			13.37			12.50
Without CDSC			28.13			21.74			13.37			12.50
CLASS I SHARES	January 1, 1997		28.60			22.63			14.26			13.32
CLASS R2 SHARES	March 14, 2014		28.29			22.04			13.65			12.76
CLASS R5 SHARES	March 14, 2014		28.73			22.83			14.41			13.41
CLASS R6 SHARES	March 14, 2014		28.80			22.97			14.51			13.47

* Not annualized.

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

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

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

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

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

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

The graph illustrates comparative performance for $1,000,000 invested in the Class I Shares of JPMorgan Mid Cap Equity Fund and the Russell Midcap Index from December 31, 2010 to December 31, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell Midcap Index

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

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

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

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

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

6 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

JPMorgan Mid Cap Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		32.61%
Russell Midcap Growth Index		30.18%
Net Assets as of 12/31/2020 (In Thousands)	$	7,795,164

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class I Shares outperformed the Russell Midcap Growth Index (the “Benchmark”) for the six months ended December 31, 2020. The Fund’s security selection in the information technology sector and its underweight position in the consumer staples sector were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the health care and communication services sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Enphase Energy Inc., Trade Desk Inc. and Generac Holdings Inc. Shares of Enphase Energy, a provider of systems to the solar energy sector, rose amid better-than-expected earnings and investor expectations that the incoming Biden administration would seek increased investment in renewable energy. Shares of Trade Desk, a provider of an online platform for buyers of advertising, rose after reporting better-than-expected earnings amid increased adoption of the company’s technology by the world’s largest advertisers. Shares of Generac Holdings, a manufacturer of power generators, rose amid increased consumer demand for residential back-up electricity generators.

Leading individual detractors from relative performance included the Fund’s underweight positions in Align Technology Inc., Immunogen Inc. and Roku Inc. Shares of Align Technologies, a manufacturer of orthodontics and dentistry products that was not held in the Fund, rose amid continued growth in sales of its Invisalign product. Shares of Immunogen, a drug development company not held in the Fund, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2020. Shares of Roku, a digital entertainment streaming platform provider, rose on increased for consumer demand for at-home entertainment amid the pandemic.

HOW WAS THE FUND POSITIONED?

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

to construct a portfolio of stocks that have strong fundamentals. The Fund’s portfolio managers sought to invest in high quality companies with durable franchises that, in their view, possessed the ability to generate strong future earnings growth.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Trade Desk, Inc. (The), Class A	1.9	%
	2.	Spotify Technology SA	1.7
	3.	O’Reilly Automotive, Inc.	1.6
	4.	Enphase Energy, Inc.	1.6
	5.	Synopsys, Inc.	1.6
	6.	Match Group, Inc.	1.5
	7.	Crowdstrike Holdings, Inc., Class A	1.5
	8.	RingCentral, Inc., Class A	1.4
	9.	Roku, Inc.	1.4
	10.	Take-Two Interactive Software, Inc.	1.4

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	33.3	%
Health Care	19.4
Industrials	14.9
Consumer Discretionary	12.9
Communication Services	7.4
Financials	6.0
Materials	1.4
Consumer Staples	0.6
Short-Term Investments	4.1

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

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

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

DECEMBER 31, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 7

JPMorgan Mid Cap Growth Fund

FUND COMMENTARY

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

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 18, 1992
With Sales Charge**			25.44	%		40.01	%		18.90	%		15.30	%
Without Sales Charge			32.40			47.77			20.19			15.92
CLASS C SHARES	November 4, 1997
With CDSC***			31.05			45.99			19.59			15.46
Without CDSC			32.05			46.99			19.59			15.46
CLASS I SHARES	March 2, 1989		32.61			48.26			20.57			16.29
CLASS R2 SHARES	June 19, 2009		32.24			47.42			19.92			15.70
CLASS R3 SHARES	September 9, 2016		32.41			47.77			20.19			15.93
CLASS R4 SHARES	September 9, 2016		32.56			48.17			20.50			16.22
CLASS R5 SHARES	November 1, 2011		32.70			48.46			20.74			16.44
CLASS R6 SHARES	November 1, 2011		32.74			48.51			20.79			16.49

* Not annualized.

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

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

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

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Mid Cap Growth Fund and the Russell Midcap Growth Index from December 31, 2010 to December 31, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell Midcap Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect

reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell Midcap Growth Index is an unmanaged index which measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values. Investors cannot invest directly in an index.

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

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

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

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

8 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

JPMorgan Mid Cap Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class L Shares)*		24.64%
Russell Midcap Value Index		28.14%
Net Assets as of 12/31/2020 (In Thousands)	$	14,648,786

INVESTMENT OBJECTIVE**

The JPMorgan Mid Cap Value Fund (the “Fund”) seeks growth from capital appreciation.

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

The Fund’s Class L Shares underperformed the Russell Midcap Value Index (the “Benchmark”) for the six months ended December 31, 2020. The Fund’s security selection in the consumer discretionary and health care sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s overweight position in the financials sector and its security selection in the real estate sector were contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in AutoZone Inc. and AmerisourceBergen Corp. and its underweight position in Freeport-McMoRan Inc. Shares of AutoZone, an automotive parts retailer, underperformed the broader market after the company reported lower-than-expected sales for its fiscal first quarter. Shares of AmerisourceBergen, a drug and health care products distributor, fell along with those of its sector peers after Amazon.com Inc. unveiled plans to launch a pharmacy services business. Shares of Freeport-McMoRan, a mining company, rose amid investor expectations for accelerating global demand for copper and after the company reported better-than-expected earnings and revenue for the third quarter of 2020.

Leading individual contributors to relative performance included the Fund’s overweight positions in Middleby Corp., Universal Health Services Inc. and Kohl’s Corp. Shares of Middleby, a food service equipment manufacturer, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2020. Shares of Universal Health Services, an operator of hospitals and health care centers, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2020. Shares of Kohl’s, a department store chain, rose after the company reported better-than-expected earnings for the third quarter of 2020.

HOW WAS THE FUND POSITIONED?

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

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Ameriprise Financial, Inc.	1.7%
	2.	Loews Corp.	1.7
	3.	Xcel Energy, Inc.	1.6
	4.	T. Rowe Price Group, Inc.	1.5
	5.	Zimmer Biomet Holdings, Inc.	1.5
	6.	M&T Bank Corp.	1.5
	7.	WEC Energy Group, Inc.	1.5
	8.	Fifth Third Bancorp	1.4
	9.	ITT, Inc.	1.4
	10.	Laboratory Corp. of America Holdings	1.4

PORTFOLIO COMPOSITION BY SECTOR***
Financials	22.0	%
Industrials	12.7
Real Estate	10.6
Consumer Discretionary	10.2
Information Technology	9.0
Utilities	7.9
Health Care	7.3
Materials	5.8
Consumer Staples	4.7
Communication Services	4.2
Energy	3.3
Short-Term Investments	2.3

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

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

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

DECEMBER 31, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 9

JPMorgan Mid Cap Value Fund

FUND COMMENTARY

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

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	April 30, 2001
With Sales Charge**			17.82	%		(5.33	)%		6.23	%		9.23	%
Without Sales Charge			24.33			(0.07	)		7.39			9.82
CLASS C SHARES	April 30, 2001
With CDSC***			23.00			(1.57	)		6.85			9.37
Without CDSC			24.00			(0.57	)		6.85			9.37
CLASS I SHARES	October 31, 2001		24.48			0.17			7.67			10.10
CLASS L SHARES	November 13, 1997		24.64			0.41			7.92			10.36
CLASS R2 SHARES	November 3, 2008		24.20			(0.32	)		7.12			9.54
CLASS R3 SHARES	September 9, 2016		24.35			(0.06	)		7.39			9.82
CLASS R4 SHARES	September 9, 2016		24.52			0.17			7.66			10.09
CLASS R5 SHARES	September 9, 2016		24.63			0.34			7.84			10.32
CLASS R6 SHARES	September 9, 2016		24.68			0.43			7.93			10.37

* Not annualized.

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

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

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

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

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

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

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

The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan Mid Cap Value Fund and the Russell Midcap Value Index from December 31, 2010 to December 31, 2020. The performance

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

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

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

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

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

10 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

JPMorgan Value Advantage Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class L Shares)*		23.52%
Russell 3000 Value Index		23.56%
Net Assets as of 12/31/2020 (In Thousands)	$	9,258,584

INVESTMENT OBJECTIVE**

The JPMorgan Value Advantage Fund (the “Fund”) seeks to provide long-term total return from a combination of income and capital gains.

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

The Fund’s Class L Shares underperformed the Russell 3000 Value Index (the “Benchmark”) for the six months ended December 31, 2020. The Fund’s underweight position in the industrials sector and its overweight position in the energy sector were leading detractors from performance relative to the Benchmark, while the Fund’s overweight position and security selection in the financials sector and its security selection in the information technology sector were leading contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s underweight position in Walt Disney Co. and its overweight positions in AutoZone Inc. and Energizer Holdings Inc. Shares of Walt Disney, an entertainment conglomerate, rose amid increased consumer demand for its online streaming entertainment. Shares of AutoZone, an automotive parts retailer, underperformed the broader market after the company reported lower-than-expected sales for its fiscal first quarter. Shares of Energizer Holdings, a batteries and lighting manufacturer, fell after the company reported lower-than-expected earnings and cash flow for its fiscal fourth quarter.

Leading individual contributors to relative performance included the Fund’s underweight positions in Intel Corp. and AT&T Inc. and its overweight position in Capital One Financial Corp. Shares of Intel, a semiconductor manufacturer, fell after news reports that large technology companies would develop their own semiconductors rather than buy them from Intel and other sources. Shares of AT&T, a telecommunications and entertainment provider, fell amid investor concerns about the company’s planned auction of its DirectTV unit. Shares of Capital One Financial, a banking and financial services company, rose amid improvement in its credit card business during the reporting period.

HOW WAS THE FUND POSITIONED?

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

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Bank of America Corp.	3.8	%
	2.	Berkshire Hathaway, Inc., Class B	2.5
	3.	Capital One Financial Corp.	2.1
	4.	Loews Corp.	2.1
	5.	AbbVie, Inc.	1.9
	6.	Verizon Communications, Inc.	1.8
	7.	Wells Fargo & Co.	1.8
	8.	Johnson & Johnson	1.7
	9.	Travelers Cos., Inc. (The)	1.7
	10.	Bristol-Myers Squibb Co.	1.7

PORTFOLIO COMPOSITION BY SECTOR***
Financials	30.9	%
Health Care	11.5
Consumer Discretionary	8.2
Industrials	8.2
Real Estate	7.4
Communication Services	7.1
Energy	6.1
Consumer Staples	5.2
Information Technology	5.1
Utilities	4.5
Materials	4.2
Short-Term Investments	1.6

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

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

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

DECEMBER 31, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 11

JPMorgan Value Advantage Fund

FUND COMMENTARY

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

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		February 28, 2005
With Sales Charge**				16.75	%		(7.17	)%		7.13	%		9.14	%
Without Sales Charge				23.23			(2.02	)		8.29			9.73
CLASS C SHARES		February 28, 2005
With CDSC***				21.96			(3.50	)		7.75			9.29
Without CDSC				22.96			(2.50	)		7.75			9.29
CLASS I SHARES		February 28, 2005		23.39			(1.77	)		8.55			10.00
CLASS L SHARES		February 28, 2005		23.52			(1.60	)		8.76			10.25
CLASS R2 SHARES		July 31, 2017		23.08			(2.26	)		8.02			9.45
CLASS R3 SHARES		September 9, 2016		23.24			(1.99	)		8.29			9.73
CLASS R4 SHARES		September 9, 2016		23.43			(1.76	)		8.56			10.01
CLASS R5 SHARES		September 9, 2016		23.52			(1.61	)		8.74			10.24
CLASS R6 SHARES		September 9, 2016		23.57			(1.52	)		8.83			10.28

* Not annualized.

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

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

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

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

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

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

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

The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan Value Advantage Fund and the Russell 3000

Value Index from December 31, 2010 to December 31, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 3000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 3000 Value Index is an unmanaged index which measures the performance of those Russell 3000 companies (largest 3000 U.S. companies) with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index.

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

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

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

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

12 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

JPMorgan Growth Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.6%
Automobiles — 4.5%
Tesla, Inc. *		829		584,859
Thor Industries, Inc.		689		64,043
				648,902
Banks — 0.9%
First Republic Bank		854		125,406
Biotechnology — 4.2%
Alnylam Pharmaceuticals, Inc. *		451		58,666
Amgen, Inc.		878		201,845
Exact Sciences Corp. *		958		126,881
Exelixis, Inc. *		3,562		71,491
Regeneron Pharmaceuticals, Inc. *		288		138,926
				597,809
Building Products — 1.9%
Fortune Brands Home & Security, Inc.		1,363		116,840
Trane Technologies plc		1,105		160,417
				277,257
Capital Markets — 3.3%
BlackRock, Inc.		163		117,416
Blackstone Group, Inc. (The), Class A		1,621		105,032
Charles Schwab Corp. (The)		2,823		149,755
S&P Global, Inc.		287		94,205
				466,408
Commercial Services & Supplies — 0.8%
Copart, Inc. *		879		111,805
Electrical Equipment — 1.8%
AMETEK, Inc.		890		107,659
Generac Holdings, Inc. *		683		155,303
				262,962
Electronic Equipment, Instruments & Components — 2.5%
Amphenol Corp., Class A		608		79,501
Keysight Technologies, Inc. *		997		131,671
Zebra Technologies Corp., Class A *		387		148,721
				359,893
Entertainment — 2.8%
Netflix, Inc. *		282		152,621
Spotify Technology SA *		342		107,597
Take-Two Interactive Software, Inc. *		657		136,509
				396,727
Health Care Equipment & Supplies — 2.3%
DexCom, Inc. *		317		117,352
Insulet Corp. *		227		57,965

INVESTMENTS	SHARES (000)		VALUE ($000)
Health Care Equipment & Supplies — continued
Intuitive Surgical, Inc. *		190		155,818
				331,135
Health Care Providers & Services — 3.0%
McKesson Corp.		532		92,580
UnitedHealth Group, Inc.		963		337,718
				430,298
Health Care Technology — 0.6%
Teladoc Health, Inc. * (a)		396		79,194
Hotels, Restaurants & Leisure — 1.0%
Airbnb, Inc., Class A *		393		57,735
Las Vegas Sands Corp.		1,514		90,234
				147,969
Household Durables — 0.9%
Garmin Ltd. (a)		1,103		131,980
Insurance — 1.0%
Progressive Corp. (The)		1,403		138,728
Interactive Media & Services — 4.4%
Alphabet, Inc., Class C *		220		384,765
Facebook, Inc., Class A *		653		178,352
Zillow Group, Inc., Class C * (a)		519		67,401
				630,518
Internet & Direct Marketing Retail — 7.3%
Amazon.com, Inc. *		273		889,513
Booking Holdings, Inc. *		69		153,386
				1,042,899
IT Services — 8.0%
Booz Allen Hamilton Holding Corp.		1,488		129,681
Global Payments, Inc.		858		184,800
Mastercard, Inc., Class A		856		305,451
MongoDB, Inc. * (a)		290		104,151
PayPal Holdings, Inc. *		1,309		306,603
Snowflake, Inc., Class A * (a)		147		41,264
Twilio, Inc., Class A *		197		66,522
				1,138,472
Life Sciences Tools & Services — 2.0%
Mettler-Toledo International, Inc. *		118		134,755
Thermo Fisher Scientific, Inc.		312		145,374
				280,129
Machinery — 1.9%
Ingersoll Rand, Inc. *		2,423		110,376
Stanley Black & Decker, Inc.		870		155,371
				265,747

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 13

JPMorgan Growth Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Metals & Mining — 0.5%
Freeport-McMoRan, Inc.		2,835		73,757
Personal Products — 1.1%
Estee Lauder Cos., Inc. (The), Class A		564		150,135
Pharmaceuticals — 3.0%
Catalent, Inc. *		1,294		134,675
Horizon Therapeutics plc *		1,169		85,507
Jazz Pharmaceuticals plc * (a)		567		93,573
Royalty Pharma plc, Class A (a)		2,187		109,455
				423,210
Professional Services — 1.2%
FTI Consulting, Inc. *		754		84,252
IHS Markit Ltd.		1,037		93,159
				177,411
Road & Rail — 1.2%
Old Dominion Freight Line, Inc.		510		99,446
Uber Technologies, Inc. *		1,373		70,017
				169,463
Semiconductors & Semiconductor Equipment — 11.1%
Advanced Micro Devices, Inc. *		2,401		220,157
Enphase Energy, Inc. *		941		165,162
Entegris, Inc.		1,372		131,850
Lam Research Corp.		393		185,399
Microchip Technology, Inc.		722		99,647
NVIDIA Corp.		562		293,390
QUALCOMM, Inc.		1,872		285,157
SolarEdge Technologies, Inc. * (a)		406		129,479
Teradyne, Inc.		665		79,725
				1,589,966
Software — 12.7%
Cadence Design Systems, Inc. *		682		92,996
Crowdstrike Holdings, Inc., Class A *		652		138,095
Five9, Inc. *		377		65,814
HubSpot, Inc. *		221		87,479
Microsoft Corp.		4,030		896,290
ServiceNow, Inc. *		243		133,567
Synopsys, Inc. *		465		120,598
Trade Desk, Inc. (The), Class A *		242		193,830
Zscaler, Inc. *		462		92,350
				1,821,019
Specialty Retail — 4.2%
CarMax, Inc. * (a)		929		87,776
Home Depot, Inc. (The)		814		216,316

INVESTMENTS	SHARES (000)		VALUE ($000)
Specialty Retail — continued
National Vision Holdings, Inc. *		1,128		51,073
O’Reilly Automotive, Inc. *		217		98,421
Tractor Supply Co.		1,039		146,004
				599,590
Technology Hardware, Storage & Peripherals — 7.1%
Apple, Inc.		7,609		1,009,628
Textiles, Apparel & Luxury Goods — 1.4%
NIKE, Inc., Class B		1,451		205,333
Total Common Stocks (Cost $6,598,078)				14,083,750
Short-Term Investments — 3.1%
Investment Companies — 1.6%
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (b) (c) (Cost $226,755)		226,661		226,774
Investment of Cash Collateral from Securities Loaned — 1.5%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (b) (c)		109,703		109,714
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		109,310		109,310
Total Investment of Cash Collateral from Securities Loaned (Cost $219,024)				219,024
Total Short-Term Investments (Cost $445,779)				445,798
Total Investments — 101.7% (Cost $7,043,857)				14,529,548
Liabilities in Excess of Other Assets — (1.7)%				(243,412	)
NET ASSETS — 100.0%				14,286,136

Percentages indicated are based on net assets.

(a)	The security or a portion of this security is on loan at December 31, 2020. The total value of securities on loan at December 31, 2020 is approximately $210,429,000.
(b)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of December 31, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

JPMorgan Mid Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.2%
Aerospace & Defense — 0.3%
HEICO Corp., Class A		60		7,062
Airlines — 0.3%
Southwest Airlines Co.		144		6,711
Auto Components — 0.2%
BorgWarner, Inc. (a)		102		3,946
Automobiles — 0.2%
Thor Industries, Inc.		43		4,017
Banks — 4.6%
Citizens Financial Group, Inc.		346		12,363
Fifth Third Bancorp		528		14,569
First Republic Bank		108		15,886
Huntington Bancshares, Inc.		689		8,703
M&T Bank Corp.		117		14,887
Regions Financial Corp.		694		11,189
TCF Financial Corp.		222		8,224
Zions Bancorp NA		156		6,781
				92,602
Beverages — 1.1%
Constellation Brands, Inc., Class A		76		16,618
Keurig Dr Pepper, Inc. (a)		171		5,463
				22,081
Biotechnology — 2.5%
Agios Pharmaceuticals, Inc. * (a)		89		3,867
Alnylam Pharmaceuticals, Inc. *		56		7,308
Exact Sciences Corp. *		93		12,385
Exelixis, Inc. *		301		6,049
Intercept Pharmaceuticals, Inc. *(a)		22		542
Ionis Pharmaceuticals, Inc. *		62		3,483
Neurocrine Biosciences, Inc. *		53		5,090
Sarepta Therapeutics, Inc. *		27		4,518
Seagen, Inc. *		44		7,706
				50,948
Building Products — 1.9%
Fortune Brands Home & Security, Inc.		224		19,220
Trane Technologies plc		76		11,092
Trex Co., Inc. * (a)		95		7,953
				38,265
Capital Markets — 5.1%
Ameriprise Financial, Inc.		91		17,699
Blackstone Group, Inc. (The), Class A		86		5,554
Charles Schwab Corp. (The)		190		10,072
Evercore, Inc., Class A		53		5,778

INVESTMENTS	SHARES (000)		VALUE ($000)
Capital Markets — continued
MarketAxess Holdings, Inc.		16		9,129
MSCI, Inc.		22		9,941
Northern Trust Corp.		123		11,422
Raymond James Financial, Inc.		141		13,445
S&P Global, Inc.		14		4,580
T. Rowe Price Group, Inc.		102		15,476
				103,096
Chemicals — 0.9%
Celanese Corp.		59		7,726
Sherwin-Williams Co. (The)		15		10,981
				18,707
Commercial Services & Supplies — 0.7%
Copart, Inc. *		107		13,665
Communications Equipment — 0.8%
CommScope Holding Co., Inc. *		272		3,644
Motorola Solutions, Inc.		77		13,127
				16,771
Construction Materials — 0.6%
Martin Marietta Materials, Inc.		43		12,269
Consumer Finance — 0.4%
Discover Financial Services		101		9,098
Containers & Packaging — 1.8%
Ball Corp.		195		18,130
Packaging Corp. of America		55		7,636
Pactiv Evergreen, Inc. *		128		2,326
Silgan Holdings, Inc.		243		9,009
				37,101
Distributors — 0.4%
Genuine Parts Co.		62		6,244
LKQ Corp. *		69		2,418
				8,662
Diversified Financial Services — 0.1%
Voya Financial, Inc.		40		2,349
Electric Utilities — 2.0%
Edison International		188		11,810
Entergy Corp.		126		12,585
Xcel Energy, Inc.		239		15,902
				40,297
Electrical Equipment — 2.8%
Acuity Brands, Inc. (a)		76		9,262
AMETEK, Inc.		181		21,921

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 15

JPMorgan Mid Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Electrical Equipment — continued
Generac Holdings, Inc. *		57		12,958
Hubbell, Inc.		75		11,763
				55,904
Electronic Equipment, Instruments & Components — 4.0%
Amphenol Corp., Class A		185		24,242
CDW Corp.		73		9,651
Keysight Technologies, Inc. *		152		20,025
Littelfuse, Inc.		20		4,991
SYNNEX Corp.		99		8,022
Zebra Technologies Corp., Class A *		36		13,964
				80,895
Entertainment — 2.3%
Roku, Inc. *		44		14,476
Spotify Technology SA *		55		17,349
Take-Two Interactive Software, Inc. *		69		14,271
				46,096
Equity Real Estate Investment Trusts (REITs) — 4.5%
American Campus Communities, Inc.		87		3,708
American Homes 4 Rent, Class A		267		8,017
AvalonBay Communities, Inc.		66		10,509
Boston Properties, Inc.		98		9,219
Brixmor Property Group, Inc.		307		5,081
Essex Property Trust, Inc.		22		5,128
Federal Realty Investment Trust		55		4,699
Host Hotels & Resorts, Inc.		135		1,972
JBG SMITH Properties		123		3,857
Kimco Realty Corp.		368		5,530
Outfront Media, Inc.		152		2,972
Rayonier, Inc.		274		8,050
Regency Centers Corp.		85		3,885
Ventas, Inc.		86		4,194
Weyerhaeuser Co.		277		9,300
WP Carey, Inc.		68		4,780
				90,901
Food & Staples Retailing — 0.7%
Kroger Co. (The)		267		8,482
US Foods Holding Corp. *		167		5,563
				14,045
Food Products — 0.5%
Post Holdings, Inc. *		92		9,286
Gas Utilities — 0.5%
National Fuel Gas Co.		243		9,979

INVESTMENTS	SHARES (000)		VALUE ($000)
Health Care Equipment & Supplies — 2.5%
Cooper Cos., Inc. (The)		19		6,849
DexCom, Inc. *		19		7,047
Insulet Corp. *		38		9,722
ResMed, Inc.		60		12,698
Zimmer Biomet Holdings, Inc.		99		15,273
				51,589
Health Care Providers & Services — 4.9%
Acadia Healthcare Co., Inc. *		82		4,107
Amedisys, Inc. *		30		8,859
AmerisourceBergen Corp.		103		10,100
Centene Corp. *		103		6,153
Cigna Corp.		87		18,203
Henry Schein, Inc. * (a)		111		7,430
Humana, Inc.		10		4,023
Laboratory Corp. of America Holdings *		68		13,897
McKesson Corp.		77		13,322
Universal Health Services, Inc., Class B		91		12,533
				98,627
Health Care Technology — 1.1%
Teladoc Health, Inc. * (a)		55		10,986
Veeva Systems, Inc., Class A *		41		11,128
				22,114
Hotels, Restaurants & Leisure — 1.3%
Airbnb, Inc., Class A *		28		4,041
Chipotle Mexican Grill, Inc. *		9		12,679
Darden Restaurants, Inc. (a)		34		4,105
Las Vegas Sands Corp.		100		5,936
				26,761
Household Durables — 2.2%
Garmin Ltd.		67		8,042
Helen of Troy Ltd. *		42		9,265
Mohawk Industries, Inc. *		81		11,369
Newell Brands, Inc.		505		10,721
NVR, Inc. *		1		4,239
				43,636
Household Products — 0.3%
Energizer Holdings, Inc.		167		7,050
Industrial Conglomerates — 1.0%
Carlisle Cos., Inc.		128		19,977
Insurance — 3.8%
Alleghany Corp.		11		6,522
Hartford Financial Services Group, Inc. (The)		245		12,008

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Insurance — continued
Lincoln National Corp.		135		6,805
Loews Corp.		395		17,785
Marsh & McLennan Cos., Inc.		70		8,247
Progressive Corp. (The)		147		14,528
Selectquote, Inc. * (a)		144		2,982
WR Berkley Corp.		109		7,271
				76,148
Interactive Media & Services — 1.8%
InterActiveCorp. *		33		6,268
Match Group, Inc. *		105		15,886
Pinterest, Inc., Class A *		129		8,521
Zillow Group, Inc., Class C *		50		6,464
				37,139
Internet & Direct Marketing Retail — 1.0%
Booking Holdings, Inc. *		3		7,127
Chewy, Inc., Class A * (a)		89		7,973
Expedia Group, Inc.		41		5,469
				20,569
IT Services — 4.0%
Booz Allen Hamilton Holding Corp.		134		11,678
Concentrix Corp. *		55		5,450
Global Payments, Inc.		54		11,698
Jack Henry & Associates, Inc.		22		3,509
Leidos Holdings, Inc.		44		4,643
MongoDB, Inc. *		29		10,233
Okta, Inc. * (a)		45		11,446
Snowflake, Inc., Class A * (a)		10		2,673
Square, Inc., Class A *		29		6,224
Twilio, Inc., Class A *		38		12,795
				80,349
Leisure Products — 0.2%
Brunswick Corp.		63		4,818
Life Sciences Tools & Services — 0.9%
Maravai LifeSciences Holdings, Inc., Class A * (a)		226		6,340
Mettler-Toledo International, Inc. *		10		11,169
				17,509
Machinery — 4.3%
IDEX Corp.		57		11,328
Ingersoll Rand, Inc. *		174		7,915
ITT, Inc.		283		21,791
Lincoln Electric Holdings, Inc.		106		12,364
Middleby Corp. (The) *		93		11,982

INVESTMENTS	SHARES (000)		VALUE ($000)
Machinery — continued
Snap-on, Inc.		56		9,619
Stanley Black & Decker, Inc.		51		9,095
Timken Co. (The)		27		2,110
				86,204
Media — 1.8%
Discovery, Inc., Class C *		435		11,390
Liberty Broadband Corp., Class C *		73		11,485
Liberty Media Corp.-Liberty SiriusXM, Class C *		316		13,735
				36,610
Metals & Mining — 0.3%
Freeport-McMoRan, Inc.		196		5,100
Multiline Retail — 0.5%
Kohl’s Corp.		146		5,956
Nordstrom, Inc. (a)		119		3,724
				9,680
Multi-Utilities — 1.5%
CMS Energy Corp.		207		12,650
Sempra Energy		28		3,597
WEC Energy Group, Inc.		158		14,534
				30,781
Oil, Gas & Consumable Fuels — 1.8%
Cabot Oil & Gas Corp. (a)		370		6,025
Diamondback Energy, Inc.		313		15,140
EQT Corp.		322		4,093
Equitrans Midstream Corp.		390		3,136
Williams Cos., Inc. (The)		404		8,094
				36,488
Pharmaceuticals — 1.7%
Catalent, Inc. *		88		9,133
Horizon Therapeutics plc *		158		11,536
Jazz Pharmaceuticals plc *		44		7,294
Royalty Pharma plc, Class A		146		7,312
				35,275
Professional Services — 1.9%
CoStar Group, Inc. *		10		9,424
Equifax, Inc.		67		12,863
FTI Consulting, Inc. *		47		5,301
IHS Markit Ltd.		122		10,982
				38,570
Real Estate Management & Development — 0.8%
CBRE Group, Inc., Class A *		206		12,914

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 17

JPMorgan Mid Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Real Estate Management & Development — continued
Cushman & Wakefield plc * (a)		210		3,120
				16,034
Road & Rail — 0.8%
Lyft, Inc., Class A *		127		6,216
Old Dominion Freight Line, Inc.		52		10,151
				16,367
Semiconductors & Semiconductor Equipment — 5.4%
Advanced Micro Devices, Inc. *		105		9,672
Analog Devices, Inc.		77		11,361
Cree, Inc. *		36		3,759
Enphase Energy, Inc. *		96		16,810
Entegris, Inc.		122		11,714
Lam Research Corp.		20		9,564
Microchip Technology, Inc.		83		11,507
SolarEdge Technologies, Inc. * (a)		39		12,478
Teradyne, Inc.		100		11,989
Xilinx, Inc.		77		10,945
				109,799
Software — 7.5%
Cadence Design Systems, Inc. *		100		13,697
Coupa Software, Inc. *		25		8,473
Crowdstrike Holdings, Inc., Class A *		73		15,382
DocuSign, Inc. *		49		10,804
Five9, Inc. *		52		9,138
HubSpot, Inc. *		31		12,250
RingCentral, Inc., Class A *		40		15,080
Splunk, Inc. * (a)		67		11,369
Synopsys, Inc. *		101		26,122
Trade Desk, Inc. (The), Class A *		25		20,101
Zscaler, Inc. *		47		9,438
				151,854
Specialty Retail — 4.5%
AutoZone, Inc. *		12		13,655
Best Buy Co., Inc.		124		12,328
Burlington Stores, Inc. *		37		9,797
CarMax, Inc. * (a)		64		6,017
Gap, Inc. (The)		370		7,470
National Vision Holdings, Inc. *		127		5,730
O’Reilly Automotive, Inc. *		38		17,242
Tractor Supply Co.		81		11,414
Ulta Beauty, Inc. *		30		8,615
				92,268

INVESTMENTS	SHARES (000)		VALUE ($000)
Textiles, Apparel & Luxury Goods — 1.2%
Carter’s, Inc. (a)		71		6,716
Lululemon Athletica, Inc. *		25		8,571
Ralph Lauren Corp.		96		9,930
				25,217
Total Common Stocks (Cost $1,139,918)				1,991,286
Short-Term Investments — 4.0%
Investment Companies — 1.7%
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (b) (c) (Cost $34,415)		34,404		34,422
Investment of Cash Collateral from Securities Loaned — 2.3%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (b) (c)		33,990		33,993
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		12,355		12,355
Total Investment of Cash Collateral from Securities Loaned (Cost $46,348)				46,348
Total Short-Term Investments (Cost $80,763)				80,770
Total Investments — 102.2% (Cost $1,220,681)				2,072,056
Liabilities in Excess of Other Assets — (2.2)%				(44,849	)
NET ASSETS — 100.0%				2,027,207

Percentages indicated are based on net assets.

(a)	The security or a portion of this security is on loan at December 31, 2020. The total value of securities on loan at December 31, 2020 is approximately $44,647,000.
(b)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of December 31, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

JPMorgan Mid Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.2%
Aerospace & Defense — 0.7%
HEICO Corp., Class A		460		53,869
Automobiles — 0.4%
Thor Industries, Inc. (a)		330		30,656
Banks — 0.8%
First Republic Bank		436		64,047
Beverages — 0.6%
Constellation Brands, Inc., Class A		201		44,117
Biotechnology — 5.0%
Agios Pharmaceuticals, Inc. *		682		29,547
Alnylam Pharmaceuticals, Inc. *		429		55,718
Exact Sciences Corp. *		713		94,452
Exelixis, Inc. *		2,300		46,165
Intercept Pharmaceuticals, Inc. * (a)		170		4,208
Ionis Pharmaceuticals, Inc. *		459		25,974
Neurocrine Biosciences, Inc. * (a)		405		38,858
Sarepta Therapeutics, Inc. * (a)		202		34,490
Seagen, Inc. *		336		58,865
				388,277
Building Products — 2.7%
Fortune Brands Home & Security, Inc.		774		66,356
Trane Technologies plc		583		84,672
Trex Co., Inc. * (a)		725		60,671
				211,699
Capital Markets — 4.4%
Blackstone Group, Inc. (The), Class A		654		42,379
Charles Schwab Corp. (The)		1,449		76,855
Evercore, Inc., Class A		403		44,141
MarketAxess Holdings, Inc.		122		69,494
MSCI, Inc.		170		75,821
S&P Global, Inc.		107		35,020
				343,710
Commercial Services & Supplies — 1.3%
Copart, Inc. *		819		104,230
Containers & Packaging — 1.0%
Ball Corp.		821		76,459
Electrical Equipment — 2.1%
AMETEK, Inc.		557		67,303
Generac Holdings, Inc. *		435		98,901
				166,204
Electronic Equipment, Instruments & Components — 4.0%
Amphenol Corp., Class A		651		85,071

INVESTMENTS	SHARES (000)		VALUE ($000)
Electronic Equipment, Instruments & Components — continued
Keysight Technologies, Inc. *		638		84,207
Littelfuse, Inc.		149		38,021
Zebra Technologies Corp., Class A *		277		106,382
				313,681
Entertainment — 4.5%
Roku, Inc. *		332		110,330
Spotify Technology SA *		421		132,315
Take-Two Interactive Software, Inc. *		524		108,840
				351,485
Health Care Equipment & Supplies — 3.6%
Cooper Cos., Inc. (The)		144		52,391
DexCom, Inc. *		146		53,868
Insulet Corp. *		290		74,235
ResMed, Inc.		456		96,906
				277,400
Health Care Providers & Services — 4.0%
Acadia Healthcare Co., Inc. *		624		31,359
Amedisys, Inc. *		230		67,525
Centene Corp. *		782		46,950
Cigna Corp.		308		64,078
McKesson Corp.		585		101,656
				311,568
Health Care Technology — 2.2%
Teladoc Health, Inc. * (a)		419		83,828
Veeva Systems, Inc., Class A *		312		84,929
				168,757
Hotels, Restaurants & Leisure — 2.2%
Airbnb, Inc., Class A *		211		30,909
Chipotle Mexican Grill, Inc. *		70		96,653
Las Vegas Sands Corp.		760		45,296
				172,858
Household Durables — 2.1%
Garmin Ltd.		513		61,330
Helen of Troy Ltd. *		318		70,701
NVR, Inc. *		8		31,007
				163,038
Industrial Conglomerates — 0.6%
Carlisle Cos., Inc.		311		48,510
Insurance — 0.9%
Progressive Corp. (The)		454		44,921
Selectquote, Inc. * (a)		1,098		22,773
				67,694

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 19

JPMorgan Mid Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Interactive Media & Services — 3.0%
Match Group, Inc. *		802		121,235
Pinterest, Inc., Class A *		987		65,023
Zillow Group, Inc., Class C * (a)		380		49,350
				235,608
Internet & Direct Marketing Retail — 1.5%
Booking Holdings, Inc. *		25		54,791
Chewy, Inc., Class A * (a)		677		60,864
				115,655
IT Services — 6.5%
Booz Allen Hamilton Holding Corp.		1,022		89,089
Global Payments, Inc.		414		89,249
MongoDB, Inc. *		217		77,948
Okta, Inc. *		344		87,338
Snowflake, Inc., Class A * (a)		73		20,401
Square, Inc., Class A * (a)		218		47,446
Twilio, Inc., Class A *		289		97,691
				509,162
Leisure Products — 0.5%
Brunswick Corp.		482		36,763
Life Sciences Tools & Services — 1.7%
Maravai LifeSciences Holdings, Inc., Class A * (a)		1,725		48,388
Mettler-Toledo International, Inc. *		75		85,476
				133,864
Machinery — 2.4%
Ingersoll Rand, Inc. *		1,325		60,386
ITT, Inc.		756		58,258
Stanley Black & Decker, Inc.		388		69,353
				187,997
Metals & Mining — 0.5%
Freeport-McMoRan, Inc.		1,496		38,926
Pharmaceuticals — 3.5%
Catalent, Inc. *		670		69,685
Horizon Therapeutics plc *		1,203		87,985
Jazz Pharmaceuticals plc *		337		55,666
Royalty Pharma plc, Class A		1,115		55,791
				269,127
Professional Services — 3.8%
CoStar Group, Inc. *		78		71,909
Equifax, Inc.		509		98,059
FTI Consulting, Inc. * (a)		363		40,510
IHS Markit Ltd.		933		83,766
				294,244

INVESTMENTS	SHARES (000)		VALUE ($000)
Road & Rail — 1.6%
Lyft, Inc., Class A *		966		47,450
Old Dominion Freight Line, Inc.		397		77,398
				124,848
Semiconductors & Semiconductor Equipment — 9.6%
Advanced Micro Devices, Inc. *		805		73,799
Cree, Inc. *		271		28,688
Enphase Energy, Inc. *		731		128,198
Entegris, Inc.		930		89,383
Lam Research Corp.		155		73,008
Microchip Technology, Inc.		635		87,755
SolarEdge Technologies, Inc. *		298		95,130
Teradyne, Inc.		763		91,500
Xilinx, Inc.		589		83,446
				750,907
Software — 13.9%
Cadence Design Systems, Inc. *		766		104,533
Coupa Software, Inc. *		191		64,596
Crowdstrike Holdings, Inc., Class A *		554		117,327
DocuSign, Inc. *		371		82,407
Five9, Inc. *		386		67,231
HubSpot, Inc. *		235		93,322
RingCentral, Inc., Class A * (a)		304		115,093
Splunk, Inc. *		510		86,718
Synopsys, Inc. *		492		127,572
Trade Desk, Inc. (The), Class A *		191		153,312
Zscaler, Inc. *		361		72,075
				1,084,186
Specialty Retail — 5.8%
Burlington Stores, Inc. *		286		74,673
CarMax, Inc. * (a)		486		45,889
National Vision Holdings, Inc. *		965		43,723
O’Reilly Automotive, Inc. *		291		131,472
Tractor Supply Co.		620		87,117
Ulta Beauty, Inc. *		229		65,788
				448,662
Textiles, Apparel & Luxury Goods — 0.8%
Lululemon Athletica, Inc. *		188		65,430
Total Common Stocks (Cost $4,536,492)				7,653,638
Short-Term Investments — 4.2%
Investment Companies — 2.0%
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (b) (c) (Cost $157,436)		157,374		157,453

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments —continued
Investment of Cash Collateral from Securities Loaned — 2.2%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (b) (c)		148,996		149,011
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		19,677		19,677
Total Investment of Cash Collateral from Securities Loaned (Cost $168,688)				168,688
Total Short-Term Investments (Cost $326,124)				326,141
Total Investments — 102.4% (Cost $4,862,616)				7,979,779
Liabilities in Excess of Other Assets — (2.4)%				(184,615	)
NET ASSETS — 100.0%				7,795,164

Percentages indicated are based on net assets.

(a)	The security or a portion of this security is on loan at December 31, 2020. The total value of securities on loan at December 31, 2020 is approximately $160,963,000.
(b)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of December 31, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 21

JPMorgan Mid Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.6%
Airlines — 0.7%
Southwest Airlines Co.		2,090		97,398
Auto Components — 0.4%
BorgWarner, Inc.		1,462		56,510
Banks — 8.5%
Citizens Financial Group, Inc.		5,151		184,194
Fifth Third Bancorp		7,716		212,719
First Republic Bank		745		109,479
Huntington Bancshares, Inc.		10,265		129,653
M&T Bank Corp.		1,698		216,188
Regions Financial Corp.		10,341		166,697
TCF Financial Corp.		3,310		122,520
Zions Bancorp NA		2,325		101,014
				1,242,464
Beverages — 1.7%
Constellation Brands, Inc., Class A		737		161,419
Keurig Dr Pepper, Inc. (a)		2,543		81,380
				242,799
Building Products — 1.1%
Fortune Brands Home & Security, Inc.		1,828		156,721
Capital Markets — 5.8%
Ameriprise Financial, Inc.		1,330		258,407
Northern Trust Corp.		1,827		170,176
Raymond James Financial, Inc.		2,094		200,310
T. Rowe Price Group, Inc.		1,485		224,754
				853,647
Chemicals — 1.9%
Celanese Corp.		881		114,444
Sherwin-Williams Co. (The)		217		159,428
				273,872
Communications Equipment — 1.7%
CommScope Holding Co., Inc. *		4,050		54,267
Motorola Solutions, Inc.		1,124		191,141
				245,408
Construction Materials — 1.3%
Martin Marietta Materials, Inc.		644		182,801
Consumer Finance — 0.9%
Discover Financial Services		1,497		135,540
Containers & Packaging — 2.7%
Ball Corp.		1,266		117,930
Packaging Corp. of America		811		111,798
Pactiv Evergreen, Inc. *		1,859		33,728

INVESTMENTS	SHARES (000)		VALUE ($000)
Containers & Packaging — continued
Silgan Holdings, Inc.		3,620		134,212
				397,668
Distributors — 0.9%
Genuine Parts Co.		890		89,371
LKQ Corp. *		1,003		35,359
				124,730
Diversified Financial Services — 0.2%
Voya Financial, Inc. (a)		592		34,826
Electric Utilities — 3.8%
Edison International		2,144		134,703
Entergy Corp.		1,869		186,566
Xcel Energy, Inc.		3,554		236,941
				558,210
Electrical Equipment — 3.4%
Acuity Brands, Inc. (a)		1,140		137,989
AMETEK, Inc.		1,613		195,109
Hubbell, Inc.		1,089		170,754
				503,852
Electronic Equipment, Instruments & Components — 4.0%
Amphenol Corp., Class A		1,446		189,151
CDW Corp.		1,067		140,608
Keysight Technologies, Inc. *		1,014		133,925
SYNNEX Corp.		1,421		115,726
				579,410
Equity Real Estate Investment Trusts (REITs) — 9.0%
American Campus Communities, Inc.		1,277		54,624
American Homes 4 Rent, Class A		3,852		115,570
AvalonBay Communities, Inc. (a)		944		151,505
Boston Properties, Inc.		1,401		132,421
Brixmor Property Group, Inc.		4,424		73,225
Essex Property Trust, Inc.		311		73,922
Federal Realty Investment Trust		797		67,879
Host Hotels & Resorts, Inc.		1,942		28,411
JBG SMITH Properties		1,777		55,580
Kimco Realty Corp.		5,310		79,710
Outfront Media, Inc.		2,189		42,815
Rayonier, Inc.		4,082		119,923
Regency Centers Corp.		1,224		55,787
Ventas, Inc.		1,274		62,465
Weyerhaeuser Co.		4,132		138,556
WP Carey, Inc.		1,009		71,196
				1,323,589

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Food & Staples Retailing — 1.4%
Kroger Co. (The)		3,979		126,359
US Foods Holding Corp. *		2,488		82,859
				209,218
Food Products — 0.9%
Post Holdings, Inc. *		1,370		138,342
Gas Utilities — 1.0%
National Fuel Gas Co. (a)		3,542		145,678
Health Care Equipment & Supplies — 1.5%
Zimmer Biomet Holdings, Inc.		1,439		221,799
Health Care Providers & Services — 5.9%
AmerisourceBergen Corp.		1,539		150,464
Cigna Corp.		702		146,207
Henry Schein, Inc. * (a)		1,656		110,689
Humana, Inc. (a)		146		59,902
Laboratory Corp. of America Holdings *		1,017		207,052
Universal Health Services, Inc., Class B		1,358		186,724
				861,038
Hotels, Restaurants & Leisure — 0.4%
Darden Restaurants, Inc. (a)		500		59,591
Household Durables — 2.2%
Mohawk Industries, Inc. *		1,202		169,368
Newell Brands, Inc.		7,523		159,720
				329,088
Household Products — 0.7%
Energizer Holdings, Inc. (a)		2,490		105,024
Industrial Conglomerates — 1.4%
Carlisle Cos., Inc.		1,293		201,888
Insurance — 6.8%
Alleghany Corp.		161		97,184
Hartford Financial Services Group, Inc. (The)		3,653		178,912
Lincoln National Corp.		2,010		101,114
Loews Corp.		5,737		258,296
Marsh & McLennan Cos., Inc.		1,029		120,392
Progressive Corp. (The)		1,275		126,110
WR Berkley Corp.		1,631		108,316
				990,324
Interactive Media & Services — 0.6%
InterActiveCorp. *		491		92,953
Internet & Direct Marketing Retail — 0.5%
Expedia Group, Inc.		600		79,400

INVESTMENTS	SHARES (000)		VALUE ($000)
IT Services — 1.3%
Concentrix Corp. *		804		79,370
Jack Henry & Associates, Inc.		316		51,139
Leidos Holdings, Inc.		629		66,111
				196,620
Machinery — 6.2%
IDEX Corp.		847		168,768
ITT, Inc.		2,739		210,956
Lincoln Electric Holdings, Inc.		1,585		184,214
Middleby Corp. (The) *		1,352		174,269
Snap-on, Inc.		833		142,595
Timken Co. (The)		399		30,859
				911,661
Media — 3.7%
Discovery, Inc., Class C *		6,221		162,924
Liberty Broadband Corp., Class C *		1,060		167,913
Liberty Media Corp.-Liberty SiriusXM, Class C *		4,703		204,645
				535,482
Multiline Retail — 0.8%
Kohl’s Corp.		2,180		88,706
Nordstrom, Inc. (a)		1,056		32,966
				121,672
Multi-Utilities — 3.1%
CMS Energy Corp.		3,089		188,473
Sempra Energy		425		54,168
WEC Energy Group, Inc.		2,338		215,145
				457,786
Oil, Gas & Consumable Fuels — 3.4%
Cabot Oil & Gas Corp.		5,479		89,196
Diamondback Energy, Inc.		4,107		198,782
EQT Corp.		4,766		60,571
Equitrans Midstream Corp.		2,521		20,265
Williams Cos., Inc. (The)		6,088		122,061
				490,875
Real Estate Management & Development — 1.6%
CBRE Group, Inc., Class A *		3,034		190,307
Cushman & Wakefield plc * (a)		3,132		46,454
				236,761
Semiconductors & Semiconductor Equipment — 1.2%
Analog Devices, Inc.		1,159		171,260
Software — 0.9%
Synopsys, Inc. *		535		138,746

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 23

JPMorgan Mid Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Specialty Retail — 3.4%
AutoZone, Inc. *		172		203,507
Best Buy Co., Inc. (a)		1,841		183,673
Gap, Inc. (The)		5,371		108,450
				495,630
Textiles, Apparel & Luxury Goods — 1.7%
Carter’s, Inc.		1,036		97,498
Ralph Lauren Corp.		1,426		147,930
				245,428
Total Common Stocks (Cost $8,806,964)				14,445,709
Short-Term Investments — 2.3%
Investment Companies — 1.4%
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (b) (c) (Cost $208,107)		207,983		208,086
Investment of Cash Collateral from Securities Loaned — 0.9%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (b) (c)		73,531		73,538
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		54,806		54,806
Total Investment of Cash Collateral from Securities Loaned (Cost $128,344)				128,344
Total Short-Term Investments (Cost $336,451)				336,430
Total Investments — 100.9% (Cost $9,143,415)				14,782,139
Liabilities in Excess of Other Assets — (0.9)%				(133,353	)
NET ASSETS — 100.0%				14,648,786

Percentages indicated are based on net assets.

(a)	The security or a portion of this security is on loan at December 31, 2020. The total value of securities on loan at December 31, 2020 is approximately $125,755,000.
(b)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of December 31, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

JPMorgan Value Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.8%
Aerospace & Defense — 2.3%
General Dynamics Corp.		459		68,353
Northrop Grumman Corp.		132		40,223
Raytheon Technologies Corp.		1,501		107,341
				215,917
Banks — 13.2%
Bank of America Corp.		11,591		351,327
Citigroup, Inc.		1,558		96,074
Citizens Financial Group, Inc.		3,082		110,195
Fifth Third Bancorp		838		23,108
First Republic Bank		143		20,991
M&T Bank Corp.		879		111,937
PNC Financial Services Group, Inc. (The)		915		136,406
Truist Financial Corp.		2,415		115,738
US Bancorp		1,837		85,577
Wells Fargo & Co.		5,577		168,312
				1,219,665
Beverages — 0.8%
Constellation Brands, Inc., Class A		90		19,670
Keurig Dr Pepper, Inc.		1,626		52,025
				71,695
Biotechnology — 2.5%
AbbVie, Inc.		1,611		172,660
Amgen, Inc.		120		27,590
Biogen, Inc. *		120		29,408
				229,658
Building Products — 0.3%
Trane Technologies plc		186		26,942
Capital Markets — 4.3%
Charles Schwab Corp. (The)		2,370		125,705
Invesco Ltd.		1,808		31,515
Morgan Stanley		1,675		114,810
Northern Trust Corp.		695		64,709
T. Rowe Price Group, Inc.		432		65,406
				402,145
Communications Equipment — 1.5%
Cisco Systems, Inc.		1,459		65,272
CommScope Holding Co., Inc. *		5,173		69,317
				134,589
Construction Materials — 1.2%
Martin Marietta Materials, Inc.		404		114,661

INVESTMENTS	SHARES (000)		VALUE ($000)
Consumer Finance — 3.1%
American Express Co.		714		86,354
Capital One Financial Corp.		1,994		197,086
				283,440
Containers & Packaging — 3.0%
Ball Corp.		571		53,231
Graphic Packaging Holding Co.		4,327		73,295
Packaging Corp. of America		611		84,304
WestRock Co.		1,508		65,664
				276,494
Diversified Financial Services — 2.5%
Berkshire Hathaway, Inc., Class B *		984		228,183
Diversified Telecommunication Services — 1.9%
Verizon Communications, Inc.		2,927		171,954
Electric Utilities — 4.5%
American Electric Power Co., Inc.		1,277		106,370
Edison International		780		49,006
Entergy Corp. (a)		451		45,068
NextEra Energy, Inc.		1,551		119,673
Xcel Energy, Inc.		1,475		98,362
				418,479
Electronic Equipment, Instruments & Components — 0.6%
Arrow Electronics, Inc. *		594		57,759
Equity Real Estate Investment Trusts (REITs) — 6.5%
American Homes 4 Rent, Class A		2,169		65,084
Brixmor Property Group, Inc.		3,549		58,743
EastGroup Properties, Inc.		293		40,423
Federal Realty Investment Trust (a)		535		45,565
Kimco Realty Corp.		4,045		60,716
Lamar Advertising Co., Class A		176		14,638
Mid-America Apartment Communities, Inc.		621		78,630
Outfront Media, Inc.		1,248		24,402
Public Storage		385		88,885
Rayonier, Inc. (a)		2,331		68,497
Weyerhaeuser Co.		1,742		58,403
				603,986
Food & Staples Retailing — 0.6%
Sysco Corp.		686		50,928
Food Products — 1.5%
Kraft Heinz Co. (The)		1,368		47,415
Post Holdings, Inc. *		917		92,632
				140,047

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 25

JPMorgan Value Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Health Care Equipment & Supplies — 1.0%
Medtronic plc		808		94,681
Health Care Providers & Services — 2.9%
AmerisourceBergen Corp.		600		58,676
Cigna Corp.		150		31,185
CVS Health Corp.		649		44,340
HCA Healthcare, Inc.		259		42,585
UnitedHealth Group, Inc.		273		95,608
				272,394
Hotels, Restaurants & Leisure — 0.5%
Las Vegas Sands Corp.		839		50,010
Household Durables — 1.5%
Mohawk Industries, Inc. *		571		80,440
Newell Brands, Inc. (a)		2,944		62,510
				142,950
Household Products — 2.1%
Energizer Holdings, Inc. (a)		1,647		69,469
Procter & Gamble Co. (The)		869		120,876
				190,345
Industrial Conglomerates — 2.0%
Carlisle Cos., Inc.		391		61,115
Honeywell International, Inc.		591		125,689
				186,804
Insurance — 8.0%
Alleghany Corp.		93		56,443
American International Group, Inc.		1,309		49,540
Chubb Ltd.		560		86,248
CNA Financial Corp.		656		25,554
Fairfax Financial Holdings Ltd. (Canada)		159		54,354
Hartford Financial Services Group, Inc. (The)		1,461		71,564
Loews Corp.		4,344		195,581
Marsh & McLennan Cos., Inc.		326		38,193
Travelers Cos., Inc. (The)		1,146		160,832
				738,309
Interactive Media & Services — 0.8%
Alphabet, Inc., Class C *		42		74,280
Internet & Direct Marketing Retail — 0.5%
Booking Holdings, Inc. *		22		49,668
Machinery — 3.5%
Dover Corp.		993		125,355
Illinois Tool Works, Inc.		195		39,711
ITT, Inc.		830		63,888

INVESTMENTS	SHARES (000)		VALUE ($000)
Machinery — continued
Middleby Corp. (The) *		305		39,333
Otis Worldwide Corp.		351		23,743
Stanley Black & Decker, Inc.		198		35,319
				327,349
Media — 3.7%
Charter Communications, Inc., Class A *		107		70,844
Discovery, Inc., Class C *		2,269		59,414
DISH Network Corp., Class A *		2,038		65,900
Liberty Media Corp.-Liberty SiriusXM, Class C *		1,065		46,321
Nexstar Media Group, Inc., Class A		727		79,386
ViacomCBS, Inc. (a)		498		18,540
				340,405
Multiline Retail — 0.7%
Kohl’s Corp.		937		38,123
Nordstrom, Inc. (a)		753		23,511
				61,634
Oil, Gas & Consumable Fuels — 6.2%
Cabot Oil & Gas Corp.		1,766		28,742
Chevron Corp.		537		45,333
ConocoPhillips		2,704		108,147
Diamondback Energy, Inc.		599		28,996
EQT Corp.		2,281		28,995
Equitrans Midstream Corp.		4,958		39,861
Kinder Morgan, Inc.		5,657		77,338
Marathon Petroleum Corp.		1,928		79,743
Phillips 66		1,080		75,555
Williams Cos., Inc. (The)		2,912		58,376
				571,086
Personal Products — 0.3%
Coty, Inc., Class A		4,025		28,259
Pharmaceuticals — 5.1%
Bristol-Myers Squibb Co.		2,515		156,005
Johnson & Johnson		1,027		161,680
Merck & Co., Inc.		750		61,386
Pfizer, Inc.		1,755		64,591
Viatris, Inc. *		1,441		27,007
				470,669
Real Estate Management & Development — 0.9%
CBRE Group, Inc., Class A *		1,320		82,815
Semiconductors & Semiconductor Equipment — 2.5%
Analog Devices, Inc.		756		111,625

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Semiconductors & Semiconductor Equipment — continued
Texas Instruments, Inc.		737		120,958
				232,583
Software — 0.5%
Microsoft Corp.		198		44,044
Specialty Retail — 3.6%
AutoZone, Inc. *		110		130,462
Best Buy Co., Inc.		818		81,636
Gap, Inc. (The)		414		8,357
Home Depot, Inc. (The)		217		57,671
Murphy USA, Inc.		428		56,054
				334,180
Textiles, Apparel & Luxury Goods — 1.4%
Columbia Sportswear Co. (a)		629		54,965
Ralph Lauren Corp.		702		72,867
				127,832
Wireless Telecommunication Services — 0.8%
T-Mobile US, Inc. *		565		76,204
Total Common Stocks (Cost $6,196,509)				9,143,043
	NO. OF RIGHTS (000)
Rights — 0.0% (b)
Media — 0.0% (b)
Media General, Inc., CVR * ‡ (Cost $—)		2,982		–	(c)
	SHARES (000)
Short-Term Investments — 1.6%
Investment Companies — 1.2%
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (d) (e) (Cost $117,318)		117,248		117,306

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment of Cash Collateral from Securities Loaned — 0.4%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (d) (e)		29,074		29,077
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (d) (e)		6,300		6,300
Total Investment of Cash Collateral from Securities Loaned (Cost $35,377)				35,377
Total Short-Term Investments (Cost $152,695)				152,683
Total Investments — 100.4% (Cost $6,349,204)				9,295,726
Liabilities in Excess of Other Assets — (0.4)%				(37,142	)
NET ASSETS — 100.0%				9,258,584

Percentages indicated are based on net assets.

Abbreviations
CVR	Contingent Value Rights
(a)	The security or a portion of this security is on loan at December 31, 2020. The total value of securities on loan at December 31, 2020 is approximately $34,343,000.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Amount rounds to less than one thousand.
(d)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(e)	The rate shown is the current yield as of December 31, 2020.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 27

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2020 (Unaudited)

(Amounts in thousands, except per share amounts)

	JPMorgan Growth Advantage Fund			JPMorgan Mid Cap Equity Fund			JPMorgan Mid Cap Growth Fund
ASSETS:
Investments in non-affiliates, at value	$	14,083,750		$	1,991,286		$	7,653,638
Investments in affiliates, at value		226,774			34,422			157,453
Investment of cash collateral received from securities loaned, at value (See Note 2.B.)		219,024			46,348			168,688
Cash		27			4			11
Receivables:
Investment securities sold		—			162			—
Fund shares sold		11,013			2,379			11,393
Dividends from non-affiliates		1,271			1,833			773
Dividends from affiliates		—	(a)		—	(a)		—	(a)
Securities lending income (See Note 2.B.)		103			11			60
Total Assets		14,541,962			2,076,445			7,992,016
LIABILITIES:
Payables:
Investment securities purchased		—			224			1,696
Collateral received on securities loaned (See Note 2.B.)		219,024			46,348			168,688
Fund shares redeemed		26,369			1,200			20,661
Accrued liabilities:
Investment advisory fees		6,475			979			4,128
Administration fees		817			46			472
Distribution fees		1,266			116			415
Service fees		1,609			189			644
Custodian and accounting fees		18			12			15
Trustees’ and Chief Compliance Officer’s fees		—	(a)		1			1
Other		248			123			132
Total Liabilities		255,826			49,238			196,852
Net Assets	$	14,286,136		$	2,027,207		$	7,795,164

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

	JPMorgan Growth Advantage Fund			JPMorgan Mid Cap Equity Fund			JPMorgan Mid Cap Growth Fund
NET ASSETS:
Paid-in-Capital	$	6,489,533		$	1,174,005		$	4,609,327
Total distributable earnings (loss)		7,796,603			853,202			3,185,837
Total Net Assets	$	14,286,136		$	2,027,207		$	7,795,164
Net Assets:
Class A	$	2,664,509		$	489,904		$	1,520,727
Class C		1,159,086			21,833			104,879
Class I		3,904,056			407,999			1,826,868
Class R2		335			711			50,203
Class R3		2,578			—			61,104
Class R4		20,592			—			20,241
Class R5		141,843			1,028			667,562
Class R6		6,393,137			1,105,732			3,543,580
Total	$	14,286,136		$	2,027,207		$	7,795,164
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		88,328			9,040			35,691
Class C		46,346			426			3,470
Class I		123,905			7,383			35,459
Class R2		11			13			1,065
Class R3		86			—			1,206
Class R4		653			—			394
Class R5		4,382			19			12,726
Class R6		195,789			19,992			67,120
Net Asset Value (a):
Class A — Redemption price per share	$	30.17		$	54.20		$	42.61
Class C — Offering price per share (b)		25.01			51.24			30.23
Class I — Offering and redemption price per share		31.51			55.26			51.52
Class R2 — Offering and redemption price per share		29.83			53.48			47.14
Class R3 — Offering and redemption price per share		30.12			—			50.68
Class R4 — Offering and redemption price per share		31.52			—			51.36
Class R5 — Offering and redemption price per share		32.37			55.29			52.46
Class R6 — Offering and redemption price per share		32.65			55.31			52.79
Class A maximum sales charge		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	31.84		$	57.20		$	44.97
Cost of investments in non-affiliates	$	6,598,078		$	1,139,918		$	4,536,492
Cost of investments in affiliates		226,755			34,415			157,436
Investment securities on loan, at value (See Note 2.B.)		210,429			44,647			160,963
Cost of investment of cash collateral (See Note 2.B.)		219,024			46,348			168,688

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 29

STATEMENTS OF ASSETS AND LIABILITIES

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

(Amounts in thousands, except per share amounts)

	JPMorgan Mid Cap Value Fund		JPMorgan Value Advantage Fund
ASSETS:
Investments in non-affiliates, at value	$	14,445,709	$	9,143,043
Investments in affiliates, at value		208,086		117,306
Investment of cash collateral received from securities loaned, at value (See Note 2.B.)		128,344		35,377
Cash		16		12
Receivables:
Investment securities sold		2,228		13,931
Fund shares sold		16,969		6,107
Dividends from non-affiliates		25,184		8,479
Dividends from affiliates		1		—	(a)
Securities lending income (See Note 2.B.)		25		24
Total Assets		14,826,562		9,324,279
LIABILITIES:
Payables:
Investment securities purchased		—		15,021
Collateral received on securities loaned (See Note 2.B.)		128,344		35,377
Fund shares redeemed		38,126		8,630
Accrued liabilities:
Investment advisory fees		7,953		4,253
Administration fees		817		579
Distribution fees		373		376
Service fees		1,022		874
Custodian and accounting fees		100		72
Trustees’ and Chief Compliance Officer’s fees		—		—	(a)
Other		1,041		513
Total Liabilities		177,776		65,695
Net Assets	$	14,648,786	$	9,258,584

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

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

	JPMorgan Mid Cap Value Fund			JPMorgan Value Advantage Fund
NET ASSETS:
Paid-in-Capital	$	8,934,460		$	6,330,419
Total distributable earnings (loss)		5,714,326			2,928,165
Total Net Assets	$	14,648,786		$	9,258,584
Net Assets:
Class A	$	1,371,700		$	841,140
Class C		73,265			315,140
Class I		2,670,700			2,344,558
Class L		6,667,992			1,672,350
Class R2		63,474			125
Class R3		75,288			2,077
Class R4		36,976			36,192
Class R5		79,154			4,613
Class R6		3,610,237			4,042,389
Total	$	14,648,786		$	9,258,584
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		38,138			23,778
Class C		2,125			8,922
Class I		73,320			65,982
Class L		180,487			47,042
Class R2		1,856			4
Class R3		2,115			59
Class R4		1,022			1,024
Class R5		2,145			130
Class R6		97,783			113,870
Net Asset Value (a):
Class A — Redemption price per share	$	35.97		$	35.37
Class C — Offering price per share (b)		34.48			35.32
Class I — Offering and redemption price per share		36.43			35.53
Class L — Offering and redemption price per share		36.94			35.55
Class R2 — Offering and redemption price per share		34.19			35.06
Class R3 — Offering and redemption price per share		35.60			34.93
Class R4 — Offering and redemption price per share		36.19			35.35
Class R5 — Offering and redemption price per share		36.89			35.48
Class R6 — Offering and redemption price per share		36.92			35.50
Class A maximum sales charge		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	37.96		$	37.33
Cost of investments in non-affiliates	$	8,806,964		$	6,196,509
Cost of investments in affiliates		208,107			117,318
Investment securities on loan, at value (See Note 2.B.)		125,755			34,343
Cost of investment of cash collateral (See Note 2.B.)		128,344			35,377

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

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

STATEMENTS OF OPERATIONS

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

(Amounts in thousands)

	JPMorgan Growth Advantage Fund			JPMorgan Mid Cap Equity Fund			JPMorgan Mid Cap Growth Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	36,241		$	10,223		$	11,839
Dividend income from affiliates		190			30			95
Income from securities lending (net) (See Note 2.B.)		498			51			490
Total investment income		36,929			10,304			12,424
EXPENSES:
Investment advisory fees		34,884			5,924			21,082
Administration fees		4,499			684			2,433
Distribution fees:
Class A		2,974			551			1,662
Class C		3,984			79			352
Class R2		1			2			112
Class R3		2			—			63
Service fees:
Class A		2,974			551			1,662
Class C		1,328			26			117
Class I		4,282			467			1,822
Class R2		—	(a)		1			56
Class R3		2			—			63
Class R4		24			—			18
Class R5		71			—	(a)		293
Custodian and accounting fees		181			35			100
Interest expense to affiliates		—	(a)		—	(a)		—
Professional fees		78			37			51
Trustees’ and Chief Compliance Officer’s fees		31			16			22
Printing and mailing costs		267			104			148
Registration and filing fees		196			73			148
Transfer agency fees (See Note 2.E.)		155			29			237
Other		129			24			62
Total expenses		56,062			8,603			30,503
Less fees waived		(130	)		(1,112	)		(877	)
Less expense reimbursements		—	(a)		—			(41	)
Net expenses		55,932			7,491			29,585
Net investment income (loss)		(19,003	)		2,813			(17,161	)
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		852,469			91,543			365,746
Investments in affiliates		(52	)		(10	)		(24	)
Net realized gain (loss)		852,417			91,533			365,722
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		2,677,315			368,583			1,497,620
Investments in affiliates		(36	)		(4	)		(10	)
Change in net unrealized appreciation/depreciation		2,677,279			368,579			1,497,610
Net realized/unrealized gains (losses)		3,529,696			460,112			1,863,332
Change in net assets resulting from operations	$	3,510,693		$	462,925		$	1,846,171

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

	JPMorgan Mid Cap Value Fund			JPMorgan Value Advantage Fund
INVESTMENT INCOME:
Interest income from affiliates	$	—	(a)	$	—
Dividend income from non-affiliates		119,084			97,819
Dividend income from affiliates		245			210
Income from securities lending (net) (See Note 2.B.)		226			265
Total investment income		119,555			98,294
EXPENSES:
Investment advisory fees		44,558			24,496
Administration fees		4,710			3,340
Distribution fees:
Class A		1,537			977
Class C		290			1,171
Class R2		159			1
Class R3		86			2
Service fees:
Class A		1,537			977
Class C		97			390
Class I		3,191			2,712
Class L		3,138			800
Class R2		79			—	(a)
Class R3		86			2
Class R4		35			44
Class R5		37			2
Custodian and accounting fees		243			162
Interest expense to affiliates		2			—
Professional fees		104			75
Trustees’ and Chief Compliance Officer’s fees		32			26
Printing and mailing costs		559			283
Registration and filing fees		140			84
Transfer agency fees (See Note 2.E.)		127			111
Other		160			98
Total expenses		60,907			35,753
Less fees waived		(3,154	)		(264	)
Less expense reimbursements		(34	)		(21	)
Net expenses		57,719			35,468
Net investment income (loss)		61,836			62,826
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		260,737			127,327
Investments in affiliates		91			(78	)
Net realized gain (loss)		260,828			127,249
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		2,707,151			1,689,167
Investments in affiliates		(190	)		(8	)
Change in net unrealized appreciation/depreciation		2,706,961			1,689,159
Net realized/unrealized gains (losses)		2,967,789			1,816,408
Change in net assets resulting from operations	$	3,029,625		$	1,879,234

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 33

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Growth Advantage Fund						JPMorgan Mid Cap Equity Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(19,003	)	$	(10,353	)	$	2,813		$	11,563
Net realized gain (loss)		852,417			1,432,215			91,533			457,289
Change in net unrealized appreciation/depreciation		2,677,279			972,047			368,579			(437,747	)
Change in net assets resulting from operations		3,510,693			2,393,909			462,925			31,105
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(248,914	)		(176,120	)		(51,016	)		(38,917	)
Class C		(129,471	)		(88,186	)		(2,405	)		(1,879	)
Class I		(360,812	)		(199,341	)		(43,367	)		(23,411	)
Class R2		(32	)		(12	)		(76	)		(49	)
Class R3		(192	)		(61	)		—			—
Class R4		(1,887	)		(1,510	)		—			—
Class R5		(12,763	)		(10,297	)		(111	)		(518	)
Class R6		(579,464	)		(359,755	)		(120,036	)		(159,341	)
Total distributions to shareholders		(1,333,535	)		(835,282	)		(217,011	)		(224,115	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		1,298,773			(137,511	)		144,111			(961,205	)
NET ASSETS:
Change in net assets		3,475,931			1,421,116			390,025			(1,154,215	)
Beginning of period		10,810,205			9,389,089			1,637,182			2,791,397
End of period	$	14,286,136		$	10,810,205		$	2,027,207		$	1,637,182

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

	JPMorgan Mid Cap Growth Fund						JPMorgan Mid Cap Value Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(17,161	)	$	(14,047	)	$	61,836		$	203,596
Net realized gain (loss)		365,722			659,097			260,828			860,851
Change in net unrealized appreciation/depreciation		1,497,610			281,309			2,706,961			(3,168,215	)
Change in net assets resulting from operations		1,846,171			926,359			3,029,625			(2,103,768	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(173,779	)		(82,704	)		(92,478	)		(76,720	)
Class C		(16,088	)		(8,737	)		(5,006	)		(6,335	)
Class I		(173,836	)		(75,633	)		(197,658	)		(133,060	)
Class L		—			—			(492,109	)		(443,822	)
Class R2		(5,377	)		(2,939	)		(4,986	)		(3,525	)
Class R3		(5,883	)		(2,669	)		(5,364	)		(3,809	)
Class R4		(1,774	)		(679	)		(2,242	)		(1,419	)
Class R5		(63,349	)		(33,403	)		(5,676	)		(4,996	)
Class R6		(329,350	)		(138,679	)		(264,623	)		(181,586	)
Total distributions to shareholders		(769,436	)		(345,443	)		(1,070,142	)		(855,272	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		1,237,362			341,659			(25,284	)		(1,341,858	)
NET ASSETS:
Change in net assets		2,314,097			922,575			1,934,199			(4,300,898	)
Beginning of period		5,481,067			4,558,492			12,714,587			17,015,485
End of period	$	7,795,164		$	5,481,067		$	14,648,786		$	12,714,587

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 35

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Value Advantage Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	62,826		$	184,647
Net realized gain (loss)		127,249			159,367
Change in net unrealized appreciation/depreciation		1,689,159			(1,858,485	)
Change in net assets resulting from operations		1,879,234			(1,514,471	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(23,476	)		(44,981	)
Class C		(7,055	)		(16,494	)
Class I		(72,893	)		(99,554	)
Class L		(53,516	)		(100,871	)
Class R2		(7	)		(3	)
Class R3		(63	)		(70	)
Class R4		(1,188	)		(1,174	)
Class R5		(145	)		(334	)
Class R6		(133,423	)		(204,414	)
Total distributions to shareholders		(291,766	)		(467,895	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(1,028,803	)		(143,475	)
NET ASSETS:
Change in net assets		558,665			(2,125,841	)
Beginning of period		8,699,919			10,825,760
End of period	$	9,258,584		$	8,699,919

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

	JPMorgan Growth Advantage Fund						JPMorgan Mid Cap Equity Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	337,662		$	424,450		$	38,559		$	123,140
Distributions reinvested		240,271			171,962			50,960			38,873
Cost of shares redeemed		(350,749	)		(690,381	)		(65,106	)		(176,855	)
Change in net assets resulting from Class A capital transactions		227,184			(93,969	)		24,413			(14,842	)
Class C
Proceeds from shares issued		84,990			152,886			552			2,246
Distributions reinvested		125,548			83,431			2,405			1,879
Cost of shares redeemed		(155,857	)		(200,570	)		(4,690	)		(5,867	)
Change in net assets resulting from Class C capital transactions		54,681			35,747			(1,733	)		(1,742	)
Class I
Proceeds from shares issued		649,418			971,337			71,758			147,037
Distributions reinvested		337,896			183,814			43,123			23,288
Cost of shares redeemed		(496,024	)		(804,519	)		(99,112	)		(114,553	)
Change in net assets resulting from Class I capital transactions		491,290			350,632			15,769			55,772
Class R2
Proceeds from shares issued		68			157			50			391
Distributions reinvested		32			12			73			42
Cost of shares redeemed		(48	)		(52	)		(136	)		(313	)
Change in net assets resulting from Class R2 capital transactions		52			117			(13	)		120
Class R3
Proceeds from shares issued		1,141			501			—			—
Distributions reinvested		163			61			—			—
Cost of shares redeemed		(34	)		(126	)		—			—
Change in net assets resulting from Class R3 capital transactions		1,270			436			—			—
Class R4
Proceeds from shares issued		834			2,017			—			—
Distributions reinvested		1,886			1,510			—			—
Cost of shares redeemed		(3,300	)		(4,951	)		—			—
Change in net assets resulting from Class R4 capital transactions		(580	)		(1,424	)		—			—
Class R5
Proceeds from shares issued		12,843			23,475			126			674
Distributions reinvested		12,555			10,290			111			517
Cost of shares redeemed		(44,758	)		(37,782	)		(213	)		(6,310	)
Change in net assets resulting from Class R5 capital transactions		(19,360	)		(4,017	)		24			(5,119	)
Class R6
Proceeds from shares issued		541,135			1,257,140			141,329			348,033
Distributions reinvested		578,133			358,754			119,998			159,315
Cost of shares redeemed		(575,032	)		(2,040,927	)		(155,676	)		(302,027	)
Redemptions in-kind (See Note 8)		—			—			—			(1,200,715	)
Change in net assets resulting from Class R6 capital transactions		544,236			(425,033	)		105,651			(995,394	)
Total change in net assets resulting from capital transactions	$	1,298,773		$	(137,511	)	$	144,111		$	(961,205	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 37

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Growth Advantage Fund						JPMorgan Mid Cap Equity Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		11,620			19,559			738			2,661
Reinvested		8,308			8,088			961			853
Redeemed		(12,061	)		(30,991	)		(1,257	)		(3,845	)
Change in Class A Shares		7,867			(3,344	)		442			(331	)
Class C
Issued		3,464			8,221			10			54
Reinvested		5,236			4,615			48			43
Redeemed		(6,356	)		(10,900	)		(94	)		(133	)
Change in Class C Shares		2,344			1,936			(36	)		(36	)
Class I
Issued		21,449			42,055			1,366			3,117
Reinvested		11,160			8,317			795			501
Redeemed		(16,263	)		(36,324	)		(1,878	)		(2,381	)
Change in Class I Shares		16,346			14,048			283			1,237
Class R2
Issued		2			8			1			7
Reinvested		1			1			1			1
Redeemed		(2	)		(3	)		(2	)		(6	)
Change in Class R2 Shares		1			6			—	(a)		2
Class R3
Issued		38			26			—			—
Reinvested		6			3			—			—
Redeemed		(1	)		(6	)		—			—
Change in Class R3 Shares		43			23			—			—
Class R4
Issued		27			90			—			—
Reinvested		62			68			—			—
Redeemed		(111	)		(212	)		—			—
Change in Class R4 Shares		(22	)		(54	)		—			—
Class R5
Issued		414			992			3			14
Reinvested		403			455			2			11
Redeemed		(1,402	)		(1,630	)		(4	)		(125	)
Change in Class R5 Shares		(585	)		(183	)		1			(100	)
Class R6
Issued		17,158			53,895			2,651			7,401
Reinvested		18,399			15,742			2,206			3,444
Redeemed		(18,512	)		(86,443	)		(2,891	)		(6,434	)
Redemptions in-kind (See Note 8)		—			—			—			(25,455	)
Change in Class R6 Shares		17,045			(16,806	)		1,966			(21,044	)

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

	JPMorgan Mid Cap Growth Fund						JPMorgan Mid Cap Value Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	144,966		$	143,119		$	176,439		$	209,763
Distributions reinvested		168,194			80,011			84,258			69,743
Cost of shares redeemed		(134,917	)		(203,777	)		(234,688	)		(484,932	)
Change in net assets resulting from Class A capital transactions		178,243			19,353			26,009			(205,426	)
Class C
Proceeds from shares issued		8,562			11,326			4,004			12,682
Distributions reinvested		15,598			8,149			4,875			5,516
Cost of shares redeemed		(15,535	)		(22,446	)		(32,035	)		(56,184	)
Change in net assets resulting from Class C capital transactions		8,625			(2,971	)		(23,156	)		(37,986	)
Class I
Proceeds from shares issued		413,575			306,997			641,070			900,902
Distributions reinvested		163,157			71,080			187,286			123,076
Cost of shares redeemed		(198,791	)		(382,936	)		(687,520	)		(1,051,200	)
Change in net assets resulting from Class I capital transactions		377,941			(4,859	)		140,836			(27,222	)
Class L
Proceeds from shares issued		—			—			371,347			1,165,380
Distributions reinvested		—			—			466,015			394,599
Cost of shares redeemed		—			—			(1,040,103	)		(3,139,666	)
Change in net assets resulting from Class L capital transactions		—			—			(202,741	)		(1,579,687	)
Class R2
Proceeds from shares issued		7,574			11,105			5,045			15,289
Distributions reinvested		5,366			2,875			4,944			3,405
Cost of shares redeemed		(9,399	)		(22,776	)		(14,510	)		(20,258	)
Change in net assets resulting from Class R2 capital transactions		3,541			(8,796	)		(4,521	)		(1,564	)
Class R3
Proceeds from shares issued		12,092			17,057			4,205			15,417
Distributions reinvested		5,811			2,669			5,120			3,652
Cost of shares redeemed		(7,751	)		(11,619	)		(7,608	)		(14,432	)
Change in net assets resulting from Class R3 capital transactions		10,152			8,107			1,717			4,637
Class R4
Proceeds from shares issued		8,135			3,625			10,028			11,128
Distributions reinvested		1,774			679			2,242			1,419
Cost of shares redeemed		(3,246	)		(3,668	)		(3,651	)		(10,446	)
Change in net assets resulting from Class R4 capital transactions		6,663			636			8,619			2,101
Class R5
Proceeds from shares issued		71,185			143,113			4,903			14,343
Distributions reinvested		59,609			31,744			5,671			4,992
Cost of shares redeemed		(85,207	)		(169,555	)		(10,931	)		(29,341	)
Change in net assets resulting from Class R5 capital transactions		45,587			5,302			(357	)		(10,006	)
Class R6
Proceeds from shares issued		734,127			776,302			371,143			1,587,348
Distributions reinvested		326,519			137,892			243,858			174,996
Cost of shares redeemed		(454,036	)		(589,307	)		(586,691	)		(1,249,049	)
Change in net assets resulting from Class R6 capital transactions		606,610			324,887			28,310			513,295
Total change in net assets resulting from capital transactions	$	1,237,362		$	341,659		$	(25,284	)	$	(1,341,858	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 39

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Mid Cap Growth Fund						JPMorgan Mid Cap Value Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		3,526			4,392			5,042			6,133
Reinvested		4,077			2,499			2,357			1,812
Redeemed		(3,242	)		(6,309	)		(6,897	)		(14,044	)
Change in Class A Shares		4,361			582			502			(6,099	)
Class C
Issued		282			461			123			374
Reinvested		533			341			143			150
Redeemed		(514	)		(930	)		(990	)		(1,787	)
Change in Class C Shares		301			(128	)		(724	)		(1,263	)
Class I
Issued		8,299			8,021			19,156			28,169
Reinvested		3,271			1,879			5,165			3,157
Redeemed		(4,073	)		(10,235	)		(19,677	)		(31,853	)
Change in Class I Shares		7,497			(335	)		4,644			(527	)
Class L
Issued		—			—			10,556			34,257
Reinvested		—			—			12,656			9,979
Redeemed		—			—			(29,733	)		(87,974	)
Change in Class L Shares		—			—			(6,521	)		(43,738	)
Class R2
Issued		167			313			154			458
Reinvested		118			82			146			93
Redeemed		(208	)		(645	)		(439	)		(599	)
Change in Class R2 Shares		77			(250	)		(139	)		(48	)
Class R3
Issued		249			447			125			452
Reinvested		118			71			145			96
Redeemed		(162	)		(307	)		(226	)		(421	)
Change in Class R3 Shares		205			211			44			127
Class R4
Issued		163			94			284			308
Reinvested		36			18			62			37
Redeemed		(65	)		(96	)		(108	)		(284	)
Change in Class R4 Shares		134			16			238			61
Class R5
Issued		1,425			3,638			138			392
Reinvested		1,172			826			154			126
Redeemed		(1,719	)		(4,377	)		(313	)		(798	)
Change in Class R5 Shares		878			87			(21	)		(280	)
Class R6
Issued		14,499			19,998			10,696			44,485
Reinvested		6,379			3,570			6,625			4,428
Redeemed		(9,027	)		(15,241	)		(16,644	)		(35,794	)
Change in Class R6 Shares		11,851			8,327			677			13,119

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

	JPMorgan Value Advantage Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	93,276		$	225,893
Distributions reinvested		21,985			42,378
Cost of shares redeemed		(151,480	)		(562,591	)
Change in net assets resulting from Class A capital transactions		(36,219	)		(294,320	)
Class C
Proceeds from shares issued		9,395			31,902
Distributions reinvested		6,902			14,740
Cost of shares redeemed		(90,089	)		(152,885	)
Change in net assets resulting from Class C capital transactions		(73,792	)		(106,243	)
Class I
Proceeds from shares issued		279,561			873,832
Distributions reinvested		67,804			87,746
Cost of shares redeemed		(436,503	)		(965,662	)
Change in net assets resulting from Class I capital transactions		(89,138	)		(4,084	)
Class L
Proceeds from shares issued		157,713			566,706
Distributions reinvested		51,517			96,694
Cost of shares redeemed		(415,996	)		(1,203,324	)
Change in net assets resulting from Class L capital transactions		(206,766	)		(539,924	)
Class R2
Proceeds from shares issued		25			128
Distributions reinvested		7			2
Cost of shares redeemed		(125	)		(23	)
Change in net assets resulting from Class R2 capital transactions		(93	)		107
Class R3
Proceeds from shares issued		509			359
Distributions reinvested		51			69
Cost of shares redeemed		(314	)		(887	)
Change in net assets resulting from Class R3 capital transactions		246			(459	)
Class R4
Proceeds from shares issued		1,853			23,194
Distributions reinvested		1,187			1,174
Cost of shares redeemed		(5,509	)		(8,710	)
Change in net assets resulting from Class R4 capital transactions		(2,469	)		15,658
Class R5
Proceeds from shares issued		674			2,112
Distributions reinvested		137			334
Cost of shares redeemed		(2,534	)		(3,498	)
Change in net assets resulting from Class R5 capital transactions		(1,723	)		(1,052	)
Class R6
Proceeds from shares issued		264,017			2,406,252
Distributions reinvested		133,248			203,530
Cost of shares redeemed		(1,016,114	)		(1,822,940	)
Change in net assets resulting from Class R6 capital transactions		(618,849	)		786,842
Total change in net assets resulting from capital transactions	$	(1,028,803	)	$	(143,475	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 41

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Value Advantage Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		2,926			7,038
Reinvested		627			1,145
Redeemed		(4,726	)		(17,957	)
Change in Class A Shares		(1,173	)		(9,774	)
Class C
Issued		288			966
Reinvested		197			401
Redeemed		(2,870	)		(4,876	)
Change in Class C Shares		(2,385	)		(3,509	)
Class I
Issued		8,652			28,338
Reinvested		1,924			2,357
Redeemed		(13,521	)		(30,342	)
Change in Class I Shares		(2,945	)		353
Class L
Issued		4,936			17,778
Reinvested		1,461			2,596
Redeemed		(12,961	)		(38,762	)
Change in Class L Shares		(6,564	)		(18,388	)
Class R2
Issued		2			5
Reinvested		—1	(a)		—	(a)
Redeemed		(4	)		(1	)
Change in Class R2 Shares		(2	)		4
Class R3
Issued		16			11
Reinvested		1			2
Redeemed		(10	)		(25	)
Change in Class R3 Shares		7			(12	)
Class R4
Issued		58			741
Reinvested		34			32
Redeemed		(169	)		(250	)
Change in Class R4 Shares		(77	)		523
Class R5
Issued		22			62
Reinvested		4			9
Redeemed		(82	)		(110	)
Change in Class R5 Shares		(56	)		(39	)
Class R6
Issued		8,247			70,239
Reinvested		3,783			5,469
Redeemed		(31,096	)		(55,634	)
Change in Class R6 Shares		(19,066	)		20,074

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

THIS PAGE IS INTENTIONALLY LEFT BLANK

DECEMBER 31, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 43

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Growth Advantage Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	25.27	$	(0.08	)	$	8.10		$	8.02		$	—		$	(3.12	)	$	(3.12	)
Year Ended June 30, 2020		21.78		(0.08	)		5.74			5.66			—			(2.17	)		(2.17	)
Year Ended June 30, 2019		21.73		(0.08	)		1.89			1.81			—			(1.76	)		(1.76	)
Year Ended June 30, 2018		17.95		(0.12	)		4.74			4.62			—			(0.84	)		(0.84	)
Year Ended June 30, 2017		14.42		(0.09	)		3.62			3.53			—			—			—
Year Ended June 30, 2016		15.74		(0.08	)		(0.71	)		(0.79	)		—			(0.53	)		(0.53	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		21.42		(0.13	)		6.84			6.71			—			(3.12	)		(3.12	)
Year Ended June 30, 2020		18.86		(0.16	)		4.89			4.73			—			(2.17	)		(2.17	)
Year Ended June 30, 2019		19.16		(0.16	)		1.62			1.46			—			(1.76	)		(1.76	)
Year Ended June 30, 2018		15.99		(0.19	)		4.20			4.01			—			(0.84	)		(0.84	)
Year Ended June 30, 2017		12.91		(0.15	)		3.23			3.08			—			—			—
Year Ended June 30, 2016		14.22		(0.14	)		(0.64	)		(0.78	)		—			(0.53	)		(0.53	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		26.29		(0.05	)		8.45			8.40			(0.06	)		(3.12	)		(3.18	)
Year Ended June 30, 2020		22.53		(0.02	)		5.95			5.93			—			(2.17	)		(2.17	)
Year Ended June 30, 2019		22.36		(0.03	)		1.96			1.93			—			(1.76	)		(1.76	)
Year Ended June 30, 2018		18.40		(0.07	)		4.87			4.80			—			(0.84	)		(0.84	)
Year Ended June 30, 2017		14.75		(0.05	)		3.70			3.65			—			—			—
Year Ended June 30, 2016		16.06		(0.06	)		(0.72	)		(0.78	)		—			(0.53	)		(0.53	)
Class R2
Six Months Ended December 31, 2020 (Unaudited)		25.05		(0.12	)		8.03			7.91			(0.01	)		(3.12	)		(3.13	)
Year Ended June 30, 2020		21.67		(0.13	)		5.68			5.55			—			(2.17	)		(2.17	)
Year Ended June 30, 2019		21.68		(0.13	)		1.88			1.75			—			(1.76	)		(1.76	)
July 31, 2017 (f) through June 30, 2018		18.47		(0.14	)		4.19			4.05			—			(0.84	)		(0.84	)
Class R3
Six Months Ended December 31, 2020 (Unaudited)		25.27		(0.08	)		8.10			8.02			(0.05	)		(3.12	)		(3.17	)
Year Ended June 30, 2020		21.79		(0.08	)		5.73			5.65			—			(2.17	)		(2.17	)
Year Ended June 30, 2019		21.74		(0.07	)		1.88			1.81			—			(1.76	)		(1.76	)
Year Ended June 30, 2018		17.96		(0.11	)		4.73			4.62			—			(0.84	)		(0.84	)
May 31, 2017 (f) through June 30, 2017		17.85		(0.01	)		0.12			0.11			—			—			—
Class R4
Six Months Ended December 31, 2020 (Unaudited)		26.29		(0.05	)		8.44			8.39			(0.04	)		(3.12	)		(3.16	)
Year Ended June 30, 2020		22.53		(0.02	)		5.95			5.93			—			(2.17	)		(2.17	)
Year Ended June 30, 2019		22.36		(0.03	)		1.96			1.93			—			(1.76	)		(1.76	)
Year Ended June 30, 2018		18.40		(0.03	)		4.83			4.80			—			(0.84	)		(0.84	)
May 31, 2017 (f) through June 30, 2017		18.29		—	(g)		0.11			0.11			—			—			—

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Commencement of offering of class of shares.

(g) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	30.17		32.25	%	$	2,664,509		1.13	%		(0.55	)%		1.14	%		18	%
	25.27		27.87			2,032,870		1.14			(0.36	)		1.16			47
	21.78		9.63			1,825,607		1.14			(0.38	)		1.25			40
	21.73		26.22			1,724,681		1.16			(0.57	)		1.25			31
	17.95		24.48			1,550,092		1.24			(0.56	)		1.32			34
	14.42		(5.07	)		1,643,136		1.25			(0.55	)		1.35			46
	25.01		31.93			1,159,086		1.63			(1.05	)		1.63			18
	21.42		27.20			942,512		1.64			(0.86	)		1.66			47
	18.86		9.06			793,489		1.64			(0.88	)		1.75			40
	19.16		25.60			740,817		1.66			(1.07	)		1.76			31
	15.99		23.86			605,999		1.74			(1.06	)		1.82			34
	12.91		(5.55	)		594,190		1.75			(1.04	)		1.85			46
	31.51		32.44			3,904,056		0.88			(0.30	)		0.88			18
	26.29		28.15			2,827,894		0.89			(0.11	)		0.90			47
	22.53		9.91			2,107,041		0.89			(0.12	)		1.00			40
	22.36		26.56			1,753,505		0.92			(0.32	)		1.00			31
	18.40		24.75			1,691,899		1.00			(0.31	)		1.04			34
	14.75		(4.91	)		922,981		1.08			(0.41	)		1.09			46
	29.83		32.08			335		1.38			(0.80	)		1.73			18
	25.05		27.48			239		1.39			(0.59	)		1.88			47
	21.67		9.36			88		1.39			(0.61	)		2.24			40
	21.68		22.39			43		1.41			(0.77	)		1.59			31
	30.12		32.27			2,578		1.13			(0.55	)		1.20			18
	25.27		27.80			1,076		1.14			(0.36	)		1.24			47
	21.79		9.63			448		1.14			(0.36	)		1.40			40
	21.74		26.20			266		1.15			(0.53	)		1.28			31
	17.96		0.62			20		1.25			(0.55	)		1.25			34
	31.52		32.41			20,592		0.88			(0.30	)		0.88			18
	26.29		28.15			17,739		0.89			(0.11	)		0.90			47
	22.53		9.91			16,423		0.89			(0.12	)		1.00			40
	22.36		26.56			12,005		0.88			(0.16	)		1.00			31
	18.40		0.60			20		0.99			(0.29	)		1.00			34

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 45

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Growth Advantage Fund (continued)
Class R5
Six Months Ended December 31, 2020 (Unaudited)	$	26.93	$	(0.02	)	$	8.66		$	8.64		$	(0.08	)	$	(3.12	)	$	(3.20	)
Year Ended June 30, 2020		23.00		0.01			6.09			6.10			—			(2.17	)		(2.17	)
Year Ended June 30, 2019		22.76		0.01			1.99			2.00			—			(1.76	)		(1.76	)
Year Ended June 30, 2018		18.69		(0.04	)		4.95			4.91			—			(0.84	)		(0.84	)
Year Ended June 30, 2017		14.96		(0.03	)		3.76			3.73			—			—			—
Year Ended June 30, 2016		16.25		(0.03	)		(0.73	)		(0.76	)		—			(0.53	)		(0.53	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		27.16		(0.01	)		8.72			8.71			(0.10	)		(3.12	)		(3.22	)
Year Ended June 30, 2020		23.15		0.03			6.15			6.18			—			(2.17	)		(2.17	)
Year Ended June 30, 2019		22.87		0.03			2.01			2.04			—			(1.76	)		(1.76	)
Year Ended June 30, 2018		18.76		(0.02	)		4.97			4.95			—			(0.84	)		(0.84	)
Year Ended June 30, 2017		15.00		(0.01	)		3.77			3.76			—			—			—
Year Ended June 30, 2016		16.27		(0.01	)		(0.73	)		(0.74	)		—			(0.53	)		(0.53	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	32.37		32.56	%	$	141,843		0.73	%		(0.16	)%		0.73	%		18	%
	26.93		28.32			133,780		0.74			0.04			0.76			47
	23.00		10.05			118,449		0.74			0.02			0.85			40
	22.76		26.74			112,830		0.77			(0.18	)		0.85			31
	18.69		24.93			95,952		0.85			(0.17	)		0.88			34
	14.96		(4.72	)		82,358		0.89			(0.20	)		0.90			46
	32.65		32.57			6,393,137		0.63			(0.05	)		0.63			18
	27.16		28.49			4,854,095		0.64			0.14			0.65			47
	23.15		10.18			4,527,544		0.64			0.12			0.75			40
	22.87		26.86			4,347,440		0.67			(0.07	)		0.75			31
	18.76		25.07			3,153,928		0.74			(0.06	)		0.75			34
	15.00		(4.59	)		2,720,935		0.76			(0.07	)		0.76			46

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 47

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Mid Cap Equity Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	47.20	$	—	(f)	$	13.30		$	13.30		$	(0.08	)	$	(6.22	)	$	(6.30	)
Year Ended June 30, 2020		50.52		0.13			0.78			0.91			(0.30	)		(3.93	)		(4.23	)
Year Ended June 30, 2019		51.57		0.18			4.04			4.22			(0.13	)		(5.14	)		(5.27	)
Year Ended June 30, 2018		48.53		—	(f)		5.89			5.89			—			(2.85	)		(2.85	)
Year Ended June 30, 2017		42.95		(0.02	)		7.02			7.00			(0.05	)		(1.37	)		(1.42	)
Year Ended June 30, 2016		47.12		(0.01	)		(2.02	)		(2.03	)		(0.03	)		(2.11	)		(2.14	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		44.95		(0.13	)		12.64			12.51			—			(6.22	)		(6.22	)
Year Ended June 30, 2020		48.32		(0.10	)		0.71			0.61			(0.05	)		(3.93	)		(3.98	)
Year Ended June 30, 2019		49.66		(0.04	)		3.84			3.80			—			(5.14	)		(5.14	)
Year Ended June 30, 2018		47.05		(0.24	)		5.70			5.46			—			(2.85	)		(2.85	)
Year Ended June 30, 2017		41.85		(0.25	)		6.82			6.57			—			(1.37	)		(1.37	)
Year Ended June 30, 2016		46.16		(0.23	)		(1.97	)		(2.20	)		—			(2.11	)		(2.11	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		48.07		0.06			13.56			13.62			(0.21	)		(6.22	)		(6.43	)
Year Ended June 30, 2020		51.35		0.25			0.80			1.05			(0.40	)		(3.93	)		(4.33	)
Year Ended June 30, 2019		52.32		0.33			4.07			4.40			(0.23	)		(5.14	)		(5.37	)
Year Ended June 30, 2018		49.13		0.14			5.97			6.11			(0.07	)		(2.85	)		(2.92	)
Year Ended June 30, 2017		43.41		0.14			7.09			7.23			(0.14	)		(1.37	)		(1.51	)
Year Ended June 30, 2016		47.47		0.11			(1.99	)		(1.88	)		(0.07	)		(2.11	)		(2.18	)
Class R2
Six Months Ended December 31, 2020 (Unaudited)		46.64		(0.07	)		13.13			13.06			—			(6.22	)		(6.22	)
Year Ended June 30, 2020		49.96		0.01			0.76			0.77			(0.16	)		(3.93	)		(4.09	)
Year Ended June 30, 2019		51.08		0.05			4.00			4.05			(0.03	)		(5.14	)		(5.17	)
Year Ended June 30, 2018		48.21		(0.14	)		5.86			5.72			—			(2.85	)		(2.85	)
Year Ended June 30, 2017		42.75		(0.14	)		6.98			6.84			(0.01	)		(1.37	)		(1.38	)
Year Ended June 30, 2016		46.98		(0.13	)		(1.99	)		(2.12	)		—			(2.11	)		(2.11	)
Class R5
Six Months Ended December 31, 2020 (Unaudited)		48.11		0.10			13.57			13.67			(0.27	)		(6.22	)		(6.49	)
Year Ended June 30, 2020		51.37		0.30			0.83			1.13			(0.46	)		(3.93	)		(4.39	)
Year Ended June 30, 2019		52.35		0.41			4.06			4.47			(0.31	)		(5.14	)		(5.45	)
Year Ended June 30, 2018		49.17		0.24			5.94			6.18			(0.15	)		(2.85	)		(3.00	)
Year Ended June 30, 2017		43.43		0.18			7.11			7.29			(0.18	)		(1.37	)		(1.55	)
Year Ended June 30, 2016		47.49		0.18			(2.03	)		(1.85	)		(0.10	)		(2.11	)		(2.21	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		48.14		0.13			13.58			13.71			(0.32	)		(6.22	)		(6.54	)
Year Ended June 30, 2020		51.41		0.37			0.81			1.18			(0.52	)		(3.93	)		(4.45	)
Year Ended June 30, 2019		52.39		0.43			4.09			4.52			(0.36	)		(5.14	)		(5.50	)
Year Ended June 30, 2018		49.18		0.27			5.96			6.23			(0.17	)		(2.85	)		(3.02	)
Year Ended June 30, 2017		43.44		0.21			7.09			7.30			(0.19	)		(1.37	)		(1.56	)
Year Ended June 30, 2016		47.49		0.20			(2.02	)		(1.82	)		(0.12	)		(2.11	)		(2.23	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	54.20		28.49	%	$	489,904		1.13	%		(0.01	)%		1.26	%		20	%
	47.20		2.20			405,857		1.14			0.28			1.26			49
	50.52		9.92			451,118		1.13			0.37			1.26			34
	51.57		12.37			402,897		1.17			0.01			1.25			31
	48.53		16.61			378,055		1.24			(0.05	)		1.37			38
	42.95		(4.17	)		335,424		1.25			(0.03	)		1.43			39
	51.24		28.16			21,833		1.63			(0.51	)		1.76			20
	44.95		1.69			20,753		1.64			(0.23	)		1.76			49
	48.32		9.37			24,071		1.63			(0.09	)		1.76			34
	49.66		11.83			27,666		1.67			(0.50	)		1.76			31
	47.05		16.01			30,596		1.74			(0.56	)		1.92			38
	41.85		(4.64	)		32,045		1.75			(0.54	)		1.96			39
	55.26		28.65			407,999		0.88			0.24			1.01			20
	48.07		2.46			341,317		0.89			0.53			1.01			49
	51.35		10.20			301,071		0.88			0.65			1.00			34
	52.32		12.68			326,026		0.89			0.26			1.00			31
	49.13		17.01			778,378		0.89			0.30			1.08			38
	43.41		(3.81	)		622,440		0.90			0.25			1.20			39
	53.48		28.32			711		1.38			(0.26	)		1.56			20
	46.64		1.96			623		1.39			0.03			1.55			49
	49.96		9.63			524		1.38			0.10			1.57			34
	51.08		12.09			443		1.43			(0.28	)		1.57			31
	48.21		16.30			600		1.49			(0.31	)		1.69			38
	42.75		(4.38	)		688		1.50			(0.30	)		1.81			39
	55.29		28.73			1,028		0.74			0.39			0.87			20
	48.11		2.62			871		0.74			0.61			0.86			49
	51.37		10.37			6,073		0.73			0.81			0.86			34
	52.35		12.83			6,499		0.75			0.47			0.85			31
	49.17		17.14			1,804		0.79			0.40			0.87			38
	43.43		(3.73	)		2,840		0.80			0.42			0.91			39
	55.31		28.80			1,105,732		0.64			0.49			0.76			20
	48.14		2.72			867,761		0.64			0.75			0.76			49
	51.41		10.48			2,008,540		0.63			0.87			0.75			34
	52.39		12.93			1,970,177		0.67			0.51			0.75			31
	49.18		17.18			1,619,045		0.74			0.45			0.75			38
	43.44		(3.66	)		1,370,912		0.74			0.46			0.77			39

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 49

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Mid Cap Growth Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	36.43	$	(0.18	)	$	11.81		$	11.63		$	—		$	(5.45	)	$	(5.45	)
Year Ended June 30, 2020		32.94		(0.20	)		6.50			6.30			—			(2.81	)		(2.81	)
Year Ended June 30, 2019		30.84		(0.17	)		4.42			4.25			—			(2.15	)		(2.15	)
Year Ended June 30, 2018		27.99		(0.19	)		5.18			4.99			—			(2.14	)		(2.14	)
Year Ended June 30, 2017		23.43		(0.14	)		4.71			4.57			—			(0.01	)		(0.01	)
Year Ended June 30, 2016		27.71		(0.15	)		(2.67	)		(2.82	)		—			(1.46	)		(1.46	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		27.15		(0.21	)		8.74			8.53			—			(5.45	)		(5.45	)
Year Ended June 30, 2020		25.34		(0.28	)		4.90			4.62			—			(2.81	)		(2.81	)
Year Ended June 30, 2019		24.37		(0.25	)		3.37			3.12			—			(2.15	)		(2.15	)
Year Ended June 30, 2018		22.64		(0.27	)		4.14			3.87			—			(2.14	)		(2.14	)
Year Ended June 30, 2017		19.05		(0.22	)		3.82			3.60			—			(0.01	)		(0.01	)
Year Ended June 30, 2016		22.93		(0.22	)		(2.20	)		(2.42	)		—			(1.46	)		(1.46	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		43.11		(0.13	)		14.00			13.87			(0.01	)		(5.45	)		(5.46	)
Year Ended June 30, 2020		38.37		(0.12	)		7.67			7.55			—			(2.81	)		(2.81	)
Year Ended June 30, 2019		35.44		(0.09	)		5.17			5.08			—			(2.15	)		(2.15	)
Year Ended June 30, 2018		31.79		(0.10	)		5.89			5.79			—			(2.14	)		(2.14	)
Year Ended June 30, 2017		26.52		(0.07	)		5.35			5.28			—			(0.01	)		(0.01	)
Year Ended June 30, 2016		31.06		(0.09	)		(2.99	)		(3.08	)		—			(1.46	)		(1.46	)
Class R2
Six Months Ended December 31, 2020 (Unaudited)		39.90		(0.25	)		12.94			12.69			—			(5.45	)		(5.45	)
Year Ended June 30, 2020		35.91		(0.31	)		7.11			6.80			—			(2.81	)		(2.81	)
Year Ended June 30, 2019		33.49		(0.27	)		4.84			4.57			—			(2.15	)		(2.15	)
Year Ended June 30, 2018		30.31		(0.28	)		5.60			5.32			—			(2.14	)		(2.14	)
Year Ended June 30, 2017		25.41		(0.21	)		5.12			4.91			—			(0.01	)		(0.01	)
Year Ended June 30, 2016		29.96		(0.18	)		(2.91	)		(3.09	)		—			(1.46	)		(1.46	)
Class R3
Six Months Ended December 31, 2020 (Unaudited)		42.53		(0.21	)		13.81			13.60			—			(5.45	)		(5.45	)
Year Ended June 30, 2020		38.01		(0.23	)		7.56			7.33			—			(2.81	)		(2.81	)
Year Ended June 30, 2019		35.23		(0.20	)		5.13			4.93			—			(2.15	)		(2.15	)
Year Ended June 30, 2018		31.71		(0.19	)		5.85			5.66			—			(2.14	)		(2.14	)
September 9, 2016 (f) through June 30, 2017		27.06		(0.13	)		4.79			4.66			—			(0.01	)		(0.01	)
Class R4
Six Months Ended December 31, 2020 (Unaudited)		43.00		(0.15	)		13.97			13.82			(0.01	)		(5.45	)		(5.46	)
Year Ended June 30, 2020		38.30		(0.14	)		7.65			7.51			—			(2.81	)		(2.81	)
Year Ended June 30, 2019		35.40		(0.11	)		5.16			5.05			—			(2.15	)		(2.15	)
Year Ended June 30, 2018		31.77		(0.12	)		5.89			5.77			—			(2.14	)		(2.14	)
September 9, 2016 (f) through June 30, 2017		27.06		(0.06	)		4.78			4.72			—			(0.01	)		(0.01	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	42.61		32.43	%	$	1,520,727		1.23	%		(0.85	)%		1.26	%		19	%
	36.43		20.30			1,141,467		1.24			(0.62	)		1.27			63
	32.94		15.37			1,012,686		1.23			(0.56	)		1.28			54
	30.84		18.39			934,982		1.23			(0.62	)		1.30			56
	27.99		19.52			915,226		1.23			(0.56	)		1.36			41
	23.43		(10.29	)		949,148		1.24			(0.59	)		1.40			56
	30.23		32.09			104,879		1.74			(1.36	)		1.74			19
	27.15		19.72			86,046		1.74			(1.12	)		1.75			63
	25.34		14.78			83,558		1.73			(1.06	)		1.75			54
	24.37		17.76			82,939		1.73			(1.12	)		1.76			56
	22.64		18.92			90,640		1.73			(1.06	)		1.85			41
	19.05		(10.70	)		96,729		1.74			(1.08	)		1.90			56
	51.52		32.61			1,826,868		0.92			(0.54	)		0.99			19
	43.11		20.70			1,205,433		0.93			(0.31	)		1.00			63
	38.37		15.73			1,085,728		0.92			(0.25	)		1.00			54
	35.44		18.72			1,140,704		0.92			(0.30	)		1.00			56
	31.79		19.92			1,050,151		0.92			(0.25	)		1.08			41
	26.52		(10.01	)		929,489		0.93			(0.31	)		1.13			56
	47.14		32.27			50,203		1.48			(1.10	)		1.54			19
	39.90		20.00			39,404		1.49			(0.87	)		1.55			63
	35.91		15.10			44,453		1.48			(0.81	)		1.55			54
	33.49		18.06			38,486		1.48			(0.87	)		1.57			56
	30.31		19.34			35,242		1.42			(0.74	)		1.69			41
	25.41		(10.42	)		32,092		1.40			(0.71	)		1.71			56
	50.68		32.41			61,104		1.24			(0.86	)		1.24			19
	42.53		20.30			42,573		1.24			(0.61	)		1.25			63
	38.01		15.38			30,023		1.23			(0.56	)		1.25			54
	35.23		18.34			26,638		1.23			(0.54	)		1.26			56
	31.71		17.24			152		1.23			(0.54	)		1.42			41
	51.36		32.56			20,241		0.98			(0.60	)		0.99			19
	43.00		20.63			11,194		0.99			(0.37	)		1.00			63
	38.30		15.66			9,343		0.98			(0.31	)		1.00			54
	35.40		18.66			14,320		0.98			(0.33	)		1.01			56
	31.77		17.46			129		0.98			(0.23	)		1.10			41

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 51

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Mid Cap Growth Fund (continued)
Class R5
Six Months Ended December 31, 2020 (Unaudited)	$	43.81	$	(0.10	)	$	14.25		$	14.15		$	(0.05	)	$	(5.45	)	$	(5.50	)
Year Ended June 30, 2020		38.90		(0.06	)		7.78			7.72			—			(2.81	)		(2.81	)
Year Ended June 30, 2019		35.85		(0.04	)		5.24			5.20			—			(2.15	)		(2.15	)
Year Ended June 30, 2018		32.09		(0.06	)		5.96			5.90			—			(2.14	)		(2.14	)
Year Ended June 30, 2017		26.74		(0.03	)		5.39			5.36			—			(0.01	)		(0.01	)
Year Ended June 30, 2016		31.26		(0.03	)		(3.03	)		(3.06	)		—			(1.46	)		(1.46	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		44.07		(0.09	)		14.33			14.24			(0.07	)		(5.45	)		(5.52	)
Year Ended June 30, 2020		39.09		(0.04	)		7.83			7.79			—			(2.81	)		(2.81	)
Year Ended June 30, 2019		36.00		(0.02	)		5.26			5.24			—			(2.15	)		(2.15	)
Year Ended June 30, 2018		32.20		(0.04	)		5.98			5.94			—			(2.14	)		(2.14	)
Year Ended June 30, 2017		26.82		(0.02	)		5.41			5.39			—			(0.01	)		(0.01	)
Year Ended June 30, 2016		31.33		(0.02	)		(3.03	)		(3.05	)		—			(1.46	)		(1.46	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	52.46		32.73	%	$	667,562		0.79	%		(0.40	)%		0.84	%		19	%
	43.81		20.86			519,097		0.79			(0.17	)		0.85			63
	38.90		15.89			457,513		0.78			(0.11	)		0.85			54
	35.85		18.89			313,336		0.78			(0.16	)		0.85			56
	32.09		20.06			247,068		0.78			(0.10	)		0.89			41
	26.74		(9.87	)		224,498		0.79			(0.13	)		0.91			56
	52.79		32.74			3,543,580		0.74			(0.35	)		0.74			19
	44.07		20.94			2,435,853		0.74			(0.11	)		0.75			63
	39.09		15.94			1,835,188		0.73			(0.05	)		0.75			54
	36.00		18.95			1,365,839		0.73			(0.11	)		0.76			56
	32.20		20.11			749,670		0.73			(0.06	)		0.76			41
	26.82		(9.82	)		619,527		0.73			(0.06	)		0.77			56

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 53

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Mid Cap Value Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	31.12	$	0.09		$	7.45		$	7.54		$	(0.29	)	$	(2.40	)	$	(2.69	)
Year Ended June 30, 2020		38.02		0.33			(5.35	)		(5.02	)		(0.33	)		(1.55	)		(1.88	)
Year Ended June 30, 2019		39.24		0.45			0.87			1.32			(0.38	)		(2.16	)		(2.54	)
Year Ended June 30, 2018		37.80		0.20			2.14			2.34			(0.18	)		(0.72	)		(0.90	)
Year Ended June 30, 2017		35.41		0.17			4.60			4.77			(0.14	)		(2.24	)		(2.38	)
Year Ended June 30, 2016		36.98		0.19			0.33			0.52			(0.14	)		(1.95	)		(2.09	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		29.77		—	(f)		7.13			7.13			(0.02	)		(2.40	)		(2.42	)
Year Ended June 30, 2020		36.44		0.14			(5.14	)		(5.00	)		(0.12	)		(1.55	)		(1.67	)
Year Ended June 30, 2019		37.68		0.26			0.83			1.09			(0.17	)		(2.16	)		(2.33	)
Year Ended June 30, 2018		36.35		(0.02	)		2.07			2.05			—			(0.72	)		(0.72	)
Year Ended June 30, 2017		34.17		(0.02	)		4.44			4.42			—			(2.24	)		(2.24	)
Year Ended June 30, 2016		35.79		0.01			0.32			0.33			—			(1.95	)		(1.95	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		31.51		0.13			7.57			7.70			(0.38	)		(2.40	)		(2.78	)
Year Ended June 30, 2020		38.48		0.43			(5.42	)		(4.99	)		(0.43	)		(1.55	)		(1.98	)
Year Ended June 30, 2019		39.70		0.54			0.88			1.42			(0.48	)		(2.16	)		(2.64	)
Year Ended June 30, 2018		38.24		0.30			2.16			2.46			(0.28	)		(0.72	)		(1.00	)
Year Ended June 30, 2017		35.79		0.27			4.66			4.93			(0.24	)		(2.24	)		(2.48	)
Year Ended June 30, 2016		37.36		0.28			0.33			0.61			(0.23	)		(1.95	)		(2.18	)
Class L
Six Months Ended December 31, 2020 (Unaudited)		31.96		0.17			7.66			7.83			(0.45	)		(2.40	)		(2.85	)
Year Ended June 30, 2020		38.99		0.52			(5.48	)		(4.96	)		(0.52	)		(1.55	)		(2.07	)
Year Ended June 30, 2019		40.21		0.62			0.90			1.52			(0.58	)		(2.16	)		(2.74	)
Year Ended June 30, 2018		38.70		0.40			2.20			2.60			(0.37	)		(0.72	)		(1.09	)
Year Ended June 30, 2017		36.19		0.36			4.71			5.07			(0.32	)		(2.24	)		(2.56	)
Year Ended June 30, 2016		37.76		0.37			0.33			0.70			(0.32	)		(1.95	)		(2.27	)
Class R2
Six Months Ended December 31, 2020 (Unaudited)		29.67		0.04			7.10			7.14			(0.22	)		(2.40	)		(2.62	)
Year Ended June 30, 2020		36.35		0.23			(5.11	)		(4.88	)		(0.25	)		(1.55	)		(1.80	)
Year Ended June 30, 2019		37.64		0.31			0.86			1.17			(0.30	)		(2.16	)		(2.46	)
Year Ended June 30, 2018		36.33		0.10			2.05			2.15			(0.12	)		(0.72	)		(0.84	)
Year Ended June 30, 2017		34.14		0.07			4.43			4.50			(0.07	)		(2.24	)		(2.31	)
Year Ended June 30, 2016		35.73		0.10			0.32			0.42			(0.06	)		(1.95	)		(2.01	)
Class R3
Six Months Ended December 31, 2020 (Unaudited)		30.83		0.09			7.38			7.47			(0.30	)		(2.40	)		(2.70	)
Year Ended June 30, 2020		37.70		0.33			(5.30	)		(4.97	)		(0.35	)		(1.55	)		(1.90	)
Year Ended June 30, 2019		38.97		0.39			0.91			1.30			(0.41	)		(2.16	)		(2.57	)
Year Ended June 30, 2018		37.67		0.21			2.11			2.32			(0.30	)		(0.72	)		(1.02	)
September 9, 2016 (g) through June 30, 2017		35.78		0.26			4.15			4.41			(0.28	)		(2.24	)		(2.52	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Amount rounds to less than $0.005.

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	35.97		24.36	%	$	1,371,700		1.23	%		0.51	%		1.24	%		6	%
	31.12		(14.13	)		1,171,139		1.24			0.93			1.24			18
	38.02		4.12			1,662,841		1.23			1.20			1.25			11
	39.24		6.20			1,967,162		1.23			0.51			1.26			13
	37.80		13.83			2,149,689		1.23			0.45			1.36			23
	35.41		1.85			2,302,567		1.24			0.54			1.41			20
	34.48		24.08			73,265		1.73			(0.02	)		1.74			6
	29.77		(14.58	)		84,827		1.73			0.42			1.74			18
	36.44		3.59			149,839		1.73			0.72			1.74			11
	37.68		5.65			214,331		1.74			(0.06	)		1.75			13
	36.35		13.27			452,351		1.74			(0.06	)		1.80			23
	34.17		1.35			549,619		1.75			0.03			1.83			20
	36.43		24.56			2,670,700		0.98			0.78			0.98			6
	31.51		(13.93	)		2,164,300		0.98			1.20			0.99			18
	38.48		4.38			2,662,983		0.98			1.41			0.99			11
	39.70		6.44			2,985,882		0.98			0.77			1.00			13
	38.24		14.15			2,902,646		0.98			0.72			1.07			23
	35.79		2.11			2,332,160		0.99			0.80			1.11			20
	36.94		24.64			6,667,992		0.75			0.99			0.83			6
	31.96		(13.71	)		5,976,033		0.75			1.41			0.84			18
	38.99		4.63			8,996,364		0.74			1.61			0.85			11
	40.21		6.73			11,795,588		0.74			1.00			0.86			13
	38.70		14.39			12,478,637		0.74			0.96			0.91			23
	36.19		2.35			10,313,629		0.75			1.04			0.94			20
	34.19		24.20			63,474		1.48			0.25			1.49			6
	29.67		(14.36	)		59,200		1.49			0.69			1.50			18
	36.35		3.86			74,236		1.49			0.87			1.50			11
	37.64		5.93			82,108		1.49			0.26			1.51			13
	36.33		13.53			85,287		1.49			0.21			1.65			23
	34.14		1.61			66,167		1.50			0.29			1.75			20
	35.60		24.35			75,288		1.23			0.51			1.23			6
	30.83		(14.13	)		63,836		1.23			0.96			1.24			18
	37.70		4.12			73,299		1.24			1.04			1.25			11
	38.97		6.17			62,576		1.24			0.55			1.25			13
	37.67		12.70			19,262		1.24			0.87			1.35			23

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 55

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Mid Cap Value Fund (continued)
Class R4
Six Months Ended December 31, 2020 (Unaudited)	$	31.34	$	0.14	$	7.50		$	7.64		$	(0.39	)	$	(2.40	)	$	(2.79	)
Year Ended June 30, 2020		38.29		0.43		(5.40	)		(4.97	)		(0.43	)		(1.55	)		(1.98	)
Year Ended June 30, 2019		39.56		0.50		0.90			1.40			(0.51	)		(2.16	)		(2.67	)
Year Ended June 30, 2018		38.16		0.33		2.13			2.46			(0.34	)		(0.72	)		(1.06	)
September 9, 2016 (f) through June 30, 2017		36.18		0.38		4.15			4.53			(0.31	)		(2.24	)		(2.55	)
Class R5
Six Months Ended December 31, 2020 (Unaudited)		31.90		0.16		7.65			7.81			(0.42	)		(2.40	)		(2.82	)
Year Ended June 30, 2020		38.93		0.49		(5.48	)		(4.99	)		(0.49	)		(1.55	)		(2.04	)
Year Ended June 30, 2019		40.15		0.58		0.90			1.48			(0.54	)		(2.16	)		(2.70	)
Year Ended June 30, 2018		38.67		0.38		2.17			2.55			(0.35	)		(0.72	)		(1.07	)
September 9, 2016 (f) through June 30, 2017		36.60		0.36		4.28			4.64			(0.33	)		(2.24	)		(2.57	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		31.94		0.18		7.66			7.84			(0.46	)		(2.40	)		(2.86	)
Year Ended June 30, 2020		38.97		0.52		(5.47	)		(4.95	)		(0.53	)		(1.55	)		(2.08	)
Year Ended June 30, 2019		40.19		0.58		0.94			1.52			(0.58	)		(2.16	)		(2.74	)
Year Ended June 30, 2018		38.69		0.43		2.16			2.59			(0.37	)		(0.72	)		(1.09	)
September 9, 2016 (f) through June 30, 2017		36.60		0.32		4.34			4.66			(0.33	)		(2.24	)		(2.57	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	36.19		24.52	%	$	36,976		0.98	%		0.80	%		0.99	%		6	%
	31.34		(13.93	)		24,576		0.98			1.21			0.99			18
	38.29		4.38			27,681		0.98			1.32			0.99			11
	39.56		6.45			17,859		0.99			0.83			1.00			13
	38.16		12.89			3,537		0.99			1.26			1.10			23
	36.89		24.63			79,154		0.83			0.91			0.84			6
	31.90		(13.79	)		69,110		0.83			1.34			0.83			18
	38.93		4.52			95,243		0.83			1.50			0.84			11
	40.15		6.61			84,457		0.84			0.96			0.85			13
	38.67		13.06			30,334		0.84			1.18			1.02			23
	36.92		24.68			3,610,237		0.73			1.01			0.74			6
	31.94		(13.70	)		3,101,566		0.73			1.46			0.74			18
	38.97		4.63			3,272,999		0.73			1.52			0.74			11
	40.19		6.71			1,073,888		0.74			1.08			0.75			13
	38.69		13.13			281,269		0.74			1.05			0.75			23

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 57

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Value Advantage Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	29.53	$	0.17		$	6.68		$	6.85		$	(0.48	)	$	(0.53	)	$	(1.01	)
Year Ended June 30, 2020		35.46		0.49			(5.04	)		(4.55	)		(0.45	)		(0.93	)		(1.38	)
Year Ended June 30, 2019		35.38		0.55			1.68			2.23			(0.46	)		(1.69	)		(2.15	)
Year Ended June 30, 2018		33.40		0.35	(f)		2.26			2.61			(0.28	)		(0.35	)		(0.63	)
Year Ended June 30, 2017		28.66		0.27			4.77			5.04			(0.30	)		—			(0.30	)
Year Ended June 30, 2016		29.84		0.27			(0.99	)		(0.72	)		(0.17	)		(0.29	)		(0.46	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		29.38		0.09			6.65			6.74			(0.27	)		(0.53	)		(0.80	)
Year Ended June 30, 2020		35.29		0.32			(5.04	)		(4.72	)		(0.26	)		(0.93	)		(1.19	)
Year Ended June 30, 2019		35.20		0.38			1.68			2.06			(0.28	)		(1.69	)		(1.97	)
Year Ended June 30, 2018		33.20		0.18	(f)		2.24			2.42			(0.07	)		(0.35	)		(0.42	)
Year Ended June 30, 2017		28.52		0.11			4.74			4.85			(0.17	)		—			(0.17	)
Year Ended June 30, 2016		29.72		0.14			(0.99	)		(0.85	)		(0.06	)		(0.29	)		(0.35	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		29.71		0.21			6.73			6.94			(0.59	)		(0.53	)		(1.12	)
Year Ended June 30, 2020		35.67		0.57			(5.06	)		(4.49	)		(0.54	)		(0.93	)		(1.47	)
Year Ended June 30, 2019		35.60		0.62			1.70			2.32			(0.56	)		(1.69	)		(2.25	)
Year Ended June 30, 2018		33.62		0.44	(f)		2.28			2.72			(0.39	)		(0.35	)		(0.74	)
Year Ended June 30, 2017		28.86		0.35			4.80			5.15			(0.39	)		—			(0.39	)
Year Ended June 30, 2016		29.99		0.33			(0.98	)		(0.65	)		(0.19	)		(0.29	)		(0.48	)
Class L
Six Months Ended December 31, 2020 (Unaudited)		29.73		0.24			6.74			6.98			(0.63	)		(0.53	)		(1.16	)
Year Ended June 30, 2020		35.69		0.63			(5.07	)		(4.44	)		(0.59	)		(0.93	)		(1.52	)
Year Ended June 30, 2019		35.62		0.72			1.64			2.36			(0.60	)		(1.69	)		(2.29	)
Year Ended June 30, 2018		33.63		0.50	(f)		2.29			2.79			(0.45	)		(0.35	)		(0.80	)
Year Ended June 30, 2017		28.86		0.41			4.82			5.23			(0.46	)		—			(0.46	)
Year Ended June 30, 2016		30.06		0.43			(1.02	)		(0.59	)		(0.32	)		(0.29	)		(0.61	)
Class R2
Six Months Ended December 31, 2020 (Unaudited)		29.31		0.13			6.63			6.76			(0.48	)		(0.53	)		(1.01	)
Year Ended June 30, 2020		35.24		0.40			(5.01	)		(4.61	)		(0.39	)		(0.93	)		(1.32	)
Year Ended June 30, 2019		35.22		0.48			1.65			2.13			(0.42	)		(1.69	)		(2.11	)
July 31, 2017 (g) through June 30, 2018		34.04		0.25	(f)		1.64			1.89			(0.36	)		(0.35	)		(0.71	)
Class R3
Six Months Ended December 31, 2020 (Unaudited)		29.21		0.17			6.61			6.78			(0.53	)		(0.53	)		(1.06	)
Year Ended June 30, 2020		35.08		0.48			(4.98	)		(4.50	)		(0.44	)		(0.93	)		(1.37	)
Year Ended June 30, 2019		35.11		0.49			1.71			2.20			(0.54	)		(1.69	)		(2.23	)
Year Ended June 30, 2018		33.24		0.35	(f)		2.26			2.61			(0.39	)		(0.35	)		(0.74	)
September 9, 2016 (g) through June 30, 2017		29.33		0.29			4.06			4.35			(0.44	)		—			(0.44	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

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

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	35.37		23.23	%	$	841,140		1.13	%		1.07	%		1.15	%		10	%
	29.53		(13.60	)		736,715		1.14			1.45			1.16			29
	35.46		7.00			1,231,325		1.14			1.59			1.25			15
	35.38		7.81			1,346,080		1.17			1.01	(f)		1.25			23
	33.40		17.60			1,432,370		1.24			0.85			1.36			24
	28.66		(2.34	)		2,045,698		1.24			0.98			1.43			26
	35.32		22.96			315,140		1.63			0.56			1.65			10
	29.38		(14.04	)		332,229		1.64			0.94			1.66			29
	35.29		6.45			522,878		1.64			1.08			1.75			15
	35.20		7.27			591,602		1.67			0.51	(f)		1.75			23
	33.20		17.02			746,521		1.74			0.34			1.81			24
	28.52		(2.82	)		728,800		1.74			0.49			1.85			26
	35.53		23.39			2,344,558		0.88			1.31			0.89			10
	29.71		(13.39	)		2,047,640		0.89			1.70			0.90			29
	35.67		7.28			2,445,747		0.89			1.76			0.99			15
	35.60		8.07			2,296,056		0.92			1.26	(f)		1.00			23
	33.62		17.89			2,165,577		0.99			1.09			1.04			24
	28.86		(2.10	)		1,414,635		0.99			1.16			1.05			26
	35.55		23.52			1,672,350		0.74			1.46			0.74			10
	29.73		(13.26	)		1,593,954		0.74			1.85			0.75			29
	35.69		7.41			2,569,596		0.74			2.04			0.84			15
	35.62		8.29			3,255,993		0.74			1.42	(f)		0.85			23
	33.63		18.17			3,643,327		0.75			1.32			0.87			24
	28.86		(1.87	)		5,901,818		0.74			1.50			0.88			26
	35.06		23.12			125		1.38			0.83			1.56			10
	29.31		(13.82	)		182		1.39			1.27			1.55			29
	35.24		6.72			69		1.39			1.40			2.14			15
	35.22		5.54			38		1.41			0.78	(f)		1.61			23
	34.93		23.24			2,077		1.13			1.06			1.18			10
	29.21		(13.60	)		1,519		1.14			1.43			1.18			29
	35.08		7.00			2,241		1.14			1.44			1.26			15
	35.11		7.82			1,132		1.15			1.01	(f)		1.28			23
	33.24		14.87			385		1.24			1.09			1.36			24

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 59

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Value Advantage Fund (continued)
Class R4
Six Months Ended December 31, 2020 (Unaudited)	$	29.56	$	0.21		$	6.70		$	6.91		$	(0.59	)	$	(0.53	)	$	(1.12	)
Year Ended June 30, 2020		35.52		0.57			(5.04	)		(4.47	)		(0.56	)		(0.93	)		(1.49	)
Year Ended June 30, 2019		35.47		0.62			1.69			2.31			(0.57	)		(1.69	)		(2.26	)
Year Ended June 30, 2018		33.55		0.51	(f)		2.20			2.71			(0.44	)		(0.35	)		(0.79	)
September 9, 2016 (g) through June 30, 2017		29.56		0.27			4.18			4.45			(0.46	)		—			(0.46	)
Class R5
Six Months Ended December 31, 2020 (Unaudited)		29.67		0.24			6.72			6.96			(0.62	)		(0.53	)		(1.15	)
Year Ended June 30, 2020		35.62		0.63			(5.05	)		(4.42	)		(0.60	)		(0.93	)		(1.53	)
Year Ended June 30, 2019		35.57		0.65			1.71			2.36			(0.62	)		(1.69	)		(2.31	)
Year Ended June 30, 2018		33.59		0.50	(f)		2.28			2.78			(0.45	)		(0.35	)		(0.80	)
September 9, 2016 (g) through June 30, 2017		29.57		0.30			4.20			4.50			(0.48	)		—			(0.48	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		29.71		0.25			6.74			6.99			(0.67	)		(0.53	)		(1.20	)
Year Ended June 30, 2020		35.67		0.66			(5.06	)		(4.40	)		(0.63	)		(0.93	)		(1.56	)
Year Ended June 30, 2019		35.60		0.71			1.70			2.41			(0.65	)		(1.69	)		(2.34	)
Year Ended June 30, 2018		33.61		0.54	(f)		2.26			2.80			(0.46	)		(0.35	)		(0.81	)
September 9, 2016 (g) through June 30, 2017		29.57		0.36			4.17			4.53			(0.49	)		—			(0.49	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

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

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	35.35		23.43	%	$	36,192		0.88	%		1.31	%		0.89	%		10	%
	29.56		(13.40	)		32,555		0.88			1.74			0.90			29
	35.52		7.27			20,538		0.89			1.79			0.99			15
	35.47		8.07			17,231		0.89			1.43	(f)		1.00			23
	33.55		15.10			34		1.00			1.05			1.08			24
	35.48		23.52			4,613		0.73			1.47			0.74			10
	29.67		(13.25	)		5,529		0.74			1.85			0.75			29
	35.62		7.41			8,018		0.74			1.85			0.84			15
	35.57		8.25			6,114		0.76			1.41	(f)		0.88			23
	33.59		15.27			422		0.83			1.14			0.89			24
	35.50		23.57			4,042,389		0.63			1.57			0.64			10
	29.71		(13.18	)		3,949,596		0.64			1.96			0.65			29
	35.67		7.57			4,025,348		0.64			2.02			0.74			15
	35.60		8.31			3,869,991		0.67			1.52	(f)		0.75			23
	33.61		15.35			3,069,390		0.74			1.39			0.75			24

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 61

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

1. Organization

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

J.P. Morgan Mutual Fund Investment Trust (“JPMMFIT”) was organized as a Massachusetts business trust on September 23, 1997, as an open-end management investment company.

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

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

	Classes Offered	Trust	Diversification Classification
JPMorgan Growth Advantage Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	JPMMFIT	Diversified
JPMorgan Mid Cap Equity Fund	Class A, Class C, Class I, Class R2, Class R5 and Class R6	JPM I	Diversified
JPMorgan Mid Cap Growth Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM II	Diversified
JPMorgan Mid Cap Value Fund	Class A, Class C, Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6	JPMFMFG	Diversified
JPMorgan Value Advantage Fund	Class A, Class C, Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM I	Diversified

The investment objective of JPMorgan Growth Advantage Fund (“Growth Advantage Fund”) and JPMorgan Mid Cap Equity Fund (“Mid Cap Equity Fund”) is to seek to provide long-term capital growth.

The investment objective of JPMorgan Mid Cap Growth Fund (“Mid Cap Growth Fund”) is to seek growth of capital.

The investment objective of JPMorgan Mid Cap Value Fund (“Mid Cap Value Fund”) is to seek growth from capital appreciation.

The investment objective of JPMorgan Value Advantage Fund (“Value Advantage Fund”) is to seek to provide long-term total return from a combination of income and capital gains.

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

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds’ prospectus. Effective October 1, 2020, Class C Shares automatically convert to Class A Shares after eight years. Prior to October 1, 2020, Class C Shares automatically converted to Class A Shares after ten years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

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

2. Significant Accounting Policies

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

A. Valuation of Investments — Investments are valued in accordance with GAAP and the Funds’ valuation policies set forth by, and under the supervision and responsibility of, the Boards of Trustees of the Trusts (the “Boards”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Boards.

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

62 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Boards.

A market-based approach is primarily used to value the Funds’ investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Boards. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Funds are calculated on a valuation date.

Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

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

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

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

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

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

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

The following tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”) (amounts in thousands):

Growth Advantage Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	14,529,548	$	—	$	—	$	14,529,548
Mid Cap Equity Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	2,072,056	$	—	$	—	$	2,072,056
Mid Cap Growth Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	7,979,779	$	—	$	—	$	7,979,779
Mid Cap Value Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	14,782,139	$	—	$	—	$	14,782,139

DECEMBER 31, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 63

NOTES TO FINANCIAL STATEMENTS

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

Value Advantage Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks	$	9,143,043	$	—	$	—		$	9,143,043
Rights		—		—		—	(b)		—	(b)
Short-Term Investments
Investment Companies		117,306		—		—			117,306
Investment of cash collateral from securities loaned		35,377		—		—			35,377
Total Short-Term Investments		152,683		—		—			152,683
Total Investments in Securities	$	9,295,726	$	—	$	—	(b)	$	9,295,726

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

(b) Amount rounds to less than one thousand.

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

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

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

The value of securities out on loan is recorded as an asset on the Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statements of Assets and Liabilities and details of collateral investments are disclosed on the SOIs.

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

The following table presents for each lending Fund, the value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Funds as of December 31, 2020 (amounts in thousands).

	Investment Securities on Loan, at value, Presented on the Statements of Assets and Liabilities		Cash Collateral Posted by Borrower*			Net Amount Due to Counterparty (not less than zero)
Growth Advantage Fund	$	210,429	$	(210,429	)	$	—
Mid Cap Equity Fund		44,647		(44,647	)		—
Mid Cap Growth Fund		160,963		(160,963	)		—
Mid Cap Value Fund		125,755		(125,755	)		—
Value Advantage Fund		34,343		(34,343	)		—

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

64 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

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

JPMIM voluntarily waived investment advisory fees charged to the Funds to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.15% to 0.06%. For the six months ended December 31, 2020, JPMIM waived fees associated with the Funds’ investment in the JPMorgan U.S. Government Money Market Fund as follows (amounts in thousands):

Growth Advantage Fund	$	10
Mid Cap Equity Fund		1
Mid Cap Growth Fund		10
Mid Cap Value Fund		5
Value Advantage Fund		5

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

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

Growth Advantage Fund

For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	105,416	$	1,809,445	$	1,687,999	$	(52	)	$	(36	)	$	226,774		226,661	$	190		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a) (b)		302,529		1,241,000		1,433,750		(67	)*		2			109,714		109,703		317	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		31,490		764,958		687,138		—			—			109,310		109,310		10	*		—
Total	$	439,435	$	3,815,403	$	3,808,887	$	(119	)	$	(34	)	$	445,798			$	517		$	—

Mid Cap Equity Fund

For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	40,612	$	261,072	$	267,248	$	(10	)	$	(4	)	$	34,422		34,404	$	30		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a) (b)		—		121,000		87,000		(7	)*		—			33,993		33,990		23	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		—		71,588		59,233		—			—			12,355		12,355		1	*		—
Total	$	40,612	$	453,660	$	413,481	$	(17	)	$	(4	)	$	80,770			$	54		$	—

DECEMBER 31, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 65

NOTES TO FINANCIAL STATEMENTS

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

Mid Cap Growth Fund

For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)		51,560		769,582		663,655		(24	)		(10	)		157,453		157,374		95			—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a) (b)		211,088		762,000		824,000		(79	)*		2			149,011		148,996		335	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		24,377		305,212		309,912		—			—			19,677		19,677		10	*		—
Total	$	287,025	$	1,836,794	$	1,797,567	$	(103	)	$	(8	)	$	326,141			$	440		$	—

Mid Cap Value Fund

For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)		170,302		1,570,964		1,533,081		91			(190	)		208,086		207,983		245			—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a) (b)		168,074		297,000		391,500		(36	)*		—	(c)		73,538		73,531		148	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		23,472		201,721		170,387		—			—			54,806		54,806		5	*		—
Total	$	361,848	$	2,069,685	$	2,094,968	$	55		$	(190	)	$	336,430			$	398		$	—

Value Advantage Fund

For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)		193,827		1,686,485		1,762,920		(78	)		(8	)		117,306		117,248		210			—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a) (b)		139,126		407,985		518,000		(34	)*		—	(c)		29,077		29,074		185	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		15,136		185,762		194,598		—			—			6,300		6,300		6	*		—
Total	$	348,089	$	2,280,232	$	2,475,518	$	(112	)	$	(8	)	$	152,683			$	401		$	—

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

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

(c) Amount rounds to less than one thousand.

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

66 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

D. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Dividend income is recorded on the ex-dividend date or when a Fund first learns of the dividend.

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

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

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Funds for the six months ended December 31, 2020 are as follows (amounts in thousands):

	Class A		Class C		Class I		Class L		Class R2			Class R3			Class R4			Class R5			Class R6		Total
Growth Advantage Fund
Transfer agency fees	$	70	$	27	$	23		n/a	$	—	(a)	$	—	(a)	$	—	(a)	$	2		$	33	$	155
Mid Cap Equity Fund
Transfer agency fees		18		1		4		n/a		—	(a)		n/a			n/a			—	(a)		6		29
Mid Cap Growth Fund
Transfer agency fees		158		4		15		n/a		12			1			—	(a)		6			41		237
Mid Cap Value Fund
Transfer agency fees		48		2		18	$	19		4			1			—	(a)		1			34		127
Value Advantage Fund
Transfer agency fees		40		17		15		17		—	(a)		1			—	(a)		—	(a)		21		111

(a) Amount rounds to less than one thousand.

F. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of December 31, 2020, no liability for Federal income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

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

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

3. Fees and Other Transactions with Affiliates

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

Growth Advantage Fund	0.55	%
Mid Cap Equity Fund	0.65
Mid Cap Growth Fund	0.65
Mid Cap Value Fund	0.65
Value Advantage Fund	0.55

DECEMBER 31, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 67

NOTES TO FINANCIAL STATEMENTS

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

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to each Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund’s respective average daily net assets, plus 0.050% of each Fund’s respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund’s respective average daily net assets between $20 billion and $25 billion, plus 0.01% of each Fund’s respective average daily net assets in excess of $25 billion. For the six months ended December 31, 2020, the effective annualized rate was 0.07% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

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

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

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

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended December 31, 2020, JPMDS retained the following (amounts in thousands):

	Front-End Sales Charge		CDSC
Growth Advantage Fund	$	282	$	1
Mid Cap Equity Fund		45		—	(a)
Mid Cap Growth Fund		89		—	(a)
Mid Cap Value Fund		19		—
Value Advantage Fund		41		—	(a)

(a) Amount rounds to less than one thousand.

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

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

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

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

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

68 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

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

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

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

	Class A			Class C			Class I			Class L			Class R2			Class R3			Class R4			Class R5			Class R6
Growth Advantage Fund		1.14	%		1.64	%		0.89	%		n/a			1.39	%		1.14	%		n/a			n/a			n/a
Mid Cap Equity Fund		1.14			1.64			0.89			n/a			1.39			n/a			n/a			0.74	%		0.64	%
Mid Cap Growth Fund		1.24			n/a			0.93			n/a			1.49			n/a			0.99	%		0.79			0.74
Mid Cap Value Fund		1.24			1.75			0.99			0.75	%		1.50			1.25			1.00			0.85			0.73
Value Advantage Fund		1.14			1.64			0.89			0.75			1.39			1.14			0.89			0.74			0.64

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

For the six months ended December 31, 2020, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees		Total		Contractual Reimbursements
Growth Advantage Fund	$	—	$	—	$	19	$	19	$	—	(a)
Mid Cap Equity Fund		644		430		17		1,091		—
Mid Cap Growth Fund		28		18		775		821		41
Mid Cap Value Fund		282		183		2,529		2,994		34
Value Advantage Fund		36		23		73		132		21

(a) Amount rounds to less than one thousand.

Additionally, the Funds may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Fund’s investment in such affiliated money market fund, except for investments of securities lending cash collateral. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

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

Growth Advantage Fund	$	111
Mid Cap Equity Fund		21
Mid Cap Growth Fund		56
Mid Cap Value Fund		160
Value Advantage Fund		132

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

The Boards designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. Each Fund, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statements of Operations.

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

During the six months ended December 31, 2020, the Funds purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

DECEMBER 31, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 69

NOTES TO FINANCIAL STATEMENTS

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

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

4. Investment Transactions

During the six months ended December 31, 2020, purchases and sales of investments (excluding short-term investments and transfers in-kind) were as follows (amounts in thousands):

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Growth Advantage Fund	$	2,259,847	$	2,396,125
Mid Cap Equity Fund		355,208		420,108
Mid Cap Growth Fund		1,562,549		1,205,651
Mid Cap Value Fund		859,923		1,903,279
Value Advantage Fund		854,667		1,936,104

During the six months ended December 31, 2020, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at December 31, 2020 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Growth Advantage Fund	$	7,043,857	$	7,497,833	$	12,142	$	7,485,691
Mid Cap Equity Fund		1,220,681		863,490		12,115		851,375
Mid Cap Growth Fund		4,862,616		3,137,535		20,372		3,117,163
Mid Cap Value Fund		9,143,415		5,941,886		303,162		5,638,724
Value Advantage Fund		6,349,204		3,109,840		163,318		2,946,522

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

	Net Capital Losses				Late Year Ordinary Loss Deferral
	Short-Term		Long-Term
Growth Advantage Fund	$	—	$	—	$	3,489
Mid Cap Growth Fund		—		—		6,406
Value Advantage Fund		104,712		—		—

6. Borrowings

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

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

The Trusts and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 1, 2021.

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

The Trusts, along with certain other trusts for J.P. Morgan Funds (“Borrowers”), have entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption

70 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00%, which has increased to 1.25% pursuant to the amendment referenced below, plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 11, 2020, this agreement has been amended and restated for a term of 364 days, unless extended, and to include the change to the interest rate charged for borrowing from the Credit Facility to 1.25%, as noted above, and an upfront fee of 0.075% of the Credit Facility to be charged and paid by all participating funds of the Credit Facility.

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

7. Risks, Concentrations and Indemnifications

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

As of December 31, 2020, the following Funds had individual shareholder and/or omnibus accounts each owning more than 10% of the respective Fund’s outstanding shares as follows:

	Number of individual shareholder and/or Affiliated Omnibus Accounts		% of the Fund			Number of individual shareholder and/or Non-Affiliated Omnibus Accounts		% of the Fund
Growth Advantage Fund		1		12.5	%		1		21.4	%
Mid Cap Equity Fund		—		—			1		57.8
Mid Cap Growth Fund		1		10.4			2		27.0
Mid Cap Value Fund		—		—			2		35.8
Value Advantage Fund		—		—			3		38.4

As of December 31, 2020, the JPMorgan SmartRetirement Funds, which are affiliated funds of funds, owned in the aggregate, shares representing more than 10% of the net assets of the Funds as follows:

	JPMorgan SmartRetirement Funds
Growth Advantage Fund		19.2	%
Value Advantage Fund		20.7

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

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

The Funds are subject to infectious disease epidemics/pandemics risk. The worldwide outbreak of COVID-19, a novel coronavirus disease, has negatively affected economies, markets and individual companies throughout the world. The effects of this COVID-19 pandemic to public health, and business and market conditions, including exchange trading suspensions and closures may continue to have a significant negative impact on the performance of a Fund’s investments, increase a Fund’s volatility, exacerbate other pre-existing political, social and economic risks to the Funds and negatively impact broad segments of businesses and populations. The Funds’ operations may be interrupted as a result, which may have a

DECEMBER 31, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 71

NOTES TO FINANCIAL STATEMENTS

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

significant negative impact on investment performance. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could also have a significant negative impact on a Fund’s investment performance. The full impact of this COVID-19 pandemic, or other future epidemics/pandemics, is currently unknown.

8. Redemptions in-kind

On October 11, 2019, certain shareholders sold Class R6 Shares of Mid Cap Equity Fund. The portfolio securities were delivered primarily by means of a redemption in-kind in exchange for shares of the Fund. Cash and portfolio securities were transferred as detailed below (amounts in thousands):

	Value			Realized Gains (Losses)		Type
Mid Cap Equity Fund	$	1,200,715	*	$	234,072		Redemption in-kind

* This amount includes cash of approximately $42,541,000 associated with the redemption in-kind.

72 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, July 1, 2020, and continued to hold your shares at the end of the reporting period, December 31, 2020.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Growth Advantage Fund
Class A
Actual	$	1,000.00	$	1,322.50	$	6.61		1.13	%
Hypothetical		1,000.00		1,019.51		5.75		1.13
Class C
Actual		1,000.00		1,319.30		9.53		1.63
Hypothetical		1,000.00		1,016.99		8.29		1.63
Class I
Actual		1,000.00		1,324.40		5.16		0.88
Hypothetical		1,000.00		1,020.77		4.48		0.88
Class R2
Actual		1,000.00		1,320.80		8.07		1.38
Hypothetical		1,000.00		1,018.25		7.02		1.38
Class R3
Actual		1,000.00		1,322.70		6.62		1.13
Hypothetical		1,000.00		1,019.51		5.75		1.13
Class R4
Actual		1,000.00		1,324.10		5.16		0.88
Hypothetical		1,000.00		1,020.77		4.48		0.88
Class R5
Actual		1,000.00		1,325.60		4.28		0.73
Hypothetical		1,000.00		1,021.53		3.72		0.73
Class R6
Actual		1,000.00		1,325.70		3.69		0.63
Hypothetical		1,000.00		1,022.03		3.21		0.63

DECEMBER 31, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 73

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Mid Cap Equity Fund
Class A
Actual	$	1,000.00	$	1,284.90	$	6.51		1.13	%
Hypothetical		1,000.00		1,019.51		5.75		1.13
Class C
Actual		1,000.00		1,281.60		9.37		1.63
Hypothetical		1,000.00		1,016.99		8.29		1.63
Class I
Actual		1,000.00		1,286.50		5.07		0.88
Hypothetical		1,000.00		1,020.77		4.48		0.88
Class R2
Actual		1,000.00		1,283.20		7.94		1.38
Hypothetical		1,000.00		1,018.25		7.02		1.38
Class R5
Actual		1,000.00		1,287.30		4.27		0.74
Hypothetical		1,000.00		1,021.48		3.77		0.74
Class R6
Actual		1,000.00		1,288.00		3.69		0.64
Hypothetical		1,000.00		1,021.98		3.26		0.64
JPMorgan Mid Cap Growth Fund
Class A
Actual		1,000.00		1,324.30		7.21		1.23
Hypothetical		1,000.00		1,019.00		6.26		1.23
Class C
Actual		1,000.00		1,320.90		10.18		1.74
Hypothetical		1,000.00		1,016.43		8.84		1.74
Class I
Actual		1,000.00		1,326.10		5.39		0.92
Hypothetical		1,000.00		1,020.57		4.69		0.92
Class R2
Actual		1,000.00		1,322.70		8.66		1.48
Hypothetical		1,000.00		1,017.74		7.53		1.48
Class R3
Actual		1,000.00		1,324.10		7.26		1.24
Hypothetical		1,000.00		1,018.95		6.31		1.24
Class R4
Actual		1,000.00		1,325.60		5.74		0.98
Hypothetical		1,000.00		1,020.27		4.99		0.98
Class R5
Actual		1,000.00		1,327.30		4.63		0.79
Hypothetical		1,000.00		1,021.22		4.02		0.79
Class R6
Actual		1,000.00		1,327.40		4.34		0.74
Hypothetical		1,000.00		1,021.48		3.77		0.74
JPMorgan Mid Cap Value Fund
Class A
Actual		1,000.00		1,243.60		6.96		1.23
Hypothetical		1,000.00		1,019.00		6.26		1.23
Class C
Actual		1,000.00		1,240.80		9.77		1.73
Hypothetical		1,000.00		1,016.48		8.79		1.73
Class I
Actual		1,000.00		1,245.60		5.55		0.98
Hypothetical		1,000.00		1,020.27		4.99		0.98

74 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

	Beginning Account Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Mid Cap Value Fund (continued)
Class L
Actual	$	1,000.00	$	1,246.40	$	4.25		0.75	%
Hypothetical		1,000.00		1,021.42		3.82		0.75
Class R2
Actual		1,000.00		1,242.00		8.36		1.48
Hypothetical		1,000.00		1,017.74		7.53		1.48
Class R3
Actual		1,000.00		1,243.50		6.96		1.23
Hypothetical		1,000.00		1,019.00		6.26		1.23
Class R4
Actual		1,000.00		1,245.20		5.55		0.98
Hypothetical		1,000.00		1,020.27		4.99		0.98
Class R5
Actual		1,000.00		1,246.30		4.70		0.83
Hypothetical		1,000.00		1,021.02		4.23		0.83
Class R6
Actual		1,000.00		1,246.80		4.13		0.73
Hypothetical		1,000.00		1,021.53		3.72		0.73
JPMorgan Value Advantage Fund
Class A
Actual		1,000.00		1,232.30		6.36		1.13
Hypothetical		1,000.00		1,019.51		5.75		1.13
Class C
Actual		1,000.00		1,229.60		9.16		1.63
Hypothetical		1,000.00		1,016.99		8.29		1.63
Class I
Actual		1,000.00		1,233.90		4.95		0.88
Hypothetical		1,000.00		1,020.77		4.48		0.88
Class L
Actual		1,000.00		1,235.20		4.17		0.74
Hypothetical		1,000.00		1,021.48		3.77		0.74
Class R2
Actual		1,000.00		1,231.20		7.76		1.38
Hypothetical		1,000.00		1,018.25		7.02		1.38
Class R3
Actual		1,000.00		1,232.40		6.36		1.13
Hypothetical		1,000.00		1,019.51		5.75		1.13
Class R4
Actual		1,000.00		1,234.30		4.96		0.88
Hypothetical		1,000.00		1,020.77		4.48		0.88
Class R5
Actual		1,000.00		1,235.20		4.11		0.73
Hypothetical		1,000.00		1,021.53		3.72		0.73
Class R6
Actual		1,000.00		1,235.70		3.55		0.63
Hypothetical		1,000.00		1,022.03		3.21		0.63

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

DECEMBER 31, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 75

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in June and August 2020, at which the Trustees considered the continuation of the investment advisory agreements for each Fund whose semi-annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). In accordance with SEC guidance, due to the COVID-19 pandemic, the meetings were conducted through video conference. At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not parties to an Advisory Agreement or “interested persons” (as defined in the 1940 Act) of any party to an Advisory Agreement or any of their affiliates, approved the continuation of each Advisory Agreement on August 11, 2020.

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

Agreements. The Trustees also discussed the Advisory Agreements in executive sessions with independent legal counsel at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors, and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds throughout the year, including additional reporting and information provided in connection with the market volatility caused by the COVID-19 pandemic, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

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

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of services provided to each Fund under the applicable Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management, personnel changes, if any, and the expertise of, and the amount of attention given to each Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund and the infrastructure supporting the team, including personnel changes, if any. In addition, the Board considered its discussions with the Adviser regarding the Adviser’s business continuity plan and steps the Adviser was taking to provide ongoing services to the Funds during the COVID-19 pandemic, and the Adviser’s success in continuing to provide services to the Funds and their shareholders throughout this period. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of each Fund. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of the administration services provided by the Adviser in its role as administrator.

76 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

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

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

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

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

The Trustees also considered that JPMDS, an affiliate of the Adviser, and the Adviser earn fees from the Funds for providing shareholder and administration services, respectively. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Funds’ distributor and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser (although they are retained by JPMDS in certain instances). The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A.

(“JPMCB”) for custody and fund accounting, and other related services.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds. The Trustees considered that the J.P. Morgan Funds’ operating accounts are held at JPMCB, which, as a result, will receive float benefits for certain J.P. Morgan Funds, as applicable. The Trustees also noted that the Adviser supports a diverse set of products and services, which benefits the Adviser by allowing it to leverage its infrastructure to serve additional clients, including benefits that may be received by the Adviser and its affiliates in connection with the Funds’ potential investments in other funds advised by the Adviser. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

Economies of Scale

The Trustees considered the extent to which the Funds may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Funds and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Funds were priced to scale and whether it would be appropriate to add advisory fee breakpoints. The Trustees noted certain Funds with contractual expense limitations and fee waivers (“Fee Caps”), which allow a Fund’s shareholders to share potential economies of scale from a Fund’s inception, prior to reaching scale. The Trustees also noted that other Funds which had achieved scale as asset levels had increased, no longer had Fee Caps in place for some or all of their share classes, but shared economies of scale through lower average expenses. The Trustees noted that the fees remain satisfactory relative to peer funds. The Trustees considered the benefits to the Funds of the use of an affiliated distributor and custodian, including the ability to rely on existing infrastructure supporting distribution, custodial and transfer agent services and the ability to negotiate competitive fees for the Funds. The Trustees further considered the Adviser’s and JPMDS’s ongoing investments in their business in support of the Funds, including the Adviser’s and/or JPMDS’s investments in trading systems, technology (including improvements to the J.P. Morgan Funds’ website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees concluded that the current fee structure for each Fund, including any Fee Caps the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels, was reasonable. The Trustees concluded that, for Funds with expense caps in place for some or all of their share classes, the relevant Fund’s shareholders received the benefits of potential

DECEMBER 31, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 77

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

economies of scale through the Fee Caps and, for Funds that achieved scale and no longer had Fee Caps in place for some or all of their share classes, the relevant Fund’s shareholders benefited from lower average expenses resulting from increased assets. The Trustees also concluded that all Funds benefited from the Adviser’s reinvestment in its operations to serve the Funds and their shareholders. The Trustees noted that the Adviser’s reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Funds.

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

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

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

Fees Relative to Adviser’s Other Clients

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

Investment Performance

The Trustees received and considered absolute and/or relative performance information for the Funds in a report prepared by

Broadridge. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Broadridge investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for the applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge’s methodology for selecting mutual funds in each Fund’s Universe and Peer Group and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Broadridge materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared by the Trustees’ independent consultant. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Growth Advantage Fund’s performance for Class A shares was in the fourth, second and second quintiles based upon the Peer Group, and in the second, first and first quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the second quintile based upon the Peer Group for each of the one, three, and five-year periods ended December 31, 2019, and in the second, first and first quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the fourth, second and second quintiles based upon the Peer Group, and in the second, first and first quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

The Trustees noted that the Mid Cap Equity Fund’s performance for Class A shares was in the first, second and second quintiles based upon the Peer Group, and in the first, second and third quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in

78 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

the first, second and third quintiles based upon the Peer Group, and in the first, second and second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the second and first quintiles based upon the Peer Group for the one- and three-year periods ended December 31, 2019, and in the first, second and second quintiles based upon the Universe for the one- and three-year periods ended December 31, 2019, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Mid Cap Growth Fund’s performance for Class A shares was in the first, third and fifth quintiles based upon the Peer Group, and in the first, second and third quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the first, second and third quintiles based upon both the Peer Group and Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the first, first and third quintiles based upon the Peer Group and in the first, second and third quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

The Trustees noted that the Mid Cap Value Fund’s performance for Class A shares was in the fourth, fourth and third quintiles based upon both the Peer Group and Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the fourth, fifth and third quintiles based upon the Peer Group, and in the fourth, fourth and third quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the fifth and third quintiles based upon the Peer Group for the one- and three-year periods ended December 31, 2019, and in the third quintile based upon the Universe for both the one- and three-year periods ended December 31, 2019, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other

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

The Trustees noted that the Value Advantage Fund’s performance for Class A shares was in the second, second and third quintiles based upon both the Peer Group and Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the second, second and third quintiles based upon the Peer Group for the one-, three-, and five-year periods ended December 31, 2019, respectively, and in the second quintile based upon the Universe, for each of the one-, three-, and five-year periods ended December 31, 2019. The Trustees noted that the performance for Class R6 shares was in the third and second quintiles based upon the Peer Group for the one- and three-year periods ended December 31, 2019, respectively, and in the second quintile based upon the Universe for both the one- and three-year periods ended December 31, 2019. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances. The Trustees requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with the members of the Board’s equity committee at each of its regularly scheduled meetings over the course of the next year.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate and administration fee rate paid by each Fund to the Adviser and compared the combined rate to the information prepared by Broadridge concerning management fee rates paid by other funds in the same Broadridge category as each Fund. The Trustees recognized that Broadridge reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund and noted that Universe and Peer Group ranking were not calculated if the number of funds in the Universe and/or Peer Groups did not meet a predetermined minimum. For each Fund that had a Fee Cap in place, the Trustees considered the net advisory fee rate and net expense ratio for each share class, as applicable, taking into account any waivers and/or reimbursements. The Trustees also considered any proposed changes to a Fee Cap, and where deemed appropriate by the Trustees, additional waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of each Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

DECEMBER 31, 2020 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 79

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

The Trustees noted that the Growth Advantage Fund’s net advisory fee for Class A shares was in the third and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the fifth and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the fourth and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class I shares were in the second and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the fourth and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class R6 shares were in the fourth and first quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Mid Cap Equity Fund’s net advisory fee for Class A shares was in the third quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class A shares were in the fifth and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the third quintile based upon both the Peer Group and Universe, and actual total expenses for Class I shares were in the first and fourth quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the fourth and third quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class R6 shares were in the second quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Mid Cap Growth Fund’s net advisory fee for Class A shares was in the fourth and third quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the fifth and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the fifth and fourth quintiles based upon the Peer Group and Universe, respectively, and that the actual

total expenses for Class I shares were in the second and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the fourth quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class R6 shares were in the third and second quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Mid Cap Value Fund’s net advisory fee for Class A shares was in the third quintile based upon both the Peer Group and Universe, and actual total expenses for Class A shares were in the fourth and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the third quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the second and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the third quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class R6 shares were in the third and first quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Value Advantage Fund’s net advisory fee Class A shares was in the second and third quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the fifth and fourth quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the third quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the first and fourth quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the third quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class R6 shares were in the second quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

80 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2020

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

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

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

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

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

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

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

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

Semi-Annual Report

J.P. Morgan Large Cap Funds

December 31, 2020 (Unaudited)

JPMorgan Equity Focus Fund

JPMorgan Equity Income Fund

JPMorgan Equity Premium Income Fund

JPMorgan Hedged Equity Fund

JPMorgan Intrepid Value Fund

JPMorgan Large Cap Growth Fund

JPMorgan Large Cap Value Fund

JPMorgan U.S. Equity Fund

JPMorgan U.S. GARP Equity Fund

(formerly known as JPMorgan Intrepid Growth Fund)

JPMorgan U.S. Large Cap Core Plus Fund

JPMorgan U.S. Research Enhanced Equity Fund

JPMorgan U.S. Sustainable Leaders Fund

(formerly known as JPMorgan Intrepid Sustainable Equity Fund)

JPMorgan U.S. Value Fund

(formerly known as JPMorgan Growth and Income Fund)

CONTENTS

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

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

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

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

LETTER TO SHAREHOLDERS

February 4, 2021 (Unaudited)

Dear Shareholders,

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

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

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

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

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

On behalf of J.P. Morgan Asset Management, thank you for entrusting us to manage your investment. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management

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

J.P. Morgan Large Cap Funds

MARKET OVERVIEW

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

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

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

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

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

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

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

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

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

JPMorgan Equity Focus Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

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

INVESTMENT OBJECTIVE**

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

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

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

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

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

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers employed a bottom-up fundamental approach to stock selection. As a result of this approach to stock selection, the Fund’s largest positions were in the information technology and financials sectors and the Fund’s smallest positions were in the consumer staples and utilities sectors.

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

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

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

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

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

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

JPMorgan Equity Focus Fund

FUND COMMENTARY

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

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

* Not annualized.

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

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

LIFE OF FUND PERFORMANCE (7/29/11 TO 12/31/20)

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

The Fund commenced operations on July 29, 2011.

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Equity Focus Fund and the S&P 500 Index from July 29, 2011 to December 31, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of securities included in the benchmark, if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of

large companies in the U.S. stock market. Investors cannot invest directly in an index.

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

Subsequent to the inception date of the Fund and through July 31, 2013, the Fund did not experience any shareholder activity. If such shareholder activity had occurred, the Fund’s performance may have been impacted.

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

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

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

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

JPMorgan Equity Income Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

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

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class I Shares underperformed the Russell 1000 Value Index (the “Benchmark”) for the six months ended December 31, 2020. The Fund’s security selection in the consumer discretionary and health care sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the information technology and utilities sectors was a leading contributor to relative performance.

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

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

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers’ focus remained on stock selection, as they believed that quality companies trading at attractive valuations had the greatest potential to outperform in the long term. As the Fund aimed to purchase stocks with above average dividend yields, the research process was designed to identify companies with predictable and durable business models deemed capable of generating sustainable free cash flow.

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

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

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

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

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

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

JPMorgan Equity Income Fund

FUND COMMENTARY

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

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

* Not annualized.

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

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

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

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

Returns for Class R2, Class R4, and Class R5 Shares prior to their inception dates are based on the performance of Class I Shares. With respect to Class R2 Shares, prior class performance has been adjusted to reflect the differences in expenses between classes. The actual returns for Class R4 Shares would have been similar to those shown because Class R4 Shares had similar expenses to Class I Shares. The actual returns for Class R5 Shares would have been different than those shown because Class R5 Shares have different expenses than Class I Shares.

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

Returns for Class R6 Shares prior to their inception date are based on the performance of Class R5 Shares and, prior to February 28, 2011, Class I Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 and Class I Shares.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Equity Income Fund and the Russell 1000 Value

Index from December 31, 2010 to December 31, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 1000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 1000 Value Index is an unmanaged index which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index.

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

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

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

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

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

JPMorgan Equity Premium Income Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

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

INVESTMENT OBJECTIVE**

The JPMorgan Equity Premium Income Fund (the “Fund”) seeks current income while maintaining prospects for capital appreciation.

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

The Fund’s Class I Shares underperformed the S&P 500 Index (the “Benchmark”) and outperformed the ICE BofAML 3-Month U.S. Treasury Bill Index for the six months ended December 31, 2020. The Fund’s security selection and underweight position in the information technology sector and its security selection in the financials sector were leading detractors from performance relative to the Benchmark, while the Fund’s underweight position in the energy sector and its overweight position in the industrials sector were leading contributors to relative performance.

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

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

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

HOW WAS THE FUND POSITIONED?

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

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

JPMorgan Equity Premium Income Fund

FUND COMMENTARY

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

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

PORTFOLIO COMPOSITION BY SECTOR***
Other****	16.0	%
Information Technology	13.4
Consumer Staples	11.4
Health Care	11.0
Industrials	9.5
Financials	9.2
Communication Services	8.3
Consumer Discretionary	8.1
Utilities	7.3
Materials	2.5
Real Estate	2.3
Others (each less than 1.0%)	0.6
Short-Term Investments	0.4

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

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

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

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

ELN Equity-Linked Note

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

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020

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

* Not annualized.

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

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

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

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

The Fund commenced operations on August 31, 2018.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Equity Premium Income Fund, the S&P 500 Index and the ICE BofAML 3-Month U.S. Treasury Bill Index from August 31, 2018 to December 31, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index and the ICE BofAML 3-Month U.S. Treasury Bill Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmarks, if applicable. These expenses are not identical to the expenses incurred by the Fund. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The ICE BofAML 3-Month U.S. Treasury Bill Index is comprised of a single issue purchased at the

beginning of the month and held for a full month. Each month the ICE BofAML 3-Month U.S. Treasury Bill Index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index.

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

Subsequent to the inception date of the Fund and through April 7, 2019, the Fund did not experience any shareholder activity. If such shareholder activity had occurred, the Fund’s performance may have been impacted.

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

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

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 9

JPMorgan Hedged Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

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

INVESTMENT OBJECTIVE**

The JPMorgan Hedged Equity Fund (the “Fund”) seeks to provide capital appreciation.

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

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

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

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

HOW WAS THE FUND POSITIONED?

The Fund used an enhanced index strategy that invests primarily in common stocks of large capitalization U.S. companies, while systematically purchasing and selling exchange-traded index put options and selling exchange-traded

index call options. The option overlay is known as a “Put/Spread Collar” strategy. The combination of the diversified portfolio of equity securities, downside protection from index put options and income from index call options provided the Fund with a portion of the returns associated with equity market investments while exposing the Fund to less risk than traditional long-only equity strategies.

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

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

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

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

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

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

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

* Not annualized.

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

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

LIFE OF FUND PERFORMANCE (12/13/13 TO 12/31/20)

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

The Fund commenced operations on December 13, 2013.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Hedged Equity Fund, the S&P 500 Index and the ICE BofAML 3-Month U.S. Treasury Bill Index from December 13, 2013 to December 31, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index and the ICE BofAML 3-Month U.S. Treasury Bill Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmarks, if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The ICE BofAML 3-Month U.S. Treasury Bill Index is comprised of a single issue purchased at the

beginning of the month and held for a full month. Each month the ICE BofAML 3-Month U.S. Treasury Bill Index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index.

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

Subsequent to the inception date of the Fund and through May 30, 2014, the Fund did not experience any shareholder activity. If such shareholder activity had occurred, the Fund’s performance may have been impacted.

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

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

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 11

JPMorgan Intrepid Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

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

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class I Shares underperformed the Russell 1000 Value Index (the “Benchmark”) for the six months ended December 31, 2020. The Fund’s security selection in the communication services and consumer staples sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the information technology and energy sectors was a leading contributor to relative performance.

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

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

HOW WAS THE FUND POSITIONED?

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

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

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

PORTFOLIO COMPOSITION BY SECTOR***
Financials	18.3	%
Health Care	14.3
Industrials	12.8
Information Technology	10.5
Communication Services	9.7
Consumer Staples	7.3
Consumer Discretionary	7.3
Utilities	5.1
Materials	5.1
Energy	4.5
Real Estate	3.5
Short-Term Investments	1.6

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

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

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

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

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

* Not annualized.

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

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

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Intrepid Value Fund and the Russell 1000 Value Index from December 31, 2010 to December 31, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 1000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 1000 Value Index is an unmanaged index which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index.

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

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

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

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

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 13

JPMorgan Large Cap Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

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

INVESTMENT OBJECTIVE**

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

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

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

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

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

HOW WAS THE FUND POSITIONED?

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

in an effort to construct portfolios of stocks that have strong fundamentals and positive price momentum. The Fund’s portfolio managers sought to invest in companies with attractive fundamentals that, in their view, possessed the potential to significantly exceed expectations for a prolonged period of time.

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

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

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

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

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

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

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

* Not annualized.

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

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

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

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

Returns for Class R3 and Class R4 Shares prior to their inception dates are based on the performance of Class I Shares. With respect to Class R3 Shares, prior class performance has been adjusted to reflect the differences in expenses between classes. The actual returns of Class R4 Shares would have been similar to those shown because Class R4 Shares had similar expenses to Class I Shares.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Large Cap Growth Fund and the Russell 1000 Growth Index from December 31, 2010 to December 31, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 1000 Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect

reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 1000 Growth Index is an unmanaged index which measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. Investors cannot invest directly in an index.

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

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

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

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

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 15

JPMorgan Large Cap Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

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

INVESTMENT OBJECTIVE**

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

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

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

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

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

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

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio manager combined a bottom-up fundamental approach to security selection with a systematic valuation process. Overall, the Fund’s portfolio manager looked to take advantage of mispriced stocks that he believed appeared attractive relative to their fair value.

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

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

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

*** Percentages indicated are based on total investments as of December 31, 2020. The Fund’s portfolio composition is subject to change.

16 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 18, 1992
With Sales Charge**			26.54	%		4.46	%		9.98	%		10.45	%
Without Sales Charge			33.51			10.26			11.16			11.04
CLASS C SHARES	March 22, 1999
With CDSC***			32.13			8.73			10.60			10.59
Without CDSC			33.13			9.73			10.60			10.59
CLASS I SHARES	March 1, 1991		33.65			10.56			11.40			11.24
CLASS R2 SHARES	November 3, 2008		33.25			9.96			10.86			10.74
CLASS R3 SHARES	October 1, 2018		33.51			10.28			11.17			11.05
CLASS R4 SHARES	October 1, 2018		33.68			10.59			11.41			11.25
CLASS R5 SHARES	May 15, 2006		33.79			10.75			11.58			11.45
CLASS R6 SHARES	November 30, 2010		33.86			10.81			11.68			11.52

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (12/31/10 TO 12/31/20)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

Returns for Class R3 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns of Class R3 Shares would have been similar to those shown because Class R3 Shares have similar expenses to Class A Shares.

Returns for Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns for Class R4 Shares would have been similar to those shown because Class R4 Shares have similar expenses than Class I Shares.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Large Cap Value Fund and the Russell 1000 Value Index from December 31, 2010 to December 31, 2020 . The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 1000 Value Index does not reflect the deduction of expenses or a sales charge asso-

ciated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 1000 Value Index is an unmanaged index which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index.

Class I Shares have a $1,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 17

JPMorgan U.S. Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class L Shares)*	24.60%
S&P 500 Index	22.16%
Net Assets as of 12/31/2020 (In Thousands)	$18,666,776

INVESTMENT OBJECTIVE**

The JPMorgan U.S. Equity Fund (the “Fund”) seeks to provide high total return from a portfolio of selected equity securities.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund’s Class L Shares outperformed the S&P 500 Index (the “Benchmark”) for the six months ended December 31, 2020. The Fund’s overweight position and security selection in the semiconductors & hardware sector and its security selection in the auto & transportation sector were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the industrial cyclical and the media sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Tesla Inc., its out-of-Benchmark position in Taiwan Semiconductor Manufacturing Co. and its underweight position in Intel Inc. Shares of Tesla, a producer of electric vehicles and energy storage systems, rose after the company was added to the S&P 500 Index. Shares of Taiwan Semiconductor Manufacturing rose amid monthly growth in revenue and the company’s upbeat earnings forecast. Shares of Intel, a semiconductor manufacturer not held in the Fund, fell after news reports that large technology companies would develop their own semiconductors rather than buy them from Intel and other sources.

Leading individual detractors from relative performance included the Fund’s overweight positions in Northrop Grumman Corp. and O’Reilly Automotive Inc. and its underweight position in Walt Disney Co. Shares of Northrop Grumman, an aerospace and defense manufacturer, underperformed the broader market amid the December 23, 2020 veto of the 2021 U.S. military budget act by then-President Donald Trump — subsequently overridden by the U.S. Congress — and investor expectations that the defense sector would be unlikely to immediately benefit from a potential reopening of the economy in 2021. Shares of O’Reilly Automotive, a retailer of automotive parts and tools, underperformed the broader markets following a run-up in the stock price early in the period. Shares of Walt Disney, an entertainment conglomerate not held in the Fund, rose amid increased consumer demand for its online streaming entertainment.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers employed a bottom-up fundamental approach to stock selection, researching companies to determine what they believed to be their underlying value and potential for future earnings growth.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Microsoft Corp.	6.4	%
	2.	Amazon.com, Inc.	5.8
	3.	Apple, Inc.	5.1
	4.	Alphabet, Inc., Class A	4.8
	5.	Mastercard, Inc., Class A	4.5
	6.	Eaton Corp. plc	2.9
	7.	Norfolk Southern Corp.	2.9
	8.	NextEra Energy, Inc.	2.6
	9.	Truist Financial Corp.	2.6
	10.	Coca-Cola Co. (The)	2.5

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	30.1	%
Consumer Discretionary	13.4
Health Care	11.6
Financials	10.3
Industrials	8.8
Communication Services	8.3
Utilities	4.9
Consumer Staples	4.5
Materials	3.1
Real Estate	2.4
Others (each less than 1.0%)	0.4
Short-Term Investments	2.2

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

*** Percentages indicated are based on total investments as of December 31, 2020. The Fund’s portfolio composition is subject to change.

18 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 10, 2001
With Sales Charge**			17.78	%		19.45	%		14.55	%		13.33	%
Without Sales Charge			24.31			26.08			15.78			13.95
CLASS C SHARES	September 10, 2001
With CDSC***			23.04			24.45			15.19			13.49
Without CDSC			24.04			25.45			15.19			13.49
CLASS I SHARES	September 10, 2001		24.56			26.41			16.04			14.19
CLASS L SHARES	September 17, 1993		24.60			26.54			16.21			14.35
CLASS R2 SHARES	November 3, 2008		24.17			25.79			15.47			13.66
CLASS R3 SHARES	September 9, 2016		24.41			26.11			15.77			13.94
CLASS R4 SHARES	September 9, 2016		24.53			26.46			16.04			14.19
CLASS R5 SHARES	May 15, 2006		24.58			26.61			16.23			14.39
CLASS R6 SHARES	November 30, 2010		24.72			26.74			16.33			14.48

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (12/31/10 TO 12/31/20)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

Returns for Class R3 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns of Class R3 Shares would have been similar to those shown because Class R3 Shares have similar expenses to Class A Shares.

Returns for Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns for Class R4 Shares would have been similar to those shown because Class R4 Shares have similar expenses than Class I Shares.

The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan U.S. Equity Fund and the S&P 500 Index from December 31, 2010 to December 31, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does

not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Investors cannot invest directly in an index.

Class L Shares have a $3,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 19

JPMorgan U.S. GARP Equity Fund

(formerly known as JPMorgan Intrepid Growth Fund)

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	21.24%
Russell 1000 Growth Index	26.12%
Net Assets as of 12/31/2020 (In Thousands)	$1,287,423

INVESTMENT OBJECTIVE**

The JPMorgan U.S. GARP Equity Fund (the “Fund”) seeks to provide long-term capital growth.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund’s Class I Shares underperformed the Russell 1000 Growth Index (the “Benchmark”) for the six months ended December 31, 2020. The Fund’s security selection in the health care and consumer staples sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the materials sector and its underweight position in the utilities sector were leading contributors to relative performance.

Leading individual detractors from the Fund’s relative performance included the Fund’s overweight positions in eBay Inc., Sprouts Farmers Market Inc. and VMware Inc. Shares of eBay, a provider of online marketplaces, fell amid investor expectations that its business will not benefit from a potential reopening of the economy in 2021. Shares of Sprouts Farmers Market, a supermarket chain, fell after the company reported lower-than-expected revenue for the third quarter of 2020. Shares of VMware, a provider of cloud-based software, fell after a run-up in the stock price early in the period.

Leading individual contributors to relative performance included the Fund’s overweight positions in Lam Research Inc. and HubSpot Inc. and its underweight position in Home Depot Inc. Shares of Lam Research, a manufacturer of semiconductor manufacturing equipment, rose amid continued demand for semiconductors and investor expectations that improved U.S.-China relations would head off a potential U.S. ban on doing business with China’s largest semiconductor company, Semiconductor Manufacturing International Corp. Shares of HubSpot, a provider of a cloud-based marketing and customer service platform for businesses, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2020 and raised its earnings forecast for the fourth quarter and full year 2020. Shares of Home Depot, a home improvement retail chain not held in the Fund, underperformed the broader market following a run-up in the stock price in the first half of 2020.

HOW WAS THE FUND POSITIONED?

During the period, the Fund employed a behavioral finance investment process that sought to capitalize on market inefficiencies. The Fund’s managers sought growth companies that they believed had attractive relative valuations, high quality characteristics and strong momentum.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Apple, Inc.	9.9	%
	2.	Microsoft Corp.	8.3
	3.	Amazon.com, Inc.	6.5
	4.	Facebook, Inc., Class A	4.0
	5.	Mastercard, Inc., Class A	3.4
	6.	Tesla, Inc.	2.7
	7.	AbbVie, Inc.	2.3
	8.	Adobe, Inc.	2.2
	9.	Lam Research Corp.	2.2
	10.	Alphabet, Inc., Class A	2.2

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	45.4	%
Consumer Discretionary	15.1
Health Care	13.8
Communication Services	11.1
Industrials	4.3
Consumer Staples	3.5
Real Estate	1.4
Financials	1.3
Materials	1.1
Energy	0.5
Short-Term Investments	2.5

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

*** Percentages indicated are based on total investments as of December 31, 2020. The Fund’s portfolio composition is subject to change.

20 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 19, 2005
With Sales Charge**			14.72	%		20.73	%		15.73	%		14.42	%
Without Sales Charge			21.07			27.43			16.99			15.04
CLASS C SHARES	February 19, 2005
With CDSC***			19.76			25.80			16.41			14.59
Without CDSC			20.76			26.80			16.41			14.59
CLASS I SHARES	February 28, 2003		21.24			27.78			17.28			15.33
CLASS R2 SHARES	November 3, 2008		20.92			27.13			16.70			14.76
CLASS R5 SHARES	May 15, 2006		21.33			27.96			17.48			15.55
CLASS R6 SHARES	November 2, 2015		21.39			28.10			17.58			15.60

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (12/31/10 TO 12/31/20)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

Returns for Class R6 Shares prior to their inception date are based on the performance of Class R5 Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 Shares.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan U.S. GARP Equity Fund and the Russell 1000 Growth Index, from December 31, 2010 to December 31, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 1000 Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the

benchmark, if applicable. The Russell 1000 Growth Index is an unmanaged index which measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. Investors cannot invest directly in an index.

Class I Shares have a $1,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 21

JPMorgan U.S. Large Cap Core Plus Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	24.41%
S&P 500 Index	22.16%
Net Assets as of 12/31/2020 (In Thousands)	$3,032,269

INVESTMENT OBJECTIVE**

The JPMorgan U.S. Large Cap Core Plus Fund (the “Fund”) seeks to provide a high total return from a portfolio of selected equity securities.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund’s Class I Shares outperformed the S&P 500 Index (the “Benchmark”) for the six months ended December 31, 2020. The Fund’s security selection in both the semiconductors & hardware sector and the telecommunications sector was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the retail and pharmaceutical/medical technology sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s short positions in Intel Corp. and Cisco Systems Inc., and its out-of-Benchmark position in Taiwan Semiconductor Manufacturing Co. Shares of Intel, a semiconductor manufacturer, fell after news reports that large technology companies would develop their own semiconductors rather than buy them from Intel and other sources. Shares of Cisco Systems, a provider of networking technology, fell after the company issued a lower-than-expected forecast in August 2020, and amid investor concerns that regulators in China would delay approval for the company’s planned acquisition of Acacia Communications Inc. Shares of Taiwan Semiconductor Manufacturing rose amid monthly growth in revenue and the company’s upbeat earnings forecast.

Leading individual detractors from relative performance included the Fund’s short position in Walt Disney Co. and its

long positions in Northrop Grumman Corp. and O’Reilly Automotive Inc. Shares of Walt Disney, an entertainment conglomerate not held in the Fund, rose amid increased consumer demand for its online streaming entertainment. Shares of Northrop Grumman, an aerospace and defense manufacturer, fell amid the December 23, 2020 veto of the 2021 U.S. military budget act by President Donald Trump—subsequently overridden by the U.S. Congress—and investor expectations that the defense sector would be unlikely to immediately benefit from a potential reopening of the economy in 2021. Shares of O’Reilly Automotive, a retailer of automotive parts and tools, underperformed the broader market following a run-up in the stock price early in the period.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers employed a bottom-up fundamental approach to stock selection, researching companies to determine their underlying value and potential for future earnings growth. Overall, the Fund’s portfolio managers aimed to take advantage of mispriced stocks that appeared attractive relative to fair value for long positions, and looked for overvalued stocks in which to take short positions. The long-to-short exposure ratio at the end of the reporting period was 126% to 26%.

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

22 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

TOP TEN LONG POSITIONS OF THE PORTFOLIO*
	1.	Microsoft Corp.	5.2	%
	2.	Amazon.com, Inc.	4.7
	3.	Apple, Inc.	4.0
	4.	Alphabet, Inc., Class A	2.5
	5.	Mastercard, Inc., Class A	2.3
	6.	NXP Semiconductors NV (Netherlands)	1.8
	7.	Analog Devices, Inc.	1.7
	8.	Facebook, Inc., Class A	1.6
	9.	PayPal Holdings, Inc.	1.6
	10.	Norfolk Southern Corp.	1.5

TOP TEN SHORT POSITIONS OF THE PORTFOLIO**
	1.	ViacomCBS, Inc.	2.9	%
	2.	Take-Two Interactive Software, Inc.	2.6
	3.	Spotify Technology SA	2.4
	4.	General Electric Co.	2.2
	5.	Clorox Co. (The)	2.1
	6.	Kroger Co. (The)	2.0
	7.	Enbridge, Inc. (Canada)	2.0
	8.	Acuity Brands, Inc.	1.8
	9.	Walgreens Boots Alliance, Inc.	1.6
	10.	3M Co.	1.6

LONG POSITION PORTFOLIO COMPOSITION BY SECTOR*
Information Technology	28.6	%
Consumer Discretionary	13.3
Health Care	12.4
Industrials	11.0
Communication Services	10.3
Financials	7.3
Consumer Staples	4.1
Materials	3.7
Real Estate	3.1
Energy	3.1
Utilities	2.7
Short-Term Investments	0.4

SHORT POSITION PORTFOLIO COMPOSITION BY SECTOR**
Industrials	15.9	%
Information Technology	15.8
Communication Services	14.7
Consumer Staples	9.2
Health Care	8.4
Energy	8.0
Financials	6.7
Materials	6.5
Real Estate	6.3
Consumer Discretionary	5.0
Utilities	3.5

* Percentages indicated are based on total long investments as of December 31, 2020. The Fund’s portfolio composition is subject to change.

** Percentages indicated are based on total short investments as of December 31, 2020. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 23

JPMorgan U.S. Large Cap Core Plus Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	November 1, 2005
With Sales Charge**			17.70	%		19.22	%		13.65	%		12.74	%
Without Sales Charge			24.22			25.80			14.88			13.35
CLASS C SHARES	November 1, 2005
With CDSC***			22.92			24.19			14.31			12.90
Without CDSC			23.92			25.19			14.31			12.90
CLASS I SHARES	November 1, 2005		24.41			26.17			15.17			13.64
CLASS R2 SHARES	November 3, 2008		23.99			25.37			14.53			13.03
CLASS R5 SHARES	May 15, 2006		24.41			26.21			15.29			13.81
CLASS R6 SHARES	November 1, 2017		24.48			26.33			15.36			13.85

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (12/31/10 TO 12/31/20)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

Returns for Class R6 Shares prior to its inception date are based on the performance of Class R5 Shares. The actual returns of Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 Shares.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan U.S. Large Cap Core Plus Fund and the S&P 500 Index from December 31, 2010 to December 31, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark,

if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Investors cannot invest directly in an index.

Class I Shares have a $1,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

24 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

JPMorgan U.S. Research Enhanced Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	22.76%
S&P 500 Index	22.16%
Net Assets as of 12/31/2020 (In Thousands)	$4,928,062

INVESTMENT OBJECTIVE**

The JPMorgan U.S. Research Enhanced Equity Fund (the “Fund”) seeks to provide a consistently high total return from a broadly diversified portfolio of equity securities with risk characteristics similar to the S&P 500 Index (the “Benchmark”).

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund’s Class I Shares outperformed the Benchmark for the six months ended December 31, 2020. The Fund’s security selection in the telecommunications and technology sectors was a leading contributor to performance relative to the Benchmark. The Fund’s security selection in the pharmaceutical/medical and media sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s underweight position in Intel Corp. and its overweight positions in Charter Communications Inc. and Applied Materials Inc. Shares of Intel, a semiconductor manufacturer, fell after news reports that large technology companies would develop their own semiconductors rather than buy them from Intel and other sources. Shares of Charter Communications, a cable TV systems operator, rose after the company reported better-than-expected earnings and growth in subscribers for the third quarter of 2020. Shares of Applied Materials, a semiconductor manufacturing equipment maker, rose after the company reported record revenue growth for its fiscal fourth quarter and issued a better-than-expected forecast for revenue and earnings for its fiscal first quarter.

Leading individual detractors from relative performance included the Fund’s underweight position in Walt Disney Co. and its overweight positions in FedEx Corp. and Microsoft Corp. Shares of Walt Disney, an entertainment conglomerate, rose amid increased consumer demand for its online streaming entertainment. Shares of FedEx, a package and freight delivery company, fell late in the period amid higher costs and after the company withheld its earnings and revenue forecast for 2021. Shares of Microsoft, a technology conglomerate, underperformed after a run-up in the stock price early in the period amid general investor demand for the largest cap stocks.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers attempted to construct the portfolio so that stock selection was the principal source of

potential excess return. The Fund’s portfolio managers sought investment opportunities in companies that they believed were attractive based on valuation and strong fundamentals.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Apple, Inc.	7.0	%
	2.	Microsoft Corp.	6.3
	3.	Amazon.com, Inc.	5.0
	4.	Alphabet, Inc., Class A	2.1
	5.	Facebook, Inc., Class A	2.0
	6.	Alphabet, Inc., Class C	1.7
	7.	Mastercard, Inc., Class A	1.7
	8.	Berkshire Hathaway, Inc., Class B	1.6
	9.	Tesla, Inc.	1.6
	10.	PayPal Holdings, Inc.	1.4

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	28.2	%
Consumer Discretionary	13.5
Health Care	13.3
Communication Services	10.8
Financials	10.6
Industrials	7.9
Consumer Staples	5.7
Utilities	2.8
Materials	2.6
Energy	2.3
Real Estate	1.7
Short-Term Investments	0.6

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

*** Percentages indicated are based on total investments as of December 31, 2020 The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 25

JPMorgan U.S. Research Enhanced Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 28, 2001
With Sales Charge**			16.20	%		14.03	%		13.29	%		12.64	%
Without Sales Charge			22.64			20.37			14.51			13.25
CLASS I SHARES	September 10, 2001		22.76			20.67			14.79			13.53
CLASS R6 SHARES	March 24, 2003		22.85			20.78			14.94			13.75

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

TEN YEAR PERFORMANCE (12/31/10 TO 12/31/20)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan U.S. Research Enhanced Equity Fund and the S&P 500 Index from December 31, 2010 to December 31, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the

benchmark, if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Investors cannot invest directly in an index.

Class I Shares have a $1,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

26 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

JPMorgan U.S. Sustainable Leaders Fund

(formerly known as JPMorgan Intrepid Sustainable Equity Fund)

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	20.68%
S&P 500 Index	22.16%
Net Assets as of 12/31/2020 (In Thousands)	$75,330

INVESTMENT OBJECTIVE**

The JPMorgan U.S. Sustainable Equity Fund (the “Fund”) seeks to provide long-term capital appreciation.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund’s Class I Shares underperformed the S&P 500 Index (the “Benchmark”) for the six months ended December 31, 2020. The Fund’s security selection in the information technology sector and its security selection and underweight position in the real estate sector were leading detractors from performance relative to the Benchmark, while the Fund’s security selection in the industrials and consumer discretionary sectors was a leading contributor to relative performance.

Leading individual detractors from performance relative to the Benchmark included the Fund’s underweight position in Apple Inc. and its overweight positions in Cisco Systems Inc. and Home Depot Inc. Shares of Apple, an information technology conglomerate not held by the Fund, rose amid investor demand for the largest of the large capitalization stocks, better-than-expected quarterly earnings and investor expectations for the company’s planned 5G smartphone. Shares of Cisco Systems, a provider of networking technology, fell after the company issued a lower-than-expected forecast in August 2020 as well as investor concerns that regulators in China would delay approval for the company’s planned acquisition of Acacia Communications Inc. Shares of Home Depot, a home improvement retail chain, underperformed the broader market following a run-up in the stock price in the first half of 2020.

Leading individual contributors to performance relative to the Benchmark included the Fund’s overweight positions in Walt Disney Co., Aptiv PLC and Deere & Co. Shares of Walt Disney, an entertainment conglomerate, rose amid increased consumer demand for its online streaming entertainment. Share of Aptiv, an automotive components manufacturer based in Ireland, rose amid investor expectations that the company would benefit from increased government support for the development of electric vehicles in the U.S. and Europe. Shares of Deere, a manufacturer of farming and industrials vehicles and equipment, rose after the company reported better-than-expected earnings and revenue for its fiscal fourth quarter and issued an upbeat earnings forecast.

HOW WAS THE FUND POSITIONED?

During the period, the Fund employed a proprietary scoring methodology to invest in companies that the Fund’s portfolio managers believed have attractive environmental, social and governance characteristics and potential for long-term capital appreciation. The Fund’s positioning during the period was a result of that process.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Microsoft Corp.	8.2	%
	2.	Walt Disney Co. (The)	4.5
	3.	Mastercard, Inc., Class A	3.7
	4.	Verizon Communications, Inc.	3.1
	5.	Citigroup, Inc.	2.9
	6.	Texas Instruments, Inc.	2.8
	7.	Home Depot, Inc. (The)	2.6
	8.	Procter & Gamble Co. (The)	2.5
	9.	Lam Research Corp.	2.4
	10.	Bank of America Corp.	2.4

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	29.9	%
Health Care	13.9
Industrials	11.0
Financials	11.0
Communication Services	9.6
Consumer Discretionary	9.2
Consumer Staples	4.6
Real Estate	4.2
Utilities	1.8
Materials	1.6
Short-Term Investments	3.2

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

*** Percentages indicated are based on total investments as of December 31, 2020. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 27

JPMorgan U.S. Sustainable Leaders Fund

(formerly known as JPMorgan Intrepid Sustainable Equity Fund)

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 19, 2005
With Sales Charge**			14.21	%		13.16	%		13.07	%		12.90	%
Without Sales Charge			20.55			19.43			14.30			13.51
CLASS C SHARES	February 19, 2005
With CDSC***			19.23			17.84			13.73			13.05
Without CDSC			20.23			18.84			13.73			13.05
CLASS I SHARES	February 28, 2003		20.68			19.74			14.59			13.79
CLASS R6 SHARES	September 30, 2020		20.70			19.76			14.59			13.79

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (12/31/10 TO 12/31/20)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

Returns for Class R6 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns of Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class I Shares.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan U.S. Sustainable Leaders Fund and the S&P 500 Index from December 31, 2010 to December 31, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Investors cannot invest directly in an index.

Class I Shares have a $1,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

Effective November 1, 2016, the Fund changed its investment strategies. Although past performance is not necessarily an indication of how the Fund will perform in the future, in view of these changes, the Fund’s performance record prior to this date might be less relevant for investors considering whether to purchase shares of the Fund.

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

28 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

JPMorgan U.S. Value Fund

(formerly known as JPMorgan Growth and Income Fund)

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*	22.00%
Russell 1000 Value Index	22.75%
Net Assets as of 12/31/2020 (In Thousands)	$1,118,969

INVESTMENT OBJECTIVE**

The U.S. Value Fund (the “Fund”) seeks to provide capital growth over the long term.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund’s Class A Shares, without a sales charge, underperformed the Russell 1000 Value Index (the “Benchmark”) for the six months ended December 31, 2020. The Fund’s security selection in the health care and consumer discretionary sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the information technology sector and its overweight position and security selection in the financials sector were leading contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Northrop Grumman Corp., AutoZone Inc. and General Dynamics Corp. Shares of Northrop Grumman and General Dynamics, both aerospace and defense manufacturers, underperformed the broader market amid the December 23, 2020 veto of the 2021 U.S. military budget act by then-President Donald Trump—subsequently overridden by the U.S. Congress—and investor expectations that the defense sector would be unlikely to immediately benefit from a potential reopening of the economy in 2021. Shares of AutoZone, an automotive parts retailer, underperformed the broader market after the company reported lower-than-expected sales for its fiscal first quarter.

Leading individual contributors to relative performance included the Fund’s out-of-Benchmark position in Apple Inc. and its underweight positions in Intel Corp. and AT&T Inc. Shares of Apple, an information technology conglomerate, rose amid investor demand for the largest of the large capitalization stocks, better-than-expected quarterly earnings and investor expectations for the company’s planned 5G smartphone. Shares of Intel, a semiconductor manufacturer not held in the Fund, fell after news reports that large technology companies would produce their own semiconductors rather than buy them from Intel and other sources. Shares of AT&T, a telecommunications and entertainment provider, fell amid investor concerns about the company’s planned auction of its DirectTV unit.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers focused on stock selection and aimed to invest in undervalued companies with durable franchises, strong management and the ability to grow their intrinsic value per share. The portfolio managers employed a bottom-up approach to security selection and fundamental research.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	BlackRock, Inc.	2.5	%
	2.	Citigroup, Inc.	2.2
	3.	Wells Fargo & Co.	2.0
	4.	Berkshire Hathaway, Inc., Class B	2.0
	5.	Bank of America Corp.	2.0
	6.	Comcast Corp., Class A	2.0
	7.	Alphabet, Inc., Class C	1.9
	8.	Texas Instruments, Inc.	1.9
	9.	Bristol-Myers Squibb Co.	1.9
	10.	Analog Devices, Inc.	1.9

PORTFOLIO COMPOSITION BY SECTOR***
Financials	26.8	%
Health Care	14.4
Industrials	14.1
Information Technology	9.3
Consumer Discretionary	8.9
Communication Services	6.3
Consumer Staples	5.1
Energy	4.0
Utilities	3.7
Materials	3.5
Real Estate	1.1
Short-Term Investments	2.8

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

*** Percentages indicated are based on total investments as of December 31, 2020. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 29

JPMorgan U.S. Value Fund

(formerly known as JPMorgan Growth and Income Fund)

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	INCEPTION DATE OF CLASS	6 MONTH*	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 23, 1987
With Sales Charge**		15.59%		(1.18	)%		9.40	%		10.85	%
Without Sales Charge		22.00		4.29			10.59			11.44
CLASS C SHARES	January 2, 1998
With CDSC***		20.68		2.76			10.04			11.00
Without CDSC		21.68		3.76			10.04			11.00
CLASS I SHARES	January 25, 1996	22.14		4.54			10.86			11.73
CLASS R2 SHARES	November 2, 2015	21.82		4.01			10.31			11.30
CLASS R3 SHARES	July 31, 2017	22.01		4.29			10.60			11.45
CLASS R4 SHARES	July 31, 2017	22.16		4.54			10.86			11.73
CLASS R5 SHARES	November 2, 2015	22.24		4.70			11.05			11.83
CLASS R6 SHARES	November 2, 2015	22.31		4.80			11.14			11.87

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (12/31/10 TO 12/31/20)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

Returns for Class R2 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns of Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A Shares.

Returns for Class R3 Shares prior to their inception date are based on the performance of the Class A Shares. The actual returns of Class R3 Shares would have been similar to those shown because Class R3 Shares have similar expenses to Class A Shares.

Returns for Class R4 Shares prior to their inception date are based on the performance of the Class I Shares. The actual returns of Class R4 Shares would have been similar to those shown because Class R4 Shares have similar expenses to Class I Shares.

Returns for Class R5 and Class R6 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns of Class R5 and Class R6 Shares would have been different than those shown because Class R5 and Class R6 Shares have different expenses than Class I Shares.

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan U.S. Value Fund and the Russell 1000 Value Index from

December 31, 2010 to December 31, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Russell 1000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmarks, if applicable. The Russell 1000 Value Index is an unmanaged index, which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index.

Class A Shares have a $1,000 minimum initial investment and carry a 5.25% sales charge.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

30 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

JPMorgan Equity Focus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 96.9%
Aerospace & Defense — 1.6%
Raytheon Technologies Corp.		24		1,718
Automobiles — 2.1%
Tesla, Inc. *		3		2,257
Banks — 3.4%
Bank of America Corp.		121		3,658
Biotechnology — 6.4%
AbbVie, Inc.		33		3,550
Amgen, Inc.		9		1,998
Regeneron Pharmaceuticals, Inc. *		2		1,190
				6,738
Capital Markets — 5.8%
Charles Schwab Corp. (The)		67		3,531
S&P Global, Inc.		4		1,344
T. Rowe Price Group, Inc.		8		1,284
				6,159
Construction Materials — 2.5%
Martin Marietta Materials, Inc.		9		2,618
Consumer Finance — 3.5%
Capital One Financial Corp.		38		3,735
Containers & Packaging — 2.4%
Ball Corp.		10		977
Packaging Corp. of America		11		1,523
				2,500
Diversified Financial Services — 3.6%
Berkshire Hathaway, Inc., Class B *		17		3,856
Electric Utilities — 1.7%
Xcel Energy, Inc.		27		1,769
Electronic Equipment, Instruments & Components — 1.5%
Zebra Technologies Corp., Class A *		4		1,552
Equity Real Estate Investment Trusts (REITs) — 3.7%
Federal Realty Investment Trust		20		1,668
Public Storage		10		2,218
				3,886
Health Care Equipment & Supplies — 3.0%
DexCom, Inc. *		3		1,195
Intuitive Surgical, Inc. *		2		1,951
				3,146
Health Care Providers & Services — 3.1%
UnitedHealth Group, Inc.		9		3,247

INVESTMENTS	SHARES (000)		VALUE ($000)
Household Products — 1.7%
Procter & Gamble Co. (The)		13		1,784
Insurance — 4.3%
Loews Corp.		102		4,610
Interactive Media & Services — 2.7%
Alphabet, Inc., Class C *		2		2,873
Internet & Direct Marketing Retail — 6.5%
Amazon.com, Inc. *		2		5,381
Booking Holdings, Inc. *		1		1,461
				6,842
IT Services — 6.6%
Global Payments, Inc.		7		1,583
Mastercard, Inc., Class A		8		2,966
PayPal Holdings, Inc. *		10		2,416
				6,965
Machinery — 1.8%
Stanley Black & Decker, Inc.		11		1,907
Media — 1.7%
DISH Network Corp., Class A *		57		1,835
Oil, Gas & Consumable Fuels — 3.5%
Kinder Morgan, Inc.		141		1,930
Marathon Petroleum Corp.		44		1,826
				3,756
Semiconductors & Semiconductor Equipment — 4.8%
Advanced Micro Devices, Inc. *		23		2,093
QUALCOMM, Inc.		20		2,990
				5,083
Software — 7.7%
Microsoft Corp.		27		5,985
Synopsys, Inc. *		8		2,155
				8,140
Specialty Retail — 5.5%
AutoZone, Inc. *		3		2,975
Home Depot, Inc. (The)		11		2,878
				5,853
Technology Hardware, Storage & Peripherals — 5.8%
Apple, Inc.		46		6,123
Total Common Stocks (Cost $61,259)				102,610

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 31

JPMorgan Equity Focus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 3.2%
Investment Companies — 3.2%
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b) (Cost $3,350)		3,348		3,350
Total Investments — 100.1% (Cost $64,609)				105,960
Liabilities in Excess of Other Assets — (0.1)%				(115	)
NET ASSETS — 100.0%				105,845

Percentages indicated are based on net assets.

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)	The rate shown is the current yield as of December 31, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

JPMorgan Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 96.9%
Aerospace & Defense — 3.6%
General Dynamics Corp.		3,025		450,235
Northrop Grumman Corp.		884		269,285
Raytheon Technologies Corp.		8,399		600,586
				1,320,106
Banks — 6.9%
Bank of America Corp.		25,389		769,555
Citigroup, Inc.		4,250		262,045
PNC Financial Services Group, Inc. (The)		5,193		773,701
Truist Financial Corp.		7,405		354,901
US Bancorp		7,881		367,159
				2,527,361
Beverages — 2.1%
Coca-Cola Co. (The)		5,980		327,938
PepsiCo, Inc.		2,982		442,202
				770,140
Biotechnology — 0.5%
Amgen, Inc.		846		194,522
Building Products — 0.6%
Trane Technologies plc		1,369		198,730
Capital Markets — 8.6%
BlackRock, Inc.		1,224		883,371
Charles Schwab Corp. (The)		7,144		378,923
CME Group, Inc.		4,102		746,705
Morgan Stanley		9,038		619,386
Northern Trust Corp.		1,769		164,799
T. Rowe Price Group, Inc.		2,273		344,133
				3,137,317
Chemicals — 2.8%
Air Products and Chemicals, Inc.		1,682		459,546
PPG Industries, Inc.		3,983		574,375
				1,033,921
Commercial Services & Supplies — 0.8%
Republic Services, Inc.		3,061		294,736
Consumer Finance — 2.0%
American Express Co.		4,498		543,849
Capital One Financial Corp.		1,830		180,901
				724,750
Diversified Telecommunication Services — 1.6%
Verizon Communications, Inc.		9,820		576,945

INVESTMENTS	SHARES (000)		VALUE ($000)
Electric Utilities — 3.5%
Entergy Corp.		1,800		179,665
NextEra Energy, Inc.		8,882		685,221
Xcel Energy, Inc.		5,897		393,142
				1,258,028
Electrical Equipment — 1.7%
Eaton Corp. plc		5,207		625,556
Equity Real Estate Investment Trusts (REITs) — 2.2%
Alexandria Real Estate Equities, Inc.		723		128,908
AvalonBay Communities, Inc.		1,317		211,345
Boston Properties, Inc.		991		93,635
Prologis, Inc.		1,545		154,005
Realty Income Corp.		916		56,938
Ventas, Inc.		2,159		105,890
Vornado Realty Trust		964		36,005
				786,726
Food & Staples Retailing — 2.8%
Sysco Corp.		7,204		534,950
Walmart, Inc.		3,322		478,880
				1,013,830
Food Products — 1.5%
Mondelez International, Inc., Class A		9,130		533,805
Health Care Equipment & Supplies — 3.1%
Abbott Laboratories		699		76,531
Becton Dickinson and Co.		1,376		344,406
Medtronic plc		6,072		711,287
				1,132,224
Health Care Providers & Services — 3.6%
AmerisourceBergen Corp.		3,002		293,475
CVS Health Corp.		4,642		317,057
UnitedHealth Group, Inc.		2,014		706,398
				1,316,930
Hotels, Restaurants & Leisure — 2.2%
McDonald’s Corp.		2,455		526,758
Starbucks Corp.		2,587		276,771
				803,529
Household Products — 1.1%
Procter & Gamble Co. (The)		2,867		398,908
Industrial Conglomerates — 0.8%
Honeywell International, Inc.		1,434		304,998

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 33

JPMorgan Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Insurance — 4.5%
Arthur J Gallagher & Co.		2,301		284,599
Chubb Ltd.		2,574		396,130
Hartford Financial Services Group, Inc. (The)		5,625		275,531
Marsh & McLennan Cos., Inc.		1,039		121,542
MetLife, Inc.		5,912		277,591
Progressive Corp. (The)		2,874		284,192
				1,639,585
IT Services — 3.5%
Accenture plc, Class A		910		237,719
Automatic Data Processing, Inc.		1,733		305,322
Fidelity National Information Services, Inc.		3,096		438,029
International Business Machines Corp.		2,420		304,630
				1,285,700
Leisure Products — 0.8%
Hasbro, Inc.		2,981		278,834
Machinery — 6.0%
Deere & Co.		1,665		447,871
Dover Corp.		5,500		694,330
Otis Worldwide Corp.		1,470		99,289
Parker-Hannifin Corp.		2,258		614,967
Stanley Black & Decker, Inc.		1,753		312,998
				2,169,455
Media — 2.6%
Comcast Corp., Class A		18,083		947,575
Multi-Utilities — 1.4%
CMS Energy Corp.		4,947		301,789
Public Service Enterprise Group, Inc.		3,654		213,018
				514,807
Oil, Gas & Consumable Fuels — 3.9%
Chevron Corp.		5,887		497,119
ConocoPhillips		14,369		574,632
EOG Resources, Inc.		4,741		236,428
Valero Energy Corp.		2,025		114,572
				1,422,751
Pharmaceuticals — 6.9%
Bristol-Myers Squibb Co.		12,394		768,807
Eli Lilly and Co.		2,783		469,899
Johnson & Johnson		5,061		796,479
Merck & Co., Inc.		3,411		278,991
Pfizer, Inc.		5,794		213,294
				2,527,470

INVESTMENTS	SHARES (000)		VALUE ($000)
Road & Rail — 1.5%
Norfolk Southern Corp.		2,218		526,920
Semiconductors & Semiconductor Equipment — 4.4%
Analog Devices, Inc.		5,613		829,160
Texas Instruments, Inc.		4,792		786,479
				1,615,639
Software — 1.5%
Microsoft Corp.		2,384		530,172
Specialty Retail — 3.9%
Best Buy Co., Inc.		3,530		352,213
Home Depot, Inc. (The)		2,340		621,553
TJX Cos., Inc. (The)		6,684		456,440
				1,430,206
Technology Hardware, Storage & Peripherals — 0.8%
Apple, Inc.		2,079		275,889
Textiles, Apparel & Luxury Goods — 0.6%
VF Corp.		2,425		207,121
Tobacco — 2.6%
Altria Group, Inc.		6,392		262,087
Philip Morris International, Inc.		8,457		700,129
				962,216
Total Common Stocks (Cost $26,001,247)				35,287,402
Short-Term Investments — 3.0%
Investment Companies — 3.0%
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b) (Cost $1,067,536)		1,067,055		1,067,589
Total Investments — 99.9% (Cost $27,068,783)				36,354,991
Other Assets Less Liabilities — 0.1%				49,913
NET ASSETS — 100.0%				36,404,904

Percentages indicated are based on net assets.

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)	The rate shown is the current yield as of December 31, 2020.

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

JPMorgan Equity Premium Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 82.4%
Aerospace & Defense — 0.9%
Northrop Grumman Corp.		9		2,709
Air Freight & Logistics — 0.6%
United Parcel Service, Inc., Class B		9		1,575
Banks — 0.5%
US Bancorp		29		1,368
Beverages — 2.8%
Coca-Cola Co. (The)		55		2,993
Constellation Brands, Inc., Class A		6		1,335
PepsiCo, Inc.		25		3,712
				8,040
Biotechnology — 3.1%
AbbVie, Inc.		37		3,923
Alexion Pharmaceuticals, Inc. *		17		2,647
Regeneron Pharmaceuticals, Inc. *		2		1,202
Vertex Pharmaceuticals, Inc. *		5		1,217
				8,989
Building Products — 1.3%
Trane Technologies plc		25		3,589
Capital Markets — 2.6%
BlackRock, Inc.		3		1,886
Intercontinental Exchange, Inc.		34		3,894
S&P Global, Inc.		5		1,667
				7,447
Chemicals — 1.5%
Linde plc (United Kingdom)		13		3,509
PPG Industries, Inc.		6		823
				4,332
Commercial Services & Supplies — 0.6%
Waste Management, Inc.		14		1,707
Containers & Packaging — 1.0%
Silgan Holdings, Inc.		78		2,877
Diversified Financial Services — 1.2%
Berkshire Hathaway, Inc., Class B *		15		3,554
Diversified Telecommunication Services — 1.1%
Verizon Communications, Inc.		52		3,057
Electric Utilities — 2.6%
NextEra Energy, Inc.		52		4,037
Xcel Energy, Inc.		51		3,426
				7,463

INVESTMENTS	SHARES (000)		VALUE ($000)
Electrical Equipment — 0.7%
Eaton Corp. plc		17		2,053
Entertainment — 0.9%
Netflix, Inc. *		5		2,581
Equity Real Estate Investment Trusts (REITs) — 2.3%
Equinix, Inc.		3		2,260
Prologis, Inc.		18		1,754
Public Storage		6		1,366
Sun Communities, Inc.		8		1,166
				6,546
Food & Staples Retailing — 2.4%
Costco Wholesale Corp.		10		3,755
Kroger Co. (The)		30		949
Walmart, Inc.		14		2,069
				6,773
Food Products — 2.5%
Conagra Brands, Inc.		34		1,220
General Mills, Inc.		20		1,167
Hershey Co. (The)		8		1,157
Mondelez International, Inc., Class A		63		3,676
				7,220
Health Care Equipment & Supplies — 0.5%
Medtronic plc		13		1,546
Health Care Providers & Services — 0.5%
UnitedHealth Group, Inc.		4		1,470
Hotels, Restaurants & Leisure — 0.3%
McDonald’s Corp.		4		829
Household Products — 2.3%
Kimberly-Clark Corp.		22		2,909
Procter & Gamble Co. (The)		27		3,758
				6,667
Industrial Conglomerates — 1.5%
Honeywell International, Inc.		20		4,199
Insurance — 4.7%
Allstate Corp. (The)		34		3,696
Chubb Ltd.		21		3,201
Marsh & McLennan Cos., Inc.		20		2,333
Progressive Corp. (The)		39		3,874
RenaissanceRe Holdings Ltd. (Bermuda)		3		510
				13,614

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 35

JPMorgan Equity Premium Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Interactive Media & Services — 2.2%
Alphabet, Inc., Class A *		2		4,266
Facebook, Inc., Class A *		8		2,171
				6,437
Internet & Direct Marketing Retail — 1.5%
Amazon.com, Inc. *		1		4,156
IT Services — 7.0%
Accenture plc, Class A		17		4,514
Automatic Data Processing, Inc.		5		825
Booz Allen Hamilton Holding Corp.		34		2,955
Leidos Holdings, Inc.		32		3,312
Mastercard, Inc., Class A		11		3,896
PayPal Holdings, Inc. *		8		1,788
Visa, Inc., Class A		12		2,686
				19,976
Life Sciences Tools & Services — 1.6%
PerkinElmer, Inc.		9		1,258
Thermo Fisher Scientific, Inc.		7		3,430
				4,688
Machinery — 1.6%
Cummins, Inc.		7		1,652
Deere & Co.		4		951
PACCAR, Inc.		24		2,073
				4,676
Media — 2.6%
Charter Communications, Inc., Class A *		6		3,981
Comcast Corp., Class A		69		3,619
				7,600
Multiline Retail — 2.3%
Dollar General Corp.		5		1,137
Dollar Tree, Inc. *		11		1,232
Target Corp.		23		4,124
				6,493
Multi-Utilities — 4.6%
Ameren Corp.		43		3,336
CMS Energy Corp.		52		3,166
Public Service Enterprise Group, Inc.		62		3,594
Sempra Energy		18		2,309
WEC Energy Group, Inc.		10		921
				13,326

INVESTMENTS	SHARES (000)		VALUE ($000)
Oil, Gas & Consumable Fuels — 0.4%
TC Energy Corp. (Canada)		28		1,149
Pharmaceuticals — 5.1%
Bristol-Myers Squibb Co.		57		3,530
Eli Lilly and Co.		24		4,049
Johnson & Johnson		22		3,475
Merck & Co., Inc.		43		3,486
				14,540
Road & Rail — 2.3%
Norfolk Southern Corp.		9		2,174
Old Dominion Freight Line, Inc.		17		3,327
Union Pacific Corp.		5		1,017
				6,518
Semiconductors & Semiconductor Equipment — 0.9%
Analog Devices, Inc.		17		2,537
Software — 3.6%
Intuit, Inc.		11		4,047
Microsoft Corp.		19		4,291
salesforce.com, Inc. *		9		2,044
				10,382
Specialty Retail — 3.1%
AutoZone, Inc. *		3		3,758
Home Depot, Inc. (The)		8		1,997
Lowe’s Cos., Inc.		11		1,699
TJX Cos., Inc. (The)		22		1,531
				8,985
Technology Hardware, Storage & Peripherals — 1.8%
Apple, Inc.		29		3,830
Seagate Technology plc		21		1,275
				5,105
Textiles, Apparel & Luxury Goods — 0.8%
NIKE, Inc., Class B		17		2,407
Tobacco — 1.3%
Altria Group, Inc.		40		1,623
Philip Morris International, Inc.		26		2,135
				3,758
Wireless Telecommunication Services — 1.3%
T-Mobile US, Inc. *		28		3,767
Total Common Stocks (Cost $199,065)				236,705

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Equity-Linked Notes — 15.8%
Barclays Bank plc, ELN, 53.15%, 1/8/2021, (linked to S&P 500 Index) (a)		2		8,218
BMO Capital Markets Corp., ELN, 55.06%, 1/15/2021, (linked to S&P 500 Index) (a)		2		8,517
BNP Paribas, ELN, 62.53%, 1/29/2021, (linked to S&P 500 Index) (a)		2		8,785
Royal Bank of Canada, ELN, 62.43%, 2/5/2021, (linked to S&P 500 Index) (a)		3		9,627
Toronto-Dominion Bank (The), ELN, 55.50%, 1/22/2021, (linked to S&P 500 Index) (a)		3		10,205
Total Equity-Linked Notes (Cost $45,596)				45,352
	SHARES (000)
Exchange-Traded Funds — 0.2%
International Equity — 0.2%
iShares MSCI USA Min Vol Factor ETF (Cost $510)		8		512
Short-Term Investments — 0.4%
Investment Companies — 0.4%
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (b) (c) (Cost $1,271)		1,271		1,271
Total Investments — 98.8% (Cost $246,442)				283,840
Other Assets Less Liabilities — 1.2%				3,372
NET ASSETS — 100.0%				287,212

Percentages indicated are based on net assets.

Abbreviations

ELN	Equity-Linked Note
ETF	Exchange-Traded Fund
(a)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(b)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of December 31, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 37

JPMorgan Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.6%
Aerospace & Defense — 1.0%
General Dynamics Corp. (a)		152		22,559
Northrop Grumman Corp.		163		49,755
Raytheon Technologies Corp.		1,022		73,092
				145,406
Air Freight & Logistics — 0.5%
FedEx Corp.		300		77,801
Airlines — 0.3%
Delta Air Lines, Inc.		434		17,467
Southwest Airlines Co.		563		26,245
				43,712
Auto Components — 0.2%
Magna International, Inc. (Canada)		413		29,212
Automobiles — 1.8%
General Motors Co.		798		33,237
Tesla, Inc. *		320		225,928
				259,165
Banks — 3.1%
Bank of America Corp. (a)		2,239		67,877
Citigroup, Inc.		1,499		92,454
KeyCorp (a)		3,395		55,705
Regions Financial Corp.		2,619		42,221
Truist Financial Corp.		698		33,477
US Bancorp		1,209		56,343
Wells Fargo & Co.		3,415		103,075
				451,152
Beverages — 1.3%
Coca-Cola Co. (The) (a)		2,260		123,938
Constellation Brands, Inc., Class A		313		68,617
				192,555
Biotechnology — 2.5%
AbbVie, Inc.		1,499		160,634
Alexion Pharmaceuticals, Inc. *		417		65,122
Amgen, Inc. (a)		47		10,831
Biogen, Inc. * (a)		124		30,352
Regeneron Pharmaceuticals, Inc. *		83		40,268
Vertex Pharmaceuticals, Inc. *		213		50,348
				357,555
Building Products — 0.9%
Masco Corp.		875		48,055
Trane Technologies plc		522		75,727
				123,782

INVESTMENTS	SHARES (000)		VALUE ($000)
Capital Markets — 3.4%
Goldman Sachs Group, Inc. (The)		293		77,385
Intercontinental Exchange, Inc.		635		73,238
MarketAxess Holdings, Inc.		35		19,863
Morgan Stanley		1,942		133,113
MSCI, Inc.		21		9,399
S&P Global, Inc.		362		119,121
State Street Corp.		706		51,391
T. Rowe Price Group, Inc.		93		14,061
				497,571
Chemicals — 1.8%
Air Products and Chemicals, Inc.		99		27,083
Celanese Corp.		160		20,756
Dow, Inc.		348		19,316
DuPont de Nemours, Inc.		562		39,980
Eastman Chemical Co.		655		65,710
Linde plc (United Kingdom)		173		45,473
LyondellBasell Industries NV, Class A		229		20,994
PPG Industries, Inc.		201		29,016
				268,328
Commercial Services & Supplies — 0.1%
Cintas Corp. (a)		48		16,948
Communications Equipment — 0.4%
Cisco Systems, Inc.		1,009		45,155
Motorola Solutions, Inc.		45		7,606
				52,761
Consumer Finance — 0.5%
Capital One Financial Corp.		704		69,595
Containers & Packaging — 0.6%
Avery Dennison Corp.		103		16,031
Crown Holdings, Inc. * (a)		257		25,753
Packaging Corp. of America		90		12,428
WestRock Co.		627		27,292
				81,504
Diversified Consumer Services — 0.0% (b)
H&R Block, Inc.		179		2,847
Diversified Financial Services — 1.7%
Berkshire Hathaway, Inc., Class B * (a)		993		230,277
Voya Financial, Inc.		169		9,934
				240,211
Diversified Telecommunication Services — 0.8%
Verizon Communications, Inc. (a)		1,943		114,123

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Electric Utilities — 1.4%
Exelon Corp.		594		25,081
NextEra Energy, Inc.		1,922		148,281
Xcel Energy, Inc. (a)		518		34,550
				207,912
Electrical Equipment — 0.6%
Eaton Corp. plc		706		84,862
Electronic Equipment, Instruments & Components — 0.2%
TE Connectivity Ltd.		286		34,674
Entertainment — 1.2%
Netflix, Inc. * (a)		311		167,910
Equity Real Estate Investment Trusts (REITs) — 1.7%
Camden Property Trust		324		32,422
Equinix, Inc.		91		64,905
Equity LifeStyle Properties, Inc.		188		11,936
Mid-America Apartment Communities, Inc.		202		25,621
Prologis, Inc.		679		67,719
Public Storage		44		10,052
Realty Income Corp.		97		6,004
Sun Communities, Inc.		62		9,403
UDR, Inc.		134		5,157
Ventas, Inc.		356		17,456
				250,675
Food & Staples Retailing — 0.5%
Costco Wholesale Corp.		143		53,712
Kroger Co. (The)		639		20,283
				73,995
Food Products — 0.6%
Mondelez International, Inc., Class A (a)		1,560		91,214
Health Care Equipment & Supplies — 3.0%
Abbott Laboratories		178		19,461
ABIOMED, Inc. *		20		6,605
Baxter International, Inc.		758		60,833
Becton Dickinson and Co.		131		32,815
Boston Scientific Corp. * (a)		1,605		57,695
DexCom, Inc. *		43		15,858
Edwards Lifesciences Corp. *		167		15,253
Intuitive Surgical, Inc. * (a)		31		25,096
Medtronic plc (a)		1,088		127,422
Zimmer Biomet Holdings, Inc. (a)		529		81,562
				442,600

INVESTMENTS	SHARES (000)		VALUE ($000)
Health Care Providers & Services — 2.7%
Anthem, Inc. (a)		119		38,083
Centene Corp. *		148		8,860
Cigna Corp. (a)		391		81,497
McKesson Corp.		436		75,796
UnitedHealth Group, Inc. (a)		541		189,790
				394,026
Hotels, Restaurants & Leisure — 0.6%
Hilton Worldwide Holdings, Inc.		347		38,589
Yum! Brands, Inc.		462		50,204
				88,793
Household Durables — 0.4%
Lennar Corp., Class A		752		57,289
Household Products — 1.7%
Kimberly-Clark Corp.		473		63,790
Procter & Gamble Co. (The) (a)		1,268		176,402
				240,192
Industrial Conglomerates — 1.0%
Honeywell International, Inc. (a)		658		140,013
Insurance — 1.8%
Allstate Corp. (The) (a)		699		76,817
American International Group, Inc.		397		15,015
Chubb Ltd.		325		49,957
Hartford Financial Services Group, Inc. (The)		479		23,461
Marsh & McLennan Cos., Inc.		160		18,762
MetLife, Inc.		145		6,816
Progressive Corp. (The)		736		72,778
				263,606
Interactive Media & Services — 5.8%
Alphabet, Inc., Class A * (a)		174		304,818
Alphabet, Inc., Class C * (a)		139		244,142
Facebook, Inc., Class A * (a)		1,081		295,168
				844,128
Internet & Direct Marketing Retail — 5.4%
Amazon.com, Inc. * (a)		219		714,179
Booking Holdings, Inc. * (a)		31		69,656
				783,835
IT Services — 6.1%
Accenture plc, Class A		618		161,458
Booz Allen Hamilton Holding Corp.		253		22,025
FleetCor Technologies, Inc. *		39		10,705
International Business Machines Corp.		434		54,683

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 39

JPMorgan Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
IT Services — continued
Leidos Holdings, Inc.		532		55,927
Mastercard, Inc., Class A (a)		680		242,816
PayPal Holdings, Inc. * (a)		861		201,668
Visa, Inc., Class A (a)		599		131,071
				880,353
Life Sciences Tools & Services — 1.5%
Illumina, Inc. *		104		38,602
PerkinElmer, Inc.		51		7,254
Thermo Fisher Scientific, Inc. (a)		352		164,052
Waters Corp. *		32		7,801
				217,709
Machinery — 2.0%
Cummins, Inc. (a)		198		45,074
Deere & Co.		274		73,668
Parker-Hannifin Corp.		259		70,636
Snap-on, Inc.		132		22,600
Stanley Black & Decker, Inc.		415		74,136
				286,114
Media — 2.3%
Altice USA, Inc., Class A *		478		18,087
Charter Communications, Inc., Class A * (a)		167		110,192
Comcast Corp., Class A (a)		2,810		147,225
Discovery, Inc., Class A *		975		29,347
Discovery, Inc., Class C *		1,129		29,561
				334,412
Metals & Mining — 0.1%
Newmont Corp.		362		21,663
Multiline Retail — 0.8%
Dollar Tree, Inc. *		319		34,509
Target Corp.		479		84,516
				119,025
Multi-Utilities — 1.3%
Ameren Corp.		501		39,127
CMS Energy Corp.		510		31,137
DTE Energy Co.		269		32,643
Public Service Enterprise Group, Inc.		601		35,031
Sempra Energy		411		52,303
				190,241
Oil, Gas & Consumable Fuels — 2.3%
Cabot Oil & Gas Corp.		217		3,537
Cheniere Energy, Inc. *		277		16,644

INVESTMENTS	SHARES (000)		VALUE ($000)
Oil, Gas & Consumable Fuels — continued
Chevron Corp. (a)		1,214		102,558
ConocoPhillips		581		23,242
Diamondback Energy, Inc.		392		18,975
EOG Resources, Inc. (a)		873		43,558
Kinder Morgan, Inc.		998		13,649
Phillips 66		557		38,945
Pioneer Natural Resources Co. (a)		494		56,218
Williams Cos., Inc. (The)		894		17,933
				335,259
Personal Products — 0.3%
Estee Lauder Cos., Inc. (The), Class A		180		47,937
Pharmaceuticals — 3.5%
Bristol-Myers Squibb Co. (a)		2,189		135,756
Eli Lilly and Co. (a)		788		132,982
Johnson & Johnson (a)		730		114,893
Merck & Co., Inc. (a)		1,386		113,336
Pfizer, Inc.		396		14,594
				511,561
Professional Services — 0.1%
Verisk Analytics, Inc.		74		15,461
Road & Rail — 1.3%
CSX Corp.		256		23,232
Lyft, Inc., Class A *		383		18,820
Norfolk Southern Corp. (a)		476		113,119
Union Pacific Corp.		197		40,945
				196,116
Semiconductors & Semiconductor Equipment — 5.9%
Advanced Micro Devices, Inc. * (a)		873		80,051
Analog Devices, Inc.		698		103,128
Applied Materials, Inc.		1,214		104,749
Intel Corp.		694		34,598
Lam Research Corp.		154		72,687
Microchip Technology, Inc.		220		30,409
Micron Technology, Inc. *		324		24,351
NVIDIA Corp. (a)		233		121,594
NXP Semiconductors NV (Netherlands)		454		72,224
Qorvo, Inc. *		263		43,697
QUALCOMM, Inc.		163		24,894
Texas Instruments, Inc. (a)		858		140,783
				853,165
Software — 8.2%
Fortinet, Inc. *		65		9,654

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Software — continued
Intuit, Inc. (a)		291		110,654
Microsoft Corp. (a)		4,059		902,865
salesforce.com, Inc. * (a)		604		134,319
Workday, Inc., Class A *		139		33,312
				1,190,804
Specialty Retail — 3.3%
AutoZone, Inc. * (a)		60		70,741
Best Buy Co., Inc. (a)		677		67,519
Home Depot, Inc. (The) (a)		494		131,274
Lowe’s Cos., Inc. (a)		853		136,913
TJX Cos., Inc. (The) (a)		974		66,531
				472,978
Technology Hardware, Storage & Peripherals — 7.3%
Apple, Inc. (a)		7,664		1,016,877
Seagate Technology plc		777		48,283
				1,065,160
Textiles, Apparel & Luxury Goods — 0.9%
Carter’s, Inc.		341		32,104
NIKE, Inc., Class B		738		104,413
				136,517
Tobacco — 1.2%
Altria Group, Inc. (a)		1,839		75,400
Philip Morris International, Inc.		1,201		99,390
				174,790
Wireless Telecommunication Services — 0.7%
T-Mobile US, Inc. *		782		105,427
Total Common Stocks (Cost $10,576,181)				14,344,644

INVESTMENTS	NO. OF CONTRACTS		VALUE ($000)
Options Purchased — 2.3%
Put Options Purchased — 2.3%
Index Funds — 2.3%
S&P 500 Index 3/31/2021 at USD 3,550.00, European Style Notional Amount: USD 14,493,172 Exchange-Traded * (Cost $345,846)		38,586		337,242
	SHARES (000)
Short-Term Investments — 4.6%
Investment Companies — 4.6%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.03% (c) (d) (Cost $675,807)		675,807		675,807
Total Investments — 105.5% (Cost $11,597,834)				15,357,693
Liabilities in Excess of Other Assets — (5.5)%				(805,055	)
NET ASSETS — 100.0%				14,552,638

Percentages indicated are based on net assets.

Abbreviations

USD	United States Dollar
(a)	All or a portion of the security is segregated for options written.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of December 31, 2020.
*	Non-income producing security.

Futures contracts outstanding as of December 31, 2020 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
S&P 500 E-Mini Index		1,039		03/2021		USD		194,566		452

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 41

JPMorgan Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

Written Call Options Contracts as of December 31, 2020 (amounts in thousands, except number of contracts):

DESCRIPTION

COUNTERPARTY

NUMBER OF CONTRACTS

NOTIONAL AMOUNT

EXERCISE PRICE

EXPIRATION DATE

VALUE ($)

S&P 500 Index

Exchange-Traded

38,586

USD 14,493,172

USD 3,895.00

3/31/2021

(251,774

)

Written Put Options Contracts as of December 31, 2020 (amounts in thousands, except number of contracts):

DESCRIPTION

COUNTERPARTY

NUMBER OF CONTRACTS

NOTIONAL AMOUNT

EXERCISE PRICE

EXPIRATION DATE

VALUE ($)

S&P 500 Index

Exchange-Traded

38,586

USD 14,493,172

USD 3,000.00

3/31/2021

(89,326

)

Total Written Options Contracts (Premiums Received $334,309)

(341,100

)

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

JPMorgan Intrepid Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.8%
Aerospace & Defense — 1.4%
Raytheon Technologies Corp.		50		3,597
Air Freight & Logistics — 0.3%
United Parcel Service, Inc., Class B		5		842
Airlines — 0.3%
Delta Air Lines, Inc.		19		744
Auto Components — 0.9%
Lear Corp.		15		2,354
Banks — 9.1%
Bank of America Corp.		200		6,071
Citigroup, Inc.		89		5,505
Citizens Financial Group, Inc.		62		2,203
Sterling Bancorp		78		1,402
Truist Financial Corp.		28		1,347
Wells Fargo & Co.		83		2,499
Western Alliance Bancorp		33		1,984
Zions Bancorp NA		39		1,699
				22,710
Biotechnology — 2.5%
AbbVie, Inc.		41		4,444
Biogen, Inc. *		5		1,151
Exelixis, Inc. *		32		632
				6,227
Building Products — 1.1%
Fortune Brands Home & Security, Inc.		8		669
Owens Corning		28		2,098
				2,767
Capital Markets — 2.3%
Ameriprise Financial, Inc.		2		369
Bank of New York Mellon Corp. (The)		28		1,188
Goldman Sachs Group, Inc. (The)		4		1,002
Morgan Stanley		46		3,139
				5,698
Chemicals — 2.9%
Celanese Corp.		13		1,624
DuPont de Nemours, Inc.		43		3,079
Eastman Chemical Co.		8		802
Huntsman Corp.		67		1,672
				7,177
Commercial Services & Supplies — 0.4%
Republic Services, Inc.		11		1,088

INVESTMENTS	SHARES (000)		VALUE ($000)
Communications Equipment — 1.5%
Cisco Systems, Inc.		65		2,900
Lumentum Holdings, Inc. *		10		948
				3,848
Construction & Engineering — 0.8%
AECOM *		22		1,115
MasTec, Inc. *		12		846
				1,961
Consumer Finance — 2.2%
Ally Financial, Inc.		42		1,490
Capital One Financial Corp.		10		1,018
Discover Financial Services		11		978
Synchrony Financial		59		2,041
				5,527
Containers & Packaging — 2.2%
Ardagh Group SA		50		867
Berry Global Group, Inc. *		35		1,944
Crown Holdings, Inc. *		21		2,134
Silgan Holdings, Inc.		18		668
				5,613
Diversified Consumer Services — 0.3%
H&R Block, Inc.		51		807
Diversified Financial Services — 2.3%
Berkshire Hathaway, Inc., Class B *		17		4,011
Voya Financial, Inc.		31		1,841
				5,852
Diversified Telecommunication Services — 2.8%
CenturyLink, Inc.		58		565
Verizon Communications, Inc.		111		6,509
				7,074
Electric Utilities — 3.7%
Entergy Corp.		15		1,538
Exelon Corp.		83		3,513
NextEra Energy, Inc.		36		2,739
Southern Co. (The)		24		1,480
				9,270
Electrical Equipment — 1.3%
Eaton Corp. plc		26		3,172
Energy Equipment & Services — 1.0%
Baker Hughes Co.		33		678
Schlumberger NV		88		1,923
				2,601

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 43

JPMorgan Intrepid Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Entertainment — 0.5%
Walt Disney Co. (The) *		6		1,123
Equity Real Estate Investment Trusts (REITs) — 3.5%
American Tower Corp.		5		1,033
Essex Property Trust, Inc.		7		1,543
Invitation Homes, Inc.		59		1,764
Kilroy Realty Corp.		16		890
Paramount Group, Inc.		154		1,392
VEREIT, Inc.		29		1,097
VICI Properties, Inc.		44		1,125
				8,844
Food & Staples Retailing — 1.3%
Sysco Corp.		42		3,141
Food Products — 1.6%
Conagra Brands, Inc.		44		1,585
Mondelez International, Inc., Class A		19		1,134
Tyson Foods, Inc., Class A		19		1,205
				3,924
Health Care Equipment & Supplies — 2.9%
Hologic, Inc. *		18		1,289
Medtronic plc		51		5,974
				7,263
Health Care Providers & Services — 4.0%
Anthem, Inc.		15		4,688
Centene Corp. *		25		1,494
Cigna Corp.		8		1,624
HCA Healthcare, Inc.		8		1,250
McKesson Corp.		5		835
				9,891
Hotels, Restaurants & Leisure — 2.1%
Darden Restaurants, Inc.		7		870
Las Vegas Sands Corp.		41		2,444
Wyndham Destinations, Inc.		44		1,951
				5,265
Household Durables — 0.9%
DR Horton, Inc.		15		1,006
PulteGroup, Inc.		27		1,147
				2,153
Household Products — 2.1%
Procter & Gamble Co. (The)		23		3,214
Spectrum Brands Holdings, Inc.		25		1,983
				5,197

INVESTMENTS	SHARES (000)		VALUE ($000)
Independent Power and Renewable Electricity Producers — 0.2%
Vistra Corp.		25		499
Industrial Conglomerates — 0.6%
General Electric Co.		138		1,493
Insurance — 2.5%
Allstate Corp. (The)		19		2,034
Fidelity National Financial, Inc.		49		1,927
MetLife, Inc.		15		681
Travelers Cos., Inc. (The)		11		1,474
				6,116
Interactive Media & Services — 3.4%
Alphabet, Inc., Class A *		2		3,137
Alphabet, Inc., Class C *		2		4,030
Zillow Group, Inc., Class C *		10		1,246
				8,413
Internet & Direct Marketing Retail — 1.2%
eBay, Inc.		38		1,899
Qurate Retail, Inc., Series A		89		979
				2,878
IT Services — 2.2%
DXC Technology Co.		76		1,944
Leidos Holdings, Inc.		11		1,146
Mastercard, Inc., Class A		3		982
Science Applications International Corp.		15		1,429
				5,501
Leisure Products — 0.8%
Brunswick Corp.		25		1,868
Life Sciences Tools & Services — 1.5%
Agilent Technologies, Inc.		6		723
IQVIA Holdings, Inc. *		10		1,773
PerkinElmer, Inc.		9		1,306
				3,802
Machinery — 3.1%
Caterpillar, Inc.		8		1,438
Deere & Co.		6		1,614
PACCAR, Inc.		15		1,277
Parker-Hannifin Corp.		7		1,907
Toro Co. (The)		15		1,423
				7,659
Media — 3.1%
Charter Communications, Inc., Class A *		5		3,440
Discovery, Inc., Class A * (a)		64		1,911
Fox Corp., Class B		24		687

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Media — continued
Nexstar Media Group, Inc., Class A		6		611
Omnicom Group, Inc.		17		1,067
				7,716
Multi-Utilities — 1.2%
Sempra Energy		14		1,822
WEC Energy Group, Inc.		14		1,261
				3,083
Oil, Gas & Consumable Fuels — 3.4%
Cheniere Energy, Inc. *		28		1,663
Chevron Corp.		14		1,145
Cimarex Energy Co.		52		1,965
Concho Resources, Inc.		20		1,155
EOG Resources, Inc.		14		683
Kinder Morgan, Inc.		65		890
Phillips 66		16		1,112
				8,613
Personal Products — 0.3%
Herbalife Nutrition Ltd. *		18		860
Pharmaceuticals — 3.5%
Bristol-Myers Squibb Co.		53		3,294
Horizon Therapeutics plc *		10		695
Jazz Pharmaceuticals plc *		10		1,617
Johnson & Johnson		8		1,259
Pfizer, Inc.		51		1,881
				8,746
Professional Services — 0.4%
ManpowerGroup, Inc.		12		1,082
Road & Rail — 2.5%
CSX Corp.		46		4,147
Old Dominion Freight Line, Inc.		7		1,269
Union Pacific Corp.		4		895
				6,311
Semiconductors & Semiconductor Equipment — 3.1%
Intel Corp.		37		1,824
Lam Research Corp.		6		2,786
Qorvo, Inc. *		5		815
QUALCOMM, Inc.		15		2,285
				7,710
Software — 2.1%
Microsoft Corp.		11		2,425
Oracle Corp.		43		2,775
				5,200

INVESTMENTS	SHARES (000)		VALUE ($000)
Specialty Retail — 1.1%
Best Buy Co., Inc.		14		1,367
Foot Locker, Inc.		37		1,496
				2,863
Technology Hardware, Storage & Peripherals — 1.7%
Dell Technologies, Inc., Class C *		31		2,294
Hewlett Packard Enterprise Co.		91		1,079
NetApp, Inc.		12		762
				4,135
Tobacco — 2.1%
Altria Group, Inc.		100		4,116
Philip Morris International, Inc.		13		1,060
				5,176
Trading Companies & Distributors — 0.6%
United Rentals, Inc. *		6		1,484
Total Common Stocks (Cost $202,330)				246,938
	NO. OF RIGHTS (000)
Rights — 0.0% (b)
Pharmaceuticals — 0.0% (b)
Bristol-Myers Squibb Co., CVR, expiring 3/31/2021 * (Cost $30)		14		10
	SHARES (000)
Short-Term Investments — 1.6%
Investment Companies — 1.4%
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (c) (d) (Cost $3,492)		3,491		3,492
Investment of Cash Collateral from Securities Loaned — 0.2%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (c) (d)		3		4
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (c) (d)		423		423
Total Investment of Cash Collateral from Securities Loaned (Cost $427)				427
Total Short-Term Investments (Cost $3,919)				3,919
Total Investments — 100.4% (Cost $206,279)				250,867
Liabilities in Excess of Other Assets — (0.4)%				(1,045	)
NET ASSETS — 100.0%				249,822

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 45

JPMorgan Intrepid Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

Percentages indicated are based on net assets.

Abbreviations

CVR	Contingent Value Rights
(a)	The security or a portion of this security is on loan at December 31, 2020. The total value of securities on loan at December 31, 2020 is approximately $418,000.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of December 31, 2020.
*	Non-income producing security.

Futures contracts outstanding as of December 31, 2020 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
S&P 500 E-Mini Index		9		03/2021		USD		1,685		38

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

JPMorgan Large Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 96.5%
Air Freight & Logistics — 0.6%
FedEx Corp.		774		200,868
Automobiles — 4.6%
Tesla, Inc. *		2,126		1,500,466
Beverages — 2.0%
Boston Beer Co., Inc. (The), Class A *		216		214,270
Monster Beverage Corp. *		4,648		429,879
				644,149
Biotechnology — 5.6%
Alnylam Pharmaceuticals, Inc. *		342		44,411
Biogen, Inc. *		614		150,222
BioMarin Pharmaceutical, Inc. *		1,794		157,328
Exact Sciences Corp. * (a)		2,572		340,698
Moderna, Inc. *		1,172		122,470
Regeneron Pharmaceuticals, Inc. * (a)		846		408,615
Seagen, Inc. *		3,327		582,638
				1,806,382
Capital Markets — 6.1%
Blackstone Group, Inc. (The), Class A		4,420		286,473
Charles Schwab Corp. (The)		7,496		397,578
MarketAxess Holdings, Inc.		940		536,155
Morgan Stanley		4,856		332,775
MSCI, Inc.		315		140,434
S&P Global, Inc.		797		262,064
				1,955,479
Chemicals — 1.8%
Air Products and Chemicals, Inc.		1,121		306,225
Sherwin-Williams Co. (The)		391		287,129
				593,354
Electrical Equipment — 1.3%
Rockwell Automation, Inc.		1,620		406,262
Electronic Equipment, Instruments & Components — 0.9%
Amphenol Corp., Class A		2,150		281,156
Entertainment — 2.1%
Netflix, Inc. *		554		299,727
Spotify Technology SA *		1,241		390,587
				690,314
Equity Real Estate Investment Trusts (REITs) — 0.7%
Equinix, Inc.		329		234,930
Health Care Equipment & Supplies — 3.9%
ABIOMED, Inc. *		345		111,784
Align Technology, Inc. *		753		402,281

INVESTMENTS	SHARES (000)		VALUE ($000)
Health Care Equipment & Supplies — continued
DexCom, Inc. *		970		358,518
Intuitive Surgical, Inc. *		461		377,287
				1,249,870
Health Care Providers & Services — 1.7%
HCA Healthcare, Inc.		1,078		177,337
McKesson Corp.		2,128		370,086
				547,423
Health Care Technology — 0.3%
Veeva Systems, Inc., Class A *		398		108,488
Hotels, Restaurants & Leisure — 2.2%
Airbnb, Inc., Class A *		263		38,638
Chipotle Mexican Grill, Inc. *		482		668,255
				706,893
Industrial Conglomerates — 0.6%
Roper Technologies, Inc.		423		182,179
Interactive Media & Services — 10.3%
Alphabet, Inc., Class C *		201		352,937
Facebook, Inc., Class A *		3,606		984,967
Match Group, Inc. *		3,258		492,595
Pinterest, Inc., Class A *		2,402		158,279
Snap, Inc., Class A *		15,184		760,278
Twitter, Inc. *		2,462		133,317
Zillow Group, Inc., Class C *		3,524		457,363
				3,339,736
Internet & Direct Marketing Retail — 9.5%
Alibaba Group Holding Ltd., ADR (China) *		1,460		339,739
Amazon.com, Inc. *		461		1,501,461
Booking Holdings, Inc. *		194		431,645
Grubhub, Inc. *		732		54,373
MercadoLibre, Inc. (Argentina) * (a)		295		494,869
Wayfair, Inc., Class A * (a)		1,034		233,510
				3,055,597
IT Services — 7.4%
Cognizant Technology Solutions Corp., Class A		2,711		222,134
Mastercard, Inc., Class A		1,299		463,522
PayPal Holdings, Inc. *		5,030		1,178,131
Shopify, Inc., Class A (Canada) * (a)		31		35,204
Square, Inc., Class A *		2,246		488,906
				2,387,897
Life Sciences Tools & Services — 0.7%
Thermo Fisher Scientific, Inc.		500		233,104

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 47

JPMorgan Large Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Machinery — 0.7%
Deere & Co.		805		216,666
Personal Products — 0.9%
Estee Lauder Cos., Inc. (The), Class A		1,155		307,476
Professional Services — 0.3%
CoStar Group, Inc. * (a)		113		104,629
Road & Rail — 1.2%
Norfolk Southern Corp.		1,584		376,303
Semiconductors & Semiconductor Equipment — 9.6%
Advanced Micro Devices, Inc. *		5,357		491,309
ASML Holding NV (Registered), NYRS (Netherlands)		1,014		494,694
Enphase Energy, Inc. * (a)		1,390		243,886
Lam Research Corp.		735		347,307
NVIDIA Corp.		840		438,578
QUALCOMM, Inc.		4,165		634,542
Texas Instruments, Inc.		2,758		452,671
				3,102,987
Software — 9.9%
Microsoft Corp.		6,882		1,530,761
salesforce.com, Inc. *		1,359		302,307
ServiceNow, Inc. *		273		150,515
SS&C Technologies Holdings, Inc.		2,842		206,763
Synopsys, Inc. *		1,920		497,767
Trade Desk, Inc. (The), Class A *		347		278,027
Workday, Inc., Class A *		905		216,823
				3,182,963
Specialty Retail — 2.9%
Carvana Co. *		1,305		312,672
Home Depot, Inc. (The)		1,350		358,650
Lowe’s Cos., Inc.		1,577		253,108
				924,430
Technology Hardware, Storage & Peripherals — 7.7%
Apple, Inc.		18,771		2,490,705
Textiles, Apparel & Luxury Goods — 1.0%
Lululemon Athletica, Inc. *		926		322,276
Total Common Stocks (Cost $16,902,448)				31,152,982
Short-Term Investments — 4.6%
Investment Companies — 4.0%
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (b) (c) (Cost $1,289,076)		1,288,551		1,289,196

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment of Cash Collateral from Securities Loaned — 0.6%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (b) (c)		177,129		177,146
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		28,095		28,095
Total Investment of Cash Collateral from Securities Loaned (Cost $205,242)				205,241
Total Short-Term Investments (Cost $1,494,318)				1,494,437
Total Investments — 101.1% (Cost $18,396,766)				32,647,419
Liabilities in Excess of Other Assets — (1.1)%				(356,493	)
NET ASSETS — 100.0%				32,290,926

Percentages indicated are based on net assets.

Abbreviations
ADR	American Depositary Receipt
NYRS	New York Registry Shares
(a)	The security or a portion of this security is on loan at December 31, 2020. The total value of securities on loan at December 31, 2020 is approximately $176,206,000.
(b)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of December 31, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

JPMorgan Large Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.8%
Aerospace & Defense — 1.9%
Raytheon Technologies Corp.		445		31,808
Airlines — 1.3%
Spirit Airlines, Inc. * (a)		920		22,487
Automobiles — 3.1%
General Motors Co.		1,264		52,650
Banks — 9.9%
Bank of America Corp.		1,433		43,437
Citigroup, Inc.		1,059		65,318
Wells Fargo & Co.		2,002		60,433
				169,188
Beverages — 1.0%
Coca-Cola Co. (The)		293		16,068
Biotechnology — 3.3%
Alexion Pharmaceuticals, Inc. *		198		30,873
Biogen, Inc. *		43		10,431
Vertex Pharmaceuticals, Inc. *		65		15,433
				56,737
Building Products — 4.2%
Carrier Global Corp.		484		18,271
Owens Corning		459		34,789
Trane Technologies plc		131		18,958
				72,018
Capital Markets — 2.3%
Franklin Resources, Inc.		269		6,722
Goldman Sachs Group, Inc. (The)		53		13,845
Morgan Stanley		271		18,572
				39,139
Chemicals — 7.0%
Celanese Corp. (a)		258		33,524
DuPont de Nemours, Inc. (a)		358		25,436
Eastman Chemical Co.		220		22,092
FMC Corp.		246		28,250
LyondellBasell Industries NV, Class A		116		10,605
				119,907
Containers & Packaging — 0.7%
WestRock Co.		259		11,253
Electrical Equipment — 0.5%
Sensata Technologies Holding plc *		170		8,950
Equity Real Estate Investment Trusts (REITs) — 3.8%
Host Hotels & Resorts, Inc.		1,168		17,092
Ventas, Inc.		607		29,753
Weingarten Realty Investors		852		18,469
				65,314

INVESTMENTS	SHARES (000)		VALUE ($000)
Food & Staples Retailing — 3.9%
US Foods Holding Corp. *		2,003		66,723
Food Products — 2.3%
Lamb Weston Holdings, Inc.		494		38,921
Health Care Equipment & Supplies — 1.7%
Zimmer Biomet Holdings, Inc.		184		28,276
Health Care Providers & Services — 6.4%
Anthem, Inc.		48		15,412
Centene Corp. *		199		11,916
Cigna Corp.		222		46,258
CVS Health Corp.		238		16,262
McKesson Corp.		75		12,992
Universal Health Services, Inc., Class B		39		5,307
				108,147
Hotels, Restaurants & Leisure — 2.7%
Darden Restaurants, Inc.		267		31,841
Royal Caribbean Cruises Ltd.		188		14,071
				45,912
Household Durables — 0.7%
PulteGroup, Inc.		292		12,608
Industrial Conglomerates — 1.5%
Honeywell International, Inc.		122		25,992
Insurance — 5.3%
American International Group, Inc.		873		33,036
Chubb Ltd.		117		17,932
Hartford Financial Services Group, Inc. (The)		477		23,383
Prudential Financial, Inc.		208		16,270
				90,621
Internet & Direct Marketing Retail — 0.8%
Booking Holdings, Inc. *		6		14,032
IT Services — 3.2%
Leidos Holdings, Inc.		117		12,330
Sabre Corp. (a)		1,543		18,541
WEX, Inc. *		114		23,162
				54,033
Machinery — 3.3%
AGCO Corp.		201		20,752
Parker-Hannifin Corp.		78		21,221
Stanley Black & Decker, Inc.		78		13,892
				55,865

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 49

JPMorgan Large Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Media — 4.2%
Comcast Corp., Class A		1,170		61,313
Discovery, Inc., Class A * (a)		339		10,204
				71,517
Metals & Mining — 2.3%
Freeport-McMoRan, Inc.		1,485		38,650
Multiline Retail — 0.9%
Kohl’s Corp.		375		15,275
Multi-Utilities — 0.2%
Dominion Energy, Inc.		44		3,301
Oil, Gas & Consumable Fuels — 5.9%
Diamondback Energy, Inc.		325		15,745
EOG Resources, Inc.		481		24,007
Parsley Energy, Inc., Class A		1,145		16,256
Phillips 66		252		17,653
Pioneer Natural Resources Co.		238		27,083
				100,744
Pharmaceuticals — 2.1%
Bristol-Myers Squibb Co.		366		22,728
Pfizer, Inc.		360		13,255
				35,983
Real Estate Management & Development — 1.5%
Cushman & Wakefield plc * (a)		1,678		24,888
Road & Rail — 1.9%
Lyft, Inc., Class A * (a)		222		10,902
Norfolk Southern Corp.		92		21,955
				32,857
Semiconductors & Semiconductor Equipment — 3.7%
Microchip Technology, Inc.		63		8,715
NXP Semiconductors NV (Netherlands)		63		10,065
ON Semiconductor Corp. *		1,368		44,758
				63,538
Specialty Retail — 1.5%
AutoNation, Inc. *		360		25,117
Technology Hardware, Storage & Peripherals — 0.5%
Seagate Technology plc		131		8,162
Textiles, Apparel & Luxury Goods — 2.3%
Carter’s, Inc.		259		24,383
Tapestry, Inc.		474		14,729
				39,112
Total Common Stocks (Cost $1,303,652)				1,665,793

INVESTMENTS	NO. OF RIGHTS (000)		VALUE ($000)
Rights — 0.0% (b)
Pharmaceuticals — 0.0% (b)
Bristol-Myers Squibb Co., CVR, expiring 3/31/2021 * (Cost $456)		214		148
	SHARES (000)
Short-Term Investments — 3.0%
Investment Companies — 1.9%
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (c) (d) (Cost $32,096)		32,077		32,093
Investment of Cash Collateral from Securities Loaned — 1.1%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (c) (d)		16,397		16,398
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (c) (d)		1,838		1,838
Total Investment of Cash Collateral from Securities Loaned (Cost $18,236)				18,236
Total Short-Term Investments (Cost $50,332)				50,329
Total Investments — 100.8% (Cost $1,354,440)				1,716,270
Liabilities in Excess of Other Assets — (0.8)%				(13,520	)
NET ASSETS — 100.0%				1,702,750

Percentages indicated are based on net assets.

Abbreviations
CVR	Contingent Value Rights
(a)	The security or a portion of this security is on loan at December 31, 2020. The total value of securities on loan at December 31, 2020 is approximately $17,592,000.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of December 31, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

JPMorgan U.S. Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.0%
Aerospace & Defense — 1.6%
Northrop Grumman Corp.		995		303,091
Automobiles — 2.0%
Tesla, Inc. *		537		378,618
Banks — 5.7%
Huntington Bancshares, Inc.		7,971		100,670
KeyCorp		9,776		160,420
Regions Financial Corp.		5,867		94,584
Truist Financial Corp.		10,141		486,048
Wells Fargo & Co.		7,233		218,300
				1,060,022
Beverages — 4.5%
Coca-Cola Co. (The)		8,595		471,352
Constellation Brands, Inc., Class A		1,666		364,875
				836,227
Biotechnology — 2.7%
AbbVie, Inc.		4,267		457,197
Biogen, Inc. *		210		51,441
				508,638
Capital Markets — 3.0%
Ameriprise Financial, Inc.		1,175		228,362
Morgan Stanley		4,933		338,046
				566,408
Chemicals — 1.6%
Eastman Chemical Co.		2,972		298,021
Containers & Packaging — 1.5%
Crown Holdings, Inc. *		2,824		282,952
Electric Utilities — 4.0%
NextEra Energy, Inc.		6,369		491,392
Xcel Energy, Inc.		3,938		262,535
				753,927
Electrical Equipment — 2.9%
Eaton Corp. plc		4,525		543,673
Entertainment — 1.9%
Netflix, Inc. *		641		346,800
Equity Real Estate Investment Trusts (REITs) — 2.4%
Prologis, Inc.		4,523		450,722
Health Care Equipment & Supplies — 2.4%
Boston Scientific Corp. *		7,521		270,386
Intuitive Surgical, Inc. *		225		184,458
				454,844

INVESTMENTS	SHARES (000)		VALUE ($000)
Health Care Providers & Services — 2.7%
Cigna Corp.		1,939		403,559
Quest Diagnostics, Inc.		797		95,015
				498,574
Hotels, Restaurants & Leisure — 3.3%
McDonald’s Corp.		1,636		350,977
Yum! Brands, Inc.		2,379		258,264
				609,241
Insurance — 1.6%
Chubb Ltd.		736		113,227
Progressive Corp. (The)		1,880		185,887
				299,114
Interactive Media & Services — 5.5%
Alphabet, Inc., Class A *		514		901,318
Facebook, Inc., Class A *		441		120,362
				1,021,680
Internet & Direct Marketing Retail — 5.8%
Amazon.com, Inc. *		333		1,085,743
IT Services — 8.3%
Booz Allen Hamilton Holding Corp.		792		69,056
FleetCor Technologies, Inc. *		972		265,293
Leidos Holdings, Inc.		3,256		342,245
Mastercard, Inc., Class A		2,342		835,788
Okta, Inc. *		133		33,802
				1,546,184
Machinery — 1.1%
Stanley Black & Decker, Inc.		1,177		210,206
Media — 1.0%
Charter Communications, Inc., Class A *		277		183,382
Multi-Utilities — 0.9%
CMS Energy Corp.		2,643		161,239
Oil, Gas & Consumable Fuels — 0.5%
Pioneer Natural Resources Co.		728		82,947
Pharmaceuticals — 3.8%
Bristol-Myers Squibb Co.		5,837		362,052
Eli Lilly and Co.		2,082		351,533
				713,585
Road & Rail — 3.2%
Norfolk Southern Corp.		2,286		543,238
Uber Technologies, Inc. *		891		45,441
				588,679

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 51

JPMorgan U.S. Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Semiconductors & Semiconductor Equipment — 8.2%
Advanced Micro Devices, Inc. *		3,032		278,037
Analog Devices, Inc.		2,725		402,595
ASML Holding NV (Registered), NYRS (Netherlands)		459		223,812
Lam Research Corp.		275		129,857
NXP Semiconductors NV (Netherlands)		2,320		368,917
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		1,177		128,388
				1,531,606
Software — 8.5%
Ceridian HCM Holding, Inc. *		650		69,266
Coupa Software, Inc. *		181		61,271
Microsoft Corp.		5,409		1,203,034
salesforce.com, Inc. *		831		184,830
Workday, Inc., Class A *		312		74,865
				1,593,266
Specialty Retail — 2.3%
O’Reilly Automotive, Inc. *		543		245,676
Ross Stores, Inc.		1,496		183,710
				429,386
Technology Hardware, Storage & Peripherals — 5.1%
Apple, Inc.		7,206		956,172
Total Common Stocks (Cost $11,141,568)				18,294,947

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 2.2%
Investment Companies — 2.2%
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b) (Cost $403,806)		403,569		403,771
Total Investments — 100.2% (Cost $11,545,374)				18,698,718
Liabilities in Excess of Other Assets — (0.2)%				(31,942	)
NET ASSETS — 100.0%				18,666,776

Percentages indicated are based on net assets.

Abbreviations
ADR	American Depositary Receipt
NYRS	New York Registry Shares
(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)	The rate shown is the current yield as of December 31, 2020.
*	Non-income producing security.

Futures contracts outstanding as of December 31, 2020 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
S&P 500 E-Mini Index		1,626		03/2021		USD		304,489		5,543

Abbreviations
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

JPMorgan U.S. GARP Equity Fund

(formerly known as JPMorgan Intrepid Growth Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.5%
Aerospace & Defense — 0.8%
Raytheon Technologies Corp.		142		10,119
Air Freight & Logistics — 0.4%
United Parcel Service, Inc., Class B		34		5,658
Automobiles — 2.7%
Tesla, Inc. *		50		35,354
Biotechnology — 4.2%
AbbVie, Inc.		281		30,104
Biogen, Inc. *		16		3,942
Exelixis, Inc. *		238		4,771
Seagen, Inc. *		43		7,514
Vertex Pharmaceuticals, Inc. *		34		8,012
				54,343
Building Products — 0.6%
Fortune Brands Home & Security, Inc.		32		2,760
Owens Corning		69		5,212
				7,972
Capital Markets — 1.1%
LPL Financial Holdings, Inc.		55		5,722
MSCI, Inc.		7		3,304
S&P Global, Inc.		15		4,997
				14,023
Commercial Services & Supplies — 0.5%
Waste Management, Inc.		49		5,814
Communications Equipment — 0.4%
Lumentum Holdings, Inc. *		53		5,024
Containers & Packaging — 1.1%
Berry Global Group, Inc. *		174		9,794
Crown Holdings, Inc. *		38		3,818
				13,612
Electronic Equipment, Instruments & Components — 0.4%
Keysight Technologies, Inc. *		35		4,650
Entertainment — 1.2%
Electronic Arts, Inc.		32		4,552
Netflix, Inc. *		20		10,652
				15,204
Equity Real Estate Investment Trusts (REITs) — 1.4%
American Tower Corp.		43		9,584
Equinix, Inc.		13		9,070
				18,654
Food & Staples Retailing — 0.8%
Sysco Corp.		138		10,278

INVESTMENTS	SHARES (000)		VALUE ($000)
Food Products — 1.7%
Campbell Soup Co.		78		3,781
Conagra Brands, Inc.		237		8,590
Mondelez International, Inc., Class A		166		9,706
				22,077
Health Care Equipment & Supplies — 1.6%
Becton Dickinson and Co.		25		6,181
Medtronic plc		119		13,951
				20,132
Health Care Providers & Services — 4.0%
Anthem, Inc.		60		19,201
Centene Corp. *		137		8,206
HCA Healthcare, Inc.		44		7,204
Humana, Inc. (a)		22		9,149
UnitedHealth Group, Inc.		21		7,364
				51,124
Hotels, Restaurants & Leisure — 1.6%
Airbnb, Inc., Class A *		21		3,036
Darden Restaurants, Inc.		27		3,216
Las Vegas Sands Corp.		231		13,750
				20,002
Household Durables — 0.4%
PulteGroup, Inc.		129		5,575
Household Products — 1.0%
Procter & Gamble Co. (The)		96		13,357
Insurance — 0.3%
Marsh & McLennan Cos., Inc.		29		3,416
Interactive Media & Services — 8.8%
Alphabet, Inc., Class A *		16		28,217
Alphabet, Inc., Class C *		16		27,505
Facebook, Inc., Class A *		190		51,846
Zillow Group, Inc., Class C *		48		6,217
				113,785
Internet & Direct Marketing Retail — 8.6%
Amazon.com, Inc. *		26		84,029
eBay, Inc.		332		16,658
Expedia Group, Inc.		79		10,459
				111,146
IT Services — 8.4%
Accenture plc, Class A		71		18,441
Akamai Technologies, Inc. *		95		9,985
Leidos Holdings, Inc.		67		7,032
Mastercard, Inc., Class A		124		44,332

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 53

JPMorgan U.S. GARP Equity Fund

(formerly known as JPMorgan Intrepid Growth Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
IT Services — continued
PayPal Holdings, Inc. *		95		22,226
Visa, Inc., Class A		28		6,146
				108,162
Life Sciences Tools & Services — 1.8%
Agilent Technologies, Inc.		53		6,316
IQVIA Holdings, Inc. *		53		9,550
Thermo Fisher Scientific, Inc.		17		7,685
				23,551
Machinery — 0.9%
Parker-Hannifin Corp.		20		5,448
Toro Co. (The)		69		6,516
				11,964
Media — 1.2%
Charter Communications, Inc., Class A *		14		9,394
Discovery, Inc., Class A * (a)		185		5,567
				14,961
Oil, Gas & Consumable Fuels — 0.5%
Cheniere Energy, Inc. *		109		6,555
Pharmaceuticals — 2.3%
Bristol-Myers Squibb Co.		306		18,981
Horizon Therapeutics plc *		154		11,229
				30,210
Road & Rail — 1.2%
CSX Corp.		101		9,166
Old Dominion Freight Line, Inc.		30		5,797
				14,963
Semiconductors & Semiconductor Equipment — 6.8%
Applied Materials, Inc.		269		23,206
Lam Research Corp.		60		28,478
NVIDIA Corp.		24		12,585
Qorvo, Inc. *		47		7,731
QUALCOMM, Inc.		105		15,950
				87,950
Software — 18.1%
Adobe, Inc. *		58		29,157
Cadence Design Systems, Inc. *		95		12,947
Fortinet, Inc. *		84		12,432
HubSpot, Inc. *		9		3,608
Intuit, Inc.		68		25,982
Microsoft Corp.		487		108,285
Oracle Corp.		223		14,400
Palo Alto Networks, Inc. *		24		8,636

INVESTMENTS	SHARES (000)		VALUE ($000)
Software — continued
ServiceNow, Inc. *		13		7,266
VMware, Inc., Class A * (a)		43		5,975
Workday, Inc., Class A *		19		4,552
				233,240
Specialty Retail — 1.9%
Best Buy Co., Inc.		77		7,714
Lowe’s Cos., Inc.		102		16,308
				24,022
Technology Hardware, Storage & Peripherals — 11.8%
Apple, Inc.		973		129,134
Dell Technologies, Inc., Class C *		218		15,977
NetApp, Inc.		97		6,439
				151,550
Total Common Stocks (Cost $771,011)				1,268,447
	NO. OF RIGHTS (000)
Rights — 0.0% (b)
Pharmaceuticals — 0.0% (b)
Bristol-Myers Squibb Co., CVR, expiring 3/31/2021 * (Cost $71)		33		23
	SHARES (000)
Short-Term Investments — 2.5%
Investment Companies — 1.5%
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (c) (d) (Cost $19,430)		19,423		19,433
Investment of Cash Collateral from Securities Loaned — 1.0%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (c) (d)		9,993		9,994
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (c) (d)		2,916		2,916
Total Investment of Cash Collateral from Securities Loaned (Cost $12,910)				12,910
Total Short-Term Investments (Cost $32,340)				32,343
Total Investments — 101.0% (Cost $803,422)				1,300,813
Liabilities in Excess of Other Assets — (1.0)%				(13,390	)
NET ASSETS — 100.0%				1,287,423

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

Abbreviations
CVR	Contingent Value Rights
(a)	The security or a portion of this security is on loan at December 31, 2020. The total value of securities on loan at December 31, 2020 is approximately $12,768,000.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of December 31, 2020.
*	Non-income producing security.

Futures contracts outstanding as of December 31, 2020 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
S&P 500 E-Mini Index		55		03/2021		USD		10,299		249

Abbreviations
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 55

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Long Positions — 125.7%
Common Stocks — 125.3%
Aerospace & Defense — 2.0%
Northrop Grumman Corp. (a)		100		30,608
Raytheon Technologies Corp.		428		30,601
				61,209
Auto Components — 0.7%
Aptiv plc		58		7,521
Magna International, Inc. (Canada)		211		14,942
				22,463
Banks — 2.8%
Bank of America Corp. (a)		318		9,649
Citigroup, Inc.		95		5,875
First Republic Bank		53		7,829
SVB Financial Group *		24		9,332
Truist Financial Corp.		594		28,493
Wells Fargo & Co.		816		24,613
				85,791
Beverages — 2.3%
Coca-Cola Co. (The) (a)		553		30,315
Constellation Brands, Inc., Class A		75		16,417
PepsiCo, Inc. (a)		162		24,079
				70,811
Biotechnology — 3.1%
AbbVie, Inc.		420		44,979
Alexion Pharmaceuticals, Inc. *		102		15,966
Biogen, Inc. * (a)		64		15,572
Regeneron Pharmaceuticals, Inc. *		10		5,043
Vertex Pharmaceuticals, Inc. *		52		12,364
				93,924
Building Products — 1.6%
Trane Technologies plc		327		47,421
Capital Markets — 2.1%
Charles Schwab Corp. (The)		244		12,916
CME Group, Inc.		17		3,035
Morgan Stanley (a)		643		44,069
S&P Global, Inc.		9		2,885
				62,905
Chemicals — 4.6%
Air Products and Chemicals, Inc.		76		20,836
Celanese Corp.		202		26,271
DuPont de Nemours, Inc.		230		16,325
Eastman Chemical Co.		179		17,906
FMC Corp.		33		3,815

INVESTMENTS	SHARES (000)		VALUE ($000)
Chemicals — continued
Linde plc (United Kingdom)		148		39,053
PPG Industries, Inc.		101		14,626
				138,832
Consumer Finance — 1.6%
American Express Co.		110		13,311
Capital One Financial Corp.		360		35,598
				48,909
Containers & Packaging — 0.1%
Packaging Corp. of America		22		3,018
Diversified Financial Services — 0.5%
Voya Financial, Inc.		280		16,442
Electric Utilities — 2.8%
NextEra Energy, Inc.		730		56,326
Xcel Energy, Inc.		426		28,415
				84,741
Electrical Equipment — 1.1%
AMETEK, Inc.		72		8,727
Eaton Corp. plc		168		20,149
Sensata Technologies Holding plc *		59		3,125
				32,001
Electronic Equipment, Instruments & Components — 0.2%
TE Connectivity Ltd.		55		6,688
Energy Equipment & Services — 0.2%
Baker Hughes Co.		308		6,422
Entertainment — 2.6%
Electronic Arts, Inc.		81		11,579
Netflix, Inc. * (a)		107		57,767
Warner Music Group Corp., Class A		219		8,316
				77,662
Equity Real Estate Investment Trusts (REITs) — 3.9%
Brixmor Property Group, Inc.		463		7,657
Camden Property Trust		44		4,377
Cousins Properties, Inc.		126		4,234
Equity LifeStyle Properties, Inc.		131		8,274
Kimco Realty Corp.		112		1,687
Prologis, Inc.		256		25,544
Realty Income Corp.		79		4,929
SBA Communications Corp.		57		16,119
Sun Communities, Inc.		89		13,554
UDR, Inc.		154		5,914

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Long Positions — continued
Common Stocks — continued
Equity Real Estate Investment Trusts (REITs) — continued
Ventas, Inc.		367		17,982
WP Carey, Inc.		125		8,802
				119,073
Food Products — 0.6%
Conagra Brands, Inc.		74		2,688
Mondelez International, Inc., Class A (a)		268		15,660
				18,348
Health Care Equipment & Supplies — 3.2%
Boston Scientific Corp. * (a)		787		28,310
Intuitive Surgical, Inc. *		9		7,688
Medtronic plc		170		19,878
Zimmer Biomet Holdings, Inc. (a)		259		39,852
				95,728
Health Care Providers & Services — 3.9%
Centene Corp. *		57		3,395
Cigna Corp. (a)		210		43,788
CVS Health Corp.		66		4,505
McKesson Corp.		121		21,048
UnitedHealth Group, Inc. (a)		133		46,591
				119,327
Hotels, Restaurants & Leisure — 2.2%
Hilton Worldwide Holdings, Inc.		38		4,213
Las Vegas Sands Corp.		230		13,720
McDonald’s Corp.		32		6,817
Yum! Brands, Inc.		395		42,875
				67,625
Household Durables — 0.6%
KB Home		217		7,277
Lennar Corp., Class A		33		2,483
Toll Brothers, Inc.		198		8,627
				18,387
Household Products — 1.6%
Kimberly-Clark Corp.		17		2,348
Procter & Gamble Co. (The)		335		46,632
				48,980
Industrial Conglomerates — 1.2%
Honeywell International, Inc. (a)		172		36,518
Insurance — 2.1%
Arthur J Gallagher & Co.		72		8,902
Chubb Ltd.		200		30,719

INVESTMENTS	SHARES (000)		VALUE ($000)
Insurance — continued
Hartford Financial Services Group, Inc. (The)		127		6,232
Marsh & McLennan Cos., Inc.		33		3,882
Progressive Corp. (The)		137		13,559
				63,294
Interactive Media & Services — 6.6%
Alphabet, Inc., Class A * (a)		54		94,962
Alphabet, Inc., Class C * (a)		22		38,818
Facebook, Inc., Class A * (a)		227		62,095
ZoomInfo Technologies, Inc., Class A *		71		3,404
				199,279
Internet & Direct Marketing Retail — 7.0%
Amazon.com, Inc. * (a)		55		178,258
Booking Holdings, Inc. *		15		32,942
				211,200
IT Services — 9.2%
Booz Allen Hamilton Holding Corp.		60		5,220
Fiserv, Inc. * (a)		333		37,917
FleetCor Technologies, Inc. *		59		15,999
Leidos Holdings, Inc.		336		35,359
Mastercard, Inc., Class A (a)		246		87,946
PayPal Holdings, Inc. * (a)		261		61,173
WEX, Inc. *		177		36,017
				279,631
Life Sciences Tools & Services — 1.4%
Thermo Fisher Scientific, Inc. (a)		92		43,081
Machinery — 3.0%
Parker-Hannifin Corp.		144		39,099
Stanley Black & Decker, Inc.		283		50,541
				89,640
Media — 2.8%
Charter Communications, Inc., Class A * (a)		52		34,365
Comcast Corp., Class A (a)		740		38,797
Discovery, Inc., Class A *		339		10,202
				83,364
Multiline Retail — 0.4%
Dollar Tree, Inc. *		116		12,530
Multi-Utilities — 0.7%
Ameren Corp.		151		11,825
Sempra Energy		64		8,180
				20,005

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 57

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Long Positions — continued
Common Stocks — continued
Oil, Gas & Consumable Fuels — 3.7%
Chevron Corp.		275		23,182
Cimarex Energy Co.		75		2,799
ConocoPhillips		138		5,508
Diamondback Energy, Inc.		698		33,791
Kinder Morgan, Inc.		166		2,276
Pioneer Natural Resources Co. (a)		242		27,564
TC Energy Corp. (Canada)		95		3,874
Williams Cos., Inc. (The)		588		11,783
				110,777
Personal Products — 0.6%
Estee Lauder Cos., Inc. (The), Class A		74		19,612
Pharmaceuticals — 4.0%
Bristol-Myers Squibb Co. (a)		575		35,689
Elanco Animal Health, Inc. *		199		6,118
Eli Lilly and Co.		288		48,639
Johnson & Johnson		74		11,584
Merck & Co., Inc.		243		19,854
				121,884
Road & Rail — 5.0%
Canadian Pacific Railway Ltd. (Canada)		14		4,850
CSX Corp.		201		18,230
Lyft, Inc., Class A *		703		34,516
Norfolk Southern Corp. (a)		248		59,019
Uber Technologies, Inc. *		187		9,558
Union Pacific Corp. (a)		117		24,303
				150,476
Semiconductors & Semiconductor Equipment — 9.9%
Advanced Micro Devices, Inc. *		451		41,338
Analog Devices, Inc. (a)		428		63,171
Applied Materials, Inc.		393		33,888
KLA Corp.		13		3,428
Lam Research Corp.		96		45,545
Microchip Technology, Inc.		25		3,386
Micron Technology, Inc. *		128		9,594
NVIDIA Corp. (a)		44		23,005
NXP Semiconductors NV (Netherlands)		428		68,041
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		39		4,265
Texas Instruments, Inc. (a)		29		4,813
				300,474
Software — 11.1%
Ceridian HCM Holding, Inc. *		224		23,856
Coupa Software, Inc. *		62		21,050

INVESTMENTS	SHARES (000)			VALUE ($000)
Software — continued
Intuit, Inc.		69			26,128
Microsoft Corp. (a)		895			199,036
Paylocity Holding Corp. *		52			10,791
salesforce.com, Inc. * (a)		132			29,280
ServiceNow, Inc. *		14			7,455
Workday, Inc., Class A *		82			19,553
					337,149
Specialty Retail — 4.9%
AutoZone, Inc. * (a)		16			19,161
Best Buy Co., Inc.		57			5,714
Home Depot, Inc. (The) (a)		68			17,963
Lowe’s Cos., Inc.		278			44,690
O’Reilly Automotive, Inc. *		83			37,510
TJX Cos., Inc. (The)		350			23,901
					148,939
Technology Hardware, Storage & Peripherals — 5.4%
Apple, Inc. (a)		1,163			154,310
Hewlett Packard Enterprise Co.		156			1,852
Seagate Technology plc		134			8,299
					164,461
Textiles, Apparel & Luxury Goods — 0.8%
Carter’s, Inc.		40			3,737
NIKE, Inc., Class B		147			20,828
					24,565
Trading Companies & Distributors — 0.1%
WW Grainger, Inc.		7			3,059
Wireless Telecommunication Services — 1.1%
T-Mobile US, Inc. *		238			32,096
Total Common Stocks (Cost $2,039,051)					3,798,741
Short-Term Investments — 0.4%
Investment Companies — 0.4%
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (b) (c)(Cost $13,846)		13,838			13,845
Total Long Positions (Cost $2,052,897)					3,812,586
Short Positions — (25.9)%
Common Stocks — (25.9)%
Aerospace & Defense — (0.6)%
Boeing Co. (The)		(24	)		(5,146	)
HEICO Corp.		(40	)		(5,240	)

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)			VALUE ($000)
Short Positions — continued
Common Stocks — continued
Aerospace & Defense — continued
Huntington Ingalls Industries, Inc.		(9	)		(1,515	)
L3Harris Technologies, Inc.		(8	)		(1,444	)
Lockheed Martin Corp.		(9	)		(3,353	)
Textron, Inc.		(32	)		(1,531	)
					(18,229	)
Air Freight & Logistics — (0.5)%
CH Robinson Worldwide, Inc.		(86	)		(8,065	)
Expeditors International of Washington, Inc.		(62	)		(5,911	)
					(13,976	)
Automobiles — (0.1)%
Ford Motor Co.		(447	)		(3,931	)
Banks — (0.3)%
PNC Financial Services Group, Inc. (The)		(54	)		(8,077	)
Beverages — 0.0% (d)
Brown-Forman Corp., Class B		(18	)		(1,461	)
Biotechnology — (0.4)%
Amgen, Inc.		(10	)		(2,411	)
Gilead Sciences, Inc.		(159	)		(9,283	)
					(11,694	)
Building Products — (0.1)%
Johnson Controls International plc		(74	)		(3,436	)
Capital Markets — (0.8)%
Franklin Resources, Inc.		(327	)		(8,174	)
Moody’s Corp.		(10	)		(3,028	)
Nasdaq, Inc.		(62	)		(8,170	)
Northern Trust Corp.		(68	)		(6,311	)
					(25,683	)
Chemicals — (0.5)%
Albemarle Corp.		(54	)		(7,959	)
Ecolab, Inc.		(14	)		(3,056	)
Sherwin-Williams Co. (The)		(4	)		(3,072	)
					(14,087	)
Commercial Services & Supplies — (0.2)%
Republic Services, Inc.		(57	)		(5,492	)
Communications Equipment — (0.4)%
Cisco Systems, Inc.		(191	)		(8,559	)
Juniper Networks, Inc.		(208	)		(4,680	)
					(13,239	)

INVESTMENTS	SHARES (000)			VALUE ($000)
Construction Materials — (0.2)%
Martin Marietta Materials, Inc.		(11	)		(3,111	)
Vulcan Materials Co.		(19	)		(2,817	)
					(5,928	)
Containers & Packaging — (1.0)%
Avery Dennison Corp.		(21	)		(3,287	)
Ball Corp.		(75	)		(6,956	)
International Paper Co.		(238	)		(11,850	)
Silgan Holdings, Inc.		(41	)		(1,532	)
Sonoco Products Co.		(119	)		(7,032	)
					(30,657	)
Diversified Telecommunication Services — (0.6)%
AT&T, Inc.		(438	)		(12,594	)
CenturyLink, Inc.		(699	)		(6,819	)
					(19,413	)
Electric Utilities — (0.5)%
American Electric Power Co., Inc.		(111	)		(9,227	)
Duke Energy Corp.		(12	)		(1,135	)
PPL Corp.		(49	)		(1,371	)
Southern Co. (The)		(54	)		(3,310	)
					(15,043	)
Electrical Equipment — (0.5)%
Acuity Brands, Inc.		(115	)		(13,865	)
Electronic Equipment, Instruments & Components — (0.2)%
Cognex Corp.		(84	)		(6,758	)
Energy Equipment & Services — (0.5)%
Halliburton Co.		(445	)		(8,403	)
Schlumberger NV		(259	)		(5,646	)
					(14,049	)
Entertainment — (1.4)%
Spotify Technology SA *		(59	)		(18,463	)
Take-Two Interactive Software, Inc. *		(96	)		(20,048	)
Walt Disney Co. (The) *		(19	)		(3,465	)
					(41,976	)
Equity Real Estate Investment Trusts (REITs) — (1.6)%
AvalonBay Communities, Inc.		(18	)		(2,849	)
Digital Realty Trust, Inc.		(20	)		(2,730	)
Duke Realty Corp.		(68	)		(2,715	)
Equity Residential		(72	)		(4,256	)
Essex Property Trust, Inc.		(18	)		(4,366	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 59

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Short Positions — continued
Common Stocks — continued
Equity Real Estate Investment Trusts (REITs) — continued
Extra Space Storage, Inc.		(31	)		(3,633	)
Iron Mountain, Inc.		(353	)		(10,416	)
National Retail Properties, Inc.		(189	)		(7,723	)
Simon Property Group, Inc.		(79	)		(6,726	)
Vornado Realty Trust		(107	)		(4,003	)
					(49,417	)
Food & Staples Retailing — (1.2)%
Kroger Co. (The)		(491	)		(15,604	)
Walgreens Boots Alliance, Inc.		(322	)		(12,854	)
Walmart, Inc.		(47	)		(6,712	)
					(35,170	)
Food Products — (0.6)%
Campbell Soup Co.		(163	)		(7,899	)
General Mills, Inc.		(77	)		(4,504	)
Kellogg Co.		(84	)		(5,250	)
					(17,653	)
Health Care Equipment & Supplies — (0.5)%
Abbott Laboratories		(27	)		(2,903	)
Stryker Corp.		(50	)		(12,304	)
					(15,207	)
Health Care Providers & Services — (0.6)%
AmerisourceBergen Corp.		(92	)		(8,973	)
Cardinal Health, Inc.		(50	)		(2,702	)
Henry Schein, Inc. *		(101	)		(6,779	)
					(18,454	)
Health Care Technology — (0.3)%
Cerner Corp.		(120	)		(9,435	)
Hotels, Restaurants & Leisure — (0.3)%
Chipotle Mexican Grill, Inc. *		(6	)		(8,093	)
Household Products — (0.5)%
Clorox Co. (The)		(82	)		(16,538	)
Industrial Conglomerates — (1.0)%
3M Co.		(73	)		(12,714	)
General Electric Co.		(1,588	)		(17,146	)
					(29,860	)
Insurance — (0.6)%
Aflac, Inc.		(66	)		(2,953	)
Allstate Corp. (The)		(50	)		(5,541	)
Axis Capital Holdings Ltd.		(33	)		(1,647	)
MetLife, Inc.		(64	)		(3,005	)
Travelers Cos., Inc. (The)		(42	)		(5,848	)
					(18,994	)

INVESTMENTS	SHARES (000)			VALUE ($000)
Interactive Media & Services — (0.3)%
Twitter, Inc. *		(147	)		(7,971	)
Internet & Direct Marketing Retail — (0.2)%
ContextLogic, Inc., Class A *		(250	)		(4,560	)
IT Services — (1.6)%
Automatic Data Processing, Inc.		(14	)		(2,388	)
Cognizant Technology Solutions Corp., Class A		(19	)		(1,551	)
Infosys Ltd., ADR (India)		(237	)		(4,025	)
International Business Machines Corp.		(25	)		(3,120	)
Jack Henry & Associates, Inc.		(68	)		(10,951	)
Paychex, Inc.		(117	)		(10,941	)
Snowflake, Inc., Class A *		(10	)		(2,932	)
Western Union Co. (The)		(547	)		(12,003	)
					(47,911	)
Machinery — (0.8)%
Caterpillar, Inc.		(63	)		(11,415	)
Illinois Tool Works, Inc.		(56	)		(11,410	)
PACCAR, Inc.		(18	)		(1,540	)
					(24,365	)
Media — (1.5)%
Fox Corp., Class A		(169	)		(4,927	)
Interpublic Group of Cos., Inc. (The)		(121	)		(2,845	)
Omnicom Group, Inc.		(178	)		(11,110	)
Sirius XM Holdings, Inc.		(602	)		(3,835	)
ViacomCBS, Inc.		(620	)		(23,094	)
					(45,811	)
Multiline Retail — (0.6)%
Macy’s, Inc.		(699	)		(7,869	)
Nordstrom, Inc.		(319	)		(9,952	)
					(17,821	)
Multi-Utilities — (0.4)%
Consolidated Edison, Inc.		(159	)		(11,465	)
NiSource, Inc.		(60	)		(1,371	)
					(12,836	)
Oil, Gas & Consumable Fuels — (1.6)%
Apache Corp.		(115	)		(1,637	)
Devon Energy Corp.		(296	)		(4,675	)
Enbridge, Inc. (Canada)		(481	)		(15,384	)
Exxon Mobil Corp.		(205	)		(8,463	)
Hess Corp.		(157	)		(8,296	)
Marathon Oil Corp.		(530	)		(3,532	)
Occidental Petroleum Corp.		(399	)		(6,915	)
					(48,902	)

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)			VALUE ($000)
Short Positions — continued
Common Stocks — continued
Personal Products — 0.0% (d)
Coty, Inc., Class A		(171	)		(1,203	)
Pharmaceuticals — (0.4)%
Pfizer, Inc.		(289	)		(10,650	)
Viatris, Inc. *		(19	)		(352	)
					(11,002	)
Road & Rail — (0.4)%
Canadian National Railway Co. (Canada)		(39	)		(4,339	)
JB Hunt Transport Services, Inc.		(54	)		(7,340	)
					(11,679	)
Semiconductors & Semiconductor Equipment — (0.7)%
Broadcom, Inc.		(24	)		(10,594	)
Intel Corp.		(205	)		(10,225	)
QUALCOMM, Inc.		(10	)		(1,543	)
					(22,362	)
Software — (0.5)%
Adobe, Inc. *		(12	)		(6,147	)
fuboTV, Inc. *		(56	)		(1,575	)
Oracle Corp.		(86	)		(5,586	)
Palantir Technologies, Inc., Class A *		(44	)		(1,030	)
					(14,338	)
Technology Hardware, Storage & Peripherals — (0.6)%
HP, Inc.		(386	)		(9,485	)
NetApp, Inc.		(55	)		(3,642	)
Western Digital Corp.		(63	)		(3,502	)
Xerox Holdings Corp.		(125	)		(2,896	)
					(19,525	)
Textiles, Apparel & Luxury Goods — (0.2)%
VF Corp.		(54	)		(4,629	)

INVESTMENTS	SHARES (000)			VALUE ($000)
Trading Companies & Distributors — (0.1)%
Fastenal Co.		(84	)		(4,109	)
Total Common Stocks (Proceeds $(743,397))					(784,839	)
Total Short Positions (Proceeds $(743,397))					(784,839	)
Total Investments — 99.8% (Cost $1,309,500)					3,027,747
Other Assets Less Liabilities — 0.2%					4,522
NET ASSETS — 100.0%					3,032,269

Percentages indicated are based on net assets.

Abbreviations
ADR	American Depositary Receipt
(a)	All or a portion of this security is segregated as collateral for short sales. The total value of securities segregated as collateral is approximately $1,071,391,000.
(b)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of December 31, 2020.
(d)	Amount rounds to less than 0.1% of net assets.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 61

JPMorgan U.S. Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 99.5%
Aerospace & Defense — 1.0%
General Dynamics Corp.		52		7,719
Northrop Grumman Corp.		56		17,003
Raytheon Technologies Corp.		349		24,959
				49,681
Air Freight & Logistics — 0.5%
FedEx Corp.		103		26,767
Airlines — 0.3%
Delta Air Lines, Inc.		148		5,965
Southwest Airlines Co.		192		8,965
				14,930
Auto Components — 0.2%
Magna International, Inc. (Canada)		141		9,977
Automobiles — 1.8%
General Motors Co.		273		11,356
Tesla, Inc. *		109		77,200
				88,556
Banks — 3.1%
Bank of America Corp.		765		23,180
Citigroup, Inc.		512		31,554
KeyCorp		1,159		19,025
Regions Financial Corp.		895		14,423
Truist Financial Corp.		239		11,436
US Bancorp		413		19,260
Wells Fargo & Co.		1,167		35,215
				154,093
Beverages — 1.3%
Coca-Cola Co. (The)		772		42,349
Constellation Brands, Inc., Class A		107		23,432
				65,781
Biotechnology — 2.5%
AbbVie, Inc.		512		54,843
Alexion Pharmaceuticals, Inc. *		142		22,228
Amgen, Inc.		16		3,697
Biogen, Inc. *		42		10,367
Regeneron Pharmaceuticals, Inc. *		28		13,767
Vertex Pharmaceuticals, Inc. *		73		17,179
				122,081
Building Products — 0.9%
Masco Corp.		299		16,420
Trane Technologies plc		178		25,884
				42,304

INVESTMENTS	SHARES (000)		VALUE ($000)
Capital Markets — 3.4%
Goldman Sachs Group, Inc. (The)		100		26,465
Intercontinental Exchange, Inc.		217		24,995
MarketAxess Holdings, Inc.		12		6,797
Morgan Stanley		664		45,476
MSCI, Inc.		7		3,208
S&P Global, Inc.		124		40,695
State Street Corp.		241		17,568
T. Rowe Price Group, Inc.		32		4,788
				169,992
Chemicals — 1.9%
Air Products and Chemicals, Inc.		34		9,244
Celanese Corp.		55		7,085
Dow, Inc.		119		6,602
DuPont de Nemours, Inc.		194		13,812
Eastman Chemical Co.		231		23,154
Linde plc (United Kingdom)		59		15,525
LyondellBasell Industries NV, Class A		78		7,165
PPG Industries, Inc.		67		9,720
				92,307
Commercial Services & Supplies — 0.1%
Cintas Corp.		17		5,846
Communications Equipment — 0.4%
Cisco Systems, Inc.		345		15,417
Motorola Solutions, Inc.		15		2,611
				18,028
Consumer Finance — 0.5%
Capital One Financial Corp.		241		23,779
Containers & Packaging — 0.6%
Avery Dennison Corp.		35		5,411
Crown Holdings, Inc. *		88		8,789
Packaging Corp. of America		31		4,249
WestRock Co.		214		9,319
				27,768
Diversified Consumer Services — 0.0% (a)
H&R Block, Inc.		61		973
Diversified Financial Services — 1.7%
Berkshire Hathaway, Inc., Class B *		339		78,665
Voya Financial, Inc.		58		3,388
				82,053
Diversified Telecommunication Services — 0.8%
Verizon Communications, Inc.		664		38,989

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Electric Utilities — 1.4%
Exelon Corp.		203		8,575
NextEra Energy, Inc.		657		50,651
Xcel Energy, Inc.		177		11,808
				71,034
Electrical Equipment — 0.6%
Eaton Corp. plc		241		28,991
Electronic Equipment, Instruments & Components — 0.2%
TE Connectivity Ltd.		98		11,846
Entertainment — 1.2%
Netflix, Inc. *		106		57,303
Equity Real Estate Investment Trusts (REITs) — 1.7%
Camden Property Trust		111		11,071
Equinix, Inc.		31		22,057
Equity LifeStyle Properties, Inc.		64		4,077
Mid-America Apartment Communities, Inc.		69		8,757
Prologis, Inc.		232		23,125
Public Storage		15		3,441
Realty Income Corp.		33		2,044
Sun Communities, Inc.		21		3,229
UDR, Inc.		46		1,760
Ventas, Inc.		122		5,968
				85,529
Food & Staples Retailing — 0.5%
Costco Wholesale Corp.		48		18,268
Kroger Co. (The)		218		6,925
				25,193
Food Products — 0.6%
Mondelez International, Inc., Class A		533		31,160
Health Care Equipment & Supplies — 3.1%
Abbott Laboratories		61		6,657
ABIOMED, Inc. *		7		2,264
Baxter International, Inc.		259		20,780
Becton Dickinson and Co.		45		11,216
Boston Scientific Corp. *		548		19,714
DexCom, Inc. *		15		5,428
Edwards Lifesciences Corp. *		57		5,207
Intuitive Surgical, Inc. *		11		8,595
Medtronic plc		371		43,517
Zimmer Biomet Holdings, Inc.		181		27,868
				151,246
Health Care Providers & Services — 2.8%
Anthem, Inc.		41		13,009
Centene Corp. *		51		3,032

INVESTMENTS	SHARES (000)		VALUE ($000)
Health Care Providers & Services — continued
Cigna Corp.		134		27,859
McKesson Corp.		155		26,887
UnitedHealth Group, Inc.		185		64,801
				135,588
Hotels, Restaurants & Leisure — 0.6%
Hilton Worldwide Holdings, Inc.		118		13,178
Yum! Brands, Inc.		158		17,147
				30,325
Household Durables — 0.4%
Lennar Corp., Class A		259		19,780
Household Products — 1.7%
Kimberly-Clark Corp.		162		21,797
Procter & Gamble Co. (The)		433		60,251
				82,048
Industrial Conglomerates — 1.0%
Honeywell International, Inc.		225		47,825
Insurance — 1.8%
Allstate Corp. (The)		239		26,231
American International Group, Inc.		135		5,129
Chubb Ltd.		115		17,639
Hartford Financial Services Group, Inc. (The)		164		8,010
Marsh & McLennan Cos., Inc.		55		6,399
MetLife, Inc.		50		2,327
Progressive Corp. (The)		251		24,858
				90,593
Interactive Media & Services — 5.9%
Alphabet, Inc., Class A *		59		104,238
Alphabet, Inc., Class C *		48		83,530
Facebook, Inc., Class A *		369		100,728
				288,496
Internet & Direct Marketing Retail — 5.4%
Amazon.com, Inc. *		75		244,136
Booking Holdings, Inc. *		11		23,783
				267,919
IT Services — 6.1%
Accenture plc, Class A		211		55,128
Booz Allen Hamilton Holding Corp.		86		7,532
FleetCor Technologies, Inc. *		13		3,635
International Business Machines Corp.		148		18,674
Leidos Holdings, Inc.		182		19,088
Mastercard, Inc., Class A		233		83,007

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 63

JPMorgan U.S. Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
IT Services — continued
PayPal Holdings, Inc. *		294		68,893
Visa, Inc., Class A		204		44,725
				300,682
Life Sciences Tools & Services — 1.5%
Illumina, Inc. *		36		13,177
PerkinElmer, Inc.		17		2,483
Thermo Fisher Scientific, Inc.		120		56,019
Waters Corp. *		11		2,672
				74,351
Machinery — 2.0%
Cummins, Inc.		68		15,543
Deere & Co.		93		25,154
Parker-Hannifin Corp.		89		24,109
Snap-on, Inc.		45		7,725
Stanley Black & Decker, Inc.		146		26,006
				98,537
Media — 2.3%
Altice USA, Inc., Class A *		163		6,181
Charter Communications, Inc., Class A *		57		37,720
Comcast Corp., Class A		960		50,290
Discovery, Inc., Class A *		333		10,024
Discovery, Inc., Class C *		386		10,102
				114,317
Metals & Mining — 0.2%
Newmont Corp.		123		7,392
Multiline Retail — 0.8%
Dollar Tree, Inc. *		109		11,791
Target Corp.		164		28,870
				40,661
Multi-Utilities — 1.3%
Ameren Corp.		171		13,379
CMS Energy Corp.		174		10,632
DTE Energy Co.		92		11,157
Public Service Enterprise Group, Inc.		214		12,464
Sempra Energy		140		17,861
				65,493
Oil, Gas & Consumable Fuels — 2.3%
Cabot Oil & Gas Corp.		74		1,209
Cheniere Energy, Inc. *		95		5,685
Chevron Corp.		415		35,038
ConocoPhillips		199		7,942
Diamondback Energy, Inc.		134		6,479

INVESTMENTS	SHARES (000)		VALUE ($000)
Oil, Gas & Consumable Fuels — continued
EOG Resources, Inc.		298		14,876
Kinder Morgan, Inc.		341		4,663
Phillips 66		190		13,295
Pioneer Natural Resources Co.		169		19,204
Williams Cos., Inc. (The)		306		6,126
				114,517
Personal Products — 0.3%
Estee Lauder Cos., Inc. (The), Class A		62		16,371
Pharmaceuticals — 3.5%
Bristol-Myers Squibb Co.		747		46,331
Eli Lilly and Co.		269		45,419
Johnson & Johnson		249		39,216
Merck & Co., Inc.		473		38,702
Pfizer, Inc.		135		4,985
				174,653
Professional Services — 0.1%
Verisk Analytics, Inc.		25		5,285
Road & Rail — 1.4%
CSX Corp.		87		7,918
Lyft, Inc., Class A *		131		6,429
Norfolk Southern Corp.		163		38,654
Union Pacific Corp.		67		14,013
				67,014
Semiconductors & Semiconductor Equipment — 5.9%
Advanced Micro Devices, Inc. *		298		27,339
Analog Devices, Inc.		238		35,233
Applied Materials, Inc.		415		35,802
Intel Corp.		237		11,824
Lam Research Corp.		53		24,814
Microchip Technology, Inc.		75		10,385
Micron Technology, Inc. *		110		8,300
NVIDIA Corp.		79		41,495
NXP Semiconductors NV (Netherlands)		155		24,666
Qorvo, Inc. *		90		14,912
QUALCOMM, Inc.		56		8,509
Texas Instruments, Inc.		293		48,083
				291,362
Software — 8.3%
Fortinet, Inc. *		22		3,298
Intuit, Inc.		99		37,785
Microsoft Corp.		1,386		308,384
salesforce.com, Inc. *		206		45,906
Workday, Inc., Class A *		47		11,369
				406,742

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Specialty Retail — 3.3%
AutoZone, Inc. *		20		24,202
Best Buy Co., Inc.		231		23,058
Home Depot, Inc. (The)		169		44,795
Lowe’s Cos., Inc.		291		46,755
TJX Cos., Inc. (The)		333		22,723
				161,533
Technology Hardware, Storage & Peripherals — 7.4%
Apple, Inc.		2,617		347,297
Seagate Technology plc		267		16,603
				363,900
Textiles, Apparel & Luxury Goods — 1.0%
Carter’s, Inc.		122		11,480
NIKE, Inc., Class B		252		35,646
				47,126
Tobacco — 1.2%
Altria Group, Inc.		628		25,754
Philip Morris International, Inc.		410		33,954
				59,708

INVESTMENTS	SHARES (000)		VALUE ($000)
Wireless Telecommunication Services — 0.7%
T-Mobile US, Inc. *		267		36,020
Total Common Stocks (Cost $2,782,006)				4,904,445
Short-Term Investments — 0.6%
Investment Companies — 0.6%
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (b) (c) (Cost $28,737)		28,730		28,744
Total Investments — 100.1% (Cost $2,810,743)				4,933,189
Liabilities in Excess of Other Assets — (0.1)%				(5,127	)
NET ASSETS — 100.0%				4,928,062

Percentages indicated are based on net assets.

(a)	Amount rounds to less than 0.1% of net assets.
(b)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of December 31, 2020.
*	Non-income producing security.

Futures contracts outstanding as of December 31, 2020 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
S&P 500 E-Mini Index		151		03/2021		USD		28,277		603

Abbreviations
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 65

JPMorgan U.S. Sustainable Leaders Fund

(formerly known as JPMorgan Intrepid Sustainable Equity Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

Investments	SHARES (000)		VALUE ($000)
Common Stocks — 96.4%
Auto Components — 2.2%
Aptiv plc		12		1,616
Banks — 5.2%
Bank of America Corp.		59		1,789
Citigroup, Inc.		35		2,143
				3,932
Biotechnology — 2.3%
Amgen, Inc.		5		1,036
Biogen, Inc. *		1		309
Gilead Sciences, Inc.		7		387
				1,732
Building Products — 4.4%
Owens Corning		14		1,036
Trane Technologies plc		11		1,638
Trex Co., Inc. *		8		653
				3,327
Capital Markets — 2.1%
S&P Global, Inc.		2		621
State Street Corp.		13		925
				1,546
Communications Equipment — 2.3%
Cisco Systems, Inc.		39		1,754
Containers & Packaging — 1.6%
Ball Corp.		13		1,229
Diversified Financial Services — 1.4%
Voya Financial, Inc.		18		1,066
Diversified Telecommunication Services — 3.1%
Verizon Communications, Inc.		40		2,322
Electric Utilities — 1.7%
NextEra Energy, Inc.		17		1,305
Electrical Equipment — 1.9%
Eaton Corp. plc		12		1,434
Entertainment — 6.5%
Electronic Arts, Inc.		6		884
Netflix, Inc. *		1		622
Walt Disney Co. (The) *		19		3,397
				4,903
Equity Real Estate Investment Trusts (REITs) — 4.2%
American Tower Corp.		3		727
Boston Properties, Inc.		11		1,056

Investments	Shares (000)		Value ($000)
Equity Real Estate Investment Trusts (REITs) — continued
Equinix, Inc.		1		693
Prologis, Inc.		7		671
				3,147
Food Products — 1.6%
General Mills, Inc.		20		1,168
Health Care Equipment & Supplies — 0.9%
Hologic, Inc. *		9		644
Health Care Providers & Services — 2.2%
Cigna Corp.		8		1,690
Household Products — 3.0%
Clorox Co. (The)		2		432
Procter & Gamble Co. (The)		13		1,855
				2,287
Insurance — 2.2%
Lincoln National Corp.		18		926
Travelers Cos., Inc. (The)		5		761
				1,687
IT Services — 4.8%
Accenture plc, Class A		3		825
Mastercard, Inc., Class A		8		2,781
				3,606
Life Sciences Tools & Services — 4.7%
Agilent Technologies, Inc.		7		885
Illumina, Inc. *		2		592
IQVIA Holdings, Inc. *		6		1,148
Thermo Fisher Scientific, Inc.		2		876
				3,501
Machinery — 4.6%
Deere & Co.		6		1,623
Parker-Hannifin Corp.		3		776
Xylem, Inc.		11		1,091
				3,490
Multiline Retail — 1.6%
Target Corp.		7		1,206
Pharmaceuticals — 3.8%
Bristol-Myers Squibb Co.		24		1,462
Merck & Co., Inc.		17		1,408
				2,870

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Semiconductors & Semiconductor Equipment — 8.0%
Applied Materials, Inc.		15		1,306
Lam Research Corp.		4		1,797
NVIDIA Corp.		2		830
Texas Instruments, Inc.		13		2,076
				6,009
Software — 14.7%
Adobe, Inc. *		2		800
Cadence Design Systems, Inc. *		11		1,528
Intuit, Inc.		4		1,656
Microsoft Corp.		28		6,153
salesforce.com, Inc. *		4		926
				11,063
Specialty Retail — 4.0%
Best Buy Co., Inc.		11		1,050
Home Depot, Inc. (The)		7		1,971
				3,021

INVESTMENTS	SHARES (000)		VALUE ($000)
Textiles, Apparel & Luxury Goods — 1.4%
VF Corp.		12		1,060
Total Common Stocks (Cost $55,080)				72,615
Short-Term Investments — 3.2%
Investment Companies — 3.2%
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b) (Cost $2,419)		2,418		2,420
Total Investments — 99.6% (Cost $57,499)				75,035
Other Assets Less Liabilities — 0.4%				295
NET ASSETS — 100.0%				75,330

Percentages indicated are based on net assets.

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)	The rate shown is the current yield as of December 31, 2020.
*	Non-income producing security.

Futures contracts outstanding as of December 31, 2020 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
E-Mini S&P 500 ESG Index		7		03/2021		USD		1,114		19

Abbreviations
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 67

JPMorgan U.S. Value Fund

(formerly known as JPMorgan Growth and Income Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.7%
Aerospace & Defense — 3.2%
General Dynamics Corp.		74		10,975
Northrop Grumman Corp.		33		10,184
Raytheon Technologies Corp.		205		14,646
				35,805
Airlines — 0.7%
Southwest Airlines Co.		160		7,456
Banks — 10.8%
Bank of America Corp.		741		22,453
Citigroup, Inc.		399		24,621
Citizens Financial Group, Inc.		139		4,973
M&T Bank Corp.		36		4,560
PNC Financial Services Group, Inc. (The)		99		14,766
Truist Financial Corp.		377		18,090
US Bancorp		182		8,476
Wells Fargo & Co.		760		22,926
				120,865
Beverages — 0.6%
PepsiCo, Inc.		45		6,712
Biotechnology — 2.0%
AbbVie, Inc.		111		11,897
Amgen, Inc.		26		5,935
Biogen, Inc. *		9		2,108
Vertex Pharmaceuticals, Inc. *		12		2,907
				22,847
Building Products — 0.9%
Trane Technologies plc		70		10,158
Capital Markets — 8.6%
BlackRock, Inc.		39		28,445
Charles Schwab Corp. (The)		215		11,416
Goldman Sachs Group, Inc. (The)		52		13,656
Morgan Stanley		302		20,714
S&P Global, Inc.		23		7,627
T. Rowe Price Group, Inc.		95		14,346
				96,204
Chemicals — 2.2%
Air Products and Chemicals, Inc.		38		10,427
Axalta Coating Systems Ltd. *		508		14,512
				24,939
Commercial Services & Supplies — 0.8%
Republic Services, Inc.		93		8,967
Construction Materials — 0.8%
Vulcan Materials Co.		63		9,356

INVESTMENTS	SHARES (000)		VALUE ($000)
Consumer Finance — 1.7%
American Express Co.		95		11,496
Capital One Financial Corp.		77		7,645
				19,141
Containers & Packaging — 0.4%
Ball Corp.		52		4,837
Diversified Financial Services — 2.0%
Berkshire Hathaway, Inc., Class B *		97		22,560
Diversified Telecommunication Services — 1.0%
Verizon Communications, Inc.		183		10,735
Electric Utilities — 2.1%
Entergy Corp.		46		4,638
NextEra Energy, Inc.		148		11,413
Xcel Energy, Inc.		110		7,301
				23,352
Electrical Equipment — 1.2%
Eaton Corp. plc		109		13,122
Entertainment — 0.9%
Walt Disney Co. (The) *		56		10,129
Equity Real Estate Investment Trusts (REITs) — 1.1%
AvalonBay Communities, Inc.		30		4,790
Ventas, Inc.		98		4,796
Vornado Realty Trust		84		3,134
				12,720
Food & Staples Retailing — 1.0%
Walmart, Inc.		76		11,006
Food Products — 0.9%
Mondelez International, Inc., Class A		182		10,662
Health Care Equipment & Supplies — 2.7%
Becton Dickinson and Co.		47		11,882
Medtronic plc		161		18,829
				30,711
Health Care Providers & Services — 3.6%
Anthem, Inc.		17		5,439
Cigna Corp.		65		13,458
Humana, Inc.		11		4,336
UnitedHealth Group, Inc.		49		17,250
				40,483
Hotels, Restaurants & Leisure — 1.6%
Las Vegas Sands Corp.		124		7,384
McDonald’s Corp.		47		10,132
				17,516

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Household Durables — 0.4%
Newell Brands, Inc.		215		4,563
Household Products — 1.2%
Colgate-Palmolive Co.		157		13,386
Industrial Conglomerates — 1.1%
Honeywell International, Inc.		56		11,875
Insurance — 4.1%
Chubb Ltd.		74		11,401
Hartford Financial Services Group, Inc. (The)		227		11,130
Loews Corp.		105		4,710
Marsh & McLennan Cos., Inc.		51		5,914
MetLife, Inc.		169		7,944
Prudential Financial, Inc.		61		4,737
				45,836
Interactive Media & Services — 1.9%
Alphabet, Inc., Class C *		12		21,858
Internet & Direct Marketing Retail — 0.9%
Booking Holdings, Inc. *		2		4,141
Expedia Group, Inc.		43		5,660
				9,801
IT Services — 1.6%
Fidelity National Information Services, Inc.		67		9,517
International Business Machines Corp.		65		8,122
				17,639
Machinery — 4.5%
Dover Corp.		136		17,227
Otis Worldwide Corp.		66		4,472
Parker-Hannifin Corp.		72		19,746
Stanley Black & Decker, Inc.		52		9,275
				50,720
Media — 2.6%
Comcast Corp., Class A		423		22,178
Discovery, Inc., Class A *		224		6,738
				28,916
Multi-Utilities — 1.7%
CMS Energy Corp.		240		14,661
Public Service Enterprise Group, Inc.		74		4,296
				18,957
Oil, Gas & Consumable Fuels — 4.1%
Chevron Corp.		154		13,006
ConocoPhillips		355		14,195
EOG Resources, Inc.		229		11,424

INVESTMENTS	SHARES (000)		VALUE ($000)
Oil, Gas & Consumable Fuels — continued
Phillips 66		36		2,522
Valero Energy Corp.		78		4,397
				45,544
Pharmaceuticals — 6.2%
Bristol-Myers Squibb Co.		348		21,557
Eli Lilly and Co.		70		11,794
Johnson & Johnson		132		20,842
Merck & Co., Inc.		101		8,238
Pfizer, Inc.		177		6,513
				68,944
Road & Rail — 2.0%
CSX Corp.		79		7,148
Kansas City Southern		74		15,051
				22,199
Semiconductors & Semiconductor Equipment — 5.3%
Analog Devices, Inc.		144		21,257
Lam Research Corp.		9		4,213
NXP Semiconductors NV (Netherlands)		74		11,769
Texas Instruments, Inc.		132		21,676
				58,915
Software — 1.8%
Microsoft Corp.		89		19,868
Specialty Retail — 5.0%
AutoZone, Inc. *		10		11,378
Home Depot, Inc. (The)		65		17,349
Lowe’s Cos., Inc.		73		11,779
TJX Cos., Inc. (The)		219		14,967
				55,473
Technology Hardware, Storage & Peripherals — 0.8%
Apple, Inc.		69		9,144
Textiles, Apparel & Luxury Goods — 1.3%
NIKE, Inc., Class B		100		14,209
Tobacco — 1.4%
Philip Morris International, Inc.		197		16,288
Total Common Stocks (Cost $769,988)				1,104,418

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 69

JPMorgan U.S. Value Fund

(formerly known as JPMorgan Growth and Income Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 2.8%
Investment Companies — 2.8%
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b) (Cost $31,521)		31,505		31,520
Total Investments — 101.5% (Cost $801,509)				1,135,938
Liabilities in Excess of Other Assets — (1.5)%				(16,969	)
NET ASSETS — 100.0%				1,118,969

Percentages indicated are based on net assets.

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)	The rate shown is the current yield as of December 31, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

THIS PAGE IS INTENTIONALLY LEFT BLANK

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 71

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2020 (Unaudited)

(Amounts in thousands, except per share amounts)

	JPMorgan Equity Focus Fund			JPMorgan Equity Income Fund		JPMorgan Equity Premium Income Fund			JPMorgan Hedged Equity Fund
ASSETS:
Investments in non-affiliates, at value	$	102,610		$	35,287,402	$	282,569		$	14,344,644
Investments in affiliates, at value		3,350			1,067,589		1,271			675,807
Options purchased, at value		—			—		—			337,242
Cash		—	(a)		99		—	(a)		—	(a)
Deposits at broker for futures contracts		—			—		—			32,034
Receivables:
Investment securities sold		—			—		13,011			1,329,251
Fund shares sold		2			122,367		727			196,218
Interest from non-affiliates		—			—		1,295			—
Dividends from non-affiliates		43			69,565		358			13,783
Dividends from affiliates		—			3		—			9
Variation margin on futures contracts		—			—		—			4,665
Prepaid expenses		—			—		—			204
Total Assets		106,005			36,547,025		299,231			16,933,857
LIABILITIES:
Payables:
Distributions		—			—		405			—
Investment securities purchased		—			8,116		10,207			2,021,216
Fund shares redeemed		6			113,670		1,224			11,827
Outstanding options written, at fair value		—			—		—			341,100
Accrued liabilities:
Investment advisory fees		36			11,965		34			2,953
Administration fees		2			1,336		1			820
Distribution fees		4			1,730		10			380
Service fees		15			4,209		52			2,708
Custodian and accounting fees		6			109		12			60
Trustees’ and Chief Compliance Officer’s fees		1			—		2			2
Other		90			986		72			153
Total Liabilities		160			142,121		12,019			2,381,219
Net Assets	$	105,845		$	36,404,904	$	287,212		$	14,552,638

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

	JPMorgan Equity Focus Fund			JPMorgan Equity Income Fund			JPMorgan Equity Premium Income Fund			JPMorgan Hedged Equity Fund
NET ASSETS:
Paid-in-Capital	$	64,846		$	27,635,578		$	290,127		$	12,775,118
Total distributable earnings (loss)		40,999			8,769,326			(2,915	)		1,777,520
Total Net Assets	$	105,845		$	36,404,904		$	287,212		$	14,552,638
Net Assets:
Class A	$	7,770		$	3,818,179		$	20,443		$	712,476
Class C		3,573			1,359,361			10,936			382,869
Class I		64,733			14,062,687			217,986			12,182,645
Class R2		—			70,167			—			—
Class R3		—			230,221			—			—
Class R4		—			160,019			—			—
Class R5		—			1,401,252			74			3,728
Class R6		29,769			15,303,018			37,773			1,270,920
Total	$	105,845		$	36,404,904		$	287,212		$	14,552,638
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		256			197,103			1,434			29,868
Class C		124			71,683			767			16,156
Class I		2,093			712,724			15,290			509,232
Class R2		—			3,640			—			—
Class R3		—			11,895			—			—
Class R4		—			8,115			—			—
Class R5		—			70,962			5			156
Class R6		969			775,620			2,650			53,006
Net Asset Value (a):
Class A — Redemption price per share	$	30.30		$	19.37		$	14.26		$	23.85
Class C — Offering price per share (b)		28.75			18.96			14.26			23.70
Class I — Offering and redemption price per share		30.93			19.73			14.26			23.92
Class R2 — Offering and redemption price per share		—			19.28			—			—
Class R3 — Offering and redemption price per share		—			19.35			—			—
Class R4 — Offering and redemption price per share		—			19.72			—			—
Class R5 — Offering and redemption price per share		—			19.75			14.25			23.96
Class R6 — Offering and redemption price per share		30.74			19.73			14.26			23.98
Class A maximum sales charge		5.25	%		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	31.98		$	20.44		$	15.05		$	25.17
Cost of investments in non-affiliates	$	61,259		$	26,001,247		$	245,171		$	10,576,181
Cost of investments in affiliates		3,350			1,067,536			1,271			675,807
Cost of options purchased		—			—			—			345,846
Premiums received from options written		—			—			—			334,309

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(b) Redemption price for Class C Shares varies based upon length of time the shares are held.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 73

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)

	JPMorgan Intrepid Value Fund			JPMorgan Large Cap Growth Fund			JPMorgan Large Cap Value Fund			JPMorgan U.S. Equity Fund
ASSETS:
Investments in non-affiliates, at value	$	246,948		$	31,152,982		$	1,665,941		$	18,294,947
Investments in affiliates, at value		3,492			1,289,196			32,093			403,771
Investment of cash collateral received from securities loaned, at value (See Note 2.B.)		427			205,241			18,236			—
Cash		3			139			3			33
Deposits at broker for futures contracts		274			—			—			17,886
Receivables:
Investment securities sold		1,113			22,843			—			35,369
Fund shares sold		99			94,509			5,653			21,088
Dividends from non-affiliates		370			6,415			1,452			10,270
Dividends from affiliates		—			4			—	(a)		1
Securities lending income (See Note 2.B.)		—	(a)		40			3			—
Variation margin on futures contracts		10			—			—			1,712
Total Assets		252,736			32,771,369			1,723,381			18,785,077
LIABILITIES:
Payables:
Investment securities purchased		1,732			183,134			—			61,470
Collateral received on securities loaned (See Note 2.B.)		427			205,241			18,236			—
Fund shares redeemed		476			75,804			1,458			48,020
Accrued liabilities:
Investment advisory fees		40			10,777			513			5,788
Administration fees		1			528			74			777
Distribution fees		19			1,493			60			618
Service fees		38			3,239			119			1,024
Custodian and accounting fees		8			7			17			56
Trustees’ and Chief Compliance Officer’s fees		—			—	(a)		1			2
Other		173			220			153			546
Total Liabilities		2,914			480,443			20,631			118,301
Net Assets	$	249,822		$	32,290,926		$	1,702,750		$	18,666,776

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

	JPMorgan Intrepid Value Fund			JPMorgan Large Cap Growth Fund			JPMorgan Large Cap Value Fund			JPMorgan U.S. Equity Fund
NET ASSETS:
Paid-in-Capital	$	202,289		$	15,670,613		$	1,365,288		$	11,273,172
Total distributable earnings (loss)		47,533			16,620,313			337,462			7,393,604
Total Net Assets	$	249,822		$	32,290,926		$	1,702,750		$	18,666,776
Net Assets:
Class A	$	51,862		$	4,560,705		$	139,049		$	1,412,328
Class C		9,806			726,684			38,093			304,477
Class I		119,482			9,697,818			419,904			1,411,013
Class L		—			—			—			2,673,394
Class R2		2,689			142,126			14,890			252,713
Class R3		—			173,937			13			153,560
Class R4		—			133,213			11			31,016
Class R5		3,741			958,797			21,544			957,331
Class R6		62,242			15,897,646			1,069,246			11,470,944
Total	$	249,822		$	32,290,926		$	1,702,750		$	18,666,776
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		1,719			77,342			8,220			74,413
Class C		331			17,085			2,355			16,728
Class I		3,924			161,242			25,294			74,073
Class L		—			—			—			140,085
Class R2		90			2,532			888			13,473
Class R3		—			2,931			1			8,126
Class R4		—			2,219			1			1,631
Class R5		123			15,503			1,284			50,140
Class R6		2,041			254,584			64,174			599,401
Net Asset Value (a):
Class A — Redemption price per share	$	30.17		$	58.97		$	16.92		$	18.98
Class C — Offering price per share (b)		29.63			42.53			16.17			18.20
Class I — Offering and redemption price per share		30.45			60.14			16.60			19.05
Class L — Offering and redemption price per share		—			—			—			19.08
Class R2 — Offering and redemption price per share		29.85			56.13			16.77			18.76
Class R3 — Offering and redemption price per share		—			59.35			16.59			18.90
Class R4 — Offering and redemption price per share		—			60.04			16.94			19.02
Class R5 — Offering and redemption price per share		30.50			61.85			16.78			19.09
Class R6 — Offering and redemption price per share		30.50			62.45			16.66			19.14
Class A maximum sales charge		5.25	%		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	31.84		$	62.24		$	17.86		$	20.03
Cost of investments in non-affiliates	$	202,360		$	16,902,448		$	1,304,108		$	11,141,568
Cost of investments in affiliates		3,492			1,289,076			32,096			403,806
Investment securities on loan, at value (See Note 2.B.)		418			176,206			17,592			—
Cost of investment of cash collateral (See Note 2.B.)		427			205,242			18,236			—

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(b) Redemption price for Class C Shares varies based upon length of time the shares are held.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 75

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)

	JPMorgan U.S. GARP Equity Fund (formerly known as JPMorgan Intrepid Growth Fund)			JPMorgan U.S. Large Cap Core Plus Fund			JPMorgan U.S. Research Enhanced Equity Fund			JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund)			JPMorgan U.S. Value Fund (formerly known as JPMorgan Growth and Income Fund)
ASSETS:
Investments in non-affiliates, at value	$	1,268,470		$	3,798,741		$	4,904,445		$	72,615		$	1,104,418
Investments in affiliates, at value		19,433			13,845			28,744			2,420			31,520
Investment of cash collateral received from securities loaned, at value (See Note 2.B.)		12,910			—			—			—			—
Cash		3			29			4			—	(a)		41
Deposits at broker for futures contracts		970			—			1,836			144			—
Receivables:
Investment securities sold		—			—			7,324			—			—
Fund shares sold		1,744			12,228			1,800			338			1,903
Dividends from non-affiliates		498			2,851			4,623			60			1,195
Dividends from affiliates		—	(a)		—	(a)		—	(a)		—	(a)		—	(a)
Tax reclaims		—			10			6			—			—
Securities lending income (See Note 2.B.)		2			—			—			—			—
Variation margin on futures contracts		58			—			159			6			—
Due from adviser		—			—			—			21			—
Total Assets		1,304,088			3,827,704			4,948,941			75,604			1,139,077
LIABILITIES:
Payables:
Due to broker for securities sold short		—			—	(a)		—			—			—
Securities sold short, at value		—			784,839			—			—			—
Dividend expense to non-affiliates on securities sold short		—			1,479			—			—			—
Investment securities purchased		—			—			9,552			182			18,697
Interest expense to non-affiliates on securities sold short		—			464			—			—			—
Collateral received on securities loaned (See Note 2.B.)		12,910			—			—			—			—
Fund shares redeemed		3,214			6,025			10,039			68			658
Accrued liabilities:
Investment advisory fees		277			1,646			809			—			325
Administration fees		54			160			165			—			45
Distribution fees		60			93			43			5			110
Service fees		86			313			70			2			184
Custodian and accounting fees		8			84			14			9			12
Trustees’ and Chief Compliance Officer’s fees		1			1			—	(a)		2			2
Other		55			331			187			6			75
Total Liabilities		16,665			795,435			20,879			274			20,108
Net Assets	$	1,287,423		$	3,032,269		$	4,928,062		$	75,330		$	1,118,969

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

	JPMorgan U.S. GARP Equity Fund (formerly known as JPMorgan Intrepid Growth Fund)			JPMorgan U.S. Large Cap Core Plus Fund			JPMorgan U.S. Research Enhanced Equity Fund			JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund)			JPMorgan U.S. Value Fund (formerly known as JPMorgan Growth and Income Fund)
NET ASSETS:
Paid-in-Capital	$	763,472		$	1,137,486		$	2,776,881		$	58,275		$	784,131
Total distributable earnings (loss)		523,951			1,894,783			2,151,181			17,055			334,838
Total Net Assets	$	1,287,423		$	3,032,269		$	4,928,062		$	75,330		$	1,118,969
Net Assets:
Class A	$	109,146		$	318,497		$	196,718		$	15,703		$	439,142
Class C		29,184			36,711			—			2,868			28,077
Class I		155,603			2,084,388			657,940			42,671			516,903
Class R2		46,255			5,345			—			—			1,738
Class R3		—			—			—			—			709
Class R4		—			—			—			—			1,380
Class R5		220,673			43,184			—			—			108
Class R6		726,562			544,144			4,073,404			14,088			130,912
Total	$	1,287,423		$	3,032,269		$	4,928,062		$	75,330		$	1,118,969
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		1,720			13,590			6,251			309			8,041
Class C		470			1,746			—			58			579
Class I		2,400			86,809			20,668			835			8,923
Class R2		750			242			—			—			32
Class R3		—			—			—			—			12
Class R4		—			—			—			—			24
Class R5		3,465			1,783			—			—			2
Class R6		11,411			22,501			128,143			276			2,242
Net Asset Value (a):
Class A — Redemption price per share	$	63.47		$	23.44		$	31.47		$	50.74		$	54.61
Class C — Offering price per share (b)		62.02			21.02			—			49.73			48.50
Class I — Offering and redemption price per share		64.84			24.01			31.83			51.11			57.93
Class R2 — Offering and redemption price per share		61.63			22.10			—			—			54.72
Class R3 — Offering and redemption price per share		—			—			—			—			57.82
Class R4 — Offering and redemption price per share		—			—			—			—			57.91
Class R5 — Offering and redemption price per share		63.69			24.22			—			—			58.37
Class R6 — Offering and redemption price per share		63.67			24.18			31.79			51.09			58.38
Class A maximum sales charge		5.25	%		5.25	%		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	66.99		$	24.74		$	33.21		$	53.55		$	57.64
Cost of investments in non-affiliates	$	771,082		$	2,039,051		$	2,782,006		$	55,080		$	769,988
Cost of investments in affiliates		19,430			13,846			28,737			2,419			31,521
Investment securities on loan, at value (See Note 2.B.)		12,768			—			—			—			—
Cost of investment of cash collateral (See Note 2.B.)		12,910			—			—			—			—
Proceeds from securities sold short		—			743,397			—			—			—

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(b) Redemption price for Class C Shares varies based upon length of time the shares are held.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 77

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

(Amounts in thousands)

	JPMorgan Equity Focus Fund			JPMorgan Equity Income Fund			JPMorgan Equity Premium Income Fund			JPMorgan Hedged Equity Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—		$	—		$	13,041		$	—
Interest income from affiliates		—			—			13			—
Dividend income from non-affiliates		583			426,403			1,935			87,623
Dividend income from affiliates		3			687			3			32
Non-cash dividend income from non-affiliates		—			—			—			5,352
Income from securities lending (net) (See Note 2.B.)		—	(a)		—			—			—
Total investment income		586			427,090			14,992			93,007
EXPENSES:
Investment advisory fees		239			65,070			309			14,723
Administration fees		36			7,484			93			4,275
Distribution fees:
Class A		8			4,462			21			765
Class C		12			5,020			26			1,173
Class R2		—			185			—			—
Class R3		—			248			—			—
Service fees:
Class A		8			4,462			21			765
Class C		4			1,673			9			391
Class I		74			15,303			248			12,247
Class R2		—			92			—			—
Class R3		—			248			—			—
Class R4		—			169			—			—
Class R5		—			666			—	(a)		2
Custodian and accounting fees		13			561			27			141
Interest expense to affiliates		—			—			4			—
Professional fees		28			173			77			89
Trustees’ and Chief Compliance Officer’s fees		13			59			15			30
Printing and mailing costs		4			759			13			215
Registration and filing fees		33			636			65			287
Transfer agency fees (See Note 2.J.)		2			488			3			87
Other		5			286			7			115
Total expenses		479			108,044			938			35,305
Less fees waived		(88	)		(493	)		(178	)		(223	)
Less expense reimbursements		—			—			(1	)		—
Net expenses		391			107,551			759			35,082
Net investment income (loss)		195			319,539			14,233			57,925
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		4,796			383,214			(7,684	)		51,688
Investments in affiliates		(1	)		340			(3	)		—
Options purchased		—			—			—			(847,357	)
Futures contracts		—			—			—			57,004
Options written		—			—			—			(491,313	)
Net realized gain (loss)		4,795			383,554			(7,687	)		(1,229,978	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		18,054			5,381,108			29,655			2,268,494
Investments in affiliates		(1	)		(616	)		—	(a)		—
Options purchased		—			—			—			2,359
Futures contracts		—			—			—			(1,228	)
Options written		—			—			—			(2,218	)
Change in net unrealized appreciation/depreciation		18,053			5,380,492			29,655			2,267,407
Net realized/unrealized gains (losses)		22,848			5,764,046			21,968			1,037,429
Change in net assets resulting from operations	$	23,043		$	6,083,585		$	36,201		$	1,095,354

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

	JPMorgan Intrepid Value Fund			JPMorgan Large Cap Growth Fund			JPMorgan Large Cap Value Fund			JPMorgan U.S. Equity Fund
INVESTMENT INCOME:
Interest income from affiliates	$	—		$	3		$	—		$	—
Dividend income from non-affiliates		2,151			65,311			12,010			118,697
Dividend income from affiliates		4			1,172			21			203
Non-cash dividend income from non-affiliates		876			—			—			—
Income from securities lending (net) (See Note 2.B.)		3			1,327			30			53
Total investment income		3,034			67,813			12,061			118,953
EXPENSES:
Investment advisory fees		363			63,728			2,856			33,789
Administration fees		91			7,434			536			5,529
Distribution fees:
Class A		63			5,037			158			1,842
Class C		38			2,653			129			1,087
Class R2		7			336			44			601
Class R3		—			161			—	(a)		170
Service fees:
Class A		63			5,037			158			1,842
Class C		13			884			43			362
Class I		143			10,711			391			1,526
Class L		—			—			—			1,105
Class R2		3			168			22			300
Class R3		—			161			—	(a)		170
Class R4		—			128			3			32
Class R5		2			452			10			447
Custodian and accounting fees		18			407			30			266
Interest expense to affiliates		—			—			—			—	(a)
Professional fees		29			129			34			104
Trustees’ and Chief Compliance Officer’s fees		12			52			16			38
Printing and mailing costs		41			351			35			103
Registration and filing fees		53			434			70			142
Transfer agency fees (See Note 2.J.)		7			353			51			204
Other		8			228			19			176
Total expenses		954			98,844			4,605			49,835
Less fees waived		(217	)		(11,473	)		(514	)		(3,165	)
Less expense reimbursements		(1	)		—			(8	)		(44	)
Net expenses		736			87,371			4,083			46,626
Net investment income (loss)		2,298			(19,558	)		7,978			72,327
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		9,756			3,132,133			53,866			826,727
Investments in affiliates		(1	)		25			(5	)		(67	)
Futures contracts		295			—			—			31,651
Net realized gain (loss)		10,050			3,132,158			53,861			858,311
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		33,659			4,004,166			362,071			2,761,840
Investments in affiliates		(2	)		(517	)		(2	)		(35	)
Futures contracts		38			—			—			5,543
Change in net unrealized appreciation/depreciation		33,695			4,003,649			362,069			2,767,348
Net realized/unrealized gains (losses)		43,745			7,135,807			415,930			3,625,659
Change in net assets resulting from operations	$	46,043		$	7,116,249		$	423,908		$	3,697,986

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 79

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

(Amounts in thousands)

	JPMorgan U.S. GARP Equity Fund (formerly known as JPMorgan Intrepid Growth Fund)			JPMorgan U.S. Large Cap Core Plus Fund			JPMorgan U.S. Research Enhanced Equity Fund			JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund)			JPMorgan U.S. Value Fund (formerly known as JPMorgan Growth and Income Fund)
INVESTMENT INCOME:
Dividend income from non-affiliates	$	2,961		$	26,755		$	32,888		$	456		$	10,671
Dividend income from affiliates		26			19			43			2			26
Non-cash dividend income from non-affiliates		2,779			—			2,564			—			—
Income from securities lending (net) (See Note 2.B.)		27			—			—			—	(a)		—
Total investment income		5,793			26,774			35,495			458			10,697
EXPENSES:
Investment advisory fees		1,811			10,532			5,816			86			1,869
Administration fees		453			1,215			1,745			22			350
Distribution fees:
Class A		131			389			248			17			593
Class C		109			180			—			10			103
Class R2		109			12			—			—			3
Class R3		—			—			—			—			1
Service fees:
Class A		131			389			248			17			593
Class C		36			60			—			3			34
Class I		188			2,807			760			48			328
Class L (b)		—			—			2			—			—
Class R2		55			6			—			—			2
Class R3		—			—			—			—			1
Class R4		—			—			—			—			1
Class R5		103			21			—			—			—	(a)
Custodian and accounting fees		22			66			77			15			16
Interest expense to affiliates		—			1			—			—			—
Professional fees		35			49			50			50			37
Trustees’ and Chief Compliance Officer’s fees		15			18			19			15			16
Printing and mailing costs		15			44			11			11			30
Registration and filing fees		46			68			27			27			52
Transfer agency fees (See Note 2.J.)		28			48			31			2			81
Dividend expense to non-affiliates on securities sold short		—			11,811			—			—			—
Interest expense to non-affiliates on securities sold short		—			2,594			—			—			—
Other		14			43			52			4			14
Total expenses		3,301			30,353			9,086			327			4,124
Less fees waived		(403	)		(2,059	)		(2,648	)		(168	)		(423	)
Less expense reimbursements		—			(2	)		—	(a)		(22	)		(2	)
Net expenses		2,898			28,292			6,438			137			3,699
Net investment income (loss)		2,895			(1,518	)		29,057			321			6,998
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		72,573			568,497			132,058			135			14,154
Investments in affiliates		(3	)		(3	)		(18	)		(1	)		9
Futures contracts		1,902			722			5,905			99			—
Securities sold short		—			(57,610	)		—			—			—
Net realized gain (loss)		74,472			511,606			137,945			233			14,163
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		154,751			296,077			790,338			10,167			168,062
Investments in affiliates		(7	)		(5	)		—	(a)		1			(19	)
Futures contracts		249			24			(389	)		19			—
Securities sold short		—			(109,650	)		—			—			—
Change in net unrealized appreciation/depreciation		154,993			186,446			789,949			10,187			168,043
Net realized/unrealized gains (losses)		229,465			698,052			927,894			10,420			182,206
Change in net assets resulting from operations	$	232,360		$	696,534		$	956,951		$	10,741		$	189,204

(a) Amount rounds to less than one thousand.

(b) On July 2, 2020, Class L Shares for JPMorgan U.S. Research Enhanced Equity Fund were converted into Class I Shares. Additionally, as of July 2, 2020, the Class L Shares are no longer offered.

SEE NOTES TO FINANCIAL STATEMENTS.

80 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Equity Focus Fund						JPMorgan Equity Income Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	195		$	790		$	319,539		$	603,430
Net realized gain (loss)		4,795			11,963			383,554			(525,251	)
Change in net unrealized appreciation/depreciation		18,053			(8,470	)		5,380,492			(2,030,903	)
Change in net assets resulting from operations		23,043			4,283			6,083,585			(1,952,724	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(862	)		(962	)		(29,694	)		(100,496	)
Class C		(403	)		(540	)		(7,941	)		(36,790	)
Class I		(7,180	)		(10,258	)		(117,324	)		(324,790	)
Class R2		—			—			(511	)		(2,344	)
Class R3		—			—			(1,689	)		(4,859	)
Class R4		—			—			(1,294	)		(2,895	)
Class R5		—			—			(13,541	)		(46,903	)
Class R6		(3,356	)		(4,735	)		(146,073	)		(394,174	)
Total distributions to shareholders		(11,801	)		(16,495	)		(318,067	)		(913,251	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		9,549			(9,562	)		1,084,449			8,758,465
NET ASSETS:
Change in net assets		20,791			(21,774	)		6,849,967			5,892,490
Beginning of period		85,054			106,828			29,554,937			23,662,447
End of period	$	105,845		$	85,054		$	36,404,904		$	29,554,937

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 81

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Equity Premium Income Fund						JPMorgan Hedged Equity Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	14,233		$	13,512		$	57,925		$	103,479
Net realized gain (loss)		(7,687	)		(29,238	)		(1,229,978	)		(469,890	)
Change in net unrealized appreciation/depreciation		29,655			4,460			2,267,407			902,244
Change in net assets resulting from operations		36,201			(11,266	)		1,095,354			535,833
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(942	)		(857	)		(3,547	)		(3,986	)
Class C		(377	)		(258	)		(1,096	)		(836	)
Class I		(11,401	)		(12,367	)		(69,581	)		(62,588	)
Class R5		(2	)		(2	)		(27	)		(32	)
Class R6		(1,513	)		(39	)		(8,717	)		(8,633	)
Total distributions to shareholders		(14,235	)		(13,523	)		(82,968	)		(76,075	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		73,516			162,286			4,798,660			3,226,028
NET ASSETS:
Change in net assets		95,482			137,497			5,811,046			3,685,786
Beginning of period		191,730			54,233			8,741,592			5,055,806
End of period	$	287,212		$	191,730		$	14,552,638		$	8,741,592

SEE NOTES TO FINANCIAL STATEMENTS.

82 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

	JPMorgan Intrepid Value Fund						JPMorgan Large Cap Growth Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	2,298		$	15,342		$	(19,558	)	$	50,317
Net realized gain (loss)		10,050			46,835			3,132,158			1,883,835
Change in net unrealized appreciation/depreciation		33,695			(120,484	)		4,003,649			3,286,948
Change in net assets resulting from operations		46,043			(58,307	)		7,116,249			5,221,100
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(1,492	)		(5,592	)		(229,243	)		(307,305	)
Class C		(275	)		(1,365	)		(49,805	)		(82,111	)
Class I		(3,522	)		(54,344	)		(484,046	)		(568,389	)
Class R2		(79	)		(314	)		(7,546	)		(16,104	)
Class R3		—			—			(8,542	)		(7,619	)
Class R4		—			—			(6,602	)		(2,550	)
Class R5		(120	)		(3,383	)		(48,291	)		(83,447	)
Class R6		(1,925	)		(11,681	)		(774,029	)		(964,234	)
Total distributions to shareholders		(7,413	)		(76,679	)		(1,608,104	)		(2,031,759	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(44,574	)		(586,626	)		3,517,615			4,163,215
NET ASSETS:
Change in net assets		(5,944	)		(721,612	)		9,025,760			7,352,556
Beginning of period		255,766			977,378			23,265,166			15,912,610
End of period	$	249,822		$	255,766		$	32,290,926		$	23,265,166

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 83

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Large Cap Value Fund						JPMorgan U.S. Equity Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	7,978		$	24,035		$	72,327		$	156,956
Net realized gain (loss)		53,861			(22,822	)		858,311			1,074,096
Change in net unrealized appreciation/depreciation		362,069			(109,305	)		2,767,348			588,905
Change in net assets resulting from operations		423,908			(108,092	)		3,697,986			1,819,957
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(545	)		(2,660	)		(80,700	)		(161,648	)
Class C		(69	)		(354	)		(17,527	)		(26,242	)
Class I		(1,902	)		(4,022	)		(82,454	)		(97,817	)
Class L		—			—			(157,734	)		(142,043	)
Class R2		(42	)		(207	)		(14,651	)		(21,799	)
Class R3		—	(a)		—	(a)		(8,514	)		(11,145	)
Class R4		—	(a)		(193	)		(1,776	)		(2,149	)
Class R5		(125	)		(425	)		(56,320	)		(80,738	)
Class R6		(6,434	)		(15,475	)		(671,569	)		(925,117	)
Total distributions to shareholders		(9,117	)		(23,336	)		(1,091,245	)		(1,468,698	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		27,962			(19,703	)		1,121,273			286,006
NET ASSETS:
Change in net assets		442,753			(151,131	)		3,728,014			637,265
Beginning of period		1,259,997			1,411,128			14,938,762			14,301,497
End of period	$	1,702,750		$	1,259,997		$	18,666,776		$	14,938,762

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

84 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

	JPMorgan U.S. GARP Equity Fund (formerly known as JPMorgan Intrepid Growth Fund)						JPMorgan U.S. Large Cap Core Plus Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	2,895		$	16,629		$	(1,518	)	$	16,065
Net realized gain (loss)		74,472			88,286			511,606			1,461,601
Change in net unrealized appreciation/depreciation		154,993			54,387			186,446			(1,045,105	)
Change in net assets resulting from operations		232,360			159,302			696,534			432,561
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(9,875	)		(12,262	)		(77,084	)		(110,686	)
Class C		(2,514	)		(4,180	)		(9,299	)		(22,436	)
Class I		(13,950	)		(18,221	)		(515,371	)		(858,499	)
Class R2		(4,145	)		(5,271	)		(1,244	)		(1,126	)
Class R5		(20,231	)		(23,132	)		(9,627	)		(20,316	)
Class R6		(67,081	)		(73,479	)		(147,178	)		(161,893	)
Total distributions to shareholders		(117,796	)		(136,545	)		(759,803	)		(1,174,956	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		58,477			(56,713	)		45,232			(2,626,307	)
NET ASSETS:
Change in net assets		173,041			(33,956	)		(18,037	)		(3,368,702	)
Beginning of period		1,114,382			1,148,338			3,050,306			6,419,008
End of period	$	1,287,423		$	1,114,382		$	3,032,269		$	3,050,306

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 85

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan U.S. Research Enhanced Equity Fund						JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund)
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	29,057		$	79,253		$	321		$	428
Net realized gain (loss)		137,945			809,145			233			253
Change in net unrealized appreciation/depreciation		789,949			(499,565	)		10,187			2,768
Change in net assets resulting from operations		956,951			388,833			10,741			3,449
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(6,821	)		(21,842	)		(235	)		(858	)
Class C		—			—			(30	)		(204	)
Class I		(21,943	)		(23,849	)		(711	)		(1,447	)
Class L (a)		—			(45,099	)		—			—
Class R6 (b)		(137,962	)		(463,809	)		(247	)		—
Total distributions to shareholders		(166,726	)		(554,599	)		(1,223	)		(2,509	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(226,927	)		(1,284,816	)		25,112			9,075
NET ASSETS:
Change in net assets		563,298			(1,450,582	)		34,630			10,015
Beginning of period		4,364,764			5,815,346			40,700			30,685
End of period	$	4,928,062		$	4,364,764		$	75,330		$	40,700

(a) On July 2, 2020, Class L Shares for JPMorgan U.S. Research Enhanced Equity Fund were converted into Class I Shares. Additionally, as of July 2, 2020, the Class L Shares are no longer offered.

(b) Commencement of offering of class of shares effective September 30, 2020 for JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund).

SEE NOTES TO FINANCIAL STATEMENTS.

86 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

	JPMorgan U.S. Value Fund (formerly known as JPMorgan Growth and Income Fund)
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	6,998		$	11,575
Net realized gain (loss)		14,163			1,992
Change in net unrealized appreciation/depreciation		168,043			(46,631	)
Change in net assets resulting from operations		189,204			(33,064	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(8,480	)		(19,342	)
Class C		(535	)		(1,019	)
Class I		(7,655	)		(3,705	)
Class R2		(28	)		(16	)
Class R3		(12	)		(2	)
Class R4		(23	)		(12	)
Class R5		(2	)		(3	)
Class R6		(2,795	)		(2,189	)
Total distributions to shareholders		(19,530	)		(26,288	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		222,441			133,703
NET ASSETS:
Change in net assets		392,115			74,351
Beginning of period		726,854			652,503
End of period	$	1,118,969		$	726,854

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 87

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Equity Focus Fund						JPMorgan Equity Income Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	1,653		$	2,181		$	583,020		$	1,164,544
Distributions reinvested		862			962			27,674			95,360
Cost of shares redeemed		(1,200	)		(2,204	)		(659,311	)		(977,172	)
Change in net assets resulting from Class A capital transactions		1,315			939			(48,617	)		282,732
Class C
Proceeds from shares issued		41			409			86,241			366,152
Distributions reinvested		403			540			7,278			32,079
Cost of shares redeemed		(405	)		(490	)		(321,337	)		(334,932	)
Change in net assets resulting from Class C capital transactions		39			459			(227,818	)		63,299
Class I
Proceeds from shares issued		353			4,205			2,507,641			5,501,467
Distributions reinvested		7,180			10,183			105,388			291,290
Cost of shares redeemed		(2,116	)		(30,218	)		(1,432,422	)		(3,044,873	)
Change in net assets resulting from Class I capital transactions		5,417			(15,830	)		1,180,607			2,747,884
Class R2
Proceeds from shares issued		—			—			6,639			23,230
Distributions reinvested		—			—			500			2,243
Cost of shares redeemed		—			—			(22,334	)		(40,287	)
Change in net assets resulting from Class R2 capital transactions		—			—			(15,195	)		(14,814	)
Class R3
Proceeds from shares issued		—			—			49,993			92,006
Distributions reinvested		—			—			1,362			4,162
Cost of shares redeemed		—			—			(26,021	)		(46,297	)
Change in net assets resulting from Class R3 capital transactions		—			—			25,334			49,871
Class R4
Proceeds from shares issued		—			—			44,763			71,534
Distributions reinvested		—			—			1,294			2,895
Cost of shares redeemed		—			—			(16,768	)		(23,816	)
Change in net assets resulting from Class R4 capital transactions		—			—			29,289			50,613
Class R5
Proceeds from shares issued		—			—			150,733			478,990
Distributions reinvested		—			—			13,143			44,948
Cost of shares redeemed		—			—			(228,288	)		(593,726	)
Change in net assets resulting from Class R5 capital transactions		—			—			(64,412	)		(69,788	)
Class R6
Proceeds from shares issued		1,335			7,519			2,441,048			7,465,340
Subscriptions in-kind (See Note 9)		—			—			—			48,418
Distributions reinvested		3,353			4,735			139,482			377,452
Cost of shares redeemed		(1,910	)		(7,384	)		(2,375,269	)		(2,242,542	)
Change in net assets resulting from Class R6 capital transactions		2,778			4,870			205,261			5,648,668
Total change in net assets resulting from capital transactions	$	9,549		$	(9,562	)	$	1,084,449		$	8,758,465

SEE NOTES TO FINANCIAL STATEMENTS.

88 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

	JPMorgan Equity Focus Fund						JPMorgan Equity Income Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		54			79			32,819			67,608
Reinvested		29			35			1,540			5,373
Redeemed		(40	)		(84	)		(36,681	)		(57,395	)
Change in Class A Shares		43			30			(2,322	)		15,586
Class C
Issued		—	(a)		17			4,914			21,351
Reinvested		15			21			412			1,838
Redeemed		(14	)		(21	)		(18,673	)		(20,307	)
Change in Class C Shares		1			17			(13,347	)		2,882
Class I
Issued		13			143			137,311			317,929
Reinvested		239			366			5,752			16,183
Redeemed		(69	)		(1,079	)		(79,735	)		(181,493	)
Change in Class I Shares		183			(570	)		63,328			152,619
Class R2
Issued		—			—			376			1,382
Reinvested		—			—			28			126
Redeemed		—			—			(1,236	)		(2,304	)
Change in Class R2 Shares		—			—			(832	)		(796	)
Class R3
Issued		—			—			2,783			5,236
Reinvested		—			—			76			235
Redeemed		—			—			(1,468	)		(2,666	)
Change in Class R3 Shares		—			—			1,391			2,805
Class R4
Issued		—			—			2,525			3,947
Reinvested		—			—			70			162
Redeemed		—			—			(918	)		(1,344	)
Change in Class R4 Shares		—			—			1,677			2,765
Class R5
Issued		—			—			8,252			26,787
Reinvested		—			—			718			2,489
Redeemed		—			—			(12,420	)		(33,212	)
Change in Class R5 Shares		—			—			(3,450	)		(3,936	)
Class R6
Issued		44			264			133,993			418,476
Subscriptions in-kind (See Note 9)		—			—			—			2,637
Reinvested		112			170			7,625			21,032
Redeemed		(64	)		(290	)		(132,656	)		(128,412	)
Change in Class R6 Shares		92			144			8,962			313,733

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 89

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Equity Premium Income Fund						JPMorgan Hedged Equity Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	14,048		$	25,022		$	306,428		$	495,566
Distributions reinvested		892			852			3,523			3,972
Cost of shares redeemed		(8,983	)		(11,252	)		(123,626	)		(348,671	)
Change in net assets resulting from Class A capital transactions		5,957			14,622			186,325			150,867
Class C
Proceeds from shares issued		5,957			5,247			133,641			128,940
Distributions reinvested		372			254			1,095			835
Cost of shares redeemed		(736	)		(238	)		(25,353	)		(56,070	)
Change in net assets resulting from Class C capital transactions		5,593			5,263			109,383			73,705
Class I
Proceeds from shares issued		84,586			165,512			5,399,192			5,474,198
Distributions reinvested		11,302			12,358			67,176			59,927
Cost of shares redeemed		(69,712	)		(36,261	)		(1,292,098	)		(2,956,713	)
Change in net assets resulting from Class I capital transactions		26,176			141,609			4,174,270			2,577,412
Class R5
Proceeds from shares issued		49			—			740			1,405
Distributions reinvested		2			2			27			32
Cost of shares redeemed		—			—			(302	)		(550	)
Change in net assets resulting from Class R5 capital transactions		51			2			465			887
Class R6
Proceeds from shares issued		37,049			939			520,546			755,421
Distributions reinvested		30			25			3,937			3,351
Cost of shares redeemed		(1,340	)		(174	)		(196,266	)		(335,615	)
Change in net assets resulting from Class R6 capital transactions		35,739			790			328,217			423,157
Total change in net assets resulting from capital transactions	$	73,516		$	162,286		$	4,798,660		$	3,226,028

SEE NOTES TO FINANCIAL STATEMENTS.

90 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

	JPMorgan Equity Premium Income Fund						JPMorgan Hedged Equity Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		1,019			1,779			13,379			23,862
Reinvested		65			66			152			190
Redeemed		(646	)		(857	)		(5,347	)		(17,011	)
Change in Class A Shares		438			988			8,184			7,041
Class C
Issued		431			362			5,845			6,200
Reinvested		27			19			48			40
Redeemed		(54	)		(19	)		(1,109	)		(2,757	)
Change in Class C Shares		404			362			4,784			3,483
Class I
Issued		6,142			11,688			234,803			261,714
Reinvested		823			917			2,880			2,858
Redeemed		(5,053	)		(2,849	)		(55,775	)		(145,069	)
Change in Class I Shares		1,912			9,756			181,908			119,503
Class R5
Issued		3			—			33			66
Reinvested		—	(a)		1			1			2
Redeemed		—			—			(13	)		(26	)
Change in Class R5 Shares		3			1			21			42
Class R6
Issued		2,692			64			22,531			36,462
Reinvested		2			2			168			159
Redeemed		(97	)		(14	)		(8,474	)		(16,768	)
Change in Class R6 Shares		2,597			52			14,225			19,853

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 91

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Intrepid Value Fund						JPMorgan Large Cap Growth Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	3,519		$	6,903		$	939,227		$	1,093,424
Distributions reinvested		1,429			5,106			209,955			290,772
Cost of shares redeemed		(10,792	)		(23,459	)		(640,641	)		(1,019,134	)
Change in net assets resulting from Class A capital transactions		(5,844	)		(11,450	)		508,541			365,062
Class C
Proceeds from shares issued		564			567			147,576			194,307
Distributions reinvested		271			1,288			45,342			64,738
Cost of shares redeemed		(3,628	)		(7,152	)		(301,411	)		(147,910	)
Change in net assets resulting from Class C capital transactions		(2,793	)		(5,297	)		(108,493	)		111,135
Class I
Proceeds from shares issued		4,148			134,333			1,952,293			2,721,471
Distributions reinvested		3,498			54,229			446,730			522,530
Cost of shares redeemed		(20,506	)		(689,651	)		(1,423,479	)		(1,843,411	)
Change in net assets resulting from Class I capital transactions		(12,860	)		(501,089	)		975,544			1,400,590
Class R2
Proceeds from shares issued		201			765			22,963			36,135
Distributions reinvested		72			218			7,039			13,984
Cost of shares redeemed		(658	)		(2,045	)		(32,702	)		(83,183	)
Change in net assets resulting from Class R2 capital transactions		(385	)		(1,062	)		(2,700	)		(33,064	)
Class R3
Proceeds from shares issued		—			—			78,272			51,615
Distributions reinvested		—			—			5,581			4,020
Cost of shares redeemed		—			—			(23,539	)		(23,556	)
Change in net assets resulting from Class R3 capital transactions		—			—			60,314			32,079
Class R4
Proceeds from shares issued		—			—			59,311			49,115
Distributions reinvested		—			—			6,602			2,550
Cost of shares redeemed		—			—			(15,685	)		(6,458	)
Change in net assets resulting from Class R4 capital transactions		—			—			50,228			45,207
Class R5
Proceeds from shares issued		306			2,988			116,993			172,183
Distributions reinvested		120			3,383			46,287			78,312
Cost of shares redeemed		(1,647	)		(48,472	)		(166,386	)		(278,117	)
Change in net assets resulting from Class R5 capital transactions		(1,221	)		(42,101	)		(3,106	)		(27,622	)
Class R6
Proceeds from shares issued		4,296			55,961			3,033,803			3,367,122
Distributions reinvested		1,924			11,672			744,667			931,375
Cost of shares redeemed		(27,691	)		(93,260	)		(1,741,183	)		(2,028,669	)
Change in net assets resulting from Class R6 capital transactions		(21,471	)		(25,627	)		2,037,287			2,269,828
Total change in net assets resulting from capital transactions	$	(44,574	)	$	(586,626	)	$	3,517,615		$	4,163,215

SEE NOTES TO FINANCIAL STATEMENTS.

92 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

	JPMorgan Intrepid Value Fund						JPMorgan Large Cap Growth Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		128			238			16,850			26,425
Reinvested		51			173			3,665			7,477
Redeemed		(391	)		(800	)		(11,459	)		(24,532	)
Change in Class A Shares		(212	)		(389	)		9,056			9,370
Class C
Issued		20			22			3,592			6,347
Reinvested		10			44			1,097			2,250
Redeemed		(134	)		(250	)		(7,411	)		(4,817	)
Change in Class C Shares		(104	)		(184	)		(2,722	)		3,780
Class I
Issued		148			4,400			34,498			64,836
Reinvested		123			1,759			7,640			13,208
Redeemed		(741	)		(23,872	)		(25,199	)		(44,234	)
Change in Class I Shares		(470	)		(17,713	)		16,939			33,810
Class R2
Issued		8			25			430			906
Reinvested		2			8			129			376
Redeemed		(24	)		(72	)		(611	)		(2,121	)
Change in Class R2 Shares		(14	)		(39	)		(52	)		(839	)
Class R3
Issued		—			—			1,390			1,251
Reinvested		—			—			97			103
Redeemed		—			—			(420	)		(568	)
Change in Class R3 Shares		—			—			1,067			786
Class R4
Issued		—			—			1,053			1,166
Reinvested		—			—			113			64
Redeemed		—			—			(273	)		(157	)
Change in Class R4 Shares		—			—			893			1,073
Class R5
Issued		11			101			2,001			3,989
Reinvested		4			110			770			1,927
Redeemed		(59	)		(1,585	)		(2,832	)		(6,525	)
Change in Class R5 Shares		(44	)		(1,374	)		(61	)		(609	)
Class R6
Issued		154			1,871			51,219			77,205
Reinvested		68			394			12,253			22,702
Redeemed		(1,044	)		(3,593	)		(29,382	)		(47,053	)
Change in Class R6 Shares		(822	)		(1,328	)		34,090			52,854

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 93

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Large Cap Value Fund						JPMorgan U.S. Equity Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	10,494		$	138,275		$	236,861		$	715,588
Distributions reinvested		532			2,618			75,171			154,154
Cost of shares redeemed		(27,819	)		(156,095	)		(1,037,380	)		(605,447	)
Change in net assets resulting from Class A capital transactions		(16,793	)		(15,202	)		(725,348	)		264,295
Class C
Proceeds from shares issued		2,424			3,402			35,967			40,488
Distributions reinvested		68			344			17,125			24,891
Cost of shares redeemed		(7,936	)		(20,436	)		(68,144	)		(84,646	)
Change in net assets resulting from Class C capital transactions		(5,444	)		(16,690	)		(15,052	)		(19,267	)
Class I
Proceeds from shares issued		117,307			187,035			296,138			295,219
Distributions reinvested		1,892			4,008			78,692			94,363
Cost of shares redeemed		(53,035	)		(206,607	)		(185,016	)		(492,924	)
Change in net assets resulting from Class I capital transactions		66,164			(15,564	)		189,814			(103,342	)
Class L
Proceeds from shares issued		—			—			1,281,829			269,061
Distributions reinvested		—			—			150,300			124,874
Cost of shares redeemed		—			—			(361,583	)		(663,087	)
Change in net assets resulting from Class L capital transactions		—			—			1,070,546			(269,152	)
Class R2
Proceeds from shares issued		989			4,111			20,002			28,578
Distributions reinvested		42			196			14,554			21,162
Cost of shares redeemed		(8,925	)		(6,217	)		(35,266	)		(82,008	)
Change in net assets resulting from Class R2 capital transactions		(7,894	)		(1,910	)		(710	)		(32,268	)
Class R3
Proceeds from shares issued		—	(a)		—	(a)		26,670			27,510
Distributions reinvested		—	(a)		—	(a)		7,561			10,063
Cost of shares redeemed		(9	)		—	(a)		(19,442	)		(33,612	)
Change in net assets resulting from Class R3 capital transactions		(9	)		—	(a)		14,789			3,961
Class R4
Proceeds from shares issued		179			1,815			5,422			4,496
Distributions reinvested		—	(a)		192			1,776			2,149
Cost of shares redeemed		(12,452	)		(3,474	)		(1,640	)		(8,139	)
Change in net assets resulting from Class R4 capital transactions		(12,273	)		(1,467	)		5,558			(1,494	)
Class R5
Proceeds from shares issued		1,531			7,109			56,835			78,859
Distributions reinvested		124			420			52,275			73,591
Cost of shares redeemed		(4,366	)		(17,058	)		(106,928	)		(194,808	)
Change in net assets resulting from Class R5 capital transactions		(2,711	)		(9,529	)		2,182			(42,358	)
Class R6
Proceeds from shares issued		72,569			166,602			1,313,627			1,785,782
Subscriptions in-kind (See Note 9)		—			—			—			45,414
Distributions reinvested		6,433			15,432			665,216			919,240
Cost of shares redeemed		(72,080	)		(141,375	)		(1,399,349	)		(2,264,805	)
Change in net assets resulting from Class R6 capital transactions		6,922			40,659			579,494			485,631
Total change in net assets resulting from capital transactions	$	27,962		$	(19,703	)	$	1,121,273		$	286,006

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

94 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

	JPMorgan Large Cap Value Fund						JPMorgan U.S. Equity Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		711			10,104			13,237			46,733
Reinvested		36			196			4,098			9,829
Redeemed		(1,911	)		(11,819	)		(58,192	)		(39,445	)
Change in Class A Shares		(1,164	)		(1,519	)		(40,857	)		17,117
Class C
Issued		167			262			2,045			2,740
Reinvested		5			26			974			1,647
Redeemed		(592	)		(1,590	)		(3,902	)		(5,697	)
Change in Class C Shares		(420	)		(1,302	)		(883	)		(1,310	)
Class I
Issued		7,945			14,482			16,125			18,972
Reinvested		127			306			4,275			5,999
Redeemed		(3,790	)		(15,555	)		(10,168	)		(31,630	)
Change in Class I Shares		4,282			(767	)		10,232			(6,659	)
Class L
Issued		—			—			71,256			17,663
Reinvested		—			—			8,148			7,922
Redeemed		—			—			(19,643	)		(42,694	)
Change in Class L Shares		—			—			59,761			(17,109	)
Class R2
Issued		71			326			1,126			1,874
Reinvested		3			15			803			1,363
Redeemed		(596	)		(468	)		(1,964	)		(5,292	)
Change in Class R2 Shares		(522	)		(127	)		(35	)		(2,055	)
Class R3
Issued		—	(a)		—	(a)		1,479			1,723
Reinvested		—	(a)		—	(a)		414			644
Redeemed		—	(a)		—	(a)		(1,072	)		(2,144	)
Change in Class R3 Shares		—	(a)		—	(a)		821			223
Class R4
Issued		14			134			292			290
Reinvested		—	(a)		14			97			137
Redeemed		(942	)		(250	)		(90	)		(534	)
Change in Class R4 Shares		(928	)		(102	)		299			(107	)
Class R5
Issued		108			542			3,091			5,056
Reinvested		8			32			2,833			4,669
Redeemed		(301	)		(1,286	)		(5,920	)		(12,468	)
Change in Class R5 Shares		(185	)		(712	)		4			(2,743	)
Class R6
Issued		5,294			12,775			72,329			113,479
Subscriptions in-kind (See Note 9)		—			—			—			2,771
Reinvested		436			1,189			35,953			58,213
Redeemed		(5,087	)		(10,425	)		(76,207	)		(143,075	)
Change in Class R6 Shares		643			3,539			32,075			31,388

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 95

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan U.S. GARP Equity Fund (formerly known as JPMorgan Intrepid Growth Fund)						JPMorgan U.S. Large Cap Core Plus Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	13,968		$	18,251		$	55,299		$	82,531
Distributions reinvested		7,327			8,614			71,308			107,818
Cost of shares redeemed		(16,067	)		(40,642	)		(64,657	)		(536,310	)
Change in net assets resulting from Class A capital transactions		5,228			(13,777	)		61,950			(345,961	)
Class C
Proceeds from shares issued		1,175			2,490			2,694			7,465
Distributions reinvested		2,298			3,299			9,039			19,111
Cost of shares redeemed		(8,518	)		(10,656	)		(35,569	)		(60,945	)
Change in net assets resulting from Class C capital transactions		(5,045	)		(4,867	)		(23,836	)		(34,369	)
Class I
Proceeds from shares issued		6,625			21,569			122,808			542,564
Distributions reinvested		12,855			16,565			497,011			811,087
Cost of shares redeemed		(20,205	)		(61,865	)		(696,915	)		(3,344,154	)
Change in net assets resulting from Class I capital transactions		(725	)		(23,731	)		(77,096	)		(1,990,503	)
Class R2
Proceeds from shares issued		6,329			10,855			324			1,116
Distributions reinvested		4,130			5,051			1,205			808
Cost of shares redeemed		(8,592	)		(21,173	)		(546	)		(1,967	)
Change in net assets resulting from Class R2 capital transactions		1,867			(5,267	)		983			(43	)
Class R5
Proceeds from shares issued		16,841			22,564			2,298			15,058
Distributions reinvested		20,215			23,131			9,489			20,259
Cost of shares redeemed		(25,458	)		(53,596	)		(6,401	)		(84,259	)
Change in net assets resulting from Class R5 capital transactions		11,598			(7,901	)		5,386			(48,942	)
Class R6
Proceeds from shares issued		25,858			41,741			108,945			91,207
Distributions reinvested		61,717			68,077			112,990			113,531
Cost of shares redeemed		(42,021	)		(110,988	)		(144,090	)		(411,227	)
Change in net assets resulting from Class R6 capital transactions		45,554			(1,170	)		77,845			(206,489	)
Total change in net assets resulting from capital transactions	$	58,477		$	(56,713	)	$	45,232		$	(2,626,307	)

SEE NOTES TO FINANCIAL STATEMENTS.

96 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

	JPMorgan U.S. GARP Equity Fund (formerly known as JPMorgan Intrepid Growth Fund)						JPMorgan U.S. Large Cap Core Plus Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		225			335			2,069			3,532
Reinvested		119			160			3,151			4,576
Redeemed		(255	)		(754	)		(2,521	)		(21,865	)
Change in Class A Shares		89			(259	)		2,699			(13,757	)
Class C
Issued		19			47			112			340
Reinvested		38			63			446			873
Redeemed		(142	)		(203	)		(1,419	)		(2,792	)
Change in Class C Shares		(85	)		(93	)		(861	)		(1,579	)
Class I
Issued		102			377			4,527			22,659
Reinvested		204			300			21,400			33,851
Redeemed		(312	)		(1,107	)		(26,524	)		(138,788	)
Change in Class I Shares		(6	)		(430	)		(597	)		(82,278	)
Class R2
Issued		102			204			14			49
Reinvested		69			96			56			36
Redeemed		(140	)		(397	)		(22	)		(90	)
Change in Class R2 Shares		31			(97	)		48			(5	)
Class R5
Issued		264			412			84			639
Reinvested		326			425			405			840
Redeemed		(403	)		(983	)		(232	)		(3,482	)
Change in Class R5 Shares		187			(146	)		257			(2,003	)
Class R6
Issued		403			784			3,957			3,578
Reinvested		993			1,251			4,828			4,714
Redeemed		(644	)		(1,980	)		(5,799	)		(16,836	)
Change in Class R6 Shares		752			55			2,986			(8,544	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 97

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan U.S. Research Enhanced Equity Fund						JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund)
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	40,091		$	56,324		$	2,753		$	3,668
Distributions reinvested		6,785			21,732			226			837
Cost of shares redeemed		(66,619	)		(97,073	)		(673	)		(4,213	)
Change in net assets resulting from Class A capital transactions		(19,743	)		(19,017	)		2,306			292
Class C
Proceeds from shares issued		—			—			290			266
Distributions reinvested		—			—			30			187
Cost of shares redeemed		—			—			(665	)		(725	)
Change in net assets resulting from Class C capital transactions		—			—			(345	)		(272	)
Class I
Proceeds from shares issued		81,680			49,261			24,147			12,036
Distributions reinvested		15,314			23,349			688			1,446
Cost of shares redeemed		(112,140	)		(94,822	)		(15,504	)		(4,427	)
Conversion from Class L Shares		368,073			—			—			—
Change in net assets resulting from Class I capital transactions		352,927			(22,212	)		9,331			9,055
Class L (a)
Proceeds from shares issued		534			76,268			—			—
Distributions reinvested		—			26,507			—			—
Cost of shares redeemed		(28,170	)		(125,628	)		—			—
Conversion to Class I Shares		(368,073	)		—			—			—
Change in net assets resulting from Class L capital transactions		(395,709	)		(22,853	)		—			—
Class R6 (b)
Proceeds from shares issued		127,769			898,953			13,834			—
Distributions reinvested		137,563			462,987			247			—
Cost of shares redeemed		(429,734	)		(1,245,965	)		(261	)		—
Redemptions in-kind (See Note 8)		—			(1,336,709	)		—			—
Change in net assets resulting from Class R6 capital transactions		(164,402	)		(1,220,734	)		13,820			—
Total change in net assets resulting from capital transactions	$	(226,927	)	$	(1,284,816	)	$	25,112		$	9,075

(a) On July 2, 2020, Class L Shares for JPMorgan U.S. Research Enhanced Equity Fund were converted into Class I Shares. Additionally, as of July 2, 2020, the Class L Shares are no longer offered.

(b) Commencement of offering of class of shares effective September 30, 2020 for JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund).

SEE NOTES TO FINANCIAL STATEMENTS.

98 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

	JPMorgan U.S. Research Enhanced Equity Fund						JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund)
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		1,383			2,164			58			90
Reinvested		223			890			4			20
Redeemed		(2,248	)		(3,751	)		(14	)		(108	)
Change in Class A Shares		(642	)		(697	)		48			2
Class C
Issued		—			—			6			8
Reinvested		—			—			1			4
Redeemed		—			—			(15	)		(18	)
Change in Class C Shares		—			—			(8	)		(6	)
Class I
Issued		2,844			1,907			513			295
Reinvested		498			945			14			33
Redeemed		(3,852	)		(3,638	)		(313	)		(108	)
Conversion from Class L Shares		13,572			—			—			—
Change in Class I Shares		13,062			(786	)		214			220
Class L (a)
Issued		20			3,031			—			—
Reinvested		—			1,075			—			—
Redeemed		(1,046	)		(4,779	)		—			—
Conversion to Class I Shares		(13,599	)		—			—			—
Change in Class L Shares		(14,625	)		(673	)		—			—
Class R6 (b)
Issued		4,285			35,010			276			—
Reinvested		4,479			18,774			5			—
Redeemed		(14,364	)		(46,532	)		(5	)		—
Redemptions in-kind (See Note 8)		—			(52,834	)		—			—
Change in Class R6 Shares		(5,600	)		(45,582	)		276			—

(a) On July 2, 2020, Class L Shares for JPMorgan U.S. Research Enhanced Equity Fund were converted into Class I Shares. Additionally, as of July 2, 2020, the Class L Shares are no longer offered.

(b) Commencement of offering of class of shares effective September 30, 2020 for JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund).

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 99

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan U.S. Value Fund (formerly known as JPMorgan Growth and Income Fund)
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	21,154		$	103,634
Distributions reinvested		8,162			18,821
Cost of shares redeemed		(167,084	)		(69,860	)
Change in net assets resulting from Class A capital transactions		(137,768	)		52,595
Class C
Proceeds from shares issued		2,930			9,193
Distributions reinvested		459			848
Cost of shares redeemed		(6,607	)		(6,721	)
Change in net assets resulting from Class C capital transactions		(3,218	)		3,320
Class I
Proceeds from shares issued		345,772			75,806
Distributions reinvested		7,299			3,345
Cost of shares redeemed		(25,895	)		(33,791	)
Change in net assets resulting from Class I capital transactions		327,176			45,360
Class R2
Proceeds from shares issued		555			1,202
Distributions reinvested		28			16
Cost of shares redeemed		(199	)		(111	)
Change in net assets resulting from Class R2 capital transactions		384			1,107
Class R3
Proceeds from shares issued		224			400
Distributions reinvested		7			2
Cost of shares redeemed		(24	)		—	(a)
Change in net assets resulting from Class R3 capital transactions		207			402
Class R4
Proceeds from shares issued		133			1,340
Distributions reinvested		23			12
Cost of shares redeemed		(149	)		(38	)
Change in net assets resulting from Class R4 capital transactions		7			1,314
Class R5
Proceeds from shares issued		15			71
Distributions reinvested		2			3
Cost of shares redeemed		(10	)		(55	)
Change in net assets resulting from Class R5 capital transactions		7			19
Class R6
Proceeds from shares issued		176,474			48,377
Distributions reinvested		2,663			2,097
Cost of shares redeemed		(17,484	)		(20,888	)
Redemptions in-kind (See Note 8)		(126,007	)		—
Change in net assets resulting from Class R6 capital transactions		35,646			29,586
Total change in net assets resulting from capital transactions	$	222,441		$	133,703

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

100 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

	JPMorgan U.S. Value Fund (formerly known as JPMorgan Growth and Income Fund)
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		434			2,118
Reinvested		156			373
Redeemed		(3,452	)		(1,432	)
Change in Class A Shares		(2,862	)		1,059
Class C
Issued		67			209
Reinvested		10			19
Redeemed		(150	)		(160	)
Change in Class C Shares		(73	)		68
Class I
Issued		6,481			1,616
Reinvested		129			64
Redeemed		(485	)		(675	)
Change in Class I Shares		6,125			1,005
Class R2
Issued		11			24
Reinvested		1			—	(a)
Redeemed		(4	)		(2	)
Change in Class R2 Shares		8			22
Class R3
Issued		5			7
Reinvested		—	(a)		—	(a)
Redeemed		(1	)		—	(a)
Change in Class R3 Shares		4			7
Class R4
Issued		3			24
Reinvested		—	(a)		—	(a)
Redeemed		(3	)		(1	)
Change in Class R4 Shares		—	(a)		23
Class R5
Issued		—	(a)		2
Reinvested		—	(a)		—	(a)
Redeemed		—	(a)		(1	)
Change in Class R5 Shares		—	(a)		1
Class R6
Issued		3,359			915
Reinvested		48			39
Redeemed		(330	)		(395	)
Redemptions in-kind (See Note 8)		(2,169	)		—
Change in Class R6 Shares		908			559

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 101

STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

(Amounts in thousands)

	JPMorgan U.S. Large Cap Core Plus Fund
INCREASE (DECREASE) IN CASH
Cash flows provided (used) by operating activities:
Net increase in net assets resulting from operations	$	696,534
Adjustments to reconcile net increase/decrease in net assets resulting from operations to net cash provided (used) by operating activities:
Purchase of investment securities		(1,238,718	)
Proceeds from disposition of investment securities		2,213,368
Covers of investment securities sold short		(757,290	)
Proceeds from investment securities sold short		481,645
Purchases of short-term investments — affiliates, net		21,808
Change in unrealized (appreciation)/depreciation on investments in non-affiliates		(296,077	)
Change in unrealized (appreciation)/depreciation on investments in affiliates		5
Change in unrealized (appreciation)/depreciation on investment securities sold short		109,650
Net realized (gain)/loss on investments in non-affiliates		(568,497	)
Net realized (gain)/loss on investments in affiliates		3
Net realized (gain)/loss on securities sold short		57,610
Decrease in interest receivable from non-affiliates		279
Decrease in dividends receivable from non-affiliates		811
Increase in tax reclaims receivable		(4	)
Decrease in variation margin receivable		26
Increase in dividend expense to non-affiliates on securities sold short		408
Increase in interest expense to non-affiliates on securities sold short		464
Increase in investment advisory fees payable		76
Increase in administration fees payable		14
Decrease in distribution fees payable		(24	)
Increase in service fees payable		5
Decrease in custodian and accounting fees payable		(25	)
Decrease in registration fees payable		(96	)
Decrease in audit fees payable		(38	)
Decrease in printing and mailing cost payable		(172	)
Increase in Trustees’ and Chief Compliance Officer’s fees payable		1
Increase in other accrued expenses payable		292
Net cash provided (used) by operating activities		722,058
Cash flows provided (used) by financing activities:
Proceeds from shares issued		280,837
Payment for shares redeemed		(944,496	)
Cash distributions paid to shareholders (net of reinvestments of $701,042)		(58,761	)
Net cash provided (used) by financing activities		(722,420	)
Cash:
Net increase (decrease) in unrestricted and restricted cash and deposits at broker		(362	)
Restricted and unrestricted cash and deposits at broker at beginning of period		391
Restricted and unrestricted cash and deposits at broker at end of period	$	29

Supplemental disclosure of cash flow information:

For the six months ended December 31, 2020 the Fund paid approximately $2,131,000 in interest expense.

For purposes of reporting the Statement of Cash Flows, the Fund considers all cash accounts that are not subject to withdrawal restrictions or penalties to be cash equivalents.

Reconciliation of restricted and unrestricted cash and deposits at broker at the end of period to the Statement of Assets and Liabilities:

	June 30, 2020		December 31, 2020
Cash	$	23	$	29
Deposits at broker:
Futures contracts		368		—
	$	391	$	29

SEE NOTES TO FINANCIAL STATEMENTS.

102 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

THIS PAGE IS INTENTIONALLY LEFT BLANK

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 103

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Equity Focus Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	26.88	$	0.02		$	7.16		$	7.18		$	(0.11	)	$	(3.65	)	$	(3.76	)
Year Ended June 30, 2020		30.15		0.15			1.68			1.83			(0.12	)		(4.98	)		(5.10	)
Year Ended June 30, 2019		31.83		0.13			2.32			2.45			(0.41	)		(3.72	)		(4.13	)
Year Ended June 30, 2018		29.09		0.08			4.23			4.31			(0.01	)		(1.56	)		(1.57	)
Year Ended June 30, 2017		23.73		(0.01	)		5.70			5.69			(0.01	)		(0.32	)		(0.33	)
Year Ended June 30, 2016		24.78		(0.01	)		(0.38	)		(0.39	)		—	(f)		(0.66	)		(0.66	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		25.63		(0.05	)		6.82			6.77			—			(3.65	)		(3.65	)
Year Ended June 30, 2020		29.01		0.01			1.60			1.61			(0.01	)		(4.98	)		(4.99	)
Year Ended June 30, 2019		30.75		(0.03	)		2.25			2.22			(0.24	)		(3.72	)		(3.96	)
Year Ended June 30, 2018		28.28		(0.08	)		4.11			4.03			—			(1.56	)		(1.56	)
Year Ended June 30, 2017		23.18		(0.14	)		5.56			5.42			—			(0.32	)		(0.32	)
Year Ended June 30, 2016		24.34		(0.13	)		(0.37	)		(0.50	)		—			(0.66	)		(0.66	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		27.38		0.06			7.30			7.36			(0.16	)		(3.65	)		(3.81	)
Year Ended June 30, 2020		30.60		0.23			1.70			1.93			(0.17	)		(4.98	)		(5.15	)
Year Ended June 30, 2019		32.13		0.18			2.38			2.56			(0.37	)		(3.72	)		(4.09	)
Year Ended June 30, 2018		29.34		0.16			4.27			4.43			(0.08	)		(1.56	)		(1.64	)
Year Ended June 30, 2017		23.92		0.06			5.75			5.81			(0.07	)		(0.32	)		(0.39	)
Year Ended June 30, 2016		24.95		0.06			(0.39	)		(0.33	)		(0.04	)		(0.66	)		(0.70	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		27.25		0.10			7.27			7.37			(0.23	)		(3.65	)		(3.88	)
Year Ended June 30, 2020		30.48		0.30			1.69			1.99			(0.24	)		(4.98	)		(5.22	)
October 1, 2018 (g) through June 30, 2019		34.55		0.23			(0.05	)		0.18			(0.53	)		(3.72	)		(4.25	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Amount rounds to less than $0.005.

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

104 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	30.30		27.22	%	$	7,770		1.09	%		0.13	%		1.29	%		17	%
	26.88		5.87			5,723		1.10			0.55			1.34			44
	30.15		9.22			5,511		1.09			0.42			1.41			45
	31.83		15.02			4,077		1.11			0.26			1.31			34
	29.09		24.09			3,362		1.17			(0.02	)		1.37			84
	23.73		(1.60	)		1,937		1.24			(0.03	)		1.55			45
	28.75		26.95			3,573		1.59			(0.37	)		1.78			17
	25.63		5.30			3,147		1.60			0.05			1.84			44
	29.01		8.67			3,084		1.59			(0.09	)		1.89			45
	30.75		14.45			3,017		1.61			(0.26	)		1.80			34
	28.28		23.49			3,331		1.66			(0.51	)		1.86			84
	23.18		(2.10	)		1,268		1.74			(0.54	)		1.96			45
	30.93		27.40			64,733		0.84			0.38			1.03			17
	27.38		6.12			52,303		0.85			0.79			1.08			44
	30.60		9.50			75,887		0.84			0.57			1.08			45
	32.13		15.31			246,276		0.86			0.52			1.03			34
	29.34		24.43			180,151		0.92			0.23			1.10			84
	23.92		(1.37	)		136,284		0.99			0.24			1.11			45
	30.74		27.57			29,769		0.59			0.63			0.78			17
	27.25		6.39			23,881		0.60			1.06			0.83			44
	30.48		2.03			22,346		0.59			1.08			0.95			45

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 105

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Equity Income Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	16.22	$	0.15	$	3.15		$	3.30		$	(0.15	)	$	—		$	(0.15	)
Year Ended June 30, 2020		17.83		0.32		(1.42	)		(1.10	)		(0.32	)		(0.19	)		(0.51	)
Year Ended June 30, 2019		16.82		0.32		1.48			1.80			(0.33	)		(0.46	)		(0.79	)
Year Ended June 30, 2018		15.67		0.26		1.29			1.55			(0.25	)		(0.15	)		(0.40	)
Year Ended June 30, 2017		14.01		0.24		1.75			1.99			(0.24	)		(0.09	)		(0.33	)
Year Ended June 30, 2016		13.77		0.25		0.35			0.60			(0.25	)		(0.11	)		(0.36	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		15.88		0.10		3.09			3.19			(0.11	)		—			(0.11	)
Year Ended June 30, 2020		17.47		0.23		(1.39	)		(1.16	)		(0.24	)		(0.19	)		(0.43	)
Year Ended June 30, 2019		16.50		0.23		1.46			1.69			(0.26	)		(0.46	)		(0.72	)
Year Ended June 30, 2018		15.41		0.17		1.26			1.43			(0.19	)		(0.15	)		(0.34	)
Year Ended June 30, 2017		13.80		0.16		1.72			1.88			(0.18	)		(0.09	)		(0.27	)
Year Ended June 30, 2016		13.58		0.18		0.35			0.53			(0.20	)		(0.11	)		(0.31	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		16.52		0.17		3.21			3.38			(0.17	)		—			(0.17	)
Year Ended June 30, 2020		18.14		0.37		(1.43	)		(1.06	)		(0.37	)		(0.19	)		(0.56	)
Year Ended June 30, 2019		17.10		0.37		1.51			1.88			(0.38	)		(0.46	)		(0.84	)
Year Ended June 30, 2018		15.92		0.31		1.31			1.62			(0.29	)		(0.15	)		(0.44	)
Year Ended June 30, 2017		14.23		0.28		1.77			2.05			(0.27	)		(0.09	)		(0.36	)
Year Ended June 30, 2016		13.97		0.28		0.37			0.65			(0.28	)		(0.11	)		(0.39	)
Class R2
Six Months Ended December 31, 2020 (Unaudited)		16.14		0.12		3.15			3.27			(0.13	)		—			(0.13	)
Year Ended June 30, 2020		17.74		0.27		(1.40	)		(1.13	)		(0.28	)		(0.19	)		(0.47	)
Year Ended June 30, 2019		16.74		0.28		1.47			1.75			(0.29	)		(0.46	)		(0.75	)
Year Ended June 30, 2018		15.62		0.21		1.28			1.49			(0.22	)		(0.15	)		(0.37	)
Year Ended June 30, 2017		13.97		0.20		1.75			1.95			(0.21	)		(0.09	)		(0.30	)
Year Ended June 30, 2016		13.74		0.21		0.35			0.56			(0.22	)		(0.11	)		(0.33	)
Class R3
Six Months Ended December 31, 2020 (Unaudited)		16.21		0.15		3.14			3.29			(0.15	)		—			(0.15	)
Year Ended June 30, 2020		17.81		0.32		(1.41	)		(1.09	)		(0.32	)		(0.19	)		(0.51	)
Year Ended June 30, 2019		16.80		0.32		1.49			1.81			(0.34	)		(0.46	)		(0.80	)
Year Ended June 30, 2018		15.66		0.27		1.27			1.54			(0.25	)		(0.15	)		(0.40	)
September 9, 2016 (f) through June 30, 2017		14.06		0.19		1.71			1.90			(0.21	)		(0.09	)		(0.30	)
Class R4
Six Months Ended December 31, 2020 (Unaudited)		16.51		0.18		3.20			3.38			(0.17	)		—			(0.17	)
Year Ended June 30, 2020		18.13		0.37		(1.43	)		(1.06	)		(0.37	)		(0.19	)		(0.56	)
Year Ended June 30, 2019		17.09		0.36		1.52			1.88			(0.38	)		(0.46	)		(0.84	)
Year Ended June 30, 2018		15.92		0.32		1.29			1.61			(0.29	)		(0.15	)		(0.44	)
September 9, 2016 (f) through June 30, 2017		14.28		0.29		1.67			1.96			(0.23	)		(0.09	)		(0.32	)
Class R5
Six Months Ended December 31, 2020 (Unaudited)		16.53		0.19		3.22			3.41			(0.19	)		—			(0.19	)
Year Ended June 30, 2020		18.16		0.40		(1.45	)		(1.05	)		(0.39	)		(0.19	)		(0.58	)
Year Ended June 30, 2019		17.11		0.40		1.51			1.91			(0.40	)		(0.46	)		(0.86	)
Year Ended June 30, 2018		15.93		0.34		1.30			1.64			(0.31	)		(0.15	)		(0.46	)
Year Ended June 30, 2017		14.23		0.31		1.78			2.09			(0.30	)		(0.09	)		(0.39	)
Year Ended June 30, 2016		13.98		0.31		0.35			0.66			(0.30	)		(0.11	)		(0.41	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		16.52		0.20		3.20			3.40			(0.19	)		—			(0.19	)
Year Ended June 30, 2020		18.14		0.42		(1.44	)		(1.02	)		(0.41	)		(0.19	)		(0.60	)
Year Ended June 30, 2019		17.10		0.42		1.50			1.92			(0.42	)		(0.46	)		(0.88	)
Year Ended June 30, 2018		15.92		0.35		1.31			1.66			(0.33	)		(0.15	)		(0.48	)
Year Ended June 30, 2017		14.22		0.32		1.78			2.10			(0.31	)		(0.09	)		(0.40	)
Year Ended June 30, 2016		13.97		0.33		0.34			0.67			(0.31	)		(0.11	)		(0.42	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

106 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	19.37		20.41	%	$	3,818,179		0.97	%		1.64	%		0.97	%		10	%
	16.22		(6.36	)		3,234,850		0.98			1.83			0.98			22
	17.83		11.17			3,277,249		0.99			1.90			1.00			23
	16.82		9.94			3,022,879		1.00			1.55			1.01			20
	15.67		14.34			3,176,361		1.04			1.59			1.08			14
	14.01		4.45			3,370,383		1.04			1.83			1.11			20
	18.96		20.11			1,359,361		1.46			1.14			1.46			10
	15.88		(6.83	)		1,350,402		1.47			1.34			1.47			22
	17.47		10.66			1,434,793		1.48			1.39			1.49			23
	16.50		9.35			1,303,731		1.50			1.05			1.50			20
	15.41		13.74			1,385,115		1.54			1.09			1.55			14
	13.80		4.01			1,304,007		1.54			1.33			1.58			20
	19.73		20.56			14,062,687		0.71			1.91			0.71			10
	16.52		(6.06	)		10,727,252		0.71			2.11			0.72			22
	18.14		11.45			9,013,293		0.73			2.12			0.74			23
	17.10		10.22			6,320,979		0.74			1.81			0.75			20
	15.92		14.57			6,542,906		0.78			1.84			0.79			14
	14.23		4.75			4,679,200		0.79			2.07			0.81			20
	19.28		20.30			70,167		1.22			1.37			1.22			10
	16.14		(6.57	)		72,182		1.23			1.56			1.23			22
	17.74		10.90			93,453		1.24			1.64			1.25			23
	16.74		9.59			80,330		1.26			1.29			1.26			20
	15.62		14.08			87,437		1.29			1.34			1.39			14
	13.97		4.20			77,230		1.29			1.59			1.45			20
	19.35		20.37			230,221		0.96			1.67			0.96			10
	16.21		(6.29	)		170,246		0.97			1.86			0.97			22
	17.81		11.20			137,142		0.98			1.87			0.99			23
	16.80		9.90			91,267		0.99			1.61			0.99			20
	15.66		13.62			25,209		1.03			1.55			1.05			14
	19.72		20.57			160,019		0.71			1.92			0.71			10
	16.51		(6.07	)		106,277		0.72			2.12			0.72			22
	18.13		11.46			66,602		0.73			2.08			0.74			23
	17.09		10.18			23,451		0.74			1.90			0.75			20
	15.92		13.85			1,340		0.78			2.28			0.83			14
	19.75		20.70			1,401,252		0.56			2.05			0.56			10
	16.53		(5.98	)		1,230,147		0.56			2.24			0.57			22
	18.16		11.67			1,422,483		0.58			2.29			0.59			23
	17.11		10.38			1,097,476		0.59			1.98			0.60			20
	15.93		14.84			912,746		0.58			2.05			0.63			14
	14.23		4.89			722,424		0.59			2.28			0.64			20
	19.73		20.71			15,303,018		0.46			2.16			0.46			10
	16.52		(5.83	)		12,663,581		0.46			2.38			0.47			22
	18.14		11.72			8,217,432		0.48			2.38			0.49			23
	17.10		10.49			5,314,382		0.49			2.08			0.50			20
	15.92		14.95			2,821,798		0.50			2.13			0.50			14
	14.22		4.98			1,913,077		0.50			2.43			0.50			20

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 107

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net asset value, end of period		Total return (excludes sales charge) (c)(d)
JPMorgan Equity Premium Income Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	12.96	$	0.78	$	1.30		$	2.08		$	(0.78	)	$	14.26		16.39	%
Year Ended June 30, 2020		14.92		1.88		(2.42	)		(0.54	)		(1.42	)		12.96		(3.78	)
August 31, 2018 (f) through June 30, 2019		15.00		0.95		(0.11	)		0.84			(0.92	)		14.92		5.95
Class C
Six Months Ended December 31, 2020 (Unaudited)		12.96		0.75		1.29			2.04			(0.74	)		14.26		16.10
Year Ended June 30, 2020		14.92		1.61		(2.22	)		(0.61	)		(1.35	)		12.96		(4.26	)
August 31, 2018 (f) through June 30, 2019		15.00		0.85		(0.07	)		0.78			(0.86	)		14.92		5.50
Class I
Six Months Ended December 31, 2020 (Unaudited)		12.96		0.79		1.30			2.09			(0.79	)		14.26		16.53
Year Ended June 30, 2020		14.92		1.59		(2.10	)		(0.51	)		(1.45	)		12.96		(3.57	)
August 31, 2018 (f) through June 30, 2019		15.00		0.94		(0.07	)		0.87			(0.95	)		14.92		6.15
Class R5
Six Months Ended December 31, 2020 (Unaudited)		12.96		0.80		1.29			2.09			(0.80	)		14.25		16.53
Year Ended June 30, 2020		14.92		1.48		(1.96	)		(0.48	)		(1.48	)		12.96		(3.43	)
August 31, 2018 (f) through June 30, 2019		15.00		0.96		(0.08	)		0.88			(0.96	)		14.92		6.28
Class R6
Six Months Ended December 31, 2020 (Unaudited)		12.96		0.82		1.29			2.11			(0.81	)		14.26		16.67
Year Ended June 30, 2020		14.92		1.83		(2.30	)		(0.47	)		(1.49	)		12.96		(3.33	)
August 31, 2018 (f) through June 30, 2019		15.00		0.97		(0.07	)		0.90			(0.98	)		14.92		6.37

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Commencement of operations.

(g) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

SEE NOTES TO FINANCIAL STATEMENTS.

108 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

		Ratios/Supplemental data
		Ratios to average net assets (a)
Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	20,443		0.85	%		11.24	%		0.99	%		118	%
	12,904		0.85			14.21			1.11			236
	125		0.85	(g)		7.90	(g)		1.80	(g)		43
	10,936		1.35			10.75			1.49			118
	4,710		1.35			11.77			1.61			236
	21		1.35	(g)		7.14	(g)		2.26	(g)		43
	217,986		0.60			11.47			0.74			118
	173,409		0.60			11.40			0.91			236
	54,045		0.60	(g)		7.89	(g)		1.13	(g)		43
	74		0.45			11.49			0.70			118
	21		0.45			10.37			0.83			236
	21		0.45	(g)		8.04	(g)		1.36	(g)		43
	37,773		0.35			11.72			0.49			118
	686		0.35			13.60			0.59			236
	21		0.35	(g)		8.14	(g)		1.26	(g)		43

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 109

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net asset value, end of period		Total return (excludes sales charge) (c)(d)
JPMorgan Hedged Equity Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	21.83	$	0.09	$	2.06		$	2.15		$	(0.13	)	$	23.85		9.86	%
Year Ended June 30, 2020		20.23		0.28		1.51			1.79			(0.19	)		21.83		8.89
Year Ended June 30, 2019		19.43		0.20		0.79			0.99			(0.19	)		20.23		5.12
Year Ended June 30, 2018		18.24		0.18		1.15			1.33			(0.14	)		19.43		7.33
Year Ended June 30, 2017		16.23		0.19		2.01			2.20			(0.19	)		18.24		13.60
Year Ended June 30, 2016		16.47		0.20		(0.28	)		(0.08	)		(0.16	)		16.23		(0.43	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		21.70		0.03		2.05			2.08			(0.08	)		23.70		9.59
Year Ended June 30, 2020		20.10		0.17		1.52			1.69			(0.09	)		21.70		8.40
Year Ended June 30, 2019		19.33		0.11		0.77			0.88			(0.11	)		20.10		4.60
Year Ended June 30, 2018		18.16		0.08		1.15			1.23			(0.06	)		19.33		6.79
Year Ended June 30, 2017		16.17		0.10		2.01			2.11			(0.12	)		18.16		13.07
Year Ended June 30, 2016		16.43		0.13		(0.29	)		(0.16	)		(0.10	)		16.17		(0.95	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		21.90		0.12		2.06			2.18			(0.16	)		23.92		9.97
Year Ended June 30, 2020		20.28		0.33		1.53			1.86			(0.24	)		21.90		9.21
Year Ended June 30, 2019		19.47		0.26		0.78			1.04			(0.23	)		20.28		5.39
Year Ended June 30, 2018		18.27		0.23		1.16			1.39			(0.19	)		19.47		7.63
Year Ended June 30, 2017		16.26		0.23		2.01			2.24			(0.23	)		18.27		13.86
Year Ended June 30, 2016		16.50		0.25		(0.28	)		(0.03	)		(0.21	)		16.26		(0.17	)
Class R5
Six Months Ended December 31, 2020 (Unaudited)		21.93		0.13		2.07			2.20			(0.17	)		23.96		10.07
Year Ended June 30, 2020		20.32		0.36		1.52			1.88			(0.27	)		21.93		9.30
Year Ended June 30, 2019		19.50		0.29		0.79			1.08			(0.26	)		20.32		5.57
Year Ended June 30, 2018		18.30		0.26		1.16			1.42			(0.22	)		19.50		7.81
Year Ended June 30, 2017		16.28		0.26		2.02			2.28			(0.26	)		18.30		14.10
Year Ended June 30, 2016		16.51		0.24		(0.24	)		—	(f)		(0.23	)		16.28		0.07
Class R6
Six Months Ended December 31, 2020 (Unaudited)		21.95		0.15		2.06			2.21			(0.18	)		23.98		10.11
Year Ended June 30, 2020		20.32		0.39		1.53			1.92			(0.29	)		21.95		9.50
Year Ended June 30, 2019		19.49		0.31		0.79			1.10			(0.27	)		20.32		5.69
Year Ended June 30, 2018		18.29		0.27		1.16			1.43			(0.23	)		19.49		7.87
Year Ended June 30, 2017		16.28		0.25		2.03			2.28			(0.27	)		18.29		14.09
Year Ended June 30, 2016		16.52		0.27		(0.27	)		—	(f)		(0.24	)		16.28		0.07

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

110 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

		Ratios/Supplemental data
		Ratios to average net assets (a)
Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	712,476		0.84	%		0.74	%		0.84	%		17	%
	473,314		0.85			1.35			0.86			68
	296,242		0.85			1.02			0.87			48
	277,898		0.84			0.92			0.87			44
	133,789		0.84			1.06			1.05			31
	71,417		0.85			1.27			1.11			57
	382,869		1.33			0.25			1.34			17
	246,741		1.35			0.84			1.36			68
	158,602		1.35			0.55			1.37			48
	81,030		1.34			0.42			1.38			44
	29,168		1.34			0.55			1.45			31
	9,867		1.35			0.80			1.52			57
	12,182,645		0.58			0.99			0.59			17
	7,167,488		0.59			1.59			0.60			68
	4,214,453		0.60			1.30			0.61			48
	1,947,444		0.59			1.17			0.62			44
	597,013		0.59			1.30			0.69			31
	158,820		0.60			1.54			0.74			57
	3,728		0.44			1.14			0.49			17
	2,964		0.45			1.74			0.59			68
	1,893		0.45			1.46			0.95			48
	123		0.39			1.37			0.67			44
	37		0.40			1.51			1.08			31
	25		0.40			1.49			2.16			57
	1,270,920		0.34			1.25			0.34			17
	851,085		0.35			1.87			0.35			68
	384,616		0.35			1.56			0.37			48
	121,897		0.34			1.42			0.42			44
	3,289		0.34			1.41			0.42			31
	74		0.35			1.66			1.40			57

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 111

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Intrepid Value Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	25.83	$	0.24		$	4.95		$	5.19		$	(0.52	)	$	(0.33	)	$	(0.85	)
Year Ended June 30, 2020		31.42		0.55	(f)		(3.38	)		(2.83	)		(0.63	)		(2.13	)		(2.76	)
Year Ended June 30, 2019		34.53		0.49			0.55			1.04			(0.51	)		(3.64	)		(4.15	)
Year Ended June 30, 2018		35.54		0.53			4.10			4.63			(0.55	)		(5.09	)		(5.64	)
Year Ended June 30, 2017		31.20		0.47			4.66			5.13			(0.52	)		(0.27	)		(0.79	)
Year Ended June 30, 2016		35.66		0.53			(2.95	)		(2.42	)		(0.49	)		(1.55	)		(2.04	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		25.36		0.17			4.88			5.05			(0.45	)		(0.33	)		(0.78	)
Year Ended June 30, 2020		30.90		0.40	(f)		(3.33	)		(2.93	)		(0.48	)		(2.13	)		(2.61	)
Year Ended June 30, 2019		34.06		0.32			0.54			0.86			(0.38	)		(3.64	)		(4.02	)
Year Ended June 30, 2018		35.14		0.35			4.05			4.40			(0.39	)		(5.09	)		(5.48	)
Year Ended June 30, 2017		30.87		0.30			4.60			4.90			(0.36	)		(0.27	)		(0.63	)
Year Ended June 30, 2016		35.29		0.36			(2.91	)		(2.55	)		(0.32	)		(1.55	)		(1.87	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		25.79		0.27			5.28			5.55			(0.56	)		(0.33	)		(0.89	)
Year Ended June 30, 2020		31.62		0.62	(f)		(3.66	)		(3.04	)		(0.66	)		(2.13	)		(2.79	)
Year Ended June 30, 2019		34.71		0.57			0.55			1.12			(0.57	)		(3.64	)		(4.21	)
Year Ended June 30, 2018		35.69		0.62			4.11			4.73			(0.62	)		(5.09	)		(5.71	)
Year Ended June 30, 2017		31.34		0.53			4.67			5.20			(0.58	)		(0.27	)		(0.85	)
Year Ended June 30, 2016		35.80		0.57			(2.95	)		(2.38	)		(0.53	)		(1.55	)		(2.08	)
Class R2
Six Months Ended December 31, 2020 (Unaudited)		25.55		0.18			4.94			5.12			(0.49	)		(0.33	)		(0.82	)
Year Ended June 30, 2020		31.12		0.47	(f)		(3.35	)		(2.88	)		(0.56	)		(2.13	)		(2.69	)
Year Ended June 30, 2019		34.26		0.40			0.54			0.94			(0.44	)		(3.64	)		(4.08	)
Year Ended June 30, 2018		35.33		0.46			4.03			4.49			(0.47	)		(5.09	)		(5.56	)
Year Ended June 30, 2017		31.04		0.38			4.62			5.00			(0.44	)		(0.27	)		(0.71	)
Year Ended June 30, 2016		35.48		0.44			(2.92	)		(2.48	)		(0.41	)		(1.55	)		(1.96	)
Class R5
Six Months Ended December 31, 2020 (Unaudited)		25.66		0.32			5.43			5.75			(0.58	)		(0.33	)		(0.91	)
Year Ended June 30, 2020		31.73		0.67	(f)		(3.87	)		(3.20	)		(0.74	)		(2.13	)		(2.87	)
Year Ended June 30, 2019		34.80		0.62			0.56			1.18			(0.61	)		(3.64	)		(4.25	)
Year Ended June 30, 2018		35.78		0.66			4.13			4.79			(0.68	)		(5.09	)		(5.77	)
Year Ended June 30, 2017		31.42		0.59			4.69			5.28			(0.65	)		(0.27	)		(0.92	)
Year Ended June 30, 2016		35.88		0.64			(2.95	)		(2.31	)		(0.60	)		(1.55	)		(2.15	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		26.06		0.30			5.06			5.36			(0.59	)		(0.33	)		(0.92	)
Year Ended June 30, 2020		31.74		0.70	(f)		(3.47	)		(2.77	)		(0.78	)		(2.13	)		(2.91	)
Year Ended June 30, 2019		34.80		0.65			0.57			1.22			(0.64	)		(3.64	)		(4.28	)
Year Ended June 30, 2018		35.78		0.69			4.13			4.82			(0.71	)		(5.09	)		(5.80	)
Year Ended June 30, 2017		31.42		0.61			4.69			5.30			(0.67	)		(0.27	)		(0.94	)
Year Ended June 30, 2016		35.89		0.66			(2.97	)		(2.31	)		(0.61	)		(1.55	)		(2.16	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Reflects special dividends paid out during the year by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.46, $0.30, $0.53, $0.38, $0.57 and $0.60 for Class A, Class C, Class I, Class R2, Class R5 and Class R6 Shares, respectively, and the net investment income (loss) ratio would have been 1.56%, 1.05%, 1.70%, 1.30%, 1.85% and 2.04% for Class A, Class C, Class I, Class R2, Class R5 and Class R6 Shares, respectively.

SEE NOTES TO FINANCIAL STATEMENTS.

112 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	30.17		20.38	%	$	51,862		0.82	%		1.69	%		1.01	%		47	%
	25.83		(9.96	)		49,876		0.83			1.88	(f)		0.95			79
	31.42		4.08			72,888		0.82			1.49			1.01			88
	34.53		13.39			86,400		0.83			1.48			1.02			68
	35.54		16.55			95,891		0.83			1.41			1.16			81
	31.20		(6.70	)		240,808		0.83			1.64			1.18			66
	29.63		20.17			9,806		1.32			1.24			1.52			47
	25.36		(10.46	)		11,038		1.33			1.37	(f)		1.46			79
	30.90		3.57			19,139		1.32			0.99			1.52			88
	34.06		12.84			23,686		1.33			1.00			1.53			68
	35.14		15.97			35,999		1.32			0.89			1.59			81
	30.87		(7.16	)		42,788		1.33			1.12			1.62			66
	30.45		21.80			119,482		0.59			1.93			0.76			47
	25.79		(10.69	)		113,316		0.59			2.01	(f)		0.68			79
	31.62		4.33			698,989		0.58			1.74			0.76			88
	34.71		13.65			772,556		0.62			1.71			0.76			68
	35.69		16.72			886,602		0.68			1.56			0.90			81
	31.34		(6.56	)		1,224,039		0.68			1.77			0.91			66
	29.85		20.30			2,689		1.08			1.32			1.41			47
	25.55		(10.24	)		2,664		1.09			1.62	(f)		1.30			79
	31.12		3.81			4,438		1.08			1.22			1.62			88
	34.26		13.04			5,781		1.12			1.28			1.52			68
	35.33		16.24			19,693		1.10			1.12			1.59			81
	31.04		(6.91	)		17,721		1.08			1.39			1.75			66
	30.50		22.70			3,741		0.44			2.28			0.61			47
	25.66		(11.16	)		4,269		0.44			2.16	(f)		0.55			79
	31.73		4.50			48,910		0.43			1.89			0.61			88
	34.80		13.80			90,714		0.45			1.82			0.62			68
	35.78		16.97			86,134		0.48			1.73			0.61			81
	31.42		(6.35	)		85,624		0.48			1.98			0.61			66
	30.50		20.88			62,242		0.34			2.10			0.51			47
	26.06		(9.68	)		74,603		0.34			2.37	(f)		0.44			79
	31.74		4.63			133,014		0.33			1.99			0.51			88
	34.80		13.90			118,726		0.37			1.90			0.52			68
	35.78		17.03			108,525		0.43			1.79			0.52			81
	31.42		(6.33	)		86,255		0.43			2.07			0.51			66

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 113

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Large Cap Growth Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	48.04	$	(0.13	)	$	14.20		$	14.07		$	—		$	(3.14	)	$	(3.14	)
Year Ended June 30, 2020		41.87		(0.01	)		11.39			11.38			—			(5.21	)		(5.21	)
Year Ended June 30, 2019		42.44		(0.09	)		4.80			4.71			—			(5.28	)		(5.28	)
Year Ended June 30, 2018		38.23		(0.10	)		9.92			9.82			—			(5.61	)		(5.61	)
Year Ended June 30, 2017		32.93		(0.07	)		8.51			8.44			—			(3.14	)		(3.14	)
Year Ended June 30, 2016		36.82		(0.06	)		(2.23	)		(2.29	)		—			(1.60	)		(1.60	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		35.43		(0.20	)		10.44			10.24			—			(3.14	)		(3.14	)
Year Ended June 30, 2020		32.33		(0.17	)		8.48			8.31			—			(5.21	)		(5.21	)
Year Ended June 30, 2019		34.20		(0.23	)		3.64			3.41			—			(5.28	)		(5.28	)
Year Ended June 30, 2018		31.95		(0.25	)		8.11			7.86			—			(5.61	)		(5.61	)
Year Ended June 30, 2017		28.15		(0.20	)		7.14			6.94			—			(3.14	)		(3.14	)
Year Ended June 30, 2016		31.86		(0.20	)		(1.91	)		(2.11	)		—			(1.60	)		(1.60	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		48.91		(0.06	)		14.46			14.40			(0.03	)		(3.14	)		(3.17	)
Year Ended June 30, 2020		42.46		0.09			11.59			11.68			(0.02	)		(5.21	)		(5.23	)
Year Ended June 30, 2019		42.86		0.01			4.87			4.88			—			(5.28	)		(5.28	)
Year Ended June 30, 2018		38.47		(0.01	)		10.01			10.00			—			(5.61	)		(5.61	)
Year Ended June 30, 2017		33.08		(0.02	)		8.55			8.53			—			(3.14	)		(3.14	)
Year Ended June 30, 2016		36.92		(0.01	)		(2.23	)		(2.24	)		—			(1.60	)		(1.60	)
Class R2
Six Months Ended December 31, 2020 (Unaudited)		45.90		(0.19	)		13.56			13.37			—			(3.14	)		(3.14	)
Year Ended June 30, 2020		40.32		(0.11	)		10.90			10.79			—			(5.21	)		(5.21	)
Year Ended June 30, 2019		41.17		(0.18	)		4.61			4.43			—			(5.28	)		(5.28	)
Year Ended June 30, 2018		37.33		(0.20	)		9.65			9.45			—			(5.61	)		(5.61	)
Year Ended June 30, 2017		32.31		(0.16	)		8.32			8.16			—			(3.14	)		(3.14	)
Year Ended June 30, 2016		36.24		(0.15	)		(2.18	)		(2.33	)		—			(1.60	)		(1.60	)
Class R3
Six Months Ended December 31, 2020 (Unaudited)		48.34		(0.13	)		14.29			14.16			(0.01	)		(3.14	)		(3.15	)
Year Ended June 30, 2020		42.10		(0.01	)		11.46			11.45			—			(5.21	)		(5.21	)
Year Ended June 30, 2019		42.64		(0.08	)		4.82			4.74			—			(5.28	)		(5.28	)
Year Ended June 30, 2018		38.39		(0.08	)		9.94			9.86			—			(5.61	)		(5.61	)
September 9, 2016 (f) through June 30, 2017		33.97		(0.06	)		7.62			7.56			—			(3.14	)		(3.14	)
Class R4
Six Months Ended December 31, 2020 (Unaudited)		48.84		(0.06	)		14.45			14.39			(0.05	)		(3.14	)		(3.19	)
Year Ended June 30, 2020		42.45		0.08			11.58			11.66			(0.06	)		(5.21	)		(5.27	)
Year Ended June 30, 2019		42.85		0.01			4.87			4.88			—			(5.28	)		(5.28	)
Year Ended June 30, 2018		38.47		0.01			9.98			9.99			—			(5.61	)		(5.61	)
September 9, 2016 (f) through June 30, 2017		33.97		0.04			7.60			7.64			—			(3.14	)		(3.14	)
Class R5
Six Months Ended December 31, 2020 (Unaudited)		50.20		(0.02	)		14.86			14.84			(0.05	)		(3.14	)		(3.19	)
Year Ended June 30, 2020		43.44		0.16			11.88			12.04			(0.07	)		(5.21	)		(5.28	)
Year Ended June 30, 2019		43.65		0.07			5.00			5.07			—			(5.28	)		(5.28	)
Year Ended June 30, 2018		39.04		0.06			10.16			10.22			—			(5.61	)		(5.61	)
Year Ended June 30, 2017		33.46		0.05			8.67			8.72			—			(3.14	)		(3.14	)
Year Ended June 30, 2016		37.25		0.06			(2.25	)		(2.19	)		—			(1.60	)		(1.60	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		50.66		0.01			15.00			15.01			(0.08	)		(3.14	)		(3.22	)
Year Ended June 30, 2020		43.78		0.21			11.99			12.20			(0.11	)		(5.21	)		(5.32	)
Year Ended June 30, 2019		43.95		0.11			5.03			5.14			(0.03	)		(5.28	)		(5.31	)
Year Ended June 30, 2018		39.23		0.10			10.23			10.33			—			(5.61	)		(5.61	)
Year Ended June 30, 2017		33.58		0.09			8.70			8.79			—			(3.14	)		(3.14	)
Year Ended June 30, 2016		37.34		0.10			(2.26	)		(2.16	)		—			(1.60	)		(1.60	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

114 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	58.97		29.47	%	$	4,560,705		0.93	%		(0.45	)%		1.02	%		29	%
	48.04		30.09			3,280,463		0.94			(0.03	)		1.04			47
	41.87		13.67			2,466,910		0.93			(0.23	)		1.10			50
	42.44		28.45			2,481,816		0.97			(0.25	)		1.11			24
	38.23		27.50			2,462,957		1.05			(0.19	)		1.25			22
	32.93		(6.45	)		4,251,242		1.04			(0.17	)		1.27			43
	42.53		29.15			726,684		1.43			(0.96	)		1.51			29
	35.43		29.42			701,820		1.44			(0.53	)		1.54			47
	32.33		13.11			518,116		1.43			(0.73	)		1.59			50
	34.20		27.83			534,199		1.47			(0.75	)		1.60			24
	31.95		26.79			487,702		1.55			(0.69	)		1.67			22
	28.15		(6.90	)		559,238		1.55			(0.67	)		1.69			43
	60.14		29.63			9,697,818		0.68			(0.21	)		0.76			29
	48.91		30.40			7,058,308		0.69			0.22			0.78			47
	42.46		13.95			4,691,515		0.68			0.02			0.84			50
	42.86		28.77			4,413,908		0.74			(0.03	)		0.85			24
	38.47		27.65			4,771,428		0.89			(0.05	)		0.90			22
	33.08		(6.29	)		4,161,010		0.89			(0.04	)		0.93			43
	56.13		29.32			142,126		1.18			(0.70	)		1.27			29
	45.90		29.76			118,628		1.19			(0.27	)		1.29			47
	40.32		13.39			138,030		1.18			(0.47	)		1.34			50
	41.17		28.11			156,775		1.24			(0.52	)		1.35			24
	37.33		27.14			147,902		1.31			(0.46	)		1.47			22
	32.31		(6.67	)		192,560		1.30			(0.43	)		1.55			43
	59.35		29.47			173,937		0.93			(0.46	)		1.01			29
	48.34		30.09			90,107		0.94			(0.02	)		1.03			47
	42.10		13.68			45,376		0.93			(0.21	)		1.08			50
	42.64		28.43			6,865		0.96			(0.21	)		1.10			24
	38.39		24.05			992		1.12			(0.20	)		1.20			22
	60.04		29.65			133,213		0.68			(0.20	)		0.76			29
	48.84		30.40			64,792		0.69			0.19			0.78			47
	42.45		13.96			10,740		0.68			0.02			0.83			50
	42.85		28.74			5,930		0.73			0.02			0.85			24
	38.47		24.31			440		0.89			0.12			1.07			22
	61.85		29.74			958,797		0.53			(0.06	)		0.61			29
	50.20		30.59			781,380		0.54			0.38			0.63			47
	43.44		14.15			702,536		0.53			0.17			0.69			50
	43.65		28.93			788,766		0.59			0.14			0.70			24
	39.04		27.92			799,190		0.70			0.15			0.72			22
	33.46		(6.10	)		1,209,521		0.69			0.17			0.73			43
	62.45		29.79			15,897,646		0.43			0.04			0.51			29
	50.66		30.75			11,169,668		0.44			0.47			0.53			47
	43.78		14.23			7,339,387		0.43			0.27			0.58			50
	43.95		29.08			5,962,328		0.48			0.24			0.60			24
	39.23		28.03			3,606,093		0.60			0.25			0.60			22
	33.58		(6.00	)		3,330,565		0.60			0.28			0.60			43

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 115

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Large Cap Value Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	12.72	$	0.05	$	4.21		$	4.26		$	(0.06	)	$	—		$	(0.06	)
Year Ended June 30, 2020		14.11		0.18		(1.40	)		(1.22	)		(0.17	)		—			(0.17	)
Year Ended June 30, 2019		15.11		0.17		(0.09	)		0.08			(0.17	)		(0.91	)		(1.08	)
Year Ended June 30, 2018		15.48		0.15		0.89			1.04			(0.13	)		(1.28	)		(1.41	)
Year Ended June 30, 2017		12.71		0.15		3.42			3.57			(0.14	)		(0.66	)		(0.80	)
Year Ended June 30, 2016		15.02		0.17		(0.59	)		(0.42	)		(0.16	)		(1.73	)		(1.89	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		12.17		0.02		4.01			4.03			(0.03	)		—			(0.03	)
Year Ended June 30, 2020		13.49		0.11		(1.32	)		(1.21	)		(0.11	)		—			(0.11	)
Year Ended June 30, 2019		14.51		0.10		(0.10	)		—	(f)		(0.11	)		(0.91	)		(1.02	)
Year Ended June 30, 2018		14.93		0.06		0.86			0.92			(0.06	)		(1.28	)		(1.34	)
Year Ended June 30, 2017		12.30		0.07		3.30			3.37			(0.08	)		(0.66	)		(0.74	)
Year Ended June 30, 2016		14.60		0.10		(0.58	)		(0.48	)		(0.09	)		(1.73	)		(1.82	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		12.49		0.07		4.12			4.19			(0.08	)		—			(0.08	)
Year Ended June 30, 2020		13.85		0.21		(1.36	)		(1.15	)		(0.21	)		—			(0.21	)
Year Ended June 30, 2019		14.85		0.20		(0.09	)		0.11			(0.20	)		(0.91	)		(1.11	)
Year Ended June 30, 2018		15.24		0.18		0.87			1.05			(0.16	)		(1.28	)		(1.44	)
Year Ended June 30, 2017		12.53		0.17		3.37			3.54			(0.17	)		(0.66	)		(0.83	)
Year Ended June 30, 2016		14.79		0.15		(0.54	)		(0.39	)		(0.14	)		(1.73	)		(1.87	)
Class R2
Six Months Ended December 31, 2020 (Unaudited)		12.61		0.04		4.16			4.20			(0.04	)		—			(0.04	)
Year Ended June 30, 2020		13.98		0.15		(1.38	)		(1.23	)		(0.14	)		—			(0.14	)
Year Ended June 30, 2019		14.99		0.14		(0.10	)		0.04			(0.14	)		(0.91	)		(1.05	)
Year Ended June 30, 2018		15.39		0.11		0.86			0.97			(0.09	)		(1.28	)		(1.37	)
Year Ended June 30, 2017		12.64		0.10		3.41			3.51			(0.10	)		(0.66	)		(0.76	)
Year Ended June 30, 2016		14.96		0.14		(0.60	)		(0.46	)		(0.13	)		(1.73	)		(1.86	)
Class R3
Six Months Ended December 31, 2020 (Unaudited)		12.48		0.05		4.12			4.17			(0.06	)		—			(0.06	)
Year Ended June 30, 2020		13.84		0.18		(1.36	)		(1.18	)		(0.18	)		—			(0.18	)
October 1, 2018 (g) through June 30, 2019		15.63		0.13		(0.88	)		(0.75	)		(0.13	)		(0.91	)		(1.04	)
Class R4
Six Months Ended December 31, 2020 (Unaudited)		12.73		0.06		4.23			4.29			(0.08	)		—			(0.08	)
Year Ended June 30, 2020		14.11		0.22		(1.39	)		(1.17	)		(0.21	)		—			(0.21	)
October 1, 2018 (g) through June 30, 2019		15.90		0.16		(0.89	)		(0.73	)		(0.15	)		(0.91	)		(1.06	)
Class R5
Six Months Ended December 31, 2020 (Unaudited)		12.62		0.08		4.17			4.25			(0.09	)		—			(0.09	)
Year Ended June 30, 2020		14.00		0.24		(1.39	)		(1.15	)		(0.23	)		—			(0.23	)
Year Ended June 30, 2019		14.99		0.23		(0.09	)		0.14			(0.22	)		(0.91	)		(1.13	)
Year Ended June 30, 2018		15.37		0.21		0.88			1.09			(0.19	)		(1.28	)		(1.47	)
Year Ended June 30, 2017		12.63		0.20		3.39			3.59			(0.19	)		(0.66	)		(0.85	)
Year Ended June 30, 2016		14.93		0.21		(0.58	)		(0.37	)		(0.20	)		(1.73	)		(1.93	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		12.53		0.09		4.14			4.23			(0.10	)		—			(0.10	)
Year Ended June 30, 2020		13.90		0.25		(1.37	)		(1.12	)		(0.25	)		—			(0.25	)
Year Ended June 30, 2019		14.90		0.24		(0.10	)		0.14			(0.23	)		(0.91	)		(1.14	)
Year Ended June 30, 2018		15.28		0.22		0.88			1.10			(0.20	)		(1.28	)		(1.48	)
Year Ended June 30, 2017		12.56		0.20		3.38			3.58			(0.20	)		(0.66	)		(0.86	)
Year Ended June 30, 2016		14.86		0.24		(0.60	)		(0.36	)		(0.21	)		(1.73	)		(1.94	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Amount rounds to less than $0.005.

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

116 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	16.92		33.58	%	$	139,049		0.92	%		0.76	%		1.05	%		48	%
	12.72		(8.66	)		119,402		0.93			1.33			1.04			177
	14.11		1.07			153,809		0.93			1.19			1.04			162
	15.11		6.52			236,470		0.93			0.92			1.04			130
	15.48		28.47			215,017		0.92			1.01			1.08			145
	12.71		(2.51	)		96,373		0.93			1.27			1.12			219
	16.17		33.13			38,093		1.43			0.24			1.50			48
	12.17		(9.04	)		33,769		1.44			0.81			1.52			177
	13.49		0.57			55,009		1.44			0.70			1.52			162
	14.51		5.94			69,445		1.44			0.42			1.52			130
	14.93		27.72			48,028		1.44			0.50			1.57			145
	12.30		(2.98	)		17,041		1.45			0.75			1.62			219
	16.60		33.65			419,904		0.69			0.99			0.75			48
	12.49		(8.35	)		262,414		0.69			1.57			0.76			177
	13.85		1.31			301,663		0.69			1.44			0.77			162
	14.85		6.74			378,058		0.70			1.19			0.77			130
	15.24		28.61			161,494		0.79			1.15			0.80			145
	12.53		(2.34	)		23,373		0.77			1.07			0.77			219
	16.77		33.33			14,890		1.18			0.49			1.27			48
	12.61		(8.83	)		17,777		1.19			1.09			1.28			177
	13.98		0.83			21,489		1.19			0.97			1.29			162
	14.99		6.14			17,046		1.21			0.68			1.30			130
	15.39		28.11			6,775		1.23			0.71			1.43			145
	12.64		(2.78	)		3,462		1.20			1.05			1.57			219
	16.59		33.51			13		0.93			0.75			1.08			48
	12.48		(8.59	)		18		0.94			1.36			2.24			177
	13.84		(4.25	)		19		0.94			1.28			1.17			162
	16.94		33.68			11		0.69			0.87			0.76			48
	12.73		(8.34	)		11,823		0.69			1.60			0.76			177
	14.11		(4.05	)		14,545		0.68			1.51			0.77			162
	16.78		33.79			21,544		0.54			1.15			0.62			48
	12.62		(8.26	)		18,535		0.54			1.72			0.62			177
	14.00		1.50			30,522		0.54			1.61			0.63			162
	14.99		6.90			23,166		0.55			1.33			0.63			130
	15.37		28.82			10,218		0.59			1.35			0.62			145
	12.63		(2.15	)		4,155		0.59			1.52			0.60			219
	16.66		33.86			1,069,246		0.44			1.25			0.50			48
	12.53		(8.14	)		796,259		0.44			1.86			0.51			177
	13.90		1.52			834,072		0.44			1.70			0.52			162
	14.90		7.04			928,167		0.46			1.41			0.52			130
	15.28		28.90			610,732		0.51			1.43			0.52			145
	12.56		(2.06	)		565,542		0.51			1.90			0.52			219

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 117

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan U.S. Equity Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	16.22	$	0.05		$	3.85		$	3.90		$	(0.03	)	$	(1.11	)	$	(1.14	)
Year Ended June 30, 2020		15.86		0.11			1.82			1.93			(0.11	)		(1.46	)		(1.57	)
Year Ended June 30, 2019		16.48		0.12			1.17			1.29			(0.12	)		(1.79	)		(1.91	)
Year Ended June 30, 2018		15.80		0.11			1.94			2.05			(0.11	)		(1.26	)		(1.37	)
Year Ended June 30, 2017		13.76		0.11			2.57			2.68			(0.11	)		(0.53	)		(0.64	)
Year Ended June 30, 2016		14.75		0.12			(0.30	)		(0.18	)		(0.11	)		(0.70	)		(0.81	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		15.60		—	(f)		3.71			3.71			—	(f)		(1.11	)		(1.11	)
Year Ended June 30, 2020		15.31		0.03			1.75			1.78			(0.03	)		(1.46	)		(1.49	)
Year Ended June 30, 2019		15.99		0.04			1.13			1.17			(0.06	)		(1.79	)		(1.85	)
Year Ended June 30, 2018		15.37		0.03			1.89			1.92			(0.04	)		(1.26	)		(1.30	)
Year Ended June 30, 2017		13.41		0.04			2.49			2.53			(0.04	)		(0.53	)		(0.57	)
Year Ended June 30, 2016		14.40		0.05			(0.30	)		(0.25	)		(0.04	)		(0.70	)		(0.74	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		16.27		0.07			3.88			3.95			(0.06	)		(1.11	)		(1.17	)
Year Ended June 30, 2020		15.91		0.15			1.82			1.97			(0.15	)		(1.46	)		(1.61	)
Year Ended June 30, 2019		16.51		0.16			1.18			1.34			(0.15	)		(1.79	)		(1.94	)
Year Ended June 30, 2018		15.83		0.15			1.94			2.09			(0.15	)		(1.26	)		(1.41	)
Year Ended June 30, 2017		13.79		0.14			2.57			2.71			(0.14	)		(0.53	)		(0.67	)
Year Ended June 30, 2016		14.78		0.13			(0.29	)		(0.16	)		(0.13	)		(0.70	)		(0.83	)
Class L
Six Months Ended December 31, 2020 (Unaudited)		16.30		0.08			3.89			3.97			(0.08	)		(1.11	)		(1.19	)
Year Ended June 30, 2020		15.93		0.17			1.83			2.00			(0.17	)		(1.46	)		(1.63	)
Year Ended June 30, 2019		16.53		0.18			1.18			1.36			(0.17	)		(1.79	)		(1.96	)
Year Ended June 30, 2018		15.85		0.17			1.94			2.11			(0.17	)		(1.26	)		(1.43	)
Year Ended June 30, 2017		13.80		0.16			2.58			2.74			(0.16	)		(0.53	)		(0.69	)
Year Ended June 30, 2016		14.79		0.16			(0.30	)		(0.14	)		(0.15	)		(0.70	)		(0.85	)
Class R2
Six Months Ended December 31, 2020 (Unaudited)		16.04		0.02			3.83			3.85			(0.02	)		(1.11	)		(1.13	)
Year Ended June 30, 2020		15.70		0.07			1.80			1.87			(0.07	)		(1.46	)		(1.53	)
Year Ended June 30, 2019		16.34		0.08			1.16			1.24			(0.09	)		(1.79	)		(1.88	)
Year Ended June 30, 2018		15.68		0.07			1.92			1.99			(0.07	)		(1.26	)		(1.33	)
Year Ended June 30, 2017		13.66		0.07			2.55			2.62			(0.07	)		(0.53	)		(0.60	)
Year Ended June 30, 2016		14.66		0.08			(0.31	)		(0.23	)		(0.07	)		(0.70	)		(0.77	)
Class R3
Six Months Ended December 31, 2020 (Unaudited)		16.15		0.04			3.86			3.90			(0.04	)		(1.11	)		(1.15	)
Year Ended June 30, 2020		15.80		0.11			1.81			1.92			(0.11	)		(1.46	)		(1.57	)
Year Ended June 30, 2019		16.43		0.12			1.16			1.28			(0.12	)		(1.79	)		(1.91	)
Year Ended June 30, 2018		15.76		0.11			1.93			2.04			(0.11	)		(1.26	)		(1.37	)
September 9, 2016 (g) through June 30, 2017		14.11		0.08			2.24			2.32			(0.14	)		(0.53	)		(0.67	)
Class R4
Six Months Ended December 31, 2020 (Unaudited)		16.25		0.07			3.87			3.94			(0.06	)		(1.11	)		(1.17	)
Year Ended June 30, 2020		15.89		0.15			1.82			1.97			(0.15	)		(1.46	)		(1.61	)
Year Ended June 30, 2019		16.50		0.17			1.16			1.33			(0.15	)		(1.79	)		(1.94	)
Year Ended June 30, 2018		15.82		0.16			1.93			2.09			(0.15	)		(1.26	)		(1.41	)
September 9, 2016 (g) through June 30, 2017		14.15		0.13			2.22			2.35			(0.15	)		(0.53	)		(0.68	)
Class R5
Six Months Ended December 31, 2020 (Unaudited)		16.31		0.08			3.89			3.97			(0.08	)		(1.11	)		(1.19	)
Year Ended June 30, 2020		15.94		0.17			1.83			2.00			(0.17	)		(1.46	)		(1.63	)
Year Ended June 30, 2019		16.54		0.19			1.17			1.36			(0.17	)		(1.79	)		(1.96	)
Year Ended June 30, 2018		15.85		0.18			1.95			2.13			(0.18	)		(1.26	)		(1.44	)
Year Ended June 30, 2017		13.81		0.17			2.57			2.74			(0.17	)		(0.53	)		(0.70	)
Year Ended June 30, 2016		14.80		0.18			(0.31	)		(0.13	)		(0.16	)		(0.70	)		(0.86	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		16.34		0.09			3.91			4.00			(0.09	)		(1.11	)		(1.20	)
Year Ended June 30, 2020		15.97		0.19			1.83			2.02			(0.19	)		(1.46	)		(1.65	)
Year Ended June 30, 2019		16.56		0.20			1.19			1.39			(0.19	)		(1.79	)		(1.98	)
Year Ended June 30, 2018		15.87		0.19			1.95			2.14			(0.19	)		(1.26	)		(1.45	)
Year Ended June 30, 2017		13.82		0.18			2.58			2.76			(0.18	)		(0.53	)		(0.71	)
Year Ended June 30, 2016		14.82		0.18			(0.31	)		(0.13	)		(0.17	)		(0.70	)		(0.87	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Amount rounds to less than $0.005.

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

118 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	18.98		24.31	%	$	1,412,328		0.94	%		0.50	%		0.98	%		29	%
	16.22		12.59			1,869,111		0.94			0.70			0.99			84
	15.86		9.18			1,556,392		0.94			0.76			0.99			91
	16.48		13.20			1,340,858		0.94			0.69			1.01			97
	15.80		19.86			1,371,821		0.94			0.75			1.10			86
	13.76		(1.15	)		1,446,878		0.94			0.85			1.14			83
	18.20		24.04			304,477		1.43			(0.03	)		1.47			29
	15.60		12.01			274,741		1.44			0.19			1.49			84
	15.31		8.63			289,675		1.44			0.27			1.49			91
	15.99		12.66			302,297		1.44			0.19			1.50			97
	15.37		19.23			318,369		1.44			0.25			1.55			86
	13.41		(1.66	)		294,744		1.44			0.35			1.59			83
	19.05		24.56			1,411,013		0.69			0.72			0.73			29
	16.27		12.82			1,038,998		0.69			0.94			0.73			84
	15.91		9.47			1,121,609		0.69			1.03			0.74			91
	16.51		13.44			1,521,535		0.71			0.92			0.75			97
	15.83		20.05			1,287,300		0.76			0.93			0.81			86
	13.79		(1.00	)		1,066,145		0.76			0.94			0.81			83
	19.08		24.60			2,673,394		0.54			0.84			0.58			29
	16.30		13.03			1,309,531		0.55			1.08			0.59			84
	15.93		9.60			1,552,520		0.55			1.16			0.60			91
	16.53		13.56			1,679,995		0.57			1.05			0.60			97
	15.85		20.27			3,391,256		0.61			1.07			0.67			86
	13.80		(0.83	)		3,704,104		0.61			1.18			0.68			83
	18.76		24.24			252,713		1.18			0.22			1.22			29
	16.04		12.29			216,689		1.19			0.44			1.23			84
	15.70		8.89			244,356		1.19			0.52			1.24			91
	16.34		12.88			265,675		1.21			0.42			1.25			97
	15.68		19.58			260,589		1.20			0.48			1.40			86
	13.66		(1.47	)		205,224		1.19			0.60			1.48			83
	18.90		24.41			153,560		0.94			0.47			0.97			29
	16.15		12.57			117,991		0.94			0.70			0.98			84
	15.80		9.14			111,902		0.94			0.79			0.99			91
	16.43		13.18			61,413		0.95			0.69			1.00			97
	15.76		16.83			25,050		1.00			0.67			1.03			86
	19.02		24.53			31,016		0.69			0.72			0.72			29
	16.25		12.84			21,651		0.69			0.95			0.73			84
	15.89		9.44			22,870		0.69			1.08			0.75			91
	16.50		13.48			10,531		0.70			0.94			0.75			97
	15.82		16.99			1,030		0.75			1.03			0.81			86
	19.09		24.58			957,331		0.54			0.87			0.57			29
	16.31		13.04			817,671		0.54			1.09			0.58			84
	15.94		9.60			842,888		0.54			1.17			0.59			91
	16.54		13.66			938,744		0.54			1.08			0.60			97
	15.85		20.24			890,105		0.56			1.12			0.62			86
	13.81		(0.77	)		910,033		0.56			1.27			0.63			83
	19.14		24.72			11,470,944		0.44			0.97			0.47			29
	16.34		13.13			9,272,379		0.44			1.20			0.48			84
	15.97		9.74			8,559,285		0.44			1.27			0.49			91
	16.56		13.75			8,937,049		0.46			1.17			0.50			97
	15.87		20.37			6,751,473		0.50			1.19			0.50			86
	13.82		(0.78	)		4,755,359		0.50			1.33			0.50			83

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 119

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan U.S. GARP Equity Fund (formerly known as JPMorgan Intrepid Growth Fund)
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	57.64	$	0.03		$	11.92		$	11.95		$	(0.52	)	$	(5.60	)	$	(6.12	)
Year Ended June 30, 2020		56.61		0.63	(f)		7.41			8.04			(0.34	)		(6.67	)		(7.01	)
Year Ended June 30, 2019		59.09		0.45			3.01			3.46			(0.30	)		(5.64	)		(5.94	)
Year Ended June 30, 2018		48.60		0.23			10.51			10.74			(0.25	)		—			(0.25	)
Year Ended June 30, 2017		40.37		0.22			8.27			8.49			(0.26	)		—			(0.26	)
Year Ended June 30, 2016		40.99		0.27			(0.63	)		(0.36	)		(0.26	)		—			(0.26	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		56.26		(0.12	)		11.63			11.51			(0.15	)		(5.60	)		(5.75	)
Year Ended June 30, 2020		55.45		0.35	(f)		7.22			7.57			(0.09	)		(6.67	)		(6.76	)
Year Ended June 30, 2019		58.00		0.16			2.97			3.13			(0.04	)		(5.64	)		(5.68	)
Year Ended June 30, 2018		47.72		(0.04	)		10.32			10.28			—			—			—
Year Ended June 30, 2017		39.63		—	(g)		8.13			8.13			(0.04	)		—			(0.04	)
Year Ended June 30, 2016		40.26		0.07			(0.61	)		(0.54	)		(0.09	)		—			(0.09	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		58.80		0.12			12.17			12.29			(0.65	)		(5.60	)		(6.25	)
Year Ended June 30, 2020		57.60		0.79	(f)		7.54			8.33			(0.46	)		(6.67	)		(7.13	)
Year Ended June 30, 2019		60.04		0.60			3.05			3.65			(0.45	)		(5.64	)		(6.09	)
Year Ended June 30, 2018		49.34		0.38			10.68			11.06			(0.36	)		—			(0.36	)
Year Ended June 30, 2017		40.99		0.34			8.40			8.74			(0.39	)		—			(0.39	)
Year Ended June 30, 2016		41.27		0.29			(0.55	)		(0.26	)		(0.02	)		—			(0.02	)
Class R2
Six Months Ended December 31, 2020 (Unaudited)		56.08		(0.05	)		11.59			11.54			(0.39	)		(5.60	)		(5.99	)
Year Ended June 30, 2020		55.27		0.48	(f)		7.22			7.70			(0.22	)		(6.67	)		(6.89	)
Year Ended June 30, 2019		57.95		0.30			2.93			3.23			(0.27	)		(5.64	)		(5.91	)
Year Ended June 30, 2018		47.66		0.09			10.31			10.40			(0.11	)		—			(0.11	)
Year Ended June 30, 2017		39.66		0.11			8.12			8.23			(0.23	)		—			(0.23	)
Year Ended June 30, 2016		40.39		0.19			(0.63	)		(0.44	)		(0.29	)		—			(0.29	)
Class R5
Six Months Ended December 31, 2020 (Unaudited)		57.93		0.16			11.95			12.11			(0.75	)		(5.60	)		(6.35	)
Year Ended June 30, 2020		56.82		0.86	(f)		7.47			8.33			(0.55	)		(6.67	)		(7.22	)
Year Ended June 30, 2019		59.32		0.68			2.99			3.67			(0.53	)		(5.64	)		(6.17	)
Year Ended June 30, 2018		48.76		0.46			10.56			11.02			(0.46	)		—			(0.46	)
Year Ended June 30, 2017		40.51		0.42			8.29			8.71			(0.46	)		—			(0.46	)
Year Ended June 30, 2016		41.12		0.45			(0.62	)		(0.17	)		(0.44	)		—			(0.44	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		57.93		0.20			11.95			12.15			(0.81	)		(5.60	)		(6.41	)
Year Ended June 30, 2020		56.81		0.91	(f)		7.49			8.40			(0.61	)		(6.67	)		(7.28	)
Year Ended June 30, 2019		59.32		0.74			2.98			3.72			(0.59	)		(5.64	)		(6.23	)
Year Ended June 30, 2018		48.74		0.51			10.56			11.07			(0.49	)		—			(0.49	)
Year Ended June 30, 2017		40.50		0.44			8.29			8.73			(0.49	)		—			(0.49	)
November 2, 2015 (i) through June 30, 2016		42.20		0.36			(1.60	)		(1.24	)		(0.46	)		—			(0.46	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Reflects special dividends paid out during the year by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.27, $(0.01), $0.41, $0.13, $0.49 and $0.55 for Class A, Class C, Class I, Class R2, Class R5 and Class R6 Shares, respectively, and the net investment income (loss) ratio would have been 0.48%, (0.02)%, 0.73%, 0.23%, 0.88% and 0.99% for Class A, Class C, Class I, Class R2, Class R5 and Class R6 Shares, respectively.

(g) Amount rounds to less than $0.005.

(h) Amount rounds to less than 0.005%.

(i) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

120 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	63.47		21.13	%	$	109,146		0.83	%		0.10	%		0.90	%		38	%
	57.64		15.11			94,017		0.84			1.15	(f)		0.94			96
	56.61		7.06			106,993		0.84			0.79			1.12			95
	59.09		22.13			104,167		0.86			0.42			1.11			69
	48.60		21.12			90,633		0.92			0.50			1.20			68
	40.37		(0.88	)		90,529		0.93			0.66			1.23			70
	62.02		20.87			29,184		1.33			(0.38	)		1.40			38
	56.26		14.50			31,216		1.34			0.65	(f)		1.42			96
	55.45		6.51			35,931		1.34			0.29			1.61			95
	58.00		21.54			37,416		1.36			(0.08	)		1.61			69
	47.72		20.52			42,811		1.41			0.00	(h)		1.67			68
	39.63		(1.35	)		48,717		1.42			0.19			1.71			70
	64.84		21.30			155,603		0.59			0.37			0.65			38
	58.80		15.38			141,497		0.59			1.40	(f)		0.67			96
	57.60		7.33			163,324		0.59			1.04			0.86			95
	60.04		22.45			196,798		0.61			0.67			0.86			69
	49.34		21.43			183,265		0.68			0.75			0.89			68
	40.99		(0.63	)		151,419		0.68			0.70			0.88			70
	61.63		20.98			46,255		1.08			(0.15	)		1.22			38
	56.08		14.84			40,305		1.09			0.90	(f)		1.25			96
	55.27		6.78			45,086		1.09			0.54			1.49			95
	57.95		21.84			40,763		1.10			0.16			1.37			69
	47.66		20.82			5,277		1.17			0.26			1.68			68
	39.66		(1.10	)		4,207		1.17			0.50			1.76			70
	63.69		21.31			220,673		0.44			0.50			0.50			38
	57.93		15.63			189,889		0.44			1.55	(f)		0.52			96
	56.82		7.48			194,550		0.44			1.19			0.71			95
	59.32		22.66			201,539		0.45			0.83			0.71			69
	48.76		21.65			192,164		0.48			0.94			0.72			68
	40.51		(0.42	)		205,213		0.47			1.13			0.74			70
	63.67		21.37			726,562		0.34			0.63			0.40			38
	57.93		15.76			617,458		0.34			1.65	(f)		0.42			96
	56.81		7.59			602,454		0.34			1.29			0.61			95
	59.32		22.78			588,911		0.36			0.92			0.61			69
	48.74		21.70			504,973		0.43			0.99			0.61			68
	40.50		(2.94	)		488,138		0.42			1.38			0.61			70

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 121

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan U.S. Large Cap Core Plus Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	24.58	$	(0.05	)	$	5.76		$	5.71		$	(0.03	)	$	(6.82	)	$	(6.85	)
Year Ended June 30, 2020		27.51		0.04			2.65			2.69			(0.03	)		(5.59	)		(5.62	)
Year Ended June 30, 2019		30.10		0.05			1.53			1.58			(0.05	)		(4.12	)		(4.17	)
Year Ended June 30, 2018		30.35		—	(g)		3.87			3.87			—			(4.12	)		(4.12	)
Year Ended June 30, 2017		26.06		—	(g)		5.54			5.54			(0.01	)		(1.24	)		(1.25	)
Year Ended June 30, 2016		29.81		0.04			(1.37	)		(1.33	)		—	(g)		(2.42	)		(2.42	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		22.67		(0.11	)		5.28			5.17			—			(6.82	)		(6.82	)
Year Ended June 30, 2020		25.88		(0.08	)		2.46			2.38			—			(5.59	)		(5.59	)
Year Ended June 30, 2019		28.65		(0.08	)		1.43			1.35			—			(4.12	)		(4.12	)
Year Ended June 30, 2018		29.21		(0.15	)		3.71			3.56			—			(4.12	)		(4.12	)
Year Ended June 30, 2017		25.23		(0.14	)		5.36			5.22			—			(1.24	)		(1.24	)
Year Ended June 30, 2016		29.07		(0.10	)		(1.32	)		(1.42	)		—			(2.42	)		(2.42	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		25.04		(0.01	)		5.87			5.86			(0.07	)		(6.82	)		(6.89	)
Year Ended June 30, 2020		27.94		0.10			2.69			2.79			(0.10	)		(5.59	)		(5.69	)
Year Ended June 30, 2019		30.51		0.13			1.54			1.67			(0.12	)		(4.12	)		(4.24	)
Year Ended June 30, 2018		30.66		0.08			3.92			4.00			(0.03	)		(4.12	)		(4.15	)
Year Ended June 30, 2017		26.32		0.08			5.59			5.67			(0.09	)		(1.24	)		(1.33	)
Year Ended June 30, 2016		30.07		0.10			(1.37	)		(1.27	)		(0.06	)		(2.42	)		(2.48	)
Class R2
Six Months Ended December 31, 2020 (Unaudited)		23.54		(0.09	)		5.48			5.39			(0.01	)		(6.82	)		(6.83	)
Year Ended June 30, 2020		26.62		(0.04	)		2.55			2.51			—			(5.59	)		(5.59	)
Year Ended June 30, 2019		29.31		(0.04	)		1.47			1.43			—			(4.12	)		(4.12	)
Year Ended June 30, 2018		29.74		(0.09	)		3.78			3.69			—			(4.12	)		(4.12	)
Year Ended June 30, 2017		25.61		(0.07	)		5.44			5.37			—			(1.24	)		(1.24	)
Year Ended June 30, 2016		29.40		(0.03	)		(1.34	)		(1.37	)		—			(2.42	)		(2.42	)
Class R5
Six Months Ended December 31, 2020 (Unaudited)		25.20		(0.01	)		5.92			5.91			(0.07	)		(6.82	)		(6.89	)
Year Ended June 30, 2020		28.08		0.11			2.71			2.82			(0.11	)		(5.59	)		(5.70	)
Year Ended June 30, 2019		30.65		0.14			1.55			1.69			(0.14	)		(4.12	)		(4.26	)
Year Ended June 30, 2018		30.81		0.11			3.93			4.04			(0.08	)		(4.12	)		(4.20	)
Year Ended June 30, 2017		26.44		0.13			5.62			5.75			(0.14	)		(1.24	)		(1.38	)
Year Ended June 30, 2016		30.21		0.18			(1.40	)		(1.22	)		(0.13	)		(2.42	)		(2.55	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		25.18		0.01			5.89			5.90			(0.08	)		(6.82	)		(6.90	)
Year Ended June 30, 2020		28.07		0.14			2.70			2.84			(0.14	)		(5.59	)		(5.73	)
Year Ended June 30, 2019		30.63		0.17			1.56			1.73			(0.17	)		(4.12	)		(4.29	)
November 1, 2017 (i) through June 30, 2018		32.99		0.09			1.79			1.88			(0.12	)		(4.12	)		(4.24	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) The net expenses and expenses without waivers, reimbursements and earnings credits (excluding dividend and interest expense for securities sold short) for Class A are 1.09% and 1.25% for the six months ended December 31, 2020, 1.10% and 1.26% for the year ended June 30, 2020, 1.09% and 1.34% for the year ended June 30, 2019, 1.15% and 1.40% for the year ended June 30, 2018, 1.25% and 1.43% for the year ended June 30, 2017 and 1.26% and 1.49% for the year ended June 30, 2016, for Class C are 1.60% and 1.75% for the six months ended December 31, 2020, 1.60% and 1.76% for the year ended June 30, 2020, 1.60% and 1.85% for the year ended June 30, 2019, 1.65% and 1.90% for the year ended June 30, 2018, 1.75% and 1.94% for the year ended June 30, 2017 and 1.76% and 2.00% for the year ended June 30, 2016, for Class I are 0.84% and 0.99% for the six months ended December 31, 2020, 0.85% and 1.01% for the year ended June 30, 2020, 0.85% and 1.09% for the year ended June 30, 2019, 0.90% and 1.15% for the year ended June 30, 2018, 0.98% and 1.16% for the year ended June 30, 2017 and 1.00% and 1.21% for the year ended June 30, 2016, for Class R2 are 1.45% and 1.51% for the six months ended December 31, 2020, 1.45% and 1.52% for the year ended June 30, 2020, 1.45% and 1.63% for the year ended June 30, 2019, 1.47% and 1.67% for the year ended June 30, 2018, 1.50% and 1.76% for the year ended June 30, 2017 and 1.51% and 1.84% for the year ended June 30, 2016, for Class R5 are 0.79% and 0.84% for the six months ended December 31, 2020, 0.80% and 0.85% for the year ended June 30, 2020, 0.80% and 0.94% for the year ended June 30, 2019, 0.79% and 1.00% for the year ended June 30, 2018, 0.80% and 0.96% for the year ended June 30, 2017 and 0.80% and 0.97% for the year ended June 30, 2016 and for Class R6 are 0.70% and 0.74% for the six months ended December 31, 2020, 0.70% and 0.75% for the year ended June 30, 2020, 0.70% and 0.85% for the year ended June 30, 2019 and 0.70% and 0.90% for the period ended June 30, 2018, respectively.

(g) Amount rounds to less than $0.005.

(h) Amount rounds to less than 0.005%.

(i) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

122 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (including dividend and interest expense for securities sold short) (e)(f)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits (including dividend and interest expense for securities sold short) (f)			Portfolio turnover rate (excluding securities sold short) (c)			Portfolio turnover rate (including securities sold short) (c)
$	23.44		24.27	%	$	318,497		1.98	%		(0.33	)%		2.14	%		30	%		49	%
	24.58		11.66			267,701		1.92			0.19			2.08			85			134
	27.51		6.84			678,071		1.91			0.22			2.16			98			148
	30.10		13.16			772,656		2.01			0.01			2.26			110			161
	30.35		21.64			791,067		2.20			0.00	(h)		2.39			94			131
	26.06		(4.52	)		890,217		2.21			0.14			2.44			88			127
	21.02		23.92			36,711		2.49			(0.86	)		2.64			30			49
	22.67		11.11			59,105		2.42			(0.32	)		2.58			85			134
	25.88		6.31			108,332		2.42			(0.29	)		2.67			98			148
	28.65		12.58			158,677		2.50			(0.50	)		2.75			110			161
	29.21		21.05			201,031		2.70			(0.50	)		2.89			94			131
	25.23		(4.98	)		212,879		2.71			(0.37	)		2.95			88			127
	24.01		24.41			2,084,388		1.73			(0.08	)		1.88			30			49
	25.04		11.93			2,189,079		1.67			0.40			1.83			85			134
	27.94		7.11			4,740,691		1.67			0.46			1.91			98			148
	30.51		13.46			6,169,553		1.75			0.27			2.00			110			161
	30.66		21.95			8,075,047		1.94			0.27			2.12			94			131
	26.32		(4.28	)		8,175,603		1.95			0.38			2.16			88			127
	22.10		23.99			5,345		2.34			(0.69	)		2.40			30			49
	23.54		11.32			4,560		2.27			(0.13	)		2.34			85			134
	26.62		6.45			5,304		2.27			(0.14	)		2.45			98			148
	29.31		12.81			6,528		2.31			(0.30	)		2.52			110			161
	29.74		21.33			6,207		2.45			(0.24	)		2.71			94			131
	25.61		(4.74	)		5,987		2.46			(0.11	)		2.79			88			127
	24.22		24.46			43,184		1.68			(0.04	)		1.73			30			49
	25.20		11.99			38,447		1.62			0.46			1.67			85			134
	28.08		7.14			99,113		1.62			0.51			1.76			98			148
	30.65		13.57			126,084		1.65			0.37			1.85			110			161
	30.81		22.18			168,526		1.76			0.47			1.92			94			131
	26.44		(4.07	)		591,379		1.75			0.73			1.92			88			127
	24.18		24.48			544,144		1.59			0.05			1.63			30			49
	25.18		12.10			491,414		1.52			0.58			1.57			85			134
	28.07		7.30			787,497		1.52			0.59			1.67			98			148
	30.63		6.10			1,795,125		1.54			0.44			1.74			110			161

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 123

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Return of capital			Total distributions
JPMorgan U.S. Research Enhanced Equity Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	26.55	$	0.14	$	5.83		$	5.97		$	(0.22	)	$	(0.83	)	$	—		$	(1.05	)
Year Ended June 30, 2020		27.38		0.38		1.80			2.18			(0.31	)		(2.70	)		—			(3.01	)
Year Ended June 30, 2019		28.37		0.34		1.96			2.30			(0.36	)		(2.93	)		—			(3.29	)
Year Ended June 30, 2018		25.40		0.31		2.96			3.27			(0.30	)		—			—			(0.30	)
Year Ended June 30, 2017		21.74		0.28		3.72			4.00			(0.32	)		—			(0.02	)		(0.34	)
Year Ended June 30, 2016		23.99		0.26		(1.32	)		(1.06	)		(0.22	)		(0.97	)		—			(1.19	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		26.85		0.17		5.90			6.07			(0.26	)		(0.83	)		—			(1.09	)
Year Ended June 30, 2020		27.65		0.45		1.83			2.28			(0.38	)		(2.70	)		—			(3.08	)
Year Ended June 30, 2019		28.61		0.41		1.98			2.39			(0.42	)		(2.93	)		—			(3.35	)
Year Ended June 30, 2018		25.62		0.39		2.98			3.37			(0.38	)		—			—			(0.38	)
Year Ended June 30, 2017		21.92		0.35		3.76			4.11			(0.39	)		—			(0.02	)		(0.41	)
Year Ended June 30, 2016		24.18		0.32		(1.34	)		(1.02	)		(0.27	)		(0.97	)		—			(1.24	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		26.81		0.19		5.89			6.08			(0.27	)		(0.83	)		—			(1.10	)
Year Ended June 30, 2020		27.62		0.48		1.81			2.29			(0.40	)		(2.70	)		—			(3.10	)
Year Ended June 30, 2019		28.57		0.44		1.98			2.42			(0.44	)		(2.93	)		—			(3.37	)
Year Ended June 30, 2018		25.59		0.41		2.97			3.38			(0.40	)		—			—			(0.40	)
Year Ended June 30, 2017		21.90		0.38		3.75			4.13			(0.42	)		—			(0.02	)		(0.44	)
Year Ended June 30, 2016		24.16		0.37		(1.33	)		(0.96	)		(0.33	)		(0.97	)		—			(1.30	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

SEE NOTES TO FINANCIAL STATEMENTS.

124 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	31.47		22.64	%	$	196,718		0.60	%		0.92	%		0.84	%		15	%
	26.55		9.08			183,005		0.60			1.45			0.85			59
	27.38		9.39			207,809		0.60			1.24			0.85			42
	28.37		12.92			278,766		0.60			1.13			0.85			45
	25.40		18.52			422,719		0.69			1.19			0.96			40
	21.74		(4.30	)		497,934		0.85			1.20			1.02			122
	31.83		22.76			657,940		0.35			1.16			0.58			15
	26.85		9.38			204,193		0.35			1.70			0.59			59
	27.65		9.65			232,077		0.35			1.50			0.59			42
	28.61		13.19			268,898		0.35			1.39			0.60			45
	25.62		18.85			285,141		0.43			1.45			0.69			40
	21.92		(4.08	)		260,494		0.60			1.45			0.69			122
	31.79		22.85			4,073,404		0.25			1.28			0.33			15
	26.81		9.47			3,585,672		0.25			1.79			0.34			59
	27.62		9.78			4,953,109		0.25			1.60			0.34			42
	28.57		13.28			5,712,617		0.25			1.50			0.34			45
	25.59		19.00			5,863,138		0.28			1.60			0.34			40
	21.90		(3.83	)		6,638,591		0.34			1.69			0.35			122

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 125

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund)
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	42.76	$	0.23		$	8.54		$	8.77		$	(0.30	)	$	(0.49	)	$	(0.79	)
Year Ended June 30, 2020		41.85		0.47			3.52			3.99			(0.43	)		(2.65	)		(3.08	)
Year Ended June 30, 2019		41.28		0.50			3.21			3.71			(0.41	)		(2.73	)		(3.14	)
Year Ended June 30, 2018		39.35		0.58			4.05			4.63			(0.48	)		(2.22	)		(2.70	)
Year Ended June 30, 2017		33.20		0.29			6.20			6.49			(0.34	)		—			(0.34	)
Year Ended June 30, 2016		34.01		0.62	(f)		(0.87	)(f)		(0.25	)		(0.56	)		—			(0.56	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		41.80		0.11			8.34			8.45			(0.03	)		(0.49	)		(0.52	)
Year Ended June 30, 2020		40.98		0.25			3.44			3.69			(0.22	)		(2.65	)		(2.87	)
Year Ended June 30, 2019		40.44		0.29			3.16			3.45			(0.18	)		(2.73	)		(2.91	)
Year Ended June 30, 2018		38.51		0.41			3.92			4.33			(0.18	)		(2.22	)		(2.40	)
Year Ended June 30, 2017		32.48		0.11			6.06			6.17			(0.14	)		—			(0.14	)
Year Ended June 30, 2016		33.29		0.44	(f)		(0.85	)(f)		(0.41	)		(0.40	)		—			(0.40	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		43.11		0.29			8.61			8.90			(0.41	)		(0.49	)		(0.90	)
Year Ended June 30, 2020		42.15		0.57			3.56			4.13			(0.52	)		(2.65	)		(3.17	)
Year Ended June 30, 2019		41.56		0.60			3.23			3.83			(0.51	)		(2.73	)		(3.24	)
Year Ended June 30, 2018		39.59		0.66			4.10			4.76			(0.57	)		(2.22	)		(2.79	)
Year Ended June 30, 2017		33.40		0.38			6.25			6.63			(0.44	)		—			(0.44	)
Year Ended June 30, 2016		34.22		0.68	(f)		(0.86	)(f)		(0.18	)		(0.64	)		—			(0.64	)
Class R6
September 30, 2020 (g) through December 31, 2020 (Unaudited)		46.79		0.16			5.07			5.23			(0.44	)		(0.49	)		(0.93	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) The amount reflects an out of period adjustment related to a corporate action involving two of the Fund’s holdings. Had the Fund not recorded the out of period adjustment, the net investment income (loss) per share would have been $0.33, $0.15 and $0.38, for Class A, Class C and Class I Shares, respectively, the net realized and unrealized gains (losses) on investment per share would have been $(0.58), $(0.56) and $(0.56) for Class A, Class C and Class I Shares, respectively, and the net investment income (loss) ratio would have been 0.99%, 0.47% and 1.14% for Class A, Class C and Class I Shares, respectively.

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

126 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	50.74		20.55	%	$	15,703		0.63	%		0.96	%		1.31	%		16	%
	42.76		9.57			11,178		0.82			1.12			1.53			99
	41.85		9.90			10,828		0.83			1.22			1.73			97
	41.28		11.88			9,497		0.90			1.41			1.92			38
	39.35		19.64			7,943		1.08			0.80			2.29			53
	33.20		(0.72	)		8,760		1.15			1.90	(f)		1.95			31
	49.73		20.26			2,868		1.13			0.47			1.79			16
	41.80		9.03			2,735		1.32			0.62			2.07			99
	40.98		9.34			2,949		1.33			0.73			2.22			97
	40.44		11.35			3,277		1.42			1.01			2.45			38
	38.51		19.02			5,063		1.58			0.30			2.79			53
	32.48		(1.21	)		6,131		1.65			1.38	(f)		2.46			31
	51.11		20.68			42,671		0.38			1.19			1.04			16
	43.11		9.86			26,787		0.57			1.37			1.25			99
	42.15		10.18			16,908		0.58			1.46			1.45			97
	41.56		12.16			9,172		0.64			1.59			1.63			38
	39.59		19.95			5,038		0.83			1.04			2.03			53
	33.40		(0.48	)		4,148		0.90			2.05	(f)		1.65			31
	51.09		11.21			14,088		0.33			1.28			0.94			16

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 127

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan U.S. Value Fund (formerly known as JPMorgan Growth and Income Fund)
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	45.62	$	0.33	$	9.67		$	10.00		$	(0.37	)	$	(0.64	)	$	(1.01	)
Year Ended June 30, 2020		49.84		0.79		(3.18	)		(2.39	)		(0.76	)		(1.07	)		(1.83	)
Year Ended June 30, 2019		49.77		0.85		2.21			3.06			(0.85	)		(2.14	)		(2.99	)
Year Ended June 30, 2018		46.85		0.64		4.98			5.62			(0.62	)		(2.08	)		(2.70	)
Year Ended June 30, 2017		42.75		0.57		6.31			6.88			(0.57	)		(2.21	)		(2.78	)
Year Ended June 30, 2016		45.46		0.59		(0.27	)		0.32			(0.55	)		(2.48	)		(3.03	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		40.63		0.18		8.60			8.78			(0.27	)		(0.64	)		(0.91	)
Year Ended June 30, 2020		44.59		0.48		(2.81	)		(2.33	)		(0.56	)		(1.07	)		(1.63	)
Year Ended June 30, 2019		44.91		0.53		1.98			2.51			(0.69	)		(2.14	)		(2.83	)
Year Ended June 30, 2018		42.54		0.35		4.51			4.86			(0.41	)		(2.08	)		(2.49	)
Year Ended June 30, 2017		39.07		0.31		5.76			6.07			(0.39	)		(2.21	)		(2.60	)
Year Ended June 30, 2016		41.83		0.35		(0.25	)		0.10			(0.38	)		(2.48	)		(2.86	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		48.34		0.43		10.23			10.66			(0.43	)		(0.64	)		(1.07	)
Year Ended June 30, 2020		52.69		0.96		(3.36	)		(2.40	)		(0.88	)		(1.07	)		(1.95	)
Year Ended June 30, 2019		52.41		1.00		2.36			3.36			(0.94	)		(2.14	)		(3.08	)
Year Ended June 30, 2018		49.21		0.81		5.21			6.02			(0.74	)		(2.08	)		(2.82	)
Year Ended June 30, 2017		44.77		0.72		6.62			7.34			(0.69	)		(2.21	)		(2.90	)
Year Ended June 30, 2016		47.45		0.73		(0.27	)		0.46			(0.66	)		(2.48	)		(3.14	)
Class R2
Six Months Ended December 31, 2020 (Unaudited)		45.72		0.27		9.68			9.95			(0.31	)		(0.64	)		(0.95	)
Year Ended June 30, 2020		50.01		0.69		(3.19	)		(2.50	)		(0.72	)		(1.07	)		(1.79	)
Year Ended June 30, 2019		49.98		0.63		2.31			2.94			(0.77	)		(2.14	)		(2.91	)
Year Ended June 30, 2018		47.06		0.53		4.99			5.52			(0.52	)		(2.08	)		(2.60	)
Year Ended June 30, 2017		42.94		0.46		6.33			6.79			(0.46	)		(2.21	)		(2.67	)
November 2, 2015 (f) through June 30, 2016		45.92		0.40		(0.70	)		(0.30	)		(0.20	)		(2.48	)		(2.68	)
Class R3
Six Months Ended December 31, 2020 (Unaudited)		48.25		0.36		10.22			10.58			(0.37	)		(0.64	)		(1.01	)
Year Ended June 30, 2020		52.66		0.75		(3.29	)		(2.54	)		(0.80	)		(1.07	)		(1.87	)
Year Ended June 30, 2019		52.41		0.89		2.33			3.22			(0.83	)		(2.14	)		(2.97	)
July 31, 2017 (f) through June 30, 2018		49.99		0.68		4.46			5.14			(0.64	)		(2.08	)		(2.72	)
Class R4
Six Months Ended December 31, 2020 (Unaudited)		48.31		0.42		10.25			10.67			(0.43	)		(0.64	)		(1.07	)
Year Ended June 30, 2020		52.69		1.04		(3.46	)		(2.42	)		(0.89	)		(1.07	)		(1.96	)
Year Ended June 30, 2019		52.41		1.02		2.34			3.36			(0.94	)		(2.14	)		(3.08	)
July 31, 2017 (f) through June 30, 2018		49.99		0.79		4.46			5.25			(0.75	)		(2.08	)		(2.83	)
Class R5
Six Months Ended December 31, 2020 (Unaudited)		48.69		0.46		10.33			10.79			(0.47	)		(0.64	)		(1.11	)
Year Ended June 30, 2020		53.06		1.04		(3.39	)		(2.35	)		(0.95	)		(1.07	)		(2.02	)
Year Ended June 30, 2019		52.74		1.09		2.38			3.47			(1.01	)		(2.14	)		(3.15	)
Year Ended June 30, 2018		49.50		0.91		5.23			6.14			(0.82	)		(2.08	)		(2.90	)
Year Ended June 30, 2017		45.01		0.83		6.65			7.48			(0.78	)		(2.21	)		(2.99	)
November 2, 2015 (f) through June 30, 2016		47.95		0.62		(0.73	)		(0.11	)		(0.35	)		(2.48	)		(2.83	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		48.70		0.53		10.28			10.81			(0.49	)		(0.64	)		(1.13	)
Year Ended June 30, 2020		53.08		1.11		(3.42	)		(2.31	)		(1.00	)		(1.07	)		(2.07	)
Year Ended June 30, 2019		52.75		1.16		2.36			3.52			(1.05	)		(2.14	)		(3.19	)
Year Ended June 30, 2018		49.50		1.04		5.16			6.20			(0.87	)		(2.08	)		(2.95	)
Year Ended June 30, 2017		45.01		0.81		6.69			7.50			(0.80	)		(2.21	)		(3.01	)
November 2, 2015 (f) through June 30, 2016		47.95		0.63		(0.72	)		(0.09	)		(0.37	)		(2.48	)		(2.85	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

128 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	54.61		22.00	%	$	439,142		0.93	%		1.33	%		1.04	%		7	%
	45.62		(5.11	)		497,399		0.94			1.61			1.06			22
	49.84		6.68			490,597		0.93			1.73			1.06			26
	49.77		12.04			476,090		0.97			1.29			1.08			32
	46.85		16.34			445,078		1.03			1.26			1.10			28
	42.75		1.02			422,151		1.06			1.38			1.13			39
	48.50		21.68			28,077		1.43			0.83			1.51			7
	40.63		(5.57	)		26,487		1.44			1.11			1.53			22
	44.59		6.15			26,032		1.43			1.21			1.54			26
	44.91		11.45			23,034		1.47			0.77			1.55			32
	42.54		15.76			28,290		1.53			0.76			1.59			28
	39.07		0.54			25,541		1.56			0.89			1.62			39
	57.93		22.16			516,903		0.68			1.56			0.76			7
	48.34		(4.85	)		135,234		0.69			1.88			0.78			22
	52.69		6.94			94,500		0.68			1.93			0.79			26
	52.41		12.29			77,737		0.72			1.55			0.79			32
	49.21		16.64			64,148		0.78			1.50			0.83			28
	44.77		1.28			40,068		0.81			1.64			0.86			39
	54.72		21.85			1,738		1.18			1.08			1.26			7
	45.72		(5.34	)		1,126		1.19			1.46			1.98			22
	50.01		6.41			108		1.18			1.30			2.77			26
	49.98		11.76			41		1.21			1.06			1.49			32
	47.06		16.04			23		1.28			1.01			2.06			28
	42.94		(0.40	)		20		1.28			1.44			3.72			39
	57.82		22.01			709		0.93			1.34			1.03			7
	48.25		(5.10	)		398		0.94			1.50			1.03			22
	52.66		6.66			24		0.93			1.73			1.84			26
	52.41		10.33			22		0.94			1.42			1.12			32
	57.91		22.18			1,380		0.68			1.57			0.76			7
	48.31		(4.88	)		1,159		0.69			2.15			0.77			22
	52.69		6.94			24		0.68			1.98			1.60			26
	52.41		10.56			22		0.71			1.64			0.87			32
	58.37		22.26			108		0.54			1.72			0.63			7
	48.69		(4.72	)		83		0.54			2.02			5.20			22
	53.06		7.10			74		0.53			2.10			1.01			26
	52.74		12.48			43		0.55			1.72			0.80			32
	49.50		16.88			37		0.59			1.72			1.23			28
	45.01		0.05			20		0.59			2.14			3.02			39
	58.38		22.31			130,912		0.44			1.95			0.51			7
	48.70		(4.64	)		64,968		0.44			2.14			0.53			22
	53.08		7.21			41,144		0.43			2.22			0.53			26
	52.75		12.59			33,774		0.44			1.95			0.52			32
	49.50		16.94			2,129		0.53			1.66			0.55			28
	45.01		0.08			20		0.53			2.19			2.96			39

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 129

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

1. Organization

JPMorgan Trust I (“JPM I”), JPMorgan Trust II (“JPM II”) and JPMorgan Trust IV (“JPM IV”) (collectively, the “Trusts”) were formed on November 12, 2004 for JPM I and JPM II and November 11, 2015 for JPM IV, as Delaware statutory trusts, pursuant to Declarations of Trust dated November 5, 2004 and November 11, 2015, respectively, and are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as open-end management investment companies.

The following are 13 separate funds of the Trusts (each, a “Fund” and collectively, the “Funds”) covered by this report:

	Classes Offered	Trust	Diversification Classification
JPMorgan Equity Focus Fund	Class A, Class C, Class I and Class R6	JPM I	Diversified
JPMorgan Equity Income Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM II	Diversified
JPMorgan Equity Premium Income Fund	Class A, Class C, Class I, Class R5 and Class R6	JPM IV	Diversified
JPMorgan Hedged Equity Fund	Class A, Class C, Class I, Class R5 and Class R6	JPM I	Diversified
JPMorgan Intrepid Value Fund	Class A, Class C, Class I, Class R2, Class R5 and Class R6	JPM I	Diversified
JPMorgan Large Cap Growth Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM II	Diversified
JPMorgan Large Cap Value Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM II	Diversified
JPMorgan U.S. Equity Fund	Class A, Class C, Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM I	Diversified
JPMorgan U.S. GARP Equity Fund(1)	Class A, Class C, Class I, Class R2, Class R5 and Class R6	JPM I	Diversified
JPMorgan U.S. Large Cap Core Plus Fund	Class A, Class C, Class I, Class R2, Class R5 and Class R6	JPM I	Diversified
JPMorgan U.S. Research Enhanced Equity Fund	Class A, Class I(2) and Class R6	JPM I	Diversified
JPMorgan U.S. Sustainable Leaders  Fund(3)	Class A, Class C, Class I and Class R6(4)	JPM I	Diversified
JPMorgan U.S. Value Fund(5)	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM I	Diversified

⁽¹⁾  Effective February 1, 2021, JPMorgan Intrepid Growth Fund changed its name to JPMorgan U.S. GARP Equity Fund.

⁽²⁾  On July 6, 2020, the JPMorgan U.S. Research Enhanced Equity Fund’s Class L Shares were converted into Class I Shares. Additionally, effective as of July 6, 2020, the Class L Shares are no longer offered.

⁽³⁾  Effective August 17, 2020, JPMorgan Intrepid Sustainable Equity Fund changed its name to JPMorgan U.S. Sustainable Leaders Fund.

⁽⁴⁾ Class R6 commenced operations on September 30, 2020 for JPMorgan U.S. Sustainable Leaders Fund.

⁽⁵⁾  Effective November 1, 2020, JPMorgan Growth and Income Fund changed its name to JPMorgan U.S. Value Fund.

The investment objective of JPMorgan Equity Focus Fund (“Equity Focus Fund”) and JPMorgan Large Cap Growth Fund (“Large Cap Growth Fund”) is to seek long-term capital appreciation.

The investment objective of JPMorgan Equity Income Fund (“Equity Income Fund”) is to seek capital appreciation and current income.

The investment objective of JPMorgan Equity Premium Income Fund (“Equity Premium Income Fund”) is to seek current income while maintaining prospects for capital appreciation.

The investment objective of JPMorgan Hedged Equity Fund (“Hedged Equity Fund”) is to seek to provide capital appreciation.

The investment objective of JPMorgan Intrepid Value Fund (“Intrepid Value Fund”) and JPMorgan U.S. Sustainable Leaders Fund (“U.S. Sustainable Leaders Fund”) is to seek to provide long-term capital appreciation.

The investment objective of JPMorgan Large Cap Value Fund (“Large Cap Value Fund”) is to seek capital appreciation with the incidental goal of achieving current income by investing primarily in equity securities.

The investment objective of JPMorgan U.S. Equity Fund (“U.S. Equity Fund”) is to seek to provide high total return from a portfolio of selected equity securities.

The investment objective of JPMorgan U.S. GARP Equity Fund (“U.S. GARP Equity Fund”) is to seek to provide long-term capital growth.

The investment objective of JPMorgan U.S. Large Cap Core Plus Fund (“U.S. Large Cap Core Plus Fund”) is to seek to provide a high total return from a portfolio of selected equity securities.

The investment objective of JPMorgan U.S. Research Enhanced Equity Fund (“U.S. Research Enhanced Equity Fund”) is to seek to provide a consistently high total return from a broadly diversified portfolio of equity securities with risk characteristics similar to the Standard and Poor’s 500 Composite Stock Price Index.

The investment objective of JPMorgan U.S. Value Fund (“U.S. Value Fund”) is to seek to provide capital growth over the long-term and to earn income from dividends.

130 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

Class L Shares for U.S. Equity Fund and Class A Shares for U.S. Research Enhanced Equity Fund are publicly offered on a limited basis. Investors are not eligible to purchase Class L Shares of the Funds unless they meet certain requirements as described in Funds’ prospectuses.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds’ prospectus. Effective October 1, 2020, Class C Shares automatically convert to Class A Shares after eight years. Prior to October 1, 2020, Class C Shares automatically converted to Class A Shares after ten years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

A. Valuation of Investments — Investments are valued in accordance with GAAP and the Funds’ valuation policies set forth by, and under the supervision and responsibility of, the Boards of Trustees of the Trusts (the “Boards”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Boards.

The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Boards with the oversight and monitoring of the valuation of the Funds’ investments. The Administrator implements the valuation policies of the Funds’ investments, as directed by the Boards. The AVC oversees and carries out the policies for the valuation of investments held in the Funds. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Boards.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Funds are calculated on a valuation date.

Investments in open-end investment companies, excluding exchange-traded funds (“ETFs”) (“Underlying Funds”), are valued at each Underlying Fund’s NAV per share as of the report date.

Futures contracts and options are generally valued on the basis of available market quotations.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Funds’ investments are summarized into the three broad levels listed below.

• Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

• Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

• Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds’ assumptions in determining the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 131

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

The following tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”) (amounts in thousands):

Equity Focus Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	105,960		$	—	$	—	$	105,960
Equity Income Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	36,354,991		$	—	$	—	$	36,354,991
Equity Premium Income Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks	$	236,705		$	—	$	—	$	236,705
Equity-Linked Notes		—			45,352		—		45,352
Exchange-Traded Funds		512			—		—		512
Short-Term Investments
Investment Companies		1,271			—		—		1,271
Total Investments in Securities	$	238,488		$	45,352	$	—	$	283,840
Hedged Equity Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	15,357,693		$	—	$	—	$	15,357,693
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	452		$	—	$	—	$	452
Depreciation in Other Financial Instruments
Options Written (a)
Call Options Written	$	(251,774	)	$	—	$	—	$	(251,774	)
Put Options Written		(89,326	)		—		—		(89,326	)
Total Depreciation in Other Financial Instruments	$	(341,100	)	$	—	$	—	$	(341,100	)
Intrepid Value Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	250,867		$	—	$	—	$	250,867
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	38		$	—	$	—	$	38
Large Cap Growth Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	32,647,419		$	—	$	—	$	32,647,419

132 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

Large Cap Value Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	1,716,270		$	—	$	—	$	1,716,270
U.S. Equity Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	18,698,718		$	—	$	—	$	18,698,718
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	5,543		$	—	$	—	$	5,543
U.S. GARP Equity Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	1,300,813		$	—	$	—	$	1,300,813
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	249		$	—	$	—	$	249
U.S. Large Cap Core Plus Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	3,812,586		$	—	$	—	$	3,812,586
Total Liabilities for Securities Sold Short (a)	$	(784,839	)	$	—	$	—	$	(784,839	)
U.S. Research Enhanced Equity Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	4,933,189		$	—	$	—	$	4,933,189
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	603		$	—	$	—	$	603
U.S. Sustainable Leaders Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	75,035		$	—	$	—	$	75,035
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	19		$	—	$	—	$	19
U.S. Value Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	1,135,938		$	—	$	—	$	1,135,938

(a) Please refer to the SOIs for specifics of portfolio holdings.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 133

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

B. Securities Lending — The Funds are authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in the Class IM Shares of the JPMorgan U.S. Government Money Market Fund and the Agency SL Class Shares of the JPMorgan Securities Lending Money Market Fund. The Funds retain loan fees and the interest on cash collateral investments but are required to pay the borrower a rebate for the use of cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.

The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the Statements of Operations as Income from securities lending (net). The Funds also receive payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statements of Operations.

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimis amounts.

The value of securities out on loan is recorded as an asset on the Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statements of Assets and Liabilities and details of collateral investments are disclosed on the SOIs.

The Funds bear the risk of loss associated with the collateral investments and are not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the collateral investments declines below the amount owed to a borrower, the Funds may incur losses that exceed the amount they earned on lending the security. Upon termination of a loan, the Funds may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the collateral investments to fund the payment of this liability. Securities lending activity is subject to master netting arrangements.

The following table presents for each lending Fund, the value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Funds as of December 31, 2020 (amounts in thousands).

	Investment Securities on Loan, at value, Presented on the Statements of Assets and Liabilities		Cash Collateral Posted by Borrower*			Net Amount Due to Counterparty (not less than zero)
Intrepid Value Fund	$	418	$	(418	)	$	—
Large Cap Growth Fund		176,206		(176,206	)		—
Large Cap Value Fund		17,592		(17,592	)		—
U.S. GARP Equity Fund		12,768		(12,768	)		—

* Collateral posted reflects the value of securities on loan and does not include any additional amounts received from the borrower.

Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Funds from losses resulting from a borrower’s failure to return a loaned security.

JPMIM voluntarily waived investment advisory fees charged to the Funds to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.15% to 0.06%. For the six months ended December 31, 2020, JPMIM waived fees associated with the Funds’ investment in the JPMorgan U.S. Government Money Market Fund as follows (amounts in thousands):

Equity Focus Fund	$	—	(a)
Intrepid Value Fund		1
Large Cap Growth Fund		30
Large Cap Value Fund		1
U.S. Equity Fund		3
U.S. GARP Equity Fund		2
U.S. Sustainable Leaders Fund		—	(a)

(a) Amount rounds to less than one thousand.

The above waiver is included in the determination of earnings on cash collateral investment and in the calculation of Citibank’s compensation and is included on the Statements of Operations as Income from securities lending (net).

134 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

Equity Focus Fund, U.S Equity Fund and U.S. Sustainable Leaders Fund did not have any securities out on loan at December 31, 2020. Equity Income Fund, Equity Premium Income Fund, Hedged Equity Fund, U.S. Large Cap Core Plus Fund, U.S. Research Enhanced Equity Fund and U.S. Value Fund did not lend out any securities during the six months ended December 31, 2020.

C. Investment Transactions with Affiliates — The Funds invested in Underlying Funds which are advised by the Adviser. An issuer which is under common control with the Funds may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the tables below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the tables below. Amounts in the tables below are in thousands.

Equity Focus Fund
For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	3,216	$	10,955	$	10,819	$	(1	)	$	(1	)	$	3,350		3,348	$	3		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares (a)		—		1,477		1,477		—			—			—		—		—	(c)*		—
Total	$	3,216	$	12,432	$	12,296	$	(1	)	$	(1	)	$	3,350			$	3		$	—
Equity Income Fund
For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	883,014	$	3,419,635	$	3,234,784	$	340		$	(616	)	$	1,067,589		1,067,055	$	687		$	—
Equity Premium Income Fund
For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	5,899	$	158,981	$	163,606	$	(3	)	$	—	(c)	$	1,271		1,271	$	3		$	—
Hedged Equity Fund
For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.03% (a) (b)	$	456,381	$	3,974,137	$	3,754,711	$	—		$	—		$	675,807		675,807	$	32		$	—

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 135

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

Intrepid Value Fund
For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at November 16, 2020		Shares at November 16, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	4,719	$	45,530	$	46,754	$	(1	)	$	(2	)	$	3,492		3,491	$	4		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a) (b)		3		5,500		5,499		—	(c)*		—	(c)		4		3		2	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		2,452		19,402		21,431		—			—			423		423		—	(c)*		—
Total	$	7,174	$	70,432	$	73,684	$	(1	)	$	(2	)	$	3,919			$	6		$	—
Large Cap Growth Fund
For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	1,084,362	$	7,144,771	$	6,939,484	$	25		$	(478	)	$	1,289,196		1,288,551	$	1,172		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a) (b)		1,102,899		1,997,800		2,923,305		(209	)*		(39	)		177,146		177,129		1,115	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		96,805		1,802,994		1,871,704		—			—			28,095		28,095		32	*		—
Total	$	2,284,066	$	10,945,565	$	11,734,493	$	(184	)	$	(517	)	$	1,494,437			$	2,319		$	—
Large Cap Value Fund
For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	12,570	$	237,054	$	217,524	$	(5	)	$	(2	)	$	32,093		32,077	$	21		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a) (b)		51,705		56,699		92,000		(6	)*		—	(c)		16,398		16,397		27	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		8,692		54,635		61,489		—			—			1,838		1,838		1	*		—
Total	$	72,967	$	348,388	$	371,013	$	(11	)	$	(2	)	$	50,329			$	49		$	—

136 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

U.S. Equity Fund
For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	41,341	$	2,228,493	$	1,865,961	$	(67	)	$	(35	)	$	403,771		403,569	$	203		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares (a)		1,074		322,000		323,066		(8	)*		—	(c)		—		—		68	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares (a)		12,605		100,834		113,439		—			—			—		—		3	*		—
Total	$	55,020	$	2,651,327	$	2,302,466	$	(75	)	$	(35	)	$	403,771			$	274		$	—
U.S. GARP Equity Fund
For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	12,447	$	162,686	$	155,690	$	(3	)	$	(7	)	$	19,433		19,423	$	26		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a) (b)		—		105,000		95,000		(6	)*		—	(c)		9,994		9,993		21	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		11,327		113,537		121,948		—			—			2,916		2,916		2	*		—
Total	$	23,774	$	381,223	$	372,638	$	(9	)	$	(7	)	$	32,343			$	49		$	—
U.S. Large Cap Core Plus Fund
For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	35,661	$	554,312	$	576,120	$	(3	)	$	(5	)	$	13,845		13,838	$	19		$	—
U.S. Research Enhanced Equity Fund
For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	110,144	$	298,774	$	380,156	$	(18	)	$	—	(c)	$	28,744		28,730	$	43		$	—

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 137

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

U.S. Sustainable Leaders Fund
For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	1,605	$	22,334	$	21,519	$	(1	)	$	1		$	2,420		2,418	$	2		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares (a)		326		1,513		1,839		—			—			—		—		—	*(c)		—
Total	$	1,931	$	23,847	$	23,358	$	(1	)	$	1		$	2,420			$	2		$	—
U.S. Value Fund
For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	25,234	$	309,707	$	303,411	$	9		$	(19	)	$	31,520		31,505	$	26		$	—

(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b) The rate shown is the current yield as of December 31, 2020.

(c) Amount rounds to less than one thousand.

  * Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).

D. Options — Hedged Equity Fund purchased and sold (“wrote”) put and call options on various instruments including options on indices to manage and hedge equity risks within its portfolio and also to gain long or short exposure to the underlying instrument, index, currency or rate. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price (“strike price”) to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller.

Options Purchased — Premiums paid by the Fund for options purchased are included on the Statements of Assets and Liabilities as Options purchased. The option is adjusted daily to reflect the current market value of the option and the change is recorded as Change in net unrealized appreciation/depreciation on options purchased on the Statements of Operations. If the option is allowed to expire, the Fund will lose the entire premium it paid and record a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the underlying investment.

Options Written — Premiums received by the Fund for options written are included on the Statements of Assets and Liabilities as a liability. The amount of the liability is adjusted daily to reflect the current market value of the option written and the change in market value is recorded as Change in net unrealized appreciation/depreciation on options written on the Statements of Operations. Premiums received from options written that expire are treated as realized gains. If a written option is closed, the Fund records a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Fund is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.

The Fund pledges collateral to the counterparty in the form of securities for options written. Securities designated as collateral are denoted on the SOI.

Written uncovered call options subject the Fund to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Written put options subject the Funds to risk of loss if the value of the security declines below the exercise price minus the put premium.

The Fund is not subject to credit risk on options written as the counterparty has already performed its obligation by paying the premium at the inception of the contract.

138 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

The Fund’s exchange-traded option contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

E. Futures Contracts — Hedged Equity Fund, Intrepid Value Fund, U.S. Equity Fund, U.S. GARP Equity Fund, U.S. Large Cap Core Plus Fund, U.S. Research Enhanced Equity Fund and U.S. Sustainable Leaders Fund used index futures contracts to gain or reduce exposure to the stock market, or maintain liquidity or minimize transaction costs. The Funds also purchased futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on futures contracts on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.

The use of futures contracts exposes the Funds to equity price risk. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds’ credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.

The Funds’ futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

F. Summary of Derivatives Information

Derivatives Volume

The table below discloses the volume of the Funds’ futures contracts and option contracts activity during the six months ended December 31, 2020 (amounts in thousands, except number of contracts).

	Hedged Equity Fund		Intrepid Value Fund			U.S. Equity Fund			U.S. GARP Equity Fund			U.S. Large Cap Core Plus Fund			U.S. Research Enhanced Equity Fund		U.S. Sustainable Leaders Fund
Futures Contracts — Equity:
Average Notional Balance Long	$	166,174	$	2,321	(a)	$	184,947	(a)	$	13,631	(a)	$	2,159	(b)	$	46,808	$	923	(a)
Ending Notional Balance Long		194,566		1,685			304,489			10,299			—			28,277		1,114
Exchange-Traded Options:
Average Number of Contracts Purchased		34,360		—			—			—			—			—		—
Average Number of Contracts Written		68,720		—			—			—			—			—		—
Ending Number of Contracts Purchased		38,586		—			—			—			—			—		—
Ending Number of Contracts Written		77,172		—			—			—			—			—		—

(a) For the period August 1, 2020 through December 31, 2020.

(b) For the period July 1, 2020 through July 31, 2020.

G. Equity-Linked Notes — The Equity Premium Income Fund invested in Equity-Linked Notes (“ELNs”). These are hybrid instruments which combine both debt and equity characteristics into a single note form. ELNs’ values are linked to the performance of an underlying index. ELNs are unsecured debt obligations of an issuer and may not be publicly listed or traded on an exchange. ELNs are valued daily, under procedures adopted by the Board of JPM IV, based on values provided by an approved pricing source. These notes have a coupon which is accrued and recorded as interest income on the Statements of Operations. Changes in the market value of ELNs are recorded as Change in net unrealized appreciation or depreciation on the Statements of Operations. The Fund realizes a gain or loss when an ELN is sold or matures, which is recorded as Net realized gain (loss) on transactions from investments in non-affiliates on the Statements of Operations.

As of December 31, 2020, the Equity Premium Income Fund had outstanding ELNs as listed on the SOI.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 139

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

H. Short Sales — The U.S. Large Cap Core Plus Fund engaged in short sales as part of its normal investment activities. In a short sale, the Fund sells securities it does not own in anticipation of a decline in the market value of those securities. In order to deliver securities to the purchaser, the Fund borrows securities from a broker. To close out a short position, the Fund delivers the same securities to the broker.

The Fund is required to pledge cash or securities to the broker as collateral for the securities sold short. Collateral requirements are calculated daily based on the current market value of the short positions. Securities segregated as collateral are denoted on the SOIs. The Fund may receive or pay the net of the following amounts: (i) a portion of the income from the investment of cash collateral; (ii) the broker’s fee on the borrowed securities (calculated daily based upon the market value of each borrowed security and a variable rate that is dependent on availability of the security); and (iii) a financing charge for the difference between the market value of the short position and cash collateral deposited with the broker. The net amounts of income or fees are included as interest income or interest expense on securities sold short on the Statements of Operations.

The Fund is obligated to pay the broker dividends declared on short positions when a position is open on the record date. Dividends on short positions are reported on ex-dividend date on the Statements of Operations as Dividend expense on securities sold short. The Fund is obligated to pay the broker interest accrued on short positions while the position is outstanding. Interest expense on short positions is reported within Other expense on the Statements of Operations. Liabilities for securities sold short are reported at market value on the Statements of Assets and Liabilities and the change in market value is recorded as Change in net unrealized appreciation/depreciation on the Statements of Operations. Short sale transactions may result in unlimited losses as the security’s price increases and the short position loses value. There is no upward limit on the price a borrowed security could attain. The Fund is also subject to risk of loss if the broker were to fail to perform its obligations under the contractual terms.

The Fund will record a realized loss if the price of the borrowed security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund will record a realized gain if the price of the borrowed security declines between those dates.

As of December 31, 2020, the U.S. Large Cap Core Plus Fund had outstanding short sales as listed on its SOI.

I. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income and interest expense on securities sold short, if any, is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts. Dividend income and dividend expense on securities sold short are recorded on the ex-dividend date or when a Fund first learns of the dividend.

To the extent such information is publicly available, the Funds record distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of the components of distributions (and consequently their net investment income) as necessary, once the issuers provide information about the actual composition of the distributions.

J. Allocation of Income and Expenses — Expenses directly attributable to a Fund are charged directly to that Fund, while the expenses attributable to more than one fund of the Trusts are allocated among the applicable funds. Investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Funds for the six months ended December 31, 2020 are as follows (amounts in thousands):

	Class A			Class C			Class I		Class L		Class R2		Class R3			Class R4			Class R5			Class R6			Total
Equity Focus Fund
Transfer agency fees	$	1		$	—	(a)	$	1		n/a		n/a		n/a			n/a			n/a		$	—	(a)	$	2
Equity Income Fund
Transfer agency fees		243			35			66		n/a	$	6	$	3		$	2		$	16			117			488
Equity Premium Income Fund
Transfer agency fees		—	(a)		—	(a)		2		n/a		n/a		n/a			n/a			—	(a)		1			3
Hedged Equity Fund
Transfer agency fees		27			6			39		n/a		n/a		n/a			n/a			1			14			87
Intrepid Value Fund
Transfer agency fees		1			1			2		n/a		2		n/a			n/a			—	(a)		1			7
Large Cap Growth Fund
Transfer agency fees		221			12			45		n/a		5		2			1			7			60			353
Large Cap Value Fund
Transfer agency fees		33			1			3		n/a		2		—	(a)		—	(a)		2			10			51
U.S. Equity Fund
Transfer agency fees		43			6			14	$	87		3		2			—	(a)		5			44			204

140 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

	Class A		Class C			Class I		Class L			Class R2			Class R3			Class R4			Class R5			Class R6			Total
U.S. GARP Equity Fund
Transfer agency fees	$	4	$	1		$	2		n/a		$	17			n/a			n/a		$	1		$	3		$	28
U.S. Large Cap Core Plus Fund
Transfer agency fees		21		2			21		n/a			1			n/a			n/a			—	(a)		3			48
U.S. Research Enhanced Equity Fund
Transfer agency fees		9		n/a			6	$	—	(a)		n/a			n/a			n/a			n/a			16			31
U.S. Sustainable Leaders Fund
Transfer agency fees		1		—	(a)		1		n/a			n/a			n/a			n/a			n/a			—	(a)		2
U.S. Value Fund
Transfer agency fees		73		1			4		n/a			—	(a)	$	—	(a)	$	—	(a)		—	(a)		3			81

(a) Amount rounds to less than one thousand.

K. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of December 31, 2020, no liability for Federal income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

L. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid at least quarterly, except for Equity Focus Fund, Large Cap Growth Fund, U.S. GARP Equity Fund, U.S. Large Cap Core Plus Fund and U.S. Sustainable Leaders Fund, for which distributions are generally declared and paid annually, Equity Income Fund and Equity Premium Income Fund, for which distributions are generally declared and paid monthly. Distributions are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.

M. Recent Accounting Pronouncement — In March 2020, the FASB issued Accounting Standards Update No. 2020-04 (“ASU 2020-04”), Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 became effective upon the issuance and its optional relief can be applied through December 31, 2022. Management is currently evaluating the impact, if any, to the Funds’ financial statements of applying ASU 2020-04.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of each Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate based on each Fund’s respective average daily net assets. The annual rate for each Fund is as follows:

Equity Focus Fund	0.50	%
Equity Income Fund	0.40
Equity Premium Income Fund	0.25
Hedged Equity Fund	0.25
Intrepid Value Fund	0.30
Large Cap Growth Fund	0.45
Large Cap Value Fund	0.40
U.S. Equity Fund	0.40
U.S. GARP Equity Fund	0.30
U.S. Large Cap Core Plus Fund	0.65
U.S. Research Enhanced Equity Fund	0.25
U.S. Sustainable Leaders Fund	0.30
U.S. Value Fund	0.40

The Adviser waived investment advisory fees and/or reimbursed expenses as outlined in Note 3.F.

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to each Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 141

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

of each Fund’s respective average daily net assets, plus 0.050% of each Fund’s respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund’s respective average daily net assets between $20 billion and $25 billion, plus 0.01% of each Fund’s respective average daily net assets in excess of $25 billion. For the six months ended December 31, 2020, the effective annualized rate for Equity Focus Fund, Equity Income Fund, Equity Premium Income Fund, Hedged Equity Fund, Intrepid Value Fund, Large Cap Growth Fund, Large Cap Value Fund, U.S. Equity Fund, U.S. GARP Equity Fund, U.S. Large Cap Core Plus Fund, U.S. Research Enhanced Equity Fund, U.S. Sustainable Leaders Fund and U.S. Value Fund was 0.07%, 0.05%, 0.07%, 0.07%, 0.07%, 0.05%, 0.07%, 0.07%, 0.07%, 0.07%, 0.07 %, 0.07% and 0.07%, respectively, of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

The Administrator waived administration fees as outlined in Note 3.F.

JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Funds’ sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as each Fund’s principal underwriter and promotes and arranges for the sale of each Fund’s shares.

The Boards have adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class C, Class R2 and Class R3 Shares of the Funds, as applicable, pursuant to Rule 12b-1 under the 1940 Act. Class I, Class L, Class R4, Class R5 and Class R6 Shares of the Funds do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

	Class A			Class C			Class R2			Class R3
Equity Focus Fund		0.25	%		0.75	%		n/a			n/a
Equity Income Fund		0.25			0.75			0.50	%		0.25	%
Equity Premium Income Fund		0.25			0.75			n/a			n/a
Hedged Equity Fund		0.25			0.75			n/a			n/a
Intrepid Value Fund		0.25			0.75			0.50			n/a
Large Cap Growth Fund		0.25			0.75			0.50			0.25
Large Cap Value Fund		0.25			0.75			0.50			0.25
U.S. Equity Fund		0.25			0.75			0.50			0.25
U.S. GARP Equity Fund		0.25			0.75			0.50			n/a
U.S. Large Cap Core Plus Fund		0.25			0.75			0.50			n/a
U.S. Research Enhanced Equity Fund		0.25			n/a			n/a			n/a
U.S. Sustainable Leaders Fund		0.25			0.75			n/a			n/a
U.S. Value Fund		0.25			0.75			0.50			0.25

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended December 31, 2020, JPMDS retained the following (amounts in thousands):

	Front-End Sales Charge			CDSC
Equity Focus Fund	$	1		$	1
Equity Income Fund		269			4
Equity Premium Income Fund		8			—
Hedged Equity Fund		169			1
Intrepid Value Fund		1			—
Large Cap Growth Fund		482			1
Large Cap Value Fund		3			—
U.S. Equity Fund		81			—	(a)
U.S. GARP Equity Fund		4			—	(a)
U.S. Large Cap Core Plus Fund		9			—	(a)
U.S. Research Enhanced Equity Fund		—	(a)		—
U.S. Sustainable Leaders Fund		2			—
U.S. Value Fund		6			—

(a) Amount rounds to less than one thousand.

D. Service Fees — The Trusts, on behalf of the Funds, have entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to fund shareholders. For performing these services, JPMDS receives a fee with respect to all share classes, except

142 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

Class R6 Shares which do not charge a service fee that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

	Class A			Class C			Class I			Class L			Class R2			Class R3			Class R4			Class R5
Equity Focus Fund		0.25	%		0.25	%		0.25	%		n/a			n/a			n/a			n/a			n/a
Equity Income Fund		0.25			0.25			0.25			n/a			0.25	%		0.25	%		0.25	%		0.10	%
Equity Premium Income Fund		0.25			0.25			0.25			n/a			n/a			n/a			n/a			0.10
Hedged Equity Fund		0.25			0.25			0.25			n/a			n/a			n/a			n/a			0.10
Intrepid Value Fund		0.25			0.25			0.25			n/a			0.25			n/a			n/a			0.10
Large Cap Growth Fund		0.25			0.25			0.25			n/a			0.25			0.25			0.25			0.10
Large Cap Value Fund		0.25			0.25			0.25			n/a			0.25			0.25			0.25			0.10
U.S. Equity Fund		0.25			0.25			0.25			0.10	%		0.25			0.25			0.25			0.10
U.S. GARP Equity Fund		0.25			0.25			0.25			n/a			0.25			n/a			n/a			0.10
U.S. Large Cap Core Plus Fund		0.25			0.25			0.25			n/a			0.25			n/a			n/a			0.10
U.S. Research Enhanced Equity Fund		0.25			n/a			0.25			n/a			n/a			n/a			n/a			n/a
U.S. Sustainable Leaders Fund		0.25			0.25			0.25			n/a			n/a			n/a			n/a			n/a
U.S. Value Fund		0.25			0.25			0.25			n/a			0.25			0.25			0.25			0.10

JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds. Pursuant to such contracts, JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.

JPMDS waived service fees as outlined in Note 3.F.

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations.

Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.

F. Waivers and Reimbursements — The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Funds (excluding Equity Income Fund) to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:

	Class A			Class C			Class I			Class L			Class R2			Class R3			Class R4			Class R5			Class R6
Equity Focus Fund		1.10	%		1.60	%		0.85	%		n/a			n/a			n/a			n/a			n/a			0.60	%
Equity Premium Income Fund		0.85			1.35			0.60			n/a			n/a			n/a			n/a			0.45	%		0.35
Hedged Equity Fund		0.85			1.35			0.60			n/a			n/a			n/a			n/a			0.45			0.35
Intrepid Value Fund		0.83			1.33			0.59			n/a			1.09	%		n/a			n/a			0.44			0.34
Large Cap Growth Fund		0.94			1.44			0.69			n/a			1.19			0.94	%		0.69	%		0.54			0.44
Large Cap Value Fund		0.93			1.44			0.69			n/a			1.19			0.94			0.69			0.54			0.44
U.S. Equity Fund		0.94			1.44			0.69			n/a	(1)		1.19			0.94			0.69			0.54			0.44
U.S. GARP Equity Fund		0.84			1.34			0.59			n/a			1.09			n/a			n/a			0.44			0.34
U.S. Large Cap Core Plus Fund		1.10			1.60			0.85			n/a			1.45			n/a			n/a			0.80			0.70
U.S. Research Enhanced Equity Fund		0.60			n/a			0.35			n/a			n/a			n/a			n/a			n/a			0.25
U.S. Sustainable Leaders Fund		0.64			1.14			0.39			n/a			n/a			n/a			n/a			n/a			0.34
U.S. Value Fund		0.94			1.44			0.69			n/a			1.19			0.94			0.69			0.54			0.44

⁽¹⁾  Effective November 1, 2020, the contractual expense limitation for Class L Shares of the U.S. Equity Fund expired. Prior to November 1, 2020, the contractual expense limitation for the Funds was 0.61% for Class L Shares.

Except as noted above, the expense limitation agreements were in effect for the six months ended December 31, 2020 and the contractual expense limitation percentages in the table above are in place until at least October 31, 2021.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 143

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

For the six months ended December 31, 2020, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees		Total		Contractual Reimbursements
Equity Focus Fund	$	53	$	32	$	1	$	86	$	—
Equity Income Fund		13		—		—		13		—
Equity Premium Income Fund		104		70		1		175		1
Hedged Equity Fund		—		—		3		3		—
Intrepid Value Fund		124		82		8		214		1
Large Cap Growth Fund		6,350		4,225		230		10,805		—
Large Cap Value Fund		273		181		47		501		8
U.S. Equity Fund		1,786		1,189		73		3,048		44
U.S. GARP Equity Fund		218		145		23		386		—
U.S. Large Cap Core Plus Fund		420		279		1,342		2,041		2
U.S. Research Enhanced Equity Fund		1,200		799		616		2,615		—	(a)
U.S. Sustainable Leaders Fund		86		22		59		167		22
U.S. Value Fund		200		133		74		407		2

(a) Amount rounds to less than one thousand.

Additionally, the Funds may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Fund’s investment in such affiliated money market fund, except for investments of securities lending cash collateral. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

The amounts of these waivers resulting from investments in these money market funds for the six months ended December 31, 2020 were as follows (amounts in thousands):

Equity Focus Fund	$	2
Equity Income Fund		480
Equity Premium Income Fund		3
Hedged Equity Fund		220
Intrepid Value Fund		3
Large Cap Growth Fund		668
Large Cap Value Fund		13
U.S. Equity Fund		117
U.S. GARP Equity Fund		17
U.S. Large Cap Core Plus Fund		18
U.S. Research Enhanced Equity Fund		33
U.S. Sustainable Leaders Fund		1
U.S. Value Fund		16

G. Other — Certain officers of the Trusts are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.

The Boards designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. Each Fund, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statements of Operations.

The Trusts adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

During the six months ended December 31, 2020, the Large Cap Growth Fund and U.S. Large Cap Core Plus Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.

144 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

4. Investment Transactions

During the six months ended December 31, 2020, purchases and sales of investments (excluding short-term investments and transfers in-kind) were as follows (amounts in thousands):

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Securities Sold Short		Covers on Securities Sold Short
Equity Focus Fund	$	15,527	$	17,578	$	—	$	—
Equity Income Fund		3,930,106		3,086,189		—		—
Equity Premium Income Fund		360,196		280,361		—		—
Hedged Equity Fund		5,731,771		2,039,769		—		—
Intrepid Value Fund		110,105		157,132		—		—
Large Cap Growth Fund		9,638,462		7,764,418		—		—
Large Cap Value Fund		663,358		657,491		—		—
U.S. Equity Fund		4,814,502		5,048,831		—		—
U.S. GARP Equity Fund		447,934		495,881		—		—
U.S. Large Cap Core Plus Fund		1,204,844		2,182,316		470,936		748,585
U.S. Research Enhanced Equity Fund		677,983		1,002,865		—		—
U.S. Sustainable Leaders Fund		31,818		8,957		—		—
U.S. Value Fund		409,748		67,145		—		—

During the six months ended December 31, 2020, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at December 31, 2020 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Equity Focus Fund	$	64,609	$	41,635	$	284	$	41,351
Equity Income Fund		27,068,783		9,848,490		562,282		9,286,208
Equity Premium Income Fund		246,442		38,614		1,216		37,398
Hedged Equity Fund		11,263,525		3,800,486		46,966		3,753,520
Intrepid Value Fund		206,279		47,129		2,503		44,626
Large Cap Growth Fund		18,396,766		14,358,483		107,830		14,250,653
Large Cap Value Fund		1,354,440		403,137		41,307		361,830
U.S. Equity Fund		11,545,374		7,171,647		12,760		7,158,887
U.S. GARP Equity Fund		803,422		503,394		5,754		497,640
U.S. Large Cap Core Plus Fund*		1,309,500		1,818,226		99,979		1,718,247
U.S. Research Enhanced Equity Fund		2,810,743		2,144,027		20,978		2,123,049
U.S. Sustainable Leaders Fund		57,499		17,616		61		17,555
U.S. Value Fund		801,509		341,714		7,285		334,429

* The tax cost includes the proceeds from short sales which may result in a net negative cost.

As of June 30, 2020, the following Funds had net capital loss carryforwards as follows (amounts in thousands):

	Capital Loss Carryforward Character
	Short-Term		Long-Term
Equity Premium Income Fund	$	4,187	$	—
Hedged Equity Fund		114,389		157,891
Large Cap Value Fund		24,093		—

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 145

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

Net capital losses incurred after October 31, and within the taxable year are deemed to arise on the first business day of the Funds’ next taxable year. For the year ended June 30, 2020, the following Funds deferred to July 1, 2020 the following net capital losses of (amounts in thousands):

	Net Capital Losses (Gains)
	Short-Term		Long-Term
Equity Income Fund	$	491,217	$	330,688
Equity Premium Income Fund		25,532		(102	)
Hedged Equity Fund		82,302		52,139
Large Cap Growth Fund		68,836		—
Large Cap Value Fund		49,514		(13,663	)
U.S. GARP Equity Fund		3,912		—
U.S. Research Enhanced Equity Fund		34,790		—
U.S. Sustainable Leaders Fund		231		—
U.S. Value Fund		6,424		—

6. Borrowings

The Funds rely upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPM II and may be relied upon by the Funds because the Funds and the series of JPM II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

The Funds had no borrowings outstanding from another fund during the six months ended December 31, 2020.

The Trusts and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 1, 2021.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended December 31, 2020.

The Trusts, along with certain other trusts for J.P. Morgan Funds (“Borrowers”), have entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00%, which has increased to 1.25% pursuant to the amendment referenced below, plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 11, 2020, this agreement has been amended and restated for a term of 364 days, unless extended, and to include the change to the interest rate charged for borrowing from the Credit Facility to 1.25%, as noted above, and an upfront fee of 0.075% of the Credit Facility to be charged and paid by all participating funds of the Credit Facility.

The Funds did not utilize the Credit Facility during the six months ended December 31, 2020.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.

146 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

As of December 31, 2020, the following Funds had individual shareholder and/or omnibus accounts each owning more than 10% of the respective Fund’s outstanding shares as follows:

	Number of individual shareholder and/or Affiliated Omnibus Accounts		% of the Fund			Number of individual shareholder and/or Non-Affiliated Omnibus Accounts		% of the Fund
Equity Focus Fund		1		62.8	%		1		21.7	%
Equity Income Fund		1		10.4			2		27.7
Equity Premium Income Fund		—		—			4		63.3
Hedged Equity Fund		—		—			2		30.8
Intrepid Value Fund		—		—			2		23.5
Large Cap Growth Fund		—		—			1		19.1
Large Cap Value Fund		2		33.0			1		11.5
U.S. Equity Fund		—		—			1		17.5
U.S. GARP Equity Fund		2		28.8			1		10.6
U.S. Large Cap Core Plus Fund		1		23.4			1		27.6
U.S. Research Enhanced Equity Fund		—		—			1		15.0
U.S. Sustainable Leaders Fund		1		10.1			2		47.2
U.S. Value Fund		1		12.0			1		31.1

As of December 31, 2020, the J.P. Morgan Investor Funds and the JPMorgan SmartRetirement Funds, which are affiliated funds of funds, owned in the aggregate, shares representing more than 10% of the net assets of the Funds as follows:

	J.P. Morgan Investor Funds			JPMorgan SmartRetirement Funds
Large Cap Value Fund		44.8	%		n/a
U.S. Equity Fund		n/a			24.1	%
U.S. GARP Equity Fund		45.8			n/a
U.S. Research Enhanced Equity Fund		16.2			36.6

Significant shareholder transactions by these shareholders may impact the Funds’ performance and liquidity.

The Equity Premium Income Fund’s investments in ELNs entail varying degrees of risks. The Fund is subject to loss of their full principal amount. In addition, the ELNs are subject to a stated maximum return which may limit the payment at maturity. The Fund may also be exposed to additional risks associated with structured notes including: counterparty credit risk related to the issuer’s ability to make payment at maturity; liquidity risk related to a lack of liquid market for these notes, preventing the Fund from trading or selling the notes easily; and a greater degree of market risk than other types of debt securities because the investor bears the risk associated with the underlying financial instruments.

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds’ original investment. Many derivatives create leverage thereby causing the Funds to be more volatile than they would have been if they had not used derivatives. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Funds to sell or otherwise close a derivatives position could expose the Funds to losses.

LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. The regulatory authority that oversees financial services firms and financial markets in the U.K. has announced that, after the end of 2021, it would no longer persuade or compel contributing banks to make rate submissions for purposes of determining the LIBOR rate. As a result, it is possible that commencing in 2022, LIBOR may no longer be available or no longer deemed an appropriate reference rate upon which to determine the interest rate on or impacting certain loans, notes, derivatives and other instruments or investments comprising some or all of a Fund’s portfolio. In light of this eventuality, public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of LIBOR. There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain investments of a Fund and result in costs incurred in connection with closing out positions and entering into new trades. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., Euribor) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.

The Funds are subject to infectious disease epidemics/pandemics risk. The worldwide outbreak of COVID-19, a novel coronavirus disease, has negatively affected economies, markets and individual companies throughout the world. The effects of this COVID-19 pandemic to public health, and business and market conditions, including exchange trading suspensions and closures may continue to have a significant negative impact on the

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 147

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

performance of a Fund’s investments, increase a Fund’s volatility, exacerbate other pre-existing political, social and economic risks to the Funds and negatively impact broad segments of businesses and populations. The Funds’ operations may be interrupted as a result, which may have a significant negative impact on investment performance. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could also have a significant negative impact on a Fund’s investment performance. The full impact of this COVID-19 pandemic, or other future epidemics/pandemics, is currently unknown.

8. Redemptions in-kind

On October 18, 2019, certain shareholders sold Class R6 Shares of U.S. Research Enhanced Equity Fund. The portfolio securities were delivered primarily by means of a redemption in-kind in exchange for shares of the Fund. Cash and portfolio securities were transferred as detailed below (amounts in thousands):

	Value			Realized Gains (Losses)		Type
U.S. Research Enhanced Equity Fund	$	1,336,709	*	$	545,813		Redemption in-kind

* This amount includes cash of approximately $17,300,000 associated with the redemption in-kind.

On December 3, 2020, certain shareholders sold Class R6 Shares of U.S. Value Fund. The portfolio securities were delivered primarily by means of a redemption in-kind in exchange for shares of the Fund. Cash and portfolio securities were transferred as detailed below (amounts in thousands):

	Value			Realized Gains (Losses)			Type
U.S. Value Fund	$	126,007	*	$	(126	)		Redemption in-kind

* This amount includes cash of approximately $4,653,000 associated with the redemption in-kind.

9. Subscriptions in-kind

On July 29, 2019, certain shareholders purchased Class R6 Shares of U.S. Equity Fund. The portfolio securities were received primarily by means of a subscription in-kind in exchange for shares of the Fund. Portfolio securities were transferred as detailed below (amounts in thousands):

	Value		Type
U.S. Equity Fund	$	45,414		Subscription in-kind

On February 26, 2020, certain shareholders purchased Class R6 Shares of Equity Income Fund. The portfolio securities were received primarily by means of a subscription in-kind in exchange for shares of the Fund. Portfolio securities were transferred as detailed below (amounts in thousands):

	Value			Type
Equity Income Fund	$	48,418	*		Subscription in-kind

* This amount includes cash of approximately $230,000 associated with the subscription in-kind.

10. Subsequent Events

On February 10, 2021, the Board of Trustees of JPM I approved the following changes for Intrepid Value Fund, which are expected to become effective on or about July 1, 2021: (i) a change to the Fund’s name to JPMorgan U.S. Applied Data Science Value Fund; (ii) a change to the Fund’s investment strategy to employ a data science driven investment approach; (iii) a change to the Fund’s 80% investment policy so that, under normal circumstances, the Fund invests at least 80% of its assets in equity securities of U.S. companies; and (iv) the contractual expense limitations for Class A, Class C, and Class I Shares will be reduced to 0.73%, 1.23%, and 0.49%, respectively, and will be in place until at least June 30, 2023.

Effective as of the close of business on March 12, 2021, Hedged Equity Fund will be offered on a limited basis. Investors are not eligible to purchase shares of the Fund unless they meet certain requirements as described in the Fund’s prospectuses.

148 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, July 1, 2020, and continued to hold your shares at the end of the reporting period, December 31, 2020.

Actual Expenses

For each Class of each Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading titled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

	Beginning Account Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan Equity Focus Fund
Class A
Actual*	$	1,000.00	$	1,272.20	$	6.24		1.09	%
Hypothetical*		1,000.00		1,019.71		5.55		1.09
Class C
Actual*		1,000.00		1,269.50		9.10		1.59
Hypothetical*		1,000.00		1,017.19		8.08		1.59
Class I
Actual*		1,000.00		1,274.00		4.81		0.84
Hypothetical*		1,000.00		1,020.97		4.28		0.84
Class R6
Actual*		1,000.00		1,275.70		3.38		0.59
Hypothetical*		1,000.00		1,022.23		3.01		0.59
JPMorgan Equity Income Fund
Class A
Actual*		1,000.00		1,204.10		5.39		0.97
Hypothetical*		1,000.00		1,020.32		4.94		0.97
Class C
Actual*		1,000.00		1,201.10		8.10		1.46
Hypothetical*		1,000.00		1,017.85		7.43		1.46
Class I
Actual*		1,000.00		1,205.60		3.95		0.71
Hypothetical*		1,000.00		1,021.63		3.62		0.71
Class R2
Actual*		1,000.00		1,203.00		6.77		1.22
Hypothetical*		1,000.00		1,019.06		6.21		1.22
Class R3
Actual*		1,000.00		1,203.70		5.33		0.96
Hypothetical*		1,000.00		1,020.37		4.89		0.96

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 149

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan Equity Income Fund (continued)
Class R4
Actual*	$	1,000.00	$	1,205.70	$	3.95		0.71	%
Hypothetical*		1,000.00		1,021.63		3.62		0.71
Class R5
Actual*		1,000.00		1,207.00		3.12		0.56
Hypothetical*		1,000.00		1,022.38		2.85		0.56
Class R6
Actual*		1,000.00		1,207.10		2.56		0.46
Hypothetical*		1,000.00		1,022.89		2.35		0.46
JPMorgan Equity Premium Income Fund
Class A
Actual*		1,000.00		1,163.90		4.64		0.85
Hypothetical*		1,000.00		1,020.92		4.33		0.85
Class C
Actual*		1,000.00		1,161.00		7.35		1.35
Hypothetical*		1,000.00		1,018.40		6.87		1.35
Class I
Actual*		1,000.00		1,165.30		3.27		0.60
Hypothetical*		1,000.00		1,022.18		3.06		0.60
Class R5
Actual*		1,000.00		1,165.30		2.46		0.45
Hypothetical*		1,000.00		1,022.94		2.29		0.45
Class R6
Actual*		1,000.00		1,166.70		1.91		0.35
Hypothetical*		1,000.00		1,023.44		1.79		0.35
JPMorgan Hedged Equity Fund
Class A
Actual*		1,000.00		1,098.60		4.44		0.84
Hypothetical*		1,000.00		1,020.97		4.28		0.84
Class C
Actual*		1,000.00		1,095.90		7.03		1.33
Hypothetical*		1,000.00		1,018.50		6.77		1.33
Class I
Actual*		1,000.00		1,099.70		3.07		0.58
Hypothetical*		1,000.00		1,022.28		2.96		0.58
Class R5
Actual*		1,000.00		1,100.70		2.33		0.44
Hypothetical*		1,000.00		1,022.99		2.24		0.44
Class R6
Actual*		1,000.00		1,101.10		1.80		0.34
Hypothetical*		1,000.00		1,023.49		1.73		0.34
JPMorgan Intrepid Value Fund
Class A
Actual*		1,000.00		1,203.80		4.55		0.82
Hypothetical*		1,000.00		1,021.07		4.18		0.82
Class C
Actual*		1,000.00		1,201.70		7.33		1.32
Hypothetical*		1,000.00		1,018.55		6.72		1.32
Class I
Actual*		1,000.00		1,218.00		3.30		0.59
Hypothetical*		1,000.00		1,022.23		3.01		0.59
Class R2
Actual*		1,000.00		1,203.00		6.00		1.08
Hypothetical*		1,000.00		1,019.76		5.50		1.08

150 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

	Beginning Account Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan Intrepid Value Fund (continued)
Class R5
Actual*	$	1,000.00	$	1,227.00	$	2.47		0.44	%
Hypothetical*		1,000.00		1,022.99		2.24		0.44
Class R6
Actual*		1,000.00		1,208.80		1.89		0.34
Hypothetical*		1,000.00		1,023.49		1.73		0.34
JPMorgan Large Cap Growth Fund
Class A
Actual*		1,000.00		1,294.70		5.38		0.93
Hypothetical*		1,000.00		1,020.52		4.74		0.93
Class C
Actual*		1,000.00		1,291.50		8.26		1.43
Hypothetical*		1,000.00		1,018.00		7.27		1.43
Class I
Actual*		1,000.00		1,296.30		3.94		0.68
Hypothetical*		1,000.00		1,021.78		3.47		0.68
Class R2
Actual*		1,000.00		1,293.20		6.82		1.18
Hypothetical*		1,000.00		1,019.26		6.01		1.18
Class R3
Actual*		1,000.00		1,294.70		5.38		0.93
Hypothetical*		1,000.00		1,020.52		4.74		0.93
Class R4
Actual*		1,000.00		1,296.50		3.94		0.68
Hypothetical*		1,000.00		1,021.78		3.47		0.68
Class R5
Actual*		1,000.00		1,297.40		3.07		0.53
Hypothetical*		1,000.00		1,022.53		2.70		0.53
Class R6
Actual*		1,000.00		1,297.90		2.49		0.43
Hypothetical*		1,000.00		1,023.04		2.19		0.43
JPMorgan Large Cap Value Fund
Class A
Actual*		1,000.00		1,335.80		5.42		0.92
Hypothetical*		1,000.00		1,020.57		4.69		0.92
Class C
Actual*		1,000.00		1,331.30		8.40		1.43
Hypothetical*		1,000.00		1,018.00		7.27		1.43
Class I
Actual*		1,000.00		1,336.50		4.06		0.69
Hypothetical*		1,000.00		1,021.73		3.52		0.69
Class R2
Actual*		1,000.00		1,333.30		6.94		1.18
Hypothetical*		1,000.00		1,019.26		6.01		1.18
Class R3
Actual*		1,000.00		1,335.10		5.47		0.93
Hypothetical*		1,000.00		1,020.52		4.74		0.93
Class R4
Actual*		1,000.00		1,336.80		4.06		0.69
Hypothetical*		1,000.00		1,021.73		3.52		0.69
Class R5
Actual*		1,000.00		1,337.90		3.18		0.54
Hypothetical*		1,000.00		1,022.48		2.75		0.54

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 151

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan Large Cap Value Fund (continued)
Class R6
Actual*	$	1,000.00	$	1,338.60	$	2.59		0.44	%
Hypothetical*		1,000.00		1,022.99		2.24		0.44
JPMorgan U.S. Equity Fund
Class A
Actual*		1,000.00		1,243.10		5.31		0.94
Hypothetical*		1,000.00		1,020.47		4.79		0.94
Class C
Actual*		1,000.00		1,240.40		8.08		1.43
Hypothetical*		1,000.00		1,018.00		7.27		1.43
Class I
Actual*		1,000.00		1,245.60		3.91		0.69
Hypothetical*		1,000.00		1,021.73		3.52		0.69
Class L
Actual*		1,000.00		1,246.00		3.06		0.54
Hypothetical*		1,000.00		1,022.48		2.75		0.54
Class R2
Actual*		1,000.00		1,242.40		6.67		1.18
Hypothetical*		1,000.00		1,019.26		6.01		1.18
Class R3
Actual*		1,000.00		1,244.10		5.32		0.94
Hypothetical*		1,000.00		1,020.47		4.79		0.94
Class R4
Actual*		1,000.00		1,245.30		3.90		0.69
Hypothetical*		1,000.00		1,021.73		3.52		0.69
Class R5
Actual*		1,000.00		1,245.80		3.06		0.54
Hypothetical*		1,000.00		1,022.48		2.75		0.54
Class R6
Actual*		1,000.00		1,247.20		2.49		0.44
Hypothetical*		1,000.00		1,022.99		2.24		0.44
JPMorgan U.S. GARP Equity Fund (formerly known as JPMorgan Intrepid Growth Fund)
Class A
Actual*		1,000.00		1,211.30		4.63		0.83
Hypothetical*		1,000.00		1,021.02		4.23		0.83
Class C
Actual*		1,000.00		1,208.70		7.40		1.33
Hypothetical*		1,000.00		1,018.50		6.77		1.33
Class I
Actual*		1,000.00		1,213.00		3.29		0.59
Hypothetical*		1,000.00		1,022.23		3.01		0.59
Class R2
Actual*		1,000.00		1,209.80		6.02		1.08
Hypothetical*		1,000.00		1,019.76		5.50		1.08
Class R5
Actual*		1,000.00		1,213.10		2.45		0.44
Hypothetical*		1,000.00		1,022.99		2.24		0.44
Class R6
Actual*		1,000.00		1,213.70		1.90		0.34
Hypothetical*		1,000.00		1,023.49		1.73		0.34

152 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

	Beginning Account Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan U.S. Large Cap Core Plus Fund
Class A
Actual*	$	1,000.00	$	1,242.70	$	11.19		1.98	%
Hypothetical*		1,000.00		1,015.22		10.06		1.98
Class C
Actual*		1,000.00		1,239.20		14.05		2.49
Hypothetical*		1,000.00		1,012.65		12.63		2.49
Class I
Actual*		1,000.00		1,244.10		9.79		1.73
Hypothetical*		1,000.00		1,016.48		8.79		1.73
Class R2
Actual*		1,000.00		1,239.90		13.21		2.34
Hypothetical*		1,000.00		1,013.41		11.88		2.34
Class R5
Actual*		1,000.00		1,244.60		9.50		1.68
Hypothetical*		1,000.00		1,016.74		8.54		1.68
Class R6
Actual*		1,000.00		1,244.80		9.00		1.59
Hypothetical*		1,000.00		1,017.19		8.08		1.59
JPMorgan U.S. Research Enhanced Equity Fund
Class A
Actual*		1,000.00		1,226.40		3.37		0.60
Hypothetical*		1,000.00		1,022.18		3.06		0.60
Class I
Actual*		1,000.00		1,227.60		1.97		0.35
Hypothetical*		1,000.00		1,023.44		1.79		0.35
Class R6
Actual*		1,000.00		1,228.50		1.40		0.25
Hypothetical*		1,000.00		1,023.95		1.28		0.25
JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund)
Class A
Actual*		1,000.00		1,205.50		3.50		0.63
Hypothetical*		1,000.00		1,022.03		3.21		0.63
Class C
Actual*		1,000.00		1,202.60		6.27		1.13
Hypothetical*		1,000.00		1,019.51		5.75		1.13
Class I
Actual*		1,000.00		1,206.80		2.11		0.38
Hypothetical*		1,000.00		1,023.29		1.94		0.38
Class R6
Actual**		1,000.00		1,112.10		0.88		0.33
Hypothetical*		1,000.00		1,023.54		1.68		0.33
JPMorgan U.S. Value Fund (formerly known as JPMorgan Growth and Income Fund)
Class A
Actual*		1,000.00		1,220.00		5.20		0.93
Hypothetical*		1,000.00		1,020.52		4.74		0.93
Class C
Actual*		1,000.00		1,216.80		7.99		1.43
Hypothetical*		1,000.00		1,018.00		7.27		1.43
Class I
Actual*		1,000.00		1,221.60		3.81		0.68
Hypothetical*		1,000.00		1,021.78		3.47		0.68

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 153

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan U.S. Value Fund (formerly known as JPMorgan Growth and Income Fund) (continued)
Class R2
Actual*	$	1,000.00	$	1,218.50	$	6.60		1.18	%
Hypothetical*		1,000.00		1,019.26		6.01		1.18
Class R3
Actual*		1,000.00		1,220.10		5.20		0.93
Hypothetical*		1,000.00		1,020.52		4.74		0.93
Class R4
Actual*		1,000.00		1,221.80		3.81		0.68
Hypothetical*		1,000.00		1,021.78		3.47		0.68
Class R5
Actual*		1,000.00		1,222.60		3.03		0.54
Hypothetical*		1,000.00		1,022.48		2.75		0.54
Class R6
Actual*		1,000.00		1,223.10		2.47		0.44
Hypothetical*		1,000.00		1,022.99		2.24		0.44

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

** Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 92/365 (to reflect the actual period). Commencement of operations was September 30, 2020.

154 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in June and August 2020, at which the Trustees considered the continuation of the investment advisory agreements for each Fund whose semi-annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). In accordance with SEC guidance, due to the COVID-19 pandemic, the meetings were conducted through video conference. At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not parties to an Advisory Agreement or “interested persons” (as defined in the 1940 Act) of any party to an Advisory Agreement or any of their affiliates, approved the continuation of each Advisory Agreement on August 11, 2020.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds received from the Adviser. This information includes the Funds’ performance as compared to the performance of their peers and benchmarks and analyses by the Adviser of the Funds’ performance. In addition, at each of their regular meetings throughout the year, the Trustees considered reports on the performance of certain J.P. Morgan Funds provided by an independent management consulting firm (“independent consultant”). In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc. and/or Morningstar Inc., independent providers of investment company data (together, “Broadridge”). The Trustees’ independent consultant also provided additional analyses of the performance of the Funds, as well as a risk/return assessment of certain Funds as compared to the Funds’ objectives and peers. Before voting on the Advisory Agreements, the Trustees reviewed the Advisory Agreements with representatives of the Adviser, counsel to the Trusts and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Advisory

Agreements. The Trustees also discussed the Advisory Agreements in executive sessions with independent legal counsel at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors, and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds throughout the year, including additional reporting and information provided in connection with the market volatility caused by the COVID-19 pandemic, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable under the circumstances and determined that the continuance of each Advisory Agreement was in the best interests of each Fund and its shareholders.

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of services provided to each Fund under the applicable Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management, personnel changes, if any, and the expertise of, and the amount of attention given to each Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund and the infrastructure supporting the team, including personnel changes, if any. In addition, the Board considered its discussions with the Adviser regarding the Adviser’s business continuity plan and steps the Adviser was taking to provide ongoing services to the Funds during the COVID-19 pandemic, and the Adviser’s success in continuing to provide services to the Funds and their shareholders throughout this period. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of each Fund. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered quality of the quality of administration services provided by the Adviser in its role as administrator.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 155

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

The Trustees also considered their knowledge of the nature and quality of services provided by the Adviser and its affiliates to the Funds gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Funds, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to each Fund.

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services provided to the Funds by the Adviser.

Costs of Services Provided and Profitability to the Adviser and its Affiliates

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to each Fund. The Trustees reviewed and discussed this information. The Trustees recognized that this information is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Funds, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based upon their review, and taking into consideration the factors noted above, the Trustees concluded that the profitability to the Adviser under each Advisory Agreement was not unreasonable in light of the services and benefits provided to each Fund.

The Trustees also considered that JPMDS, an affiliate of the Adviser, and the Adviser earn fees from the Funds for providing shareholder and administration services, respectively. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Funds’ distributor and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser (although they are retained by JPMDS in certain instances). The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds. The Trustees considered that the J.P. Morgan Funds’ operating accounts are held at JPMCB, which, as a result, will receive float benefits for certain J.P. Morgan Funds, as applicable. The Trustees also noted that the Adviser supports a diverse set of products and services, which benefits the Adviser by allowing it to leverage its infrastructure to serve additional clients, including benefits that may be received by the Adviser and its affiliates in connection with the Funds’ potential investments in other funds advised by the Adviser. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

Economies of Scale

The Trustees considered the extent to which the Funds may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Funds and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Funds were priced to scale and whether it would be appropriate to add advisory fee breakpoints. The Trustees noted certain Funds with contractual expense limitations and fee waivers (“Fee Caps”) which allow a Fund’s shareholders to share potential economies of scale from a Fund’s inception, prior to reaching scale. The Trustees also noted that other Funds which had achieved scale as asset levels had increased, no longer had Fee Caps in place for some or all of their share classes, but shared economies of scale through lower average expenses. The Trustees noted that the fees remain satisfactory relative to peer funds. The Trustees considered the benefits to the Funds of the use of an affiliated distributor and custodian, including the ability to rely on existing infrastructure supporting distribution, custodial and transfer agent services and the ability to negotiate competitive fees for the Funds. The Trustees further considered the Adviser’s and JPMDS’s ongoing investments in their business in support of the Funds, including the Adviser’s and/or JPMDS’s investments in trading systems, technology (including improvements to the J.P. Morgan Funds’ website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees concluded that the current fee structure for each Fund, including any Fee Caps the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels, was reasonable. The Trustees concluded that, for Funds with expense caps in place for some or all of their share classes, the relevant Fund’s shareholders received the benefits of potential economies of scale through the Fee Caps and, for Funds that achieved scale and no longer had Fee Caps in place for some or all of their share classes, the relevant Fund’s shareholders

156 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

benefited from lower average expenses resulting from increased assets. The Trustees also concluded that all Funds benefited from the Adviser’s reinvestment in its operations to serve the Funds and their shareholders. The Trustees noted that the Adviser’s reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Funds.

Independent Written Evaluation of the Funds’ Senior/Chief Compliance Officer

The Trustees noted that, upon their direction, the Senior Officer for the Equity Income Fund, Large Cap Growth Fund, Large Cap Value Fund and U.S. Equity Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. In determining whether to continue the Advisory Agreements, the Trustees considered the Senior Officer’s report.

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Equity Focus Fund, Equity Premium Income Fund, Hedged Equity Fund, Intrepid Growth Fund, Intrepid Value Fund, U.S. Large Cap Core Plus Fund, U.S. Research Enhanced Equity Fund, U.S. Sustainable Leaders Fund and U.S. Value Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreements.

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional separate accounts, collective investment trusts, ETFs and/or funds sub-advised by the Adviser, for investment management styles substantially similar to that of each Fund. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences, as applicable, in the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted that the adviser, not the mutual fund, pays the sub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance information for the Funds in a report prepared by Broadridge. The Trustees considered the total return

performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Broadridge investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for the applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge’s methodology for selecting mutual funds in each Fund’s Universe and Peer Group and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Broadridge materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared by the Trustees’ independent consultant. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Equity Focus Fund’s performance for Class A shares was in the third, second and first quintiles based upon the Peer Group, and in the third, first and first quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the second, first and first quintiles based upon the Peer Group, and in the third, first and first quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the third quintile based upon the Peer Group and in the second quintile based upon the Universe for the one-year period ended December 31, 2019. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Equity Income Fund’s performance for Class A shares was in the third quintile based upon the Peer Group, and in the second quintile based upon the Universe, for each of the one-, three-, and five-year periods ended December 31, 2019. The Trustees noted that the performance for Class I shares was in the fourth, third and third quintiles based upon the Peer Group for the one-, three-, and five-year periods ended December 31, 2019, respectively, and in the second quintile based upon the Universe, for each of the

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(Unaudited) (continued)

one-, three-, and five-year periods ended December 31, 2019. The Trustees noted that the performance for Class R6 shares was in the second quintile based upon the Peer Group for both the one- and three-year periods ended December 31, 2019, and in the second, second and first quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Equity Premium Income Fund’s performance for Class A and Class I shares was in the first quintile based upon the Peer Group and in the second quintile based upon the Universe for the one-year period ended December 31, 2019. The Trustees noted that the performance for Class R6 shares was in the first quintile based upon both the Peer Group and Universe for the one-year period ended December 31, 2019. The Trustees discussed the performance and investment strategy of the Fund with the Advisor and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Hedged Equity Fund’s performance for Class A shares was in the third, first and first quintiles based upon the Peer Group, and in the third, second and first quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the second quintile based upon the Peer Group for each of the one-, three- and five-year periods ended December 31, 2019, and in the third, second and first quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the second, first and first quintiles based upon the Peer Group and in the third, first and first quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Intrepid Growth Fund’s performance for Class A shares was in the fourth, second and second quintiles based upon the Peer Group, and in the fourth, third and third quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the fourth, second and second quintiles

based upon the Peer Group, and in the fourth, third and third quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the fourth and third quintiles based upon both the Peer Group and Universe, for the one- and three-year periods ended December 31, 2019, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances. The Trustees requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with the members of the Board’s equity committee at each of its regularly scheduled meetings over the course of the next year.

The Trustees noted that the Intrepid Value Fund’s performance for Class A shares was in the fourth, third and fourth quintiles based upon the Peer Group, and in the fourth, second and fourth quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the third, second and fourth quintiles based upon the Peer Group, and in the fourth, second and fourth quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the fourth and first quintiles based upon the Peer Group for the one- and three-year periods ended December 31, 2019, respectively, and in the fourth, second and third quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

The Trustees noted that the Large Cap Growth Fund’s performance for Class A and Class I shares was in the first quintile based upon both the Peer Group and Universe, for each of the one-, three-, and five-year periods ended December 31, 2019. The Trustees noted that the performance for Class R6 shares was in the first quintile based upon the Peer Group for both the one- and three-year periods ended December 31, 2019, and in the first quintile based upon the Universe, for each of the one-, three-, and five-year periods ended December 31, 2019. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

158 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

The Trustees noted that the Large Cap Value Fund’s performance for Class A shares was in the first, second and second quintiles based upon the Peer Group, and in the second, third and second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the first, third and second quintiles based upon the Peer Group, and in the second, third and first quintiles based upon the Universe, for the one, three, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the second and third quintiles based upon the Peer Group for the one- and three-year periods ended December 31, 2019, respectively, and in the second, third and first quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

The Trustees noted that the U.S. Equity Fund’s performance for Class A shares was in the third quintile based upon the Peer Group for each of the one-, three, and five-year periods ended December 31, 2019, and in the second, third and third quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the first, second and second quintiles based upon the Peer Group, and in the second, third and second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the second quintile based upon the Peer Group for both the one- and three-year periods ended December 31, 2019, and in the first, second and second quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the U.S. Large Cap Core Plus Fund’s performance for Class A shares was in the first, second and second quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the first quintile based upon the Universe for each of the one-, three-, and five-year periods ended December 31, 2019. The Trustees noted that the performance for Class R6 shares was in the first quintile based upon the Universe for the

one-year period ended December 31, 2019. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis prepared by the independent consultant. Based upon these discussions, and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the U.S. Research Enhanced Equity Fund’s performance for Class A shares was in the third, third and fifth quintiles based upon the Peer Group, and in the second, third and fourth quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the second, third and fourth quintiles based upon the Peer Group, and in the second, second and third quintiles based upon the Universe for the one-, three- and five-year periods ended December, 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the second quintile based upon the Peer Group for both the one- and three-year periods ended December 31, 2019, and in the second, second and third quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

The Trustees noted that the U.S. Sustainable Leaders Fund’s performance for Class A shares was in the fifth, third and second quintiles based upon the Peer Group for the one-, three-, and five-year periods ended December 31, 2019, respectively, and in the third quintile based upon the Universe, for each of the one-, three-, and five-year periods ended December 31, 2019. The Trustees noted that the performance for Class I shares was in the fourth, second and second quintiles based upon the Peer Group for the one-, three- and five-year periods ended December 31, 2019, respectively, and in the third quintile based upon the Universe for each of the one-, three-, and five-year periods ended December 31, 2019. The Trustees discussed the performance and investment strategy of the Fund with the Adviser, and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

The Trustees noted that the U.S. Value Fund’s performance for Class A shares was in the second, first and first quintiles based upon the Peer Group for the one-, three-, and five-year periods ended December 31, 2019, respectively, and in the second quintile based upon the Universe, for each of the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was

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(Unaudited) (continued)

in the first quintile based upon the Peer Group for each of the one-, three-, and five-year periods ended December 31, 2019, and in the second, first and first quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the second and first quintiles based upon both the Peer Group and Universe, for the one- and three-year periods ended December 31, 2019, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate and administration fee rate paid by each Fund to the Adviser and compared the combined rate to the information prepared by Broadridge concerning management fee rates paid by other funds in the same Broadridge category as each Fund. The Trustees recognized that Broadridge reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Groups did not meet a predetermined minimum. For each Fund that had a Fee Cap in place, the Trustees considered the net advisory fee rate and net expense ratio for each share class, as applicable, taking into account any waivers and/or reimbursements. The Trustees also considered any proposed changes to a Fee Cap, and, where deemed appropriate by the Trustees, additional waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of each Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Equity Focus Fund’s net advisory fee for Class A shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class A shares were in the third quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class I shares was in the third and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class I shares were in the second and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the third and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class R6

shares were in the second quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Equity Income Fund’s net advisory fee for Class A shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class A shares were in the third and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee and actual total expenses for Class R6 shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Equity Premium Income Fund’s net advisory fee and actual total expenses for Class A, Class I and Class R6 shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Hedged Equity Fund’s net advisory fee and actual total expenses for Class A, Class I and Class R6 shares were in the first quintile based upon both the Peer Groups and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Intrepid Growth Fund’s net advisory fee and actual total expenses for Class A, Class I and Class R6 shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Intrepid Value Fund’s net advisory fee and actual total expenses for Class A, Class I and Class R6 shares were in the first quintile based upon both the Peer Group and the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Large Cap Growth Fund’s net advisory fee for Class A shares was in the first quintile based upon

160 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

both the Peer Group and Universe, and that the actual total expenses for Class A shares were in the second and first quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the first quintile based upon both the Peer Group and Universe, and actual total expenses for Class I shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee and actual total expenses for Class R6 shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Large Cap Value Fund’s net advisory fee for Class A shares were in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class A shares were in the second and first quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee and actual total expenses for Class R6 shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the U.S. Equity Fund’s net advisory fee for Class A shares was in the first and second quintile based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the third and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class I shares were in the first and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class R6 shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the U.S. Large Cap Core Plus Fund’s net advisory fee and actual total expenses for Class A shares were

in the second quintile based upon the Peer Group and in the first quintile based upon the Universe. The Trustees noted that the net advisory fee for Class I shares was in the third and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class I shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class R6 shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class R6 shares were in the first quintile based upon both the Peer Group and Universe. After considering all of the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the U.S. Research Enhanced Equity Fund’s net advisory fee and actual total expenses for Class A, Class I and Class R6 shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the U.S. Sustainable Leader Fund’s net advisory fee and actual total expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class I shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, including a reduction to the Fund’s contractual advisory fee effective June 1, 2020, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the U.S. Value Fund’s net advisory fee for Class A shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class A shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee and actual total expenses for Class R6 shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 161

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC as an exhibit to its report on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC’s website at http://www.sec.gov. Each Fund’s quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of each Fund’s policies and procedures with respect to the disclosure of each Fund’s holdings is available in the prospectuses and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

^© JPMorgan Chase & Co., 2020. All rights reserved. December 2020. SAN-LCE-1220

Semi-Annual Report

J.P. Morgan Equity Funds

December 31, 2020 (Unaudited)

JPMorgan Equity Index Fund

JPMorgan Market Expansion Enhanced Index Fund

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
Schedule of Shareholder Expenses	45
Board Approval of Investment Advisory Agreements	46

Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund’s share price is lower than when you invested.

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of any Fund.

Prospective investors should refer to the Funds’ prospectuses for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.

LETTER TO SHAREHOLDERS

February 4, 2021 (Unaudited)

Dear Shareholders,

The year ahead holds the potential for a strong recovery in the global economy thanks to the massive efforts of central banks and governments and the development of multiple vaccines against Covid-19. While significant economic and health care challenges remain ahead, the uncertainty and turbulence of 2020 has abated.

  “Investors who remained fully invested over second half of 2020, in the face of uncertainty over the pandemic, the economy and a contested U.S. presidential election, were likely rewarded for their perseverance.” — Andrea L. Lisher

The second half of 2020 was notable for an accelerating rebound in equity markets from the steep sell-off in the first quarter of the year when the pandemic was first declared by the World Health Organization. Positive news about clinical trials of new vaccines, followed by the first approvals of those vaccines in November 2020, bolstered investor expectations that the pandemic would be halted and that economic and social activity could begin to resume in the year ahead. As overall demand for equities increased in the final half of 2020, investors began to turn their focus from companies that could endure the pandemic to those that could benefit from a potential recovery in local, national and international economies. For the six months ended December 31, 2020, the S&P 500 Index generated a total return of 22.16%.

Investors who remained fully invested over the second half of 2020, in the face of uncertainty over the pandemic, the economy and a contested U.S. presidential election, were likely rewarded for their perseverance.

The implementation of mass vaccinations on the national and global scales is not without challenges and the rebuilding of economies at all levels is likely to depend on how successfully the pandemic is fought. However, the advances in the fight against Covid-19 provide policymakers and investors with the opportunity to plan for the future and meet those challenges. J.P. Morgan Asset Management has thrived amid the many challenges presented by the pandemic. Moreover, our deep experience in risk management enabled us to successfully navigate increased volatility in global financial markets. Throughout 2020, we continued to seek to operate under the same fundamental practices and principles that have driven our success for more than a century with an unwavering focus on putting our clients at the center of everything we do.

On behalf of J.P. Morgan Asset Management, thank you for entrusting us to manage your investment. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management

DECEMBER 31, 2020 J.P. MORGAN EQUITY FUNDS 1

J.P. Morgan Index Funds

MARKET OVERVIEW

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

Overall, the second half of 2020 was marked by U.S. equity market gains in the final months of the year amid the rollout of multiple vaccines against Covid-19, followed by the eventual approval of $900 billion in federal pandemic relief that was signed into law on December 27, 2020.

Globally, U.S. equity led a broad rebound in both developed markets and emerging markets equity at the start of the period. Leading U.S. equity indexes rose in July and August 2020, punctuated by five consecutive record high closings for the S&P 500 Index in late August – a stretch not seen since 2017. Notably, Apple Inc. issued a 4-for-1 stock split in August and became the first publicly listed company with a valuation surpassing $2 trillion. The U.S. Federal Reserve (the “Fed”) signaled its continued support for asset purchases and low benchmark interest rates. While the spread of Covid-19 accelerated in the U.S., multiple candidate vaccines were being developed around the world and the number of hospitalizations at the end of the summer was relatively small compared with what was to come at the end of the year.

Equity prices across the globe largely declined over September and October 2020. Re-closings across Asia and Europe in response to Covid-19 dented investor optimism. The inability of the U.S. Congress to adopt further spending for pandemic relief put acute pressure on the S&P 500 Index in the final week of October.

U.S. equity prices began to rebound in November and by mid-month the S&P 500 Index reached a closing high and crossed 3,600 points for the first time amid the U.S. Food and Drug Administration’s approval of the first Covid-19 vaccines. While the results of the U.S. presidential election were contested, President-elect Joe Biden’s early cabinet choices — including former Fed Chairwoman Janet Yellen — removed some investor uncertainty. The Fed kept interest rates and policies unchanged and Congressional negotiations over proposed relief and stimulus spending continued through the month.

Globally, equity markets maintained upward momentum through the end of December, largely driven by investor expectations that mass vaccinations and the reopening of economies would unleash pent up demand from consumers, businesses and governments. Notably, emerging markets equity outperformed developed markets equity, including U.S. equity, in the second half of 2020 as China, Taiwan and South Korea appeared to have greater success in containing the pandemic.

In the U.S., growth stocks continued to outperform value stocks, but the difference narrowed somewhat during the period as share price valuations rose. Additionally, shares of select companies that had seen their stock prices plummet in the first half of 2020 benefitted from increased investor appetite for bargains in the second half of the year. At year’s end, the largest 10 companies in the S&P 500 Index made up 27.4% of the index’s value, compared with 22.7% at the end of 2019 and 21.0% at the end of 2018.

For the six months ended December 31, 2020, the Russell 2000 Index returned 37.9%, the Russell Mid Cap Index returned 28.9% and the Russell 1000 Index returned 24.5%. The S&P 500 Index posted a total return of 22.16%.

2 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2020

JPMorgan Equity Index Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		22.04%
S&P 500 Index**		22.16%
Net Assets as of 12/31/2020 (In Thousands)	$	6,857,296

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 six months ended December 31, 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 continued low interest rates, largely buoyant corporate earnings and the U.S. approval of the first vaccines against Covid-19. During the reporting period, the information technology and consumer discretionary sectors were leading contributors to performance for the Fund and the Benchmark. Energy was the sole sector detractor from performance but its impact was not significant in 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.	Apple, Inc.	6.6	%
	2.	Microsoft Corp.	5.3
	3.	Amazon.com, Inc.	4.3
	4.	Facebook, Inc., Class A	2.1
	5.	Tesla, Inc.	1.7
	6.	Alphabet, Inc., Class A	1.6
	7.	Alphabet, Inc., Class C	1.6
	8.	Berkshire Hathaway, Inc., Class B	1.4
	9.	Johnson & Johnson	1.3
	10.	JPMorgan Chase & Co.	1.2

PORTFOLIO COMPOSITION BY SECTOR****
Information Technology	27.3	%
Health Care	13.3
Consumer Discretionary	12.6
Communication Services	10.7
Financials	10.3
Industrials	8.3
Consumer Staples	6.4
Utilities	2.7
Materials	2.6
Real Estate	2.4
Energy	2.3
Short-Term Investments	1.1

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

** “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 December 31, 2020. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2020 J.P. MORGAN EQUITY FUNDS 3

JPMorgan Equity Index Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	INCEPTION DATE OF CLASS	6 MONTH*	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 18, 1992
With Sales Charge**		15.50%		11.76	%		13.47	%		12.77	%
Without Sales Charge		21.90		17.95			14.71			13.37
CLASS C SHARES	November 4, 1997
With CDSC***		20.52		16.21			13.98			12.73
Without CDSC		21.52		17.21			13.98			12.73
CLASS I SHARES	July 2, 1991	22.04		18.22			14.99			13.66
CLASS R6 SHARES	September 1, 2016	22.15		18.42			15.15			13.74

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (12/31/10 TO 12/31/20)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

Returns for Class R6 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 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 December 31, 2010 to December 31, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and

capital gain distributions of the securities included in the benchmark, if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Investors cannot invest directly in an index.

Class I Shares have a $1,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

4 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2020

JPMorgan Market Expansion Enhanced Index Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		31.47%
S&P 1000 Index**		31.80%
Net Assets as of 12/31/2020 (In Thousands)	$	976,172

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 six months ended December 31, 2020. The Fund’s security selection in the systems hardware and retail sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the pharmaceuticals and industrial cyclical sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s underweight positions in Enphase Energy Inc. and Generac Holdings Inc. and its overweight position in Lannet Inc. Shares of Enphase Energy, a provider of systems to the solar energy sector, rose amid better-than-expected earnings and investor expectations that the incoming Biden administration would seek increased investment in renewable energy. Shares of Generac Holdings, a manufacturer of power generators, rose amid increased consumer demand for residential back-up electricity generators. Shares of Lannet, a maker of generic pharmaceuticals, fell after the company reported lower-than-expected earnings and revenue for its fiscal first quarter.

Leading individual contributors to relative performance included the Fund’s overweight positions in Momenta Pharmaceuticals Inc. and Owens & Minor Inc. and its underweight position in Exelixis Inc. Shares of Momenta Pharmaceuticals, a drug development company focused on immune systems diseases, rose after the company agreed to be acquired by Johnson & Johnson for $6.5 billion. Shares of Owens & Minor, a surgical products manufacturer, rose after the company raised its earnings forecast for the full year 2020. Shares of Exelixis, a developer of cancer drugs, fell after the company reported lower-than-expected earnings for the third 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.	Enphase Energy, Inc.	0.7	%
	2.	AGCO Corp.	0.5
	3.	Regal Beloit Corp.	0.5
	4.	SolarEdge Technologies, Inc.	0.5
	5.	Timken Co. (The)	0.5
	6.	United Therapeutics Corp.	0.5
	7.	Molina Healthcare, Inc.	0.5
	8.	Fair Isaac Corp.	0.5
	9.	Caesars Entertainment, Inc	0.5
	10.	Lear Corp.	0.5

PORTFOLIO COMPOSITION BY SECTOR****
Industrials	16.9	%
Information Technology	15.8
Financials	14.9
Consumer Discretionary	12.6
Health Care	10.7
Real Estate	8.1
Materials	6.1
Consumer Staples	3.5
Utilities	3.0
Communication Services	1.7
Energy	1.6
Short-Term Investments	5.1

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

** “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 December 31, 2020. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2020 J.P. MORGAN EQUITY FUNDS 5

JPMorgan Market Expansion Enhanced Index Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	INCEPTION DATE OF CLASS	6 MONTH*	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	July 31, 1998
With Sales Charge**		24.53%		4.05	%		9.20	%		10.10	%
Without Sales Charge		31.36		9.86			10.38			10.69
CLASS C SHARES	March 22, 1999
With CDSC***		30.09		8.24			9.79			10.12
Without CDSC		31.09		9.24			9.79			10.12
CLASS I SHARES	July 31, 1998	31.47		10.09			10.67			10.96
CLASS R2 SHARES	November 3, 2008	31.10		9.39			10.05			10.36
CLASS R6 SHARES	October 1, 2018	31.71		10.28			10.72			10.99

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (12/31/10 TO 12/31/20)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

Returns for Class R6 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns of Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class I Shares.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Market Expansion Enhanced Index Fund and the S&P 1000 Index from December 31, 2010 to December 31, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 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.

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

6 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2020

JPMorgan Equity Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 99.4%
Aerospace & Defense — 1.6%
Boeing Co. (The)		114		24,446
General Dynamics Corp.		50		7,445
Howmet Aerospace, Inc. *		84		2,397
Huntington Ingalls Industries, Inc.		9		1,485
L3Harris Technologies, Inc.		45		8,547
Lockheed Martin Corp.		53		18,809
Northrop Grumman Corp.		33		10,168
Raytheon Technologies Corp.		327		23,372
Teledyne Technologies, Inc. *		8		3,111
Textron, Inc.		49		2,380
TransDigm Group, Inc. *		12		7,250
				109,410
Air Freight & Logistics — 0.7%
CH Robinson Worldwide, Inc.		29		2,746
Expeditors International of Washington, Inc.		36		3,465
FedEx Corp.		52		13,498
United Parcel Service, Inc., Class B		154		25,920
				45,629
Airlines — 0.3%
Alaska Air Group, Inc.		27		1,384
American Airlines Group, Inc.(a)		131		2,073
Delta Air Lines, Inc.		137		5,518
Southwest Airlines Co.		127		5,921
United Airlines Holdings, Inc. * (a)		63		2,724
				17,620
Auto Components — 0.1%
Aptiv plc		58		7,571
BorgWarner, Inc.		53		2,034
				9,605
Automobiles — 2.0%
Ford Motor Co.		841		7,392
General Motors Co.		271		11,287
Tesla, Inc. *		163		115,163
				133,842
Banks — 3.8%
Bank of America Corp.		1,638		49,657
Citigroup, Inc.		448		27,627
Citizens Financial Group, Inc.		92		3,287
Comerica, Inc.		30		1,672
Fifth Third Bancorp		153		4,227
First Republic Bank		37		5,500
Huntington Bancshares, Inc.		219		2,765

INVESTMENTS	SHARES (000)		VALUE ($000)
Banks — continued
JPMorgan Chase & Co.(b)		656		83,358
KeyCorp		210		3,449
M&T Bank Corp.		28		3,515
People’s United Financial, Inc.		91		1,182
PNC Financial Services Group, Inc. (The)		91		13,586
Regions Financial Corp.		207		3,332
SVB Financial Group *		11		4,323
Truist Financial Corp.		290		13,906
US Bancorp		295		13,745
Wells Fargo & Co.		890		26,853
Zions Bancorp NA		35		1,533
				263,517
Beverages — 1.6%
Brown-Forman Corp., Class B(a)		39		3,120
Coca-Cola Co. (The)		832		45,646
Constellation Brands, Inc., Class A		36		7,991
Molson Coors Beverage Co., Class B		40		1,830
Monster Beverage Corp. *		80		7,355
PepsiCo, Inc.		297		44,105
				110,047
Biotechnology — 1.9%
AbbVie, Inc.		380		40,711
Alexion Pharmaceuticals, Inc. *		47		7,358
Amgen, Inc.		125		28,806
Biogen, Inc. *		33		8,109
Gilead Sciences, Inc.		270		15,717
Incyte Corp. *		40		3,484
Regeneron Pharmaceuticals, Inc. *		23		10,902
Vertex Pharmaceuticals, Inc. *		56		13,226
				128,313
Building Products — 0.5%
Allegion plc(a)		20		2,305
AO Smith Corp.		29		1,598
Carrier Global Corp.		175		6,613
Fortune Brands Home & Security, Inc.		30		2,563
Johnson Controls International plc		156		7,258
Masco Corp.		56		3,093
Trane Technologies plc		52		7,502
				30,932
Capital Markets — 2.7%
Ameriprise Financial, Inc.		25		4,934
Bank of New York Mellon Corp. (The)		175		7,446
BlackRock, Inc.		31		22,024

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN EQUITY FUNDS 7

JPMorgan Equity Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Capital Markets — continued
Cboe Global Markets, Inc.		23		2,165
Charles Schwab Corp. (The)		321		17,027
CME Group, Inc.		77		14,065
Franklin Resources, Inc. (a)		59		1,465
Goldman Sachs Group, Inc. (The)		74		19,527
Intercontinental Exchange, Inc.		121		13,926
Invesco Ltd.		81		1,413
MarketAxess Holdings, Inc.		8		4,662
Moody’s Corp.		35		10,088
Morgan Stanley		308		21,079
MSCI, Inc.		18		7,966
Nasdaq, Inc.		25		3,280
Northern Trust Corp.		45		4,172
Raymond James Financial, Inc.		26		2,509
S&P Global, Inc.		52		17,021
State Street Corp.		76		5,526
T. Rowe Price Group, Inc.		49		7,377
				187,672
Chemicals — 1.8%
Air Products and Chemicals, Inc.		48		12,996
Albemarle Corp. (a)		23		3,380
Celanese Corp.		25		3,269
CF Industries Holdings, Inc.		46		1,782
Corteva, Inc.		160		6,208
Dow, Inc.		160		8,860
DuPont de Nemours, Inc. (a)		158		11,230
Eastman Chemical Co.		29		2,924
Ecolab, Inc.		53		11,563
FMC Corp.		28		3,209
International Flavors & Fragrances, Inc. (a)		23		2,505
Linde plc (United Kingdom)		113		29,764
LyondellBasell Industries NV, Class A		55		5,072
Mosaic Co. (The)		74		1,708
PPG Industries, Inc.		51		7,331
Sherwin-Williams Co. (The)		18		12,929
				124,730
Commercial Services & Supplies — 0.4%
Cintas Corp.		19		6,685
Copart, Inc. *		45		5,691
Republic Services, Inc.		45		4,360
Rollins, Inc. (a)		48		1,860
Waste Management, Inc.		84		9,867
				28,463

INVESTMENTS	SHARES (000)		VALUE ($000)
Communications Equipment — 0.8%
Arista Networks, Inc. * (a)		12		3,407
Cisco Systems, Inc.		909		40,694
F5 Networks, Inc. *		13		2,333
Juniper Networks, Inc.		71		1,597
Motorola Solutions, Inc.		36		6,204
				54,235
Construction & Engineering — 0.1%
Jacobs Engineering Group, Inc.		28		3,040
Quanta Services, Inc.		30		2,152
				5,192
Construction Materials — 0.1%
Martin Marietta Materials, Inc.		13		3,806
Vulcan Materials Co.		29		4,229
				8,035
Consumer Finance — 0.5%
American Express Co.		140		16,971
Capital One Financial Corp.		98		9,730
Discover Financial Services		66		5,971
Synchrony Financial		117		4,056
				36,728
Containers & Packaging — 0.4%
Amcor plc		338		3,973
Avery Dennison Corp.		18		2,785
Ball Corp.		70		6,560
International Paper Co.		85		4,206
Packaging Corp. of America		20		2,814
Sealed Air Corp.		33		1,529
WestRock Co.		57		2,460
				24,327
Distributors — 0.1%
Genuine Parts Co.		31		3,118
LKQ Corp. *		60		2,123
Pool Corp.		9		3,220
				8,461
Diversified Financial Services — 1.4%
Berkshire Hathaway, Inc., Class B *		419		97,112
Diversified Telecommunication Services — 1.4%
AT&T, Inc.		1,534		44,105
CenturyLink, Inc.		212		2,072
Verizon Communications, Inc.		891		52,320
				98,497

SEE NOTES TO FINANCIAL STATEMENTS.

8 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Electric Utilities — 1.8%
Alliant Energy Corp.		54		2,770
American Electric Power Co., Inc.		107		8,895
Duke Energy Corp.		158		14,502
Edison International (a)		81		5,117
Entergy Corp.		43		4,302
Evergy, Inc.		49		2,710
Eversource Energy		74		6,383
Exelon Corp.		210		8,864
FirstEnergy Corp.		117		3,574
NextEra Energy, Inc.		422		32,527
NRG Energy, Inc.		53		1,974
Pinnacle West Capital Corp.		24		1,937
PPL Corp.		165		4,666
Southern Co. (The)		227		13,964
Xcel Energy, Inc.		113		7,539
				119,724
Electrical Equipment — 0.5%
AMETEK, Inc.		50		5,988
Eaton Corp. plc		86		10,306
Emerson Electric Co.		129		10,344
Rockwell Automation, Inc.		25		6,271
				32,909
Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp., Class A		64		8,419
CDW Corp.		31		4,055
Corning, Inc.		164		5,919
FLIR Systems, Inc.		28		1,237
IPG Photonics Corp. *		8		1,720
Keysight Technologies, Inc. *		40		5,267
TE Connectivity Ltd.		71		8,618
Vontier Corp. *		29		968
Zebra Technologies Corp., Class A *		11		4,410
				40,613
Energy Equipment & Services — 0.2%
Baker Hughes Co.		148		3,077
Halliburton Co.		190		3,596
National Oilwell Varco, Inc.		84		1,147
Schlumberger NV		300		6,540
TechnipFMC plc (United Kingdom)		91		855
				15,215
Entertainment — 2.2%
Activision Blizzard, Inc.		166		15,443
Electronic Arts, Inc.		62		8,964
Live Nation Entertainment, Inc. *		31		2,261

INVESTMENTS	SHARES (000)		VALUE ($000)
Entertainment — continued
Netflix, Inc. *		95		51,411
Take-Two Interactive Software, Inc. *		25		5,144
Walt Disney Co. (The) *		390		70,593
				153,816
Equity Real Estate Investment Trusts (REITs) — 2.3%
Alexandria Real Estate Equities, Inc.		27		4,749
American Tower Corp.		96		21,458
AvalonBay Communities, Inc.		30		4,820
Boston Properties, Inc.		30		2,882
Crown Castle International Corp.		93		14,776
Digital Realty Trust, Inc.		60		8,412
Duke Realty Corp.		80		3,199
Equinix, Inc.		19		13,694
Equity Residential		74		4,369
Essex Property Trust, Inc.		14		3,332
Extra Space Storage, Inc.		28		3,222
Federal Realty Investment Trust		15		1,261
Healthpeak Properties, Inc.		116		3,502
Host Hotels & Resorts, Inc.		152		2,221
Iron Mountain, Inc. (a)		62		1,828
Kimco Realty Corp.		93		1,397
Mid-America Apartment Communities, Inc.		25		3,118
Prologis, Inc.		159		15,855
Public Storage		33		7,559
Realty Income Corp.		76		4,696
Regency Centers Corp.		34		1,548
SBA Communications Corp.		24		6,747
Simon Property Group, Inc.		71		6,018
SL Green Realty Corp. (a)		16		931
UDR, Inc.		63		2,436
Ventas, Inc.		81		3,953
Vornado Realty Trust		34		1,260
Welltower, Inc.		90		5,803
Weyerhaeuser Co.		161		5,386
				160,432
Food & Staples Retailing — 1.4%
Costco Wholesale Corp.		95		35,777
Kroger Co. (The)		167		5,293
Sysco Corp.		110		8,140
Walgreens Boots Alliance, Inc.		155		6,168
Walmart, Inc.		298		43,008
				98,386

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN EQUITY FUNDS 9

JPMorgan Equity Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Food Products — 1.0%
Archer-Daniels-Midland Co.		120		6,036
Campbell Soup Co. (a)		44		2,107
Conagra Brands, Inc.		105		3,812
General Mills, Inc.		132		7,736
Hershey Co. (The)		32		4,837
Hormel Foods Corp.		60		2,816
JM Smucker Co. (The)		25		2,838
Kellogg Co. (a)		55		3,406
Kraft Heinz Co. (The)		139		4,833
Lamb Weston Holdings, Inc.		31		2,480
McCormick & Co., Inc. (Non-Voting)		54		5,117
Mondelez International, Inc., Class A		308		17,996
Tyson Foods, Inc., Class A		63		4,079
				68,093
Gas Utilities — 0.0% (c)
Atmos Energy Corp.		27		2,585
Health Care Equipment & Supplies — 3.8%
Abbott Laboratories		381		41,762
ABIOMED, Inc. *		10		3,153
Align Technology, Inc. *		15		8,252
Baxter International, Inc.		110		8,821
Becton Dickinson and Co.		62		15,618
Boston Scientific Corp. *		308		11,078
Cooper Cos., Inc. (The)		11		3,835
Danaher Corp.		136		30,225
Dentsply Sirona, Inc.		47		2,463
DexCom, Inc. *		21		7,641
Edwards Lifesciences Corp. *		134		12,236
Hologic, Inc. *		55		4,028
IDEXX Laboratories, Inc. *		18		9,176
Intuitive Surgical, Inc. *		25		20,697
Medtronic plc		290		33,932
ResMed, Inc.		31		6,629
STERIS plc		18		3,480
Stryker Corp.		70		17,241
Teleflex, Inc.		10		4,125
Varian Medical Systems, Inc. *		20		3,441
West Pharmaceutical Services, Inc.		16		4,507
Zimmer Biomet Holdings, Inc.		45		6,874
				259,214
Health Care Providers & Services — 2.6%
AmerisourceBergen Corp.		32		3,094
Anthem, Inc.		54		17,186
Cardinal Health, Inc.		63		3,382

INVESTMENTS	SHARES (000)		VALUE ($000)
Health Care Providers & Services — continued
Centene Corp. *		125		7,490
Cigna Corp.		78		16,185
CVS Health Corp.		282		19,239
DaVita, Inc. *		16		1,868
HCA Healthcare, Inc.		57		9,341
Henry Schein, Inc. *		31		2,054
Humana, Inc. (a)		28		11,685
Laboratory Corp. of America Holdings *		21		4,267
McKesson Corp.		35		6,010
Quest Diagnostics, Inc.		29		3,456
UnitedHealth Group, Inc.		204		71,607
Universal Health Services, Inc., Class B		17		2,300
				179,164
Health Care Technology — 0.1%
Cerner Corp.		66		5,178
Hotels, Restaurants & Leisure — 1.7%
Carnival Corp. (a)		160		3,467
Chipotle Mexican Grill, Inc. *		6		8,349
Darden Restaurants, Inc.		28		3,338
Domino’s Pizza, Inc.		8		3,251
Hilton Worldwide Holdings, Inc.		60		6,643
Las Vegas Sands Corp.		71		4,213
Marriott International, Inc., Class A		57		7,551
McDonald’s Corp.		160		34,409
MGM Resorts International		88		2,780
Norwegian Cruise Line Holdings Ltd. * (a)		68		1,727
Royal Caribbean Cruises Ltd.		40		2,993
Starbucks Corp.		253		27,022
Wynn Resorts Ltd.		21		2,357
Yum! Brands, Inc.		65		7,048
				115,148
Household Durables — 0.4%
DR Horton, Inc.		71		4,918
Garmin Ltd.		32		3,841
Leggett & Platt, Inc.		29		1,263
Lennar Corp., Class A		59		4,514
Mohawk Industries, Inc. *		13		1,814
Newell Brands, Inc.		81		1,725
NVR, Inc. *		1		3,072
PulteGroup, Inc.		58		2,488
Whirlpool Corp.		13		2,430
				26,065
Household Products — 1.6%
Church & Dwight Co., Inc.		53		4,664

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Household Products — continued
Clorox Co. (The)		27		5,477
Colgate-Palmolive Co.		184		15,774
Kimberly-Clark Corp.		73		9,870
Procter & Gamble Co. (The)		534		74,249
				110,034
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The)		143		3,364
Industrial Conglomerates — 1.2%
3M Co.		124		21,698
General Electric Co.		1,885		20,360
Honeywell International, Inc.		151		32,119
Roper Technologies, Inc.		23		9,729
				83,906
Insurance — 1.8%
Aflac, Inc.		141		6,252
Allstate Corp. (The)		65		7,194
American International Group, Inc.		185		7,020
Aon plc, Class A		49		10,394
Arthur J Gallagher & Co.		41		5,120
Assurant, Inc.		13		1,739
Chubb Ltd.		97		14,951
Cincinnati Financial Corp.		32		2,814
Everest Re Group Ltd.		9		2,013
Globe Life, Inc.		21		1,968
Hartford Financial Services Group, Inc. (The)		77		3,777
Lincoln National Corp.		39		1,967
Loews Corp.		50		2,264
Marsh & McLennan Cos., Inc.		109		12,771
MetLife, Inc.		165		7,729
Principal Financial Group, Inc.		55		2,728
Progressive Corp. (The)		126		12,461
Prudential Financial, Inc.		85		6,653
Travelers Cos., Inc. (The)		55		7,652
Unum Group		44		1,005
Willis Towers Watson plc		28		5,844
WR Berkley Corp.		30		2,013
				126,329
Interactive Media & Services — 5.5%
Alphabet, Inc., Class A *		65		113,397
Alphabet, Inc., Class C *		62		109,442
Facebook, Inc., Class A *		517		141,320
Twitter, Inc. *		171		9,268
				373,427

INVESTMENTS	SHARES (000)		VALUE ($000)
Internet & Direct Marketing Retail — 4.9%
Amazon.com, Inc. *		92		298,931
Booking Holdings, Inc. *		9		19,631
eBay, Inc.		141		7,082
Etsy, Inc. *		27		4,828
Expedia Group, Inc.		29		3,873
				334,345
IT Services — 5.5%
Accenture plc, Class A		136		35,616
Akamai Technologies, Inc. *		35		3,678
Automatic Data Processing, Inc.		92		16,261
Broadridge Financial Solutions, Inc.		25		3,812
Cognizant Technology Solutions Corp., Class A		115		9,429
DXC Technology Co.		55		1,410
Fidelity National Information Services, Inc.		134		18,890
Fiserv, Inc. *		124		14,090
FleetCor Technologies, Inc. *		18		4,897
Gartner, Inc. *		19		3,078
Global Payments, Inc.		64		13,877
International Business Machines Corp.		192		24,139
Jack Henry & Associates, Inc.		16		2,661
Leidos Holdings, Inc.		29		3,027
Mastercard, Inc., Class A		189		67,578
Paychex, Inc.		69		6,416
PayPal Holdings, Inc. *		252		59,055
VeriSign, Inc. *		22		4,676
Visa, Inc., Class A		365		79,819
Western Union Co. (The)		88		1,941
				374,350
Leisure Products — 0.0% (c)
Hasbro, Inc.		27		2,565
Life Sciences Tools & Services — 1.2%
Agilent Technologies, Inc.		66		7,803
Bio-Rad Laboratories, Inc., Class A *		5		2,700
Illumina, Inc. *		31		11,626
IQVIA Holdings, Inc. *		41		7,393
Mettler-Toledo International, Inc. *		5		5,836
PerkinElmer, Inc.		24		3,458
Thermo Fisher Scientific, Inc.		85		39,728
Waters Corp. *		13		3,304
				81,848
Machinery — 1.7%
Caterpillar, Inc.		117		21,280

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN EQUITY FUNDS 11

JPMorgan Equity Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Machinery — continued
Cummins, Inc.		32		7,234
Deere & Co.		67		18,145
Dover Corp.		31		3,915
Flowserve Corp.		28		1,033
Fortive Corp.		73		5,139
IDEX Corp.		16		3,245
Illinois Tool Works, Inc.		62		12,638
Ingersoll Rand, Inc. *		80		3,645
Otis Worldwide Corp.		88		5,920
PACCAR, Inc. (a)		75		6,433
Parker-Hannifin Corp.		28		7,551
Pentair plc		36		1,900
Snap-on, Inc.		12		1,997
Stanley Black & Decker, Inc.		34		6,157
Westinghouse Air Brake Technologies Corp.		39		2,818
Xylem, Inc.		39		3,948
				112,998
Media — 1.3%
Charter Communications, Inc., Class A *		31		20,773
Comcast Corp., Class A		983		51,489
Discovery, Inc., Class A * (a)		35		1,038
Discovery, Inc., Class C *		63		1,663
DISH Network Corp., Class A *		53		1,721
Fox Corp., Class A		73		2,115
Fox Corp., Class B		33		961
Interpublic Group of Cos., Inc. (The)		84		1,974
News Corp., Class A		84		1,512
News Corp., Class B		26		466
Omnicom Group, Inc.		46		2,886
ViacomCBS, Inc.		122		4,530
				91,128
Metals & Mining — 0.3%
Freeport-McMoRan, Inc.		313		8,136
Newmont Corp.		173		10,354
Nucor Corp.		65		3,456
				21,946
Multiline Retail — 0.5%
Dollar General Corp.		53		11,088
Dollar Tree, Inc. *		51		5,468
Target Corp.		108		19,025
				35,581
Multi-Utilities — 0.8%
Ameren Corp. (a)		53		4,153

INVESTMENTS	SHARES (000)		VALUE ($000)
Multi-Utilities — continued
CenterPoint Energy, Inc.		117		2,537
CMS Energy Corp.		62		3,759
Consolidated Edison, Inc.		74		5,321
Dominion Energy, Inc.		176		13,203
DTE Energy Co.		42		5,057
NiSource, Inc.		82		1,892
Public Service Enterprise Group, Inc.		109		6,347
Sempra Energy		62		7,910
WEC Energy Group, Inc.		68		6,247
				56,426
Oil, Gas & Consumable Fuels — 2.0%
Apache Corp.		81		1,153
Cabot Oil & Gas Corp.		86		1,396
Chevron Corp.		414		34,986
Concho Resources, Inc.		42		2,465
ConocoPhillips		230		9,191
Devon Energy Corp.		82		1,302
Diamondback Energy, Inc.		34		1,645
EOG Resources, Inc.		126		6,261
Exxon Mobil Corp.		910		37,508
Hess Corp.		59		3,105
HollyFrontier Corp.		32		829
Kinder Morgan, Inc.		419		5,727
Marathon Oil Corp.		170		1,133
Marathon Petroleum Corp.		140		5,791
Occidental Petroleum Corp.		180		3,122
ONEOK, Inc.		96		3,671
Phillips 66		94		6,575
Pioneer Natural Resources Co.		35		4,030
Valero Energy Corp.		88		4,965
Williams Cos., Inc. (The)		261		5,237
				140,092
Personal Products — 0.2%
Estee Lauder Cos., Inc. (The), Class A		49		12,978
Pharmaceuticals — 3.8%
Bristol-Myers Squibb Co.		486		30,166
Catalent, Inc. *		35		3,689
Eli Lilly and Co.		171		28,849
Johnson & Johnson		567		89,162
Merck & Co., Inc.		544		44,539
Perrigo Co. plc		29		1,314
Pfizer, Inc.		1,196		44,032
Viatris, Inc. *		260		4,865
Zoetis, Inc.		102		16,928
				263,544

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Professional Services — 0.3%
Equifax, Inc.		26		5,048
IHS Markit Ltd.		80		7,205
Nielsen Holdings plc		77		1,603
Robert Half International, Inc. (a)		25		1,533
Verisk Analytics, Inc.		35		7,264
				22,653
Real Estate Management & Development — 0.1%
CBRE Group, Inc., Class A *		72		4,528
Road & Rail — 1.0%
CSX Corp.		165		14,936
JB Hunt Transport Services, Inc.		18		2,455
Kansas City Southern		20		4,112
Norfolk Southern Corp.		55		12,988
Old Dominion Freight Line, Inc.		21		4,041
Union Pacific Corp.		145		30,196
				68,728
Semiconductors & Semiconductor Equipment — 5.1%
Advanced Micro Devices, Inc. *		259		23,737
Analog Devices, Inc.		80		11,747
Applied Materials, Inc.		197		16,962
Broadcom, Inc.		87		38,116
Intel Corp.		882		43,937
KLA Corp.		33		8,606
Lam Research Corp.		31		14,637
Maxim Integrated Products, Inc.		58		5,100
Microchip Technology, Inc.		56		7,739
Micron Technology, Inc. *		240		18,011
NVIDIA Corp.		133		69,564
Qorvo, Inc. *		25		4,081
QUALCOMM, Inc.		243		37,079
Skyworks Solutions, Inc.		36		5,464
Teradyne, Inc.		36		4,284
Texas Instruments, Inc.		198		32,424
Xilinx, Inc.		53		7,479
				348,967
Software — 8.5%
Adobe, Inc. *		103		51,632
ANSYS, Inc. *		18		6,724
Autodesk, Inc. *		47		14,449
Cadence Design Systems, Inc. *		60		8,190
Citrix Systems, Inc.		26		3,447
Fortinet, Inc. *		29		4,307
Intuit, Inc.		57		21,479
Microsoft Corp.		1,627		361,894

INVESTMENTS	SHARES (000)		VALUE ($000)
Software — continued
NortonLifeLock, Inc.		127		2,647
Oracle Corp.		408		26,408
Paycom Software, Inc. *		11		4,768
salesforce.com, Inc. *		197		43,819
ServiceNow, Inc. *		42		23,111
Synopsys, Inc. *		33		8,514
Tyler Technologies, Inc. *		9		3,788
				585,177
Specialty Retail — 2.2%
Advance Auto Parts, Inc.		15		2,300
AutoZone, Inc. *		5		5,913
Best Buy Co., Inc.		50		4,949
CarMax, Inc. *		35		3,336
Gap, Inc. (The)		44		894
Home Depot, Inc. (The)		232		61,542
L Brands, Inc.		50		1,870
Lowe’s Cos., Inc.		158		25,310
O’Reilly Automotive, Inc. *		16		7,056
Ross Stores, Inc.		77		9,409
Tiffany & Co.		23		3,057
TJX Cos., Inc. (The)		258		17,645
Tractor Supply Co.		25		3,524
Ulta Beauty, Inc. *		12		3,482
				150,287
Technology Hardware, Storage & Peripherals — 7.0%
Apple, Inc.		3,439		456,370
Hewlett Packard Enterprise Co.		277		3,282
HP, Inc.		296		7,268
NetApp, Inc.		48		3,184
Seagate Technology plc (a)		48		2,990
Western Digital Corp.		65		3,627
Xerox Holdings Corp.		36		832
				477,553
Textiles, Apparel & Luxury Goods — 0.7%
Hanesbrands, Inc.		75		1,093
NIKE, Inc., Class B		270		38,203
PVH Corp.		15		1,437
Ralph Lauren Corp.		10		1,077
Tapestry, Inc.		60		1,855
Under Armour, Inc., Class A *		41		697
Under Armour, Inc., Class C *		42		623
VF Corp.		69		5,878
				50,863

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN EQUITY FUNDS 13

JPMorgan Equity Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Tobacco — 0.7%
Altria Group, Inc.		400		16,398
Philip Morris International, Inc.		335		27,747
				44,145
Trading Companies & Distributors — 0.2%
Fastenal Co.		124		6,033
United Rentals, Inc. *		16		3,600
WW Grainger, Inc. (a)		10		3,962
				13,595
Water Utilities — 0.1%
American Water Works Co., Inc.		39		5,987
Wireless Telecommunication Services — 0.3%
T-Mobile US, Inc. *		126		16,930
Total Common Stocks (Cost $3,735,711)				6,813,183

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 1.1%
Investment Companies — 0.5%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.03% (d) (e) (Cost $33,885)		33,885		33,885
Investment of Cash Collateral from Securities Loaned — 0.6%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (d) (e)		36,059		36,063
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (d) (e)		5,598		5,598
Total Investment of Cash Collateral from Securities Loaned (Cost $41,661)				41,661
Total Short-Term Investments (Cost $75,546)				75,546
Total Investments — 100.5% (Cost $3,811,257)				6,888,729
Liabilities in Excess of Other Assets — (0.5)%				(31,433	)
NET ASSETS — 100.0%				6,857,296

Percentages indicated are based on net assets.

(a)	The security or a portion of this security is on loan at December 31, 2020. The total value of securities on loan at December 31, 2020 is approximately $40,501,000.
(b)	Investment in affiliate. This security is included in an index in which the Fund, as an index 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 December 31, 2020.
*	Non-income producing security.

Futures contracts outstanding as of December 31, 2020 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
S&P 500 E-Mini Index	267		03/2021		USD		49,999		747

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2020

JPMorgan Market Expansion Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.7%
Aerospace & Defense — 1.0%
AAR Corp.		13		482
Aerojet Rocketdyne Holdings, Inc. * (a)		25		1,342
Axon Enterprise, Inc. *		20		2,463
Curtiss-Wright Corp.		14		1,606
Kaman Corp.		33		1,902
Moog, Inc., Class A		19		1,489
Triumph Group, Inc.		15		191
				9,475
Air Freight & Logistics — 0.9%
Atlas Air Worldwide Holdings, Inc. *		8		447
Echo Global Logistics, Inc. *		9		252
Forward Air Corp.		10		792
Hub Group, Inc., Class A *		58		3,326
XPO Logistics, Inc. *		34		4,017
				8,834
Airlines — 0.2%
JetBlue Airways Corp. *		91		1,316
SkyWest, Inc.		18		705
				2,021
Auto Components — 1.7%
Adient plc *		33		1,140
American Axle & Manufacturing Holdings, Inc. *		46		387
Cooper Tire & Rubber Co.		18		713
Dana, Inc.		123		2,409
Gentex Corp.		81		2,735
Goodyear Tire & Rubber Co. (The)		118		1,288
LCI Industries		8		1,037
Lear Corp.		30		4,803
Patrick Industries, Inc.		9		608
Visteon Corp. *		9		1,105
				16,225
Automobiles — 0.4%
Harley-Davidson, Inc.		50		1,835
Thor Industries, Inc. (a)		19		1,733
Winnebago Industries, Inc.		13		767
				4,335
Banks — 6.5%
Ameris Bancorp		23		876
Associated Banc-Corp.		119		2,032
Banc of California, Inc.		13		187
BancorpSouth Bank		35		964
Bank OZK		41		1,292

INVESTMENTS	SHARES (000)		VALUE ($000)
Banks — continued
Banner Corp.		48		2,219
Berkshire Hills Bancorp, Inc.		49		839
Boston Private Financial Holdings, Inc.		25		211
Brookline Bancorp, Inc.		24		284
Cadence BanCorp		38		624
Cathay General Bancorp		26		822
CIT Group, Inc.		35		1,249
Columbia Banking System, Inc.		20		734
Commerce Bancshares, Inc.		35		2,286
Cullen/Frost Bankers, Inc.		8		707
Customers Bancorp, Inc. *		103		1,872
Dime Community Bancshares, Inc.		24		382
Eagle Bancorp, Inc.		47		1,929
East West Bancorp, Inc.		47		2,371
First BanCorp (Puerto Rico)		77		709
First Commonwealth Financial Corp.		36		388
First Financial Bancorp		14		239
First Horizon National Corp.		180		2,297
First Midwest Bancorp, Inc. (a)		120		1,912
FNB Corp.		108		1,021
Fulton Financial Corp.		67		853
Great Western Bancorp, Inc.		22		460
Hancock Whitney Corp.		70		2,385
Hanmi Financial Corp.		45		515
Hope Bancorp, Inc.		53		575
Independent Bank Group, Inc. (a)		12		750
International Bancshares Corp.		18		663
NBT Bancorp, Inc.		11		357
OFG Bancorp (Puerto Rico)		17		319
Pacific Premier Bancorp, Inc.		80		2,516
PacWest Bancorp		40		1,026
Pinnacle Financial Partners, Inc.		24		1,568
Prosperity Bancshares, Inc.		31		2,149
Signature Bank		22		3,030
Sterling Bancorp		73		1,304
Synovus Financial Corp.		55		1,781
TCF Financial Corp.		53		1,971
Texas Capital Bancshares, Inc. *		17		1,006
Trustmark Corp.		21		574
UMB Financial Corp.		12		821
Umpqua Holdings Corp.		76		1,149
United Bankshares, Inc.		42		1,351
United Community Banks, Inc.		90		2,573
Valley National Bancorp		130		1,268
Veritex Holdings, Inc. (a)		18		460

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN EQUITY FUNDS 15

JPMorgan Market Expansion Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Banks — continued
Webster Financial Corp.		31		1,298
Wintrust Financial Corp.		40		2,457
				63,625
Beverages — 0.4%
Boston Beer Co., Inc. (The), Class A *		3		3,182
Coca-Cola Consolidated, Inc.		2		399
				3,581
Biotechnology — 1.6%
Arrowhead Pharmaceuticals, Inc. *		52		3,967
Eagle Pharmaceuticals, Inc. *		36		1,672
Emergent BioSolutions, Inc. *		5		430
Myriad Genetics, Inc. *		22		435
REGENXBIO, Inc. *		75		3,379
Spectrum Pharmaceuticals, Inc. *		103		351
United Therapeutics Corp. *		33		4,955
				15,189
Building Products — 1.2%
American Woodmark Corp. *		5		497
Apogee Enterprises, Inc.		9		295
Builders FirstSource, Inc. *		39		1,596
Gibraltar Industries, Inc. *		10		712
Insteel Industries, Inc.		7		151
Lennox International, Inc.		8		2,262
Owens Corning		37		2,811
PGT Innovations, Inc. *		17		344
Quanex Building Products Corp.		30		674
Resideo Technologies, Inc. *		41		876
Simpson Manufacturing Co., Inc.		2		187
UFP Industries, Inc.		20		1,125
				11,530
Capital Markets — 2.1%
Affiliated Managers Group, Inc.		11		1,119
Blucora, Inc. *		41		652
Brightsphere Investment Group, Inc.		20		386
Eaton Vance Corp.		31		2,106
Evercore, Inc., Class A		14		1,480
FactSet Research Systems, Inc.		12		4,090
Federated Hermes, Inc.		77		2,233
Janus Henderson Group plc (United Kingdom)		6		207
Piper Sandler Cos.		8		817
SEI Investments Co.		41		2,382
Stifel Financial Corp.		75		3,764

INVESTMENTS	SHARES (000)		VALUE ($000)
Capital Markets — continued
Virtus Investment Partners, Inc.		5		1,085
				20,321
Chemicals — 2.6%
AdvanSix, Inc. *		10		198
Ashland Global Holdings, Inc.		33		2,645
Avient Corp.		75		3,021
Cabot Corp.		18		801
Ferro Corp. *		25		360
FutureFuel Corp.		111		1,403
Hawkins, Inc.		3		162
HB Fuller Co.		27		1,406
Ingevity Corp. *		28		2,090
Innospec, Inc.		5		472
Koppers Holdings, Inc. *		59		1,845
Kraton Corp. *		11		308
Minerals Technologies, Inc.		12		767
RPM International, Inc.		42		3,858
Scotts Miracle-Gro Co. (The)		14		2,748
Sensient Technologies Corp.		9		649
Stepan Co.		7		832
Tredegar Corp.		10		162
Trinseo SA		12		594
Valvoline, Inc.		64		1,479
				25,800
Commercial Services & Supplies — 1.9%
ABM Industries, Inc.		23		862
Brady Corp., Class A		18		945
Brink’s Co. (The)		33		2,398
Clean Harbors, Inc. *		18		1,354
Deluxe Corp.		15		438
Herman Miller, Inc.		75		2,534
HNI Corp.		18		630
IAA, Inc. *		23		1,488
Interface, Inc.		21		223
KAR Auction Services, Inc.		98		1,816
MSA Safety, Inc.		10		1,479
Pitney Bowes, Inc.		50		309
Stericycle, Inc. *		8		561
Tetra Tech, Inc.		18		2,047
UniFirst Corp.		5		1,016
				18,100
Communications Equipment — 0.8%
ADTRAN, Inc.		18		269

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Communications Equipment — continued
Ciena Corp. *		49		2,611
Comtech Telecommunications Corp.		10		215
Digi International, Inc. *		11		210
InterDigital, Inc.		11		649
Lumentum Holdings, Inc. *		30		2,825
Viavi Solutions, Inc. *		73		1,099
				7,878
Construction & Engineering — 1.8%
AECOM *		89		4,439
Aegion Corp. *		9		166
Arcosa, Inc.		18		967
Comfort Systems USA, Inc.		33		1,718
Dycom Industries, Inc. *		11		861
EMCOR Group, Inc.		39		3,609
Fluor Corp.		51		821
MasTec, Inc. * (a)		48		3,239
MYR Group, Inc. *		5		318
Valmont Industries, Inc.		7		1,242
				17,380
Construction Materials — 0.1%
Eagle Materials, Inc.		9		953
US Concrete, Inc. *		6		232
				1,185
Consumer Finance — 0.7%
Encore Capital Group, Inc. *		8		323
Enova International, Inc. *		12		287
EZCORP, Inc., Class A *		30		141
FirstCash, Inc.		14		988
Green Dot Corp., Class A *		17		943
LendingTree, Inc. *		2		630
Navient Corp.		80		789
PROG Holdings Inc.		22		1,204
SLM Corp.		144		1,782
				7,087
Containers & Packaging — 0.8%
AptarGroup, Inc.		8		1,027
Greif, Inc., Class A		7		323
O-I Glass, Inc.		134		1,590
Silgan Holdings, Inc.		75		2,792
Sonoco Products Co.		32		1,908
				7,640
Distributors — 0.1%
Core-Mark Holding Co., Inc.		48		1,407

INVESTMENTS	SHARES (000)		VALUE ($000)
Diversified Consumer Services — 0.5%
American Public Education, Inc. *		27		820
Graham Holdings Co., Class B		2		1,013
Grand Canyon Education, Inc. *		2		186
H&R Block, Inc.		60		952
Perdoceo Education Corp. *		27		344
Service Corp. International		16		766
Strategic Education, Inc.		7		705
WW International, Inc. *		18		432
				5,218
Diversified Financial Services — 0.3%
Jefferies Financial Group, Inc.		114		2,809
Diversified Telecommunication Services — 0.2%
ATN International, Inc.		3		138
Cogent Communications Holdings, Inc. (a)		14		814
Vonage Holdings Corp. *		85		1,088
				2,040
Electric Utilities — 0.9%
Hawaiian Electric Industries, Inc.		74		2,619
IDACORP, Inc.		41		3,905
OGE Energy Corp.		81		2,572
				9,096
Electrical Equipment — 2.4%
Acuity Brands, Inc.		13		1,598
Encore Wire Corp.		24		1,460
EnerSys		15		1,265
Generac Holdings, Inc. *		20		4,639
Hubbell, Inc.		18		2,898
nVent Electric plc		56		1,304
Powell Industries, Inc.		36		1,065
Regal Beloit Corp.		44		5,372
Sunrun, Inc. *		50		3,469
				23,070
Electronic Equipment, Instruments & Components — 4.4%
Arrow Electronics, Inc. *		45		4,422
Avnet, Inc.		79		2,772
Bel Fuse, Inc., Class B		24		365
Belden, Inc.		13		537
Benchmark Electronics, Inc.		13		338
Cognex Corp.		39		3,139
Coherent, Inc. *		7		1,124
ePlus, Inc. *		14		1,223
Fabrinet (Thailand) *		42		3,235
II-VI, Inc. * (a)		29		2,188

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN EQUITY FUNDS 17

JPMorgan Market Expansion Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Electronic Equipment, Instruments & Components — continued
Insight Enterprises, Inc. *		23		1,727
Itron, Inc. *		14		1,314
Jabil, Inc.		89		3,768
Littelfuse, Inc.		7		1,785
Methode Electronics, Inc.		12		449
National Instruments Corp. (a)		44		1,911
OSI Systems, Inc. *		6		541
Sanmina Corp. *		57		1,805
SYNNEX Corp.		42		3,453
Trimble, Inc. *		66		4,423
TTM Technologies, Inc. *		29		396
Vishay Intertechnology, Inc.		89		1,843
				42,758
Energy Equipment & Services — 0.4%
Bristow Group, Inc. *		10		251
ChampionX Corp. *		59		901
Exterran Corp. *		10		42
Helix Energy Solutions Group, Inc. * (a)		28		119
Helmerich & Payne, Inc.		23		523
Matrix Service Co. *		21		226
Oceaneering International, Inc. *		36		282
Oil States International, Inc. *		21		106
Patterson-UTI Energy, Inc.		74		387
ProPetro Holding Corp. *		87		644
				3,481
Entertainment — 0.1%
Cinemark Holdings, Inc. (a)		36		625
Equity Real Estate Investment Trusts (REITs) — 7.9%
Acadia Realty Trust		31		437
Agree Realty Corp.		19		1,245
Alexander & Baldwin, Inc.		58		995
American Assets Trust, Inc.		72		2,085
American Campus Communities, Inc. (a)		11		469
Armada Hoffler Properties, Inc.		90		1,010
Brixmor Property Group, Inc.		130		2,153
Camden Property Trust		40		4,042
CareTrust REIT, Inc.		30		659
Centerspace		10		713
Chatham Lodging Trust		15		163
Community Healthcare Trust, Inc.		7		339
CoreSite Realty Corp.		14		1,691
Corporate Office Properties Trust		121		3,146
Cousins Properties, Inc.		77		2,585
CyrusOne, Inc.		32		2,348

INVESTMENTS	SHARES (000)		VALUE ($000)
Equity Real Estate Investment Trusts (REITs) — continued
DiamondRock Hospitality Co. *		204		1,686
Douglas Emmett, Inc.		66		1,938
EastGroup Properties, Inc.		7		939
EPR Properties		23		761
Essential Properties Realty Trust, Inc.		56		1,181
First Industrial Realty Trust, Inc.		50		2,098
Four Corners Property Trust, Inc.		22		646
Getty Realty Corp.		6		153
Global Net Lease, Inc.		99		1,704
Healthcare Realty Trust, Inc.		58		1,702
Highwoods Properties, Inc.		90		3,563
Hudson Pacific Properties, Inc.		68		1,631
Independence Realty Trust, Inc.		28		381
Innovative Industrial Properties, Inc. (a)		7		1,282
JBG SMITH Properties		41		1,273
Kilroy Realty Corp.		36		2,064
Kite Realty Group Trust		30		449
Lamar Advertising Co., Class A		12		957
Life Storage, Inc.		15		1,767
Medical Properties Trust, Inc.		181		3,933
National Retail Properties, Inc.		26		1,076
NexPoint Residential Trust, Inc.		7		296
Office Properties Income Trust		16		352
Omega Healthcare Investors, Inc.		64		2,310
Park Hotels & Resorts, Inc.		86		1,467
Pebblebrook Hotel Trust		10		195
PotlatchDeltic Corp.		38		1,893
Rayonier, Inc.		29		864
Retail Opportunity Investments Corp.		39		528
RPT Realty		32		277
Sabra Health Care REIT, Inc. (a)		158		2,749
Saul Centers, Inc.		4		120
Service Properties Trust		56		645
SITE Centers Corp.		82		832
Spirit Realty Capital, Inc.		54		2,173
STORE Capital Corp.		53		1,804
Summit Hotel Properties, Inc.		74		669
Uniti Group, Inc.		22		260
Urban Edge Properties		73		942
Urstadt Biddle Properties, Inc., Class A		17		243
Weingarten Realty Investors		66		1,432
Xenia Hotels & Resorts, Inc.		100		1,526
				76,841

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Food & Staples Retailing — 0.8%
Andersons, Inc. (The)		32		780
BJ’s Wholesale Club Holdings, Inc. *		41		1,510
Casey’s General Stores, Inc.		19		3,465
PriceSmart, Inc.		7		656
SpartanNash Co. (a)		12		217
Sprouts Farmers Market, Inc. *		44		882
United Natural Foods, Inc. * (a)		20		318
				7,828
Food Products — 1.6%
B&G Foods, Inc. (a)		20		566
Cal-Maine Foods, Inc. *		10		368
Darling Ingredients, Inc. *		52		3,005
Flowers Foods, Inc.		84		1,899
Hain Celestial Group, Inc. (The) *		13		502
Ingredion, Inc.		39		3,073
J&J Snack Foods Corp.		2		311
John B Sanfilippo & Son, Inc.		4		276
Pilgrim’s Pride Corp. *		63		1,227
Post Holdings, Inc. *		21		2,111
Sanderson Farms, Inc. (a)		7		899
Seneca Foods Corp., Class A *		10		389
TreeHouse Foods, Inc. *		19		820
				15,446
Gas Utilities — 0.9%
National Fuel Gas Co.		35		1,428
New Jersey Resources Corp. (a)		30		1,078
Southwest Gas Holdings, Inc.		19		1,158
Spire, Inc.		17		1,076
UGI Corp.		116		4,072
				8,812
Health Care Equipment & Supplies — 2.7%
Avanos Medical, Inc. *		15		684
CONMED Corp.		8		930
Cutera, Inc. *		5		130
Globus Medical, Inc., Class A *		25		1,657
Haemonetics Corp. * (a)		20		2,351
Hill-Rom Holdings, Inc.		31		2,998
ICU Medical, Inc. *		13		2,681
Inogen, Inc. *		7		322
Integer Holdings Corp. *		11		861
Integra LifeSciences Holdings Corp. *		23		1,513
Lantheus Holdings, Inc. *		21		282
LivaNova plc *		14		953

INVESTMENTS	SHARES (000)		VALUE ($000)
Health Care Equipment & Supplies — continued
Masimo Corp. * (a)		17		4,428
Meridian Bioscience, Inc. *		19		359
Merit Medical Systems, Inc. *		17		927
Natus Medical, Inc. *		12		234
Neogen Corp. *		2		159
NuVasive, Inc. *		16		901
Orthofix Medical, Inc. *		16		696
Penumbra, Inc. * (a)		8		1,435
Quidel Corp. *		13		2,281
				26,782
Health Care Providers & Services — 4.0%
Acadia Healthcare Co., Inc. *		29		1,458
Addus HomeCare Corp. *		5		574
Amedisys, Inc. *		12		3,520
AMN Healthcare Services, Inc. *		16		1,096
BioTelemetry, Inc. *		12		836
Chemed Corp.		5		2,876
CorVel Corp. *		3		360
Covetrus, Inc. *		31		877
Encompass Health Corp.		31		2,588
Ensign Group, Inc. (The)		17		1,225
HealthEquity, Inc. *		22		1,562
LHC Group, Inc. *		11		2,325
Magellan Health, Inc. *		30		2,507
MEDNAX, Inc. *		25		625
Molina Healthcare, Inc. *		23		4,954
Owens & Minor, Inc.		57		1,547
Patterson Cos., Inc.		32		951
Providence Service Corp. (The) *		15		2,080
R1 RCM, Inc. *		38		920
RadNet, Inc. *		14		278
Select Medical Holdings Corp. *		99		2,730
Tenet Healthcare Corp. *		43		1,721
Tivity Health, Inc. * (a)		77		1,514
				39,124
Health Care Technology — 0.5%
Allscripts Healthcare Solutions, Inc. *		64		927
HealthStream, Inc. *		10		214
HMS Holdings Corp. *		54		1,981
NextGen Healthcare, Inc. *		17		305
Omnicell, Inc. *		14		1,656
				5,083

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN EQUITY FUNDS 19

JPMorgan Market Expansion Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Hotels, Restaurants & Leisure — 2.6%
BJ’s Restaurants, Inc. (a)		8		304
Bloomin’ Brands, Inc.		25		487
Boyd Gaming Corp. * (a)		28		1,189
Brinker International, Inc. (a)		13		711
Caesars Entertainment, Inc. * (a)		65		4,835
Cheesecake Factory, Inc. (The) (a)		10		371
Churchill Downs, Inc.		3		662
Cracker Barrel Old Country Store, Inc.		5		716
Dine Brands Global, Inc.		6		336
Jack in the Box, Inc.		8		780
Marriott Vacations Worldwide Corp.		14		1,866
Papa John’s International, Inc.		8		696
Penn National Gaming, Inc. *		47		4,033
Ruth’s Hospitality Group, Inc.		8		133
Scientific Games Corp. *		21		855
Six Flags Entertainment Corp.		27		924
Texas Roadhouse, Inc.		22		1,716
Wendy’s Co. (The)		63		1,385
Wingstop, Inc.		3		411
Wyndham Destinations, Inc.		39		1,732
Wyndham Hotels & Resorts, Inc.		23		1,343
				25,485
Household Durables — 1.7%
Cavco Industries, Inc. *		5		895
Century Communities, Inc. *		10		420
Helen of Troy Ltd. *		2		396
Installed Building Products, Inc. *		7		744
iRobot Corp. * (a)		10		763
KB Home		59		1,961
La-Z-Boy, Inc.		15		605
M/I Homes, Inc. *		9		394
MDC Holdings, Inc.		17		846
Meritage Homes Corp. *		20		1,640
Taylor Morrison Home Corp. *		43		1,096
Tempur Sealy International, Inc. *		64		1,728
Toll Brothers, Inc.		38		1,634
TopBuild Corp. *		12		2,117
TRI Pointe Group, Inc. *		45		780
Tupperware Brands Corp. *		14		445
Universal Electronics, Inc. *		9		483
				16,947
Household Products — 0.3%
Central Garden & Pet Co. *		34		1,313
Central Garden & Pet Co., Class A *		15		552

INVESTMENTS	SHARES (000)		VALUE ($000)
Household Products — continued
Energizer Holdings, Inc.		22		924
				2,789
Industrial Conglomerates — 0.3%
Carlisle Cos., Inc.		20		3,097
Insurance — 4.3%
Alleghany Corp.		7		4,022
American Equity Investment Life Holding Co.		48		1,331
American Financial Group, Inc.		43		3,782
Assured Guaranty Ltd.		26		816
Brighthouse Financial, Inc. *		39		1,394
Brown & Brown, Inc.		29		1,377
CNO Financial Group, Inc.		41		916
eHealth, Inc. *		8		586
First American Financial Corp.		59		3,046
Hanover Insurance Group, Inc. (The)		31		3,581
HCI Group, Inc. (a)		2		115
Kemper Corp.		27		2,090
Old Republic International Corp.		205		4,041
Primerica, Inc.		19		2,491
ProAssurance Corp.		17		308
Reinsurance Group of America, Inc.		36		4,126
RenaissanceRe Holdings Ltd. (Bermuda)		17		2,769
Selective Insurance Group, Inc.		19		1,305
Stewart Information Services Corp.		27		1,301
Third Point Reinsurance Ltd. (Bermuda) *		73		692
Trupanion, Inc. *		10		1,245
United Insurance Holdings Corp. (a)		73		419
Universal Insurance Holdings, Inc. (a)		11		172
				41,925
Interactive Media & Services — 0.3%
QuinStreet, Inc. *		44		947
TripAdvisor, Inc. *		30		875
Yelp, Inc. *		25		830
				2,652
Internet & Direct Marketing Retail — 0.3%
Grubhub, Inc. * (a)		12		884
Stamps.com, Inc. *		9		1,805
				2,689
IT Services — 3.1%
Alliance Data Systems Corp. (a)		15		1,111
CACI International, Inc., Class A *		15		3,818
Cardtronics plc, Class A *		15		522
Concentrix Corp. *		16		1,609

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
IT Services — continued
EVERTEC, Inc. (Puerto Rico)		20		775
ExlService Holdings, Inc. *		12		993
KBR, Inc.		95		2,938
LiveRamp Holdings, Inc. *		22		1,581
ManTech International Corp., Class A		11		934
MAXIMUS, Inc.		22		1,581
NIC, Inc.		23		589
Perficient, Inc. *		12		548
Perspecta, Inc.		106		2,562
Sabre Corp.		102		1,222
Science Applications International Corp.		17		1,580
Sykes Enterprises, Inc. *		55		2,070
TTEC Holdings, Inc. (a)		30		2,173
Unisys Corp. * (a)		40		792
WEX, Inc. *		14		2,809
				30,207
Leisure Products — 0.9%
Brunswick Corp.		30		2,257
Mattel, Inc. *		123		2,138
Polaris, Inc.		30		2,875
YETI Holdings, Inc. * (a)		23		1,554
				8,824
Life Sciences Tools & Services — 1.6%
Bio-Techne Corp.		13		4,096
Charles River Laboratories International, Inc. *		18		4,473
Medpace Holdings, Inc. *		9		1,225
NeoGenomics, Inc. * (a)		36		1,960
PRA Health Sciences, Inc. *		21		2,672
Syneos Health, Inc. *		23		1,581
				16,007
Machinery — 4.6%
AGCO Corp.		53		5,425
Alamo Group, Inc.		3		428
Albany International Corp., Class A		19		1,424
Barnes Group, Inc.		16		827
Chart Industries, Inc. *		11		1,272
Colfax Corp. *		30		1,139
Crane Co.		50		3,900
Federal Signal Corp.		19		637
Graco, Inc.		8		564
Hillenbrand, Inc.		35		1,393
ITT, Inc.		47		3,582
John Bean Technologies Corp.		11		1,287

INVESTMENTS	SHARES (000)		VALUE ($000)
Machinery — continued
Lydall, Inc. *		7		216
Meritor, Inc. *		26		717
Middleby Corp. (The) *		7		941
Mueller Industries, Inc.		34		1,208
Nordson Corp.		10		1,969
Oshkosh Corp.		41		3,494
SPX Corp. *		16		900
SPX FLOW, Inc. *		14		823
Standex International Corp.		4		333
Terex Corp.		60		2,079
Timken Co. (The)		66		5,095
Toro Co. (The)		36		3,405
Wabash National Corp. (a)		68		1,172
Woodward, Inc.		6		681
				44,911
Marine — 0.1%
Kirby Corp. *		12		632
SEACOR Holdings, Inc. *		6		228
				860
Media — 0.9%
AMC Networks, Inc., Class A * (a)		10		368
Cable One, Inc.		2		3,787
EW Scripps Co. (The), Class A		20		298
Gannett Co., Inc. *		44		149
John Wiley & Sons, Inc., Class A		14		644
Meredith Corp.		14		266
New York Times Co. (The), Class A		13		689
TEGNA, Inc.		188		2,624
				8,825
Metals & Mining — 2.0%
Allegheny Technologies, Inc. *		127		2,123
Arconic Corp. *		47		1,401
Carpenter Technology Corp.		26		748
Cleveland-Cliffs, Inc. (a)		169		2,464
Commercial Metals Co.		83		1,702
Haynes International, Inc.		18		431
Kaiser Aluminum Corp.		10		1,005
Materion Corp.		15		956
Reliance Steel & Aluminum Co.		28		3,315
Royal Gold, Inc.		6		596
Steel Dynamics, Inc.		72		2,649
SunCoke Energy, Inc.		281		1,222

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN EQUITY FUNDS 21

JPMorgan Market Expansion Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Metals & Mining — continued
Warrior Met Coal, Inc. (a)		39		836
				19,448
Mortgage Real Estate Investment Trusts (REITs) — 0.4%
Apollo Commercial Real Estate Finance, Inc. (a)		50		563
Granite Point Mortgage Trust, Inc.		52		519
Invesco Mortgage Capital, Inc. (a)		5		18
KKR Real Estate Finance Trust, Inc.		56		1,009
New York Mortgage Trust, Inc. (a)		118		436
PennyMac Mortgage Investment Trust		35		612
Ready Capital Corp.		14		168
Redwood Trust, Inc. (a)		83		728
				4,053
Multiline Retail — 0.5%
Big Lots, Inc. (a)		14		597
Kohl’s Corp.		52		2,104
Macy’s, Inc. (a)		106		1,195
Ollie’s Bargain Outlet Holdings, Inc. *		12		948
				4,844
Multi-Utilities — 0.7%
Black Hills Corp.		21		1,296
MDU Resources Group, Inc.		146		3,838
NorthWestern Corp.		23		1,361
				6,495
Oil, Gas & Consumable Fuels — 1.3%
Antero Midstream Corp.		93		718
Callon Petroleum Co. * (a)		5		65
Cimarex Energy Co.		38		1,407
CNX Resources Corp. *		68		732
EQT Corp.		95		1,202
Green Plains, Inc. * (a)		42		549
Murphy Oil Corp.		63		762
Par Pacific Holdings, Inc. *		82		1,148
PBF Energy, Inc., Class A (a)		25		175
PDC Energy, Inc. *		34		707
Range Resources Corp. *		80		536
Renewable Energy Group, Inc. *		32		2,252
REX American Resources Corp. *		2		154
Southwestern Energy Co. * (a)		166		494
World Fuel Services Corp.		19		607
WPX Energy, Inc. *		172		1,404
				12,912

INVESTMENTS	SHARES (000)		VALUE ($000)
Paper & Forest Products — 0.7%
Boise Cascade Co.		23		1,090
Domtar Corp.		65		2,044
Glatfelter Corp.		15		252
Louisiana-Pacific Corp.		51		1,895
Mercer International, Inc. (Germany)		16		168
Neenah, Inc.		15		830
Schweitzer-Mauduit International, Inc.		11		452
				6,731
Personal Products — 0.4%
Coty, Inc., Class A		96		677
Edgewell Personal Care Co.		19		660
Medifast, Inc.		4		872
Nu Skin Enterprises, Inc., Class A		20		1,065
USANA Health Sciences, Inc. * (a)		4		293
				3,567
Pharmaceuticals — 0.5%
Endo International plc *		261		1,874
Lannett Co., Inc. * (a)		314		2,050
Prestige Consumer Healthcare, Inc. *		19		662
Supernus Pharmaceuticals, Inc. *		16		408
				4,994
Professional Services — 1.5%
ASGN, Inc. *		19		1,579
CoreLogic, Inc.		36		2,791
FTI Consulting, Inc. *		13		1,482
Heidrick & Struggles International, Inc.		42		1,219
Insperity, Inc.		13		1,083
Kelly Services, Inc., Class A		13		276
Korn Ferry		49		2,123
ManpowerGroup, Inc.		40		3,570
Resources Connection, Inc.		39		487
TrueBlue, Inc. *		21		384
				14,994
Real Estate Management & Development — 0.5%
Jones Lang LaSalle, Inc. *		19		2,788
RE/MAX Holdings, Inc., Class A		7		265
Realogy Holdings Corp. *		114		1,492
				4,545
Road & Rail — 0.8%
ArcBest Corp.		64		2,722
Avis Budget Group, Inc. * (a)		16		586
Landstar System, Inc.		24		3,254

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Road & Rail — continued
Saia, Inc. *		8		1,356
				7,918
Semiconductors & Semiconductor Equipment — 4.7%
Advanced Energy Industries, Inc. *		14		1,347
Axcelis Technologies, Inc. *		12		347
Cirrus Logic, Inc. *		20		1,655
CMC Materials, Inc.		2		340
Cohu, Inc.		14		527
Cree, Inc. *		22		2,330
Diodes, Inc. * (a)		13		945
Enphase Energy, Inc. *		41		7,194
First Solar, Inc. *		28		2,740
FormFactor, Inc. *		29		1,239
Ichor Holdings Ltd. *		9		262
Kulicke & Soffa Industries, Inc. (Singapore)		77		2,444
MKS Instruments, Inc.		18		2,689
Monolithic Power Systems, Inc.		11		3,992
Photronics, Inc. *		20		219
Power Integrations, Inc.		19		1,580
Rambus, Inc. *		38		660
Semtech Corp. *		23		1,629
Silicon Laboratories, Inc. *		14		1,834
SMART Global Holdings, Inc. * (a)		36		1,351
SolarEdge Technologies, Inc. *		17		5,329
Synaptics, Inc. *		11		1,099
Ultra Clean Holdings, Inc. *		26		823
Universal Display Corp.		14		3,217
Veeco Instruments, Inc. *		2		40
				45,832
Software — 3.1%
ACI Worldwide, Inc. *		36		1,383
Bottomline Technologies DE, Inc. *		12		617
CDK Global, Inc.		39		2,027
Ceridian HCM Holding, Inc. *		42		4,475
CommVault Systems, Inc. *		17		925
Fair Isaac Corp. *		10		4,934
j2 Global, Inc. * (a)		16		1,573
LivePerson, Inc. *		20		1,257
Manhattan Associates, Inc. *		20		2,125
Paylocity Holding Corp. *		12		2,450
Progress Software Corp.		23		1,021
PTC, Inc. *		34		4,056
Qualys, Inc. *		11		1,316
SPS Commerce, Inc. *		13		1,390

INVESTMENTS	SHARES (000)		VALUE ($000)
Software — continued
Xperi Holding Corp.		37		782
				30,331
Specialty Retail — 2.9%
Aaron’s Co., Inc. (The) *		11		212
Abercrombie & Fitch Co., Class A (a)		20		403
American Eagle Outfitters, Inc.		52		1,036
America’s Car-Mart, Inc. *		3		286
Asbury Automotive Group, Inc. * (a)		7		962
AutoNation, Inc. *		22		1,501
Bed Bath & Beyond, Inc. (a)		44		778
Boot Barn Holdings, Inc. *		10		421
Caleres, Inc.		16		247
Children’s Place, Inc. (The) * (a)		3		137
Designer Brands, Inc., Class A (a)		23		176
Dick’s Sporting Goods, Inc.		22		1,249
Five Below, Inc. *		11		1,907
Foot Locker, Inc.		38		1,545
Genesco, Inc. * (a)		5		153
Group 1 Automotive, Inc.		6		761
Guess?, Inc.		16		366
Haverty Furniture Cos., Inc. (a)		6		153
Lithia Motors, Inc., Class A		8		2,400
Lumber Liquidators Holdings, Inc. *		9		286
MarineMax, Inc. *		7		256
Michaels Cos., Inc. (The) * (a)		35		449
Murphy USA, Inc.		11		1,374
ODP Corp. (The) *		49		1,423
Rent-A-Center, Inc.		43		1,631
RH * (a)		5		2,238
Sally Beauty Holdings, Inc. *		31		409
Signet Jewelers Ltd. (a)		19		526
Sleep Number Corp. *		9		704
Sonic Automotive, Inc., Class A		7		278
Urban Outfitters, Inc. *		23		596
Williams-Sonoma, Inc.		28		2,841
Zumiez, Inc. *		28		1,037
				28,741
Technology Hardware, Storage & Peripherals — 0.2%
Diebold Nixdorf, Inc. *		29		310
NCR Corp. *		47		1,758
				2,068
Textiles, Apparel & Luxury Goods — 1.2%
Capri Holdings Ltd. *		48		2,020

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN EQUITY FUNDS 23

JPMorgan Market Expansion Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Textiles, Apparel & Luxury Goods — continued
Carter’s, Inc.		16		1,477
Crocs, Inc. *		25		1,585
Deckers Outdoor Corp. *		9		2,581
Fossil Group, Inc. * (a)		18		158
G-III Apparel Group Ltd. *		14		339
Kontoor Brands, Inc. (a)		15		588
Skechers U.S.A., Inc., Class A *		45		1,623
Steven Madden Ltd.		27		963
Wolverine World Wide, Inc.		27		853
				12,187
Thrifts & Mortgage Finance — 1.1%
Essent Group Ltd.		27		1,149
Flagstar Bancorp, Inc.		12		501
HomeStreet, Inc.		9		294
Meta Financial Group, Inc.		11		402
New York Community Bancorp, Inc.		154		1,621
NMI Holdings, Inc., Class A *		46		1,046
Northfield Bancorp, Inc. (a)		15		189
Northwest Bancshares, Inc.		231		2,937
Provident Financial Services, Inc.		22		390
TrustCo Bank Corp.		140		935
Walker & Dunlop, Inc.		9		856
				10,320
Tobacco — 0.2%
Universal Corp.		9		437
Vector Group Ltd.		159		1,848
				2,285
Trading Companies & Distributors — 0.8%
Applied Industrial Technologies, Inc.		13		1,029
DXP Enterprises, Inc. *		4		96
GMS, Inc. *		14		418
MSC Industrial Direct Co., Inc., Class A		15		1,300
NOW, Inc. *		109		780
Univar Solutions, Inc. *		149		2,825
Veritiv Corp. *		23		470
Watsco, Inc.		2		543
				7,461
Water Utilities — 0.5%
American States Water Co.		12		949
California Water Service Group (a)		16		854
Essential Utilities, Inc.		75		3,528
				5,331

INVESTMENTS	SHARES (000)		VALUE ($000)
Wireless Telecommunication Services — 0.3%
Shenandoah Telecommunications Co. (a)		16		701
Spok Holdings, Inc.		96		1,069
Telephone and Data Systems, Inc.		69		1,289
				3,059
Total Common Stocks (Cost $650,821)				953,960
Short-Term Investments — 5.2%
Investment Companies — 2.1%
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (b) (c) (Cost $20,294)		20,288		20,298
Investment of Cash Collateral from Securities Loaned — 3.1%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (b) (c)		23,008		23,010
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		7,560		7,560
Total Investment of Cash Collateral from Securities Loaned (Cost $30,571)				30,570
Total Short-Term Investments (Cost $50,865)				50,868
Total Investments — 102.9% (Cost $701,686)				1,004,828
Liabilities in Excess of Other Assets — (2.9)%				(28,656	)
NET ASSETS — 100.0%				976,172

Percentages indicated are based on net assets.

Abbreviations
REIT	Real Estate Investment Trust
(a)	The security or a portion of this security is on loan at December 31, 2020. The total value of securities on loan at December 31, 2020 is approximately $29,549,000.
(b)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of December 31, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2020

Futures contracts outstanding as of December 31, 2020 (amounts in thousands, except number of contracts):
Description	NUMBER OF CONTRACTS	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Russell 2000 E-Mini Index	51		03/2021		USD		5,043		153
S&P Midcap 400 E-Mini Index	66		03/2021		USD		15,214		456
									609

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN EQUITY FUNDS 25

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2020 (Unaudited)

(Amounts in thousands, except per share amounts)

	JPMorgan Equity Index Fund			JPMorgan Market Expansion Enhanced Index Fund
ASSETS:
Investments in non-affiliates, at value	$	6,729,825		$	953,960
Investments in affiliates, at value		117,243			20,298
Investment of cash collateral received from securities loaned, at value (See Note 2.B.)		41,661			30,570
Cash		—	(a)		5
Deposits at broker for futures contracts		2,045			1,475
Receivables:
Fund shares sold		22,824			184
Dividends from non-affiliates		4,830			1,074
Dividends from affiliates		2			—	(a)
Securities lending income (See Note 2.B.)		10			6
Variation margin on futures contracts		179			41
Due from adviser		6			—
Total Assets		6,918,625			1,007,613
LIABILITIES:
Payables:
Collateral received on securities loaned (See Note 2.B.)		41,661			30,570
Fund shares redeemed		18,913			534
Accrued liabilities:
Investment advisory fees		—			150
Administration fees		160			27
Distribution fees		203			42
Service fees		215			25
Custodian and accounting fees		28			14
Trustees’ and Chief Compliance Officer’s fees		1			1
Other		148			78
Total Liabilities		61,329			31,441
Net Assets	$	6,857,296		$	976,172

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2020

	JPMorgan Equity Index Fund			JPMorgan Market Expansion Enhanced Index Fund
NET ASSETS:
Paid-in-Capital	$	3,902,083		$	671,789
Total distributable earnings (loss)		2,955,213			304,383
Total Net Assets	$	6,857,296		$	976,172
Net Assets:
Class A	$	669,602		$	113,123
Class C		99,810			21,277
Class I		1,009,798			177,546
Class R2		—			12,803
Class R6		5,078,086			651,423
Total	$	6,857,296		$	976,172
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		11,749			10,734
Class C		1,770			2,548
Class I		17,696			16,509
Class R2		—			1,239
Class R6		88,963			61,010
Net Asset Value (a):
Class A — Redemption price per share	$	56.99		$	10.54
Class C — Offering price per share (b)		56.40			8.35
Class I — Offering and redemption price per share		57.06			10.75
Class R2 — Offering and redemption price per share		—			10.33
Class R6 — Offering and redemption price per share		57.08			10.68
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)]	$	60.15		$	11.12
Cost of investments in non-affiliates	$	3,689,795		$	650,821
Cost of investments in affiliates		79,801			20,294
Investment securities on loan, at value (See Note 2.B.)		40,501			29,549
Cost of investment of cash collateral (See Note 2.B.)		41,661			30,571

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(b) Redemption price for Class C Shares varies based upon length of time the shares are held.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN EQUITY FUNDS 27

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

(Amounts in thousands)

	JPMorgan Equity Index Fund			JPMorgan Market Expansion Enhanced Index Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—	(a)	$	—	(a)
Dividend income from non-affiliates		39,458			6,977
Dividend income from affiliates		1,051			17
Non-cash dividend income from non-affiliates		5,532			—
Income from securities lending (net) (See Note 2.B.)		107			63
Total investment income		46,148			7,057
EXPENSES:
Investment advisory fees		1,109			1,086
Administration fees		2,079			326
Distribution fees:
Class A		786			128
Class C		375			75
Class R2		—			29
Service fees:
Class A		786			128
Class C		125			25
Class I		1,257			220
Class R2		—			14
Custodian and accounting fees		112			22
Interest expense to affiliates		4			—	(a)
Professional fees		50			29
Trustees’ and Chief Compliance Officer’s fees		21			14
Printing and mailing costs		63			29
Registration and filing fees		88			42
Transfer agency fees (See Note 2.F.)		141			31
Other		56			14
Total expenses		7,052			2,212
Less fees waived		(3,252	)		(741	)
Less expense reimbursements		(12	)		—
Net expenses		3,788			1,471
Net investment income (loss)		42,360			5,586
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(5,539	)		28,634
Investments in affiliates		(523	)		(5	)
Futures contracts		6,815			5,722
Net realized gain (loss)		753			34,351
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		1,028,012			202,772
Investments in affiliates		19,914			(5	)
Futures contracts		235			106
Change in net unrealized appreciation/depreciation		1,048,161			202,873
Net realized/unrealized gains (losses)		1,048,914			237,224
Change in net assets resulting from operations	$	1,091,274		$	242,810

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2020

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Equity Index Fund						JPMorgan Market Expansion Enhanced Index Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	42,360		$	110,145		$	5,586		$	11,526
Net realized gain (loss)		753			(79,555	)		34,351			13,208
Change in net unrealized appreciation/depreciation		1,048,161			311,041			202,873			(102,163	)
Change in net assets resulting from operations		1,091,274			341,631			242,810			(77,429	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(5,190	)		(13,786	)		(4,777	)		(7,463	)
Class C		(518	)		(1,399	)		(1,056	)		(1,930	)
Class I		(9,339	)		(17,951	)		(7,824	)		(14,281	)
Class R2		—			—			(505	)		(683	)
Class R6		(41,922	)		(76,732	)		(28,918	)		(32,417	)
Total distributions to shareholders		(56,969	)		(109,868	)		(43,080	)		(56,774	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		819,120			261,702			(22,267	)		(16,159	)
NET ASSETS:
Change in net assets		1,853,425			493,465			177,463			(150,362	)
Beginning of period		5,003,871			4,510,406			798,709			949,071
End of period	$	6,857,296		$	5,003,871		$	976,172		$	798,709

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 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
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	39,867		$	396,037		$	4,113		$	14,635
Distributions reinvested		5,040			13,586			4,485			7,071
Cost of shares redeemed		(66,086	)		(476,055	)		(15,489	)		(35,182	)
Change in net assets resulting from Class A capital transactions		(21,179	)		(66,432	)		(6,891	)		(13,476	)
Class C
Proceeds from shares issued		5,508			28,430			514			2,645
Distributions reinvested		416			1,019			1,043			1,874
Cost of shares redeemed		(28,013	)		(27,965	)		(4,376	)		(9,924	)
Change in net assets resulting from Class C capital transactions		(22,089	)		1,484			(2,819	)		(5,405	)
Class I
Proceeds from shares issued		132,717			615,684			15,844			66,205
Distributions reinvested		8,870			17,086			6,558			12,652
Cost of shares redeemed		(341,795	)		(449,355	)		(57,254	)		(132,377	)
Change in net assets resulting from Class I capital transactions		(200,208	)		183,415			(34,852	)		(53,520	)
Class R2
Proceeds from shares issued		—			—			1,103			2,859
Distributions reinvested		—			—			505			683
Cost of shares redeemed		—			—			(2,093	)		(3,891	)
Change in net assets resulting from Class R2 capital transactions		—			—			(485	)		(349	)
Class R6
Proceeds from shares issued		1,297,194			933,144			23,257			88,970
Distributions reinvested		41,367			75,669			28,918			32,417
Cost of shares redeemed		(275,965	)		(865,578	)		(29,395	)		(64,796	)
Change in net assets resulting from Class R6 capital transactions		1,062,596			143,235			22,780			56,591
Total change in net assets resulting from capital transactions	$	819,120		$	261,702		$	(22,267	)	$	(16,159	)

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2020

	JPMorgan Equity Index Fund						JPMorgan Market Expansion Enhanced Index Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		766			9,010			443			1,620
Reinvested		96			300			434			706
Redeemed		(1,262	)		(10,572	)		(1,663	)		(3,909	)
Change in Class A Shares		(400	)		(1,262	)		(786	)		(1,583	)
Class C
Issued		107			638			67			354
Reinvested		8			23			128			234
Redeemed		(550	)		(629	)		(587	)		(1,383	)
Change in Class C Shares		(435	)		32			(392	)		(795	)
Class I
Issued		2,545			13,690			1,668			7,326
Reinvested		168			378			620			1,238
Redeemed		(6,667	)		(10,027	)		(5,879	)		(14,740	)
Change in Class I Shares		(3,954	)		4,041			(3,591	)		(6,176	)
Class R2
Issued		—			—			120			332
Reinvested		—			—			50			69
Redeemed		—			—			(226	)		(425	)
Change in Class R2 Shares		—			—			(56	)		(24	)
Class R6
Issued		23,396			20,323			2,309			11,559
Reinvested		778			1,679			2,753			3,191
Redeemed		(5,245	)		(19,098	)		(2,948	)		(7,082	)
Change in Class R6 Shares		18,929			2,904			2,114			7,668

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 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
Six Months Ended December 31, 2020 (Unaudited)	$	47.11	$	0.32	$	10.00	$	10.32	$	(0.44	)	$	—		$	(0.44	)
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
Six Months Ended December 31, 2020 (Unaudited)		46.65		0.16		9.86		10.02		(0.27	)		—			(0.27	)
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
Six Months Ended December 31, 2020 (Unaudited)		47.22		0.39		9.95		10.34		(0.50	)		—			(0.50	)
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
Six Months Ended December 31, 2020 (Unaudited)		47.21		0.42		9.99		10.41		(0.54	)		—			(0.54	)
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 (g) 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) Net expenses for Class R6 Shares are 0.044% for the six months ended December 31, 2020, 0.044% for the year ended June 30, 2020, 0.043% for the year ended June 30, 2019, 0.042% for the year ended June 30, 2018 and 0.045% for the period September 1, 2016 through June 30, 2017.

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	56.99		21.98	%	$	669,602		0.45	%		1.22	%		0.66	%		6	%
	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
	56.40		21.54			99,810		1.05			0.62			1.13			6
	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
	57.06		21.98			1,009,798		0.20			1.49			0.38			6
	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
	57.08		22.15			5,078,086		0.04	(f)		1.61			0.13			6
	47.21		7.52			3,306,397		0.04	(f)		2.38			0.13			15
	44.98		10.33			3,019,734		0.04	(f)		2.11			0.13			6
	41.68		14.36			2,008,916		0.04	(f)		1.85			0.14			14
	37.44		13.49			338,764		0.05	(f)		1.93			0.15			21

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 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
Six Months Ended December 31, 2020 (Unaudited)	$	8.38	$	0.05	$	2.56		$	2.61		$	(0.09	)	$	(0.36	)	$	(0.45	)
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
Six Months Ended December 31, 2020 (Unaudited)		6.70		0.02		2.05			2.07			(0.06	)		(0.36	)		(0.42	)
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
Six Months Ended December 31, 2020 (Unaudited)		8.55		0.06		2.61			2.67			(0.11	)		(0.36	)		(0.47	)
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
Six Months Ended December 31, 2020 (Unaudited)		8.21		0.03		2.51			2.54			(0.06	)		(0.36	)		(0.42	)
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
Six Months Ended December 31, 2020 (Unaudited)		8.49		0.07		2.61			2.68			(0.13	)		(0.36	)		(0.49	)
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 DECEMBER 31, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	10.54		31.36	%	$	113,123		0.60	%		1.02	%		0.88	%		16	%
	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
	8.35		31.09			21,277		1.09			0.51			1.38			16
	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
	10.75		31.47			177,546		0.35			1.26			0.61			16
	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
	10.33		31.10			12,803		0.99			0.62			1.30			16
	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
	10.68		31.71			651,423		0.25			1.38			0.36			16
	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.

DECEMBER 31, 2020 J.P. MORGAN EQUITY FUNDS 35

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

1. Organization

JPMorgan Trust II (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 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 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’ prospectus. Effective October 1, 2020, Class C Shares automatically convert to Class A Shares after eight years. Prior to October 1, 2020, Class C Shares automatically converted to Class A Shares after ten years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

A. Valuation of Investments — Investments are valued in accordance with GAAP and the Funds’ valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Funds’ investments. The Administrator implements the valuation policies of the Funds’ investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Funds. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.

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).

36 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2020

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)	$	6,888,729	$	—	$	—	$	6,888,729
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	747	$	—	$	—	$	747

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)	$	1,004,828	$	—	$	—	$	1,004,828
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	609	$	—	$	—	$	609

(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.

The following table presents for each lending Fund, the value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Funds as of December 31, 2020 (amounts in thousands).

	Investment Securities on Loan, at value, Presented on the Statements of Assets and Liabilities		Cash Collateral Posted by Borrower*			Net Amount Due to Counterparty (not less than zero)
Equity Index Fund	$	40,501	$	(40,501	)	$	—
Market Expansion Enhanced Index Fund		29,549		(29,549	)		—

* Collateral posted reflects the value of securities on loan and does not include any additional amounts received from the borrower.

DECEMBER 31, 2020 J.P. MORGAN EQUITY FUNDS 37

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Funds from losses resulting from a borrower’s failure to return a loaned security.

JPMIM voluntarily waived investment advisory fees charged to the Funds to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.15% to 0.06%. For the six months ended December 31, 2020, JPMIM waived fees associated with the Funds’ investment in the JPMorgan U.S. Government Money Market Fund as follows (amounts in thousands):

Equity Index Fund	$	5
Market Expansion Enhanced Index Fund		2

The above waiver is included in the determination of earnings on cash collateral investment and in the calculation of Citibank’s compensation and is included on the Statements of Operations as Income from securities lending (net).

C. Investment Transactions with Affiliates — The Funds invested in Underlying Funds which are advised by the Adviser. An issuer which is under common control with the Funds may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the tables below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the tables below. Amounts in the tables below are in thousands.

Equity Index Fund

For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Chase & Co. (a)	$	55,564	$	11,915	$	3,510	$	(523	)	$	19,912	$	83,358		656	$	1,047		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (b) (c)		82,086		251,000		297,000		(25	)*		2		36,063		36,059		104	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		44,138		206,451		244,991		—			—		5,598		5,598		5	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.03% (b) (c)		23,364		1,428,840		1,418,319		—			—		33,885		33,885		4			—
Total	$	205,152	$	1,898,206	$	1,963,820	$	(548	)	$	19,914	$	158,904			$	1,160		$	—

Market Expansion Enhanced Index Fund

For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (b) (c)	$	24,762	$	69,635	$	74,091	$	(5	)	$	(3	)	$	20,298		20,288	$	17		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (b) (c)		35,019		67,000		79,000		(7	)*		(2	)		23,010		23,008		36	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		4,323		72,798		69,561		—			—			7,560		7,560		2	*		—
Total	$	64,104	$	209,433	$	222,652	$	(12	)	$	(5	)	$	50,868			$	55		$	—

(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 December 31, 2020.

* Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).

38 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2020

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 futures contracts on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.

The use of futures contracts exposes the Funds to equity price risk. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds’ credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.

The Funds’ futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

The table below discloses the volume of the Funds’ futures contracts activity during the six months ended December 31, 2020 (amounts in thousands):

	Equity Index Fund		Market Expansion Enhanced Index Fund
Futures Contracts — Equity:
Average Notional Balance Long	$	41,862	$	17,892
Ending Notional Balance Long		49,999		20,257

E. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Dividend income is recorded on the ex-dividend date or when a Fund first learns of the dividend.

To the extent such information is publicly available, the Funds record distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of the components of distributions (and consequently their net investment income) as necessary, once the issuers provide information about the actual composition of the distributions.

F. Allocation of Income and Expenses — Expenses directly attributable to a Fund are charged directly to that Fund, while the expenses attributable to more than one fund of the Trust are allocated among the applicable funds. Investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Funds for the six months ended December 31, 2020 are as follows (amounts in thousands):

	Class A		Class C		Class I		Class R2		Class R6		Total
Equity Index Fund
Transfer agency fees	$	117	$	3	$	9		n/a	$	12	$	141
Market Expansion Enhanced Index Fund
Transfer agency fees		11		3		3	$	11		3		31

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.

DECEMBER 31, 2020 J.P. MORGAN EQUITY FUNDS 39

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of December 31, 2020, no liability for Federal income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

H. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid at least quarterly for Equity Index Fund and declared and paid at least annually for Market Expansion Index Fund. 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.

I. Recent Accounting Pronouncement — In March 2020, the FASB issued Accounting Standards Update No. 2020-04 (“ASU 2020-04”), Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 became effective upon the issuance and its optional relief can be applied through December 31, 2022. Management is currently evaluating the impact, if any, to the Funds’ financial statements of applying ASU 2020-04.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of each Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate based on each Fund’s respective average daily net assets. The annual rate for each Fund is as follows:

Equity Index Fund	0.04	%
Market Expansion Enhanced Index Fund	0.25

The Adviser waived investment advisory fees and/or reimbursed expenses as outlined in Note 3.F.

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to each Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund’s respective average daily net assets, plus 0.050% of each Fund’s respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund’s respective average daily net assets between $20 billion and $25 billion, plus 0.01% of each Fund’s respective average daily net assets in excess of $25 billion. For the six months ended December 31, 2020, the effective annualized rate was 0.07% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

The Administrator waived administration fees as outlined in Note 3.F.

JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Funds’ sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as each Fund’s principal underwriter and promotes and arranges for the sale of each Fund’s shares.

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class C and Class R2 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			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 six months ended December 31, 2020, JPMDS retained the following (amounts in thousands):

	Front-End Sales Charge		CDSC
Equity Index Fund	$	16	$	—	(a)
Market Expansion Enhanced Index Fund		2		—	(a)

(a) Amount rounds to less than one thousand.

40 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2020

D. Service Fees — The Trust, on behalf of the Funds, has entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to fund shareholders. For performing these services, JPMDS receives a fee with respect to all share classes, except Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

	Class A			Class C			Class I			Class R2
Equity Index Fund		0.25	%		0.25	%		0.25	%		n/a
Market Expansion Enhanced Index Fund		0.25			0.25			0.25			0.25	%

JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds. Pursuant to such contracts, JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.

JPMDS waived service fees as outlined in Note 3.F.

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the 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			0.20	%		n/a			0.045	%
Market Expansion Enhanced Index Fund		0.60			1.10	%		0.35			1.00	%		0.25

The expense limitation agreements were in effect for the six months ended December 31, 2020 and the contractual expense limitation percentages in the table above are in place until at least October 31, 2021.

For the six months ended December 31, 2020, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees		Total		Contractual Reimbursements
Equity Index Fund	$	1,108	$	1,220	$	902	$	3,230	$	12
Market Expansion Enhanced Index Fund		287		192		251		730		—

Additionally, the Funds may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Fund’s investment in such affiliated money market fund, except for investments of securities lending cash collateral. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

The amounts of these waivers resulting from investments in these money market funds for the six months ended December 31, 2020 were as follows (amounts in thousands):

Equity Index Fund	$	22
Market Expansion Enhanced Index Fund		11

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.

DECEMBER 31, 2020 J.P. MORGAN EQUITY FUNDS 41

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

The Board designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. Each Fund, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statements of Operations.

The Trust adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

During the six months ended December 31, 2020, Market Expansion Enhanced Index Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.

4. Investment Transactions

During the six months ended December 31, 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	$	1,149,157	$	341,795
Market Expansion Enhanced Index Fund		137,213		189,099

During the six months ended December 31, 2020, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at December 31, 2020 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Equity Index Fund	$	3,811,257	$	3,121,238	$	43,019	$3,078,219
Market Expansion Enhanced Index Fund		701,686		328,884		25,133		303,751

As of June 30, 2020, the Funds had net capital loss carryforwards as follows (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).

42 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2020

The Funds had no borrowings outstanding from another fund during the six months ended December 31, 2020. Average borrowings from the Facility during the six months ended December 31, 2020, were as follows (amounts in thousands, except number of days outstanding):

	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
Equity Index Fund	$	33,005		0.83	%		5	$	4

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 1, 2021.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended December 31, 2020.

The Trust, along with certain other trusts for J.P. Morgan Funds (“Borrowers”), has entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00%, which has increased to 1.25% pursuant to the amendment referenced below, plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 11, 2020, this agreement has been amended and restated for a term of 364 days, unless extended, and to include the change to the interest rate charged for borrowing from the Credit Facility to 1.25%, as noted above, and an upfront fee of 0.075% of the Credit Facility to be charged and paid by all participating funds of the Credit Facility.

The Funds did not utilize the Credit Facility during the six months ended December 31, 2020.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.

As of December 31, 2020, the following Fund had individual shareholder and/or omnibus accounts each owning more than 10% of the respective Fund’s outstanding shares as follows:

	Number of individual shareholder and/or Affiliated Omnibus Accounts		% of the Fund
Market Expansion Enhanced Index Fund		3		54.9	%

As of December 31, 2020, the J.P. Morgan Investor Funds and the 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:

	J.P. Morgan Investor Funds			JPMorgan SmartRetirement Blend Funds
Equity Index Fund		–			57.4	%
Market Expansion Enhanced Index Fund		62.2	%		–

Significant shareholder transactions by these shareholders may impact the Funds’ performance and liquidity.

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds’ original investment. Many derivatives create leverage thereby causing the Funds to be more volatile than they would have been if they had not used derivatives. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Funds to sell or otherwise close a derivatives position could expose the Funds to losses.

DECEMBER 31, 2020 J.P. MORGAN EQUITY FUNDS 43

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. The regulatory authority that oversees financial services firms and financial markets in the U.K. has announced that, after the end of 2021, it would no longer persuade or compel contributing banks to make rate submissions for purposes of determining the LIBOR rate. As a result, it is possible that commencing in 2022, LIBOR may no longer be available or no longer deemed an appropriate reference rate upon which to determine the interest rate on or impacting certain loans, notes, derivatives and other instruments or investments comprising some or all of a Fund’s portfolio. In light of this eventuality, public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of LIBOR. There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain investments of a Fund and result in costs incurred in connection with closing out positions and entering into new trades. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., Euribor) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.

The Funds are subject to infectious disease epidemics/pandemics risk. The worldwide outbreak of COVID-19, a novel coronavirus disease, has negatively affected economies, markets and individual companies throughout the world. The effects of this COVID-19 pandemic to public health, and business and market conditions, including exchange trading suspensions and closures may continue to have a significant negative impact on the performance of a Fund’s investments, increase a Fund’s volatility, exacerbate other pre-existing political, social and economic risks to the Funds and negatively impact broad segments of businesses and populations. The Funds’ operations may be interrupted as a result, which may have a significant negative impact on investment performance. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could also have a significant negative impact on a Fund’s investment performance. The full impact of this COVID-19 pandemic, or other future epidemics/pandemics, is currently unknown.

44 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2020

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, July 1, 2020, and continued to hold your shares at the end of the reporting period, December 31, 2020.

Actual Expenses

For each Class of each Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading titled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

	Beginning Account Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Equity Index Fund
Class A
Actual	$	1,000.00	$	1,219.80	$	2.52		0.45	%
Hypothetical		1,000.00		1,022.94		2.29		0.45
Class C
Actual		1,000.00		1,215.40		5.86		1.05
Hypothetical		1,000.00		1,019.91		5.35		1.05
Class I
Actual		1,000.00		1,219.80		1.12		0.20
Hypothetical		1,000.00		1,024.20		1.02		0.20
Class R6
Actual		1,000.00		1,221.50		0.22		0.04
Hypothetical		1,000.00		1,025.00		0.20		0.04
JPMorgan Market Expansion Enhanced Index Fund
Class A
Actual		1,000.00		1,313.60		3.50		0.60
Hypothetical		1,000.00		1,022.18		3.06		0.60
Class C
Actual		1,000.00		1,310.90		6.35		1.09
Hypothetical		1,000.00		1,019.71		5.55		1.09
Class I
Actual		1,000.00		1,314.70		2.04		0.35
Hypothetical		1,000.00		1,023.44		1.79		0.35
Class R2
Actual		1,000.00		1,311.00		5.77		0.99
Hypothetical		1,000.00		1,020.21		5.04		0.99
Class R6
Actual		1,000.00		1,317.10		1.46		0.25
Hypothetical		1,000.00		1,023.95		1.28		0.25

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

DECEMBER 31, 2020 J.P. MORGAN EQUITY FUNDS 45

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in June and August 2020, at which the Trustees considered the continuation of the investment advisory agreement for each Fund whose semi-annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). In accordance with SEC guidance, due to the COVID-19 pandemic, the meetings were conducted through video conference. At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not parties to an Advisory Agreement or “interested persons” (as defined in the 1940 Act) of any party to an Advisory Agreement or any of their affiliates, approved the continuation of each Advisory Agreement on August 11, 2020.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds received from the Adviser. This information includes the Funds’ performance as compared to the performance of their peers and benchmarks and analyses by the Adviser of the Funds’ performance. In addition, at each of their regular meetings throughout the year, the Trustees considered reports on the performance of certain J.P. Morgan Funds provided by an independent management consulting firm (“independent consultant”). In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc. and/or Morningstar Inc., independent providers of investment company data (together, “Broadridge”). The Trustees’ independent consultant also provided additional analyses of the performance of the Funds, as well as a risk/return assessment of certain Funds as compared to the Funds’ objectives and peers. Before voting on the Advisory Agreements, the Trustees reviewed the Advisory Agreements with representatives of the Adviser, counsel to the Trust and independent legal counsel, and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Advisory

Agreements. The Trustees also discussed the Advisory Agreements in executive session with independent legal counsel at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors, and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds throughout the year, including additional reporting and information provided in connection with the market volatility caused by the COVID-19 pandemic, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable under the circumstances and determined that the continuance of each Advisory Agreement was in the best interests of each Fund and its shareholders.

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of services provided to each Fund under the applicable Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management, personnel changes, if any, and the expertise of, and the amount of attention given to each Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund and the infrastructure supporting the team, including personnel changes, if any. In addition, the Board considered its discussions with the Adviser regarding the Adviser’s business continuity plan and steps the Adviser was taking to provide ongoing services to the Funds during the COVID-19 pandemic, and the Adviser’s success in continuing to provide services to the Funds and their shareholders throughout this period. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of each Fund. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of the administration services provided by the Adviser in its role as administrator.

46 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2020

The Trustees also considered their knowledge of the nature and quality of services provided by the Adviser and its affiliates to the Funds gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Funds, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to each Fund.

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services provided to the Funds by the Adviser.

Costs of Services Provided and Profitability to the Adviser and its Affiliates

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to each Fund. The Trustees reviewed and discussed this information. The Trustees recognized that this information is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Funds, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based upon their review, and taking into consideration the factors noted above, the Trustees concluded that the profitability to the Adviser under each Advisory Agreement was not unreasonable in light of the services and benefits provided to each Fund.

The Trustees also considered that JPMDS, an affiliate of the Adviser, and the Adviser earn fees from the Funds for providing shareholder and administration services, respectively. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Funds’ distributor and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser (although they are retained by JPMDS in certain instances. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A.

(“JPMCB”) for custody and fund accounting, and other related services.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds. The Trustees considered that the J.P. Morgan Funds’ operating accounts are held at JPMCB, which, as a result, will receive float benefits for certain J.P. Morgan Funds, as applicable. The Trustees also noted that the Adviser supports a diverse set of products and services, which benefits the Adviser by allowing it to leverage its infrastructure to serve additional clients, including benefits that may be received by the Adviser and its affiliates in connection with the Funds’ potential investments in other funds advised by the Adviser. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

Economies of Scale

The Trustees considered the extent to which the Funds may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Funds and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Funds were priced to scale and whether it would be appropriate to add advisory fee breakpoints. The Trustees noted certain Funds with contractual expense limitations and fee waivers (“Fee Caps”), which allow a Fund’s shareholders to share potential economies of scale from a Fund’s inception, prior to reaching scale. The Trustees also noted that other Funds which had achieved scale as asset levels had increased, no longer had Fee Caps in place for some or all of their share classes, but shared economies of scale through lower average expenses. The Trustees noted that the fees remain satisfactory relative to peer funds. The Trustees considered the benefits to the Funds of the use of an affiliated distributor and custodian, including the ability to rely on existing infrastructure supporting distribution, custodial and transfer agent services and the ability to negotiate competitive fees for the Funds. The Trustees further considered the Adviser’s and JPMDS’s ongoing investments in their business in support of the Funds, including the Adviser’s and/or JPMDS’s investments in trading systems, technology (including improvements to the J.P. Morgan Funds’ website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees concluded that the current fee structure for each Fund, including any Fee Caps the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels, was reasonable. The Trustees concluded that, for Funds with expense caps in place for some or all of their share classes, the relevant Fund’s shareholders received the benefits of potential

DECEMBER 31, 2020 J.P. MORGAN EQUITY FUNDS 47

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

economies of scale through the Fee Caps and, for Funds that achieved scale and no longer had Fee Caps in place for some or all of their share classes, the relevant Fund’s shareholders benefited from lower average expenses resulting from increased assets. The Trustees also concluded that all Funds benefited from the Adviser’s reinvestment in its operations to serve the Funds and their shareholders. The Trustees noted that the Adviser’s reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Funds.

Independent Written Evaluation of the Funds’ Senior Officer

The Trustees noted that, upon their direction, the Senior Officer for the Funds had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. In determining whether to continue the Advisory Agreements, the Trustees considered the Senior Officer’s report.

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional separate accounts, collective investment trusts, ETFs and/or funds sub-advised by the Adviser, for investment management styles substantially similar to that of each Fund. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences, as applicable, in the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted that the adviser, not the mutual fund, pays the sub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance information for the Funds in a report prepared by Broadridge. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Broadridge investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for the applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge’s methodology for selecting mutual funds in each Fund’s Universe and Peer Group and noted that Universe and Peer Group rankings were not calculated if the number of

funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Broadridge materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared by the Trustees’ independent consultant. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Equity Index Fund’s performance for Class A shares was in the first, second and first quintiles based upon the Peer Group, and in the fourth, fourth and third quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the first quintile based upon the Peer Group for each of the one-, three- and five-year periods ended December 31, 2019, and in the second quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2019. The Trustees noted that the performance for Class R6 shares was in the first quintile based upon both the Peer Group and Universe for both the one- and three-year periods ended December 31, 2019. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

The Trustees noted that the Market Expansion Enhanced Index Fund’s performance for Class A shares was in third, fifth and fourth quintiles based upon the Peer Group, and in the third, third and second quintiles based upon Universe, for the one-, three- and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the third and fifth quintiles based upon the Peer Group for the one- and three-year periods ended December 31, 2019, respectively, and in the third, second and second quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the third quintile based upon both the Peer Group and Universe for the one-year period ended December 31, 2019. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent

48 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2020

consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances. They requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with the members of the Board’s equity committee at each of its regularly scheduled meetings over the course of the next year.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate and administration fee rate paid by each Fund to the Adviser and compared the combined rate to the information prepared by Broadridge concerning management fee rates paid by other funds in the same Broadridge category as each Fund. The Trustees recognized that Broadridge reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Groups did not meet a predetermined minimum. For each Fund that had a Fee Cap in place, the Trustees considered the net advisory fee rate and net expense ratio for each share class, as applicable, taking into account any waivers and/or reimbursements. The Trustees also considered any proposed changes to a Fee Cap, and, where deemed appropriate by the Trustees, additional waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of each Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Equity Index Fund’s net advisory fee and actual total expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class I shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee and actual total expenses for Class R6 shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Market Expansion Enhanced Index Fund’s net advisory fee for Class A shares was in the fourth and third quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the fourth and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the fourth quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the first and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the fifth and fourth quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class R6 shares were in the third and second quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

DECEMBER 31, 2020 J.P. MORGAN EQUITY FUNDS 49

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC as an exhibit to its report on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC’s website at http://www.sec.gov. Each Fund’s quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of each Fund’s policies and procedures with respect to the disclosure of each Fund’s holdings is available in the prospectuses and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

^© JPMorgan Chase & Co., 2020. All rights reserved. December 2020. SAN-INDEX-1220

Semi-Annual Report

J.P. Morgan Investor Funds

December 31, 2020 (Unaudited)

JPMorgan Investor Balanced Fund

JPMorgan Investor Conservative Growth Fund

JPMorgan Investor Growth Fund

JPMorgan Investor Growth & Income Fund

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
Schedule of Shareholder Expenses	42
Board Approval of Investment Advisory Agreements	44
Tax Letter	49

Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund’s share price is lower than when you invested.

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of any Fund.

Prospective investors should refer to the Funds’ prospectuses for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.

LETTER TO SHAREHOLDERS

February 4, 2021 (Unaudited)

Dear Shareholders,

The year ahead holds the potential for a strong recovery in the global economy thanks to the massive efforts of central banks and governments and the development of multiple vaccines against Covid-19. While significant economic and health care challenges remain ahead, the uncertainty and turbulence of 2020 has abated.

  “Investors who remained fully invested over second half of 2020, in the face of uncertainty over the pandemic, the economy and a contested U.S. presidential election, were likely rewarded for their perseverance.” — Andrea L. Lisher

The second half of 2020 was notable for an accelerating rebound in equity markets from the steep sell-off in the first quarter of the year when the pandemic was first declared by the World Health Organization. Positive news about clinical trials of new vaccines, followed by the first approvals of those vaccines in November 2020, bolstered investor expectations that the pandemic would be halted and that economic and social activity could begin to resume in the year ahead. As overall demand for equities increased in the final half of 2020, investors began to turn their focus from companies that could endure the pandemic to those that could benefit from a potential recovery in local, national and international economies. For the six months ended December 31, 2020, the S&P 500 Index generated a total return of 22.16%.

Investors who remained fully invested over the second half of 2020, in the face of uncertainty over the pandemic, the economy and a contested U.S. presidential election, were likely rewarded for their perseverance.

The implementation of mass vaccinations on the national and global scales is not without challenges and the rebuilding of economies at all levels is likely to depend on how successfully the pandemic is fought. However, the advances in the fight against Covid-19 provide policymakers and investors with the opportunity to plan for the future and meet those challenges. J.P. Morgan Asset Management has thrived amid the many challenges presented by the pandemic. Moreover, our deep experience in risk management enabled us to successfully navigate increased volatility in global financial markets. Throughout 2020, we continued to seek to operate under the same fundamental practices and principles that have driven our success for more than a century with an unwavering focus on putting our clients at the center of everything we do.

On behalf of J.P. Morgan Asset Management, thank you for entrusting us to manage your investment. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management

DECEMBER 31, 2020 J.P. MORGAN INVESTOR FUNDS 1

J.P. Morgan Investor Funds

FUND FACTS

SIX MONTHS ENDED DECEMBER 31, 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 December 31, 2020 (in thousands)
JPMorgan Investor Balanced Fund, Class A		9.05%		14.21%		0.90%		25.24%		21.61%	$	5,306,587
JPMorgan Investor Conservative Growth Fund, Class A		4.45%		9.42%		0.90%		25.24%		21.61%		4,446,331
JPMorgan Investor Growth Fund, Class A		17.83%		23.39%		0.90%		25.24%		21.61%		3,585,114
JPMorgan Investor Growth & Income Fund, Class A		13.09%		18.41%		0.90%		25.24%		21.61%		3,619,976

Portfolio Composition by Asset Class**

Investor Balanced Fund
Fixed Income	43.1	%
U.S. Equity	37.5
International Equity	14.2
Alternative Assets	3.8
Short-Term Investments	1.4
Investor Conservative Growth Fund
Fixed Income	61.9	%
U.S. Equity	21.8
International Equity	9.1
Alternative Assets	4.6
Short-Term Investments	2.6
Investor Growth Fund
U.S. Equity	64.1	%
International Equity	23.2
Fixed Income	10.7
Alternative Assets	0.7
Short-Term Investments	1.3

Investor Growth & Income Fund
U.S. Equity	50.6	%
Fixed Income	28.4
International Equity	17.0
Alternative Assets	2.0
Short-Term Investments	2.0

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

** Percentages indicated are based on total investments as of December 31, 2020. The Funds’ portfolio composition is subject to change.

2 J.P. MORGAN INVESTOR FUNDS DECEMBER 31, 2020

J.P. Morgan Investor Funds

FUNDS COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 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?

Overall, the second half of 2020 was marked by U.S. equity market gains in the final months of the year amid the rollout of multiple vaccines against Covid-19, followed by the eventual approval of $900 billion in federal pandemic relief that was signed into law on December 27, 2020.

Globally, U.S. equity led a broad rebound in both developed markets and emerging markets equity at the start of the period. Leading U.S. equity indexes rose in July and August 2020, punctuated by five consecutive record high closings for the S&P 500 Index in late August — a stretch not seen since 2017. Notably, Apple Inc. issued a 4-for-1 stock split in August and became the first publicly listed company with a valuation surpassing $2 trillion. The U.S. Federal Reserve (the “Fed”) signaled its continued support for asset purchases and low benchmark interest rates. While the spread of Covid-19 accelerated in the U.S., multiple candidate vaccines were being developed around the world and the number of hospitalizations was relatively small at the end of the summer compared with what was to come at the end of the year.

Equity prices across the globe largely declined over September and October 2020. Re-closings across Asia and Europe in response to Covid-19 dented investor optimism. The inability of the U.S. Congress to adopt further spending for pandemic relief put acute pressure on the S&P 500 Index in the final week of October.

U.S. equity prices began to rebound in November and by mid-month the S&P 500 Index reached a closing high and crossed 3,600 points for the first time amid the U.S. Food and

Drug Administration’s approval of the first Covid-19 vaccines. While the results of the U.S. presidential election were contested, President-elect Joe Biden’s early cabinet choices — including former Fed Chairwoman Janet Yellen — removed some investor uncertainty. The Fed kept interest rates and policies unchanged and Congressional negotiations over proposed relief and stimulus spending continued through the month.

Globally, equity markets maintained upward momentum through the end of December, largely driven by investor expectations that mass vaccinations and the reopening of economies would unleash pent up demand from consumers, businesses and governments. Notably, emerging markets equity outperformed developed markets equity, including U.S. equity in the second half of 2020 as China, Taiwan and South Korea appeared to have greater success in containing the pandemic.

In the U.S., growth stocks continued to outperform value stocks but the difference narrowed somewhat during the period as share price valuations rose. Additionally, shares of select companies that had seen their stock prices plummet in the first half of 2020 benefitted from increased investor appetite for bargains in the second half of the year. At year’s end, the largest 10 companies in the S&P 500 Index made up 27.4% of the index’s value, compared with 22.7% at the end of 2019 and 21.0% at the end of 2018.

WHAT WERE THE MAIN DRIVERS OF THE FUNDS’ PERFORMANCE?

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 six months ended December 31, 2020, each of the Investor Funds’ Class A Shares outperformed 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 outperformed fixed income markets.

Each of the Investor Funds’ Class A Shares underperformed the Russell 3000 Index, the Investor Funds’ broad based equity benchmark, due to the Investor Funds’ allocations to fixed income and international developed market equity, which both underperformed U.S. equity.

The Class A Shares of the Investor Growth Fund outperformed the MSCI EAFE Index, largely due to its large allocation to U.S. equity, which outperformed international developed market equity, while the Investor Balanced Fund, Investor Conservative Growth Fund and the Investor Growth & Income Fund underperformed the MSCI EAFE Index due to their allocations to fixed income, which underperformed international development market equity.

DECEMBER 31, 2020 J.P. MORGAN INVESTOR FUNDS 3

J.P. Morgan Investor Funds

FUNDS COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

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 and real estate investment trusts. 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 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 equity.

* The adviser seeks to achieve each Fund’s objective. There can be no guarantee it will be achieved.

4 J.P. MORGAN INVESTOR FUNDS DECEMBER 31, 2020

JPMorgan Investor Balanced Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	December 10, 1996
With Sales Charge**			9.05	%		8.76	%		7.76	%		6.87	%
Without Sales Charge			14.21			13.87			8.77			7.36
CLASS C SHARES	July 1, 1997
With CDSC***			12.90			12.23			8.16			6.90
Without CDSC			13.90			13.23			8.16			6.90
CLASS I SHARES	December 10, 1996		14.39			14.19			9.04			7.63
CLASS R6 SHARES	July 31, 2017		14.53			14.40			9.18			7.69

* Not annualized.

** Sales Charge for Class A Shares is 4.50%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (12/31/10 TO 12/31/20)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

Returns for Class R6 Shares prior to 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 December 31, 2010 to December 31, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the 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.

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

DECEMBER 31, 2020 J.P. MORGAN INVESTOR FUNDS 5

JPMorgan Investor Conservative Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	December 10, 1996
With Sales Charge**			4.45	%		5.73	%		5.78	%		5.13	%
Without Sales Charge			9.42			10.69			6.76			5.62
CLASS C SHARES	July 1, 1997
With CDSC***			8.09			9.16			6.16			5.16
Without CDSC			9.09			10.16			6.16			5.16
CLASS I SHARES	December 10, 1996		9.58			10.97			7.03			5.89
CLASS R6 SHARES	July 31, 2017		9.71			11.22			7.14			5.94

* Not annualized.

** Sales Charge for Class A Shares is 4.50%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (12/31/10 TO 12/31/20)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

Returns for Class R6 Shares prior to 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 December 31, 2010 to December 31, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the 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.

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

6 J.P. MORGAN INVESTOR FUNDS DECEMBER 31, 2020

JPMorgan Investor Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	December 10, 1996
With Sales Charge**			17.83	%		14.40	%		11.37	%		10.10	%
Without Sales Charge			23.39			19.80			12.40			10.61
CLASS C SHARES	July 1, 1997
With CDSC***			22.07			18.15			11.76			10.12
Without CDSC			23.07			19.15			11.76			10.12
CLASS I SHARES	December 10, 1996		23.54			20.07			12.68			10.89
CLASS R6 SHARES	July 31, 2017		23.68			20.33			12.80			10.94

* Not annualized.

** Sales Charge for Class A Shares is 4.50%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (12/31/10 TO 12/31/20)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

Returns for Class R6 Shares prior to 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 December 31, 2010 to December 31, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the 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.

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

DECEMBER 31, 2020 J.P. MORGAN INVESTOR FUNDS 7

JPMorgan Investor Growth & Income Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	December 10, 1996
With Sales Charge**			13.09	%		11.61	%		9.55	%		8.38	%
Without Sales Charge			18.41			16.90			10.56			8.88
CLASS C SHARES	July 1, 1997
With CDSC***			17.05			15.24			9.94			8.41
Without CDSC			18.05			16.24			9.94			8.41
CLASS I SHARES	December 10, 1996		18.53			17.22			10.83			9.16
CLASS R6 SHARES	July 31, 2017		18.74			17.50			10.97			9.22

* Not annualized.

** Sales Charge for Class A Shares is 4.50%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (12/31/10 TO 12/31/20)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

Returns for Class R6 Shares prior to 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 December 31, 2010 to December 31, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the 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.

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

8 J.P. MORGAN INVESTOR FUNDS DECEMBER 31, 2020

JPMorgan Investor Balanced Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment Companies — 98.7%
Alternative Assets — 3.8%
JPMorgan Realty Income Fund Class R6 Shares (a)		6,764		89,618
JPMorgan Strategic Income Opportunities Fund Class R6 Shares (a)		6,350		73,148
JPMorgan Unconstrained Debt Fund Class R6 Shares (a)		3,859		39,133
Total Alternative Assets				201,899
Fixed Income — 43.2%
JPMorgan Core Bond Fund Class R6 Shares (a)		86,575		1,064,002
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		55,215		481,471
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		5,952		49,400
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		2,069		18,310
JPMorgan High Yield Fund Class R6 Shares (a)		20,573		146,482
JPMorgan Income Fund Class R6 Shares (a)		25,107		236,755
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		6,132		65,981
JPMorgan Limited Duration Bond Fund Class R6 Shares (a)		22,434		228,830
Total Fixed Income				2,291,231
International Equity — 14.2%
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		3,280		144,392
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		4,678		97,961
JPMorgan Europe Dynamic Fund Class R6 Shares (a)		3,264		89,521
JPMorgan International Equity Fund Class R6 Shares (a)		4,513		90,490
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		17,445		331,450
Total International Equity				753,814
U.S. Equity — 37.5%
JPMorgan Equity Income Fund Class R6 Shares (a)		8,166		161,117
JPMorgan Large Cap Growth Fund Class R6 Shares (a)		4,569		285,353
JPMorgan Large Cap Value Fund Class R6 Shares (a)		9,213		153,496
JPMorgan Market Expansion Enhanced Index Fund Class R6 Shares (a)		18,115		193,467
JPMorgan Mid Cap Growth Fund Class R6 Shares (a)		1,055		55,678
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		371		25,675

INVESTMENTS	SHARES (000)		VALUE ($000)
U.S. Equity — continued
JPMorgan Small Cap Value Fund Class R6 Shares (a)		1,890		50,943
JPMorgan U.S. Equity Fund Class R6 Shares (a)		24,928		477,120
JPMorgan U.S. GARP Equity Fund Class R6 Shares (a)		2,861		182,150
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		7,518		238,988
JPMorgan Value Advantage Fund Class R6 Shares (a)		4,659		165,395
Total U.S. Equity				1,989,382
Total Investment Companies (Cost $4,079,013)				5,236,326
Short-Term Investments — 1.4%
Investment Companies — 1.4%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b) (Cost $74,610)		74,610		74,610
Total Investments — 100.1% (Cost $4,153,623)				5,310,936
Liabilities in Excess of Other Assets — (0.1)%				(4,349	)
NET ASSETS — 100.0%				5,306,587

Percentages indicated are based on net assets.

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)	The rate shown is the current yield as of December 31, 2020.

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.

DECEMBER 31, 2020 J.P. MORGAN INVESTOR FUNDS 9

JPMorgan Investor Conservative Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment Companies — 97.2%
Alternative Assets — 4.6%
JPMorgan Realty Income Fund Class R6 Shares (a)		6,312		83,634
JPMorgan Strategic Income Opportunities Fund Class R6 Shares (a)		6,903		79,521
JPMorgan Unconstrained Debt Fund Class R6 Shares (a)		4,097		41,542
Total Alternative Assets				204,697
Fixed Income — 61.8%
JPMorgan Core Bond Fund Class R6 Shares (a)		104,065		1,278,956
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		60,660		528,953
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		5,248		43,559
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		2,280		20,182
JPMorgan Government Bond Fund Class R6 Shares (a)		4,216		47,467
JPMorgan High Yield Fund Class R6 Shares (a)		17,360		123,603
JPMorgan Income Fund Class R6 Shares (a)		26,600		250,836
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		6,821		73,398
JPMorgan Limited Duration Bond Fund Class R6 Shares (a)		37,355		381,024
Total Fixed Income				2,747,978
International Equity — 9.0%
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		1,964		86,436
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		2,855		59,783
JPMorgan Europe Dynamic Fund Class R6 Shares (a)		1,160		31,824
JPMorgan International Equity Fund Class R6 Shares (a)		1,703		34,151
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		9,966		189,346
Total International Equity				401,540
U.S. Equity — 21.8%
JPMorgan Equity Income Fund Class R6 Shares (a)		5,101		100,642
JPMorgan Large Cap Growth Fund Class R6 Shares (a)		2,044		127,631
JPMorgan Large Cap Value Fund Class R6 Shares (a)		2,935		48,905
JPMorgan Market Expansion Enhanced Index Fund Class R6 Shares (a)		6,683		71,379
JPMorgan Mid Cap Growth Fund Class R6 Shares (a)		931		49,171
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		208		14,432

INVESTMENTS	SHARES (000)		VALUE ($000)
U.S. Equity — continued
JPMorgan Small Cap Value Fund Class R6 Shares (a)		1,251		33,719
JPMorgan U.S. Equity Fund Class R6 Shares (a)		10,863		207,913
JPMorgan U.S. GARP Equity Fund Class R6 Shares (a)		1,684		107,234
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		3,227		102,572
JPMorgan Value Advantage Fund Class R6 Shares (a)		2,934		104,164
Total U.S. Equity				967,762
Total Investment Companies (Cost $3,680,861)				4,321,977
Short-Term Investments — 2.6%
Investment Companies — 2.6%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b) (Cost $115,963)		115,963		115,963
Total Investments — 99.8% (Cost $3,796,824)				4,437,940
Other Assets Less Liabilities — 0.2%				8,391
NET ASSETS — 100.0%				4,446,331

Percentages indicated are based on net assets.

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)	The rate shown is the current yield as of December 31, 2020.

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 DECEMBER 31, 2020

JPMorgan Investor Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment Companies — 98.8%
Alternative Assets — 0.7%
JPMorgan Realty Income Fund Class R6 Shares (a)		1,826		24,196
Fixed Income — 10.7%
JPMorgan Core Bond Fund Class R6 Shares (a)		20,637		253,628
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		4,032		35,155
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		1,696		14,080
JPMorgan High Yield Fund Class R6 Shares (a)		8,771		62,452
JPMorgan Income Fund Class R6 Shares (a)		1,813		17,095
Total Fixed Income				382,410
International Equity — 23.2%
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		2,733		120,298
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		4,131		86,493
JPMorgan Europe Dynamic Fund Class R6 Shares (a)		3,723		102,135
JPMorgan International Equity Fund Class R6 Shares (a)		7,310		146,565
JPMorgan International Focus Fund Class R6 Shares (a)		4,191		109,099
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		14,110		268,097
Total International Equity				832,687
U.S. Equity — 64.2%
JPMorgan Equity Income Fund Class R6 Shares (a)		5,711		112,685
JPMorgan Large Cap Growth Fund Class R6 Shares (a)		6,798		424,512
JPMorgan Large Cap Value Fund Class R6 Shares (a)		21,056		350,800
JPMorgan Market Expansion Enhanced Index Fund Class R6 Shares (a)		17,886		191,027
JPMorgan Mid Cap Growth Fund Class R6 Shares (a)		1,274		67,279
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		257		17,829
JPMorgan Small Cap Value Fund Class R6 Shares (a)		3,015		81,296
JPMorgan U.S. Equity Fund Class R6 Shares (a)		27,195		520,503
JPMorgan U.S. GARP Equity Fund Class R6 Shares (a)		2,961		188,532
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		7,188		228,496

INVESTMENTS	SHARES (000)		VALUE ($000)
U.S. Equity — continued
JPMorgan Value Advantage Fund Class R6 Shares (a)		3,336		118,422
Total U.S. Equity				2,301,381
Total Investment Companies (Cost $2,430,235)				3,540,674
Short-Term Investments — 1.3%
Investment Companies — 1.3%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b) (Cost $46,554)		46,554		46,554
Total Investments — 100.1% (Cost $2,476,789)				3,587,228
Liabilities in Excess of Other Assets — (0.1)%				(2,114	)
NET ASSETS — 100.0%				3,585,114

Percentages indicated are based on net assets.

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)	The rate shown is the current yield as of December 31, 2020.

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.

DECEMBER 31, 2020 J.P. MORGAN INVESTOR FUNDS 11

JPMorgan Investor Growth & Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment Companies — 98.0%
Alternative Assets — 2.0%
JPMorgan Realty Income Fund Class R6 Shares (a)		3,644		48,285
JPMorgan Strategic Income Opportunities Fund Class R6 Shares (a)		2,127		24,505
Total Alternative Assets				72,790
Fixed Income — 28.4%
JPMorgan Core Bond Fund Class R6 Shares (a)		41,713		512,655
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		21,738		189,558
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		1,860		15,434
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		952		8,428
JPMorgan High Yield Fund Class R6 Shares (a)		13,904		98,996
JPMorgan Income Fund Class R6 Shares (a)		11,788		111,159
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		3,292		35,427
JPMorgan Limited Duration Bond Fund Class R6 Shares (a)		5,645		57,583
Total Fixed Income				1,029,240
International Equity — 17.0%
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		2,250		99,064
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		3,669		76,820
JPMorgan Europe Dynamic Fund Class R6 Shares (a)		2,754		75,545
JPMorgan International Equity Fund Class R6 Shares (a)		4,368		87,574
JPMorgan International Focus Fund Class R6 Shares (a)		2,095		54,528
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		11,656		221,462
Total International Equity				614,993
U.S. Equity — 50.6%
JPMorgan Equity Income Fund Class R6 Shares (a)		6,075		119,865
JPMorgan Large Cap Growth Fund Class R6 Shares (a)		5,506		343,831
JPMorgan Large Cap Value Fund Class R6 Shares (a)		12,541		208,932
JPMorgan Market Expansion Enhanced Index Fund Class R6 Shares (a)		14,153		151,157
JPMorgan Mid Cap Growth Fund Class R6 Shares (a)		944		49,834

INVESTMENTS	SHARES (000)		VALUE ($000)
U.S. Equity — continued
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		245		16,971
JPMorgan Small Cap Value Fund Class R6 Shares (a)		2,403		64,793
JPMorgan U.S. Equity Fund Class R6 Shares (a)		21,528		412,054
JPMorgan U.S. GARP Equity Fund Class R6 Shares (a)		1,762		112,216
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		7,144		227,100
JPMorgan Value Advantage Fund Class R6 Shares (a)		3,464		122,969
Total U.S. Equity				1,829,722
Total Investment Companies (Cost $2,566,581)				3,546,745
Short-Term Investments — 2.0%
Investment Companies — 2.0%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b) (Cost $71,870)		71,870		71,870
Total Investments — 100.0% (Cost $2,638,451)				3,618,615
Other Assets Less Liabilities — 0.0% (c)				1,361
NET ASSETS — 100.0%				3,619,976

Percentages indicated are based on net assets.

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)	The rate shown is the current yield as of December 31, 2020.
(c)	Amount rounds to less than 0.1% of net assets.

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 DECEMBER 31, 2020

THIS PAGE IS INTENTIONALLY LEFT BLANK

DECEMBER 31, 2020 J.P. MORGAN INVESTOR FUNDS 13

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2020 (Unaudited)

(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	$	5,310,936		$	4,437,940	$	3,587,228	$	3,618,615
Cash		2			2		1		1
Receivables:
Investment securities sold		2,000			2,200		—		800
Fund shares sold		2,857			25,685		4,665		6,014
Dividends from affiliates		868			912		63		408
Total Assets		5,316,663			4,466,739		3,591,957		3,625,838
LIABILITIES:
Payables:
Distributions		270			115		340		221
Investment securities purchased		868			14,160		63		1,207
Fund shares redeemed		6,192			3,781		4,774		2,696
Accrued liabilities:
Investment advisory fees		216			175		145		146
Distribution fees		1,273			1,146		720		777
Service fees		1,098			913		629		648
Custodian and accounting fees		6			4		4		3
Trustees’ and Chief Compliance Officer’s fees		—	(a)		1		1		1
Other		153			113		167		163
Total Liabilities		10,076			20,408		6,843		5,862
Net Assets	$	5,306,587		$	4,446,331	$	3,585,114	$	3,619,976

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN INVESTOR FUNDS DECEMBER 31, 2020

	JPMorgan Investor Balanced Fund			JPMorgan Investor Conservative Growth Fund			JPMorgan Investor Growth Fund			JPMorgan Investor Growth & Income Fund
NET ASSETS:
Paid-in-Capital	$	4,115,866		$	3,770,735		$	2,446,443		$	2,647,934
Total distributable earnings (loss)		1,190,721			675,596			1,138,671			972,042
Total Net Assets	$	5,306,587		$	4,446,331		$	3,585,114		$	3,619,976
Net Assets:
Class A	$	4,316,301		$	2,997,240		$	2,942,668		$	3,150,283
Class C		589,226			820,352			173,813			192,366
Class I		332,323			588,926			447,809			247,682
Class R6		68,737			39,813			20,824			29,645
Total	$	5,306,587		$	4,446,331		$	3,585,114		$	3,619,976
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		269,936			223,715			130,826			171,347
Class C		37,550			61,551			8,466			10,848
Class I		20,735			43,665			19,384			13,747
Class R6		4,291			2,954			902			1,646
Net Asset Value (a):
Class A — Redemption price per share	$	15.99		$	13.40		$	22.49		$	18.39
Class C — Offering price per share (b)		15.69			13.33			20.53			17.73
Class I — Offering and redemption price per share		16.03			13.49			23.10			18.02
Class R6 — Offering and redemption price per share		16.02			13.48			23.09			18.02
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)]	$	16.74		$	14.03		$	23.55		$	19.26
Cost of investments in affiliates	$	4,153,623		$	3,796,824		$	2,476,789		$	2,638,451

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(b) Redemption price for Class C Shares varies based upon length of time the shares are held.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN INVESTOR FUNDS 15

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

(Amounts in thousands)

	JPMorgan Investor Balanced Fund			JPMorgan Investor Conservative Growth Fund			JPMorgan Investor Growth Fund			JPMorgan Investor Growth & Income Fund
INVESTMENT INCOME:
Dividend income from affiliates	$	58,697		$	48,349		$	32,038		$	35,819
Total investment income		58,697			48,349			32,038			35,819
EXPENSES:
Investment advisory fees		1,249			986			808			830
Distribution fees:
Class A		4,969			3,386			3,279			3,579
Class C		2,339			3,407			651			747
Service fees:
Class A		4,969			3,386			3,279			3,579
Class C		780			1,136			217			249
Class I		404			376			522			285
Custodian and accounting fees		85			61			52			55
Interest expense to affiliates		—	(a)		—			—			—
Professional fees		43			38			32			33
Trustees’ and Chief Compliance Officer’s fees		20			19			18			18
Printing and mailing costs		125			92			107			95
Registration and filing fees		158			134			116			114
Transfer agency fees (See Note 2.D.)		181			111			312			223
Other		48			38			32			32
Total expenses		15,370			13,170			9,425			9,839
Less fees waived		(411	)		(294	)		(641	)		(561	)
Net expenses		14,959			12,876			8,784			9,278
Net investment income (loss)		43,738			35,473			23,254			26,541
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on investments in affiliates		32,819			(630	)		19,600			16,536
Distributions of capital gains received from investment company affiliates		102,633			68,429			89,368			78,234
Change in net unrealized appreciation/depreciation of investments in affiliates		481,877			248,102			546,757			437,326
Net realized/unrealized gains (losses)		617,329			315,901			655,725			532,096
Change in net assets resulting from operations	$	661,067		$	351,374		$	678,979		$	558,637

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN INVESTOR FUNDS DECEMBER 31, 2020

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Investor Balanced Fund						JPMorgan Investor Conservative Growth Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	43,738		$	83,109		$	35,473		$	67,103
Net realized gain (loss) on investments in affiliates		32,819			154,582			(630	)		67,580
Distributions of capital gains received from investment company affiliates		102,633			119,158			68,429			52,549
Change in net unrealized appreciation/depreciation of investments in affiliates		481,877			(149,916	)		248,102			(30,281	)
Change in net assets resulting from operations		661,067			206,933			351,374			156,951
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(223,728	)		(229,989	)		(89,238	)		(106,707	)
Class C		(29,903	)		(42,751	)		(23,291	)		(43,315	)
Class I		(18,222	)		(20,229	)		(15,437	)		(6,669	)
Class R6		(3,878	)		(4,648	)		(1,164	)		(75	)
Total distributions to shareholders		(275,731	)		(297,617	)		(129,130	)		(156,766	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		256,949			(26,255	)		689,487			110,079
NET ASSETS:
Change in net assets		642,285			(116,939	)		911,731			110,264
Beginning of period		4,664,302			4,781,241			3,534,600			3,424,336
End of period	$	5,306,587		$	4,664,302		$	4,446,331		$	3,534,600

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 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
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	23,254		$	33,863		$	26,541		$	45,055
Net realized gain (loss) on investments in affiliates		19,600			130,833			16,536			142,821
Distributions of capital gains received from investment company affiliates		89,368			112,377			78,234			97,301
Change in net unrealized appreciation/depreciation of investments in affiliates		546,757			(153,606	)		437,326			(144,999	)
Change in net assets resulting from operations		678,979			123,467			558,637			140,178
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(190,567	)		(177,809	)		(199,481	)		(180,537	)
Class C		(11,958	)		(14,895	)		(12,249	)		(15,142	)
Class I		(29,438	)		(30,485	)		(16,265	)		(16,426	)
Class R6		(1,367	)		(944	)		(1,980	)		(1,136	)
Total distributions to shareholders		(233,330	)		(224,133	)		(229,975	)		(213,241	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		249,114			204,943			258,676			199,917
NET ASSETS:
Change in net assets		694,763			104,277			587,338			126,854
Beginning of period		2,890,351			2,786,074			3,032,638			2,905,784
End of period	$	3,585,114		$	2,890,351		$	3,619,976		$	3,032,638

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN INVESTOR FUNDS DECEMBER 31, 2020

	JPMorgan Investor Balanced Fund						JPMorgan Investor Conservative Growth Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	510,590		$	804,533		$	604,253		$	707,325
Distributions reinvested		222,566			229,101			88,902			106,330
Cost of shares redeemed		(359,167	)		(783,437	)		(277,809	)		(558,904	)
Change in net assets resulting from Class A capital transactions		373,989			250,197			415,346			254,751
Class C
Proceeds from shares issued		40,683			92,860			79,224			152,586
Distributions reinvested		29,808			42,486			23,226			43,140
Cost of shares redeemed		(180,624	)		(227,894	)		(304,310	)		(339,533	)
Change in net assets resulting from Class C capital transactions		(110,133	)		(92,548	)		(201,860	)		(143,807	)
Class I
Proceeds from shares issued		26,050			61,893			462,668			29,848
Distributions reinvested		17,829			19,891			15,255			6,494
Cost of shares redeemed		(40,164	)		(253,271	)		(32,668	)		(43,993	)
Change in net assets resulting from Class I capital transactions		3,715			(171,487	)		445,255			(7,651	)
Class R6
Proceeds from shares issued		13,042			8,796			31,783			7,156
Distributions reinvested		3,878			4,648			1,163			75
Cost of shares redeemed		(27,542	)		(25,861	)		(2,200	)		(445	)
Change in net assets resulting from Class R6 capital transactions		(10,622	)		(12,417	)		30,746			6,786
Total change in net assets resulting from capital transactions	$	256,949		$	(26,255	)	$	689,487		$	110,079
SHARE TRANSACTIONS:
Class A
Issued		32,473			54,485			45,878			56,518
Reinvested		13,972			15,430			6,668			8,462
Redeemed		(22,892	)		(54,146	)		(21,118	)		(45,232	)
Change in Class A Shares		23,553			15,769			31,428			19,748
Class C
Issued		2,633			6,428			6,057			12,247
Reinvested		1,907			2,906			1,751			3,449
Redeemed		(11,710	)		(16,049	)		(23,236	)		(27,680	)
Change in Class C Shares		(7,170	)		(6,715	)		(15,428	)		(11,984	)
Class I
Issued		1,654			4,202			34,713			2,372
Reinvested		1,117			1,338			1,135			514
Redeemed		(2,547	)		(16,863	)		(2,469	)		(3,553	)
Change in Class I Shares		224			(11,323	)		33,379			(667	)
Class R6
Issued		817			605			2,412			570
Reinvested		243			313			86			6
Redeemed		(1,731	)		(1,717	)		(163	)		(35	)
Change in Class R6 Shares		(671	)		(799	)		2,335			541

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 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
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	340,822		$	558,177		$	321,749		$	565,444
Distributions reinvested		189,135			176,437			198,293			179,461
Cost of shares redeemed		(278,546	)		(455,371	)		(246,341	)		(521,230	)
Change in net assets resulting from Class A capital transactions		251,411			279,243			273,701			223,675
Class C
Proceeds from shares issued		12,584			27,420			9,026			27,326
Distributions reinvested		11,871			14,722			12,216			15,011
Cost of shares redeemed		(45,349	)		(54,930	)		(52,418	)		(69,814	)
Change in net assets resulting from Class C capital transactions		(20,894	)		(12,788	)		(31,176	)		(27,477	)
Class I
Proceeds from shares issued		33,229			66,549			19,233			33,034
Distributions reinvested		28,376			29,649			15,756			15,920
Cost of shares redeemed		(47,878	)		(161,471	)		(20,304	)		(56,949	)
Change in net assets resulting from Class I capital transactions		13,727			(65,273	)		14,685			(7,995	)
Class R6
Proceeds from shares issued		4,717			5,644			979			11,377
Distributions reinvested		1,362			943			1,980			1,136
Cost of shares redeemed		(1,209	)		(2,826	)		(1,493	)		(799	)
Change in net assets resulting from Class R6 capital transactions		4,870			3,761			1,466			11,714
Total change in net assets resulting from capital transactions	$	249,114		$	204,943		$	258,676		$	199,917
SHARE TRANSACTIONS:
Class A
Issued		15,771			28,831			17,902			34,165
Reinvested		8,471			8,791			10,847			10,681
Redeemed		(12,913	)		(23,795	)		(13,766	)		(31,975	)
Change in Class A Shares		11,329			13,827			14,983			12,871
Class C
Issued		636			1,555			520			1,717
Reinvested		582			796			693			922
Redeemed		(2,289	)		(3,095	)		(3,024	)		(4,444	)
Change in Class C Shares		(1,071	)		(744	)		(1,811	)		(1,805	)
Class I
Issued		1,495			3,339			1,086			2,041
Reinvested		1,238			1,443			879			967
Redeemed		(2,129	)		(8,024	)		(1,150	)		(3,539	)
Change in Class I Shares		604			(3,242	)		815			(531	)
Class R6
Issued		206			288			56			706
Reinvested		60			46			110			69
Redeemed		(53	)		(145	)		(85	)		(48	)
Change in Class R6 Shares		213			189			81			727

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN INVESTOR FUNDS DECEMBER 31, 2020

THIS PAGE IS INTENTIONALLY LEFT BLANK

DECEMBER 31, 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
Six Months Ended December 31, 2020 (Unaudited)	$	14.77	$	0.14	$	1.95		$	2.09		$	(0.18	)	$	(0.69	)	$	(0.87	)
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
Six Months Ended December 31, 2020 (Unaudited)		14.51		0.09		1.92			2.01			(0.14	)		(0.69	)		(0.83	)
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
Six Months Ended December 31, 2020 (Unaudited)		14.80		0.16		1.96			2.12			(0.20	)		(0.69	)		(0.89	)
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
Six Months Ended December 31, 2020 (Unaudited)		14.79		0.17		1.97			2.14			(0.22	)		(0.69	)		(0.91	)
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 DECEMBER 31, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period (000’s)		Net expenses (f)(g)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (f)			Portfolio turnover rate (d)
$	15.99		14.21	%	$	4,316,301		0.56	%		1.80	%		0.58	%		4	%
	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
	15.69		13.90			589,226		1.07			1.17			1.07			4
	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
	16.03		14.39			332,323		0.31			2.04			0.32			4
	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
	16.02		14.53			68,737		0.07			2.17			0.07			4
	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.

DECEMBER 31, 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
Six Months Ended December 31, 2020 (Unaudited)	$	12.63	$	0.12	$	1.07		$	1.19	$	(0.16	)	$	(0.26	)	$	(0.42	)
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
Six Months Ended December 31, 2020 (Unaudited)		12.57		0.08		1.06			1.14		(0.12	)		(0.26	)		(0.38	)
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
Six Months Ended December 31, 2020 (Unaudited)		12.71		0.17		1.04			1.21		(0.17	)		(0.26	)		(0.43	)
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
Six Months Ended December 31, 2020 (Unaudited)		12.70		0.18		1.05			1.23		(0.19	)		(0.26	)		(0.45	)
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 DECEMBER 31, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period (000’s)		Net expenses (f)(g)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (f)			Portfolio turnover rate (d)
$	13.40		9.42	%	$	2,997,240		0.55	%		1.88	%		0.57	%		2	%
	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
	13.33		9.09			820,352		1.07			1.24			1.07			2
	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
	13.49		9.58			588,926		0.31			2.59			0.33			2
	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
	13.48		9.71			39,813		0.07			2.63			0.07			2
	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.

DECEMBER 31, 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
Six Months Ended December 31, 2020 (Unaudited)	$	19.50	$	0.16	$	4.37		$	4.53		$	(0.21	)	$	(1.33	)	$	(1.54	)
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
Six Months Ended December 31, 2020 (Unaudited)		17.92		0.08		4.03			4.11			(0.17	)		(1.33	)		(1.50	)
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
Six Months Ended December 31, 2020 (Unaudited)		19.99		0.18		4.50			4.68			(0.24	)		(1.33	)		(1.57	)
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
Six Months Ended December 31, 2020 (Unaudited)		19.98		0.23		4.47			4.70			(0.26	)		(1.33	)		(1.59	)
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 DECEMBER 31, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period (000’s)		Net expenses (f)(g)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (f)			Portfolio turnover rate (d)
$	22.49		23.39	%	$	2,942,668		0.55	%		1.44	%		0.59	%		2	%
	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
	20.53		23.07			173,813		1.08			0.77			1.08			2
	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
	23.10		23.54			447,809		0.31			1.65			0.33			2
	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
	23.09		23.68			20,824		0.10			2.07			0.10			2
	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.

DECEMBER 31, 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
Six Months Ended December 31, 2020 (Unaudited)	$	16.59	$	0.15	$	2.89		$	3.04		$	(0.19	)	$	(1.05	)	$	(1.24	)
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
Six Months Ended December 31, 2020 (Unaudited)		16.04		0.08		2.80			2.88			(0.14	)		(1.05	)		(1.19	)
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
Six Months Ended December 31, 2020 (Unaudited)		16.28		0.16		2.84			3.00			(0.21	)		(1.05	)		(1.26	)
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
Six Months Ended December 31, 2020 (Unaudited)		16.27		0.18		2.85			3.03			(0.23	)		(1.05	)		(1.28	)
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 DECEMBER 31, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period (000’s)		Net expenses (f)(g)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (f)			Portfolio turnover rate (d)
$	18.39		18.41	%	$	3,150,283		0.55	%		1.61	%		0.58	%		4	%
	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
	17.73		18.05			192,366		1.07			0.96			1.08			4
	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
	18.02		18.53			247,682		0.31			1.84			0.33			4
	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
	18.02		18.74			29,645		0.07			2.07			0.07			4
	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.

DECEMBER 31, 2020 J.P. MORGAN INVESTOR FUNDS 29

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

1. Organization

JPMorgan Trust II (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 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 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 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 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 and Class R6 Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds’ prospectus. Effective October 1, 2020, Class C Shares automatically convert to Class A Shares after eight years. Prior to October 1, 2020, Class C Shares automatically converted to Class A Shares after ten years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

A. Valuation of Investments — Investments are valued in accordance with GAAP and the Funds’ valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Funds’ investments. The Administrator implements the valuation policies of the Funds’ investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Funds. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.

Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s net asset values (“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.

30 J.P. MORGAN INVESTOR FUNDS DECEMBER 31, 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)	$	5,310,936	$	—	$	—	$	5,310,936

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)	$	4,437,940	$	—	$	—	$	4,437,940

Investor Growth Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	3,587,228	$	—	$	—	$	3,587,228

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)	$	3,618,615	$	—	$	—	$	3,618,615

(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 the Funds may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the tables below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the tables below. Amounts in the tables below are in thousands.

Investor Balanced Fund

	For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Core Bond Fund Class R6 Shares (a)	$	1,016,902	$	54,916	$	—	$	—	$	(7,816	)	$	1,064,002		86,575	$	12,483	$	17,054
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		460,270		21,294		—		—		(93	)		481,471		55,215		6,356		7,633
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		44,506		884		—		—		4,010			49,400		5,952		885		—
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		113,205		265		10,830		2,160		39,592			144,392		3,280		265		—

DECEMBER 31, 2020 J.P. MORGAN INVESTOR FUNDS 31

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

Investor Balanced Fund (continued)
	For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at December 31, 2020		Shares at December 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)	$	75,736	$	1,445	$	2,496	$	217		$	23,059	$	97,961		4,678	$	1,445	$	—
JPMorgan Equity Income Fund Class R6 Shares (a)		134,748		2,601		2,642		44			26,366		161,117		8,166		1,601		—
JPMorgan Europe Dynamic Fund Class R6 Shares (a)		72,638		1,262		—		—			15,621		89,521		3,264		1,262		—
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		67,191		642		51,454		(4,598	)		6,529		18,310		2,069		642		—
JPMorgan High Yield Fund Class R6 Shares (a)		123,852		12,612		—		—			10,018		146,482		20,573		3,289		—
JPMorgan Income Fund Class R6 Shares (a)		206,297		21,375		—		—			9,083		236,755		25,107		5,317		276
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		63,174		734		—		—			2,073		65,981		6,132		734		—
JPMorgan International Equity Fund Class R6 Shares (a)		72,965		1,159		—		—			16,366		90,490		4,513		1,160		—
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		276,983		6,339		—		—			48,128		331,450		17,445		6,338		—
JPMorgan Large Cap Growth Fund Class R6 Shares (a)		264,075		13,950		51,486		13,284			45,530		285,353		4,569		344		13,607
JPMorgan Large Cap Value Fund Class R6 Shares (a)		116,791		5,388		7,597		546			38,368		153,496		9,213		935		—
JPMorgan Limited Duration Bond Fund Class R6 Shares (a)		203,010		24,798		—		—			1,022		228,830		22,434		1,542		—
JPMorgan Market Expansion Enhanced Index Fund Class R6 Shares (a)		157,086		8,664		12,346		(33	)		40,096		193,467		18,115		2,272		6,392
JPMorgan Mid Cap Growth Fund Class R6 Shares (a)		46,588		5,266		5,521		1,574			7,771		55,678		1,055		76		5,192
JPMorgan Realty Income Fund Class R6 Shares (a)		—		86,726		—		—			2,892		89,618		6,764		469		2,658
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		19,408		712		—		—			5,555		25,675		371		126		586
JPMorgan Small Cap Value Fund Class R6 Shares (a)		40,527		342		3,530		(733	)		14,337		50,943		1,890		342		—
JPMorgan Strategic Income Opportunities Fund Class R6 Shares (a)		71,761		439		—		—			948		73,148		6,350		439		—
JPMorgan U.S. Equity Fund Class R6 Shares (a)		417,080		28,433		40,271		14,525			57,353		477,120		24,928		2,164		26,268
JPMorgan U.S. GARP Equity Fund (formerly known as JPMorgan Intrepid Growth Fund) Class R6 Shares (a)		157,349		16,793		8,420		5,892			10,536		182,150		2,861		2,276		14,517
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		85,748		118,837		129,975		—			—		74,610		74,610		24		—
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		198,019		8,060		4,009		464			36,454		238,988		7,518		2,018		6,041
JPMorgan Unconstrained Debt Fund Class R6 Shares (a)		37,161		794		—		—			1,178		39,133		3,859		793		—
JPMorgan Value Advantage Fund Class R6 Shares (a)		125,287		21,502		7,772		(523	)		26,901		165,395		4,659		3,100		2,409
Total	$	4,668,357	$	466,232	$	338,349	$	32,819		$	481,877	$	5,310,936			$	58,697	$	102,633

32 J.P. MORGAN INVESTOR FUNDS DECEMBER 31, 2020

Investor Conservative Growth Fund

	For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Core Bond Fund Class R6 Shares (a)	$	1,109,768	$	178,804	$	—	$	—		$	(9,616	)	$	1,278,956		104,065	$	14,145	$	20,057
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		444,346		85,299		—		—			(692	)		528,953		60,660		6,576		8,265
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		33,346		6,926		—		—			3,287			43,559		5,248		725		—
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		62,166		159		—		—			24,111			86,436		1,964		159		—
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		44,908		882		—		—			13,993			59,783		2,855		882		—
JPMorgan Equity Income Fund Class R6 Shares (a)		75,542		9,633		—		—			15,467			100,642		5,101		944		—
JPMorgan Europe Dynamic Fund Class R6 Shares (a)		23,298		3,148		—		—			5,378			31,824		1,160		449		—
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		68,718		657		51,210		(5,857	)		7,874			20,182		2,280		658		—
JPMorgan Government Bond Fund Class R6 Shares (a)		36,072		11,711		—		—			(316	)		47,467		4,216		348		63
JPMorgan High Yield Fund Class R6 Shares (a)		93,590		22,033		—		—			7,980			123,603		17,360		2,650		—
JPMorgan Income Fund Class R6 Shares (a)		198,144		43,579		—		—			9,113			250,836		26,600		5,339		286
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		58,859		12,442		—		—			2,097			73,398		6,821		742		—
JPMorgan International Equity Fund Class R6 Shares (a)		25,534		2,637		—		—			5,980			34,151		1,703		438		—
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		140,275		22,584		—		—			26,487			189,346		9,966		3,621		—
JPMorgan Large Cap Growth Fund Class R6 Shares (a)		103,858		13,040		13,134		3,568			20,299			127,631		2,044		154		6,086
JPMorgan Large Cap Value Fund Class R6 Shares (a)		36,535		291		—		—			12,079			48,905		2,935		291		—
JPMorgan Limited Duration Bond Fund Class R6 Shares (a)		298,450		81,031		—		—			1,543			381,024		37,355		2,420		—
JPMorgan Market Expansion Enhanced Index Fund Class R6 Shares (a)		49,189		11,842		3,395		165			13,578			71,379		6,683		827		2,326
JPMorgan Mid Cap Growth Fund Class R6 Shares (a)		33,158		9,253		—		—			6,760			49,171		931		67		4,585
JPMorgan Realty Income Fund Class R6 Shares (a)		—		80,434		—		—			3,200			83,634		6,312		407		2,480
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		10,732		601		—		—			3,099			14,432		208		71		330
JPMorgan Small Cap Value Fund Class R6 Shares (a)		23,208		1,915		—		—			8,596			33,719		1,251		215		—
JPMorgan Strategic Income Opportunities Fund Class R6 Shares (a)		59,857		18,825		—		—			839			79,521		6,903		425		—
JPMorgan U.S. Equity Fund Class R6 Shares (a)		163,061		16,405		—		—			28,447			207,913		10,863		895		11,319
JPMorgan U.S. GARP Equity Fund (formerly known as JPMorgan Intrepid Growth Fund) Class R6 Shares (a)		86,700		17,386		5,572		1,633			7,087			107,234		1,684		1,340		8,546
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		81,542		188,375		153,954		—			—			115,963		115,963		30		—

DECEMBER 31, 2020 J.P. MORGAN INVESTOR FUNDS 33

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

Investor Conservative Growth Fund (continued)
	For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at December 31, 2020		Shares at December 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)	$	75,682	$	12,266	$	—	$	—		$	14,624	$	102,572		3,227	$	810	$	2,593
JPMorgan Unconstrained Debt Fund Class R6 Shares (a)		31,189		9,262		—		—			1,091		41,542		4,097		801		—
JPMorgan Value Advantage Fund Class R6 Shares (a)		69,196		21,512		2,122		(139	)		15,717		104,164		2,934		1,920		1,493
Total	$	3,536,923	$	882,932	$	229,387	$	(630	)	$	248,102	$	4,437,940			$	48,349	$	68,429

Investor Growth Fund

	For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Core Bond Fund Class R6 Shares (a)	$	244,531	$	10,946	$	—	$	—	$	(1,849	)	$	253,628		20,637	$	2,981	$	4,084
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		34,127		1,032		—		—		(4	)		35,155		4,032		470		562
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		12,685		252		—		—		1,143			14,080		1,696		252		—
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		86,521		221		—		—		33,556			120,298		2,733		221		—
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		64,972		1,277		—		—		20,244			86,493		4,131		1,276		—
JPMorgan Equity Income Fund Class R6 Shares (a)		81,907		13,600		—		—		17,178			112,685		5,711		1,060		—
JPMorgan Europe Dynamic Fund Class R6 Shares (a)		82,873		1,440		—		—		17,822			102,135		3,723		1,440		—
JPMorgan High Yield Fund Class R6 Shares (a)		56,620		1,419		—		—		4,413			62,452		8,771		1,419		—
JPMorgan Income Fund Class R6 Shares (a)		14,393		2,056		—		—		646			17,095		1,813		371		20
JPMorgan International Equity Fund Class R6 Shares (a)		118,179		1,879		—		—		26,507			146,565		7,310		1,878		—
JPMorgan International Focus Fund Class R6 Shares (a)		87,895		1,166		—		—		20,038			109,099		4,191		1,166		—
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		224,042		5,126		—		—		38,929			268,097		14,110		5,127		—
JPMorgan Large Cap Growth Fund Class R6 Shares (a)		382,989		20,756		66,534		18,569		68,732			424,512		6,798		511		20,243
JPMorgan Large Cap Value Fund Class R6 Shares (a)		237,668		28,296		—		—		84,836			350,800		21,056		2,085		—
JPMorgan Market Expansion Enhanced Index Fund Class R6 Shares (a)		145,035		8,438		—		—		37,554			191,027		17,886		2,213		6,226
JPMorgan Mid Cap Growth Fund Class R6 Shares (a)		50,686		6,364		—		—		10,229			67,279		1,274		92		6,273
JPMorgan Realty Income Fund Class R6 Shares (a)		—		23,318		—		—		878			24,196		1,826		118		718
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		13,476		496		—		—		3,857			17,829		257		88		407
JPMorgan Small Cap Value Fund Class R6 Shares (a)		59,627		529		—		—		21,140			81,296		3,015		530		—
JPMorgan U.S. Equity Fund Class R6 Shares (a)		420,147		30,613		3,328		431		72,640			520,503		27,195		2,276		28,337

34 J.P. MORGAN INVESTOR FUNDS DECEMBER 31, 2020

Investor Growth Fund (continued)
	For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at December 31, 2020		Shares at December 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan U.S. GARP Equity Fund (formerly known as JPMorgan Intrepid Growth Fund) Class R6 Shares (a)	$	158,097	$	17,382	$	3,223	$	600	$	15,676	$	188,532		2,961	$	2,356	$	15,025
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		49,643		75,434		78,523		—		—		46,554		46,554		15		—
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		185,993		7,686		—		—		34,817		228,496		7,188		1,910		5,776
JPMorgan Value Advantage Fund Class R6 Shares (a)		80,959		19,688		—		—		17,775		118,422		3,336		2,183		1,697
Total	$	2,893,065	$	279,414	$	151,608	$	19,600	$	546,757	$	3,587,228			$	32,038	$	89,368

Investor Growth & Income Fund

	For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Core Bond Fund Class R6 Shares (a)	$	488,800	$	27,575	$	—	$	—		$	(3,720	)	$	512,655		41,713	$	5,969	$	8,189
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		178,529		11,086		—		—			(57	)		189,558		21,738		2,475		2,986
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		13,905		276		—		—			1,253			15,434		1,860		276		—
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		76,698		183		6,634		1,481			27,336			99,064		2,250		182		—
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		57,707		1,133		—		—			17,980			76,820		3,669		1,134		—
JPMorgan Equity Income Fund Class R6 Shares (a)		96,196		6,157		1,793		28			19,277			119,865		6,075		1,184		—
JPMorgan Europe Dynamic Fund Class R6 Shares (a)		61,298		1,065		—		—			13,182			75,545		2,754		1,065		—
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		28,641		280		21,338		(1,533	)		2,378			8,428		952		279		—
JPMorgan High Yield Fund Class R6 Shares (a)		86,524		5,595		—		—			6,877			98,996		13,904		2,235		—
JPMorgan Income Fund Class R6 Shares (a)		92,158		14,849		—		—			4,152			111,159		11,788		2,426		130
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		33,920		394		—		—			1,113			35,427		3,292		394		—
JPMorgan International Equity Fund Class R6 Shares (a)		70,614		1,122		—		—			15,838			87,574		4,368		1,122		—
JPMorgan International Focus Fund Class R6 Shares (a)		43,930		583		—		—			10,015			54,528		2,095		583		—
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		185,069		4,236		—		—			32,157			221,462		11,656		4,235		—
JPMorgan Large Cap Growth Fund Class R6 Shares (a)		305,298		16,810		47,819		12,873			56,669			343,831		5,506		414		16,396
JPMorgan Large Cap Value Fund Class R6 Shares (a)		144,690		13,446		—		—			50,796			208,932		12,541		1,242		—
JPMorgan Limited Duration Bond Fund Class R6 Shares (a)		48,554		8,785		—		—			244			57,583		5,645		375		—
JPMorgan Market Expansion Enhanced Index Fund Class R6 Shares (a)		119,601		6,678		5,857		45			30,690			151,157		14,153		1,751		4,926

DECEMBER 31, 2020 J.P. MORGAN INVESTOR FUNDS 35

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

Investor Growth & Income Fund (continued)
	For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at December 31, 2020		Shares at December 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Mid Cap Growth Fund Class R6 Shares (a)	$	41,735	$	4,715	$	4,994	$	2,054		$	6,324	$	49,834		944	$	68	$	4,647
JPMorgan Realty Income Fund Class R6 Shares (a)		—		46,551		—		—			1,734		48,285		3,644		269		1,432
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		12,828		471		—		—			3,672		16,971		245		84		387
JPMorgan Small Cap Value Fund Class R6 Shares (a)		47,522		422		—		—			16,849		64,793		2,403		422		—
JPMorgan Strategic Income Opportunities Fund Class R6 Shares (a)		24,041		146		—		—			318		24,505		2,127		147		—
JPMorgan U.S. Equity Fund Class R6 Shares (a)		334,653		24,241		4,976		704			57,432		412,054		21,528		1,808		22,433
JPMorgan U.S. GARP Equity Fund (formerly known as JPMorgan Intrepid Growth Fund) Class R6 Shares (a)		99,637		10,512		8,339		1,216			9,190		112,216		1,762		1,425		9,088
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		54,957		80,796		63,883		—			—		71,870		71,870		17		—
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		189,258		7,770		5,245		157			35,160		227,100		7,144		1,937		5,833
JPMorgan Value Advantage Fund Class R6 Shares (a)		97,001		13,295		7,305		(489	)		20,467		122,969		3,464		2,301		1,787
Total	$	3,033,764	$	309,172	$	178,183	$	16,536		$	437,326	$	3,618,615			$	35,819	$	78,234

(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b) The rate shown is the current yield as of December 31, 2020.

C. 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 six months ended December 31, 2020 are as follows (amounts in thousands):

	Class A		Class C		Class I		Class R6			Total
Investor Balanced Fund
Transfer agency fees	$	159	$	13	$	9	$	—	(a)	$	181
Investor Conservative Growth Fund
Transfer agency fees		82		12		17		—	(a)		111
Investor Growth Fund
Transfer agency fees		280		14		16		2			312
Investor Growth & Income Fund
Transfer agency fees		206		8		9		—	(a)		223

(a) Amount rounds to less than one thousand.

The Funds invest in Underlying Funds and, as a result, bear a portion of the expenses incurred by these Underlying Funds. These expenses are not reflected in the expenses shown on the Statements of Operations and are not included in the ratios to average net assets shown in the Financial Highlights. Certain expenses of affiliated Underlying Funds are waived as described in Note 3.F.

36 J.P. MORGAN INVESTOR FUNDS DECEMBER 31, 2020

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 December 31, 2020, no liability for Federal income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

F. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid at least quarterly, except for Investor Conservative Growth Fund, for which distributions are generally declared and paid at least monthly. Distributions are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.

G. Recent Accounting Pronouncement — In March 2020, the FASB issued Accounting Standards Update No. 2020-04 (“ASU 2020-04”), Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 became effective upon the issuance and its optional relief can be applied through December 31, 2022. Management is currently evaluating the impact, if any, to the Funds’ financial statements of applying ASU 2020-04.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of each Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate of 0.05% of each Fund’s respective average daily net assets.

The Adviser waived investment advisory fees and/or reimbursed expenses as outlined in Note 3.F.

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to each Fund. 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 six months ended December 31, 2020, JPMDS retained the following (amounts in thousands):

	Front-End Sales Charge		CDSC
Investor Balanced Fund	$	131	$	—	(a)
Investor Conservative Growth Fund		101		—	(a)
Investor Growth Fund		93		2
Investor Growth & Income Fund		71		—	(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

DECEMBER 31, 2020 J.P. MORGAN INVESTOR FUNDS 37

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

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
Investor Balanced Fund		0.25	%		0.25	%		0.25	%
Investor Conservative Growth Fund		0.25			0.25			0.25
Investor Growth Fund		0.25			0.25			0.25
Investor Growth & Income Fund		0.25			0.25			0.25

JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds. Pursuant to such contracts, JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.

JPMDS waived service fees as outlined in Note 3.F.

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the 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		n/a	(1)		n/a	(2)		n/a	(2)		n/a	(2)
Investor Conservative Growth Fund		n/a	(1)		n/a	(2)		n/a	(2)		n/a	(2)
Investor Growth Fund		0.55			n/a	(2)		n/a	(2)		n/a	(2)
Investor Growth & Income Fund		0.55			n/a	(2)		n/a	(2)		n/a	(2)

⁽¹⁾   Effective November 1, 2020, the contractual expense limitation for Class A Shares of the Investor Balanced Fund and the Investor Conservative Growth Fund expired. Prior to November 1, 2020, the contractual expense limitation for the Funds was 0.55% for Class A Shares.

⁽²⁾  Effective November 1, 2020, the contractual expense limitation for Class C, Class I and Class R6 Shares expired. Prior to November 1, 2020, the contractual expense limitation was 1.10%, 0.30% and 0.15% for Class C, Class I and Class R6 Shares, respectively.

Except as noted above, the expense limitation agreements were in effect for the six months ended December 31, 2020 and the contractual expense limitation percentages in the table above are in place until at least October 31, 2021.

The Underlying Funds 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. These waivers may be in addition to any waivers required to meet the Funds’ contractual expense limitations, but will not exceed the Funds’ service fees.

For the six months ended December 31, 2020, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory Fees		Service Fees		Total
Investor Balanced Fund	$	2	$	363	$	365
Investor Conservative Growth Fund		2		238		240
Investor Growth Fund		1		611		612
Investor Growth & Income Fund		1		527		528

Additionally, the Funds may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Fund’s investment in such affiliated money market fund. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

38 J.P. MORGAN INVESTOR FUNDS DECEMBER 31, 2020

The amounts of these waivers resulting from investments in these money market funds for the six months ended December 31, 2020 were as follows (amounts in thousands):

Investor Balanced Fund	$	46
Investor Conservative Growth Fund		54
Investor Growth Fund		29
Investor Growth & Income Fund		33

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.

4. Investment Transactions

During the six months ended December 31, 2020, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Investor Balanced Fund	$	347,399	$	208,376
Investor Conservative Growth Fund		694,558		75,433
Investor Growth Fund		203,978		73,084
Investor Growth & Income Fund		228,375		114,299

During the six months ended December 31, 2020, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at December 31, 2020 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Investor Balanced Fund	$	4,153,623	$	1,158,989	$	1,676	$	1,157,313
Investor Conservative Growth Fund		3,796,824		642,559		1,443		641,116
Investor Growth Fund		2,476,789		1,110,439		—		1,110,439
Investor Growth & Income Fund		2,638,451		980,753		589		980,164

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 following Fund 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 SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPM II and may be relied upon by the Funds because the Funds and the series of JPM II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

DECEMBER 31, 2020 J.P. MORGAN INVESTOR FUNDS 39

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

The Funds had no borrowings outstanding from another fund during the six months ended December 31, 2020.

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 1, 2021.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended December 31, 2020.

The Trust, along with certain other trusts for J.P. Morgan Funds (“Borrowers”), has entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00%, which has increased to 1.25% pursuant to the amendment referenced below, plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 11, 2020, this agreement has been amended and restated for a term of 364 days, unless extended, and to include the change to the interest rate charged for borrowing from the Credit Facility to 1.25%, as noted above, and an upfront fee of 0.075% of the Credit Facility to be charged and paid by all participating funds of the Credit Facility.

The Funds did not utilize the Credit Facility during the six months ended December 31, 2020.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.

As of December 31, 2020, the Funds had individual shareholder and/or omnibus accounts each owning more than 10% of the respective Fund’s outstanding shares as follows:

	Number of individual shareholder and/or Affiliated Omnibus Accounts		% of the Fund			Number of individual shareholder and/or Non-Affiliated Omnibus Accounts		% of the Fund
Investor Balanced Fund		1		74.0	%		1		12.0	%
Investor Conservative Growth Fund		1		69.7			1		10.6
Investor Growth Fund		1		56.7			1		16.4
Investor Growth & Income Fund		1		62.1			1		17.8

As of December 31, 2020, the Funds owned in the aggregate, shares representing more than 10% of the net assets of the following Underlying Funds:

	% of Net Assets
JPMorgan Market Expansion Enhanced Index Fund		62.2	%
JPMorgan Europe Dynamic Fund		55.3
JPMorgan Limited Duration Bond Fund		46.3
JPMorgan U.S. GARP Equity Fund (formerly known as JPMorgan Intrepid Growth Fund)		45.8
JPMorgan Large Cap Value Fund		44.8
JPMorgan Small Cap Value Fund		18.9
JPMorgan International Research Enhanced Equity Fund		18.1
JPMorgan U.S. Research Enhanced Equity Fund		16.2
JPMorgan Emerging Markets Debt Fund		14.3
JPMorgan Inflation Managed Bond Fund		12.9
JPMorgan Realty Income Fund		12.4
JPMorgan International Equity Fund		10.4

40 J.P. MORGAN INVESTOR FUNDS DECEMBER 31, 2020

Significant shareholder transactions by these shareholders may impact the Funds’ performance and liquidity.

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 (commonly known as “junk bonds”), asset-backed and mortgage-related securities, equity securities, foreign and emerging markets securities, commodities and real estate securities. These securities are subject to risks specific to their structure, sector or market.

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 applicable.

LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. The regulatory authority that oversees financial services firms and financial markets in the U.K. has announced that, after the end of 2021, it would no longer persuade or compel contributing banks to make rate submissions for purposes of determining the LIBOR rate. As a result, it is possible that commencing in 2022, LIBOR may no longer be available or no longer deemed an appropriate reference rate upon which to determine the interest rate on or impacting certain loans, notes, derivatives and other instruments or investments comprising some or all of a Fund’s portfolio. In light of this eventuality, public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of LIBOR. There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain investments of a Fund and result in costs incurred in connection with closing out positions and entering into new trades. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., Euribor) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.

The Funds are subject to infectious disease epidemics/pandemics risk. The worldwide outbreak of COVID-19, a novel coronavirus disease, has negatively affected economies, markets and individual companies throughout the world. The effects of this COVID-19 pandemic to public health, and business and market conditions, including exchange trading suspensions and closures may continue to have a significant negative impact on the performance of a Fund’s investments, increase a Fund’s volatility, exacerbate other pre-existing political, social and economic risks to the Funds and negatively impact broad segments of businesses and populations. The Funds’ operations may be interrupted as a result, which may have a significant negative impact on investment performance. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could also have a significant negative impact on a Fund’s investment performance. The full impact of this COVID-19 pandemic, or other future epidemics/pandemics, is currently unknown.

DECEMBER 31, 2020 J.P. MORGAN INVESTOR FUNDS 41

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, July 1, 2020 and continued to hold your shares at the end of the reporting period, December 31, 2020.

Actual Expenses

For each Class of each Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading titled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees, and expenses of the Underlying Funds. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

	Beginning Account Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Investor Balanced Fund
Class A
Actual	$	1,000.00	$	1,142.10	$	3.02		0.56	%
Hypothetical		1,000.00		1,022.38		2.85		0.56
Class C
Actual		1,000.00		1,139.00		5.77		1.07
Hypothetical		1,000.00		1,019.81		5.45		1.07
Class I
Actual		1,000.00		1,143.90		1.68		0.31
Hypothetical		1,000.00		1,023.64		1.58		0.31
Class R6
Actual		1,000.00		1,145.30		0.38		0.07
Hypothetical		1,000.00		1,024.85		0.36		0.07
JPMorgan Investor Conservative Growth Fund
Class A
Actual		1,000.00		1,094.20		2.90		0.55
Hypothetical		1,000.00		1,022.43		2.80		0.55
Class C
Actual		1,000.00		1,090.90		5.64		1.07
Hypothetical		1,000.00		1,019.81		5.45		1.07
Class I
Actual		1,000.00		1,095.80		1.64		0.31
Hypothetical		1,000.00		1,023.64		1.58		0.31
Class R6
Actual		1,000.00		1,097.10		0.37		0.07
Hypothetical		1,000.00		1,024.85		0.36		0.07

42 J.P. MORGAN INVESTOR FUNDS DECEMBER 31, 2020

	Beginning Account Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Investor Growth Fund
Class A
Actual	$	1,000.00	$	1,233.90	$	3.10		0.55	%
Hypothetical		1,000.00		1,022.43		2.80		0.55
Class C
Actual		1,000.00		1,230.70		6.07		1.08
Hypothetical		1,000.00		1,019.76		5.50		1.08
Class I
Actual		1,000.00		1,235.40		1.75		0.31
Hypothetical		1,000.00		1,023.64		1.58		0.31
Class R6
Actual		1,000.00		1,236.80		0.56		0.10
Hypothetical		1,000.00		1,024.70		0.51		0.10
JPMorgan Investor Growth & Income Fund
Class A
Actual		1,000.00		1,184.10		3.03		0.55
Hypothetical		1,000.00		1,022.43		2.80		0.55
Class C
Actual		1,000.00		1,180.50		5.88		1.07
Hypothetical		1,000.00		1,019.81		5.45		1.07
Class I
Actual		1,000.00		1,185.30		1.71		0.31
Hypothetical		1,000.00		1,023.64		1.58		0.31
Class R6
Actual		1,000.00		1,187.40		0.39		0.07
Hypothetical		1,000.00		1,024.85		0.36		0.07

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

DECEMBER 31, 2020 J.P. MORGAN INVESTOR FUNDS 43

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in June and August 2020, at which the Trustees considered the continuation of the investment advisory agreement for each Fund whose semi-annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). In accordance with SEC guidance, due to the COVID-19 pandemic, the meetings were conducted through video conference. At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the Funds and the other J.P. Morgan Funds overseen by the Board in which each Fund invests (the “Underlying Funds”). Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not parties to an Advisory Agreement or “interested persons” (as defined in the 1940 Act) of any party to an Advisory Agreement or any of their affiliates, approved the continuation of each Advisory Agreement on August 11, 2020.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds and Underlying Funds received from the Adviser. This information includes the Funds’ and Underlying Funds’ performance as compared to the performance of the Funds’ and Underlying Funds’ peers and benchmarks and analyses by the Adviser of the Funds’ and the Underlying Funds’ performance. In addition, at each of their regular meetings throughout the year, the Trustees considered reports on the performance of certain J.P. Morgan Funds provided by an independent management consulting firm (“independent consultant”). In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including, with respect to the Funds and/or Underlying Funds, performance and expense information compiled by Broadridge, using data from Lipper Inc. and/or Morningstar Inc., independent providers of investment company data (together, “Broadridge”). The Trustees’ independent consultant also provided additional analyses of the performance of the Funds and /or Underlying Funds as well as a risk/return assessment of certain Funds, as compared to the Funds’ and /or Underlying

Funds’ objectives and peers. Before voting on the Advisory Agreements, the Trustees reviewed the Advisory Agreements with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Advisory Agreements. The Trustees also discussed the Advisory Agreements in executive sessions with independent legal counsel at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds and Underlying Funds throughout the year, including additional reporting and information provided in connection with the market volatility caused by the COVID-19 pandemic, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable under the circumstances and determined that the continuance of each Advisory Agreement was in the best interests of each Fund and its shareholders.

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of services provided to each Fund under the applicable Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management, personnel changes, if any, and the expertise of, and the amount of attention given to each Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund and the infrastructure supporting the team, including personnel changes, if any. In addition, the Board considered its discussions with the Adviser regarding the Adviser’s business continuity plan and steps the Adviser was taking to provide ongoing services to the Funds during the COVID-19 pandemic, and the Adviser’s success in continuing to provide services to the Funds and their shareholders throughout this period. The Trustees also considered information provided by the Adviser

44 J.P. MORGAN INVESTOR FUNDS DECEMBER 31, 2020

and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of each Fund. The Trustees also reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of the administration services provided by the Adviser in its role as administrator.

The Trustees also considered their knowledge of the nature and quality of services provided by the Adviser and its affiliates to the Funds and Underlying Funds gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Funds and Underlying Funds, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to each Fund and Underlying Fund.

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services provided to the Funds by the Adviser.

Costs of Services Provided and Profitability to the Adviser and its Affiliates

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to the Funds and Underlying Funds. The Trustees reviewed and discussed this information. The Trustees recognized that this information is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Funds and Underlying Funds, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based upon their review, and taking into consideration the factors noted above, the Trustees concluded that the profitability to the Adviser under each Advisory Agreement was not unreasonable in light of the services and benefits provided to each Fund and Underlying Fund.

The Trustees also considered that JPMDS, an affiliate of the Adviser, and the Adviser earn fees from the Funds and/or

Underlying Funds for providing shareholder and administration services, respectively. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Funds’ distributor and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser (although they are retained by JPMDS in certain instances). The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting and other related services for the Funds and/or Underlying Funds.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds. The Trustees considered that the J.P. Morgan Funds’ operating accounts are held at JPMCB, which, as a result, will receive float benefits for certain J.P. Morgan Funds, as applicable. The Trustees also noted that the Adviser supports a diverse set of products and services, which benefits the Adviser by allowing it to leverage its infrastructure to serve additional clients, including the benefits received by the Adviser and its affiliates in connection with the Funds’ investments in the Underlying Funds. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

Economies of Scale

The Trustees considered the extent to which the Funds may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Funds and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Funds were priced to scale and whether it would be appropriate to add advisory fee breakpoints. The Trustees noted certain Funds with contractual expense limitations and fee waivers (“Fee Caps”) which allow a Fund’s shareholders to share potential economies of scale from a Fund’s inception, prior to reaching scale. The Trustees also noted that other Funds which had achieved scale as asset levels had increased, no longer had Fee Caps in place for some or all of their share classes, but shared economies of scale through lower average expenses. The Trustees noted that the fees remain satisfactory relative to peer funds. The Trustees considered the benefits to the Funds of the use of an affiliated distributor and custodian, including the ability to rely on existing infrastructure supporting distribution, custodial and transfer agent services and the ability to negotiate competitive fees for the Funds. The Trustees further considered the Adviser’s and JPMDS’s ongoing investments in their business in support of the Funds, including the Adviser’s and/or JPMDS’s investments in trading systems,

DECEMBER 31, 2020 J.P. MORGAN INVESTOR FUNDS 45

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

technology (including improvements to the J.P. Morgan Funds’ website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees concluded that the current fee structure for each Fund, including any Fee Caps the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels, was reasonable. The Trustees concluded that, for Funds with expense caps in place for some or all of their share classes, the relevant Fund’s shareholders received the benefits of potential economies of scale through the Fee Caps and, for Funds that achieved scale and no longer had Fee Caps in place for some or all of their share classes, the relevant Fund’s shareholders benefited from lower average expenses resulting from increased assets. The Trustees also concluded that all Funds benefited from the Adviser’s reinvestment in its operations to serve the Funds and their shareholders. The Trustees noted that the Adviser’s reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Funds.

Independent Written Evaluation of the Funds’ Senior Officer

The Trustees noted that, upon their direction, the Senior Officer for the Funds had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. In determining whether to continue the Advisory Agreements, the Trustees considered the Senior Officer’s report.

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional separate accounts, collective investment trusts, ETFs and/or funds sub-advised by the Adviser, and for investment management styles substantially similar to that of each Fund. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences, as applicable, in the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted that the adviser, not the mutual fund, pays the sub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance information for the Funds in a report prepared by

Broadridge. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Broadridge investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for the applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge’s methodology for selecting mutual funds in each Fund’s Universe and Peer Group and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Broadridge materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared by the Trustees’ independent consultant. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Investor Balanced Fund’s performance for Class A shares was in the third quintile based upon the Peer Group for each of the one-, three, and five-year periods ended December 31, 2019, and in the fourth, third and third quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the fourth, second and first quintiles based upon the Peer Group, and in the third, second and second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the fourth quintile based upon the Peer Group, and in the third quintile based upon the Universe, for the one-year period ended December 31, 2019. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis prepared by the independent consultant. Based upon these discussions, and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

The Trustees noted that the Investor Conservative Growth Fund’s performance for Class A shares was in the fourth, third and third quintiles based upon the Peer Group, and in the third, second and second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for the Class I shares was in the second, first and second quintiles

46 J.P. MORGAN INVESTOR FUNDS DECEMBER 31, 2020

based upon the Peer Group, and in the third, second and second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the third quintile based upon both the Peer Group and Universe, for the one-year period ended December 31, 2019. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis prepared by the independent consultant. Based upon these discussions, and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

The Trustees noted that the Investor Growth Fund’s performance for Class A shares was in the third quintile based upon the Peer Group for each of the one-, three-, and five-year periods ended December 31, 2019, and in the third, third and second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the fourth, third and second quintiles based upon the Peer Group, and in the third, third and second quintiles based upon the Universe for the one-, three- and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the fourth quintile based upon the Peer Group and in the third quintile based upon the Universe, for the one-year period ended December 31, 2019. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis prepared by the independent consultant. Based upon these discussions, and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

The Trustees noted that the Investor Growth & Income Fund’s performance for Class A shares was in the fourth, fourth and second quintiles based upon the Peer Group for the one-, three-, and five-year periods ended December 31, 2019, respectively, and in the third quintile based upon the Universe, for each of the one-, three-, and five-year periods ended December 31, 2019. The Trustees noted that the performance for Class I shares was in the third, second and first quintiles based upon the Peer Group for the one-, three-, and five-year periods ended December 31, 2019, respectively, and in the third quintile based upon the Universe, for each of the one-, three-, and five-year periods ended December 31, 2019. The Trustees noted that the performance for the Class R6 shares was in the third quintile based upon both the Peer Group and Universe for the one-year period ended December 31, 2019. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis prepared by the independent consultant. Based upon these discussions, and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate and administration fee rate paid by each Fund to the Adviser and compared the combined rate to the information prepared by Broadridge concerning management fee rates paid by other funds in the same Broadridge category as each Fund. The Trustees recognized that Broadridge reported each Fund’s management fee rate as the combined contractual advisory fee and the administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund and noted that Universe and/or Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Groups did not meet a predetermined minimum. For each Fund that had a Fee Cap in place, the Trustees considered the net advisory fee rate and net expense ratio for each share class, as applicable, taking into account any waivers and/or reimbursements. The Trustees also considered any proposed changes to a Fee Cap, and, where deemed appropriate by the Trustees, additional waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of each Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Investor Balanced Fund’s net advisory fee for Class A shares was in the first and third quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class I shares was in the third quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the second quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class R6 shares was in the second and third quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class R6 shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of the information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory contract of the Underlying Funds in which the Fund invests.

The Trustees noted that the Investor Conservative Growth Fund’s net advisory fee for Class A shares was in the first and third quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class I shares was in the second and third quintiles

DECEMBER 31, 2020 J.P. MORGAN INVESTOR FUNDS 47

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class I shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the third quintile based upon both the Peer Group and Universe, and that the actual total expenses were in the second and first quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of the information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory contract of the Underlying Funds in which the Fund invests.

The Trustees noted that the Investor Growth Fund’s net advisory fee for Class A shares was in the fourth and third quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for the Class I shares was in the third quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the third quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class R6 shares were in the first quintile based upon both the Peer Group and Universe. After

considering the factors identified above, in light of the information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory contract of the Underlying Funds in which the Fund invests.

The Trustees noted that the Investor Growth & Income Fund’s net advisory fee for Class A shares was in the first and third quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class I shares was in the second and third quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class I shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the second and third quintiles, based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class R6 shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of the information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory contract of the Underlying Funds in which the Fund invests.

48 J.P. MORGAN INVESTOR FUNDS DECEMBER 31, 2020

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended June 30, 2020. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2020. The information necessary to complete your income tax returns for the calendar year ending December 31, 2020 will be provided under separate cover.

Foreign Source Income and Foreign Tax Credit Pass Through

For the fiscal year ended June 30, 2020, the Funds elected to pass through to shareholders taxes paid to foreign countries. Income and foreign tax expenses were as follows or amounts as finally determined (amounts in thousands):

	Total Foreign Source Income		Total Foreign Tax Credit
JPMorgan Investor Balanced Fund	$	9,792	$	973
JPMorgan Investor Conservative Growth Fund		4,538		462
JPMorgan Investor Growth Fund		9,612		1,038
JPMorgan Investor Growth & Income Fund		7,278		741

DECEMBER 31, 2020 J.P. MORGAN INVESTOR FUNDS 49

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC as an exhibit to its report on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC’s website at http://www.sec.gov. Each Fund’s quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of each Fund’s policies and procedures with respect to the disclosure of each Fund’s holdings is available in the prospectuses and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

^© JPMorgan Chase & Co., 2020.  All rights reserved. December 2020. SAN-INV-1220

ITEM 2. CODE OF ETHICS.

Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.

The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 13(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by positing its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.

If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or third party, that relates to one or more items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.

Not applicable to a semi-annual report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a) (1) Disclose that the registrant’s board of directors has determined that the registrant either:

(i) Has at least one audit committee financial expert serving on its audit committee; or

(ii) Does not have an audit committee financial expert serving on its audit committee.

(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:

(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or

(ii) Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).

(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert.

Not applicable to a semi-annual report.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional

services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

(b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(e) (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

(g) Disclose the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

(h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Not applicable to a semi-annual report.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.

(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.

Not applicable to a semi-annual report.

ITEM 6. INVESTMENTS.

File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in Section 210.12-12 of Regulation S-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Included in Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.

No material changes to report.

ITEM 11. CONTROLS AND PROCEDURES.

(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

There were no changes in the Registrant’s internal control over financial reporting that occurred during the last fiscal quarter covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.

Not applicable.

(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2).

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.

(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.

Not applicable.

(b) A separate or combined certification for each principal executive officer and principal officer of the registrant as required by Rule 30a-2(b) under the Act of 1940.

Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

JPMorgan Trust II
By:	/s/ Brian S. Shlissel
	Brian S. Shlissel
	President and Principal Executive Officer
	March 5, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Brian S. Shlissel
	Brian S. Shlissel
	President and Principal Executive Officer
	March 5, 2021
By:	/s/ Timothy J. Clemens
	Timothy J. Clemens
	Treasurer and Principal Financial Officer
	March 5, 2021